Expert Investor: Ted Richards – From Football To Funds Management

HOSTS Alec Renehan & Bryce Leske|1 October, 2017

Meet your hosts

  • Alec Renehan

    Alec developed an interest in investing after realising he was spending all that he was earning. Investing became his form of 'forced saving'. While his first investment, Slater and Gordon (SGH), was a resounding failure, he learnt a lot from that experience. He hopes to share those lessons amongst others through the podcast and help people realise that if he can make money investing, anyone can.
  • Bryce Leske

    Bryce has had an interest in the stock market since his parents encouraged him to save 50c a fortnight from the age of 5. Once he had saved $500 he bought his first stock - BKI - a Listed Investment Company (LIC), and since then hasn't stopped. He hopes that Equity Mates can help make investing understandable and accessible. He loves the Essendon Football Club, and lives in Sydney.

For most AFL fans, Ted Richards is a household name. After being drafted to the Essendon Football Club and then being traded to the Sydney Swans, Ted enjoyed an unbelievable career that included a spot in the 2012 All-Australian team, playing in 3 grand finals and winning a premiership in 2012. While he was playing, Ted also finished a Masters of Finance and developed a passion for investing. In this episode we discuss this passion and what life after football is like for Ted. In this episode you will learn: • Ted’s 4 point checklist for analysing potential investments • How Ted balanced the demands of professional football with his interest in investing • What an ‘Automated Investment Management Service’ is and how they differ from traditional financial advisors • Ted’s approach to finding information related to companies and markets • Ted’s pick for the AFL Grand Final Stocks and Resources Discussed: • Books mentioned: • One Up on Wall Street – Peter Lynch • The Most Important Thing – Howard Marks • Bulls, Bears & a Croupier – Matthew Kidman • Hedgehogging – Barton Biggs • Stocks Discussed: • Catapult Australia website • Six Park website • The Richards Report iTunes page


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Bryce: [00:01:28] Equity Mates Episode 19 back again and excited as always, we're going to bring you another episode where we try and break down the world of investing for you to try and make it easy and accessible. As always, I'm here with my equity buddy Ren. How are you going? [00:01:45][16.2]

Alec: [00:01:45] I'm very good. Bryce great to be with you for Episode 19. Very excited about this one. [00:01:50][5.0]

Bryce: [00:01:51] Yeah, it is a good one where we have been fortunate enough to do another interview following up from our successful Alan Kohler interview last weekend. I suggest having a listen to that if you haven't already. But this week we chatted with a fellow called Ted Richard's, very topical as we've got the AFL grand final coming up this weekend. [00:02:10][19.2]

Alec: [00:02:12] Just as you're listening to this podcast, hopefully the Tiges won. [00:02:15][3.4]

Bryce: [00:02:18] Well, Adelaide for me, but think you're going to give us a bit of a spiel about Ted Ren take it away. [00:02:24][6.3]

Alec: [00:02:24] Yeah. So for those of you who don't know, Teddy Richards is he's a bit of a household name in the AFL supporting circles, but not one that many people would associate with investing. So Teddy was a footy player for the Essendon Bombers for a couple of years and then came up to Sydney and played for my beloved Sydney. Swans lost the grand final in 2006 but won the grand final in 2012, was the runner up in the club's best and fairest and was named in the Australian that year. So a banner year for Teddy in 2012. What's less known, though, is Ted also has a interest in finance. He's completed a Bachelor of Commerce and a Masters in Finance while being a professional footy player. Now retired Teddy hosts his own investing podcast called The Richards Report, and he works for the Automated Investment Management Service six part. If you don't know what that is, we'll explain it in the interview. We're really excited to have Ted on to discuss his unique journey into the investing world and some of the things he's working on now. So without further ado, here is Teddy [00:03:37][73.2]

Bryce: [00:03:45] So we'll get stuck into it. I guess you've been a very successful AFL player and you started the Essendon and went to Swans and you've won a flag and all named all Australian, finished second in club's best and fairest. And that's probably a that a lot of people know you for. But the other side that not many would know, I assume the general public anyway, is your sort of communist background. You've got a masters in finance. So let's just start at the beginning there. Tell us a bit about your background, if you can, and what sort of got you interested initially in investing? [00:04:21][36.2]

Ted: [00:04:23] Well, I was never as much as I love football, I don't feel like I was ever a player that saw myself as being someone that would have a 16 year career. So I always once I was draughted at the age of 17 and had wanted to have something as a backup just in case I got a tap on the shoulder at any stage throughout my career to to say that my career was over. So I worked hard at football to make the most of the career that I could have there. But at the same time, by working in my studies or work outside of football at. I admit that I kind of I kind of was reassuring to know that I was putting things in place if football didn't work out. [00:05:02][38.9]

Bryce: [00:05:03] So how did you manage to balance football with the sort of interest in commerce? And was it easy or something the club supported? Or how did you sort of get around that, [00:05:15][12.8]

Ted: [00:05:17] the clubs to support it? And as much as I wish I could say that it was easy, it was it was hard work and I guess it was trial and error, balancing football and study. And a lot of my friends are in study had one strategy, which is, you know, come with most of that. You very much cram towards the end of your office, whereas. Yeah, which is what most do. But for me, priority is my routine and being disciplined for football, which meant that my sleeping patterns and diet couldn't be put in jeopardy. So I had to try and be the model student that's engaged right from week one and and make sacrifices in other parts of my life to be able to, I guess, you know, get the marks and pass the subjects that I did. [00:06:12][54.9]

Alec: [00:06:13] Hmm. Yeah. So thinking back to some of those early days, aside from obviously having to be a professional footballer on top of learning about investing, what was some of the hard things you found about getting started and what lessons did you take away that you sort of tell other people who are thinking about starting or just starting their investing journey? [00:06:33][19.9]

Ted: [00:06:34] A lot of people put emphasis on tertiary qualifications, but I think you can get fantastic insight and information from reading books and also listening to podcasts, too. But the book that hooked me was a classic Peter Lynch one up on Wall Street. I think I read that about the age of 17 or 18. And that was what really got me excited at the possibilities of investing in the markets. But there's obviously many books written about and by Warren Buffett and Charlie Munger. Those two are fantastic. But my favourite one of my favourite books is probably Howard Marx is the most important thing I think people can get a great education to from just reading those books. [00:07:25][51.5]

Bryce: [00:07:27] Yeah, it's something that a few people that we've interviewed on the show have definitely said is the biggest way that they or anyone can improve their investing. And you mentioned Charlie Munger and Warren Buffett. So is that your chosen sort of investing style or philosophy or is that what you started out? And has it changed since? Or can you just give us a bit of a rundown on what your investing style is? [00:07:53][26.4]

Ted: [00:07:54] Yeah. So I guess my investing style is probably taking a bit of an evolution over the since I was about 17. So I got draughted in at the Essendon Football Club when I was 17. And when the paycheque started coming in, I started thinking about what I was going to do with my money and somewhat naively, maybe a bit arrogantly, I. I thought I'd invest myself in the stock market and I had some pretty expensive lessons and that I was trying to chase speculative stocks about rumours that I'd heard in the change rooms. And I was without actually doing any analysis myself and I was doing things that people should do the opposite of. And so those are the early days and then did a bit more reading. And when I finished my Bachelor of Commerce, I did. I work for two years and whilst I was still playing football at Citigroup in research sales. And when you're working along with brokers, it was very educational for me. But with brokers, I guess it's all about flow and, you know, stocks of the day. And so sometimes I'd get caught up in the hype of the stocks of the day without without taking real long term views. And I don't mean to speak down of my time at Citigroup was fantastic, but I think it wasn't until I did four years working on a fund manager who I think is Australia's best fund manager, John Sevior, a real value guy that is the opposite to someone that's going to get caught up in the hype of speculative stock or a stock of the day that is happy to be contrarian in his views and to buy when everyone else is selling. I think I did take a lot from my four years there. So I do have a big conservative value mindset to add to my strategy. But at the same time, working in the passive side, now I can say that I you know, I work for in alternative investment, we invest passively. I think that serves a role for people that aren't in the markets every day and on top of what company is doing. So I'm probably probably a bit of a fan of the passive side, but also maybe a bit of a hub and spoke where you can have a, I guess, a strategy for one area and then maybe, I guess some stocks that you think you might have an advantage in in, but also investing in those to. It's a bit of a long answer, but [00:10:42][167.6]

Bryce: [00:10:42] no, it's good. It's good. [00:10:43][0.8]

Alec: [00:10:44] So, I mean, you've just touched on it there. You're you're now working on you're working for Six Park and they do automated investment. They're an automated investment management service. Maybe for all our listeners out there, we'll start at the very beginning. Can you explain what an automated investment management service is? [00:11:03][18.5]

Ted: [00:11:04] Yeah. So where we're just like a financial advisor advisor that we can give investment advice, but instead of being face to face and paying the fees and having the costs that are incurred there, we automate that process. And by doing that, it heavily, heavily reduces the fees that we charge our clients. So it's it's just it's a professional investment advice and a six pack. That's the business. I work for our investment advisory committee. Is made up of four gentlemen to our founders at a JP Morgan in New York. One is J.P. Morgan of Australia who and he said on the Future Fund of Australia, he got another member of the Future Fund involved, Paul Costello. And they've also got Lindsay Tanner involved, the minister of finance for Australia. So those four gentlemen are the ones that choose, pick and choose the investments and oversee the investments as opposed to maybe the washed up football [00:12:07][62.6]

Alec: [00:12:08] just to understand it. So did they are they out there picking stocks, as you know, or like giving it like creating like an overall strategy? Or is it all sort of algorithm based? And then they're the they're like building the business. [00:12:21][13.0]

Ted: [00:12:22] So it is algorithm based. We are a robo adviser. So the way that it works is people answer questions online to get a risk assessment. And that risk assessment will give us go through our algorithm and will then be able to give them an asset allocation specific to their risk assessment, which will be made up of seven assets each in different proportions to. So they risk our risk profile and they'll all be invested in the market and overseen by the the four gentlemen I mentioned before whose job it is. One of them described it as spotting the potholes along the way. [00:13:03][40.7]

Alec: [00:13:04] OK, just make sure the algorithm is not throwing up some some real out of left field stocks. [00:13:08][4.8]

Ted: [00:13:10] Yeah, yeah. Well, and we do invest passively. So instead of say, well, 80 and we get it. Yeah. So instead of safer when we invest in the Australian market, instead of us picking stocks there, we'll take the ASX 200. Yeah. And that's, that's a passive investment. We, we think that it's equally important to look at fees, but all asset returns but also fees. And by taking this approach, we're still getting great returns. But your fees are just a fraction of of what they would normally be if you were a financial adviser face to face. I should also add that Lindsay Tanner said this the other day, that as much as we do value the algorithms that we used, you still need the human oversight, because the example that he used is no one's invented an algorithm yet for for Donald Trump. So, yeah. And I don't think anyone ever will. So, yeah, technology's great up to a certain extent. Yeah. [00:14:15][65.4]

Bryce: [00:14:16] Yes, that sounds interesting. So just for our listeners or those that are looking to, you know, get get started, can you just give us a bit of detail on the finer print? Like is there a minimum that we may need to get get involved? And can we add to it as we go in small amounts or what's the sort of finer details of starting with six pack? [00:14:37][21.1]

Ted: [00:14:38] Yeah, so the way we work at minimum investment is ten thousand dollars. You'd go through the risk assessment online to get your asset allocation if you're happy to proceed from that. Would open up cash management account with Macquarie in a trading account with open markets, which is all in your own name. You'd be invested in the market, would do all your trades for you and you're rebalancing when required. You can add to it when you want to or draw funds down. And this is all included in the management fee, which is just half a per cent. So on ten thousand dollars, that's 50 bucks a year, which is, you know, if you're doing just one trade, you're probably up for 20 bucks. [00:15:21][42.5]

Bryce: [00:15:21] So yeah, definitely if [00:15:23][1.4]

Ted: [00:15:23] you're doing trades a couple of times a year for seven different assets. Yeah. Fees to add up which but we just keep it that that half a per cent. [00:15:31][7.7]

Bryce: [00:15:32] You know, [00:15:32][0.3]

Alec: [00:15:33] so it's it's funny that, you know, we are interviewing you, our last episode was an interview with Alan Koula and he is he was railing against passive investments and ETFs and is very is very pro active management because he thinks that you still are going to get better returns. And it's his his argument basically boils down to you sort of get what you pay for when you're talking about face. So how have you found how have you found that, you know, have you been sort of poaching clients from actively managed funds because of your low fees? Or have you seen people leave ETFs to go back to active management? What's the interplay between sort of the passive side of it and the active side of the industry? [00:16:21][48.1]

Ted: [00:16:22] It's it's a very good question. And I think that active, active management serves a purpose, too. But the reality is the numbers speak for themselves that most active professional fund managers underperform their market. And I know of an S&P study that was done in 2016 that looked at Australian active fund managers and I'm talking professionals that I think 70 per cent underperformed their benchmark. So if the professionals find it hard to outperform the market, I think most part timers need to really question are they getting returns consistently above the benchmark? If they are, they're in the minority and well done. You're doing that. You're doing what most people can't. But I think I think for most people, though, it's hard to hard to consistently get those numbers. And that's why we believe that the the passive investment is just getting the market returns. Is is a good strategy. [00:17:27][65.0]

Alec: [00:17:28] Yeah, definitely. I think it's pretty hard to argue with the weight of evidence over recent years. And the amount of money flowing into the sector is pretty much a testament to the returns that you can get. [00:17:40][12.3]

Ted: [00:17:41] And yeah, and we're also one of the greatest, arguably the greatest investor of all time, Warren Buffett, is when he passes away, he wants his money invested passively in index funds. Yeah, that's that's a big tick for our investment strategy. [00:17:59][17.8]

Alec: [00:19:24] Don't miss an Equity Mates media special event as we delve into all things superannuation with our Super Saturday series, together with our partners at Super Hero. [00:19:34][10.3]

Alec: [00:19:56] So you talked about those seven asset classes that you will invest in. What asset classes won't you invest in? Is there anything that you don't you don't touch at Six Park [00:20:04][8.7]

Ted: [00:20:06] so our forward growth assets are Australian equities, international equities. We've got international property and the fourth is emerging markets. Therefore, for growth assets out our three defensive assets, our infrastructure fixed fixed interest or bonds and and cash. So we do cover a lot. We have across those that spectrum, which is not we, which is not to invest in gold, I think is that there's a lot of volatility there. And currently right now some of our investments are unhedged. We don't form opinions on currencies which which has worked against us, you know, in the last month. But we're of the belief that we want to keep that unhedged like [00:21:07][60.2]

Alec: [00:21:08] a no no sort of super exotic, you know, Bitcoin ETFs or anything like that. [00:21:14][6.0]

Ted: [00:21:15] Oh, well, personally, I don't we don't we don't invest in that. We we we have proven investments with a great track record with, you know, with liquidity. And but on a personal note, I do find it fascinating to read about the technology that is Borke change and how Bitcoin and Ethereum are utilising that and. There's some very valid arguments being put forward as to why this is something that is here to stay, but I'm happy to miss out on that if I missed the boat there. [00:21:54][39.4]

Bryce: [00:21:55] Yeah, yeah. Something a few of our might have been getting involved in, but yeah. Who knows what's going on. So, you know, there's a lot of chatter at the moment about valuation of markets both domestically and internationally and both the volatility of political situations and obviously Bitcoin and that sort of stuff. So I mean, I'm sure it's tik-tok. There's been conversation about the sort of macro goings on of the world. Do you sort of have a view of of where we're sitting at the moment and what might be coming down the track or and sort of how your portfolios weighted for certain events to occur? [00:22:35][39.7]

Ted: [00:22:36] Yeah, so I sit in on the Investment Advisory Committee, but I'm not actually I'm not actually a member of that committee, so and I'm lucky to be able to absorb the information that these gentlemen speak about. So Bryan Watson and Paul Costello, Lindsay Tanner and Pat Garrett, they they speak about very much macro macro themes and issues that they think are on their watch list. Three months ago, they were of the opinion that interest rates around the world may start to creep up, which we haven't seen in Australia as of yet. But to mitigate that risk, they met they they decided that they'd slightly lower all their clients allocation to the bonds, just on the off chance that rates did start to increase in the foreseeable future. So that's something that we've seen at six pack that we're, I guess, trying to put things in place to if it does happen. But apart from that, it's a dangerous game forecasting, forecasting tomorrow, let alone six to 12 months down. [00:23:48][71.6]

Alec: [00:23:49] Yeah. So I guess we should turn to the the other big thing that you're doing at the moment, which is your fellow podcast host. Yes. So you host the Richards report, which is also about finance. So what made you decide to start doing a podcast and how's it going so far? And, you know, if our listeners are interested, where can they look? Can I check it out? [00:24:15][25.7]

Ted: [00:24:16] Yeah, well, I guess it all originated with the fact that I did some of the conversations that I was having with family and friends about what I do at work, and I was I was really surprised at how quickly I could lose someone in a conversation by what I thought was tightenings, toning things down. And sometimes people don't want to ask a question about what an acronym stands for, because I don't want to be seen to be unaware of what it means. So I just wanted to kind of somewhat similar to what you guys are doing, you know, have a podcast that where I'd be asking what might people might think of the dumb questions and breaking jargon down, not not talking in acronyms, speaking with industry experts. I've been trying to get some insight without having to, I guess, commit to four hundred pages of a book or or pay a lot of money and just start a process where someone can start to, I guess, get it, get a bit of insight and form an opinion on how investment works. [00:25:26][70.0]

Bryce: [00:25:27] Yeah, nice. So you spoke about one of the things sort of to break down the jargon and that sort of stuff. Do you mind sort of shedding some light? Are there any sort of simplistic tick boxes that you may personally have outside of six pack when it comes to deciding what to invest in, like maybe specifically specific companies? Or is there anything that you look for within your style of investing that could be translatable to someone who's beginning our. [00:25:55][28.3]

Ted: [00:25:56] I guess I'm by no means did I come up with this a strategy that is a fund manager that I worked for, that if I was to look at a company I think is four different ways you can four important ways you could analyse that company. I think a lot of risk when you're looking at individual companies is about the amount of debt that that company is holding. So you want to, first of all, tick off the balance sheet and make sure that that that balance sheets not holding too much debt. And so look at net debt to a bit and a few other few other measurements er to to form a pass or fail on the balance sheet and then from there move on to the quality of the business. That's quite subjective where you've got to determine is someone in a fantastic area like. I know. Are they for example, Domino's Pizza has been a great recent example in Australia, whether it is making cheap pizzas, whether you like them or not. And you know, they're going around the world. And the recent reporting season wasn't wasn't right. But if we're looking over the last few years that they have been a fantastic business. Yeah. And so. Or are they something like a blockbuster video where you go, that's a file. So quality business, pass or fail, move on to the quality of management. And this is also subjective, where you've got to have a look at someone's track record to form an opinion on the certainty as to what they and the trustworthiness as to what you think is going to going to happen in the future. And that's probably give them a pass or fail. And and then you move on to the valuation, which is probably the hardest of all. And where we're seeing probably a lot of companies take the first three boxes, but a big cross right now and the valuation. And so this is by no means my my little checklist. This is our this from John Sevele, the fund manager that I worked on there for quite a few years. And but that's that's how I'd look at a business. [00:28:07][131.2]

Alec: [00:28:09] Yeah, right, that's one so there's a there's a lot there in terms of what you look at and, you know, it requires a lot of information and a lot of research. What's your sort of go to to, you know, for trusted information or if, you know, new investment ideas where it is the sort of first place that you look? [00:28:29][19.8]

Ted: [00:28:29] Yeah, that's a good question. That that I don't think you should eliminate anything, I think. And Peter Lynch is he speaks about this has to be open to gaining insight for me anyway. And I love reading The Afar The Fin Review, because, you know, there are some very smart journalists that write articles. But there's also the opinion that if you're reading something in the IFR about a company, it's probably too high. So an example of that is is a company in Australia called Catapult that make GPS units making GPS units around the world for athletes. I had one of those strapped to my back for about five years whilst I was playing football professionally, the company iPod. I looked into the business a bit more and decided that I wouldn't put any money in and I probably should have asked him that. A bit more research, because it turns out it's been one of the a real success story in Australia. And they're going around the world selling those GPS units to the NFL pies, apple pies and other supplies around Europe. [00:29:36][66.6]

Bryce: [00:29:37] You often hear about the successes of a lot of investors in the media and, you know, with Bitcoin, a lot of people making lots of money. But you rarely hear about the losses that people make. I mean, I'm sure you've had some losses along the way. Is there anything that sort of sticks out? And and what was one of the biggest learnings that you took from that? [00:29:56][18.4]

Ted: [00:29:57] Yeah, it's just early days getting caught up in hype, probably born out of fear of not wanting to miss out and stocks with, I guess, where if you asked me about the balance sheet quality of business, the management and the valuation, probably at the time, I couldn't have told you that. I you know, I couldn't have answered those questions still. Yeah. And so I guess getting caught up in the hype is an expensive lesson that I've learnt a couple of times. And hopefully those lessons and and I think another advantage of passive investment is that it removes behavioural bias and mistakes that we can make. When you get caught up. I think a lot of people say, for example, get anchored into a price is what's good value and what's bad value purely because of what they paid for it. And so that's another reason why I like the passive investment strategy. [00:31:07][70.6]

Bryce: [00:31:08] Yeah, nice. So I can certainly relate and I feel myself moving towards that sort of passive and buying bond hold and forget, as Alec calls it, because. Yeah, you know, I can definitely relate to the get caught up in the hype and pay for it later on. [00:31:23][14.6]

Alec: [00:31:25] Definitely. So I guess going back to your podcast, you you had Jodhi on as a very early guest, which sets the bar high early for future guests. I guess it [00:31:37][11.9]

Ted: [00:31:37] does, doesn't it? Yeah. [00:31:38][0.8]

Bryce: [00:31:38] From the Afterpay. [00:31:39][0.9]

Ted: [00:31:40] Yeah. So, yeah, for people that aren't familiar, Chris, that famous Brownlow medallist in the AFL world and Chris and I actually grew up together and also aware has had a real interest in investing. And I wanted to just, I guess, give people some insight as to the one that is more than a football. And to have depth analysis goes, [00:32:06][26.7]

Alec: [00:32:07] yeah, [00:32:07][0.0]

Bryce: [00:32:08] it's [00:32:08][0.0]

Alec: [00:32:09] fascinating. Yeah, I was blown away. I didn't realise he was so into investing. [00:32:12][3.0]

Ted: [00:32:13] Yes. So Chris has been able to earn a good income from football, and so he's got an amount of money that he manages himself right now. And I think he pretty much views that as a full time job. He has an office that he I think he goes to and does a fair bit of reading. He's got a few mentors that help him along the way. But he has a a niche market of small cap stocks and micro small cap stocks, that is his universe of stocks is very limited. So he he's not out there forming an opinion on ANZ Bank or Westpac. Wesfarmers was he's he's he's investing in companies that most of us have never heard of before. And I and I think he's having some success in it. Well, I hope he's. [00:33:01][47.3]

Alec: [00:33:01] Yeah. So I guess I guess the natural question from that is that is there any other AFL players, the. You know, secret gun investors that you might be getting on the podcast in the future. [00:33:13][11.5]

Ted: [00:33:15] Well, you'll have to listen. We'll have to subscribe to the Richards report. [00:33:19][4.9]

Alec: [00:33:21] Yeah. Yeah, that should get some listeners. [00:33:24][2.2]

Ted: [00:33:24] Yeah, but the I try to keep the podcasts under 30 minutes because otherwise I think people are getting sick of my voice. But the interview with Chris was going so good, so good that I think it went for about 50 minutes. So I put it up over two interviews because I think I couldn't contain it just at 25 or 30 minutes. Yeah. [00:33:48][23.3]

Alec: [00:33:48] About sports people and financial literacy, more general and more generally. It's something that really fascinates me because, you know, in America, the statistics are horrible. I think it's something like 80 percent of NFL players go broke within two years of retirement. And it's something like 60 percent of NBA players go broke within five years of retirement. Do you reckon we do a better here in Australia? And, you know, footy players and other sportsmen and men and women are set up to sort of set up their financial future from their playing days? [00:34:21][32.2]

Ted: [00:34:22] Well, yeah, I, I think we do. And I think it is hugely concerning. I've heard those numbers before to think of young people that have given huge sums of money at the start of the year when they're only in their early 20s, and to think that they they could be set up for life. And it has the opposite effect on the quality of life for the rest of the and that they they file for bankruptcy and a couple of years out of retirement. So I do think we do it better in Australia. I'm not sure why. I think financial literacy plays a part in budgeting, but. I think it's a lot of the facts it's got it comes down to maturity and people not getting ahead of themselves. [00:35:07][45.4]

Alec: [00:35:08] Yeah, that's really interesting. Well, hopefully, you know, a lot of players out there can listen to the Richards report and Equity Mates and, you know, learn a thing or two from them. [00:35:17][8.4]

Bryce: [00:35:18] Yeah, yeah, yeah, yeah. [00:35:19][1.3]

Alec: [00:35:21] So I guess we'll we'll start to wrap up the the big question then I guess we both have to ask you, is the grand finals coming up this weekend? And I would be remiss if we didn't get your thoughts on it. And, you know, if you want to put yourself out there, do you have a have a tip for the game? [00:35:43][22.4]

Ted: [00:35:45] You know, I haven't given you a stock tip or anything like that, so I might as well give you and I give you a call on this game. And I've got to be careful because some people are going to be listening to this in weeks or months from now. And it's [00:35:59][14.4]

Bryce: [00:36:00] true [00:36:00][0.0]

Ted: [00:36:01] that Richards was wild, but I when I was surprised at Trent Cotchin, got laid off this week. So I think. Oh, really? Yeah, I want him to play. But I did think that I was probably leaning towards the fact that he he was looking at a suspension because I just thought that's what the AFL is going to. And so when that happened, I thought, well, the footy gods are shining looking down on Richmond and I think that'll continue. I'm caught up in the Tigers bandwagon. I'm living in Melbourne these days. And it's just to say a club that's been so deprived of success for so long being this opportunity. It is it is exciting. But equally, I do feel that the Adelaide Crows, because that club has been through a lot for different reasons, both. Yes. And coaches. And I think it would be a great story if the cards did win and it would be good for football, too. But I, I think the Tigers to continue on. And Dusty Martin, having Leigh Matthews called it the best season ever by an individual. No, I think you're a fool if you take a contrarian view on Dustin Martin right now. Yes. Say that to continue. [00:37:26][84.4]

Bryce: [00:37:28] Is he going to go to the big three, the Brownlow, the premiership and the Norm Smith will say, yeah, yeah. [00:37:33][5.1]

Ted: [00:37:33] Well, yeah. The foreman says the he will continue. And hopefully this all the events of this week and the media commitments from winning the brand hasn't isn't going to take a toll on him. [00:37:47][14.2]

Bryce: [00:37:48] Yeah, true. I mean, Melbourne has a grant. Is it a public holiday for grand final weekend on the Friday? And I think if Richmond win, you're going to have a public holiday on the Monday because Melbourne is going to go into meltdown. Yeah. And may not be [00:38:03][14.5]

Ted: [00:38:03] on the side. I think the public holiday should be on the Monday anyway, not the Friday. I think most people just take the day off on Friday anyway. [00:38:08][5.6]

Alec: [00:38:10] Yeah. [00:38:10][0.0]

Bryce: [00:38:12] We'll look, we'll wrap up Ted and I really appreciate your time coming on. We always like to finish with two questions. You've sort of answered them earlier in the podcast, but just sort of refresh or anything else you'd like to add. The first is, is there any must read book that you would recommend, financial or otherwise? It doesn't matter that it would be great for a beginner or that you've really found beneficial throughout your sort of process. And then secondly, more generally, any pieces of advice that you'd like to sort of give to those that are looking at really just getting started in investing? [00:38:46][34.3]

Ted: [00:38:48] I guess to answer the first first question is I read I think Buffett comes out and said he's got a quote, something like read as much as he can, and the younger you start, the better. And so books are fantastic, whether it is Peter Lynch or Howard Marx, Buffett or there's also I can remember reading a great book, Bulls Bear and a Croupier, I think Kidman might have written. And that's a that's an Australian fund manager that wrote that book Hedgehog's, another good book. But I think buying a subscription to the AFA and getting into a daily habit of reading that is a fantastic advice. What is the second part of the question? [00:39:34][45.8]

Bryce: [00:39:35] The second was, you know, just in general, do you have any sort of general advice for those that are looking at getting started in investing? [00:39:44][8.4]

Ted: [00:39:46] Er, I am. I guess the advice would be don't put all your eggs in one basket. I understand your circle of competence in that if you do go down the active active path and you want to start stockpicking, be aware that there's someone on the other side of that every tried. And it does come with a certain level of commitment that you need to stay on top of these. There's not too many stocks that I think set and forget with the way the world is moving. And I guess that would be that would be the advice. Just be conservative and don't just jump straight in the deep end. [00:40:26][40.1]

Bryce: [00:40:27] Yeah, some great pieces of advice and some and some great books there. So, yeah. Look, Ted, really appreciate your time coming on and sharing that with us and telling us a bit about Six Park, something that I'm certainly going to have a look at. And as we mentioned, you've got the Richards report as well. So for any of our listeners that want to get another take on investing, definitely jump on in and have a listen to that. So, yeah, a big thanks from us. And we'll probably look forward to hopefully having another one further on down the track maybe. [00:41:01][34.5]

Ted: [00:41:02] Yeah, absolute pleasure, guys. [00:41:04][1.8]

Speaker 6: [00:41:05] Equity Mates and the people appearing in this programme may have positions in the company's pension. This is general advice for me. Please speak to a financial professional to understand how they pertain to your individual situation. [00:41:05][0.0]

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