Building an investing checklist + Henry Jennings pitches Core Lithium

Bryce: [00:00:15] Welcome to another episode of Equity Mates, a podcast that follows our journey of investing. Whether you're an absolute beginner or approaching Warren Buffett status, our aim is to help break down your barriers from beginning to dividend. My name is Bryce and as always, I'm joined by my equity buddy, Ren. How are you going?

Alec: [00:00:30] I'm very good, Bryce. Good to be here for another episode. 

Bryce: [00:00:34] Likewise. 

Alec: [00:00:35] He's not my strongest. 

Bryce: [00:00:37] Not your strongest. So today, a big show, we've going to kick off with what we learnt. We're going to hear one of the sessions from FinFest, which we're really excited about, and then continue with the new segment that we picked up last week, The Arsehole. So three big segments, better housekeeping before we kick off the Ren. 

Alec: [00:00:54] Yeah, well, we had all of our podcasters in town just before FinFest and we loved that. We never met Adam and Thomas from the Community of Economists in person. Yeah, we've been doing a show with them for over a year, so it was epic for everyone to be there. You're in good company. Crypto curious talk money to me and comedian The Economist. The whole crew were together and I was lucky enough to be able to jump in the studio with comedian The Economist while they were down here. So if you haven't given their podcast ICO, go and listen to it. It was a lot of fun, really. Just got a front row seat to hear them cracking jokes with each other. So that was a lot of fun. And I think we should also say, if you haven't listened to the dive gong, give it a listen. It's our business news show. It's got some great momentum and we're actually doing a Headlines Companion as well. So if you want to keep up to date with business headlines from around the world, check it out. 

Bryce: [00:01:46] Yeah, no more than 5 minutes a day. 

Alec: [00:01:48] Heaps of content out to give. 

Bryce: [00:01:50] You the three most interesting and important headlines that you need to know and what the gold price is doing, not what BHP did last night, but true global headlines to keep you updated to be a bit of a thought starters as well. If you're down at the power or at a friend's place, yeah, you need some small talk. 

Alec: [00:02:06] And a fact of the day. 

Bryce: [00:02:07] And the facts of the day.

Alec: [00:02:08] All in 5. 

Bryce: [00:02:09] Minutes. All in 5 minutes or less. Yes. Well, if we can keep that shot, we'll keep this shot. And let's move on to what we have learnt this week. What do you got? 

Alec: [00:02:19] Well, Christmas may only be once a year, but the reporting season never ends. Not on the way. It feels like we just got through Australia's reporting season. Before that we had America's Q2 reporting season. Now we are up to America's Q3 reporting season. 

Bryce: [00:02:35] I'm sitting this one out. 

Alec: [00:02:36] You don't get to sit it out. 

Bryce: [00:02:37] I have. 

Alec: [00:02:38] Well, then other investors are going to have more information than we have long term. 

Bryce: [00:02:42] I'm much longer to tell you the yearly number at the end of the year. 

Alec: [00:02:46] No. Even if you're a long term focus, you need to keep up to date with what the company is doing. 

Bryce: [00:02:50] Every three months. 

Alec: [00:02:52] Or what. You just need to have the most recent information. 

Bryce: [00:02:56] Why doesn't Australia do every three then? 

Alec: [00:02:58] I think we shouldn't do it every three. But I'm saying as an investor, if let's say you own Netflix, for example. No, let's say you were short Netflix because they had two quarters of subscriber decline and then you were like, I'm a long term short there. They're going to get beaten, but not this year. It's going to be a long term thing. If you weren't looking at Q3, you would have missed that. They had a great Q3 report. 

Bryce: [00:03:20] Yeah, but that's only three months. Who knows? But my thesis could hold for the next three. I still don't think you still think of my long term shorts. 

Alec: [00:03:27] Get squeezed out of your short positions because of the price. 

Bryce: [00:03:30] But I still think it's in play. 

Alec: [00:03:32] I know that you do. It's your money. 

Bryce: [00:03:35] It's this marketing. 

Alec: [00:03:35] Spiel. Yeah, look, I. I tend to agree with the sentiment, but I think, you know, if you're going to invest in individual stocks and there is information out there, it is important to just keep your finger on the pulse. Yeah. What matters is like if you're not going to invest in any of the American bank stocks, then you shouldn't care that all five of the major American banks reported last Friday. All right. That's where it's like that's when there's just so much noise that companies that you're not researching or you're not investing in, you suddenly get very invested in there like 2% revenue increase year on year. Yeah. Yeah. 

Bryce: [00:04:09] Boring. What else have you learnt?

Alec: [00:04:11] Well, I was going to talk about some of the results, but maybe we don't worry about it. Maybe we were publishing them on Instagram. Go check out our Instagram. Prices made it very clear he doesn't care about Q3, so I won't bore him with tonight's money. So Bryce, I'll move on to something that hopefully interests you a little bit more. So which is my personal portfolio? Yes. So over the past few weeks, I've been talking about my career a lot, you know, automating investing into those ETFs. And I feel pretty comfortable with where my core portfolio is. But more importantly, for this moment, I feel like I'm not missing out on the buying opportunity that 2022 is. I feel like, though, just automating that core ETF every time I get a paycheque, I feel like I'm in a really comfortable and good place there and I don't have to think about it. So now I get to move to the fun stuff. Now I get to move to my satellite portfolio and I don't want to miss the buying opportunity in my satellite portfolio. And so, you know if the Investec official tick we've got some time and now we can really explore this world. So I'm excited for that.

Bryce: [00:05:21] The satellite.

Alec: [00:05:22] World. The satellite world, the world of individual stocks, maybe thematic ETFs. I own a couple. But I think for me, this moment calls for individual stocks. 

Bryce: [00:05:34] Nice. I love that. And I can't wait to hear more about it. 

Alec: [00:05:39] Stay tuned. 

Bryce: [00:05:39] You're feeling confident and comfortable. And I mean, the whole idea that you build a core portfolio so that you can then go out, start exploring the rest of the world. Yeah. Feel and know that you've got your bedrock, your slab of concrete laid down, your foundations rock solid. 

Alec: [00:05:57] Yeah, exactly. 

Bryce: [00:05:58] So that you can take a few more risks and exciting investments outside of that. 

Alec: [00:06:03] And importantly, for me, the automating of it also means that my portfolio allocation isn't going to get out of whack because it's like the money that the majority of my money that I am not spending and that I can invest is now automatically going into my whole portfolio. So whatever's left, you know, I'm never going to have sort of like 80% of my portfolio in individual stocks because it's. 

Bryce: [00:06:29] Just one goes gangbusters for you. True. 

Alec: [00:06:32] Yeah. Well, anyway, what have you learnt? 

Bryce: [00:06:36] Well, this is perfect timing. It's funny, we're kind of on the same page. Finfest done as Fizzle, done a few other small things to do when you're running a business, but I definitely feel like we've got some more time to get back to what we do enjoy talking about. And that is individual stocks and thematic ETFs. Because I want to spend this part of the episode over the next few weeks, maybe together in some ways, but actually building out in more detail, a very easy checklist for me and investing checklist. But when we talk to experts and they tell them and they say, here's a stock, blah, blah, blah, or when we're doing a deep dive or whatever it is, I've got a simple checklist that I can go through and kind of just have a where does it sit against financials and what what sort of financials? Where does it sit against management and how can I be better at assessing management? And so I've kind of thought about what are the key buckets that I want to build and then under that without going into too much detail, but then over the next few weeks, kind of just want to build that out and get your thoughts on what you would have and if because if we're about to start embarking on, on, I guess looking at stocks in more detail, I want to be able to start building my thesis in a bit more detail as well. 

Alec: [00:07:58] Have you read the book? What book there is? I think Joe Major recommended it to us when we interviewed him, but it's like there's a book called the investment checklist. 

Bryce: [00:08:08] Now, maybe I'll start there.

Alec: [00:08:10] Maybe.

Bryce: [00:08:11] So that's a good thing. I've learnt this week that I should start there. I'm going to put that down. I'll read it. Let's bring some back double check.

Alec: [00:08:20] There is a book called The Investment Checklist. I just googled it, so maybe get that right. But Joe, make it because he spoke about what we interviewed. Yeah, I feel like I feel like you recommended a book. 

Bryce: [00:08:29] Okay. Well, that's kind of what has got me thinking over the last few weeks, and I've kind of bucket it, put it in the back of my mind, just having had time to focus on it. But now I do, but at a very high level of some of the things, some of the buckets. So I've got financials. Yeah. The actual product itself. 

Alec: [00:08:43] Okay. 

Bryce: [00:08:44] The like customer base. Yeah. And the management team. Yeah. What else? Um, like industry is.

Alec: [00:08:51] A profitable. 

Bryce: [00:08:52] And that's why I feel like that comes in. Yeah. It's, I'm thinking about like buckets and under financials would be like, is it profitable under management team? It's like, who are they? What's their experience? Do I know anything about them? Products would be like. 

Alec: [00:09:04] I think, I think with management it has to be are they a founder or is there a majority shareholder? It's like the incentives are. 

Bryce: [00:09:11] Nice. 

Alec: [00:09:12] Directly aligned. 

Bryce: [00:09:13] Founder led. 

Alec: [00:09:14] Yeah, yeah. 

Bryce: [00:09:16] And incentives. 

Alec: [00:09:17] Well, yeah. It's like if they found a lead and like implicit in if they found a lead is that they still own a large chunk of the company. So the incentives are aligned or it's like, you know, Kerry Stokes has bought 55% of the business and he's running it. Yeah. And then it's like, well, he's not a founder, but like, incentives are still aligned. Yeah. 

Bryce: [00:09:35] Yeah. Okay, so you got financials, management, team, product, customer. I'm thinking about the competitive advantage, industry. Something needs to go in there. Yeah. 

Alec: [00:09:45] Like, like micro growth or something. 

Bryce: [00:09:47] Moat vibes. So yeah, this is kind of what I want to build out and I don't want anything in detail. I just want to be able to. I don't know how I'd take it from there to like a result. Is it going to be a tech or is it going to be a I don't know, like a high, medium low. 

Alec: [00:10:01] Oh, yeah. You know. 

Bryce: [00:10:02] In like like it's. 

Alec: [00:10:03] A scale of 1 to 5. 

Bryce: [00:10:05] Yeah. The management's high. 

Alec: [00:10:07] Yeah, I know you're. 

Bryce: [00:10:08] Saying you get to sort of like a oh. This is high across the board. And then, yeah, I don't know how to transform. 

Alec: [00:10:17] I don't know. Like in my mind as we have this conversation, a lot of like red flags and like a Yeah. Bots come up. I like intellectual exercise. I was trying to do this. Yeah. Whether or not we would just find companies that we like for whatever reason and then give it to shoehorn into it because of our cognitive biases about the company or like or the fact that we like their product will then say we love their management.

Bryce: [00:10:39] Well, I mean, for example, like I'm not going to do this for Google because I'm just going to buy Google. I just know this guy's not advice, but I just like, you know what I mean? Like, but it's like if you come across that nation spanner maker from Sweden. Okay. 

Alec: [00:10:56] Yeah, yeah. It's like, well, yeah. 

Bryce: [00:10:58] Where does that know? 

Alec: [00:10:58] That product so well? And I know their management so well. 

Bryce: [00:11:04] I mean, it's just doing the process itself. I think we'll be. Yeah, we'll be good. 

Alec: [00:11:08] Like it? Yeah. 

Bryce: [00:11:09] All right. So I'm going to come back next week, maybe with some firmed up buckets, chat or chat to the team. 

Alec: [00:11:14] Let's just do a full episode next week on building our investor checklist. Well, hold on. Are you going to read the book? Buy that in a week? 

Bryce: [00:11:21] No. Well, I need to buy it first.

Alec: [00:11:23] So you can do that on Amazon. 

Bryce: [00:11:25] I'll open Amazon right now.

Alec: [00:11:26] Amazon likes their product. No longer a founder. Manager. 

Bryce: [00:11:30] Yeah. There you go. Oh, and this is the thing. Like, I feel like if we have it here and I have it with me every time we record, then when we are doing like earnings, Q3 results and you shout out a company, it's not just going to be a revenue up or whatever. Then we can be like, okay, well, you know, where does it sit with X, Y and Z and just have a bit more robustness to my conversation at least anyway. Okay.

Alec: [00:11:52] Cool. I like it. I like it. All right. Well, let's do that episode after we've read the book. Okay. And so if people. 

Bryce: [00:12:00] But I'm happy to do it sequentially over the next month or so in this section as well. Sure. And have some time to think about it during the week. 

Alec: [00:12:08] Okay. Take people on a journey. 

Bryce: [00:12:09] Yeah. Take people on the journey. 

Alec: [00:12:11] But you have to start writing a book. 

Bryce: [00:12:12] Yeah, I've got Amazon Open right now. 

Alec: [00:12:14] Because like, people are a lot smarter than us, have done a lot of this work. And so let's not start from zero cause. 

Bryce: [00:12:22] I will find the book.

Alec: [00:12:22] Will also commit to writing the book. 

Bryce: [00:12:24] Nice. 

Alec: [00:12:24] So maybe we'll bring back the book club. 

Bryce: [00:12:27] Let's just take that off line anyway. That would be by three. 

Alec: [00:12:34] Let's give one away on the forum. 

Bryce: [00:12:35] So I'll buy four and give one to someone in the office as well. 

Alec: [00:12:39] Thank him. Employee of the month. 

Bryce: [00:12:40] But I'll buy three and we'll give one. Yep. Good. I do give one to someone in the forum and make sure you join the forum. Community dot Equity Mates dot com. 

Alec: [00:12:48] So if you want to read along with Bryce and I, as we build our checklist, head over to the forum. We'll figure out a way to give it away. Yes. I don't know. Maybe we ask people for suggestions. Yes. On the checklist. Well, yeah, we don't have to do any work now. That's good. All right. Well, speaking of checklists, speaking of investing in individual stocks, speaking of building our conviction and our robustness when it comes to being investors, that is probably a good, if not tortured, segway into one of the fanfare sessions. 

Bryce: [00:13:18] Yes. Now, we did have FinFest on Saturday and it was epic. Thank you so much to everyone who came and supported us and truly blew us away. We know there are a few teething issues so we don't need to tread on old ground, but we've had plenty of feedback positive and around food trucks and whatnot that we're going to take into 2023 to make it even bigger and better. So just a phenomenal weekend. Now, the good news is that we did record all of the sessions. All of them will be uploaded onto YouTube in the near future, 400 gigabytes of data for us to upload and edit. So plenty of work for the team to do and we will let you know once it is all available. But we will be leaking some of the segments such as this one over the next few weeks. 

Alec: [00:13:59] Leaking is such a. 

Bryce: [00:14:01] Well, you know, it's fading. Releasing, releasing, I guess really. 

Alec: [00:14:07] Leaking makes me think of like a Watergate in a car park, in a trenchcoat. 

Bryce: [00:14:12] So we're not just going to be sharing some with you guys. 

Alec: [00:14:16] We'll link it to you, share us your email and we'll send it to it. Yes. 

Bryce: [00:14:21] All right. So to kick it off, we've got a high conviction stock pitch. And this was where the experts were given 15 minutes to give us their highest conviction idea. No notes, no PowerPoint presentation. In the hot seat, we've got Henry Jennings, a crowd favourite pitching core lithium. 

Alec: [00:14:38] A crowd favourite, a crowd I really feel is a crowd favourite. 

Bryce: [00:14:41] Yes, multi crowd favourite. 

Alec: [00:14:43] So look, I don't think we need to say much here except that the great news is we've got a few of these high conviction stock pitches in the bag, so make sure you keep listening because this won't be the last one we release.

Host: [00:14:55] Let's welcome Henry Jennings.

Henry Jennings: [00:15:01] Okay. It's Who here is a Star Wars fan. Oh, look at all the hands. I mean, we are in space time. We got an astronaut suit outside. Can anyone remember what power? The USS Enterprise. It was dilithium crystals, lithium being the important part of that power source. Even back in the sixties, when I looked outside this morning, there was this astronaut suit out there. I don't know if any of you caught. There's a great, great series that I've just finished, season two of on Apple TV. And it's free. It's called For All Mankind, and it's set in space. And it's about the space race, the Apollo space race. And the concept is that instead of the Americans getting to the moon first, the Russians got to the moon first. So it's an alternate kind of universe. So instead of the race for the moon, it becomes a race for the base. And when they get to the moon, the Americans, the base, they set up a mining business and they start mining a thing called lithium, which apparently the moon has lots of. Who knew? But one of the important things, I guess, today is that I'm going to be talking about and I talk about it a lot and people will probably get a little bored of it. But about the lithium space and lithium stocks, and there's one particular stock that I like at the moment which I'm going to talk to you about. I'm sure you've probably heard of this before, especially if you've been paying attention to the TikTok videos from Equity Mates. I was the boss. Better be good now. But if you've seen that TikTok videos and some of the other videos I've done, it's about lithium. And one particular stock that I really like at the moment is a stock called Core Lithium (CXO) is the stock code. So why is Core Lithium one of my favourite stocks? The reason is they are very, very close to producing lithium. They have a lithium project, 90 kilometres, which is important from Darwin, which again is very important. And these guys have just started shipping what they call direct shipping or CSIRO and they weren't even supposed to be doing this yet. They are planning next year to start shipping their spot, you mean. And the prices that they're getting because I don't know if you've heard there's a company called Pilbara Minerals and Lithium is really hard to get a price on if you've looked on the Internet and tried to get prices for lithium, it's not like oil now. A barrel of oil is a barrel of oil. Pretty much lithium comes in lots of different forms, lots of different varieties, and there's lots of different prices. But the great thing about Pilbara, which is Payless, is they have a Pemex auction that's not when they flog off old bikes, but they sell some of the lithium produce that they haven't got under offtake agreements. So there's a bit of an auction for it that sets a price which gives it some transparency. The great thing about lithium, one of the great things is that for the direct shipping oil that they just shipped, they also did a similar auction on the prices. They achieved a pretty impressive above 5000 dollars US. Now the company at the moment is going through a capital raising. If you've noticed, the price of lithium, they raised a whole bunch of money, about 100 million bucks at a dollar three. And as a result, it's been a little bit heavy, bit of indigestion. They're also one of their biggest shareholders sold out as well just before that capital rise. So that's kind of disrupted the market a little bit. But this auction that they did was very bullish. And if you were to put in the spot price of that auction into the core lithium, the big spreadsheet that the analysts have, you will get a valuation closer to five bucks. And where they are at the moment, which I think on Friday were a dollar 16. So there's lots of good upside there. The other great thing about lithium is they've just got some new management as well. They've got a new CEO. The last CEO, Stephen Biggins, has done a brilliant job getting the project to where it is, but building a mine, discovering the deposit is kind of a different skill set. The new guy, his skill set is far more in tune with actually producing and shipping the lithium. So that is a big positive going forward as well. They're also not the biggest lithium deposit in the universe and it only has ten plus years of my life. So that's a bit of a negative. But they are drilling and at the moment they're getting some pretty impressive results out of something called BP 33. So they're drilling at the moment a big drill programme. And the money they've raised from the market, from this instow placement is going into the ground. That's always good money going into the ground, not being wasted on corporate fees or directors' lifestyles. So that is a good one. They're 90 kilometres from Darwin, remember, so it's easy for them to ship. They've got offtake agreements with some of the big companies and if you haven't thought about the lithium story, you should. It's a very important change that's going on. Australia is remarkably endowed with lithium. Remarkably, we have huge, huge reserves. The problem that we have is a problem that we have with lots of commodities. It comes from China. We send it to China to be processed, they make it into batteries and they sell it back to us in our Teslas and wherever. But we have all the raw materials and as companies go from explorer to constructor to producer, companies get rerated along the way, the risk gets taken out. As an explorer, you have risk. You've got to find the stuff. As a constructor, you have risk. You've got to build it. You've got to build it to a price, you've got to build it on time. But once you become a producer, you have a whole different set of problems, obviously, but you will get rerated because the risk no longer exists. Now, there has been some conjecture in the lithium market in the last few months. There was a quite high profile broker that came out with the report. Saying that these high prices that we're currently seeing and lithium will not last is probably right. They won't last forever because nothing ever does. But what we have in the next 2 to 3 years is a massive, massive supply deficit. The demand is growing exponentially. Every car company in the world is trying to secure supplies. There's even talk now that some of these car companies are looking to directly invest in miners. The GM did it the other day. They announced they were investing in Cup and Queensland Pacific. It's very small. So it is starting to happen. The demand is there and there's nothing coming on the supply side. Every company that announces talks about 2425 when the lithium will be produced. You go through all the announcements on the ASX, you go through the lithium hopefuls 24, 25 and beyond. Now it's still only 22. So these high prices are likely to stay for a long time. Talking to I was on a panel this weekend on a mining conference, the guy from Benchmark Minerals or Metals Intelligence, he was saying that it won't be this supply demand problem won't be fixed until the late twenties. And if we do get even more of a supply dearth because people aren't getting their projects up and running on time, it could still be bad. So we are going to see high lithium prices for some time and the demand from car companies and other players they need to secure supply. Rio was talking, all the papers were talking that Rio was in the market to buy some lithium exposure. The question would be, and I put this to the CFO of BHP, Hey Mike, why haven't you guys looked at lithium? What's wrong with the lithium market? And he really didn't have a satisfactory answer apart from Yeah, we're very disciplined and it's a very hot market, but we're not going to chase it. Well, fine. But Rio looks as if they're in the market for it. They've already bought a project in Argentina. I had a project in Serbia not back. It's quite possible that a company like Kore Lithium pops up on their radar as a near producer. 2023 first half of 2023. This good stuff starts coming out of the ground. It's quite possible that this one could end up being knocked off by one of the majors. It's a $2 billion company. It's no Tesla. It's got lots of liquidity. I have to say, in full disclosure, I bought this one a long, long time ago when I was a boy at about $0.05, and I sold out the last of my holding for just over a dollar 50. And I'm really looking to get back in now because they are on the cusp of 2023 production. So I would urge you all to have a little look at lithium, even if you don't like the look of lithium or you want something a little racier, a little more risky. I would urge you to have a look at the lithium space. It is. I know it's been hot and we've seen some false starts in the past. Back in 2017, 2018, there was a little bit of a false start, but as usual, the market gets ahead of itself and we think it's all going to happen instantly. And it takes time, mining takes time. But I would certainly urge you to have a look at the lithium sector and pick your risk level. It might be that you're looking at the explorers or the soon to be producers or even the producer like we have with Pilbara or Alpine, if you like Star Trek and you take their advice with dilithium crystals, it was a thing in the sixties. It's a bigger thing now, and it will be a much bigger thing in the future. So don't ignore it. Ignore your wealth. Peril. Well, that's it for me. I've run out of time. Thank you very much. And enjoy the rest of the FinFest. 

Bryce: [00:26:20] All right. Well, that was Henry Jennings high conviction stock pitch. As Ren said, we've got plenty more to release, so we will get them up on YouTube and across the show in due course. But Ren, before we move to our final segment, am I the arsehole? We're just going to take a quick break to hear from our sponsors. 

Alec: [00:26:36] All right, Bryce. Well, we have covered a lot of ground today. We've covered your building, your investing checklist. We've heard Henry Jennings pitch a high conviction stock. Last week we did a segment, Am I the Arsehole? And we got some good feedback on it. We had a lot of fun with it, and so we want to bring it back again. Sascha, our producer, has screenshotted something that I haven't actually read yet. So don't don't read it out to me or draw me right out to you. 

Bryce: [00:27:03] Let's paraphrase. 

Alec: [00:27:04] All right. Hey, all my son was born in 2000, and shortly afterwards, I opened up an investment account with the intention of handing it off when he graduated. Put in ten grand initially. I was adding $100 a month and the account is over 60 grand today. If that's not a reason to invest for your kids and get them started early, then I don't know what is. Then his daughter was born two years later and he started an account for her as well. And long story short, him and his wife got drunk. His wife said anyone can invest and to prove it took over his daughter's investment account. So at this point, he's investing his son's, his wife is investing his daughter's, and his daughter's account is only 16 grand rather than 60 grand. He's blaming his wife for picking bad stocks and not dollar cost averaging in. They had a massive fight. His wife suggested they combine the two accounts for the son and daughter and split it equally, the 60 and the 16. And then he lost it and said no because his wife hadn't invested as well. So Bryce, who's the arsehole in this situation?

Bryce: [00:28:13] Well, poor kids to start with. Poor daughter. 

Alec: [00:28:16] Yeah. 

Bryce: [00:28:17] I mean, if I was a parent, the fair thing is obviously to combine the accounts. But I think the message here really is the key takeaway is the value of starting early. 

Alec: [00:28:31] And dollar cost has a dollar. 

Bryce: [00:28:32] Cost. 

Alec: [00:28:32] Averaging. Yeah. 

Bryce: [00:28:33] Not worrying about choosing stocks. Just put your money into what we've spoken about week after week called portfolio broad based index market returns and plus time over 20 years. When your kid turns 20 and goes to university, you're 21. You're going to be looking like an absolute superstar. 

Alec: [00:28:52] In the United States. Your kid might actually be able to afford university. Yeah. 

Bryce: [00:28:56] Yeah. And I think. Yeah, true. That's very true. And I think the other key lesson here is that the argument came down. This all boiled down to the wife saying anyone can invest and has been sort of saying prove it. Well, I mean, I believe that everyone can invest in that. That is the beauty here. He's shown that just by putting money into an index fund, you're getting very, very adequate returns. You don't need to choose stocks. You don't need to try and beat the market. Yeah, the arsehole, I think, is the wife. 

Alec: [00:29:26] Really? No. 

Bryce: [00:29:27] Sorry. Like the husband for saying no. Sorry.

Alec: [00:29:30] I sort of let you finish up. 

Bryce: [00:29:32] The heart rate. The husband said no, we're not combining. Right? Yes, yes. He's the arsehole. Yeah. It's kind of like, mate, you've proven your point. She's probably learnt. Yes, I've either learnt that investing, it's not hard, but like if you do it properly, if you, if you just commit to it and what don't your stocks and dollar cost average like you do get a great return but like don't divide the family. 

Alec: [00:29:56] It is all that I am taking in this situation is number one. You care more about proving your wife wrong than helping kids. Yeah. Yeah. And number two, like your wife. Is it wrong? Anyone can invest, but only if those with knowledge share it with those that are trying to learn. And you obviously didn't do it to like, prove a point to your wife that you're a good investor. Yeah, it's like, good. I'm good on you, bro. You're a big man. Yeah, there are a few edits afterwards. So some I think people are asking about the difference in age, but apparently when they split, when the challenge was laid down, his son's account had 14 grand and his daughter's account had 11 grand. So they were pretty like they were pretty equal. People were calling him on Reddit, the arsehole. And so he said, I'm tempted to just give my kids 15 grand and take the rest and buy a new truck. Seeing as how I've become the bad guy at that point, you are definitely the answer. Oh, and then he's his solution right at the end. His final edit Since most of you say I should just split the two accounts in half, which is obviously what you should do. Your kids are the priority here. But he says, I've decided on a fair solution. I will split the money with both kids, but I'll give them all the statements that basically show that his wife didn't invest as well as his God. Like get on. 

Bryce: [00:31:22] Oh my God. I mean, one of the major causes of divorce is financial stress and hardship and disagreement over finances. Yeah. Like this is not healthy. 

Alec: [00:31:33] Really interesting thing for me is like. Put yourself in his situation. He has a fight with his wife. He's probably talking to his friends about it. He's not getting the answer he wants. And so he decides, you know what I'll do? I'll go and read it and get them to tell me that I'm in the right. And obviously, you just got referenced on Reddit as well on Bellator and now a podcast in Australia is renting.

Bryce: [00:31:57] Unbelievable. It's definitely not the way I would be approaching things rent. But I think the key takeaways for us is that everyone can invest and if you do have patience and a consistent approach over a long period of time, you're inevitably going to get a decent return. 

Alec: [00:32:12] And being a good investor isn't worth ruining relationships over and over. And being seen as a good investor is not worth ruining relationships over. 

Bryce: [00:32:21] That's it. And that brings us to the end of our episode today. Keep an eye on YouTube for all things FinFest. If you weren't there on the day or if you were and you missed some sessions, but otherwise we're in. We'll be back next week to pick it up again.

Alec: [00:32:34] Sounds good.