How you can invest with the world’s best fund managers

HOSTS Maddy Guest & Sophie Dicker|23 November, 2021

Meet your hosts

  • Maddy Guest

    Maddy lives in Melbourne, works in finance, but had no idea about investing until she started recently. Her favourite things to do are watching the Hawks play on weekends, reading books, and she says she's happiest, 'when eating pasta with a glass of wine'. Maddy began her investing journey when she started earning a full time income and found myself reading about the benefits of compound interest in the Barefoot Investor. Her mind was blown, and she started just before the pandemic crash in 2020. What's her investing goal? To be financially independent for the rest of her life, and make decisions without being overly stressed about money.
  • Sophie Dicker

    Sophie lives in Melbourne, and enjoys playing sport, and then drinking red wine immediately after finishing sport. She works in finance, but honestly had no idea about investing until her partner encouraged her to start. She says, 'my interest has only taken off from there - I find it exciting… I mean who doesn’t like watching their money grow?' Her investing goal is to build the freedom to do things that she's passionate about - whether it be start a business, donate to causes close to her, or to take time out of the workforce to start a family. Right now, there’s no specific goal, she just wants to have the freedom when she'll need it.

Imagine if there was a TED talks, but for investing… Where the best fund managers from around the world pitched their highest conviction investment ideas to build a portfolio that you could invest in. Well, look no further than today’s episode because we have the solution for you! Hearts and Minds Investments brings together hall of fame fund managers from across the world to create ASX: HM1. And it gets better, because the fund also waives the typical investment fees and instead donates the money to medical research. 

Keep track of Sophie and Maddy between the episodes on Instagram, or on TikTok, and come and be part of the conversation on Facebook with our You’re In Good Company Discussion Group.

Got a question or a topic suggestion? Email us here

*****

In the spirit of reconciliation, Equity Mates Media and the hosts of You’re In Good Company acknowledge the Traditional Custodians of country throughout Australia and their connections to land, sea and community. We pay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander people today. 

*****

You’re In Good Company is a product of Equity Mates Media. 

All information in this podcast is for education and entertainment purposes only. Equity Mates gives listeners access to information and educational content provided by a range of financial services professionals. It is not intended as a substitute for professional finance, legal or tax advice. 

The hosts of You’re In Good Company are not financial professionals and are not aware of your personal financial circumstances. Equity Mates Media does not operate under an Australian financial services licence and relies on the exemption available under the Corporations Act 2001 (Cth) in respect of any information or advice given.

Before making any financial decisions you should read the Product Disclosure Statement and, if necessary, consult a licensed financial professional. 

Do not take financial advice from a podcast. 

For more information head to the disclaimer page on the Equity Mates website where you can find ASIC resources and find a registered financial professional near you. 

You’re In Good Company is part of the Acast Creator Network.

Maddy: [00:00:19] Hello and welcome to You're in Good Company, an investing podcast striving to disrupt the norms in the finance industry. I'm Maddy, and as always, I'm in some very good company with my co-host Sophie. 

Community member: [00:00:40] Show me the money, honey. Hi, you're in good company. My name is Katie and I'm 26 years old. I currently work in digital marketing for a not for profit, and I earn around four and a half thousand dollars a month. My current investment strategy is ever changing as I'm currently attempting to save for a house deposit. God help me, but I do hold mostly company based shares that are usually Australian, but I do my toes in an international market here and there. My portfolio currently sits at about $14000, with just over $4000 of that been profit. I've also just started dipping my toes into cryptocurrencies, and I somehow have managed to turn $200 into one thousand two hundred with a lot of trial and error and mostly small holdings. 

Sophie: [00:01:42] Today, we're chatting to the chief investment officer of Hearts and Minds Investments, which is one of my favourite discoveries as of late. How it works is that the company pulls together some of the best stock pictures from some of the leading fund managers in the world and then allows people like us to invest in the portfolio. And then why is the typical investment fee and instead donates money to medical research? 

Maddy: [00:02:04] I love you and then it gets better. It gets better. I love it, too. I think it's one of those things that I had no idea about. And then when we first spoke about it, I was like, Oh my gosh, there's actually something that you can invest in, and that also gives to charity. But they have a group of core portfolio managers whose stock pictures make up 65 percent of the portfolio. And then each year they have a conference which is coming up in December, called the Sovereign Hearts and Minds Conference, where the best fund managers from all over the world share their greatest investment ideas. And this makes up 35 percent of the portfolio. So when we say some of the best investors we're talking about, like Cathie Wood, 

Sophie: [00:02:39] if you are interested in getting involved and investing, the tiger is one and it's listed on the ASX. But let's get into it today. We are so excited to welcome to the show. Two guests, both very closely related to this awesome initiative. First up is Rory Lucas, chief investment officer at Hearts and Minds Investments. Rory has over 25 years of experience with the stock market, and as the CEO of Hearts and Minds Investments, it is his duty to oversee the $780 million portfolio of the best ideas from some of the world's top investors, all while supporting charity. Rory, welcome to you and good company. Hi there. 

Rory Lucas: [00:03:16] How are you guys going? 

Maddy: [00:03:18] We're very excited to be chatting with you today. So, Rory, we usually start every episode with a couple of questions and we're doing a slightly condensed version this morning. Am I going to ask if you are a stock, who would you be and why? 

Rory Lucas: [00:03:32] Yeah. Okay. Well, for me, personally, giving back to society has always been an important part of my life. And so any company that's always going to be or be involved with not only has to be good for its shareholders, but it's also got to give something back. In the past, I used to and I still do. I ride a bike quite a lot and I'd go to crazy distances raising money for charity. Like most recently, it's been two to cure crazy rides like Sydney to Brisbane or Brisbane to Cannes. 

Sophie: [00:04:06] Oh wow. 

Rory Lucas: [00:04:07] And we go round all of the schools teaching kids about cancer awareness, and now that that charity so far has raised $67 million and so. So it's an important thing for me to be able to give back to any company that I was going to be involved in has to have a charitable, charitable or philanthropic side to it. But it's also got to be good to its shareholders because companies don't exist without it shareholders and maybe guys that are putting the money on the line. And so it's got to be something that works to shareholders and does something back for the greater good.

Sophie: [00:04:42] So Rory, you're the chief investment officer of Hearts and Minds Investments. Can you tell us a little bit more about what this is?

Rory Lucas: [00:04:49] Our hearts and minds investments. I was going to say it's a company or a listed investment company, but I'll keep it even simpler than that for you. It's actually a group of people. It's a group of people that are like minded that have got together and they want to make a difference. They want to make a difference. And what sort of people are involved in hearts and minds? Well, there are fund managers like my co speaker here. We've got some beneficiaries because we're making a difference to beneficiaries. We've got we've got the nuts and bolts people that every company needs, that the service providers, the accountants, the lawyers, the administrators, the custodians and stuff. And we have got shareholders because, like I said, companies need shareholders to put up the capital. But hearts and minds, investments central to it all is we've got a portfolio of shares and those those shares. It's listed on the Australian Stock Exchange, the ticker go to this one. The share price at the moment is four point twenty three, I think it was yesterday. So what that means is that investors can get access to this portfolio of shares, which you understand a lot more of. As we as we got through this this podcast, but you can you can buy access to that portfolio of shares and you can also make a difference to the greater good by being part of H1N1. That is a good explanation of what what it is. It's a group of people. 

Sophie: [00:06:11] So the company that you're talking about before, when you're saying who if you're a star, would you be re talking about H1N1 virus, it's 

Rory Lucas: [00:06:20] on that trend. I think that probably. Yeah, it is. It is. It makes such a difference. And it's as you guys said, I've been working for 25 years and this is far and away the coolest thing I've ever been involved in. I get up and I just love every bit of my job.

Maddy: [00:06:39] I love the simple definition that you give of what you do. You know, it's just a group of people. We often have people asking us, you know, what is a fund manager? And like, what do these companies do? And it can be so confusing. So I love this group of people. Very simple. Very easy to understand. Now, Rory, you have a very exciting conference coming up called the Son Hearts and Minds Conference. Can you tell us a little bit about what this is? 

Rory Lucas: [00:07:05] Well, I have said outlines investments is a group of people this this whole thing started back in 2016 with the inaugural Sewn Hearts and Minds conference, and I'm sure you guys and a lot of your listeners have heard of Ted talks where people get up and talk for eight minutes about anything. Well, some hearts and minds conference is sort of an investment version of that, where we get a whole heap of really smart investors and they stand up and they get told you've got eight minutes to talk about your very best investment idea. Now, why would they do that? Well in the audience? There's a whole heap of investments. There's this other fund managers, they want to hear what the best idea of the best fund managers going around is so that they can invest in them themselves so that they can. They can uncover a new fund managers and try and make money. And where am I going with that? Well. The people that go to the conference buy tickets to go to the conference now. The conference also donates all the proceeds of the ticket sales and any other revenue that it makes to various medical research institutes. So again, it's philanthropic, but you get to like when it's being live, you get to you get to sit at the Sydney Opera House or down to the Melbourne Convention Centre or next year, Tasmania. So it's getting really cool. But for this year, last year it's been virtual. You get to listen to the smartest fund managers in town telling you about why they think a particular stock is the best investment, which is which is a really cool thing, and people will just sort of desperate to come and listen to it. And so we started with a couple of conferences and the group of people saw how well it was going. And I said, How can we make this even better? Because, you know, smart people always trying to make it even better? And then so in 2018, what we ended up doing was combining the conference speakers with another group of select fund managers to create a more diverse portfolio of shares around the ideas of the conference and our what we call our core fund managers. And so we've now got a portfolio, which is what I said was central to hearts and minds investments. We got a portfolio of about 30 stocks at any one time, which shareholders can benefit from by buying the the stock itself. 

Sophie: [00:09:39] It's such a great opportunity for retail investors because generally, you know, we wouldn't be able to have access to getting our money into the hands of these Hall of Fame fund managers and most incredible investors. So to be able to have the opportunity to invest in H1 and have our money invested in these incredible people's highest conviction ideas, it's just such an awesome opportunity. I am interested to know, though, what is in it for the fund managers because you attract some pretty incredible names. So why? Why do they care?

Rory Lucas: [00:10:11] Yeah, great question. And it comes back to the philanthropy of, like I said, all the proceeds get donated to medical research. And so a lot of fund managers have been successful in their own careers and a lot of what I've found. Speaking to successful, successful people, a lot of people that they want to give back, they want to give back to society. And like I said, the conference came about because before the conference, some of these like minded people, they were doing the black tie ball fundraising events, and then I thought, how can we make it even better? And so that's how the conference came about. And so the fund managers get involved because I want to help our shareholders be want what they want to help, you know, without the without people coming to the conference, people can't people. There's no money that's going to be generated to be donated. And so people will only come back and listen to the people that are speaking. So they do that. Our core managers, who we were lucky enough to have one of them with us today, Phil, he also by being a co-manager, which he does completely pro bono as well, he is able to channel some of the donation that we make each year to beneficiaries of his choice. So everyone's got a cause that they care deeply about. If it's cancer prevention, if it's heart attacks, if it's mental health, which is becoming more and more prevalent, everyone's got a cause, you know, young and old alike. And so the fund managers that we've got, they they provide the intellectual property to us and the idea in the in the name of shares, but they can also channel some of the donation, which has become quite meaningful. I'll tell you in a minute to to benefit the beneficiaries of their choice. 

Maddy: [00:12:04] So how does the money actually get donated and how much money has been donated to date? 

Rory Lucas: [00:12:11] So. So all all funds, as I'm sure you guys are aware, have changed management fees. So so what I am one does is in lieu of a management fee, which is generally about one and a half percent. In lieu of that management fee, we donate one and a half percent of the value of our portfolio each year, but paid every six months to the various medical research institutes around Australia of the fund managers choice and of the board's choice. And we're pretty proud of this because since we started, it's just ticked over $30 million that we've donated huge. 

Sophie: [00:12:48] I remember listening to you speak on the Equity Mates podcast, probably, maybe last year, but it could have even been a couple of years ago now. And I remember listening about the concept of H.M. one and just being so excited and blown away because, you know, obviously finance new. Sydney is an area that Sophie and I are both so interested in, and we really love it, but to be able to sort of take this other angle and be able to incorporate other things in life that you care so much about and put it together with investing is just such a cool concept, and I wish I'd come off it myself. But that's okay. I have to ask before we switch over to chatting with Phil. What is your favourite stockfish to come out of the conference thus far? 

Rory Lucas: [00:13:34] Look, yeah, there's been about there's been 10 to 15 every year and there's about 50 of them. They're all so good. And yeah, like, it's hard. It's hard to pick the best one. I'll give you two. It's going to be Tesla. Tesla is going to be number one, which Cathie Wood from ARK Funds pitched last year. And the reason and the reason it's it's my favourite is because it was gutsy. It was a real gutsy call. Cathie Wood she at the time was actually considered the most trolled portfolio manager in the world, and it was because of her views on Tesla. They were controversial. She said that they were far and away the best electric vehicle company in the world. She described them as a technology company, not a car company. And so many people were naysayers, haters, you know, they just they didn't want to do it, and she had the guts to stand up and say why it was such a good pitch. And you know what? 500 per cent share price appreciation 12 months later. Yeah, I have to give the money to Cathy gutsy and successful and the other one, which I was just when I was just listening to it, it was just one of those glued to the, you know, glued to the the stage that it was when when I missed, call it, one of our one of our fund managers with Spotify, everyone else qualified. Everyone uses it now. He spoke about how they were really going to take over the podcast world, and it was just it was so compelling. And again, it sounds, it sounds small compared to the 80 percent you know that we gained in that year is just phenomenal. And it was just fascinating to listen to. And and hopefully those those pictures and a lot of the other pictures open listeners up to investment opportunities outside of the banks and BHP and Rio and building materials of the Australian stock market. There's a big, big world of investment out there and hopefully we're opening people's eyes to some of those things. 

Sophie: [00:15:47] Well, I, for one, am very excited to tune in to this year's conference, and it gets inspiration for some new stock picks to add to my portfolio. But where are you going to take a quick break for our sponsors? And we'll be right back to chat with one of the core portfolio managers of hearts and minds. Phil King is chief investment officer at Regal Funds Management and a leader in his field. He was inducted into the fund's Management Hall of Fame in 2019. He joins us today as one of the core fund managers of hearts and minds investments, as well as a previous conference portfolio manager. So Phil, thank you so much for joining us today. 

Phil King: [00:16:28] Hi, thanks for having me. 

Maddy: [00:16:29] so it'd be rude not to ask you the same question that we asked Rory just to get to know you a little better. So if you were a stock or a company, who would you be and why? 

Phil King: [00:16:40] That's a great question. I think the stock I'd like to choose is Life 360. Life360 is an app listed on the Australian Stock Exchange a few years ago, and it's growing rapidly and now has a market cap of around $2 billion. We've lost 360. You can keep track of where your family is. They can bring families together. At the moment, I'm looking at my phone and I can see my wife's at work. My daughter's at university. One child on the school bus heading to school and my other son is still in bed. So it's not for everyone, but it does bring families together. And that reminds me of Lego, which is our business that we it's important for us to have a social purpose. As Rory said, you know, doing something like managing money for charities is a wonderful thing to do. And so we're very proud to be associated with hearts and minds that we also manage money for other charities. Real life Luxury six is also growing rapidly, and I think we've got a reputation for being a leader at what we do in life. 360 is a company that I like to be kind of be associated with. 

Sophie: [00:17:50] I love it. And Phil, you've got a pretty impressive CV, but I'm keen to go right back to the start. How did you first get started investing? 

Phil King: [00:17:59] Well, I bought my first shares when I was at school at the age of about 14 as well. Yeah, I was going to pass. I had a very inquisitive mind and I had an uncle that was involved in investing. He put me in touch with his stockbroker and I bought my first shares and when I was at school, my two brothers got me some money. My friends from school got me some money, and there are also investors with later tonight. I think Warren Buffett said he bought his shares when he was 13 years old, and his biggest regret in life is the fact that he wasted so much time. So I think Warren, I very much share his passion for investing. Although I didn't watch stock alias aged 

Maddy: [00:18:38] 14 is still pretty good, like I wouldn't beat yourself up about that one. Now, Raghu has generated some pretty impressive returns a total of one hundred and sixteen percent since inception, net of fees and annualised returns of thirty nine point one percent per annum. So these are very impressive numbers. How would you describe the investment philosophy at Regal Funds Management? 

Phil King: [00:19:03] Yeah, we're very much believers in the stock market and the stock market, providing the best returns over the long term. And we think in general, most stocks are probably fairly valued. An occasion for various reasons opportunities arise where stocks aren't fairly valued, and that's where we try, and that's why we do a lot of work and try to identify when something isn't fairly valued. And so that stock I mentioned earlier, Life 360, we saw the potential for that company to really gain a lot of users globally. It was the best of what it did. I tried the app and I found it extremely useful. And so that was a stock that we invested in in our other stocks that we've invested early in things like A2 Milk and, you know, I bought it only works when my wife came home with some second skin care products. And so often it's identifying something for other people, but also these other inefficiencies or opportunities that arise in the stock market for various reasons, such as often we find that when a stock joins an index, it gets pushed up and that can be a good opportunity to sales up. So we look for opportunities in the stock markets where stocks might not be fairly valued. 

Sophie: [00:20:17] I think BWX has become from probably being not very well known to our community, one of the most well-known stocks after it acquired Go to Zoe Foster Blake Co.. Not long ago. So Phil Regal Funds is a specialist alternative investment manager. What do you mean by alternative investments? 

Phil King: [00:20:38] Well, I just love mainstream investment strategies as shares, bonds, property and cash. And then my definition, anything that is not one of those categories is probably an alternative investment category. And so that would include things like what we did, which is long, short indexing, and I'm sure you're going to ask me what shorting is life. And so but also alternative investment strategies includes other things. And Regal as a business is involved in things like water trading, electricity trading. We think about launching a carbon trading fund and we have invested in a royalty firm. And so there is lots of other alternative investment strategies out there. You know, crypto trading would be an alternative investment strategy and certainly, I don't think would be considered mainstream yet, but it's certainly becoming more and more popular. 

Sophie: [00:21:32] It's getting that 

Maddy: [00:21:33] we just finished our crypto series and one of the guests did say, we said which asset class is it a part of? And she's like, Oh, definitely alternative. So going onto, you know what you mentioned about the long shorting. So if we take a long position on buying a stock, which is often what we've spoken about on this podcast, it's believing that a stock will increase in value over the long term. But can you explain, I guess at a high level what it means to take a short position on the stock 

Phil King: [00:22:02] side of shorting is simply selling before you buy as most people buy and then they have the supplies up and then they can sell and hopefully take a profit. When you sure you borrow those shares and then sell them and then you hope the stock price goes down and then you hope you can buy shares at a lower price. Now you yes, I had to borrow shares, and not everyone can borrow shares. And that, I think, creates the opportunity for legal that are set up to borrow shares. And so I just like you can borrow some money from the bank, might go to the bank and borrow a dollar and then have to pay that back at some stage in the future. We go to our prime brokers and they lend us shares and so we borrow shares from them and then we can sell those shares in the stock market. But the cash is one day will have to buy those back and return my shares to the lender. And that's what we do. So we can use shorting for what we call pure alpha or profit purposes, or we can use shorting to hedge away some of the risk going out long positions. And so that just is life insurance outside the stock market crashes that can provide some insurance against our long investments.

Maddy: [00:23:20] I've actually heard recently a lot of people talking about shorting Tesla because they're, you know, we have Elon Musk talking about how he wants to sell off a bunch of his shares, and he has done so. And so people are saying, Oh, the price is going to go down, so they want to short the stock. So is that kind of I know it's a bit of a funny example, but does that kind of what the whole preface is like the one thing, the stock price to go down

Phil King: [00:23:43] exactly shorting Tesla is saying one of the worst trades in the last few years as already set this up as an incredible, I think it was up maybe six or seven percent last year. The danger with shorting is that the losses can be unlimited, whereas when you buy shares, you can only generally lose what you invest in. If your insurance is, you can lose two, three, five times your money or more. And so that's why it's very dangerous. That's why I believe professionals should be doing it professionals to get better from time to time. But yeah, and Tesla has had many, many sceptics that you know who credit Twitter. Musk is obviously an incredible company, and up to now is to prove the sceptics wrong. Let's wait and see. 

Sophie: [00:24:35] Stay tuned. So, Phil, you've been involved in hearts and minds for many years now. You're currently a core fund manager. You've recently been a conference manager. Can you tell us a little bit about your role with hearts and minds, and I guess why it's important to you to be involved? 

Phil King: [00:24:51] Look, it's a great privilege to be involved with hearts and minds. It's a way for me to give something back as it were. You know, Rory highlighted how much money has been raised, the charitable purposes, and that is incredible. And I would say humbled and proud to be part of it. And, you know, I think I'm good at investing. And so using my skills as an investor is probably the way I can make the most meaningful difference to other people's lives. And so it is also quite an easy thing for me to do because I'm investing every day. And so to share some of my expertise, some of my stuff with Rory and his team is quite easy for me. And so I think it's a great concept, and I think it's great for young managers like us who can give something back. I think it's great for investors and obviously it's great for the charities involved as well. So. We're very proud and privileged to be part of the aftermath.

Maddy: [00:25:52] And what's your process for finding a good stock? I mean, if you're giving it on to the hearts and minds team, I'm sure you know you want to be giving a winner. So what's your process for doing so? 

Phil King: [00:26:03] Yeah, it is a little bit of pressure on the tipsters. I only want the best of the best. And so you really want to make sure it's a high conviction position. And so we follow a set of stock selection process at Real, you know, when most and most importantly, a fundamental investor. And so valuation is very, very important to us. We want to buy cheap stocks and we want to short, expensive stocks. But one thing I've learnt in my almost 40 years in the market is that sometimes you've got to get the timing right as well. And so I really might say it's expensive. But you know, if you've been trying to show Tesla, you would have been blown up. And so it's very important to get the timing right as well. And so we want to find safe stocks and then we have three more steps in our process just to get the timing right. We want to identify what macro headwinds or tailwinds are affecting that stock with Tesla. Obviously, there are huge uptake of electric vehicles. This is a massive tailwind for that stock. We want to identify Candace what's something that's going to change future and that can often be in the next earnings result or something like that. And then finally, we want to identify where other people are making a mistake because one thing I've learnt about the market is it's doing what everyone is telling you to do, and often that represents the top in the market. And so often I think it's good just to be a bit of an independent thinker and try and do something a little bit different than what everyone else is telling you to do. And so that's important for us. And so, you know, we had a portfolio of any satellite radio and we just try to identify those three best source for the hearts and minds core portfolio. And yeah, we contribute those to Rory. 

Sophie: [00:28:00] I have to ask any tasas what you're contributing this year? 

Phil King: [00:28:05] Well, I think a little bit of the Matty there's promise you won't tell anyone. 

Sophie: [00:28:13] My lips are sealed. 

Phil King: [00:28:15] So we have Rory three long ideas as it were further called for failure. But what I'm doing this year, and it's quite brave, I feel, because short, insane, incredibly tough in the last few years, I'm going to be pitching a short idea and, you know, shorting, you know, I'm enjoying share supplies in 20 years, and the last few years has been one of the most difficult periods for shorting shares. Interest rates are low money on my street and many stocks are trading like bitcoin, and I just know fundamental valuation and getting moved by sentiment and use light and shorting. I say very, very tough and I'm just kind of stick my neck out and it's just your ideas, are I? And say that I

Maddy: [00:29:04] personally am so excited to watch that because I still can't really get my head around the idea of shorting. Like, I think I understand the fundamentals, but I need to see a pitch in action and understand, like your reasoning behind so that one is going to be 100 percent one. I'll be tuning into 

Sophie: [00:29:19] back to Rory now, Rory, we have to ask. We've had two months has managed to get Charlie Munger to headline the conference this year, who has to be one of the most well recognised and famous investors globally if we want to tune into the conference that starts on Friday, the 3rd of December. And I guess this conversation in particular, how do we tune in? 

Rory Lucas: [00:29:43] It's all online. It's a virtual conference. First of all, you can buy tickets from the Sun. Hearts and Minds website, which has some hearts and minds, dot com. Today you can buy tickets there, and then you'll be sent your video link basically to watch it. The advantage of a virtual conference is that you're able to listen to the stock pitches, including pools short pitch for five days. You can listen to it again and again and again. So we are asking, you understand shorting really well because you can just jump 

Phil King: [00:30:18] out of the box, 

Rory Lucas: [00:30:21] which is a great way. Excited, but the one that you need to listen to on December the 3rd is Charlie Munger. We call them fireside chats because he is going to be having a chat with the chairman of another of our core managers, Caledonia Investment Partners. His name's Mark Nelson. Again, he's he's revered in the investment community. Is is a dead set. To keep it simple. He's chatting with Charlie for an hour at 11 o'clock on the 3rd of December, so you have to tune in. That's a once only. But the stock pitches, as well as another keynote speaker we've got, which is the the profits one of the professors from M.I.T. and one of the co-founders of Madonna and Professor Bob Langer. He's also speaking as a keynote. So I reckon that will be just as fascinating, given obviously everything that we've experienced in the investment world and just in the world with Covid. So that'll be good. But yeah, five days to listen to all the pitches, which is a really good thing, I think, especially for younger investors, because they're not sure they can pause it. They can listen to it again.

Sophie: [00:31:35] Very true. 

Rory Lucas: [00:31:37] Which is a really good thing, I think, 

Sophie: [00:31:38] and it's an incredible opportunity because I know historically Ren this event has been run in person. Tickets have been, you know, thousands of dollars and now we can access tickets for just $500 or with the Euro in good company discount card or via pod, you can get 20 percent off. So can we go to the website to buy tickets? Is that? 

Rory Lucas: [00:31:59] Absolutely. So Sun is so H10 hearts and minds dot com dot a 

Sophie: [00:32:05] great and we'll put the ticket details all over our socials so you can find them there to close out the episode. Rory, what piece of advice would you give to someone starting out on their investment journey? 

Rory Lucas: [00:32:18] Yeah, look again. You're probably saying I try to keep things pretty simple. I would say read, read, read. That would be the first three things. There's a lot of information out there, but also ask questions. Ask questions. Something something I always try to teach my sons is know what you don't know and then find people who know the answers to some of those questions. And don't be afraid to ask questions. There's no such thing as a silly question. There's nothing wrong with asking a question, twice a reading and asking questions. Start small when you when you invest, as Bill said, you can lose with a long investment. You can lose what you put up, so only invest what you're willing to lose. But don't just buy it and forget about it. You know what? I'm saying that the best investors do is that the whole time after they've invested, they look for why they might be wrong. If you can't find any reasons with all your reading and asking questions, you can't find why you're wrong. Then you're probably going to do OK. But if you can find why you're wrong. Don't be afraid to cut back. You know, like when, especially when I talked to my father, that that generation that bought shares and I don't sell them, they decide I'm not going for a loss in this investment world and I have to back me up. Admitting you're wrong has got to be the most important piece of advice I could give anyone of that. 

Maddy: [00:33:47] It's we always say, you know, an investment journey isn't perfect, and you learn the best lessons from the mistakes that you make and feel. What would your piece of advice be for someone starting out on their investment journey? 

Phil King: [00:34:00] Yeah, I agree with what Rory said. It's important to read is important to be paranoid. I think being a little bit paranoid and not overconfident is there, but also I think it is important to work out, you know why you're investing. Are you an investor? I would try to if you're an investor, I'd encourage you. I tried too much. Just try and invest for the long term and don't get back to five share price moves. And if you're a trader, I would encourage you. Have fun. And, you know, don't invest more than you can afford to lose. 

Maddy: [00:34:31] There is sound advice. Guys, thank you so much for joining us today. We really appreciate your time and we are both very much looking forward to the conference and hope that our audience will access it as well. 

Phil King: [00:34:44] Thanks for having us. 

Rory Lucas: [00:34:46] Thanks for having us. It's been great. 

Maddy: [00:34:51] I'm personally so pumped for this conference. I think that every year some amazing stock pitches come out of it and it's so crazy that we can actually access 

Sophie: [00:34:59] it, and I'm so excited. 

Maddy: [00:35:01] But if you're interested in buying tickets to the Sohn Hearts and Minds conference, it's coming up on the 3rd of December and tickets are available now at Sohn Hearts and Minds dot com dot a u. Sign is SRO h and tickets 

Sophie: [00:35:13] to this event have historically been thousands of dollars. And while they are still a little bit expensive, you can get five days of access to the online conference for $500 and use the discount code Wijk Pod for 20 percent off to save you $100. 

Maddy: [00:35:29] Post this conference, we're going to be jumping onto our Facebook group and discussing some of the stock pitches, so it's why I see investing podcast discussion group.

Sophie: [00:35:37] If you have any questions from today's episode, send us a DM on Instagram at YIGC podcast, and if you enjoyed the episode, we would love for you to share it. 

Maddy: [00:35:46] A friend and you'll hear from us next week. 

Sophie: [00:35:49] Catch you, then

Get the latest

Receive regular updates from our podcast teams, straight to your inbox.

Start your week the right way with five of our favourite articles from the past week. Read what the team at Equity Mates are reading and expand your knowledge of the world of finance and business.
The perfect compliment to our Get Started Investing podcast series. Every week we’ll break down one key component of the world of finance to help you get started on your investing journey. This email is perfect for beginner investors or for those that want a refresher on some key investing terms and concepts.
The world of cryptocurrencies is a fascinating part of the investing universe these days. Questions abound about the future of the currencies themselves – Bitcoin, Ethereum etc. – and the use cases of the underlying blockchain technology. For those investing in crypto or interested in learning more about this corner of the market, we’re featuring some of the most interesting content we’ve come across in this weekly email.