Great time to travel to Europe… or look at their stocks

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 our equity body, Ren. How are you going? [00:00:31][15.8]

Alec: [00:00:31] I'm very good. Bryce very excited for this episode. I have stopped watching my friend's Instagram stories because they're all having too much fun in Europe and we're stuck in rainy Sydney. But hey, we might not be able to travel to Europe, but we can certainly send our money to Europe because the euro is down, which means there's opportunity. [00:00:53][22.2]

Bryce: [00:00:54] Yep, that's it. It's not quite the. [00:00:56][1.6]

Alec: [00:00:56] Same as getting on a plane and heading over. [00:00:57][1.4]

Bryce: [00:00:58] There is no it's not quite the same. Next year and next year and hopefully the year off our sake is still down when we hit Europe. So big show coming out today. We're going to have a chat about have we reached too many ETFs in the market? Inflation numbers are out. Ackman's given up on a SPAC and the US dollar and the euro have hit parity. So what does that mean from an investment point of view? [00:01:21][23.8]

Alec: [00:01:22] Yeah, and we're not going to talk about foreign exchange for 15 minutes. We're going to talk about the stock market. Yes. [00:01:27][5.2]

Bryce: [00:01:28] Investing opportunities, exciting times ahead. Baron, we're kicking off question have we officially reached peak 80? [00:01:34][6.3]

Bryce: [00:01:34] Yeah, we'll. [00:01:35][0.4]

Alec: [00:01:35] Have we officially reached peak ETF or maybe have we reached Peak stupid? In the ATF world, the evolution of ETFs started with access. It started with how do you make these more liquid? With a starting with the smaller minimum, there were index funds and then they turned into index ETFs. Then it went to returns rather than just doing a broad based stock market. If we were sector specific or industry specific, or could we get better returns and then, you know, if we were factor, you know, value growth, that kind of stuff, then it went to niche like, you know, niche asset classes and stuff. How do we make them more liquid, more accessible on exchange? Now I think we're getting into ideological and I am officially saying we've reached too many ETFs. The reason that this has come up is did you see the Yol ETF that's launched? [00:02:31][55.5]

Bryce: [00:02:32] Oh yeah, the. [00:02:33][1.2]

Alec: [00:02:33] God Bless America ETF. [00:02:34][1.1]

Bryce: [00:02:35] Shocking. [00:02:35][0.0]

Alec: [00:02:37] So it is investing in American made companies not for any like investment thesis reason, but like ideologically that's why. But then that got me down in a bit of what else is listed in the US rabbit hole. And have you heard of the mega ETF? [00:02:56][19.0]

Bryce: [00:02:56] No. [00:02:56][0.0]

Alec: [00:02:57] Okay. So there's a mega index made up of 150 companies from the S&P 500 whose employees and companies are highly supportive of Republican candidates. And then there's also Dems DMZ, a Democratic large cap core fund, 200 stocks from the S&P 500, which only includes companies that make over 75% of their political contributions to Democrats and Democratic causes. [00:03:27][29.9]

Bryce: [00:03:28] This is ridiculous. I'm just looking at this, y'all. It's actually called the God Bless America. 80. [00:03:33][5.3]

Bryce: [00:03:34] Yeah, still where they're. [00:03:37][3.1]

Bryce: [00:03:38] Investing in US companies with a track record of creating American jobs. [00:03:42][4.3]

Bryce: [00:03:43] Yeah. [00:03:43][0.0]

Bryce: [00:03:44] Oh, my goodness. [00:03:44][0.4]

Alec: [00:03:45] Like a noble. A noble pursuit. Like supporting American companies. In many ways, it's similar to, you know, like buy American or buy Australian or whatever it is. But as an investment product, there is no argument that it gives you better returns or anything like that. It is just it's just it's it's based on ideology rather than investment strategy. [00:04:08][23.1]

Bryce: [00:04:09] Randy, you have the holdings. It just feels like it's a lot of these ideological ones. The further down that process you spoke about access, returns, niche, ideological, who's not, who knows what's next? Yeah, it's just a different wrapping for essentially what feels like taking stocks from the same pool. [00:04:24][15.5]

Bryce: [00:04:25] Well, it's interesting. [00:04:26][0.9]

Alec: [00:04:27] You say that. So the in the mag of 150 companies from the S&P 500 with a Republican bent, the biggest holdings were company like oil and gas companies. The Democrat one. Do you want to guess the two biggest holdings in that fund? [00:04:43][16.6]

Bryce: [00:04:44] Facebook? [00:04:44][0.0]

Bryce: [00:04:45] No. [00:04:45][0.0]

Bryce: [00:04:45] Okay. No. A lot of. [00:04:46][1.3]

Alec: [00:04:47] Biggest holding, surprisingly. Costco. [00:04:48][1.6]

Bryce: [00:04:49] Really? Yeah. [00:04:50][0.6]

Alec: [00:04:51] Second biggest apple. [00:04:52][0.7]

Bryce: [00:04:53] Okay. [00:04:53][0.0]

Alec: [00:04:53] Yeah. The interesting thing for me, though, so S&P 500, 500 companies, 150 in the Republican MAGA, ETF, 200 in the Democrat Dems ETF. What about the other 159 going on? [00:05:08][14.3]

Bryce: [00:05:08] So what's going on or. [00:05:09][1.3]

Alec: [00:05:10] I'm curious, is there any overlap in that 300 and. Is there a company that's in both? A Rather than asking this question I should I just done the work. [00:05:18][8.4]

Bryce: [00:05:18] Yeah. [00:05:18][0.0]

Bryce: [00:05:20] So they would be. [00:05:20][0.7]

Alec: [00:05:21] So ideological ETFs is, is the new thing that we're seeing emerge in America not based on investment performance, but based on, I guess, investing with your values. The logic, some may argue, is similar to investing, sustainability, putting your money where your values align, not investing in things that don't align with your values. If you're a Republican and you don't like that Apple is giving money to the Joe Biden campaign, don't invest in them, I guess is the logic. I actually assumed that these ETFs would be taking part of that management fee and supporting those causes in the same way that, you know, the future generations funds your hearts and minds. They take the management fee and give it to charity, the charitable ETFs or charitable funds. So I was going to do some maths. I was going to be like, Take the Dems ETF. If I wanted to donate $100 to the Democratic Party, I could just give them $100 or I could invest X amount in this fund. But when I dug into the hood on both the MAGA and the Dems fund, none of the management fee is going to either political party or any cause. It's just marketing. [00:06:34][73.2]

Bryce: [00:06:34] Marketing. [00:06:34][0.0]

Bryce: [00:06:35] It's just marketing. [00:06:36][0.5]

Bryce: [00:06:37] And who's going to get more in flow MAGA or Dems? [00:06:40][2.9]

Alec: [00:06:40] I think MAGA only has about 15 mil. I don't think Dems has much more which. [00:06:45][4.5]

Bryce: [00:06:45] Is gone mil. [00:06:45][0.4]

Alec: [00:06:47] $15 million to management. Yeah. But Bryce to return to where we started. Yes. Have we reached peak ETF? [00:06:53][6.7]

Bryce: [00:06:55] No. [00:06:55][0.0]

Bryce: [00:06:57] We're only going to see more of this I reckon for sure. [00:06:59][2.4]

Bryce: [00:07:00] It's unbelievable. [00:07:00][0.2]

Bryce: [00:07:01] Next. I don't know what's next. [00:07:02][1.2]

Bryce: [00:07:03] But it. [00:07:03][0.1]

Alec: [00:07:03] Does it does make me really sad that they're marketed as these political vehicles. You know, Dems invest with your values, support Democratic candidates. The future is Democratic. The MAGA one pitches of Trump like support Republican causes help us make America great again. But the management fees don't support those causes. It is just marketing. Yeah. And like you building a product that allows people to invest with their values, I guess. But I don't know. It, it made me sad. [00:07:31][28.4]

Bryce: [00:07:32] Yeah. [00:07:32][0.0]

Bryce: [00:07:33] Marketing spin. I mean, we just did an episode on Get Started investing all about greenwashing and how that impacts the what you're investing in and the spin that goes on there. And you could definitely take this to more broadly what's going on in ETF land as well. [00:07:47][14.4]

Alec: [00:07:48] We could. [00:07:48][0.2]

Bryce: [00:07:48] Yes. [00:07:48][0.0]

Alec: [00:07:49] But anyway, we got to get to Europe. So let's control Europe. [00:07:51][2.1]

Bryce: [00:07:51] Yes, Europe, Europe, Europe. Anyway, you've asked me a question, right? I'm going to ask you one who has been one of your favourite guests on the Equity Mates Investing podcast, uh. [00:07:59][7.2]

Alec: [00:08:01] Expecting to get. [00:08:01][0.4]

Bryce: [00:08:02] Call. Well, good. [00:08:04][1.1]

Bryce: [00:08:04] News. Becky McGee will be at Fin Fest. [00:08:05][1.8]

Bryce: [00:08:06] Okay. [00:08:06][0.0]

Bryce: [00:08:06] Yes. Any others? [00:08:07][1.1]

Alec: [00:08:08] Look, I think there's a lot. We often get asked this question, and there's two ways that we always answer it. It's like the guest that we were super excited for, the big names that we were chasing for ages, you know, Malcolm Turnbull, stuff like that. Yeah. This is like picking your favourite child. Not that I have any children, but Emma Fisher was one that that stands out. [00:08:27][18.8]

Bryce: [00:08:28] Yes. [00:08:28][0.0]

Bryce: [00:08:28] True. Emma Fisher was fantastic. A couple of others. Anthony Doyle always love having on the show. But the point I'm making. [00:08:35][6.7]

Alec: [00:08:36] Just before you make the point, we should say as a those interviews we should include is links in the show. [00:08:41][5.3]

Bryce: [00:08:42] Notes. Absolutely. If you haven't had the opportunity to listen, must go and listen. Henry Jennings is a fan favourite. [00:08:46][4.4]

Alec: [00:08:47] Yeah, I. [00:08:47][0.4]

Bryce: [00:08:47] Love listening to him. But anyway, the point I'm trying to make here, Ryan, is that we've just updated our list of speakers that are going to be joining us at Finn Fest in October 2020 to end of this year, 15th of October. We're fortunate enough to have many of the experts that have been on Equity Mates Investing podcast joining us on the day to share their insights and wisdom and to help us unpack what's going on in markets. There's one stage Ren that I think is going to be particularly exciting. We can't give stock tips here on Equity Mates, but these guys can. And we're going back to back high conviction ideas from some of Australia's leading experts. Yeah, on one of the stages 15 minutes. [00:09:25][38.0]

Alec: [00:09:26] Talk your book, tell us your one great idea, then get off the stage and get the next expert on there. [00:09:32][6.5]

Bryce: [00:09:32] That's high. [00:09:33][0.7]

Bryce: [00:09:33] Energy is going to be. [00:09:34][1.1]

Bryce: [00:09:35] Plenty of you know hearts. [00:09:36][1.2]

Alec: [00:09:36] And minds do a conference takes in the whole day to get 312 stocks. [00:09:39][3.0]

Bryce: [00:09:40] We're going to be back in later in 12. [00:09:43][2.7]

Bryce: [00:09:43] Picks in 12 minutes. [00:09:44][0.6]

Alec: [00:09:44] No, no, no. 15 minutes. Tell us the stock. Tell us your thesis. Yeah, but look, I think across the day there's going to be so many different formats. But a lot of the experts that you've heard on the show that we've love speaking to, that you've loved hearing from, you'll be able to hear from in person. Yeah. Emma is is obviously one that we just mentioned. [00:10:05][20.8]

Bryce: [00:10:06] Marcus Padley, Henry Jennings, Elise Kennedy, we're going to be hearing on Australian Tech. Eleanor Swanson, Scott Phillips from The Motley. For Anthony Doyle, Andrew Page and Paul Wilson. All the familiar names that we've had on the show who have just provided great value and have been awesome. So we cannot wait to hear what they have to say today. [00:10:25][19.1]

Alec: [00:10:25] So head to Equity Mates dot com slash fan fest. You can see all the other speakers because Bryce didn't even list them all. You can buy tickets. You can. [00:10:35][10.0]

Bryce: [00:10:36] The main thing. [00:10:36][0.4]

Alec: [00:10:36] You can find out more about the day this year. Unfortunately, it is only in Sydney. We don't quite have the chops to do a multi-city event tour. But if you are in Sydney or you can get to Sydney for the 15th of October, it's going to be a heap of fun. [00:10:52][15.4]

Bryce: [00:10:52] Yes, tickets are only $47. That's it, $47. It's not going to be streamed live or recorded. Got to be there on the day. Fan Fest Tickets $47 Equity Mates dot com slash finn fest. [00:11:04][11.6]

Alec: [00:11:04] Bryce Speaking of people that are going to be at Finn Fest, do we want to speak about Alen and Twitter? [00:11:08][3.8]

Bryce: [00:11:10] I didn't want to surprise everyone. Drop the. [00:11:12][2.4]

Bryce: [00:11:12] Surprise. [00:11:12][0.0]

Bryce: [00:11:13] Ellen will look. [00:11:14][0.9]

Alec: [00:11:15] Has told us that he is will be a film fest, just like he told Twitter he would buy the company. [00:11:21][6.1]

Bryce: [00:11:22] If you. [00:11:23][0.2]

Bryce: [00:11:23] Look full. [00:11:24][0.8]

Alec: [00:11:24] Disclosure. [00:11:24][0.0]

Bryce: [00:11:25] He didn't say he did. All right. [00:11:27][2.2]

Bryce: [00:11:28] 30 seconds or less, Ren. [00:11:29][1.3]

Bryce: [00:11:29] What's going on in your life is like. [00:11:31][1.4]

Alec: [00:11:32] I don't really think we talk about this. Twitter, Ireland's pulled out. There's $1,000,000,000 break fee, but Twitter is suing to make Ellen follow through on the deal that he signed to buy the whole thing. What, a 44 billion USD market cap. Twitter's currently trading at like a 28 billion US dollar market cut, basically a long time. The market incredibly poorly. Yeah. I don't reckon you ever wanted to buy it in the first place. There's a conspiracy theory going around that he only did this so he could sell. Tesla shares have an excuse to sell Tesla shares. Don't believe that as well. Like surely there's an easier way for him to figure that out. How to sell Tesla shares. One thing that I want to say, the Twitter, the chair of the Twitter board, seriously impressive guy inventor of Google Maps. Yeah. Former CTO, chief technology officer of Facebook, current co-CEO of Salesforce and the chair of Twitter's board. [00:12:26][54.3]

Bryce: [00:12:27] He's killed. [00:12:27][0.1]

Alec: [00:12:27] It. That's pretty good life. [00:12:28][0.6]

Bryce: [00:12:28] Great life. Yeah. Well, we don't know. I don't know. He's about his life. Pretty great résumé. [00:12:31][3.3]

Alec: [00:12:32] Anything you want to talk about this or. I'm over it rolling and keep moving. [00:12:35][3.2]

Bryce: [00:12:36] It's just going to be now be a matter for the courts. [00:12:38][2.5]

Alec: [00:12:39] If you are a merger arbitrage hedge fund, would you invest? [00:12:42][3.1]

Bryce: [00:12:43] No. [00:12:43][0.0]

Bryce: [00:12:45] Fair enough. Move on. [00:12:47][1.6]

Bryce: [00:12:47] A couple of other headlines before we do move to Europe. Overnight, at the time of recording US, inflation numbers came out a little bit higher than expected, 9.1%. Expectations were 8.8%. Markets didn't react too, too badly, though it was pretty well priced in. I think what was interesting was commentary that it may lead to the Federal Reserve increasing interest rates by 100 basis points or 1%, a full 1% rather than 0.75. Now why that is interesting. Tune in on Thursday this week because we have an interview with Carey Craig from J.P. Morgan, who's a strategist there, and he'll give you some excellent insight into what might happen to markets if the Fed does do that. But look, fuel and energy prices are the main contributors to those inflation numbers. Otherwise, there are a couple of sectors that actually had flipped and we're starting to see it call. [00:13:41][53.3]

Alec: [00:13:41] So they were June numbers since sort of mid-June. Commodity prices have been falling. Yeah. Yeah. [00:13:47][6.4]

Bryce: [00:13:48] Including oil. Yeah. Yeah. So the next numbers, so. [00:13:52][3.1]

Alec: [00:13:52] We're through, we're done. It's peaked. Let's stop worrying about the macro. [00:13:54][2.7]

Bryce: [00:13:55] Alright, let's move on them. [00:13:56][1.0]

Alec: [00:13:57] To be clear, that's not what we're saying. [00:13:59][2.0]

Bryce: [00:14:00] Well, you're saying off air. [00:14:02][1.9]

Bryce: [00:14:03] Oh look I. Yeah, I actually say it. [00:14:06][2.6]

Alec: [00:14:06] I actually asked Kerry about it in the interview on Thursday as well. So I guess I am. [00:14:10][4.4]

Bryce: [00:14:10] Saying yeah, but what do I know? I'm not an expert. I know. Neither am I. We can say whatever we want. [00:14:15][4.9]

Alec: [00:14:16] Here you go from there. Peak lumber is down 58%. Nicole is down to 54%. Alumina aluminium is down 37%, natural gas down 31%, steel down 28%, weight down 28%. Zinc down 25% led down 23%, copper down 22%, soybeans down 8%, corn down 16%, cotton down 14%, cocoa down 14%, oil down 13% orange juice. Yes, that is a traded commodity, down 11% say everything. [00:14:45][28.9]

Bryce: [00:14:45] Everything's down. Well, will it have. [00:14:47][2.4]

Bryce: [00:14:47] Flow on effects to inflation numbers in the US? We'll see. I think Kerry said that inflation numbers in there in Australia though, are still expected to continue rising for the shorter term. [00:14:58][10.6]

Alec: [00:14:58] Yeah, there's a massive lag effect between commodity prices moving and that actually flowing. Yeah. You know, if you take oil, The Wall Street Journal did a big article because did you see Joe Biden's tweet being like. [00:15:12][13.3]

Bryce: [00:15:13] Yes. [00:15:13][0.0]

Alec: [00:15:14] Oil like petrol stations, reduce your price, hike. [00:15:17][3.1]

Bryce: [00:15:17] Free prices down? Yeah. That's how his administration is tackling inflation. [00:15:20][3.1]

Alec: [00:15:23] There was a big Wall Street Journal article on the back of that explaining the mechanics of oil prices and obviously does so. Oil goes to a refinery. In those questions, there's refinery capacity is a question. Gas stations, petrol stations. The reason that they're slow to reduce their prices is because, you know, they'll buy sometimes up to 100 days worth, fill up the tanks under the station, and they've got to work through that supply before they can then buy again and take advantage of lower prices. So and that's the same across all commodities. You know, you got to work through your inventory before you can then take advantage of buying more inventory at a lower price. And so commodity prices are down, but there's a lag effect throughout the economy. But it's better than commodity prices being up. [00:16:06][43.4]

Bryce: [00:16:07] Yeah, can't argue with that. [00:16:08][1.2]

Bryce: [00:16:10] Baron Before we get to the break and then have a turn our attention to what's going on in Europe. Bill Ackman So SPACs special purpose acquisition companies, they were one of the hottest, hottest things in town at the height of the market and Ackman managed to raise 4 billion, which was the biggest ever SPAC in history I think from Memory. [00:16:30][20.2]

Alec: [00:16:31] Tontine Holdings or. [00:16:32][0.9]

Bryce: [00:16:32] Something along those lines, but managed to raise $4 billion for a blank check company. But with all SPACs, there's a time limit. [00:16:41][8.9]

Alec: [00:16:42] He couldn't find anything. [00:16:42][0.6]

Bryce: [00:16:42] To buy and. [00:16:44][1.2]

Bryce: [00:16:44] Now he's giving all of that. So so he's giving the 4 billion back to the investors after failing to find a target to actually which I. [00:16:51][7.5]

Alec: [00:16:52] Honestly, ironically might be the best performing SPAC. [00:16:54][2.5]

Bryce: [00:16:55] True. You got your money back. [00:16:57][2.1]

Alec: [00:17:00] He tried to buy 10%. He couldn't find researching, couldn't find anything, tried to buy 10% of universal music. Everyone was like, What? And then that deal fell through. And yeah, you ran out of time and has to give the money back. [00:17:12][11.8]

Bryce: [00:17:12] But good ending for doing that rather than buy something for the sake of it, I think. True. [00:17:16][3.8]

Alec: [00:17:16] True. Yeah. He probably left money on the table by not just buying something for the sake of it. Yeah. [00:17:22][5.4]

Bryce: [00:17:22] Yeah. And that's what good investors do. Let opportunities pass. Yes. So. All right. Well, we're going to take a very quick break. And then when we come back, we're going to have a chat about Euro and the US dollar, but more importantly, what that means from an investing point of view over in Europe. So we're going to take a quick break to hear from our sponsors. So again, some of the big news this week or last week was that the European euro and the US dollar, European. [00:17:46][24.0]

Bryce: [00:17:47] Euro and the euro, it technically is. [00:17:50][3.1]

Bryce: [00:17:50] A euro and the US dollar hit parity one for one. [00:17:54][3.5]

Alec: [00:17:54] What does that mean? [00:17:55][0.4]

Bryce: [00:17:55] Well, it means that €1 equals 1 USD. Yes. And in history, usually the US is more powerful or. [00:18:03][8.0]

Alec: [00:18:03] No, no. [00:18:04][0.3]

Bryce: [00:18:04] The euro. [00:18:04][0.2]

Bryce: [00:18:05] The euro is more powerful. [00:18:06][0.8]

Bryce: [00:18:06] The euro is valuable. Yeah. Sorry. [00:18:08][2.2]

Alec: [00:18:09] Power is a whole other mantra. Sure. [00:18:11][1.8]

Bryce: [00:18:11] Sure. [00:18:11][0.0]

Alec: [00:18:12] At the start of the year, 1 USD could buy you €88 cents. Now 1 USD can buy you €1, meaning that anything that's priced in euros you can buy for less US dollars than you could at the start of the year. And this is a two sided story because at the start of the year, 1 AUD could get you about €60 cents and now it can get you about €67 cents. So up. Yeah, but parity. So the euro has got weaker and the US dollar has got stronger. Yeah. And so the two have converged at a 1 to 1. And if you're in America to a lesser extent, if you're in Australia, wherever you are in the world, now is probably the time to think about what's over in Europe. Because when assets priced in euros, a weak, when the euro is weak, you have to spend less of your own currency to buy assets priced in euros. [00:19:07][55.2]

Bryce: [00:19:08] Yeah. [00:19:08][0.0]

Alec: [00:19:09] Yeah, you can get more for less. Yeah, it's a sale. [00:19:11][2.1]

Bryce: [00:19:12] It is a sale. [00:19:12][0.4]

Alec: [00:19:12] And for some of our friends who are oversharing on Instagram, they're getting more Greek Island holidays for less. [00:19:20][8.0]

Bryce: [00:19:21] Just no. [00:19:22][1.0]

Bryce: [00:19:22] That's not what I. That's not. [00:19:23][0.9]

Bryce: [00:19:24] True. Oh, really? Yeah. [00:19:24][0.9]

Bryce: [00:19:26] I don't know if we spoke about for some reason, I feel like I said this on the show last week, but I've had a mate who just came back from Mykonos in Greece and paid, I think it was 16 or €18 for a beer. [00:19:36][10.1]

Alec: [00:19:36] But the euros were it was cheap. [00:19:38][1.8]

Bryce: [00:19:38] And again, the euro. I don't care. [00:19:41][2.3]

Bryce: [00:19:41] What the euro is doing here. [00:19:43][1.7]

Bryce: [00:19:43] I would be ridiculous. Yeah, that's like 30 Aussie dollar. I know, I know. [00:19:47][4.3]

Bryce: [00:19:47] He paid something like €60 or something for half a chicken in a side of potatoes. [00:19:53][5.1]

Bryce: [00:19:53] Are you kidding? I just bring a packed lunch. You're travelling. Anyway. [00:19:58][4.4]

Bryce: [00:19:58] We digress. We digress. [00:19:59][0.8]

Bryce: [00:20:00] Oh, my gosh. [00:20:01][0.5]

Bryce: [00:20:01] That was billionaire city and making us crazy. [00:20:03][2.0]

Alec: [00:20:04] So let's stop talking about Europe as a holiday destination. But I think as a investing destination, it often gets overlooked. People don't really think about the stocks in Europe, and partly that's because they haven't been great performers over the last few decades where the US stock market has just been on a tear. The UK and the mainland Europe have sort of lagged. [00:20:28][24.8]

Bryce: [00:20:29] Yeah, now this is probably where I start having a rant about the Footsie, but I think it's one of those, it's similar to that. It's similar to an Australian market actually in terms of performance. So it's very big dividend stock market. We've spent a lot of time talking about the US market and the Australian market and today we're going to have a bit of a bit more of a chat about what is actually listed over in Europe. [00:20:52][22.8]

Alec: [00:20:52] Let me for context, the stocks 50 side note one of the best index names around stocks still double X 50. [00:21:02][10.0]

Bryce: [00:21:03] My favourites India nifty. [00:21:04][1.0]

Alec: [00:21:04] Few 5050. Not that I just this should just be stocks with the triple x anyway the Stoxx 50 is the mainland Europe index. There's also the Stoxx 600 the Stoxx 50 according to my quick Google search since 1998 1998 to 2000, how much do you think it's up. Not compounded per year just over that time period. How much do you think it's up? [00:21:29][25.2]

Bryce: [00:21:30] 24 years, 1998 to now? I know. 200%. [00:21:34][4.2]

Bryce: [00:21:35] 6%. What? This is my issue. This is my issue. [00:21:41][5.8]

Bryce: [00:21:42] It's unbelievable. [00:21:42][0.2]

Bryce: [00:21:43] 6%, 6%. [00:21:44][0.8]

Bryce: [00:21:45] And it's got some of the big. [00:21:45][0.8]

Alec: [00:21:46] It is tough to be a long term investor if you invest well. [00:21:48][2.7]

Bryce: [00:21:49] This is why no one talks about it. And I guess it goes the downside is looking at the footsie. It's down year to date it's down 4%. [00:21:55][6.0]

Alec: [00:21:55] Yeah. It doesn't move as much. [00:21:56][0.8]

Bryce: [00:21:57] Doesn't move the. [00:21:57][0.9]

Bryce: [00:21:58] Questions. Why anyway? So let's um. [00:22:00][2.4]

Alec: [00:22:00] Well in defence of the footsies from where Google starts recording 1984 to now. Yeah. Up 550%. Okay, so not better. [00:22:09][9.1]

Bryce: [00:22:10] But like yeah. [00:22:11][0.7]

Bryce: [00:22:11] My portfolios were up in that year on year. [00:22:13][1.5]

Alec: [00:22:18] But within that lacklustre number there is some really incredible companies. But I think the other important context here is that if you really zoom out and you look at like 100 year time horizons, it's very rare that the same part of the world outperforms multiple decades in a row and really the 2010 to 2020. Was the US won that, America won that, and there wasn't a close second. But that's not to say that 2020 to 2030 the US will win. And if we look back historically, it's very rare that you go back to back in terms of being the best stock market for a decade. Even Australia we've had a few decades where we've outperformed the world in history. So we're very U.S. centric in our thinking. Makes a lot of sense because there's some incredible companies there, but it makes sense to look in other parts of the world. And we figured that now that we've got euro parity, we might as well talk about some of these companies that we don't really speak a lot about on the show. [00:23:22][64.2]

Bryce: [00:23:22] Yeah some of them we have so let's take a look at its stock. Stoxx 50 mainland europe as you said Ren not the UK just will not just the UK but. [00:23:31][9.0]

Alec: [00:23:31] No UK, no. [00:23:32][0.8]

Bryce: [00:23:33] Excluding UK. Some of the biggest holdings, ASML, which we've we've spoken about on the show a fair bit, I'm pretty sure Nick Griffin. [00:23:44][11.2]

Alec: [00:23:44] Nick Griffin was the one who introduced. [00:23:45][0.9]

Bryce: [00:23:46] Yeah, he introduced it to us. Said it's the best company that you've never heard of. [00:23:49][3.2]

Alec: [00:23:49] Yeah. [00:23:49][0.0]

Bryce: [00:23:50] Now we've heard of it. [00:23:51][1.0]

Alec: [00:23:51] Yep. They make lithography machines which are a critical component to semiconductors. [00:23:55][4.3]

Bryce: [00:23:56] Yes. Now, why? While the Stoxx 50 is only up, what was it, 6% or something since inception? ASML is up over 15,000% since inception. And that's after coming off a considerable high. Over the last few months. It's down about 50%. So from its low to its peak, it was actually sort of closer to 30,000%. So pretty incredible returns. We've spoken about that one in the show. Another great company that we often hear experts talk about on the stock, X50, is LVMH, the luxury goods conglomerate Moet Hennessy. [00:24:38][42.2]

Alec: [00:24:39] Louis Vuitton. [00:24:40][0.5]

Bryce: [00:24:41] Yes. [00:24:41][0.0]

Alec: [00:24:41] Also what they are in Tiffany. Yeah, they are. [00:24:44][2.7]

Bryce: [00:24:45] Buying. [00:24:45][0.0]

Alec: [00:24:46] Sephora. Yeah they are. And emotions and yeah they are and are. There are some other luxury brands. I don't know. [00:24:55][9.2]

Bryce: [00:24:55] You get it. I get it again up 3,000% since it floated. So doing pretty well now. I'm pretty sure this is the next one's pronounced. Linda. Linda Yeah. Linda. They're industrial, massive company, aren't they. Industrial gases. [00:25:08][12.3]

Alec: [00:25:08] Yeah. Yeah. [00:25:09][0.4]

Bryce: [00:25:09] Total and energies is another one oil. [00:25:12][2.7]

Alec: [00:25:12] The seven oil super majors, big. [00:25:14][1.8]

Bryce: [00:25:14] Ones Sanofi in health care and pharmaceuticals sap now a lot of people. [00:25:19][4.6]

Alec: [00:25:19] May have is a surplus sip. [00:25:20][1.2]

Bryce: [00:25:21] Sip pay well when we used to sap at work and I hated it. [00:25:24][3.5]

Alec: [00:25:25] Yeah. Yeah, we used to as well. Yeah. [00:25:27][2.3]

Bryce: [00:25:28] So just like really clunky. Yeah. Laurie Yeah. [00:25:31][3.2]

Bryce: [00:25:31] Really old school. Yeah. L'Oreal Which is not doing so well at the moment. [00:25:35][4.0]

Alec: [00:25:36] Really? No. You're thinking of Revlon? [00:25:37][1.3]

Bryce: [00:25:38] I'm thinking of Revlon, but I feel like similarly anyway, it's a French company. I'm not going to, I'm. [00:25:43][5.0]

Alec: [00:25:43] Not sure, up over 4,000%. [00:25:43][0.6]

Bryce: [00:25:45] I love how it doing. [00:25:45][0.7]

Alec: [00:25:46] Inception. [00:25:46][0.0]

Bryce: [00:25:47] Like it's over. [00:25:48][1.1]

Alec: [00:25:48] 4,000% since 1981. [00:25:50][1.5]

Bryce: [00:25:51] Since the EU. Yeah, but we're going to compare it. [00:25:53][2.0]

Bryce: [00:25:53] To stock x50. What's dragging it down if all these top companies biggest holdings are are not doing so doing doing so well anyway the other ones Simon's Alliance in insurance and then Dutch telecoms. [00:26:04][11.4]

Bryce: [00:26:05] Same Allianz. [00:26:06][0.3]

Bryce: [00:26:06] Allianz. [00:26:06][0.0]

Bryce: [00:26:07] What did I say? Alliance. Allianz. [00:26:09][2.0]

Alec: [00:26:10] Deutsche Telekom. There's a really interesting story in the German like nationalised businesses that were spun out. So Deutsche Post and Deutsche Telekom, I think of them in the same way of like Telstra in Australia and well Australia Post hasn't been spun out. It's still government, but Deutsche Telekom owns T-Mobile in the US, which is one of the one of the biggest telcos in the world. And then Deutsche Post owns DHL, one of the biggest delivery companies in the world. [00:26:42][32.0]

Bryce: [00:26:42] True, true. [00:26:43][0.3]

Alec: [00:26:44] You'd love to see Telstra in Australia Post step up in the same was true. [00:26:47][3.3]

Bryce: [00:26:48] True. [00:26:48][0.0]

Alec: [00:26:48] It's similar to Japan post they own toll. [00:26:51][3.2]

Bryce: [00:26:52] Yeah that's true. Yeah. [00:26:53][0.9]

Bryce: [00:26:53] I went for a job at Toll and I remember that they were going to pay the big boss. [00:26:57][3.2]

Alec: [00:26:57] Yeah, yeah. Okay. Yeah. What are you going to do? A toll. [00:26:59][1.8]

Bryce: [00:27:00] Strategy. [00:27:00][0.0]

Bryce: [00:27:00] Time for a high said no, actually. Moving on. [00:27:07][6.7]

Alec: [00:27:07] So that's the top ten biggest holdings. My biggest takeaway from that, the diversity of industries. You compare it to an S&P 500 index in America and you get software, software, tech software. So that's neither good nor bad. The last ten years it's been good to be concentrated in software, but I just find it quite interesting how diverse it is. [00:27:30][23.5]

Bryce: [00:27:31] Yeah, big concentration on all Germany and France as well. [00:27:34][3.3]

Bryce: [00:27:34] Yes, yes. [00:27:35][0.4]

Alec: [00:27:36] How big? [00:27:36][0.2]

Bryce: [00:27:36] Pretty big. Like almost. All of them except ASML that we just read out. Our French and German companies. [00:27:44][7.3]

Alec: [00:27:44] So ASML is Dutch. And then the nine of the top ten after that are French or German. [00:27:49][4.9]

Bryce: [00:27:50] Hmm. [00:27:50][0.0]

Alec: [00:27:51] But I feel like. [00:27:52][1.2]

Bryce: [00:27:52] I'm not surprised. [00:27:53][0.8]

Alec: [00:27:53] Not European, but that's the vibe I get. [00:27:56][2.3]

Bryce: [00:27:56] Yeah. From Europe. Yeah. [00:27:57][1.0]

Bryce: [00:27:58] Well, if America is the software and e-commerce sort of index that you just alluded to, Europe is the industrial tech, ASML, Simons, Siemens, how have you want to pronounce it? Vestas, which we've heard a lot about the wind, wind turbine, turbine maker. [00:28:14][15.8]

Alec: [00:28:14] The big three in the world. Yeah, I think that conceptually is how I think about tech in the world is that the US are really good at e-commerce and software software as a service, you know, like the Microsofts, you guys, you know, the companies were speaking about. But the when we talk about industrial tech, when we talk about industry 4.0, when we talk about advanced manufacturing, when we talk about the Internet of Things, Europe has maybe an edge on a lot on America just because of some of the amazing companies that they have. And Siemens is probably number one there. But when you think about Europe, that's maybe how you think about it. Yeah. Different tech sector. [00:28:56][42.3]

Bryce: [00:28:57] Yeah, yeah. [00:28:58][0.5]

Bryce: [00:28:58] And then there's auto. [00:28:59][0.6]

Alec: [00:29:00] Well, that sort of fills fits in with the whole industrial tech. [00:29:03][3.4]

Bryce: [00:29:04] Yeah. Yeah. [00:29:04][0.5]

Bryce: [00:29:05] Big automakers over in Europe, Volkswagen, Daimler, who are Mercedes and Co, BMW and plenty of of the world's largest automakers outside of Asia are home to the European markets over there. So definitely different opportunities. And this also comes back to diversification. If you're all in on US tech for the last ten years, great, you've done really well, but you're probably feeling the pinch now. If diversified a little bit across some of these European companies, they're not. So they're not getting hit as hard as some of the European tech companies. Yeah. [00:29:40][34.8]

Alec: [00:29:40] Yeah. As the as the American tech companies. [00:29:43][2.5]

Bryce: [00:29:43] Yes, yeah, yeah. [00:29:44][0.8]

Alec: [00:29:44] So yeah. And like we're not saying any of these are screaming buys or good investments we like. We just want to, I guess, get people excited about all of the opportunities in this world because there are so many opportunities. And so we've spoken about a lot of the big companies we want to talk about just some maybe not so big companies that we think are worth knowing about. Again, not because they're like they may not be great investment opportunities. They may be really expensive right now, but they're just interesting companies to be aware of. But I do notice that before we get the price has managed to slip a retail section and. KING You've written kings Queens of Retail Brackets was always the gold standard. When I was working at Woollies. [00:30:30][45.2]

Bryce: [00:30:30] You didn't even have. [00:30:31][0.7]

Bryce: [00:30:31] That as like everyone in Australia would always compare to the European retail sector. [00:30:37][5.6]

Bryce: [00:30:37] Now that you're the the European. [00:30:39][1.4]

Alec: [00:30:39] So Aldi was obviously Aldi and Lidl were really good, but the, the UK retailers were just smashing each other and all losing margin and it was brutal over that. [00:30:51][11.2]

Bryce: [00:30:51] Yeah. [00:30:51][0.0]

Bryce: [00:30:51] But they would always, they'd always be doing things before we would would they be sort of brought in. [00:30:57][6.4]

Alec: [00:30:58] We looked at the US a lot, we looked at Walmart and Costco and Kroger. Yeah, big one. Yeah. Kroger was the gold standard for my space. This is completely unrelated, but I want to tell this story because it's so cool. So they would back whole their food waste on their delivery trucks and they would have a big anaerobic digestion facility at the Oakland DC, the Oakland warehouse, and they would take the food waste that they back hauled from stores so they wouldn't throw it out. They'd put it back on the truck, take it back. Anaerobic digestion turns food waste into gas and that gas spins turbines, it creates energy and that electricity would then power that distribution. [00:31:38][40.6]

Bryce: [00:31:39] So well-played. [00:31:40][0.7]

Alec: [00:31:41] And for years, my boss and I would make the case that we should try this in Australia. And we tried to get the business case up and we just got shut down at every turn. I'm now a free agent, so if Woollies, if Aldi, if anyone wants to. [00:31:53][12.8]

Bryce: [00:31:53] Shop right. [00:31:54][0.3]

Alec: [00:31:55] Now. But I just think that is that is for us that was a gold gold standard like really innovative use of your supply chain to save money and to deal with multiple problem. [00:32:06][10.7]

Bryce: [00:32:07] Anyway, back to Europe. [00:32:08][0.7]

Bryce: [00:32:08] Sorry. [00:32:08][0.0]

Bryce: [00:32:10] So few companies to close out the ran a few companies outside the big. [00:32:13][3.2]

Bryce: [00:32:13] You know talk about you're talking. [00:32:14][1.2]

Alec: [00:32:15] About your retail. [00:32:15][0.3]

Bryce: [00:32:15] Stuff. Well that's all I wanted to say really that there's some massive retailers over there that, you know, if you've got Aldi, Tesco, Sainsbury's. [00:32:22][7.2]

Alec: [00:32:23] Aldi, not listed. [00:32:24][0.7]

Bryce: [00:32:25] Not not listed. But it's just like if you're thinking about the markets over there, we've spoken about industrial tech and all those little. [00:32:32][6.9]

Alec: [00:32:32] Also not listed. [00:32:33][0.5]

Bryce: [00:32:33] I don't think so. [00:32:34][0.5]

Bryce: [00:32:34] Brothers. [00:32:34][0.0]

Bryce: [00:32:35] All yours. You're talking about Lidl and Aldi. [00:32:38][2.8]

Bryce: [00:32:39] Yeah. [00:32:39][0.0]

Bryce: [00:32:39] Yeah. Sorry. I thought you told talking about a retail company called Brothers. [00:32:42][2.8]

Bryce: [00:32:43] No, I have no idea what you're talking about. Their brothers are split. [00:32:46][3.3]

Bryce: [00:32:47] Yeah, yeah, yeah. They had a they had a fight, and so they went out and built competing cheap discount retailers. [00:32:53][6.6]

Bryce: [00:32:54] Yeah. Yeah. You know what's. [00:32:55][0.9]

Alec: [00:32:55] Fascinating? So that's a story of two German brothers who had a fallout and created two rival companies that are taking on that across the world. Rivals. Have you heard the Adidas Puma story as well? Yeah, that they are also two brothers that had a falling out and created two rival companies. And I literally think there's a town in Germany and they're like based on different sides of the river or something. And Adidas and Puma are now fighting it out around the world. There you go. Anyway, German brothers, if you see a pair of German brothers fall out investment back then. [00:33:29][34.1]

Bryce: [00:33:30] So and let's tend to the companies outside of the big names that are worth being made aware of. [00:33:36][5.7]

Bryce: [00:33:36] Yeah. If you don't that a lot. [00:33:37][1.1]

Alec: [00:33:37] Of people probably don't know they exist because all we've done is focus on American SAS companies. So let's learn about some cool European companies. [00:33:45][7.9]

Bryce: [00:33:46] What if you got. [00:33:46][0.4]

Alec: [00:33:47] First one out of Ireland? Flutter Entertainment. [00:33:49][2.6]

Bryce: [00:33:50] Have you heard of it? No. [00:33:51][0.7]

Alec: [00:33:52] So obviously some people will think that gambling is unethical and that's completely fair. If you are interested in gambling, they're one of the biggest players in the world. They own Sportsbet, FanDuel, Paddy Power, Betfair, Sky Betting, PokerStars, Fox bet. They're one of the biggest gambling players in the world. So if you're looking at, you know, like how is the US going to embrace gambling? They've got to play their fox bet sports bets. Obviously being in Australia, sky in the USA, sorry, UK, Paddy in Ireland. So that's an interesting one to to be aware of it if gambling is your cup of tea. [00:34:31][39.5]

Bryce: [00:34:31] Hmm. [00:34:31][0.0]

Bryce: [00:34:32] Another one you brought up in the office recently was Zu Plus. [00:34:35][2.6]

Bryce: [00:34:35] Yeah, through. Yeah. [00:34:36][1.0]

Alec: [00:34:37] This was a early investment for me. Soon after, Slater and Gordon, I think, um, a is a online pet food retailer. It's trying to be the European Amazon of pet food. [00:34:50][13.2]

Bryce: [00:34:50] Nice. And I just. [00:34:53][2.8]

Alec: [00:34:54] I just throw it in for nostalgia sake. [00:34:56][2.1]

Bryce: [00:34:57] Ran another one we've got here that I can barely pronounce. Pronounce ASL Essilor. Luxottica. Essilorluxottica Xolo. Luxottica. [00:35:07][9.8]

Alec: [00:35:07] I think. [00:35:07][0.1]

Bryce: [00:35:08] A French. [00:35:08][0.1]

Alec: [00:35:08] Company. French company. The closest thing we have to. Just like a giant monopoly these days. Yeah. If anyone wears glasses, chances are you've bought their frames. [00:35:16][7.9]

Bryce: [00:35:17] All right? Yeah. Biggest glass manufacturer in the world. [00:35:19][2.2]

Alec: [00:35:20] Biggest frame. Frame factory in the world. Yeah, I think they own this. This number. I'm just pulling out, but I think it's like 90% of the market they own or something like that. [00:35:29][9.4]

Bryce: [00:35:29] Wow. [00:35:29][0.0]

Alec: [00:35:30] Like all of not maybe not all the big brands, but most of the big brands they own. Yeah, well, the largest company in the eyewear industry, 74,000 retail stores. Now 7400 retail stores. [00:35:41][11.3]

Bryce: [00:35:41] Wow. [00:35:41][0.0]

Alec: [00:35:42] Luxottica's market power has allowed it to charge price mark-ups of 1,000%. [00:35:45][3.4]

Bryce: [00:35:46] So right. I'll move on to one that we've both come across in our retail days and that's Ocado. [00:35:50][3.5]

Bryce: [00:35:51] Again, industrial tech. Yeah. [00:35:52][1.4]

Bryce: [00:35:53] So they are they're involved in the fulfilment of groceries and retail, create a whole bunch of tech to automate the fulfilment process, amongst other things. But that was pretty amazing to see in real life as it is that's getting rolled out. Well, I didn't see it. You probably. [00:36:08][15.1]

Alec: [00:36:08] Saw it. I saw more. [00:36:09][0.7]

Bryce: [00:36:09] Than I did through Kohl's. But another interesting company. Look it up if you're interested. [00:36:13][3.5]

Alec: [00:36:13] They yeah, they sell space. They started as like an actual e-commerce supermarket in the UK and then no like the value here is in our tech and they partner with one company in every jurisdiction. I remember Kohl's had tried to reach out to them a long time ago and they were like, You need to get your online business like a certain size before will partner with you. And so calls like worked super hard to get to that threshold and then now they're like the only player in Australia that can partner with Ocado. And I think in the US it's like Kroger. Got it. So Kroger. Yeah. So I mean that's pretty cool when your technology is so valuable that you can be like, Well, just take one. [00:36:53][39.2]

Bryce: [00:36:53] Yeah, yeah, fight for. [00:36:54][1.3]

Bryce: [00:36:56] Another company that I'm sure many people have heard of the brands within it. And that's Diageo, one of the world's largest alcohol companies. They've got Johnnie Walker, Guinness, Tanqueray, Baileys, Smirnoff, Captain Morgan, Crown Royal and Don Julio, amongst many other things. But then one thing that I just wanted to close with was I found it interesting having a look at some of the specific European countries and their indexes and what are some some of the biggest companies within those. Now, Sweden, if you were to buy the iShares Sweden ETF, which gives you access to I think most of the Swedish market, it's got 47 holdings, highly concentrated. But what was fascinating is some of the biggest holdings in there are all world leaders or close to it. So you've got Electrolux, do you remember? You know, Electrolux. [00:37:41][45.5]

Bryce: [00:37:42] The appliances you had. So they're the. [00:37:45][2.9]

Bryce: [00:37:45] World's second largest appliance maker. Another one is Atlas Copco, one of the world's largest industrial groups. Heard of them? Now the Volvo, s.A Abloy, a world leading provider of access. Now all things KS cards, like. [00:38:01][16.1]

Alec: [00:38:02] Cars. [00:38:02][0.0]

Bryce: [00:38:02] Tags. Yeah, we've had. [00:38:04][1.4]

Alec: [00:38:04] Someone on a show. We've done a lot of content. Someone has spoken to us about this. [00:38:07][3.4]

Bryce: [00:38:08] Yeah, I think. I think it was on USBs. [00:38:09][1.1]

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

Bryce: [00:38:11] Yeah. And then Ericsson there, the obviously Sony Ericsson or whatever. They're the leading provider of 5G network equipment in the US. And then another company called Hexagon, who are a global leader in all things sensors and autonomous solutions. [00:38:25][13.9]

Alec: [00:38:26] Okay. But what is your point that like Sweden has all these global. [00:38:29][3.0]

Bryce: [00:38:29] Yeah. That I'd like. [00:38:30][1.0]

Alec: [00:38:30] I want to challenge that because I think almost any stock market index that you find the top of the index there will be global leaders like. It's very rare to find a country where there is no global leaders. [00:38:41][11.3]

Bryce: [00:38:42] I'll find one. [00:38:42][0.5]

Alec: [00:38:43] More. Yeah, okay. [00:38:44][0.5]

Bryce: [00:38:44] You'll find. [00:38:44][0.4]

Alec: [00:38:45] My life. But you know what I may like. [00:38:46][1.6]

Bryce: [00:38:47] Okay, Australia. [00:38:47][0.3]

Bryce: [00:38:48] But what I'm saying is, is that like there's so much it's just pays to keep an open mind with these things like. [00:38:54][6.4]

Bryce: [00:38:54] Just oh. [00:38:55][0.4]

Alec: [00:38:55] Yeah, I don't disagree with that at all. Yeah. [00:38:56][1.3]

Bryce: [00:38:56] It's just so easy to get sucked up in the tech space and all this sort of stuff when there's plenty of I'm not saying these are good investment opportunities, but there are plenty of opportunities. [00:39:03][7.0]

Alec: [00:39:04] Should we do a competition for the worst market index? [00:39:07][2.4]

Bryce: [00:39:07] Well, we'd have to define that. But let's take that off line and let's take that off line. We are at the end of the episode. We have run out of time, unfortunately, but we're going to keep an eye on what's going to happen with the dollar. Will it continue to sink from here? Certainly. Interesting time in the. [00:39:22][14.6]

Alec: [00:39:22] Interview that we're releasing on Thursday with Kerry Craig from Jp morgan. He speaks about how JP well are watching European energy and the possibilities of a second energy shock. [00:39:33][11.5]

Bryce: [00:39:34] Yeah. [00:39:34][0.0]

Alec: [00:39:34] If that was to happen, you would expect the euro gets in more trouble and gets weaker. [00:39:39][5.0]

Bryce: [00:39:40] So you'd never. [00:39:41][1.4]

Alec: [00:39:42] Should invest in a company only because of the exchange rate. We need to be very clear about that because if it's a bad company, even if exchange rates normalise, it won't be a good investment. But when exchange rates get out of whack like this, they trade at extreme ends of what's normal. It's worth saying where your money can go further. [00:40:01][19.4]

Bryce: [00:40:02] And similarly. [00:40:02][0.2]

Alec: [00:40:03] When the exchange rates swing all the way the other way, like the US dollar is incredibly strong at the moment. It's worth thinking am I handicapping myself by investing at this point in time? Because you have to overcome the the worst exchange rate as well. [00:40:16][13.6]

Bryce: [00:40:18] Or and there's plenty going on in markets. We've mentioned the interview with Kerry a couple of times now, so make sure you tune into that on Thursday. Similarly, we've unpacked some news stories over on the dive, which continues Monday, Wednesday and Friday, our business news show. So if you want to keep up to date with the entertaining side of business and some of the key headlines that are coming out through the markets over the last few weeks or so, make sure you subscribed to that. [00:40:43][24.9]

Alec: [00:40:43] And if you want to see photos of Mike Cannon-Brookes in New Ireland. Yes, he bought in Ireland. Go and follow the dive dot business news on Instagram love it. [00:40:52][8.9]

Bryce: [00:40:52] Well Ran always great to chat and we'll pick it up next week. [00:40:54][2.2]

Alec: [00:40:55] Sounds good. [00:40:55][0.3]

Bryce: [00:40:56] Hey, thanks for listening to this episode of Equity Mates. We love hearing from you, so drop us a line at Contact@equitymates.com. Or even better go to your podcast player and leave a five star review. Also a reminder that the Equity Mates content train doesn't stop when you've run out of episodes to binge. We've got a brand new website, a Facebook discussion group. We're on Instagram, YouTube and slowly making our way as an influencer on Tik Tok Well, that's Ren. So come and say hello and join the community. We'd love to welcome you. Until next time. [00:40:56][0.0]

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