Discover Your Ideal Investing Style

Bryce: [00:01:09] Welcome to Get Started Investing feed. In this podcast, we cover all the basics. You need to start your investing journey. We unpack all the jargon and confusing bits, hear your investing stories with the goal of making investing less intimidating. And of course, we like to have a lot of fun on the way. My name is Bryce and as always, I'm joined by my Equity Mate Ren. How are you going? [00:01:29][19.5]

Alec: [00:01:29] I'm very good Bryce very excited for this episode. We're going to get a little bit active today. [00:01:34][4.4]

Bryce: [00:01:34] Oh yes. Yes. We're going to stand up and move around... To be active [00:01:41][6.6]

Alec: [00:01:48] you can't have all your bad jokes cut. [00:01:49][1.6]

Bryce: [00:01:52] Yes, Ren. We're going to be talking about active investing. This is the second episode in our curriculum series. We've been talking about investing styles. [00:02:01][8.9]

Alec: [00:02:02] in curriculum series, [00:02:02][0.8]

Bryce: [00:02:03] whatever it may be [00:02:04][0.8]

Alec: [00:02:04] a second chapter of our three parts on investing styles. [00:02:07][3.0]

Bryce: [00:02:08] Second chapter. [00:02:08][0.6]

Alec: [00:02:09] Oh, no, we're calling it a chapter, the second part of the same chapter. [00:02:12][2.8]

Bryce: [00:02:12] Anyway, it's episode two on Investing Styles. And to recap, the last episode we touched on what it means to be a passive investor and what it means to be an active investor. And there are plenty of routes that you can take when it comes to active investing, which is what we're going to be touching on in this episode. You may have heard of terms such as growth, value, momentum, technical analysis, and that's what we're going to be covering off today through a bit of a game. [00:02:41][29.3]

Alec: [00:02:42] Yes. So if you're in a passive investor, the decision about how you invest is quite easy. You buy and hold market indexes, managed funds or broad thematic ETFs. You put more money over time. You go to the beach and you let other people do all the work for you. If you're active, there's plenty of choice about how you invest you and depending on your style, you might be investing in different companies or different markets or different assets even. And you're looking for different things. You're researching different numbers and metrics. You're looking at different aspects of the company. And so we were thinking about how we could do this episode in a way that wasn't us just reading from an economics textbook or a CFA, you know, exam notes or something. I don't know if this is even asked in this essay, but we decided on a bit of a game game. Who am I game where we'll throw out some key, I guess, uh, characteristics, characteristics. Love that. And then, I mean, we wrote the notes, so it's not going to really be a surprise. We'll get the answers right. But I think if you're listening, you can sort of play along at home and have a think about like some of these different characteristics and also think about do they suit your way of thinking, the time that you have available, the amount that you want to spend in terms of time and money in investing. So so, yeah, a bit of a game. We'll see how it goes. Could flop, could flop. [00:04:20][98.0]

Bryce: [00:04:20] We won't go into the weeds too much on the technicalities of all of these things. We'll keep it high level and you can give us an email if you if you'd like more information just before we do kick off their Ren exciting that we are only two days away from our live show live show. We're partnering with Staake to present all access, a series of live shows that will give you an industry Deep Dive and some insights from industry experts. We're kicking off with alcohol and beverages industry this Thursday, the 29th of April, superexcited starting at seven p.m., tickets are sold out, which is great news. However, you can still join from the comfort of your lounge room by streaming the event. The tickets are available on our Instagram, Twitter, Facebook. The links are all their tickets are free and you can buy streaming. You can put yourself into the running for plenty of merch packs, plenty, plenty of free prises around booze and a bunch of other awesome things. So we've got five industry experts joining us for a life panel session with Ren and I this Thursday. Make sure you don't miss out. [00:05:24][63.5]

Alec: [00:05:25] Yeah, we're going have to be sharp on timings. No waffling from, [00:05:27][2.6]

Bryce: [00:05:27] you know, waffling. Oh, I'm coming with a lot of clock. All right. So shall shall I kick off Ren? Sure. I'll ask a few who are my questions and you can tell me what you think. The type of investor that I am, so I am an investor looking for companies that are disrupting industries or in industries that are growing very quickly. Price is not that important because I think my investments will grow for years or hopefully decades to come. A lot of the time my companies I invest in are not profitable, but I'm okay with that. Surprisingly, yeah, they go. And the metrics that I care most about are revenue growth and profit growth. Who am I? What is my investing style? [00:06:18][50.3]

Alec: [00:06:18] Your investing style. You said it twice in the last characteristic. You're a growth investor. [00:06:24][5.6]

Bryce: [00:06:25] I am a growth investor. And you're right. I did say it twice. The metrics that I am most looking forward to seeing revenue growth and profit growth. And I'm looking for companies that are going to grow quickly within their industry and [00:06:38][13.5]

Alec: [00:06:39] in many cases grow into the price that you're paying. [00:06:41][2.5]

Bryce: [00:06:41] Yes. So some immediate examples come to mind. A lot of them you're seeing in tech attachment. Yeah, a lot of tech companies, tech [00:06:49][7.6]

Alec: [00:06:50] by now, Pilade. It's the Buzzi stocks. It's the buzz is still. Yeah, growth is the sexy style of investing, but it can also be quite high risk because you're often paying a premium for these stocks because people expect them to grow so much. So if they don't grow, there's a long way to fall on the downside. [00:07:06][16.8]

Bryce: [00:07:07] Absolutely. All right. You want to keep. [00:07:09][2.4]

Alec: [00:07:10] Yeah, yeah. OK, who am I? I am looking for companies with strong cash flow or profit. I care a lot about the price I pay for an investment. Growth isn't that important for me. If a company doesn't grow its profit, but I can buy the existing profits it does make at a good price, then I'm happy and I'm looking for companies that I can buy for a discount to the profits that they will make [00:07:37][27.7]

Bryce: [00:07:38] for years to come. So some buzzwords in here and you've used a couple of times price, good price discount, which tends to make me think that you are a value investor looking to buy companies at a good price relative, I guess, to their value, [00:07:57][19.0]

Alec: [00:07:58] to the profit, to their [00:07:59][0.8]

Bryce: [00:07:59] profits. And and it's more important that you get that than a company that is growing quickly. [00:08:05][6.4]

Alec: [00:08:06] Yeah, yeah. So that's that's that that's that's value. So I've got [00:08:12][6.1]

Bryce: [00:08:12] growth and we've got value Ren. We'll take it to another level. The first thing I look at is what the company owns. I want to buy a dollar for fifty cents. I don't care about future growth prospects for the company. I don't care if it grows at all. All I dream about is a company that owns one hundred million dollars in land that is trading at twenty five million dollars in value. Yes. Now that might sound a bit complicated and a bit sort of in the weeds, but what investor am I so deep value. Deep value direct [00:08:47][34.6]

Alec: [00:08:47] which which which may be confusing. We just talked about value. Now we're talking about deep value, the way that we conceptualise it and value investing purists might come at us. But I think for us this is a really simple way to think about it is when we think about value investing, we we think about the company's future profits and how much we can buy them for today. And you want to get them take the profit or the cash flow. When we're thinking about deep value, we think about what a company owns today and think about that's value compared to the share price. So one's about like future profits. And what's the value of that? That what's the price we're paying for those future profits today? That's value. Date value is like what does a company own on its balance sheet and can I get them cheap? You know, like does a company own one hundred million dollars worth of land? But I can buy that for twenty five cents on the dollar. [00:09:43][55.9]

Bryce: [00:09:44] And as we touched on last episode, you need a hands on active approach when it comes to active management. And you also need to take the time and have the time to do some analysis on these companies. And you can start to see by these questions that we're asking the analysis that needs to go in, particularly with value and deep value in understanding whether or not you are actually getting value for money or value against the profits. This is not something that you can just throw darts at a dartboard and hope, [00:10:12][28.3]

Alec: [00:10:13] no, no. And because, you know, like with growth, you care a lot about like is it is the company actually growing so good to stay close to that with value and date value, care a lot about the price that you pay and then you want to sell it when the price that you think is a fair price is fully realised. These aren't buy and hold set and forget investment. You do have to keep an eye on them. All right. Next one, I'm going to do the characteristics because I know this is one after your own heart, okay? My number one investing tool is China. [00:10:45][32.6]

Bryce: [00:10:46] Got it. [00:10:46][0.2]

Alec: [00:10:49] I look to buy, I looked at time my buy and sell decisions based on what patterns are appearing on these charts. I think the charts give me an insight into investor psychology. I'm looking for key resistance levels. When a share price hits a certain level, I think investors are willing to buy back in or if it hits a certain high, investors will sell out. Some of the key indicators I look for include cup and handle patterns, a towel bottom or a morning dog. You risk the [00:11:25][35.6]

Bryce: [00:11:25] head and shoulders. [00:11:25][0.3]

Alec: [00:11:27] I actually just chose some of the funny, funny and nice [00:11:30][3.2]

Bryce: [00:11:31] look Ren a lot of jargon in there and Urata have dabbled in this space. This is a technical technical analysis, investing style. [00:11:43][11.4]

Alec: [00:11:43] If people have ever seen those investing charts of like a price and then people drawing a whole bunch of lines on top of that. Yeah, that's technical analysis. [00:11:52][8.4]

Bryce: [00:11:52] And those funny terms that you mentioned at the end there, the cup in hand or a towel bottom morning, doggystyle, the head and shoulders, they are all types of patterns that appear on the page once you start drawing a bunch of lines or the way in which the stock prices is moving. But yes, you're talking about an investing style known as technical analysis that is not thinking about the company or its growth potential or its balance sheet or anything that growth and value investors look at. They these investors are purely using the movement of price on the charts and as you mentioned, psychology of investors to make decisions on when to get in and out of stocks. It's not about the actual company itself in most instances. [00:12:36][43.8]

Alec: [00:12:37] Yeah. And this of all the investing styles, to my mind at least, is the most time intensive one. Like if you're thinking about people that spend all day watching markets, for me, this one and the next one that we'll get to in a second. But this one in particular is I'm going to sit down in front of three screens. Yeah. And watch. [00:12:57][20.2]

Bryce: [00:12:58] I mean, you're competing here against algorithms. That's that's the thing. Like you, if you want to beat the market, you've got to beat some of the most powerful computers in the world who are sitting there looking in the smallest of milliseconds to make investing decisions based on technical analysis. So, yeah, [00:13:15][17.5]

Alec: [00:13:16] the algorithms are a particularly potent force in the next one as well. So let's get onto that. [00:13:20][4.7]

Bryce: [00:13:21] All right, Ren. So I care about what other investors are doing. I want to buy when others are buying and sell when others are selling. My number one investing tool is trading volume. In other words, the amount of trades that are being put on when there are more buyers and sellers. I expect prices to go up. When there are more sellers than buyers, I expect prices to go down. That's your classic supply and demand. Some of the key indicators I look for include relative strength, index moving, average convergence, divergence, average directional index. Don't panic about those jargon terms that if you haven't heard them before but Ren what am I. [00:14:02][41.2]

Alec: [00:14:02] So you are a momentum investor momentum. Yeah. Now don't panic about those pieces of jargon, but if you feel like this makes sense to look them up. Google, um, also I know someone is going to have a crack at us that you can never have more buyers than sellers or more sellers and buyers in a market, because by definition, every time a trade happens, there is a buyer and there is a seller. There are plenty of unfilled orders though. So yeah. Yeah, you can have more potential buyers or [00:14:31][28.4]

Bryce: [00:14:31] plenty sitting in the sideline. [00:14:32][0.9]

Alec: [00:14:32] Desired buyers. Yeah, yeah. So just wanted to say that before someone slid into our dams. Um but yeah. You're on momentum. Try to you you're, you think the supply and demand is everything and when stocks are in demand and people are willing to pay higher, higher prices to get their hands on that stock, that'll drive the price up. And then when supply is higher and people are willing to sell and, you know, they're trying to get it off their books, trying to get it out of their brokerage account, they'll continue to accept lower and lower prices. And that momentum, you think, is a big trading opportunity? Yeah. [00:15:09][36.6]

Bryce: [00:15:11] Yeah. So I think it ties nicely into technical analysis in some way because, again, you're not looking at the fundamentals of the company. You're not thinking about growth prospects. You're purely looking at what are other investors doing with this stock and how is the price translating to that? [00:15:25][14.4]

Alec: [00:15:26] This the time frame on momentum doesn't have to be super short term as well. Like a stock could have six months worth of momentum. Yeah, but you're in years, but you're looking to buy when that momentum starts building and you're looking to sell when that momentum slows down and the. Sellers start to really pile in. All right, I'll do the next one for me, growth in share price isn't the most important factor. I want my investments to pay me an income. My investments need to have stable profits and ideally growing profits so they can support a steady, if not growing income. Australia is my favourite market in the world. Who am I? [00:16:13][46.7]

Bryce: [00:16:14] Yeah, I'm a retiree. Yes, I am that. I am a retiree who has an investing style that is based around income. As you've mentioned [00:16:26][12.0]

Alec: [00:16:26] here, you don't have to be a retiree. [00:16:27][1.0]

Bryce: [00:16:28] You don't have to know there are plenty of income investors. Income is a style of investing. It is heavily favoured as you get older in life and you do want your investments to generate an income. Perhaps if you have retired and you don't have a job, but you can make investment decisions based around the income that you want to generate, and that then leads you down a path of choosing particular investment products. So Ren you mentioned Australia's favourite market in the world. That's because Australia has very favourable tax conditions for dividends as well as many companies here in Australia do actually pay dividends. [00:17:05][37.5]

Alec: [00:17:06] Well, that's a chicken and egg paying dividends because it's tax efficient to pay dividends, whereas in America it's less tax efficient. So they just buy back stock instead. [00:17:14][8.2]

Bryce: [00:17:15] And there are a number of other products as well that you can invest in that pay in income. So they would go to income. [00:17:21][6.1]

Alec: [00:17:21] Yeah. Now let's keep going with this game because I think it hasn't completely flopped, which is always a good sign. But before we do, we need to earn some income. So let's hear a quick word from our sponsors. [00:17:31][10.0]

Bryce: [00:17:33] Ren, you are all about getting fit, you've bought the garment, you bought the golf membership, you bought the gym membership and you're on the mind MasterChef and even in lock down last year, you bought those resistance bands of Instagram that from memory didn't even come. [00:17:47][14.0]

Alec: [00:17:48] No, look, they didn't come. But all of that effort really was cancelled out by the numerous menu log orders that were a real staple of my lockdown experience. [00:17:57][9.5]

Bryce: [00:17:59] Well, we've just headed into a new financial year, so I think it's time you get money fit with Virgin Money, our latest sponsor. [00:18:06][7.0]

Alec: [00:18:07] That's right. Bryce with a high interest savings account bundled with a seriously rewarding everyday transaction account. You can manage your money easily on the go smash your savings goals and be rewarded for it. [00:18:18][12.0]

Bryce: [00:18:19] And with the Virgin Money Go transaction account, you can earn rewards on your everyday spending with zero monthly fees. Sounds like just what you need. Ren. [00:18:28][9.3]

Alec: [00:18:28] Yeah, the FBI twenty one get Ren didn't quite work, but if y 20 to get Ren money, it might be to go [00:18:37][8.4]

Bryce: [00:18:38] back to your own Bayt Virgin money terms and conditions and monthly criteria apply. Now let's get back to the show. [00:18:44][5.8]

Alec: [00:18:46] So we'll continue with this game. I'll I'll do the next one. Yeah, so who am I? I think the fortunes of individual companies are tied to the global economy. I think the future prospects of Commonwealth Bank are more tied to Reserve Bank interest rates. Australia's housing market and global credit markets than any projects happening inside the company. I cower in fear whenever I hear the term US China trade war. So I spend a lot of time analysing government policy and thinking about what it will mean for the economy. [00:19:23][37.4]

Bryce: [00:19:24] So a lot of high level stuff going on there Ren a lot of, you know, I guess views that are not so granular. And that leads me to think you are a macro investor. Yes. So you're you're not concerned about what is going on within Commonwealth Bank, but you're concerned about the forces that are occurring within Australia and around the world from an economic and business point of view and a geopolitical point of view as well, and how that might affect companies and your investing decisions. [00:19:57][33.7]

Alec: [00:19:58] And if you think about how that's different to the other, what, five, six that we've spoken about at six. So the first thing we spoke about you all we all started with the companies themselves. We were you know, I care about the company's growth or I care about the price I'm paying for the company or what the company owns or even what the companies chart looks like. Your first port of call is the companies themselves. That's known as a bottom up approach. You might hear that jargon a little bit. This macro investor is the opposite. They don't start with the companies. They start with, like what's happening in the global economy, what's the government policy? And then depending on that, they're like, oh, this will help banks. All right. Well, let's have a look at banks and, you know, they go down the other way. So that's known as a top down approach, starting with the big stuff going down to the companies at the end. So you might see a bottom up or top down approaches as pieces of jargon that that's the difference. [00:20:53][54.5]

Bryce: [00:20:53] Yeah, and a classic example, I apologise for using jargon, but if you were to think about the discussion around inflation at the moment, that is a macro force, I guess. And if you're to invest thinking about inflation, then you're going to be led down a particular route, depending on which side of the debate you're on. But that's an example of investing with a macro approach. [00:21:18][25.2]

Alec: [00:21:19] So there's seven of the key styles of investing you should be aware of. I guess hopefully you've had to think about the differences and where you think you fit in growth, value, deep value, technical momentum, income macro. Nice. Now we've got a theme. This game is not done. This guy, this show rolls on. We got three other styles that are shouldn't be part of your decisions. It shouldn't shouldn't be a choice for investors. But unfortunately, too many investors do fit into these. And look, shouldn't we we have at times definitely fit in today's, um. But we're trying to get better. [00:22:06][47.2]

Bryce: [00:22:07] Absolutely have fit into these. And I think it's important to say that you're most likely going to invest in one of these styles at some point, probably [00:22:16][9.4]

Alec: [00:22:17] authorising [00:22:17][0.0]

Bryce: [00:22:17] your investing journey and the earlier you can do it and potentially make a loss and understand the mistakes, the better. [00:22:24][6.5]

Alec: [00:22:25] So, OK, off, let's do it there is that to be clear, these are not ones you should be considering. [00:22:31][6.4]

Bryce: [00:22:32] Don't I keep buying stocks when they're most expensive and lose money? I hate reading on the Equity Mates discussion group how much people have made on Zip and Afterpay, and I always feel that I'm a couple of days too late to an investment. If my mates make money off a stock, I'm jealous. [00:22:49][17.5]

Alec: [00:22:51] You are a FOMO investor. That's right. And fear of missing out on gains and you hate to see other people making [00:22:58][7.2]

Bryce: [00:22:58] you hate to say it. You hate to see your friends making money and you're always reading that stocks are going up and this and that and people are making a fortune. So you inevitably then jump in on the stock. But it's too late. You've missed the boat, the stock falls and you lose some money. [00:23:14][16.0]

Alec: [00:23:15] Yeah, this is me circa December. Twenty seventeen in the crypt. The first crypto bubble couldn't have picked the one I was I was so good for so long. And I was like, I don't believe in it. Well, I think it's, you know, it's just hype. I'm not going to do it. But the constant WhatsApp messages about how much money you boys were making, eventually I bought right at the top of classes, so I got it. I resisted the foamer for so long, but then I fell victim to it. Hopefully people out. I can learn from my mistakes. Next one, I love chatting stocks at the pub and in WhatsApp groups. I've got a mate that knows a lot about investing. I hate doing research myself. I'd rather follow what other people are investing in. I think investing is just like gambling. [00:24:05][50.2]

Bryce: [00:24:06] Oh, I mean, there's many words you could associate with this one, but it sounds like Ren that you are referring to the classic stock tip investor. Yes. Love, love. A good stock tip from from a mate, from a friend through a text message or wherever you may be, [00:24:22][16.3]

Alec: [00:24:23] to my sister's boyfriend's uncles, brothers, dog trainer. Yes. Works at this company. And he it's going to go to them. [00:24:34][10.6]

Bryce: [00:24:34] Exactly. You don't do any of your own research. You blindly put the money in. And lo and behold, it doesn't pay off. [00:24:42][7.7]

Alec: [00:24:42] Yeah. And then you start to think it's like gambling because it's just random. That's it. But the fact of the matter is, it's not random. You just haven't done the work. [00:24:49][7.5]

Bryce: [00:24:50] So don't take stock tips. Do your own research. Now to close this one out, Ren. Once I buy a stock, I don't need to check it again. I think of myself as a passive investor, but I actually invest in individual stocks. Stocks only go up as we know, and I've owned Telstra for the past five years. There's a joke there that that would be a pretty bad investment. [00:25:12][22.6]

Alec: [00:25:13] But yes. Yes. Who am I? You are Ren. I think we can't with this term. Yes. Not as you are an ostrich. Yes. Bury your head in the sand. [00:25:23][9.5]

Bryce: [00:25:23] Head in the sand. Don't look at it. But I haven't put enough in place to ensure that if I'm not looking at it, I'm actually doing myself good. Because if you're randomly choosing individual stocks and you're not paying attention, then you may as well not be investing. [00:25:39][16.3]

Alec: [00:25:40] Now, this is an important distinction and I think people may. Oh, what? People often get tripped up on it. It is more than okay to be an ostrich, bury your head in the sand, don't look at things for a decade, however long. If you're going to be investing in like if you're a passive investor and you're investing in like the market index or managed funds, um, you can just sit and forget and let other people do the work. You know, that's the whole principle of super is bury your head in the sand until you retire. It's only when we start talking about individual stocks where burying your head in the sand becomes a. No, no, it's because just because individual stocks are more risky, you know, things can go wrong more easily because one company can screw up or, you know, something can go wrong in the industry or a competitor can start taking market share whilst you can bury your head in the sand. If you're just owning a little bit of everything and you're just betting on capitalism to do its thing, if you're owning individual companies, you do just have to keep an eye on them. [00:26:51][70.8]

Bryce: [00:26:51] Absolutely. So Ren, that does bring us to the end of our episode on Who Am I investing styles. Hopefully by now we've been able to shed some light on what it means to be a passive investor and the approach that you could take. And then now we have gone through what it means to be an active investor and the many different styles within that. I think it's it's important to say that, you know, you don't have to start with one and stick to it. As we've said many times before, find what is right for you. Ask yourself the questions we spoke about in the last episode around. Do you have the time? Do you have the energy? Do you have the knowledge to be able to do some of these styles and and don't let it stop you from starting? Yeah. [00:27:38][46.9]

Alec: [00:27:39] Now we do have a listener question to close up, sold out. So let's get to that. Melissa in our Facebook group asks how to best build a portfolio of growth and value. That is, does it really need to be an either or situation which are perfect timing for that question? So that's probably why we included it. So how would you answer that? [00:28:05][26.1]

Bryce: [00:28:06] I mean, you can build a portfolio of growth and value. You'd need to be looking at each company through both lenses, I guess, to understand which one you're going to be placing it in because you buy and sell theses will be completely different. One is a company looking for growth within an industry. You're not so much concerned about the price you pay, where as the other, you're concerned about the price you pay. And when you sell, that stock will be different to when you sell a growth stock. So you can do it. You can balance a portfolio of both approaches, but you need to know why you're buying the stock, if it is growth or if it is value. And you know, the level of knowledge that you'll need on both fronts is is a bit different. [00:28:49][42.6]

Alec: [00:28:50] Yeah, yeah. It's rare that you can say there's one company that fits all the criteria for growth and all the criteria for value. What you often find is investors that say they're a combination of value and growth are really growth investors but have heroic growth assumptions and then discounted cash flow and say, oh, well, I'm getting the future earnings cheaply. And so then they say they're both they're really focussed on the growth side. Then the more than the value side, I think. Yeah, just you can definitely have both. I mean, you could do all, what, seven different approaches that we said you could you could split your money into seven different sections and you could try and run them all. You probably wouldn't have any time left in your day. No. And you probably wouldn't do a great job of it. I think the important thing is to know what your strategy is, know how much time you can dedicate to it, know how many positions you want to hold. But look, there's nothing wrong with having some value and some growth because there are times when growth will do better than value and there are times when value will do better than growth. And so if you think about like the biggest money managers in the world, you know, the the Yale endowment, the Harvard endowment endowment, these multi-billion dollar funds that are trying to build multigenerational wealth for these institutions, they run a whole bunch of different strategies and they say, you know, dedicate 20 percent to managers who have run a value strategy, will do. Twenty five percent of managers who run a growth strategy. And then, you know, over time they'll say, all right, we think value is going to do better. So we'll put more of our money into value in less of our money into growth, maybe do some alternative assets, you know, all that stuff. So a hundred percent, you can do both, but just be really clear about what each company or what each fund or what each ETF you're buying, like where that fit. Is it passive and is it growth, is it value, is it momentum? And just be really clear about what you're doing and why you're doing it. [00:30:53][123.2]

Bryce: [00:30:54] Nice one. Well, that does bring us to the end. Next week we are going to be closing the investing styles out with having a look at the a day a month in the life of a passive investor, some of the actual actions and investments you might make. Same with a growth and a value investor. And then we're also going to touch on our styles of investing and how we approach our month or year or whatever it may be. So looking forward to that. Ren always good to chat stocks. Hopefully you. Out there have been able to get something out of this that will help you on your investing journey. We'll pick it up next week. [00:31:28][33.9]

Alec: [00:31:28] Sounds good. [00:31:29][0.3]

Speaker 3: [00:31:30] Get Started Investing feed is a product of Equity Mates media. All information in this podcast is for education and entertainment purposes only. It is not intended as a substitute for professional finance, legal or tax advice. The hosts of Get Started Investing feed are not financial professionals and are not aware of your personal financial circumstances. Before making any financial decisions, you should read the product disclosure statement and if necessary, consult a licenced 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 the ASIC resources and find a registered financial professional near you. In the spirit of reconciliation, Equity Mates media and the host of Get Started Investing feed acknowledge the traditional custodians of country throughout Australia and their connexions 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. [00:31:30][0.0]

[1752.3]