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Commodity Supercycle or SuperHype?

HOSTS Adam & Thomas|7 April, 2021

Goldman Sachs and JP Morgan are talking up a new commodity supercycle. It is true that commodity prices are through the roof, but are they going to stay there? Are we on the cusp of another 12-year boom, or is it just going to fade away the way the last mining boom did, along with ‘The Chinese Century’? And how doe we get rich on the back of it?

If you’ve got a question for Thomas… or Adam… then go ahead and send them to cve@equitymates.com

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Adam Keily: [00:00:53] Hello and welcome to comedian versus economist, we demystify the world of money and help you get a handle on the bigger picture. My name's Adam and I'm joined, as always by my little older brother and real life economist, Thomas. Hi, Thomas. [00:01:05][12.9]

Thomas Keily: [00:01:06] Yeah, good. And how are we doing? [00:01:07][1.0]

Adam Keily: [00:01:08] I'm very well, thank you. This week we are talking motorbikes or more specifically, Superbikes, which I, for one, am thrilled that you're finally into something. That's interesting because I thought we were just going to talk about boring economic stuff again. So imagine my sheer joy when I found out this week was all going to be about Superbikes. So excited. Oh, yeah. So I can't wait to see the disappointment on your little face. Well, that is, [00:01:41][32.9]

Thomas Keily: [00:01:41] you know, we're talking commodities. We're talking commodities. We're talking a super supercycle in commodities, [00:01:46][4.3]

Adam Keily: [00:01:47] supercycle nonsupervisory. No, no, I'm afraid not. Your spot on. I could not be more disappointed. Uh, now we are talking supercycle as commodities supercycles this week on comedian versus economist. And what got us looking into this was an email we received a few weeks back. And so we have had time to research this. So, Thomas, I hope you've come prepared with your best supercycle knowledge. [00:01:47][0.0]

Thomas Keily: [00:02:15] Yeah, I know. I'm ready. [00:02:16][1.0]

Adam Keily: [00:02:17] Aiden, send us an email. And he just asked, would we mind covering what Goldman Sachs has described as a commodity supercycle coming up in 2021, which I don't know. That seems like it's got a fair bit of sort of magnitude to it as super cycle, is that right? Oh, yeah. [00:02:33][16.2]

Thomas Keily: [00:02:34] Yeah, it's big news, but yeah, big what. [00:02:37][3.3]

Adam Keily: [00:02:38] I haven't heard a lot about it. I mean, I mean, I hadn't seen through the email and I've seen sort of I've heard murmurings of a supercycle, but I'm keen to know more so. Well, we weren't we won't start there. We'll start maybe right at the beginning. So I didn't have a bunch of questions. I've got a bunch of questions, Thomas, about a super cycle. Before we get too deep into it, though, can we just I just want to understand. We're talking about a commodities supercycle. What are we talking about when we say the word commodity? What's a commodity? [00:03:06][27.6]

Thomas Keily: [00:03:06] Yeah, very it's one of these things that everyone agrees on. There probably isn't a hard and fast definition sometimes when we're talking about commodities, which typically in the Australian context, we're talking about minerals, iron ore, copper, gold, and silver as well like stuff you actually literally digging up out of the ground. That's sort of like one definition that you hear and you kind of need to sort of reading the context to understand, but it kind of includes any sort of basic goods that are tradable. So it does include livestock, agricultural products, oils in there as well. So basically, I think anything, before it gets transformed into a consumer good, would be considered a commodity. Rare earth set up a lot. Yeah, bitcoin because. So it's bitcoins already demonstrated. It's use cases. [00:03:59][52.6]

Adam Keily: [00:04:02] Okay, so before it hits the supermarket shelves before it makes it even makes it into our homes as a product. So you mentioned iron ore. So before we go and buy some fencing for our house or whatever. [00:04:13][11.2]

Thomas Keily: [00:04:14] Yeah. Well yeah, cornflakes are not a commodity. [00:04:16][2.7]

Adam Keily: [00:04:18] Corn is probably a good way to think about it. It's good. I can get my head around that because I always think of when I think of commodities, I always think of iron ore and then I get pretty bored, to be honest, and I just start thinking about sport and so on. [00:04:32][14.1]

Thomas Keily: [00:04:33] Iron ore, [00:04:33][0.6]

Adam Keily: [00:04:34] superbikes, iron ore, where's this going on? Or iron ore, something interesting or just nothing. [00:04:41][7.7]

Thomas Keily: [00:04:43] Yeah. You know, we talk about Australia being a commodity exporter and a big part of that is obviously minerals that we're digging up, but we're also commodity export in the sense of wheat and wool and that sort of thing. Right. [00:04:54][10.8]

Adam Keily: [00:04:55] And okay. So that's the first half commodities. So what's the supercycle? [00:04:58][3.2]

Thomas Keily: [00:04:59] Yeah, this is another thing that doesn't have a super clear definition, but basically, you can think about this sort of like the basic cycle in the economy is the business cycle. Yeah. I mean this is also kind of a dated concept. Now, we haven't really had a full business cycle in a long time. We just sort of have periodic crises. But in the past, you'd have a sort of an expansion phase, a peak, a contraction phase, a recession, a return, a rebound. And that's sort of the basic, you know, basic market economics cycle runs for like four to six years or something historically. But I mean, it's not really a thing anymore. Like, doesn't make so much sense. So that's sort of your basic cycle in this sort of demand picks up that causes prices to rise, that induces a supply response. The supply comes in, which causes prices to fall. Demand comes back in and around we go. And that and that tends to be sort of reasonably small movements. But a supercycle is sort of lays underneath that. So you think about it like a waveform where the wave is moving around a trend, but that trend line can be moving as well. And the supercycle talks about what's happening at the trend level. So it's not talking about the short-term movements, but it's talking about what's happening at that trend level and whether that trend is rising or whether it's falling. Right. And that's what we mean by the super cycle. And that's what the argument that Goldman Sachs and JPMorgan and characters like this are making is that not only have we entered a smaller short term market upswing with the covid recovery, but we've also entered into a supercycle that we're looking at a level a paradigm shift in the trend direction of commodity prices. [00:06:45][106.0]

Adam Keily: [00:06:47] So it's not fair to say then that because we talk about cyclical stocks. Right. And, you know, and those microcycles, it's not to say that the supercycle is just a kind of elongated cycle that spans many cycles. It's kind of a different concept to that. Is that fair? [00:07:04][17.4]

Thomas Keily: [00:07:07] Yeah, no. I mean, yeah, it does. It does span many cycles, like in a supercycle might be made up of, I don't know, 16 smaller market cycles. Right. Potentially, yeah. That's sort of what we're talking about. That's what the concept refers to. You can't really identify this in the data so much. That's my personal opinion, that Goldman Sachs, JP Morgan, they reckon you can, [00:07:31][23.4]

Adam Keily: [00:07:33] but, you know, hacks like that might have done some research even I know they are, which made their monthly massive. [00:07:41][8.1]

Thomas Keily: [00:07:44] I mean, you've also got to be you got to take everything you read in the markets with a grain of salt. And you also you always got to ask yourself the question, what what? Barot These characters pushing [00:07:54][9.5]

Adam Keily: [00:07:55] salt, being a commodity in barrels of. Sold, exported, and traded as part of a supercycle. [00:08:04][9.3]

Thomas Keily: [00:08:04] So but if it is true that we're entering a supercycle, it's big news for Australia because we're a commodity exporter. You know, we're talking about a huge boom in our biggest export earner. And that's going to be obviously big news for our income story. Big news for household incomes, big news consumption just juices the economy in general. And think about we had to we had the mining boom sort of 2012 to 2014 and more or less. And then, yeah, that was big for Australia. We had a big it was a big income shock. The Australian dollar rocketed that created that displaced a whole bunch of local manufacturing. House prices boomed on the sort of leverage that became available interest rates. [00:08:47][42.4]

Adam Keily: [00:08:47] So is that what we I mean, there's been big news in house prices recently. So is that what's pushing house prices up? [00:08:53][5.6]

Thomas Keily: [00:08:53] I don't think I don't think so. Yeah. I think we're still looking at the impost coming out of reduced interest rates. It's really the interest rate story at the moment. [00:09:02][8.4]

Adam Keily: [00:09:02] But what if those two things collide? What if interest the interest rate story collides with the commodity cycle supercycle story and we get like a super story. [00:09:12][10.0]

Thomas Keily: [00:09:13] Yeah, that's bottom. That's it. That's exactly right. What if that happens. [00:09:16][3.8]

Adam Keily: [00:09:17] It's you know, we're already at house prices will move soon. Yeah. Yeah, yeah. [00:09:23][6.3]

Thomas Keily: [00:09:23] No, it's true. Like it potentially it's. Yeah. Could be a huge story. [00:09:27][3.7]

Adam Keily: [00:09:28] What happens to other stocks then during a super cycle. Are they influenced at all? Do we see like we talked about bond yields? Right. A couple of weeks ago on the show. Yeah. And bond yields were rising and that meant that a lot of the tech stocks, a lot of the growth stocks that had been doing really well started going down in response to the increased bond yield. Are we seeing where we see the same thing happen with a commodity supercycle as that kind of iron ore stocks? Well, will the iron ore stocks go up? [00:10:02][33.9]

Thomas Keily: [00:10:03] The miners, the miners? Yeah, um, yeah. It's generally bullish for miners. I think we've got to differentiate between is the share price of miners and commodity exporters and commodity prices. So most of what we're talking about with the commodity super cycle is a sort of a level shift in the prices of commodities. And that's obviously good news for miners like they're getting more money for their product. And so that's bullish for their share price. But it really depends on how much the market has anticipated that rise in revenues already, how much is already baked into the share price. So you won't see the miner's share price, won't track commodity prices directly because share prices are forward-looking and they're trying to guess this. So. [00:10:51][47.9]

Adam Keily: [00:10:51] Yeah, yeah. So we can't just go out and buy BHP stocks because if people are already predicting a supercycle, then that's already factored into the price, and the price of the stuff that BHP export might go up. But the share price has already counting on that to happen. In fact, you could then argue that if the price of the exports doesn't go up or the quantity doesn't go up, then their share price is actually set to fall. [00:11:17][25.6]

Thomas Keily: [00:11:17] Yeah. Yeah. If it disappoints, yeah. If it, if it flatlines. Yeah. And so it's interesting, it's an interesting one at the moment because you do have characters like Goldman Sachs and JP Morgan talking up this commodity supercycle idea and then people are sort of picking up on that and going, oh yep, yep, there's a supercycle happening and it's on its way. But they're talking about commodity prices rising for three months. So three months does not a supercycle make. [00:11:45][27.7]

Adam Keily: [00:11:45] Yeah, I mean, I suspected as much. Yeah. Three months is a good quarter. Yeah. Yeah. I figured the same cycle might have to run for at least a bit more than three months. That seems like a good spot to take a break, let's grab a quick word from our sponsor and we'll be back with more comedians versus economists in just a moment. [00:12:05][19.8]

Thomas Keily: [00:12:06] Banking with Virgin money has never been more rewarding. Earn rewards on your everyday spending and pay zero monthly fees with the Virgin Money Go transaction account. And with point perks and epic experiences tailored to you, you can manage your money easily on the go, smash the savings goals, get money fit and be rewarded for it. Thanks to your own beat. Virgin Money terms and conditions and monthly criteria apply. Now let's get into the show. [00:12:32][25.9]

Adam Keily: [00:12:33] Right, so you're saying it might be too early to call it a super cycle? Yeah. Why are you saying that? [00:12:38][4.4]

Thomas Keily: [00:12:39] Personally, I don't. I think I think they're overstating the case. I think. I think they're overplaying it. I mean, to say. I read I read JP Morgan's report on this, and they're saying there's four factors that are driving the commodity supercycle story. One is the rebound out of the covid lockdown. So and that's driven by a huge infrastructure spending spree that governments have gone on. So governments have really opened up their wallets, putting a lot of money, and they tend to put money into commodity-intensive things like bridges and buildings and that sort of thing. So that's sort of a big surge in demand. And that's driving commodity prices higher. That's the start of it. The second factor they're pointing to is the risk of inflation. So inflation might be picking up and commodities because they're real, tend to do well in inflationary environments because as a currency devalues this, that's relative to the real stuff that we buy with that money. So. So the prices go up. Yeah. So like during the oil shock of the 90s or the dotcom bust, when inflation was picking up, commodities performed pretty well. The third factor they're pointing to is that commodities are very cheap relative to shares right now. You look at their share prices and commodity prices, commodity prices are as cheap as they have been. Almost, almost ever. So you've got to go back to 1969 and 1998 to get similar relativity if you charted out. So commodities are very cheap relative to equities, and in those two previous times, nineteen sixty nine, nineteen ninety eight, when the commodities got that cheap, they then turned around and went on a bull run and had a decade of strong price growth in commodities. [00:14:23][104.1]

Adam Keily: [00:14:24] But they couldn't really have gone anywhere else because I mean, if, you know, once if they're at the bottom, then where do they go. [00:14:29][5.0]

Thomas Keily: [00:14:29] Like they've got to go up. Yeah. I mean we're talking relet relativity here, so there is no floor necessarily. So it's not they're not it's not low in absolute dollar terms. It's relative to equity prices. [00:14:41][11.8]

Adam Keily: [00:14:42] Yeah. Okay. But maybe the equities are overpriced, maybe the Netflix of the world, and maybe the, you know, Amazon that are overvalued. [00:14:50][8.4]

Thomas Keily: [00:14:51] Oh, Adam, you're learning so much. [00:14:52][1.3]

Adam Keily: [00:14:55] I wouldn't be so sure. [00:14:55][0.8]

Thomas Keily: [00:14:57] Yeah, no, that's right. I mean, there are two ways for that story to correct that commodity prices could lift or equities could fall. Right? Yeah, that's a good point. You should email JP Morgan, [00:15:08][10.3]

Adam Keily: [00:15:09] let them know. Yes. [00:15:11][2.5]

Thomas Keily: [00:15:12] Explain to them what the ratio is, [00:15:13][1.4]

Adam Keily: [00:15:15] how they work and see if I can have a corporate gig. Just decent, decent economics. Gags for the JP Morgan Christmas show. I'm available if you're interested, JP. All right. So they're low, but you say they're relative, which means that they're not necessarily at the bottom from a price perspective. And so potentially they're not at the bottom, which means maybe, you know, the share price is equity. Equity markets could actually come down to sort of to track the track that the commodities prices a bit more. Yeah. [00:15:48][33.5]

Thomas Keily: [00:15:49] And there's a good chance of some people bailing on equities in that story would then go and put their money into commodities. And that's sort of the story because commodities almost work as a bond in the sense they're pretty predictable, you know, sort of, you know, what you got. It's pretty bland. It's not too much. It does the price does move a lot in cycles. But maybe people think like, oh, OK, equities are overbought, going to go into commodities, they're on the board. Supercycle is happening. So make that pivot right. [00:16:18][29.0]

Adam Keily: [00:16:18] When was the last supercycle? [00:16:19][0.9]

Thomas Keily: [00:16:20] Um, JP Morgan reckoned it was up to the last one was ended in 2008. [00:16:25][5.4]

Adam Keily: [00:16:28] 2008, I didn't even notice it. [00:16:29][1.7]

Thomas Keily: [00:16:30] Yeah, you invested much in the [00:16:32][1.9]

Adam Keily: [00:16:32] commodity market the early 2000s. I'd like to take you back to my first question is what is a commodity? But I don't I read the news you'd think you would have heard something about. I guess I guess it was maybe I was reading the wrong news. [00:16:47][14.2]

Thomas Keily: [00:16:47] You don't remember the mining boom, the Chinese century? [00:16:51][4.0]

Adam Keily: [00:16:52] It looked, I had a lot going on at that time. That was probably Frenchtown. Yeah, you could I could easily slip through a mining boom. Right? Well, that's a good question. And like, what's the is there a way that we can now that I am into investing a little bit, is there a way that I can kind of capitalize on this? And in fact, I didn't ask the same question. What's the best way to capitalize on the supercycle? He mentioned physical metal ETFs, CFD on commodity prices, miners, explorers, producers, a combination. How do we make the fat stacks, Tom? Yeah, yeah. I don't know. [00:17:30][38.0]

Thomas Keily: [00:17:31] Like, I probably wouldn't be recommending people get involved in commodities futures unless they really know what they're doing. [00:17:37][6.6]

Adam Keily: [00:17:39] Um, stick to Bitcoin and risk it with iron ore. [00:17:47][8.7]

Thomas Keily: [00:17:51] Yeah, I mean, probably the miners are bad, like you think you definitely in store for a short term lift, like, I mean, no financial advice, not financial advice work. I mean, it's hard to not like the reflation is happening. The recovery's underway. Mining the mining stocks are probably a know cyclical reflation story. So they tend to do well as economic activity recovers because we need commodities to make the economic activity happen. And so, yes, we definitely, you know, that three months of growth, that commodity prices are booming right now, like the there are really high levels. You look at commodity price indexes, which kind of brings together all these different commodities like it is at record levels, you know. So, yeah, that's a bullish story. [00:18:36][45.6]

Adam Keily: [00:18:37] That is that due to the demand, though, is that the demand that that brought them to record levels, is the demand going to be sustained, or is that going to, as you say like it is? If it's a covered response, then are we talking about sustained demand, or are we just talking about a kind of spike while we get back on track? [00:18:53][16.1]

Thomas Keily: [00:18:54] Yeah, that's exactly the question. And so the people who aren't really buying the supercycle story, this is what they're saying. They're saying like, yeah, we've got this reflation happening. Governments have gone out and got spent heaps of money and that's gone into infrastructure, but we're largely done. So, look, if you look at US and European industrial production, we're back at where we were pretty covid. So we've got over the covid hump of the ditch, say, and we've done that by spending a lot on infrastructure. But we're now looking at an economy that's starting to do pretty well the world over. And yeah. And so it's like, will the government start to wind things back a bit now that the economy's sort of up and running? And the answer to that is probably yes, they're probably not going to keep spending. They're probably not going to keep blowing money on huge infrastructure projects as the economy starts to overheat and people start to worry about inflation. So if you sort of banking on if the underpinnings of your thesis for a commodity supercycle, whether governments are going to keep spending heaps and heaps of money, that's probably not going to happen because they're only going to do that if we're not recovering. But we are recovering. Right. [00:20:07][73.6]

Adam Keily: [00:20:08] So that would be like keeping on putting bandages around your arm once you've already stopped the bleeding? Yeah, in a way, yeah. Probably a terrible analogy. But I think what you mean is that the government it's in a response to some event like you know, the economy was damaged. They repaired it and now it's back on track where it was. They're not going to keep repairing it up, you know if it's up and running. [00:20:31][23.0]

Thomas Keily: [00:20:32] Hmm. Yes. I'd like to say yes. Yes. To a cyclical reflation. Yes. To like a rebound driving commodity prices higher. And the other thing with that, one of the reasons why commodity prices have gone higher is because we've had a massive supply shock with covid. So shipping routes have shut down on the back of a trade war. China has launched a trade war against Australia in twenty. That's driving commodity prices higher. You know, you had a dam bursting in Brazil around Amun. You had a couple of other different supply shocks. Freight rates are through the roof. So you've got all these supply factors on that side as well. The crimping supply as demand is taking off and prices are the response. What happens when you have that dynamic in place? So, yes, you've got you've got all the short term cyclical factors like they're definitely happening. We are in the upswing phase of a short term commodity cycle and commodities tend to move in in boom and bust dynamics. They tend to move quite a lot and follow the economic cycle. But it's not clear that these short-run factors are then going to give way into these longer run supercycle dynamics. I want to add one of the key ones is that China is a lot of people point to China's needs for commodities. And yet this was a big story in 2013, 2014 during the mining boom you slept through. [00:21:57][84.7]

Adam Keily: [00:21:57] It's also the first I'm hearing about this flood in Brazil. [00:21:59][2.1]

Thomas Keily: [00:22:00] Oh, yeah, yeah. The people talking about the Chinese century and that that as far as the Chinese economy modernized, it was going to consume a huge amount of commodities and that was going to drive a century-long commodities boom. And the hubris around this, around twenty-two thousand forty thirteen 2014 was huge like people just talking about like this a new level of commodity demand that was going to last thirty years. And by twenty seventeen it was all done. [00:22:35][35.0]

Adam Keily: [00:22:36] Yeah, well, [00:22:37][0.3]

Thomas Keily: [00:22:37] like, it was pretty much like what was that about? But like and it was really it was in the you know, the Australian government was producing these projections, which were based on Minhas forecasts. And the miners were just talking it up like it was nobody's business. And the government was like, oh, really? I would just pump that out. [00:22:54][17.3]

Adam Keily: [00:22:56] Yeah, these miners weren't in line to get paid bonuses or anything like that where they were the ones that were that was breaking. [00:23:03][6.9]

Thomas Keily: [00:23:03] The incentives in capitalism are very tightly aligned. [00:23:06][2.5]

Adam Keily: [00:23:10] One thing I did hear about commodities and the supercycle is that green initiatives, green energy, and stuff is bullish for commodities. I always thought of commodities as kind of, you know, fossil fuel-type legacy stuff that we want to leave behind. But I read somewhere it was like any grain kind of, you know, environmentally friendly, renewable energy type stuff is good for commodities. What's the relationship? [00:23:38][27.8]

Thomas Keily: [00:23:39] Yeah, I mean, this actually brings us back to the fourth point Morgan was making, which we didn't hit, but that the US is about to launch a green new deal and yet create a lot of like green energy projects. That's not good for legacy fossil fuel projects, but renewable energy projects tend to be commodity-intensive around copper, nickel, silver, platinum, rare earth metals, things like that. So. [00:24:03][24.5]

Adam Keily: [00:24:04] Right. Um, so BHP wasn't lying. And I saw an ad on TV the other day, BHP saying that that the, you know, a green future needs our copper. And I thought for sure I was one of those who said that air of desperation or, you know, irrelevance like always do here. We still got something to offer. But they might be, right? Yeah, apparently. Apparently, yeah. [00:24:33][28.2]

Thomas Keily: [00:24:33] You know, you know, the bull case scenarios for renewable energy involve strong commodity demand for those commodities. So that might push commodity prices in general higher, right? [00:24:46][13.2]

Adam Keily: [00:24:47] Yeah. And how does the head of the cycle end then? So I did ask this question as well. How does the cycle end? Does it is it does it produce a bubble-like a sort of slow, gradual bubble that eventually burst? Or does it just kind of taper off as people lose interest and people fall asleep? [00:25:05][17.8]

Thomas Keily: [00:25:10] In the 20 years I've been watching or whatever, what I see is that the hype and the hubris kind of dissipates in an oversupply of mining projects. So mining projects have long lead times and take a long time to come in. So, you know, in this hype phase, which can be like five to ten years or something where everyone's talking about the Chinese century and how it's just boom forever, everyone like the people likes eager to invest in mines and get new mines going. And then they all tend to come online at the same time, which is about five to ten years down the track, just as the short-term cycle is ending. And then you've got an extra supply coming on just when the market doesn't really need it. And then you get an extended downturn, which I think is why you get this boom and bust dynamics, income, and commodities, just because there are such long lead times in on the supply side. But as for the supercycle, I don't know. I think it may be just fading away or just sort of comes out in the wash in the end. And this is sort of just things just generally trend higher as they do. That's that's the crux of it. Like some people saying it's a new paradigm. You level shift and other people saying, Nah, it's just a short-term cyclical reflation story and it'll all be sort of done and dusted in a year or two, whichever it is, I'm not sure. But the short-term story is it's good news for us as a commodity exporter in the next year to 18 months, two years. It's a good news story. [00:26:34][84.2]

Adam Keily: [00:26:35] All right. Well, I reckon that does it for this week. Tom, thanks, of course, for your input, as always. Hopefully, that's been useful for Aiden and everyone else who might have been just interested in supercycles and what they mean. Don't forget, you can send us any questions, comments, feedback, email us cve@equitymates.com Or go to the website equitymates.com/cve. We would also really, really love it if you went onto the Apple podcast store iTunes thing and left us a review. That'd be great. Don't forget there's a bunch of other podcasts across the equity MIT's media family. We've got the price now. Of course, I got there Get Started Investing podcast as well as the Equity Markets Investing Podcast, Commo and Zawi doing amazing things with their podcast Meet, Pay, Love. And there's a brand new podcast which is called You're In Good Company, which is just launched on Equity Mate. So if you haven't heard that one yet, be sure to go and check that out. Otherwise, we will talk to you again next week. Thanks for tuning in. [00:26:35][0.0]

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Meet your hosts

  • Adam

    Adam

    Adam is the funniest and most successful comedian in his family. He broke onto the comedy scene as a RAW comedy national finalist before selling out solo shows at two Adelaide Fringe festivals. He’s performed stand-up to crowds all over Australia as well as enjoying stints on radio with SAFM and most recently as a host of the Ice Bath on Triple M. Father of two and owner of pets, he may finally be an adult… almost.
  • Thomas

    Thomas

    Thomas, the economist, is the brains of the outfit. He studied economics and game-theory at the University of Queensland and cut his teeth as an economist at the Reserve Bank of Australia. He now runs his own economics consultancy, with a particular focus on the property market. He lives with his wife and two kids in the hills outside Byron Bay.

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The perfect compliment to our Get Started Investing podcast series. Every week we’ll break down one key component of the world of finance to help you get started on your investing journey. This email is perfect for beginner investors or for those that want a refresher on some key investing terms and concepts.
The world of cryptocurrencies is a fascinating part of the investing universe these days. Questions abound about the future of the currencies themselves – Bitcoin, Ethereum etc. – and the use cases of the underlying blockchain technology. For those investing in crypto or interested in learning more about this corner of the market, we’re featuring some of the most interesting content we’ve come across in this weekly email.