Global Investing 101: What You Need to Know Before Investing Abroad

Bryce: [00:01:07] Welcome to get started investing, in this podcast, we cover all the basics that you need to start your investing journey. Are you joining us for the first time or is this the very start of your investing journey? Well, before you dive into this episode with us, our feed is designed to go from the very beginning. So we strongly recommend that you scroll up and started episode one. However, if you are feeling brave and you just want to dive in, then please do not let us stop you here. It gets tired of investing. We unpack all the jargon and confusing bits here, investing stories with the goal of making investing less intimidating. And we want to have a good time along the way. My name is Bryce and as always I'm joined by my equity buddy Ren. How are you going? [00:01:46][38.9]

Alec: [00:01:46] I'm good. Bryce good to be back for another week. Talking global investing, excited to round this series out. [00:01:56][9.6]

Bryce: [00:01:56] Absolutely. We get excited when we talk global because there are plenty of opportunities beyond just Australia, as we have outlined in the last two episodes. If you have just joined us, make sure you go back and start on Episode one where we chat. Why you should be thinking about going global. But in today's episode, we're going to be having a look at some of the key considerations that you should be thinking about when you are building a global portfolio. Just a reminder that over the last two episodes we have Covid the why why we think it is important to think beyond Australia as it is only two percent of the global stock market, such a small opportunity compared to the enormous opportunities out there in the big, bad world. And also in the second episode, we covered the how we looked at the different ways that you can invest in overseas market, be it through direct shares, be it through, you know, listed passive products or backing the professionals. So today it's all about key considerations when actually doing it. But Ren, before we jump into that exciting news, as we discussed in the last episode, and that is the get started investing book is available for pre-order. [00:03:09][72.3]

Alec: [00:03:10] That's it. That's exciting times here at Equity Mates. We've distilled everything we've learnt over the last four and a half years into the one stop guide. You need to understand the market cut through all the jargon, all the confusing bits, and I guess take control of your own investing journey [00:03:32][22.6]

Bryce: [00:03:33] that's available now at book Topia Dotcom today. You it's also on Amazon, but make sure you go and pre-order that so it is in your hot little hands when it launches on the 31st of August. And yeah, please support Equity Mates if you've enjoyed everything that we're doing here. One way that you can certainly support us by buying the book for yourself, for your family and for your friends. [00:03:55][22.0]

Alec: [00:03:55] So in this episode, yeah. Now I think the important thing is we in the last episode we spoke about three different ways you could invest overseas directly in passive ETFs or in or by backing the professionals. I should say in this episode we're going to talk about some of the key considerations when you're investing overseas. And I think it's important to say off the top that these are considerations, whichever way you decide to invest overseas directly, passively in indexes or through managed funds and backing the professionals. A lot of this stuff is relevant, however you decide to do it. So I think that's probably the key thing to hit off the top in terms of what we're actually going to talk about in this episode. We're going to talk about currency. And then the famous question that is often asked, should I be hedged or unhedged? We're also going to explain those terms so you understand what it means. We're going to talk about where to find information and some of our favourite sources to find information about overseas companies. And then we're going to finish with some factors to keep in mind and really consider when actually building a portfolio that may include international investments. [00:05:15][80.0]

Bryce: [00:05:17] Well, without further ado, we should crack into it. Ren. So you started there by saying currency risk. And you're right, when you're looking at ETFs particularly, I'm sure you will have seen the terminology hedge to unhedged against an ETF that you're looking at, and that is in reference to to currency and mitigating the risk of currency. So let's do a bit of a pot in the jargon here, because we can't really move on without explaining what this really means. So. [00:05:45][27.8]

Alec: [00:05:46] Well, let's even take a step back before we define those terms. And just when we're talking about investing in Australia, everything is priced in Australian dollars. That that makes a lot of sense. That's that's pretty obvious. When you're buying American shares, they're listed in US dollars. When you're thinking about buying your shares in the UK, they're listed in British pound. That's probably the key establishing fact that, you know, every stock market is priced in its local currency, and then the second thing is the currencies are constantly moving against each other. If you watch the finance section and you say, Alan Koula, talk about the Australian dollar strengthened two percent against the US dollar overnight or the New Zealand dollar weakened against the British pound overnight like that, that is because the way that our currencies work is that they are constantly being bought and sold by, you know, traders, by big banks, by companies that are doing foreign deals and trading with foreign companies. The value of different currencies is is constantly moving against each other. And that means that if we're buying something in US dollars, if we're buying shares in Apple that are priced in US dollars and we're over here in Australia, there are two things that affect the price that we say. The first is the share price performance of Apple and then as Australians. The second thing is how the Australian dollar and the US dollar are moving against each other. [00:07:28][102.8]

Bryce: [00:07:29] Yeah, and that's something that you just absolutely cannot control unless you start thinking about this terminology around hedging or on hedging your investments. So let's start with hedged, I guess, Ren, and we will part in the jargon here. But you might see, for example, if you're buying an ETF that has exposure to the S&P 500, you might have an option that is hedged or you might have an option that is unhedged if you're going to be taking a hedged option. Really what it means is that there are strategies in place by the issuer or the fund manager to remove any of the impacts that Ren you've just spoken about when it comes to currency fluctuations. So at the end of the day, the only thing that is affecting your investment return is the actual performance of the ETF and the underlying companies it's itself, rather than the change in currency as well. So hedging is really taking away that currency risk and basing it in your local home currency. [00:08:39][69.9]

Alec: [00:08:40] So if we use my Apple example from earlier where I'm buying shares in Apple and as an Australian, I two things affect my return. Firstly, how Apple goes on the US stock market, and then secondly, how the Australian dollar and the US dollar move against each other. In a if I was buying a hedged investment fund like a hedged ETF, the fund manager is doing the work to mitigate the currency movements. And so the only thing that may make sitting in Australia is affected by our in my investment is just how the investment moves in the US market. [00:09:23][43.0]

Bryce: [00:09:25] So the flip side of that really is unhedged and that's where you're just buying it straight out. You're buying Apple and you're you're aware that changes in currency between Australian dollar in the US dollar may affect your investment return in both a positive or a negative way, but you're just letting that that run. So that is primarily the difference between hedging unhedged. [00:09:53][27.7]

Alec: [00:09:54] Yeah. Now, a question that we commonly see in our Instagram DM's in the Equity Mates Facebook discussion group is what's better hedged or unhedged? And the the simple and the simple but unsatisfactory answer, I think we can say is that there's not there's not a clean answer to that question. And and that's because there are times where let's say we're an Australian investor investing in US shares. There's times where being unhedged is really good, where if the Australian dollar is getting stronger against the US dollar, then being unhedged is a boost to your returns. But on the flip side, if the Australian dollar gets weaker against the US dollar, then being unhedged can be a drag on your returns. And currency markets are an incredibly complex people. A lot smarter than us spend a lot of time trying to forecast what will happen. But there's not a clean answer to say like one's a better investment than the other, which is why there are. There are choices. So I think the first thing to say here is that there's not a clean answer about which is better. It depends on how the currencies move against each other, which is incredibly hard to forecast. But there are pros and cons of each. So I think let's go through the pros and cons and then talk about how the two have worked historically. So people have a bunch of information, but ultimately. Unfortunately, there's not a clean answer to which one you should choose. [00:11:43][109.4]

Bryce: [00:11:44] OK, so the pros and cons of hedging and this is from find out. Com you not sponsored. So the pros of hedging, again, a reminder that we're trying to mitigate the risk of currency fluctuations. So you're locking in an exchange rate and that is fixed regardless of what happens to that exchange rate. Beyond the point of view, purchasing, it doesn't matter which then means you that you're not going to be affected by currency movements. So really, what does that mean? Well, it's just one less thing to worry about when it comes to investing overseas. If you don't want to have to think about the relationship between the Aussie dollar in the US or the pound. This is one way to remove that that worry. So those are the those are the pros. Ren, do you want to have a to run through some of the cons to consider if you're looking at Hedgepeth unhedged? [00:12:34][50.0]

Alec: [00:12:36] Yeah. So the the first con is if the currency that you hold the investments in so US Dollars has strengthened against the Aussie dollar. So that's boosted your returns. You don't say any of that benefit if you're hedged. And then so that's that's one downside. But then the second downside is that hedged investment products generally have a higher management fee. And that's because the fund manager has to do extra work to take out the currency risk. And so that comes with a higher management fee. So so that's probably the main con. I guess to sum it up, the process of hedging is it's one less thing to worry about. The con is it's a bit more expensive. [00:13:26][50.3]

Bryce: [00:13:28] So if it comes to your investments and you are presented with an opportunity to choose between a hedged or unhedged product, which way do you generally swing? [00:13:39][10.9]

Alec: [00:13:40] So for me personally, I think there's been a bunch of research on the difference over the long term between hedged and unhedged products. This is something that I pulled out from the IFR, which I think I've taken on board, given that I'm thinking about investing for, you know, 20, 30 years or so from the IFR over the long term 10 year cycle, the differential performance of hedged and unhedged tends to be similar by the very extreme points of Onda or overvaluation of the Australian dollar. And from the IFR, they say a no no is to put the cart before the horse. That is a currency view determining global equity exposure. So for me, I think, you know, and I think I think this is the important takeaway that over the long term and it's important to stress over the long term, the difference between hedged and unhedged products normally nets out. And that's really because the Australian dollar generally trades within a range. If we use the Australian dollar US dollar example, the Australian dollar is normally about 70 cents for every one US dollar. And I remember there's been times in our lifetime where we almost got to parity or we did get parity where one Australian dollar was worth one US dollar that was around the global financial crisis from memory. [00:15:19][98.7]

Bryce: [00:15:20] Yeah, we're at uni at [00:15:21][1.4]

Alec: [00:15:21] that time when it was one dollar, one Australian dollar buys one US dollar. The Australian dollar was really strong. The US dollar was really weak. At that point. It would have made sense to buy US shares because then as the Australian dollar got weaker, investments that you held in US dollars would have been worth more and more because the US dollar was getting stronger regardless of how the investments were going. There are times when the US dollar is then killing it against the Australian dollar. And as an Australian, everything you have to spend more to buy anything in the US. But over the long term, generally, the Australian dollar goes back into that that sort of mid 70 cents range against the US dollar. And I think this research from the IFR, a bunch of other research, sort of points to the fact that if you're not buying it at either extreme and you're just buying it somewhere in the middle, over the long term, the currencies fluctuate, but it's sort of all levels out. And so that's sort of the view that I take about it. I I'm not one to constantly be checking the exchange rates unless I'm hearing in the news or reading in the news that we're at. Some extreme I am generally not too concerned, but obviously that's because my strategy is, is my strategy and so like different strategies. Think about currency risk in different ways. But you asked how I think about it. And that's that's sort of the the research that I rely on when I'm thinking about that. What about you? [00:17:01][99.4]

Bryce: [00:17:01] Yeah, on the same I don't really worry too much about it, particularly if you're trading in small sums as well. Like if you were trading millions and millions of dollars, you might want to consider it a little bit more. But given what history shows and the research, it's not something that I, you know, lose sleep over at night. I think it's also worth pointing out, Ren, that through a lot of the brokers here in Australia that you can buy direct individual shares on on the exchanges in America or in New Zealand. And of course, those are in the currencies of those countries, New Zealand, Dollars or USD. In those situations, if you're buying directly Spotify, directly Apple, you don't actually get the choice to hedge or not. You're just not the unhedged position. What we're talking about here is if you are looking at products that are curated for overseas exposure, such as some of the ETFs and some fund manager products. So if you are buying direct shares, keep in mind you're taking an unhedged position. [00:17:59][58.0]

Alec: [00:18:00] So so I just I'm just thinking back to how I was explaining it. And I think I may have made a mistake, which I know is confusing in in the opening of this episode. The very simple. Well, not not simple this I know this can this can get confusing, but I think I got the relationship the wrong way round with a strong Aussie dollar and a strong foreign currency. When I was explaining the Apple example, if I owned Apple shares in US dollars and the US dollar gets stronger against the Australian dollar, that gives me a boost to my investments. I think I said it the other way around earlier in this episode, so I just wanted to clarify that. Thanks. [00:18:42][42.3]

Bryce: [00:18:43] Thanks for clarifying Ren. I can't remember what you said. [00:18:44][1.7]

Alec: [00:18:46] Yeah, we I don't think you listen to what I say, [00:18:47][1.5]

Bryce: [00:18:48] but what you said there is correct. So first consideration when investing globally currency. It may sound daunting, but the key thing is it's not. The next couple of things that we want to touch on are where to find information about investing globally and some of the factors when building a portfolio. [00:19:08][20.1]

Alec: [00:20:26] So Ren, there is no doubt that there is plenty of information out there, both on the Australian market and on markets all around the world. So what we want to do now is just go through some of the platforms and sources of information that we use when making decisions on investments overseas. And of course, you can't start with, you know, the platforms in terms of Yahoo! Finance, Google, finance, both shockers with information on global markets and companies. [00:20:57][31.2]

Alec: [00:20:58] Yeah, well, I think the key headline for me when we're talking about finding information is that most platforms that you use to find information these days won't be confined geographically. You know, I'm trying to think of the sources of market information that we use and that we know the Equity Mates community uses. And there's not a lot out there these days that we'll just just have information on Australian stocks or just have information on US stocks. You know, you mentioned Yahoo! Finance and Google Finance. They're they're both global repositories of information, like they have information about stocks all around the world. And I think that's just generally the way the world's going. Now, the internet of this is meaningless to say everyone knows this, but the Internet has made the information truly global. And that is that is very true with most sources of information you find about the stock market. [00:22:00][61.1]

Bryce: [00:22:00] You know, even if we take the approach of looking at some global news sources that we we use, I mean. [00:22:07][6.8]

Alec: [00:22:07] Well, now, here's here's the exception to that rule. Here's where things become more geographically based. [00:22:13][5.9]

Bryce: [00:22:13] Yeah. Although I was just thinking, like, I love the IFR, the Australian Financial Review here in Australia. It is it is paywall. But we we think it's worth the subscription. They do have sections for international markets, so. [00:22:30][16.6]

Alec: [00:22:31] Yeah, yeah. Here's something I found out about the AFA recently. May not be true, but I was hearing of a journalist being interviewed. Apparently the IFR is the most expensive news subscription in the world. Oh, how did you know that. Yeah. Now obviously do your own research because I've heard that second hand, but it's from a journalist. But yeah, that really surprised me. But yeah. So for mine, what I'm thinking about news. Yeah. Like there's some great sources of local news and you know, you mentioned IFR. They obviously do speak about global stocks, but not in the depth that, you know, papers in local countries talk about those stocks. The one exception when you're talking about financial news may be The Wall Street Journal. Now, The Wall Street Journal is paywall like nothing else. But, you know, they try and be more global. And probably the one that sits above that is probably the Financial Times. But when you're talking about news sources, just by the nature of the news business, a lot of them are quite domestically focussed. And so you need to have a think about where you want to invest and what news you're reading. Some some news organisations like Bloomberg and I guess Yahoo! Finance News. Are getting better at being truly global. The New York Times is opening bureaus and other places. Um, but yeah, I think I think when we're talking about news sources, this is where curation of the information you get becomes really important. [00:24:19][107.7]

Bryce: [00:24:20] Now, we did an episode on finding information as part of the 12 part series at the start of this podcast. So go back and have a listen to that for more detail. But two sources that are our favourites at the moment and worth having a look at. If you're looking for sort of specific stock information and going a little bit deeper than what's just going on at a macro level, and that is simply Wall Street. They're an organisation that provides a whole heap of data around companies, particularly focussing on valuation, competitive advantage, taking in a whole lot of broker research, external broker research, and compiling it into a reasonably easy way for you to digest. And then our favourite Ren is to take hey ah, it's in beta stage at the moment and you need to get onto an exclusive wait list to use it. Luckily we do have a code for those who would like to get on ticker dot dotcom Equity Mates if you would like to try this. But it's just got all the information that you need to make decisions around the financial health of a company. They've got everything from all of you know, all the company reports on their transcripts from earnings calls. And not only is it giving access to all of that information for Australian stocks, but stocks all over the world. So it's incredibly comprehensive. So definitely go and check out ticker. [00:25:48][88.5]

Alec: [00:25:50] Yeah, and it's free, which is which is just great. [00:25:53][3.5]

Bryce: [00:25:54] Yeah. Amazing. So so, yes, finding information. Definitely make sure that you're reading widely and aware also of the limitations of what you might be reading in terms of geography. But certainly go back and have a listen to the episode where we go a little bit deeper to close out Ren. [00:26:12][18.8]

Alec: [00:26:13] A lot of that information is if you want to do your own research and invest globally on your own. And then we mentioned it in the last episode. But I think if you're thinking about investing in ETFs, the ASX has a lot of good information about what ETFs are available in Australia. And I can't go past the ETF issuers websites themselves. So, you know, Vanguard's website, iShares or BlackRock website, ETF Securities website, their index website, Baidu shares website. I think I covered them all. I don't want to leave anyone out. They you know, for each individual fund, they publish a whole lot of information. So if you want to do research on passive ETFs, ASX and issuers themselves are great resources. And then finally, if you want to back the professionals, we mentioned this in the last episode as well. But Morningstar do a lot of research on all the different managed investment products that are listed on the ASX. And I think there there are a good starting point to start your research on the different options that are out there. [00:27:29][75.9]

Bryce: [00:27:29] So when it comes to building a portfolio globally, there are a couple of, I guess, smaller factors to consider. The first being Ren that it is often or can feel incredibly overwhelming with the choice that is out there in terms of investing overseas. So you do need to be able to try and narrow your investable universe in some way. And we think there are a couple of ways in which we you can do that. And I think how many stocks, 600000 stocks around the world to choose from something? Yeah, no, I, [00:28:06][36.5]

Alec: [00:28:07] I am just googling this apparent. That's what I thought it was like six hundred thirty thousand, but I'm reading forty one thousand which is a huge difference. [00:28:15][8.2]

Bryce: [00:28:15] OK, well yeah we need to figure that out. But look, there's a lot you're certainly not going to be investing in or forty thousand. So one way that you can narrow your universe is to use a stock screener. Again, we have spoken about these before, but really they're a way for you to there's plenty available online. Morningstar, I have have some some of your brokers have, you know, high level stock screenings. But really what it allows you to do is filter down a huge list of stocks based on a number of metrics that are important to you, be it market capitalisation, be it profit growth, be it revenue growth. There are a number of key ways that you can filter down stocks based on your investment strategy. So think about that. But I think an easier way, specifically, if you're at the start of your investing journey, is to think about your circle of competence Ren. [00:29:10][54.9]

Alec: [00:29:11] Yes, yeah, a an important term that doesn't get spoken enough in investing circles. You can't be an expert in everything. And there's plenty of things that are just beyond our technical knowledge or we don't have the time or the energy or the information to to really become an expert in it. And if you can't if you don't really know something that well, you don't. If you're not really certain about an industry or a particular company, why are you trusting your money with it? And this concept of circle of competence is just being very clear on what you know and what you understand and investing in that world, not in the world of everything else. And like, you know, if I if I speak personally, you know, things like mining explorers, like I am just not a geologist. I just don't don't have the inclination to try and learn all that stuff. How to forecast success of different mining exploration operations and different things like that. And so for me, it's just something that's not in my circle of competence and it's not an area of the market that I invest in. And I think in terms of narrowing your investing universe down, being very clear about the industries that you know in the industries that you don't know about really helps you decide what you're going to invest in and what you're not going to invest in. And that doesn't mean you can't get exposure to industries that aren't in your circle of competence. But that's when you say, all right, well, it's not in my circle of competence, but maybe I can find a professional manager who knows it better. And so that's yeah, that's that's the idea of circle of competence. Well, for you, Bryce, I mean, you are known as the retail whisperer in Australian stockmarket circles. So if you like, your circle of competence would just really be a big ring around any retailer. [00:31:16][124.6]

Bryce: [00:31:17] True. Yeah, I do love a good retail stock, but yeah, you're right. I don't know anything about how I look. For an example, an industry that I would say is not in my circle of competence would be like biotech. There's a lot of complicated advances in technology going on there and it takes a long time to get your head around that compared to a traditional retailer. So, yeah, you're right. Retail is certainly in my circle of competence and other a few other things to close out when it comes to building a portfolio overseas. We've spoken plenty of times about diversification. That that really means just because you can invest over in the states, don't then just go and pile all of your money into the states because you're then not really diversifying. So just make sure that you are considering how diversified your portfolio is across geographies. [00:32:13][56.1]

Alec: [00:32:14] I think there's another aspect to diversification as well, which is like industry diversification. So let's take Bryce. The retail whisperer can tell you everything about stocking shelves and the transition to bricks and clicks. E-commerce, retail like knows it, like the back of his hand, had a budding career as a retail CEO before he threw it all in to become a full time broadcaster. If he is saying I know retail so well, so I'm going to invest in Amazon and Wal-Mart and Kroger in the US, Tesco in the UK, Alibaba and Pinjarra in China, Coles, Woolworths, JB Hi-Fi in Australia like he's globally diversified, but he's all in on the retail industry. And so something affects the global retail industry. For example, covid shutting down a lot of physical retail locations around the world. Then all of his retail holdings around the world are affected. Or, you know, if there's a disruption to global supply chains or if there's some super disruptive retailer that, you know, if Elon Musk creates a brain ship, that we can then just order toilet paper and bananas by thinking about, then that affects that disrupts the global retail industry. So diversification across geographies is important, but also just being mindful about like what risks your global portfolio is exposed to and are they all exposed to the same same risks. So diversification across industries, I think is an important one to consider as well. [00:33:57][102.7]

Bryce: [00:33:58] Speaking of risk, another thing, the fact is that you want to consider macro factor. Or risks, and what we mean by that is really the high high level changes or inputs that are affecting economic performance, business performance in country. So you're thinking things like what are interest rates doing in other countries? You know, what what's the currency doing? What is the political situation like? Is there likely to be huge upheaval that is going to impact how investments in new businesses perform? Plenty of things to consider beyond just the individual performance of of the companies that you're investing in when it comes to investing overseas. So, yeah, be considerate of the broader economic performance of some of the countries that you're considering to invest in. [00:34:46][48.8]

Alec: [00:34:47] Yeah, a classic example of that is China at the moment. There's a number of market analysts are expecting that China, the Chinese central bank, increases interest rates before the rest of the world. And I was writing some stuff from Morgan Stanley recently, and they were saying that that expectation is part of the reason why China is having a bit of a soft period. Their soft stock market is a little bit softer than the rest of the world. And so that's like a country specific factor that is affecting Chinese stocks, that isn't affecting, you know, like Australian stocks and stuff like that. And so if you are going to be thinking about investing globally in the same way that changes in Australia's tax law or changes from Australia's Reserve Bank affect Australian stocks, you do just have to be mindful of what's going on in these other countries, because if you pick a great stock, but there's something in that country that that hurts, hurts, it's hurts its outlook, then then that that will matter. [00:35:56][68.7]

Bryce: [00:35:56] A couple others just to close out. We've spoken about finding information. There is plenty of information out there, though. So the important thing that we try and do here at Equity Mates is to get a good flow of information that removes as much of the noise and the chit chat about, you know, day to day market commentary as possible and really focuses in on the information that matters, the information that matters for your investments and for some of the countries that you're investing in. Yes, it does take a while to find that information flow. And it's it is easy to get caught up in a lot of the noise and then the sensationalist news headlines. But trying to find that flow that suits your investment style and the information that you're trying to get is really important. [00:36:45][48.5]

Alec: [00:36:46] Yeah. And then I think the final one is and this is a nice note to end on, it's just not what you're buying like this, that this is this is relevant whether you're just investing in Australia or whether you're investing overseas, but with so much choice, with so many different products and fund managers and companies to choose from, it's just really important to look under the hood and make sure you what you're buying is what you think you're buying. And and for me, that the best example of this is the MSCI All World Index, which is advertised as having stocks from twenty three developed markets and twenty seven emerging markets. And it is like, don't get me wrong, that is exactly what it has. But if you look under the hood, you'll see that 60 percent of the. Of the index is American stocks, hmm. And so it's performance, its performance year on year will be really driven by the US stocks that make up the majority of its of the fund and not so much by the other 49 countries that together make up the remaining 40 percent. Um, and so for me, that that one that's an example where I'm just always reminded to really understand exactly what's under the hood when I'm buying some of those things. [00:38:16][90.5]

Bryce: [00:38:17] Nice Ren. Well, that brings us to the end of our three part series on Going Global. Hopefully by now you can understand why it's important to go global when you're investing or starting out your investing journey. Hopefully you now know how to go global in some of the ways that you can make investments overseas and also some of the key considerations to investing globally. Um, plenty to think about there. But look, the key message really is don't just think Australia is the only opportunity. There's plenty more out there. So hopefully you've enjoyed that. We will be chatting next week to an expert from Magellan who is very, very good at investing globally. They have a couple of global funds that we've already spoken about, and they're going to be coming on to close out this series on global investing. So looking forward to that one. A reminder that if you love what we're doing here at get started investing in it. Equity Mates leaving a review and a rating on your podcast app is always a big help for us in growing the show and getting it in front of more people. So we would appreciate a five star review if possible and some commentary as well. Otherwise, you can hit us up at contact@equitymates.com if you'd like to hit us up with a question or some feedback. But otherwise, Ren great to chat stocks as always. And we'll pick it up next week. [00:39:39][82.1]

Alec: [00:39:41] Yeah, sounds good. [00:39:41][0.0]

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