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The top mistakes to avoid in investing and life

HOSTS Alec Renehan & Bryce Leske|15 June, 2021

It’s another in our series of mistakes – the ones we’ve made, and how *not* to make them again! This week, we’re going to look at the reasons why we keep making these mistakes – known as cognitive biases. A cognitive bias is a systematic error in thinking that occurs when people are processing and interpreting information in the world around them. Unsure about that definition? Basically—our brains aren’t perfect. They often make mistakes when taking in information from the world and trying to make sense of it. A cognitive bias is a term for these mistakes our brains often make.

The books that Alec and Bryce were talking about: Thinking, Fast and Slow and The Undoing Project. If you want to let Alec or Bryce know what you think of an episode, contact them here

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Bryce: [00:01:10] Welcome to get started investing in this podcast, we cover all the basics that you need to start your investing journey. However, if you are joining us for the very first time or if this is the very start of your investing journey, then before you dive into this episode with us, our fate is designed to go from the very beginning. So we strongly recommend that you scroll up and started Episode one. If you're feeling brave, though, and just want to dive in, do not let us stop you here at Get Started Investing feed. We unpack all the jargon and confusing bits here, your investing stories with the goal of making investing less intimidating. And we want to have a good time along the way. My name is Bryce and as always, I'm joined by my equity buddy Ren. How are you going? [00:01:47][36.8]

Alec: [00:01:48] I'm very good, Bryce. It's good to be back with you for another week. [00:01:51][3.5]

Bryce: [00:01:52] As always, you don't really have a choice. [00:01:53][1.2]

Alec: [00:01:54] I always have a choice. [00:01:55][1.0]

Bryce: [00:01:56] Yeah, you could not come back and then I'll be fine. [00:01:59][3.1]

Alec: [00:02:00] You could do this show by yourself. Yeah. [00:02:01][1.2]

Bryce: [00:02:01] I just have to change the intro a little and away I go. [00:02:04][2.9]

Alec: [00:02:05] Yeah. Cool. [00:02:06][0.9]

Bryce: [00:02:06] Well let's, let's get stuck into it. [00:02:08][1.5]

Alec: [00:02:08] You don't know. [00:02:08][0.5]

Bryce: [00:02:10] So we're continuing with the theme of mistakes. Last week we listened well. We read out and went through some of the more common investing mistakes that beginners make at the start of their journey and that you and I have both made along the way, and that a lot of our community members have also made and had a lot of fun unpacking some of the mistakes. [00:02:32][22.0]

Alec: [00:02:32] Yeah, everyone everyone makes investing mistakes. Warren Buffett, Hamish Douglass, all the way down to the Bryce Lasky's of the world. Yes. And everyone in between. Yes. Mistakes. [00:02:42][9.3]

Bryce: [00:02:42] No one's in between those three names. [00:02:43][1.2]

Alec: [00:02:46] The good thing about the stock market is you get to come back the next day and you get to invest some more and you get to learn from your mistakes. And often the best lessons come out of your mistakes, but also that you have a chance to make a lot more than you lose. [00:03:03][17.4]

Bryce: [00:03:04] Yeah, that's the best part about it. [00:03:06][1.3]

Alec: [00:03:06] Yeah. So I lost all my money or almost all my money on my very first investment. You're not going to have a worse start than me. Bryce lost all his money on a dumb stock tip. You're not going to do worse than that on a stock tip. Um, we've lived it. [00:03:22][15.8]

Bryce: [00:03:22] Yes, we've been there. Which is why this episode we're actually going to look at the reasons why we keep making mistakes and why these mistakes exist, particularly there are some that will go into detail on and this episode is all about cognitive biases. So pardon the jargon there. We will unpack it, but hopefully by the end of this episode, you will be able to identify why you might be making particular mistakes over and over again. We're not going to give you the the perfect solution to stop making these mistakes, because some of them are so ingrained in who we are as humans that it's recognising them and trying to avoid them. That is that the main part? [00:04:03][40.9]

Alec: [00:04:03] Yeah. It's all about thinking. About thinking. Exactly. Yeah. Yeah. So let's start with a bit of a definition about cognitive biases. You introduced that term. So a cognitive bias is a systematic error in thinking that occurs when people are processing and interpreting information in the world around jargon alert. Now, what does that mean? Jargon, alert? In a nutshell, it basically means our brains aren't perfect. Our brains have evolved to be pretty good. Some of the best, uh, evolution that you've probably seen, or they can do a lot, but they're not perfect. They and they often make mistakes when taking in information and trying to make sense of it. And this term, cognitive bias has come up to really be like an umbrella term for those mistakes in processing information that our brain makes or coming to the wrong conclusion about, um, information that we're taking in. And a lot of work has been done on categorising these cognitive biases. And unfortunately, there's not really a cure for them other than being aware of them, knowing that you're susceptible to make them and trying to be aware when you're making them and you're thinking [00:05:15][72.1]

Bryce: [00:05:16] that is it. And I just want to be clear from the start that this is not something that can be done overnight. I mean, I'm aware of some of my cognitive biases and I still fall foul of them. But it's it's a matter of just improving on them every time that you go to make an investment decision. Now, not all of them are are investment related and financial related. But there is a a good book. I kind of remember the name of it, though, [00:05:44][27.9]

Alec: [00:05:44] thinking fast and slow, thinking [00:05:45][1.0]

Bryce: [00:05:46] fast and slow. Yeah. It's quite a dense book. Have you read it? [00:05:50][4.1]

Alec: [00:05:50] I've started writing it, yeah. Nice. If a book if I'm not in the mood for a book, I don't let that be a roadblock. I move on to another book. [00:06:02][11.2]

Bryce: [00:06:02] Yeah, I agree in this book you've got to be in the mood for. [00:06:04][1.9]

Alec: [00:06:04] Yeah. So if so for a bit of context around cognitive. Biases and to wave in this book, there are two quite famous scholars are Aymond to Mirsky and Danny Kahneman, who really pioneered this work on cognitive biases. Danny Kahneman wrote the book Thinking Fast and Slow, and that's all about System one and System two, thinking which we might touch on in a little bit. But there are if you're looking for an introduction to this topic and you're looking for a book that maybe is a little bit easier to read, the prolific writer Michael Lewis has written a book called The undoing Project about those two. So that that's a good that's a good entry point as well. If you're looking for a book to help explain some of these concepts. But we're going to try and explain some of them before then. There's a number of examples that we have here that are not financial related that sort of illustrate this idea of cognitive biases and illustrate the idea of how our brains can make mistakes when interpreting information. Should we rip through some of those to try and put some colour on what we're talking about? [00:07:21][76.9]

Bryce: [00:07:21] Yeah, let's choose a couple different stuff. Sure. So here's an example. So experienced radiologists, that is someone who takes X-rays, for example, were asked to evaluate an X-ray as normal or abnormal, and then they were asked to re-evaluate it. And the findings showed that they contradicted their previous answer 20 percent of the time. This is really showing that how we can inconsistently evaluate the same set of facts. So they're not consciously making that decision to be inconsistent. But you can see how the brain has made a mistake there and they've re-evaluated [00:08:02][40.7]

Alec: [00:08:03] is another one. In a study, half of the participants were told the survival rate for surgery was 90 percent. The other half were told that the mortality rate was 10 percent. When asked if they would be willing to have the surgery, more of the group that were told the survival rate was 90 percent said yes. Then in the group that would hold the mortality rate was 10 percent. Same set of facts presented in a different way can affect how our brains process that information and make decisions about the risk and the reward. [00:08:34][30.9]

Bryce: [00:08:35] Yeah, I like this one. This is anchoring and I'm not sure if we touched on this one later on, but anchoring is one that I'm very aware of. So participants observed a roulette wheel, half seeing it stop on the number 10 and the other half seeing it stop on the number sixty five that were then asked what percentage of the United Nations countries are African? Those that saw the number 10 guessed that twenty five per cent on average were African, whereas those who saw the number 65 guess that forty five percent on average were African. The results here really show how our brains angka to numbers or to specific data points that we've recently seen, even though they're completely unrelated to what we're trying to, I guess, unpack or digest at the time. Hmm. [00:09:26][51.4]

Alec: [00:09:27] One more for a sort of non-financial example. So in an experiment, a coin was if a coin is flipped five times and lands on heads all five times, most people think it will land tails the next flip. But it's still 50 50. Yeah, but it just shows how history can affect our ability to forecast future outcomes. Yeah. So, look, that's there are so many of these experiments that are Kahneman and Tversky did. And then a number of other scholars have picked up the mantle and kept going with. And a lot of them are really simple, but they just show that our brains aren't perfect at processing information. Um, there are a couple of financial ones that if we start to move from the theoretical to the behavioural psychology to behavioural finance. So one of the experiments that have a sort of finance tilt. Yeah. In an experiment, people were asked if they would rather have one hundred and fifty dollars today or one hundred and eighty dollars in one month. People tend to choose one hundred and fifty dollars today, however, giving up a 20 percent return in one month, that is an economically irrational choice. Yeah. According to the standard economics textbooks, humans should be assessing the time value of money and saying that 20 percent return in a month is worth it and waiting. But humans aren't as they are written in economics text. [00:11:00][93.0]

Bryce: [00:11:00] No, absolutely not. And to close out some of these other examples when asked most participants of. This survey would prefer to receive a show 46 Dollars in their hand than have a 50 percent chance of making 100 dollars. This, according to traditional economic theory, is irrational. The risk weighted return, i.e., is it worth taking the risk based on what the potential reward will be on the 100 Dollars is actually the rational choice showing that most people don't actually properly assess risk and reward when it comes to their finances, which is particularly important when it comes to investing. And to be honest, the risk weighted return component is something that a lot of professional investors often talk about. It takes a long time to actually understand. [00:11:52][51.5]

Alec: [00:11:52] Yeah, yeah. And and look, if you don't understand, like that concept of risk weighted return and stuff, it's not that important. Like the point of those examples. The point of that whole section was really just to illustrate how there's all these little experiments that behavioural psychologists have done to sort of show how our brains actually process information rather than how like a standard textbook would assume that like a perfect person would process information. Yeah, like they really worked on categorising some of these, you know, shortcuts or mistakes that our brains make. And if we understand them, we can try and avoid making them again. So let's get stuck into that. [00:12:36][43.6]

Alec: [00:13:55] All right, so Bryce, we've given some examples, but we've pulled out some of, I guess, the key categories of cognitive biases that we're all susceptible to, whether where, you know, professional investor with 50 years experience or someone who's got less than 50 days experience, like our brains are all the same imperfect. Um, so let's let's kick it off. [00:14:18][23.7]

Bryce: [00:14:19] Let's do it. This is the juicy part. So we're going to talk about the bias, the definition, and then maybe try and give some examples on how to avoid or how to at least recognise it. So the first one and one that we all succumb to is confirmation bias. Now, this is where you put the conclusion first and then you try and seek out information to actually support and confirm what your conclusion, in your view, is. So you pay particular attention to information that supports your the conclusion that you've come to and you don't necessarily consider information that challenges your conclusion. And I guess the risk with this is that how do you actually make a proper decision when you're not considering all of the available information? [00:15:09][49.7]

Alec: [00:15:09] This, I think, would be the most common investor mistake where it's like I've decided that I like Spotify, call it. And then every glowing news story about Spotify I take to heart, I internalise. Maybe I print it out and stick it up on my wall. I send it to all my mates. I'm like Spotify to the moon. It's happening. Look at all these positive press. But every negative article I say they don't understand. They're just haters. They've got an agenda. And I'm not equally weighing all the information because I've got my conclusion in my mind and I'm sticking to it. [00:15:46][36.1]

Bryce: [00:15:46] Bitcoin on Twitter is an absolute, absolute classic example of this classic example where people will only be responding to, you know, theyre only on one side of the fence. And when Bitcoin is going up and it's going well and there's always positive news, everyone takes that side of the fence and then equally, they don't regard anything that anyone else is saying. And then and then the flip side. So, yeah, it's not surprising that this is probably the most common. [00:16:14][28.3]

Alec: [00:16:15] And yeah, it's not it's not just confined to investors. Like politics is just a cesspool of confirmation bias where if you plant your flag on one side of that political fence, you will process information in a way that supports your pre-existing beliefs. [00:16:31][16.4]

Bryce: [00:16:32] So then the question is Ren. All right. So I know that my brain is likely to support and focus on information that supports my views and disregard information that doesn't. What do I do about that? [00:16:47][14.4]

Alec: [00:16:47] So the number one thing from my perspective is to have a balanced information diet, and that's especially on social media. Be very careful about just following accounts or people that have the same views as you. Make sure you're reading widely and really trying to understand both sides of an argument. I think that's the most important thing. Secondly, just being aware of when someone has an opinion that disagrees with you and trying to be open in hearing them rather than just waiting to talk. [00:17:22][34.9]

Bryce: [00:17:22] Yeah. Yeah. Agreed. Yeah. I think it's all about actively trying to find. Areason. To not believe what you believing and if it if it becomes overwhelming that you are on the right track, right. But if you soon realise well, hold on a second, there's many other reasons why this might not be the foregone conclusion. You need to have a look at it. [00:17:45][22.2]

Alec: [00:17:45] The intelligence agencies say the red team or blue team or something like that, but they have this process where if they're trying to make an assessment, they have they have a person or a team that is explicitly excluded from that whole process. And when they're ready to present it, they have to do this thing first, where they present all the information to this team. And that team's whole job is to tear it apart. And like if you're investing as a syndicate, like if you and a bunch of mates putting money together or if you're a hedge fund or something, listening to this, take a leaf out of that book, have someone read time, every argument and be like, you know, try and tear it apart and really, you know, work it. [00:18:26][41.2]

Bryce: [00:18:26] Yeah, we need a red team. All right. So the second one second one again, I love this one. This is the the cognitive bias here is called loss aversion. No one likes the feeling of losing particularly losing money. So if you find that losing money often evokes a strong emotional response, then making money, then that is loss aversion. This is where you will feel more strongly about loss than you do any gain of the same amount. So let's put this in simple terms. You hate losing one hundred dollars, then you do gaining one hundred. This can lead to you often selling a lot of your winnings to lock in profits and holding on for dear life to those losers longer than you certainly should be. [00:19:14][47.7]

Alec: [00:19:14] Yeah. To avoid feel that feeling of realising for the loss. Yeah. Yeah. I think the biggest, the biggest outcome of loss aversion which we all have, is people not starting and people putting their money in, leaving their money in the bank because they're like I don't want to lose it, but putting all of your money in the bank and getting one percent interest like that's not an economically rational choice. [00:19:36][21.7]

Bryce: [00:19:37] Yeah, yeah, that's a good point. Like no one goes, OK, so say 5000 and man, it's going to feel good when I make another 5000. It's always I've saved 5000 and God, it's going to hurt if I lose that. Yeah. Yeah. And that is loss aversion. [00:19:50][14.0]

Alec: [00:19:51] Yeah. Yeah. Um, and obviously, you know, you always have enough in your bank account as an emergency fund. We're not saying invest that because that's normal. No, but it's like if you have one hundred thousand dollars in your savings account and you're like, I'm going to keep saving that, that's economically irrational. Yeah, but a lot of people do it because they're worried about losing money. So that's probably the clearest example. [00:20:15][24.0]

Bryce: [00:20:15] And I've had this one and this is something that I've had to work on for a while. And it's just reminding yourself, like so many people will hold a stock that's going down and the guy can't go any lower or I just need it to get back to where I sold it. You just need to start training yourself that a loss is a loss. It might be painful. [00:20:34][18.3]

Alec: [00:20:34] Just get out of that. Well, that hole I just need to get it back to where I sold it probably leads quite nicely onto the next one, which is anchoring. So we mentioned anchoring above, but we should explain again here. So anchoring is probably best explained with an example. So you buy a stock at ten dollars, it moves around, it doesn't know you own it, it's doing its thing. But if it falls below ten dollars and you're like, I don't want to sell it until it gets back to ten dollars, you're anchoring to a number that just doesn't have any meaning outside of the fact that you bought it. The stock doesn't know that it needs to get back to ten dollars for you to sell it. It's just an arbitrary point that you're touching. Meaning to. [00:21:15][41.4]

Bryce: [00:21:16] Yeah, yeah, yeah, yeah. Anchoring. I love anchoring. I don't actually love it, but I like it as a cognitive bias because so many people do it to lots of things in life. Yeah. [00:21:27][11.2]

Alec: [00:21:27] Let's keep ripping through these because I'm mindful of the time Dunning Kruger effect. We had Ted Richards on maybe even a few years ago now. He spoke to us about the Dunning Kruger effect. But it's basically where you're better than you think you are a [00:21:43][15.1]

Bryce: [00:21:43] lot think you're better than you are. [00:21:44][1.2]

Alec: [00:21:45] You are true. Yeah, yeah, yeah, yeah. You think you're better than you are and you think you know more than you do. Yes. It's the bias where people overestimate their ability at a particular task or their knowledge on a particular topic. And a lot of investors go through this and there's there's like a real there's a real value in investing where it's like you start and you realise, you know nothing. You start to learn a bit and you think you think you know a lot. But then it's only as you you really become an experienced investor. You realise once again that you know nothing. Yeah. [00:22:22][36.5]

Bryce: [00:22:22] It's the classic someone puts money in, gets lucky, makes a few starts telling their mates all about these investing opportunities. And because they've. Done all this research, X, Y and Z, that is done in Kruger effect, where they're massively overestimating actually how how much they know when it comes to investing. [00:22:39][17.0]

Alec: [00:22:40] Yeah, and the big risk that comes with this or the big negative outcome is that you take on too much risk. Yes. You think you know everything about investing. You think you have a strategy that you can't lose money on. Something along those lines leads you to take more risk. [00:22:54][14.1]

Bryce: [00:22:54] Yeah. So I guess the the key here is be humble and recognise that you don't know everything. You're never going to know everything when it comes to investing and to always remind yourself of that when it comes to the investing decisions that you're making and invest wisely. [00:23:11][16.9]

Alec: [00:23:12] Yeah. And if as you get more developed in your investing journey, have clear risk management rules that are like a sacrilege to break, you know, like for me, it's like having an emergency fund have three months expenses. Don't invest that. Yeah. And it's like. Yeah, they have just have the right risk management rules in place. Don't be overconfident. Yeah, choice overload. [00:23:36][23.9]

Bryce: [00:23:36] I love this one. [00:23:37][0.7]

Alec: [00:23:37] You level a cognitive bias is loving cognitive process. [00:23:42][4.3]

Bryce: [00:23:43] This is me, though. I say choice overload. You know that feeling when you sit in a sit down in a restaurant, they have fifty five items on the menu and you just struggle with what to choose. That is choice overload. Making decisions is difficult when you're faced with many choices. And this is certainly relevant to investors. You know, there are thousands of stocks to choose from around the globe. So there is a tendency to go either three ways when you have choice overload on the stock markets, either buy everything through an index, buy nothing at all because you're paralysed with choice, or you succumb to herd mentality and buy what is popular. Now, we're not saying any of those options is the wrong way to do it. [00:24:26][42.4]

Alec: [00:24:26] I am [00:24:26][0.3]

Bryce: [00:24:27] buying what's popular, [00:24:27][0.5]

Alec: [00:24:28] buying what's popular and buying nothing at all, buying [00:24:30][2.0]

Bryce: [00:24:30] nothing at all. True, but I can certainly understand I am one of those people that go to a restaurant and if there's too many things on the menu, I hate it. [00:24:40][10.1]

Alec: [00:24:41] So you only go to Italian restaurants. [00:24:42][1.7]

Bryce: [00:24:43] Know that is not true. That's because they have limited things. [00:24:48][4.8]

Alec: [00:24:48] Every Italian restaurant proprietor in Sydney knows you buy your first name. Not true. [00:24:54][5.9]

Bryce: [00:24:55] I also don't trust restaurants with 55 things on the menu. But nonetheless, I mean, yeah, I can understand how as a beginner investor, it would be quite daunting with the choices when it comes to investing. But I strongly suggest to try not to make that the reason to not get started. [00:25:12][16.5]

Alec: [00:25:12] Yeah, the I mean, in the same way that you filter down the restaurant menu at a new start to exclude things that you're just not interested in the way to tackle choice overload is to reduce those number of choices and filter it out, filter out the noise and really concentrate on what matters to you or what is in your investing universe. The wrong way to filter it out is to just go to whatever the news is talking about. Yeah, yeah, yeah. Next one I if you really like that one, I really like this one. Availability heuristic. So, um, have you ever been asked what's your favourite movie, what's your favourite song. What do you have a book recommendation. And you just answer with something that you've consumed recently even if it's not really your favourite. Yes. So that is a classic example of availability bias. It's where your brain basically takes a shortcut and relies on the most recent information or the most recent example when evaluating decisions or topics. So you know that that example of what's your favourite movie isn't isn't a dangerous one. But if you're trying to make a decision about an investment, should you buy something? Should you sell something? And all your brain is thinking about is the news article that you've most recently read or the conversation you most recently had or the Equity Mates episode you most recently listened to. And it's not properly weighing all the information you've consumed. It's just recalling the last thing that's come to mind. That's that's the classic example of how investors fall to the availability heuristic. [00:26:49][97.2]

Bryce: [00:26:50] Yeah, it's like, look, it's trying to remind yourself to take a step back and look at the much bigger picture. Like, you know, if you were to think about taking the step right after the Covid crash happened, you'd probably think the stock market super risky because you're going to anchor. And that's the most recent headlines that would be coming through. But if you scroll out and actually look at the last hundred years, then, you know, your availability or you know, what you're looking at over a period of time is bigger. [00:27:18][28.1]

Alec: [00:27:18] Yeah, I mean, the classic example where this happens a lot would be you read like a broker report or as much as we tell people not to, or they listen to an episode of Equity Mates and they hear someone talking about a stock that they like. And there are sort of ways that you can get around this, like keeping an investing journal is sometimes a good way and like making you write down the information that you consume to come to an investing decision. You'll very quickly realise if there's only one source that you're writing down for each decision. Yeah, but it's yeah, it's really about digging deeper, getting beyond just like one source and relying on that or the most recent thing that you've consumed that that's sort of how you confront this. [00:28:00][41.4]

Bryce: [00:28:00] Yeah, it's a good one. And so to close it out and we've all we've all been a victim of this and that is hurting. It's perhaps one of the most common cognitive biases that you might experience. And it's really where you follow follow the group and base your investing decisions on what everyone else is doing. In a classic case using cryptocurrency, everyone buys Bitcoin. It's all over the news. You feel like you're missing out. You have that Fomalhaut. So you. Decide to jump on board. That's a cognitive bias following the herd can lead to formation of asset bubbles. Everyone jumping in and pushing the price up of something way beyond what it is actually worth. That is that is a risk. And then a lot of pain subsequently can come from that if the bubble bursts. But really, for me as well, hurting her. The biggest risk for me with hurting, especially as a beginner, is that you don't you're not actually learning anything. You're not teaching yourself anything. If you're basing all your investment decisions on what other people are doing and you're not actually going out of your way to develop your own thesis to think about what you're investing in and to try and avoid everything else that we've spoken about. So it's not so much that following everyone is the wrong thing to do. Of course, if there's macro trends that it'd be silly to go against, you know, that's not what we're talking about here. It's but it's just blindly going into something without thinking beyond that. Yeah. [00:29:23][83.3]

Alec: [00:29:24] Tulips. Because everything in between and Afterpay. So, look, let's let's leave it there. There's heaps more cognitive biases that we could talk about. I mean, literally, people have made whole careers and won Nobel prises talking about these things. So we're never going to do it justice in half an hour. But I think the two books, there's plenty but true that we would recommend. If you just want to understand more about this concept, Michael Lewis is the Undoing project. If you want to read a book from one of the sort of founders of this whole field of study, Thinking Fast and Slow by Danny Kahneman. Yeah, and I think just to put a bow on everything that we've spoken about in this mistake's chapter, it's everyone makes mistakes. Our brains aren't perfect. They developed to evade wild animals in the savanna and fight other tribes for resources and stuff like that. They're not optimised to make complex mathematical decisions and analyse, you know, what we're trying to analyse in the stock market or in life today. Danny Kahneman in his book Thinking Fast and Slow, introduces this concept of System one and System two thinking system one. Being that fight or flight, you know, our ancestral brain, that quick response, quick, quick action side of our brain that we needed to the fact that we survived and are here today is thanks to that brain. But the system to thinking is that deep of thought that really, you know, ability to analyse complex information that has taken us from evading wild animals to building cities and economies and companies and stuff like that. And the the system one is quick fire. The system, too, is deeper thought and slower. And it's really taking not making instant decisions, not getting carried away by your first thought and really letting that system to brain take over. That's how we avoid investing mistakes. [00:31:27][122.8]

Bryce: [00:31:28] Yes. So, yeah, a good way to wrap it up. Hopefully you've been able to identify where you might be making mistakes or where you might be prone to make mistakes and working on it slowly to to improve in those areas. As I said at the start, this is not something that will happen overnight. It's always going to be a lifelong journey with this sort of stuff. So over the next two weeks, we have two guests coming on the show that we're excited about, two comedians now that I think about it, who are both at different stages on their investing journey and have made plenty of mistakes. And so we're going to be sitting down with them to discuss the mistakes that they have made. One of them is Adam from our committee, The Economist show, and the other is Lucinda Price, otherwise known as Freund's on Instagram. Both have some pretty interesting stories to tell. So stay tuned for those. If this is the first time that you're listening to Get Started Investing feed, then go back to the start and go from the very beginning, as we said at the top of the show. And before we go, there is something that you can help us with, and that is to leave us a review so it only takes 30 seconds. You'll have it done in no time. And it is a huge favour for us. It certainly helps with our ratings and with visibility of Get Started Investing feed, which inevitably leads to a better show and better but better people coming on. [00:32:45][77.6]

Alec: [00:32:46] The more people listen, the better guess we can get. So please give us a review that that can help us get there. [00:32:52][6.6]

Bryce: [00:32:52] Yeah. Big props to Ocho Loco. What a name. He he's one of his reviews was. He said that the series is fun to learn about the basics and he's a big fan of our corny jokes. Thanks. OK, look, I don't know if that's if that's a good review or not, but anyway, I think the series helped encourage him to take the first steps in his investing journey. So if you are like, OK, it'd be great to leave us a review, but otherwise Ren, we'll leave it there and pick it up next week. [00:33:18][25.2]

Alec: [00:33:18] Sounds good. [00:33:18][0.3]

Speaker 3: [00:33:19] 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. On its legal attacks, a Bryce, 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 hosts 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. [00:33:19][0.0]

[1808.2]

More About

Meet your hosts

  • Alec Renehan

    Alec Renehan

    Alec developed an interest in investing after realising he was spending all that he was earning. Investing became his form of 'forced saving'. While his first investment, Slater and Gordon (SGH), was a resounding failure, he learnt a lot from that experience. He hopes to share those lessons amongst others through the podcast and help people realise that if he can make money investing, anyone can.
  • Bryce Leske

    Bryce Leske

    Bryce has had an interest in the stock market since his parents encouraged him to save 50c a fortnight from the age of 5. Once he had saved $500 he bought his first stock - BKI - a Listed Investment Company (LIC), and since then hasn't stopped. He hopes that Equity Mates can help make investing understandable and accessible. He loves the Essendon Football Club, and lives in Sydney.

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