How Kogan’s Covid Trade Went Pear-shaped

Adam Keily: [00:00:51] Hello, welcome to comedian versus economist, we demystify the world of money and help you get a handle on the bigger picture. My name is Adam and I'm joined, as always by my little older brother and real-life economist, Thomas. Hi, Thomas. [00:01:05][13.1]

Thomas Keily: [00:01:06] G'day Adam, how are you doing? [00:01:06][0.4]

Adam Keily: [00:01:07] I'm very well, thank you. Now, big week on the show. We're going to cover off. What on earth has happened to all my crypto? So I need to help Thom. And it's about Facebook apparently aren't paying enough tax. Pauline Hanson is blocking responsible lending legislation. And apparently, we're now bribing people to come back to the office of all things. But first, Thomas, before we get to all of that, I want to ask you, do you think the golden age of covid is over? And when I say that, I mean the investment boom that seemed to come off the back of the big the big covid trough, it all sort of went up and now it's all heading back down again, most notably at Kogan this week and has come crashing back down to earth. [00:01:56][48.7]

Thomas Keily: [00:01:56] Didn't Kogan have a shocker? [00:01:57][0.8]

Adam Keily: [00:01:58] Oh, dizzying highs through Combe. And now they've sort of come crashing back down to earth. I just wondered, was this is this a Coggin related thing or is this more of a correction after the craziness of covid? [00:02:13][15.7]

Thomas Keily: [00:02:14] Yeah, it's a little bit called my little bit Colombe. I've read a few analysts calling this the amphetamine cycle that we've seen. [00:02:21][7.3]

Adam Keily: [00:02:23] Is that what we were along? [00:02:24][1.1]

Thomas Keily: [00:02:25] When there's a really sharp we've had like we've gone through a few market cycle, which usually takes years to play out in sort of 18 months. It's sort of like the crash, the rebound, the blow of the consolidation back to sort of where we are now. So I think things sort of have moved very, very quickly. And I think the covered story seems to be is part of that. And that's feeding into what's happening with Coggin is like there was a big adjustment early on and then a quick normalization that followed. Coggan, I think, did seem to overplay their hand. They were talking about a once-in-a-century opportunity. Yeah, turns out it wasn't. Turns out well, it was. [00:03:06][41.2]

Adam Keily: [00:03:06] If that is probably they just overcapitalized of it, didn't they. Didn't they go out and hire a bunch of people. They expanded kind of like they just kind of committed to this being the new normal. And then we went. Now we're getting on top of it now. [00:03:19][13.2]

Thomas Keily: [00:03:20] I mean, their sales boomed early on. But I think I think that was a bit of a lock down effect with people, people staying home and needing to, you know, fit out that morning, the large screen TVs, people needed to fill out their home offices, that sort of thing. And because there's no, you know, physical retail, they went online and bought that stuff. So it was a boon for Coggan in those early days. I think what they did is then looked at that and went like, OK, this is the paradigm shift to return to online retail. In-store retailers did from here on in. It's all online retail and this is what the future looks like. And then they did all of their projections and they're planning based on that assumption, which meant they bought a huge bunch of stock. So they've got a huge inventory. And they went in, it started expanding their warehousing and all this to do with this anticipated boom in demand. But that seems to have tapered. The demand side doesn't seem to have come through as much as they were expecting. [00:04:18][57.8]

Adam Keily: [00:04:19] But they're back down. They're back down lower than they were pretty covid is that just taking into account the fact that they kind of. They did spend too much and now they're kind of in a hole. I mean, on the whole, they got hate. They're still pretty massive. [00:04:32][13.4]

Thomas Keily: [00:04:33] But yeah, I mean, yeah, they've got challenges now. Like they've got well, I forget the term now, Demiurge or whatever it is. It's a funny word, but demerger. No, no, no, no, no, not a demerger. [00:04:45][12.1]

Adam Keily: [00:04:46] Uh, that's the only word I know that sounds like that to me. [00:04:49][3.0]

Thomas Keily: [00:04:49] You have to pay when your stuff is stuck on the docks and you haven't moved it to your warehouses yet. Oh, so they've bought up a whole bunch of stuff from China and wherever, and it's now stuck at the docks, but they haven't built enough warehouse space yet in the warehouse space hasn't come online enough. And so they're now paying effectively paying rentals, rental space at the docks for their gear. And that was a huge expense and [00:05:15][25.8]

Adam Keily: [00:05:15] a heap of those go boxes there or whatever they call those little portable storage units [00:05:18][3.3]

Speaker 3: [00:05:20] coming to put these up it goes. Yeah, uh, yeah. [00:05:27][6.7]

Thomas Keily: [00:05:27] Right. And plus and plus the costs are rising like like the consumer goods prices going up. There's like a shortage of chips and electronic goods prices are going up to their margins are getting squeezed. So they're copping it on a few fronts. They've expanded rapidly. It hasn't been a smooth expansion. You know, I don't know. I'm guessing they've gone into debt to sort of fund that expansion. Yeah. And it hasn't sort of played out well. So, you know, maybe they're all right. They are in a worse position than they were pre-covered in the share prices reflecting that. But let's not I mean, you shouldn't probably get too caught up on, you know, minute to minute movements. That's what's what's [00:06:03][35.8]

Adam Keily: [00:06:04] all about them? I mean, it was. [00:06:06][2.2]

Thomas Keily: [00:06:09] Uh, it was Benjamin Benjamin's great, great line. Like, in the short run, the stock market is a voting machine, and in the long run, it's a weighing machine. So like it does a good job in the long run of the stock, the share price does a good job in the long run of reflecting a company's value. But in the short run, it's all about popularity, right. [00:06:26][16.8]

Adam Keily: [00:06:28] Yeah, it's interesting, um, I saw and I did buy into that I was with Keogan, if that's where he was, I bought some it's an ETF because I like to buy responsibly or I like to diversify my investments because I'm smart. So I've picked this online retail ETF in the United States called Ibai, which was just going like through the roof because I basically just sell these online retail companies. And I was on board with cogie and I was like, this is the paradigm shift online retail. We're never going back. We've got like Pensioners' signing up with like for like new Internet connections at their house just so they can shop online. I've never been online before. They're buying TVs and couches. And I like this is we're not going back from this, you know, but turned out we went back from that ETF is now Fareway down. Off what? It was a peak, that's for sure. [00:07:22][54.1]

Thomas Keily: [00:07:23] But it's still up. Yeah. Like I got in on that one as well. [00:07:26][3.4]

Adam Keily: [00:07:26] It's on my recommendation, wasn't it? [00:07:28][1.5]

Thomas Keily: [00:07:28] Yeah. It's done pretty well. It was. Yes, I think and I think it has it has accelerated a bunch of changes that are permanent. But I think the mistake was that we people thought that the boom in demand that happened was a sort of a covert lockdown story. And people weren't using this opportunity to sort out my tech gear and get the new TV and all of that. Yeah, that. So it's a pulled forward, a bunch of demands that also to smooth out. And I think in the long run, it has created a permanent shift in the way we do stuff. So I'm still I'm Hotaling that one. [00:08:03][34.5]

Adam Keily: [00:08:03] You're Houghtaling that. Oh, speaking of Hotaling, Thomas, a lot of people are huddling this week because Krypto and we can talk about Bitcoin. Bitcoin tanked over the past few days. I think it's down. It's down. Hovering around thirty-two thousand dollars I think was the last number I heard in the US, it was up, what, sixty thousand seventy thousand at one point given. [00:08:25][21.8]

Thomas Keily: [00:08:25] Yeah. Given in lunch. [00:08:26][0.8]

Adam Keily: [00:08:27] So thirty-odd percent at least it's come down from a question is Thomas, what do I do now. [00:08:34][7.5]

Thomas Keily: [00:08:40] I reckon so. So, I mean, the ridiculousness of this is it started with Elon Musk tweeting that you can now no longer buy a Tesla with Bitcoin. So that window of opportunity to buy Tesla with a bitcoin was all of about two months. It's now closed and that's caused the market to crash. But I think on the other and there was some regulation out of China, is that just [00:09:02][21.7]

Adam Keily: [00:09:02] so he could focus his efforts on the Doge rocket to the moon? Is this a spaceship? Demands? Well, fair enough. Is he, Caveh, managing selling Tesla's with Bitcoin and building a space rocket out of Dogecoin? [00:09:16][13.5]

Thomas Keily: [00:09:17] Know. Can you imagine being Tesla's CFO because the light comes down from the top? I want you to buy a one point five billion dollars worth of Bitcoin. So it's a lot like I'm going to tweet and crash the Bitcoin market. I do to offload some of this? Not we're not allowed to sell it. I'm tweeting that to. [00:09:36][18.4]

Adam Keily: [00:09:36] And then this afternoon with a spaceship, we're going to pay for it with Doge, where we get those from sales of Bitcoin. Yeah, we're not ready. [00:09:49][12.5]

Thomas Keily: [00:09:49] So but I think I think the thing is there's a Bitcoin that has been trading on a promise, the promise that someday it will become either currency or a store of sort of value. But neither of those things are realized yet. You can't really, you know, practically buy anything with Bitcoin. It hasn't been stable enough for long enough to be a store of value. So it's it's the promise that there's going to be one day be those things [00:10:13][23.5]

Adam Keily: [00:10:13] stable at all. Like it was stable enough for long enough. [00:10:18][4.8]

Adam Keily: [00:10:19] Has it been stable for any longer than about five minutes of plateaued somewhere or 2019 around the bottom there? And after that? [00:10:27][7.4]

Thomas Keily: [00:10:28] So, yeah. So it's trading on the promise. But now I think I think I think Marzook has caused everybody to look beyond Bitcoin and saying, look, there isn't actually a future for Bitcoin. [00:10:39][11.2]

Adam Keily: [00:10:41] Uh, let's change his tune now, isn't he? I mean, it was all about Bitcoin a month ago. Yeah. [00:10:46][5.4]

Thomas Keily: [00:10:47] Yeah. But I think it's a sort of it was a naive view. A lot of people saw it as naive. You like I mean, it's weird back in Dogecoin, which is you know, he's not backing down on those either. So, yeah. Who knows what's going on. [00:11:01][14.3]

Adam Keily: [00:11:02] He's just he's messing with the market. Surely it's unregulated. It's unregulated. It's the Wild West. And he's doing what you and fair play to him. If I had however many million followers, I'd be tempted to sway the market as well. [00:11:14][12.6]

Thomas Keily: [00:11:15] Yeah. If you could crash a market for fifty percent with one tweet. Yes. If you wouldn't. [00:11:19][4.2]

Adam Keily: [00:11:19] In an unregulated market where there's like. No, there's no one, there's no one watching over what happens then. But isn't that part of the issue too, that China is cracking down on it now that China came out and said they're banning cryptocurrency, which I think that it really allowed anyway. But yeah, but now they're like that's it's over. [00:11:39][19.7]

Thomas Keily: [00:11:40] Yeah. A number of headwinds for Bitcoin. But I think I think this is a maturation point in the crypto space to the extent that I think now with Elon Musk looking beyond Bitcoin and going like, okay, I was excited by Bitcoin for a while, but now I see it has these fundamental problems primarily tied to its proof of work basis, which means it's huge energy-intensive, more energy than Sweden now to run the Bitcoin network. That's not sustainable. And there are already a number of better alternatives. So if you believe there's a crypto future where it's, you know, crypto accounts for the bulk of global commerce, that's not a Bitcoin reality. That's something else. And so I now think the crypto market will transition away from Bitcoin to this. OK, this is my bold prediction. I think Bitcoin crashes and from here, this is the end of Bitcoin. I think Bitcoin peaked. I don't think we get a higher peak than this Bitcoin. And but I don't think this is the end for crypto. And I think we'll move to alternatives to Bitcoin particularly, and we'll move away from proof of work to something like a proof of stake or something like that. And I think I think that's the next move in the market. That's my prediction. Another bold prediction is I think we'll come back quite quickly. So the last crash in twenty seventeen, it took three, three odd years for the market to recover. That that that crash happened at a time where people didn't know if the market will recover this time around. I think people do not have that expectation because I've seen history play out. They've seen the two set twenty seventeen crash and rebound. I think now they will expect a crash and a rebound, but that rebound will happen. We're not going to have to wait three years for that to happen. I think that'll happen sometime, you know, in the third quarter. That's my other bold prediction for [00:13:27][107.0]

Adam Keily: [00:13:28] you did that I think earlier in the year. I don't know if I was on my run out. Well, you've been a bear of Bitcoin for as long as. I've been around, really, I think you said it was going to be the fire was going it was at five thousand dollars, you said the start of the year. I said, [00:13:43][15.4]

Thomas Keily: [00:13:43] yeah, I think I said 5000 was for Bitcoin was as likely as one hundred. [00:13:47][3.3]

Adam Keily: [00:13:47] Now, what's a bold prediction? [00:13:49][1.3]

Thomas Keily: [00:13:52] Wow. Yeah, that's a [00:13:54][1.7]

Adam Keily: [00:13:54] bold prediction with Bitcoin is going to move [00:13:56][2.3]

Thomas Keily: [00:14:01] Yeah, no, I mean, I have been famously skeptical of Bitcoin, but I stand by it. I feel vindicated. [00:14:09][7.6]

Adam Keily: [00:14:09] Before we get to a break, I just did want to talk to you about Facebook's tax situation and some concerns. Thomas, in the taxation circles that maybe Facebook aren't paying enough tax in Australia, [00:14:24][14.3]

Thomas Keily: [00:14:25] that's fair or the audit is grim and got their grim face on? [00:14:25][0.0]

Thomas Keily: [00:14:34] No, yeah, it's Facebook paid Facebook. Australia paid twenty million dollars tax. That's a lot. Yes. Yes, it is. But Facebook extracted from the Australian market. Seven hundred odd million dollars. Right. Um so far of the total revenue that they paid, not a lot coming back to Australia. So they have this reseller agreement effectively where Facebook Australia just it collects the revenue for Facebook International or whatever that body is. Right. And so it takes the money from all the businesses buying ad space. And then by and on the other side buys that ad space from Facebook International. And so their actual profit on that deal, what they report isn't very much. Yeah, right. [00:15:22][48.2]

Adam Keily: [00:15:23] So they're not alone, though. I mean, this is not just Facebook and Facebook ads. This is a Multinational Corporation one I one. [00:15:30][7.6]

Thomas Keily: [00:15:31] Yeah. Yeah, that's right. Google, Netflix. Yeah, yeah. All that they're all doing. This is the. Yeah. This is the way, the way it works. And this is why people are sort of a bit upset is that this is one of the key factors driving the government's media bargaining code and that sort of push we covered. Yeah. Earlier in the year, um, saying that. Yeah. That they derive a lot of value from the Australian market and contribute very little back in return. Um, and the numbers this, you know, this year paint a similar story. And I think people see those numbers, see how much revenue, you know, companies are making out of you know, Google's numbers are crazy like there are a billion dollars in revenue out of Australia and five hundred and fifty thousand dollars in tax paid or something like that. [00:16:16][44.2]

Adam Keily: [00:16:16] Yeah, well, I think I read somewhere that Amazon pays zero dollars in tax in the US. Like, it's just it's incredible. I think it's funny. Like like you mentioned Netflix. I think you rattled off Netflix in there somewhere. But we get upset about them not paying enough tax and yet we're all sharing subscriptions. [00:16:32][16.3]

Thomas Keily: [00:16:35] Yeah, I love this. The is there's this five hundred thousand um subscriber in that in Australia and eleven eleven million users are for five million, five million subscribers and eleven million years. [00:16:50][14.9]

Adam Keily: [00:16:51] Yeah. I need the multiscreen viewing one. How many. It's like because, because I think there's another service that I use which, which offers I think up to three screens. But like you can choose, you can have one screen to screen those three screens and this is a sports service. There's only ever one screen as more going on in my house, but the pricing gets more competitive as you add more screens. So yeah. Think that's right. Uh, you know, it's like you say we talk about ad revenue. Did you say the FA Cup final by any chance? Did you. [00:17:30][39.5]

Thomas Keily: [00:17:31] No. No. [00:17:32][0.9]

Adam Keily: [00:17:32] FA cup final, um, all of a sudden on the on the advertising billboard on the side was I was an advertisement, the length of the pitch on the digital advertising for Edith Cowan University was it. And everyone was like everyone saw it. They're like, well, Edith Cowan Uni doing advertising at the FA Cup final like this is normally reserved for the kind of Nike's of the world, you know, massive corporations. It's a huge football showpiece. The Fa cup final, Edith Cowan Uni, like, I don't know, tough climate to be attracting international students. I would have thought. [00:18:11][38.9]

Adam Keily: [00:18:15] but it turns out I just got a really sweet deal on advertising, just like Iraq came in. Just say, look, we had someone pull the pin on their advertising for the FA Cup final. We've got a spot if you want to. You can go now, like. Yep, we're in. Yep. Wow. So because they're in Perth on the 8th count, so probably closer to the time zone than the rest of Australia. But still, they're way off. No other international programs like, but they're just opportunistic advertising. They just like it. Let's do it bang [00:18:46][31.3]

Thomas Keily: [00:18:47] for the buck. [00:18:47][0.2]

Adam Keily: [00:18:48] All right. Why don't we pause here? We'll grab a quick break from our sponsor this week and be right back with more after this. [00:18:54][6.4]

Adam Keily: [00:19:23] Welcome back and comedian versus economist, and don't forget, you can, of course, always send us an email if you like, cve@equitymates.com or head over to the website equitymates.com/cve. We love getting your feedback in emails, but Thomas Pauline Hanson's been busy this week. She has blocked some changes to responsible lending legislation. Talk me through that. [00:19:49][26.4]

Thomas Keily: [00:19:50] Yeah, this is an interesting one as, uh, I don't really know where to sort of sit on this one, I think. Yeah. So she's come out and said she's blocking these changes that the government's trying to be trying to push through. And I think that's probably a good thing. [00:20:04][14.0]

Adam Keily: [00:20:05] Um, what do we mean when we talk about responsible lending? [00:20:08][2.7]

Thomas Keily: [00:20:08] Yeah. So there's this, um, National Consumer Credit Protection Act, which has this has one of its provisions is responsible lending. And this means that the banks can't lend to consumers more money, that they can't put them in more debt than they can handle. Right. And if they give a consumer too much debt, then that's on the banks. Yeah. Does that make sense? Yeah. Yeah. So yeah. So consumer. So it's a funny sort of structure in the sense of like if you falsify all your documents and lie to the bank and beef up your income statements and stuff like that, and the bank goes, OK, we're going to give you heaps of money and you buy, you know, totally speculative high risk apartment or something. [00:20:53][44.9]

Adam Keily: [00:20:54] Invest in crypto [00:20:54][0.5]

Thomas Keily: [00:20:55] crypto, for example. [00:20:56][1.1]

Thomas Keily: [00:20:57] Um, and you can then and the bank gives you the money. You can then turn around theoretically and under this sort of regime, you can then turn around and say, look, you shouldn't have given me that money. What that was that was irresponsible of you to give me that money. I clearly wasn't in a position to be right. OK, on that more that much debt, [00:21:15][18.3]

Adam Keily: [00:21:16] even if you lied to get it. [00:21:17][1.2]

Thomas Keily: [00:21:18] I think so, yeah. It puts I don't know, it's a bit of a gray area. Like it's it depends on a lot of the context, but the responsibility [00:21:25][7.0]

Adam Keily: [00:21:26] on your CV. It's your fault. You gave me the job. Yeah. I clearly wasn't qualified. I know. I said I was. I know my references all stacked up and looked really good, but I made a lot of it up. [00:21:37][11.5]

Thomas Keily: [00:21:38] Yeah. [00:21:38][0.0]

Adam Keily: [00:21:40] Yeah. If you fire me, that's unfair dismissal. [00:21:42][1.8]

Thomas Keily: [00:21:44] Clearly, that first reference was my dad. Yeah. [00:21:46][1.9]

Thomas Keily: [00:21:48] Um, yeah. No, it's why they owns is on the banks to it's why they need to see your income statements and go, they go through your details because they need to see that you can actually pay back the debt that you can take this on. Yeah. Um, yeah. And the onus is on the banks to do all that, to do those checks, and to have the right measures in place because the Credit Act as it stands, puts that responsibility onto the banks. [00:22:15][27.2]

Adam Keily: [00:22:16] Right. So what's to say? [00:22:17][0.7]

Thomas Keily: [00:22:18] Well, the government has been trying to change that. The theory, the, you know, speculation is that at the behest of the banks that the banks have been pressuring and saying, look, we don't really like this. We don't want to be on the hook if consumers get into trouble by taking on too much debt, we don't really want that. Thanks. Can you change that for us? So the government has been talking this up and trying to, you know, making moves to push this through. The context is interesting because it comes after the Haine Royal Commission, where the number one recommendation from the royal commission was don't change anything in the National Consumer Credit Protection Act. Number one point one, not just number one, one point one, one point one. [00:22:57][38.7]

Adam Keily: [00:22:57] Look, guys, if you take one thing from this report. [00:23:01][3.6]

Thomas Keily: [00:23:02] Yeah, it's in bold is highlighted in a red box. The NCPAC should or should not be amended to alter the obligation to assess unsuitability. [00:23:12][9.9]

Thomas Keily: [00:23:14] Oh, so that was the number one recommendation. But the government has ignored that and directly gone against that and has tried to push through the changes to push that push the responsibility onto consumers. [00:23:27][12.8]

Adam Keily: [00:23:27] I was a recommendation anyway. It's not. Yeah, I just took the recommendation and they said [00:23:32][4.9]

Thomas Keily: [00:23:33] Royal Commission. [00:23:33][0.4]

Adam Keily: [00:23:35] thanks for your suggestion. [00:23:36][0.5]

Thomas Keily: [00:23:38] Suggestion, it's a royal commission. The queen's envoy had a lot of good suggestions. We got there were more obviously. [00:23:45][7.2]

Adam Keily: [00:23:46] Thank you. Thank you. Hi. For yours. [00:23:48][1.6]

Thomas Keily: [00:23:49] So when covid hit, they tried to push it through saying like we need to get lending going again, we need to get credit flowing. So we need to make it, you know, remove this red tape from the banking regulator. Mortgage lending is booming, by the way. It's at all-time highs. So that that sort of that mode, like that rationale has been totally blown out of the water. Yeah. And so they've been but they've still been pushing with it. But then this week, Pauline Hanson came out and said that One Nation would not be supporting the changes that so it's now dead in the water. So they need the government needs three of the five crossbenchers. So one nation has to sit, they're out, the Tasmanian Jacqui Lambie in the South Australian. Patrick is saying they're not supporting it either. So it looks like the government is going to sit on it now and wait until after the next election, see if they can get it through. So, yeah, it's interesting when you go back. [00:24:40][51.6]

Adam Keily: [00:24:40] She's from Queensland, wasn't she? Pauline Hanson. Yeah, well, yeah. This is not my next story. Um, so the Brisbane City Council trying to get people to come back to work and fill the offices. They've joined up with landlords, building managers, and retails in a push. I think they're doing a. It's a six-week campaign to try and get people to come back to the office targeting Fridays. So they've launched this thing called Fridays in the city and trying to get there, trying to give people enough reason to come back into the office on Friday. I don't know why you like it. So I go into the office on a Friday as it is at the moment. To me, Friday is an easy sell. I mean, it's like there are Friday drinks. It's usually my casual Friday is funny now because everyone's working from home and they're in their tracksuit pads and, you know, whatever. If I ever got pants on, I think casual Friday could well be a chance that they are the most dressed up they've been all week. If if they're heading into the office for casual Friday, then it's their job. That's the advice is they've looked away. [00:25:49][68.3]

Thomas Keily: [00:25:49] Oh, shirts tucked in [00:25:51][1.4]

Thomas Keily: [00:25:53] and shoes I've shaved. [00:25:55][2.5]

Adam Keily: [00:25:59] Um, so yeah, the probably Council of Queensland director Jim Williams said Friday is attending the quietest day of the week as people work from home. I did read some other studies that said it was Friday and Monday. Mondays. I totally get I don't want to go into the office on Monday. No interest in going in on a Monday if I don't have to. Um, but apparently Tuesday to Thursday is really is kind of the busier days. And then Friday, presumably because everyone's not really working from home on Friday, they're working from home for summer Friday and they're probably taking fair chunks of Friday off. Um, so they're trying it. They've come up with some incentives to get people back into the office, which is a good idea. I think it should help people come back in. They're offering things like free breakfast bags. I don't know what's in a breakfast bag, like free breakfast bags. [00:26:47][47.7]

Thomas Keily: [00:26:48] So bag of breakfast. [00:26:48][0.7]

Adam Keily: [00:26:52] Doesn't sound like the most gourmet, Ofri. Like a doggy bag that eggs the free breakfast bags, coffee, exercise classes, but she also went on to say there are her plants, juices, and there's even a psychic and tarot readers in one building, which. Wow, um, strange. Are they I guess horses for courses is like I predict you'll come back next Friday for the free coffees. Um, yeah. [00:27:30][37.6]

Thomas Keily: [00:27:32] I mean, this follows a move. I don't know if you saw this from Melbourne to Melbourne CBD introduced Flomo Fridays. My Friday's Fermor Friday, similar to the concept, was giving away free donuts, apparently. Really? Apparently, that's what sells in Melbourne. Melbourne's a bit, you know, hoity toity. [00:27:48][16.0]

Thomas Keily: [00:27:48] They didn't go for breakfast bags, but they'll take a donut. [00:27:51][2.7]

Thomas Keily: [00:27:53] Uh, um, yeah. It's maybe when we know that sort of. Yeah. CBD, CBD is still getting slaughtered. We know traffic is way down. It still hasn't sort of made back, I think like 50 percent of its pre covid levels. So people are still just avoiding the CBD like the plague vacancy rates, the office space it through the roof. Yeah, it's still a graveyard in the CBD. It's pretty brutal. So it makes sense trying to bring them back and bring them back Friday. Also, like, I think the rationale with Friday is Friday is a day where is the day where people, office workers would spend outside the office to look through the week? You know, they might be bringing their lunch from home and they're going straight home after work. But Friday is the day where they go out for lunch and then stay for drinks after work. And. Yeah, and so that Friday would have been far and away the busiest trading day for that support, you know, shops around the CBD offices. Yeah, totally. So trying and trying to reenergize Energizer Friday makes sense. But yeah, it's a it's a tough sell I think. [00:28:57][64.0]

Adam Keily: [00:28:58] Yeah. Oh yeah. I've been there for like it's not that hard, is it? Like for me, it's just like you can come in and get away from the house and kids. Perfect. I'm there so I get coffee at a breakfast bag is amazing. [00:29:13][15.1]

Adam Keily: [00:29:15] Can I come in on Saturday? [00:29:16][0.7]

Adam Keily: [00:29:20] Uh, I think we will. On that note, we'll leave it there for this week. Thank you again for cheating and we really do appreciate listening to the show. Love it. If you could go on, leave us a review and a writing on, uh, on iTunes, I. Oh, big news. Massive news. Thomas, we've got an Instagram page now and page together. I feel like such an old man doing it. I was Googling, How do you set up an Instagram page for a podcast or for a business, as it were? Not obvious. It's fair to say. I think Facebook. Yeah, Ren could improve their usability a little bit on Facebook and Instagram, obviously. Um, but anyway, we're up and running. We're away and we have an Instagram page. So hello, fellow children. Um, yeah. We need to get some to your charts, Thomas, which people have been loving on the equity markets page. So, uh, [00:30:16][56.5]

Thomas Keily: [00:30:17] yeah, I've got hundreds, hundreds [00:30:18][1.2]

Adam Keily: [00:30:19] of chats, but that's not how I pictured the marketing combined with the Instagram page leading with like hundreds of charts coming at you [00:30:30][10.8]

Thomas Keily: [00:30:33] No. [00:30:33][0.0]

Adam Keily: [00:30:35] Uh, anyway, we'll try and produce entertaining and engaging content for the Instagram page. I don't really know. I'm quite new to this whole space. I haven't. You got to have you on Instagram. [00:30:46][10.5]

Thomas Keily: [00:30:47] No, not yet. But I do aspire to be an influencer of influencer. [00:30:50][3.5]

Thomas Keily: [00:30:51] Yes. What an influencer in the fintech space is called influence. [00:30:55][4.0]

Adam Keily: [00:30:56] Give us some other names for it. Uh, anyway, so check that out. Check out all the great other great shows across equity mates media, of course. Uh, but yeah, we'll leave it there for now. Thanks again for your company. We'll see you again next week. [00:30:56][0.0]

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