Knowledge is Power: Finding the right information

Bryce: [00:00:37] Welcome to get started, investing a series of lessons to help you get started on your investing journey. This is a series for anyone that wants to access the markets and start investing, but isn't really sure where to start. Our aim is to make the markets as accessible as possible for you. And as always, my name is Bryce and I'm joined by my equity buddy Ren. [00:01:00][23.1]

Alec: [00:01:03] Im Glad, eight episodes into this. We've really nailed it. Just letting you know that my name is always Bryce. Oh, he's always. [00:01:11][7.9]

Bryce: [00:01:12] Just in case people were getting confused. We actually didn't address at the start of the show why I call you Ren. And people are probably very confused because your real name is Alec. Send in your best fan theories to contact@equitmyates.com. Yes. His name is Alec. I call him Ren. The markets named him Ren. So anyway, enough of our names. Let's kick in. Let me explain. Well, let's kick into the show, Ren. [00:01:37][24.8]

Bryce: [00:01:37] So we've spoken about jargon on the previous episode and we have an official stance of no jargon. This is all about investing in layman's terms. And today's episode is taking that a little further and starting to dissect some of the places that we go for information that have all of the jargon in it. [00:01:55][18.4]

Alec: [00:01:55] Yeah. So, yeah, last episode we brought down a bunch of jargon. [00:01:58][2.5]

Bryce: [00:01:59] And this episode we are going to discuss where we go to find information. You know, one of the biggest questions that we often get from investors is where do you guys start? Where do you find information about your stocks? Where do you find stock ideas? Where do you get inspiration from now? I think from the outset there is no one stop, one one hit wonder. There is no one Web site or newspaper that gives you everything that you need to know. So in today's episode, we are going to break down where we find information and what we use them for. We are investing journey. So I think we can start with information around company specific sort of stuff. Then there's also using, I guess, a broader investing community to find information and then more specifically, some of our, I guess, Web sites in newspapers and more specific resources that we use. So Ren, you could write our thoughts starters email, which is what we release every Monday. If you haven't signed up, definitely go and do that. Five five. Interesting article. [00:02:56][56.9]

Alec: [00:02:56] Some believers say eight episodes too much. Forget about it. We might well have to add something in post. [00:03:01][5.3]

Bryce: [00:03:02] So if there is one place to start for information, it is by signing up to thoughts starters at equity mates.com. It's five interesting articles that have piqued our interest over the previous week. And I think let's start with that Ren, because it's not always company specific stuff that we're putting in there. It's a great it's a vast array of stuff that you put into the newsletter. Yes. Where do you find all of these different sorts of things that you love? [00:03:28][26.0]

Alec: [00:03:28] A rabbit hole? I do love a rabbit hole. [00:03:30][1.5]

Alec: [00:03:31] As we go through this episode, it's probably an answer of all of the above. Yeah, but I think in general terms, we've never had better access to information than we have now. Yeah, the Internet has just democratised information that for decades, centuries, decades for markets, marketplace was only available to a select few. But with the Internet, we have so much accessibility to company information, information from other investors and expert investors in the community, and not just through, you know, finance podcasts like us interviewing them, but literally from these investors are writing and then releasing it to the public. And then there's a whole bunch of third party analysts and, you know, amateur stock pickers that run blogs and websites and all the rest and release this information for free. And at the same time, the big institutions are also releasing stuff that normally you would have to pay for. [00:04:28][57.7]

Alec: [00:04:29] Now they're giving it to you for free. Yeah. So the Internet is a firehose of information. I'm not sure I've heard that before. [00:04:34][5.5]

Bryce: [00:04:35] That might have been for me as someone interviewed someone recently that we interviewed on Air Cremates Investing podcast, referred to it as a firehose of information. But I can't remember who it is off the top of my head, it was someone anyway. [00:04:46][11.5]

Bryce: [00:04:47] And let's not dwell on who it was, but it is a great. Mark Bernburg. Maybe it was a great analogy. [00:04:54][7.1]

Alec: [00:04:55] Yeah, I was obviously really stuck with us because we're using we're not claiming it is our own. No. Yeah. [00:05:00][5.5]

Bryce: [00:05:00] So Ren I thought a good way to do this would be to actually just almost do it as a bit of a case study. Let's sort of maybe choose a theme and pretend that we're trying to find a stock and go through the process of starting at the macro level. Where would we find information on that macro theme and then moving through to finding information, particularly about that stock I liked and and how we would sort of finish up? [00:05:23][22.8]

Bryce: [00:05:23] Because that's generally that's a process that I go in anyway. I rarely sort of think, oh, I am going to directly go to this stock because it's you generally come from me researching sort of broader trend. Yeah. [00:05:35][11.4]

Alec: [00:05:35] So I guess that what you're talking about is a top down approach. You're saying you identify the same or the country or the market that you think is particularly interesting and then you go down layers that way. Yeah. The other option that you're alluding to is bottom up. So maybe you're looking for particular financial indicators or something like that, and you find a bunch of companies that make a certain set of criteria that you have. Yes. And then that's the starting point, is that list of companies that meet whatever criteria and then you do bottom up research. So you do individual research on those companies. And if you think those companies are interesting, you then go to what's happening in their market. Yeah. Economy, their industry, stuff like that. So you go up and you eliminate companies as you go, or the other option is you go down. Yeah. And you're looking at companies as you go. Either way, the concept is really fundamentally the same, which is you start with the investing world, really, and then you narrow in until you you eliminate companies or HCF sort of up that don't interest you and then you're left with your investments. [00:06:38][63.0]

Bryce: [00:06:39] Yeah. Yeah. [00:06:39][0.3]

Bryce: [00:06:39] And to be honest, I do both. You know, when we do our mastermind series with Julia Lee on Cremates Investing podcast, I generally do a bit of a bottom up approach. I'm not sure how you approach that. But skipping forward a bit here, I think a resource that is very useful are stocks screener's. Yeah, you are skipping forward. So, look, let's not skip forward, okay? Let's go from the top down approach. All right. [00:06:59][19.5]

Bryce: [00:06:59] Well, let's just take transportation as an industry that we're interested in and let's pretend that we want to find out more about it and hopefully come down to maybe four or five stocks that we want to invest in in transportation industry. Yeah. Now, we don't to be too specific, but generally speaking, the way I would start now, let's just say I've come across transportation as an area of interest because I really enjoy reading the IFR and I find Australian Financial Review. It's a newspaper that comes out daily, Australian newspaper, all things finance and marketing related. Now, that would be one way that I have found transportation is an area of interest. What other ways perhaps would you have come across transportation as an area of interest? Ren. [00:07:41][41.7]

Alec: [00:07:42] So potentially, you see the government are making big investments in infrastructure. Yeah, potentially you are raiding not the IFR, but maybe your rating, just a normal newspaper and you're reading about demographic trends. [00:07:56][14.0]

Alec: [00:07:56] So you're reading about the massive population increases in Sydney and Melbourne, and you start to think about how people are going to move through this city and what industries are going to benefit from it. One of them's obviously going to be increased demand for transportation. Potentially, you're learning about new technology and you're saying, you know things about self-driving cars and stuff like that. And you're like, oh, this is an interesting industry. And you start researching it that way. [00:08:20][24.1]

Bryce: [00:08:21] Where sort of resources do you generally find yourself doing these sorts of things they like? Are you on Reddit or you're on Sydney Morning Herald? Are you on Vogue dot com? [00:08:31][9.3]

Alec: [00:08:32] Always. But that's just because I'm extremely fashionable. [00:08:34][1.9]

Bryce: [00:08:36] I think from a resource point of view, where can people go to find this sort of information? [00:08:39][3.3]

Alec: [00:08:40] And really the list is endless. Yeah. I think day to day being on top of the news is really important, both financial and general, but then also longer term reading books. I don't want to give a set of like recommendations in terms of these are three or four places you need to look. You just need to be cured. Yeah, yeah. Just whatever it is like if you're on the train and you're just looking through your Apple news or whatever, like just be curious. [00:09:10][29.9]

Bryce: [00:09:11] So my curiosity has led me to come across three shipping companies and two trucking companies, all within transportation, because I found a couple and read it and found a few reading newspaper articles, probably take a step back. [00:09:22][11.5]

Alec: [00:09:22] You decide that transportation is an interesting industry for you. How do you even get to that point where you've got the five companies that you were alluding to? [00:09:30][7.6]

Bryce: [00:09:30] To your point, if they were talking about large infrastructure development contracts being awarded and as part of that, they made reference to a number of companies that had been awarded those contracts and they were a large trucking companies. [00:09:43][12.3]

Bryce: [00:09:43] So bang, there's two companies in the paper that you could think, well, this is a place to at least start. [00:09:48][4.9]

Alec: [00:09:49] So I think the other places you could start are one is literally just Google. So you could literally Google ASX listed trucking transport companies or transport companies just generally, and you could get a list. The other thing is, so Yahoo! Finance and Google Finance are really useful resources run by obviously Yahoo! And Google, and they're just really useful sources of information. They consolidate a lot of information about companies. What they also have is a related company section where they list companies that are in a similar industry or in a similar field. So to your point, if the news was talking about transport company, let's say Toal, you could go to look at Toll and it may have related companies, you know, DHL, FedEx, Australia Post. Wouldn't really be. It's not publicly traded, but you know what I mean. It lists the similar companies. Yeah, really good. Good point. Couldn't tell you. Shipping companies, merr nurses. [00:10:44][54.8]

Bryce: [00:10:44] Mad. Yeah. [00:10:45][0.5]

Bryce: [00:10:46] So. All right. So we've found companies. We've found some related companies. So now it's time to start pulling together stock specific information. Right now, there are a number of ways to do this, but there's probably no better way to begin than from the truth source of the truth, which would be the company Web sites themselves. In my opinion, a great place to start getting an overall picture of what the company is all about. Key messages and strategic outlook from the company itself is through the investor centre on yesterday. [00:11:15][28.6]

Alec: [00:11:15] They think websites are really crucial point. Don't just Google. You know, if you let's take Toll as an example. If you're looking at trucking, don't just Google Toll because you'll get the customer facing Web site. Yeah. You want to hire them to drive something. That's where you go. Investor centre or investor relations. Just add that to your Google search. You'll get the Web site specifically for investors. [00:11:38][22.4]

Bryce: [00:11:38] All companies have to have this on their Web site if they're publicly listed. Sometimes they it's hidden away down the links, down the bottom. Sometimes it's in the top right hand corner. You need to look out for it. But that will have all of the information that is applicable to investors. You'll have previous annual reports. It will have presentations they've done at their annual general meetings. It will have all announcements that they've made to the market, everything that you need to get a general idea and even specific idea for financials and that sort of stuff. Once you get to that point is all found through the Web site. [00:12:07][28.7]

Alec: [00:12:07] Yep. Now, I think the important call out is it's obviously from the company. Yes. If they've got bad news, they're either going to find a way to obscure it or find a way to sugarcoat it. Yeah. And if they've got good news, they're going to try and make it great news. Yes. So they're always just has to be a grain of salt. [00:12:23][15.9]

Bryce: [00:12:24] Absolutely. So then Ren, if I wanted to get a bit of a third opinion or second opinion on the company itself, stock specific sort of stuff, where it would be a good place to start for that. [00:12:33][9.8]

Alec: [00:12:34] So I think there's more formal and more informal places. Yeah. So the formal ones are things like investment banks and other banks will often write about certain companies, though, you know, especially if something big has happened at that company, they'll they'll put out research about it. So that's always a useful point of information. There's a lot of paid services out there where you can pay for this kind of stuff. There are plenty of free ones as well. It just takes a bit of Googling so that that's the more formal side of it. The more informal side is that there is just this massive global community of investors, both amateur and professional, that share ideas and information on different forums and different blogs. And in Australia, hot copper is well known. It's got a reputation read. It is obviously a great resource, depending on what sub Reddit you're on. If you haven't used Reddit, you're looking you're looking for investing Subrata and not the Wall Street that sagra Subrata. Even though that is good. Yeah. Yeah it's. Yeah. But then there's also just hacer blogs and you know, like heaps of really good investors write and publish for free on their blogs. And so you will just come across really interesting stuff. So, so what I would suggest doing is if you're interested in total. Just just start Googling toll. Start looking on these forums at Toll and you'll come across some interesting stuff. Yeah. Now, the important thing there is both the formal and informal stuff. It's all opinions to some extent. Some better informed than others. But no one can predict the future. [00:14:13][99.4]

Bryce: [00:14:19] To that point, Ren, it is critically important that you do your own research when it comes to all of this sort of stuff whilst following other people who have investing, success is a good idea to gets an idea of how they're thinking and how they're going about their investing. Blatantly copying and taking up on mates advice and tips for stocks can actually lead to some very quick losses. [00:14:40][21.7]

Bryce: [00:14:42] We've been burned a few times, I think. [00:14:44][1.8]

Alec: [00:14:44] I think the important thing is, though, that you don't want to blindly follow someone into a trade because if they're wrong, you're losing your money. But by the same token, there's no points for originality in investing. [00:14:57][12.5]

Alec: [00:14:58] Yeah, if you can if someone has a good idea and they're going to make money on it, there's no shame in following them into that trade and also making money. And by all means, there is no points for originality here. A dollar is a dollar is a dollar. [00:15:10][12.6]

Bryce: [00:15:11] But don't turn around and blame them if you lose. [00:15:12][1.6]

Alec: [00:15:13] No, of course not. Yeah. So you. Take their ideas, but then do your own analysis and only enter into a trade if you're comfortable with the analysis and with the faces. [00:15:26][13.6]

Bryce: [00:15:27] Yeah, so Ren, I just want to touch on some more company specific stuff. I think we could part out a bit more annual reports, bit underrated for sort of, you know, new people new to the market, but a really rich source of information. What's one of your sort of favourite aspects of an annual report? And also, where do you find this? [00:15:47][19.9]

Alec: [00:15:47] So as I've got better at understanding, investing and understanding, investing jargon, the income statement and the balance sheet sources are true. Yeah, the numbers don't lie unless they're doing fraud. Yes. [00:16:01][13.2]

[00:16:05] Enron represent. [00:16:05][0.4]

[00:16:07] So, yeah, look, I think they're really useful. But in the early days or even today, like the commentary around the company and how it's going down, the CEO or whatever is really useful. [00:16:17][10.3]

[00:16:18] The directors report when you found out how many board meetings the directors went to, less useful what their pay and what they're saying that I have to publicly dogs getting paid. So that's fun. [00:16:29][11.5]

[00:16:30] Yeah. Yeah. Know that 70 to 100 pages. Yeah. A lot of the pages you can skip through. [00:16:34][4.5]

Bryce: [00:16:35] But there's generally some really interesting things in there, particularly around guidance I think is interesting because companies have to release a market update around guidance. Do they have to. Yeah. That well if they, if they give guidance and then it changes. They have to let the market know if their guidance is going to be way off to what is actual. [00:16:54][19.1]

Alec: [00:16:54] I would love to just if I was a CEO I'd probably just not give guidance. [00:16:57][2.9]

Bryce: [00:16:58] Well, you can't. I'm pretty sure you have to. Do you have to give it in the first place? Yeah. Yeah. Because. Yeah. Yeah. Anyway, so any reports are found on all the company websites and mainly through your brokers as well. You can find annual reports. [00:17:09][10.3]

Alec: [00:17:09] They're worth saying that when a company releases their annual report, they'll generally release like results presentation as well, which will be a slide pack, which is a bit easier to digest. Yeah. So if you don't want to wade through an annual report, there's also the results presentation. [00:17:24][15.2]

Bryce: [00:17:25] What about if I want to find charts Ren where it whereas a good place to find charts? You love a good chart. I do love a good shot. [00:17:31][5.3]

Alec: [00:17:32] So we mentioned before Yahoo! And Google Finance, they're probably the most common sources for charts. [00:17:38][6.3]

Bryce: [00:17:39] Yeah, I could recommend trade view dot com. Really good for charting as well and also has great exposure all across the world. Pretty comprehensive charting thought trends point. I think Google and Yahoo! More than enough to get started. So that's the top down approach. Ren. What about the bottom up approach that you were talking about? So starting specifically with a stock? [00:17:58][19.3]

Alec: [00:17:59] Well, you you mentioned stocks screener's. Yeah. So you want to start there. [00:18:03][4.2]

Bryce: [00:18:04] Sure. So stocks screener's are a great way of filtering very quickly. A large number of stocks into a smaller pool of stocks based on a number of key metrics that you feed into the screener that you deem as important to your investing approach. [00:18:17][12.9]

Bryce: [00:18:18] For example, I might want stocks that are worth 50 million dollars or more in market capitalisation. I want them to have been earning a profit of 10 percent or greater. I want earnings per share to be 15 percent or more over the last three years. And I want them to be in America. Those I can put into a stock screener and then it'll essentially go through the list of stocks in America and spit out a list that match each of those criteria. And then from there, you can then, I guess, start taking a bit more of a detailed approach to all of those stocks. [00:18:51][33.3]

Alec: [00:18:52] Yeah, yeah. So you could be as random and as specific as you want. You could say I only want marijuana stocks with headquarters in Sydney and a CEO that has had 15 years experience in that. [00:19:07][15.3]

Bryce: [00:19:07] That would be hard. You'd made a very specific. Yeah. [00:19:12][4.1]

Alec: [00:19:12] I haven't seen one that lets you do that. You know what I mean? Like, it's just you just use whatever criteria you want to filter on. [00:19:18][5.8]

Bryce: [00:19:19] Generally speaking, stock screening criteria is around ratios or financial, therefore profit growth. Profits always grow. Yeah. More numbers, quantitative sort of stuff. Applying qualitative sort of screening around management and that sort of stuff is is difficult. I don't think I've really come across a screener that lets you do that. But if you're looking at quantitative analysis and reducing the large pool of stocks that you're looking at, then screen is certainly the best place to start. [00:19:45][26.0]

Alec: [00:19:45] Yeah. So that gives you a list of stocks. And then what you can do is what we talked about before, but in reverse. So maybe you do whatever screen you were talking about before and then you come out with a list of three companies and say, okay, these look interesting. Some investors would then invest on the back of that. But as a beginner investor, do your research. Next thing I would say is then you look at the company's annual report, you read up about the company. What's it doing? Other numbers telling. The whole story. There other things you need to understand. What's the company doing is growing. Is it, you know, receding, whatever, then you would maybe look at the industry that it's in the economy, that it's in competitors. Yeah. You know, is the if you were talking about American company, is the American industry really, really oversaturated? You know, as a heaps of players in the market, is the market not growing very quickly? All that stuff. Yeah. And then you can really make a decision. Okay. I think this company's financials might be good, but the environment that it's in more broadly maybe isn't a good investment. Yeah. Or maybe on the flip side, you can say the numbers were okay, but the numbers are okay in an industry that seems to be growing incredibly quickly. Maybe we're getting it at the right time just before it really takes off or whatever it is. So if you go bottom up or top down, you really should be covering off the same points. It's just how you go about weeding out the bad stocks and picking the good ones. [00:21:17][91.8]

Bryce: [00:21:17] Absolutely. Now, don't freak out that you need to know all of those steps all at once. It's very much a journey and a process of understanding what's important to you, what metrics are in line with your investing strategy and how you might not even touch your stock screener for the first two or three years of your investing journey? That is absolutely fine. You'll find what works for you. You'll find out why. I guess information sources are relevant. And if you love reading, you can go down rabbit holes. If you're more of a quantitative person, you might end up looking at Excel spreadsheets, balance sheets and that sort of stuff. There's not sort of a one size fits all approach to this. It's very much what suits you. So don't panic about needing to know everything that we've just talked about. [00:21:57][39.7]

Alec: [00:21:57] So I think we've spoken a lot about company specific information or like finding information around companies. And I want to come back to that in one second. I want to finish with a question for you. But before we get there, I think it's also worth talking about investing information, more general information about the skill of investing. And John Hempton, who's a famous Australian investor. I heard him recently say you've got to read five investing books. It doesn't matter what five. You just have to write five. And I think that's a really good skill. And I think for me, the biggest learning opportunity has been through reading in books. Because not only do you learn about, you know, the jargon and all that stuff, but you just understand how these people who are writing these books think, yeah. And the people that are writing these books are generally great investors in their own right. Absolutely. And there's just a there's a compounding effect of knowledge. The more you read, the more you understand, the more you're able to read. And it just it builds and it builds and it builds. And I think just if you don't feel comfortable researching individual stocks, but you want to get started investing, take what we spoke about in previous episodes around looking at indexes and just getting broad market returns and at the same time start picking up investing books. And on our website, we recommend some that we've read and we really liked. You can check that out, equity mates, dot com slash books, but it really doesn't matter. There's heaps out there and they're so good. [00:23:27][89.7]

Bryce: [00:23:28] Yeah, just start. Yeah, absolutely. Almost every single person we've been ever interviewed on equity mates investing. Podcast's Ren have been avid readers. And when we first started the podcast today, they just kept saying, you learn more by reading than anything else. And I thought, yeah, you know, whatever these guys, you know, they've got the smarts. They're just saying that. But to be honest, like we have read a lot and I truly believe that you can become a very good investor by reading the books that are out there. Absolutely. [00:23:58][30.4]

Alec: [00:23:59] Yeah. Now, one other thing. If you're not a big reader, you should try Netflix. [00:24:05][6.4]

Alec: [00:24:07] Financial docos. [00:24:08][0.6]

Alec: [00:24:08] There's some good ones out there. But I also think podcasts as well. Obviously a podcast listener if you're listening to this. Yeah. Or a YouTube watcher, I guess. There's plenty of good free financial content out there. And if that's how you learn, then I think you'll find a bunch and listen to them religiously because it's just about learning about the industry. [00:24:31][22.9]

Bryce: [00:24:32] Yeah. nice. Ren. Well, I think that's a pretty good summation of the different types of information out there. [00:24:39][6.8]

[00:24:39] And I've got a closing question to wrap this up. Yeah. I want to ask you. [00:24:43][4.5]

Alec: [00:24:45] So I think there may be a misconception that what we spoke about in terms of all that research is what you need to do for every stock. And I know for me personally, my best investment came off nowhere near the amount of research. So I'm interested to know for your best investment. Can you remember the research process that led you to making that trade? [00:25:07][21.5]

Bryce: [00:25:09] I can remember it vaguely. And to be honest, a lot of it was based on gut feel and intuition. And it stemmed from an article that I read around the growth of infant formula going into from China. So I'm talking about Bellamy's here. And that was just a starting point for me to research it. That sort of general industry working retail at the time. So, so kind of understood the demand side of things as well. And then I just went from there. A lot of it was just around. This just feels right. I trusted my gut, which I haven't done enough of. To be honest and to be frank, the investing process itself from a top down bottom up was nowhere near as comprehensive as we just spoke about, which I think is very important. You don't have to go through, as you said, that process. So I think we didn't touch on enough that back yourself in when it comes to these sorts of things back. Your gut instinct. [00:26:01][52.3]

Alec: [00:26:02] Yeah. And I think gut instinct and intuition is something that builds over time. You know, the more you understand about the industry, the more you understand about companies that have done well and haven't done well. You understand what to look for and what to not look for your intuition and your gut. More and more reliable indicators, I guess. Yeah, absolutely. So I think mine is similar. Industry A2 milk. I was interested in the China trade. So China as a growing market, the opportunity there as more. More and more people enter the middle class. So that was definitely on my mind. But I just came across 18 milk. I think in the early days in the Financial Review and really put that trade in without too much more thought after that. [00:26:44][42.9]

Alec: [00:26:45] So the idea that you need to do every one of the steps that we spoke about. Not true. You don't. Yeah, we probably should have. To be fair. But it just goes to show that you don't need to, though. People can have shocking process and make a lot of money. Yeah. Yeah. It's just about doing all of this and dotting your I's and crossing the T's should help you make less mistakes. Absolutely. Because we've definitely made some mistakes. Yeah, but you can make money with shocking process and shocking rates. Yeah. [00:27:13][27.9]

Bryce: [00:27:14] Nice Ren. Well I guess that's a good way to close. Just don't be again, don't be afraid to get stuck in. There is probably no better way than doing at the end of the day. Yeah. And probably sit and read as many investing books as you want. And at the end of the day, it's not going to be the thing that will make you pull that trigger and jump in. You've just got to make that decision yourself. So get started. [00:27:33][19.6]

Alec: [00:27:34] Yeah, get started. Be aware that you're going to make mistakes. Understand that you will lose money at some point. No. One bats 100. [00:27:40][6.5]

Bryce: [00:27:41] But yeah, you're going to learn a lot more by doing than sitting on the sidelines or Ren. As always, really good to chat. Stocks and markets really enjoying the progression of this series. Hopefully we have been able to knock down many barriers that people are facing when it comes to investing. I'm sure today was one of them as well. So looking forward to continuing and wrapping up this series as we get to the climax of buying our first direct stocks in the market. So always good to chat stocks. Looking forward to next week. Sounds good. Thanks for listening to get started investing. A production of academics, media. [00:28:14][33.1]

[00:28:15] Please remember that everything you hear and get started investing is general advice. Only the content has been prepared without knowing your personal objectives, specific financial circumstances or goals. The host of Get Started Investing may maintain positions in the companies discussed before considering any investment. Please read the product disclosure statement and consider speaking to a licenced financial profession. [00:28:15][0.0]

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