‘I thought of a way to make a few bucks…’ – Airbnb | Summer Series

Bryce: [00:00:15] Welcome to another episode of the Equity Mates summer series, proudly brought to you by Superhero. Over 12 episodes where deep diving into some of the most exciting, interesting and well-known companies from both here in Australia and over in the US, in some instances we'll be hearing directly from the CEOs to give you firsthand insight into their companies. My name is Bryce and as always, I'm joined by my equity Equity Mate Ren. How are you going? 

Alec: [00:00:37] I'm very good. Bryce I am pumped for this episode. Excited to talk about it because this is one of my favourite companies. 

Bryce: [00:00:44] Yeah, I'm the same. I love this company. We both own it. So that's just some disclosure. Full disclosure. But yeah, look, I can't wait for this episode. I've been hanging out for it for a while. So without further ado, we're going to be doing a deep dive on Airbnb. It is available over on the Nasdaq. The ticker is ABNB, also available on the superhero platform and a big thank you to Superhero for supporting the summer series superhero. Allow you to buy Aussie and US shares and ETFs with no monthly account fees, and you can now own Qantas points with superhero. As always, with all of these episodes, we are now getting close to the end of the summer series. We've been giving away $2000 a week. In this episode, you also get the opportunity to win a thousand dollars into a superhero wallet. All you need to do is listen to this episode. Take one of your favourite facts that you learnt about Airbnb Ren, and I do remember every single fact that we talk about in this episode and then drop it into the corresponding post for Airbnb on our Instagram. Tell us what you learnt and will choose one lucky Equity Mates or superhero community member to win $1000 into their superhero wallet. We'll announce that on our stories at the end of the week. 

Alec: [00:02:07] And God, there are some good facts when it comes to Airbnb. 

Bryce: [00:02:10] Yeah, well, Ren. Let's do it. There's no more interesting facts than the founding story. I think it's it's almost etched in folklore, start-up folklore. 

Alec: [00:02:20] There's probably two contenders for the worst original names. Well, actually, there's probably more, but the Facebook.com is always known as one name that it was good to change. It was good to change early. Another name that was good to change early was airbedandbreakfast.com. Bit clunky, tough to write in the in the URL. But yeah, it was started. What? Twenty seven think so 14 years ago? Not that long. It actually started with two roommates Brian Chesky and Joe Gebbia. And then they brought a third mate in, but literally started with an idea to make some extra money when there was a design conference in San Francisco. They rolled out like an air mattress and rented that air mattress out to people attending the conference. That was the idea. Yeah. Make a few extra dollars. Pretty straightforward. Not bad. From there, they decided to make a go of it as a business. And have you seen the Obama O's and Captain McCain cereals? No. Well, hold on. Take a step back. So they tried to raise money. They spoke to 15 angel investors. They were trying to raise hundred and fifty grand at a $1.5 million valuation. They couldn't raise at all, eight replied. The other seven just didn't even reply. Four said it didn't fit their thesis. One said they didn't like the market. Three just were No. So 15 investors had the chance to invest in Airbnb at one point five mil valuation. It's now like a hundred and fifty bills, almost one hundred and thirty bill, but still incredible. They kept working on the business and it was, I think it was at the Democratic National Convention. They sold like 80 beds on their platform and weren't making any money. So they made these cereal boxes and sold cereal. And it was 2007 2008. So it was when Obama was going against John McCain for the presidency. And so they made Obama, Ayers and Captain McCain's cereal boxes and sold cereal $40 a box. Yeah. Sold 30 grand worth of cereal. And that kept them afloat. Then they go to Y Combinator, which is that the Start-Up Accelerator in the U.S. in San Fran and Paul Graham, the head of that, was so impressed. He was basically like, If you can sell cereal at 40 bucks a box, you can sell beds. And they got into Y Combinator, and that was then when they went thermonuclear. Epic story. 

Bryce: [00:04:55] Yeah, epic story. Well, that has obviously turned into a pretty successful business that has been truly disruptive to to the industry, and we will touch on that in a in a short moment. But for those of you who have no idea what Airbnb is. Since founding in 2007, they have expanded to become part of the shared economy and essentially have listings for rental spaces in more than 220 countries around the world. 

Alec: [00:05:25] You started that sentence with for those who have no idea what Airbnb does and then I don't think you really gave them an idea. But it's a two sided marketplace where people who have homes or rooms to rent can list them. And then people looking to rent those rooms for short term accommodation can rent them. 

Bryce: [00:05:48] And who doesn't love a good marketplace like business?

Alec: [00:05:50] It's a great way to connect if you can build it. It's a great business, 

Bryce: [00:05:54] so they have over 15000 employees, 5.6 million global listings and about four million hosts. And we know that they're doing a lot of work on the host side of things. We've done some campaigns for them here on the show. I'm sure you've heard them, so we're going to dig into that in a moment. But Ren, let's talk about how disruptive they have been to the hotel industry. Yeah. 

Alec: [00:06:17] Well, they've recently ticked over a billion total guests, a billion total guests that have been hosted through their platform. Pretty impressive. Yeah. You would think about Airbnb and you'd think the fact that they've had a billion guests go through that platform and you'd think they will have decimated the hotel industry. And surprisingly enough, it's a little bit more nuanced than that. It's not quite the case that they have just decimated the hotel industry. The National Bureau of Economic Research from the US government analysed the effect that Airbnb had had on the hotel industry, and they said that in some of the major American cities, they had resulted in 1.3 percent fewer hotel nights booked and a 1.5 percent loss in hotel revenue for hotels. And then a 3.7 percent drop in profits for hotels. So not numbers that are, you know, mind blowing and stark. And I think that's the key nuance when we think about what Airbnb has done to the hotel industry. It's not that it's it's not that it's just taken market share from hotels. It has, but it's also just massively expanded the market. It's created this whole new category, this whole new part of the short term studies market, and then it dominates that niche. 

Bryce: [00:07:35] It's incredible. But speaking of so market cap, you mentioned that the start $130 billion. If you look at that compared to some of the traditional hotel competitors. So a core large hotel chain has a market cap of 9.3 billion Marriott market cap of fifty point seven. The Hilton hotel chain has a market cap of thirty nine point eight, so a market cap for Airbnb of 130 billion is more than those three combined, as well as having a small 30 billion left to to cover any of the other smaller hotel chains. So those three hotels represent about 30 percent of the entire global hospitality market, according to some numbers in 2019. So, yeah, it's it's certainly impacted current hostel hotel industry, but to your point, created an entire new industry. 

Alec: [00:08:26] Yeah, and a lot of hotels now list on Airbnb about 15 percent of Airbnb's listing. Our listings are hotel rooms. And it's been particularly good for boutique and smaller hotels to compete against some of the bigger chains. But there's no doubt that Airbnb has been a disruptive force in terms of consumer habits. I can say that I never search for hotels anymore, like if I'm travelling, it's Airbnb is like we went to Japan. Pre-pandemic, it was Airbnb's in every city. Yeah, yeah, we're not like, go away for like a weekend or something. Never would think about hotels. I mean, I think about them, but I have a stated one. 

Bryce: [00:09:04] Yeah, it's having everything at your disposal for me. Yeah, it's one of the biggest drawcards. You know, you get you're not just in the hotel room, you have to go and buy food and you're kind of locked away. You can be somewhere with all your mates. And yeah, it's

Alec: [00:09:17] just we didn't actually look for data on this. But you know what part of the travel industry would have been decimated by Airbnb service upon serviced apartments? Yeah. So Bryce. At the start of this, I spoke about how Airbnb is one of my favourite companies. Yes, and we've spoken about how it's been disruptive. But the reason that it's one of my favourite companies is because I love a business that sees an industry and is disruptive, not just in terms of like technology or something like that, but Airbnb has been disruptive in terms of the business model of hotels. OK. Think about an Airbnb and think about a hotel and think about when you pay, you pay. 

Bryce: [00:10:02] When you when do you pay, you pay, when you finish your stay 

Alec: [00:10:07] at a hotel or an Airbnb, at a hotel, at a hotel you pay when you check out. All right. Yeah. 

Bryce: [00:10:12] When you hit up an Airbnb. You pay when you baulk and then you hit up with any sort of damage afterwards, 

Alec: [00:10:24] if you do tap. So you always paying twice. But yeah, that's the thing. So with an Airbnb, you pay when you book and then if you need to get a refund, you request a refund with the hotel you book and then you pay at the end of your stay. Yeah. Now what that means is cash flow. Yes. It just means that Airbnb are just getting cash upfront and then it just changes the the way that they're able to use cash. And for me, that's just something where they've seen a way to create a new category and then to change the terms upon which, like the relationship with the customer, happens because if a hotel, you know, when when hotels were the only thing, if one hotel tried to change the model and said, we're going to be doing cash upfront and every other hotel didn't, customers just wouldn't have it. 

Bryce: [00:11:16] a lot of the booking sites as well. Booking.com, what are some of the other things? What if, Expedia? A lot of them, you can make the reservation and not pay until you actually get to the hotel? Yeah, OK, probably to that point, because the hotels themselves, that's their model. Yeah. Yeah. It's interesting that Airbnb have been able to change that mindset in the consumer. Hmm. So the other great thing about the business Ren is the the marketplace itself. And you know, we've seen many instances where businesses have created great marketplaces and they're just great businesses, you know, providing value to cited value. Yeah, I get value as a host if I'm giving up my room. You get value coming and staying in my room. 

Alec: [00:12:02] So both sides get value. But I think the other important thing is that both sides have got more value than what came before customers have got cheaper travel. And then for hosts, the short term, putting their home on Airbnb is often the way to get the most return, rather than like renting it out or anything which has a whole host of other problems. But Airbnb is a platform that has created more incremental value for both sides on the marketplace. Yeah, it's pretty good and it's fascinating.

Bryce: [00:12:28] I remember a couple of years ago when we were looking around for some rental space in Sydney and sort of the Potts Point area, and a lot of the agents were saying that people were specifically buying in that area just to do Airbnb, to do Airbnb rental. Pre-COVID, they got decimated from Covid. Yeah, but yeah, just the way that it even changed the way people buy property and thought about property. 

Alec: [00:12:51] Yeah, it's really controversial because it decimates housing supply in like really popular tourist areas. Just like parts of Europe, there's been a lot of problems. Places like New York, there's been problems. It also there's a lot of taxes on hotels that they can avoid. So like, don't get us wrong, this is not an industry. This is not a company without controversy. And I think the the ups of the early 2010s were characterised by that. Like, I think about Uber and I think about Airbnb together as these global disruptors that built global network effects and made regulators catch up with them. Yeah, Airbnb in some senses is still doing that. But the difference between Uber and Airbnb for me is that Airbnb was able to create this monopoly position that no one else has really been able to touch, whereas Uber is now in a competitive fight in both of its major business units. 

Bryce: [00:13:45] And if you want a great insight onto the into the Uber story rates super pumped, get a great. 

Alec: [00:13:51] And if you want to standing great insight into both of the companies, read the upstarts. 

Bryce: [00:13:56] Oh, nice. I haven't read that one. OK, well, Ren, let's have a chat about the industry at large, but before we do, we'll take a quick break to hear from our sponsors. So Ren, the industry, the hotel industry, where where I guess the hotel travel industry where Airbnb are playing is massive short 

Alec: [00:14:16] term accommodation industry is estimated at three point four trillion dollars, according to Airbnb. I think that's probably generous. I think that's definitely generous. Yeah, it's enormous. 

Bryce: [00:14:27] So let's have a look at some of the major competitors for Airbnb. So obviously, you've got the hotels. We mentioned some of the big chains earlier before Hilton Marriott, Accor, but then other platforms that are going head to head, you've got tripping.com. They focus more on the long term stays here in Australia. And I think overseas we've got Stays.com. That's one that I do use. Home to go is another one and flip key, which was acquired by TripAdvisor. Don't Zillow also play in this space? 

Alec: [00:14:59] I don't think so. They just like to ask. They just rent. I feel like you've missed the biggest one, though, which is Expedia, Expedia, so they own Hotels.com and a few other ones expedia.com itself. 

Bryce: [00:15:12] Booking.com is another one. It's pretty big. 

Alec: [00:15:14] They're their own company booking holdings or something, isn't it? Yeah, I 

Bryce: [00:15:17] think 

Alec: [00:15:17] so. Yeah, yeah. So there's a few other big ones. Both Expedia and bookings are listed both on the Nasdaq, so there are some big competitors in this space. But I think the way that you can sort of conceptualise the industry is the whole travel industry sits with aggregators now. So it's very rare that someone will be a Hilton Rewards member or a core platinum member. I don't know if I'm getting them the loyalty programmes, right? And like only go to a core dot com or Hilton dot com. I mean, there are some and especially some businesses, but even businesses these days go through aggregators. So for normal consumers, they'll be going through a Booking.com and Expedia, you know, hotels combined or an Airbnb. And then business travellers will be going through like a corporate travel management or something like that, which is still like a platform that aggregates a number of different options. So they're like the aggregator part of the market. And then there's the actual accommodation, part of the market. And Airbnb is an aggregate. It's playing in the aggregator space and just clipping the ticket. But rather than having to partner with big hotels or, you know, any any of those other, I guess, short term established short term accommodation companies, they're just aggregating normal people's houses. And that gives them a competitive advantage, in terms of the mum and dad renting their house while they're going on. Holidays don't have a cost base that they need to cover and can be a lot more elastic in their price than Hilton can and stuff like that. So that then leads to the pricing dynamics. So in the US, Airbnb can be between six and 17 percent cheaper than hotels. In Europe, the estimate is between eight and 17 percent cheaper than a regional hotels average, right? And that's because the supply is different. 

Bryce: [00:17:21] Yeah, yeah. Huge, fascinating company who is generating a fair bit of revenue market cap of $130 billion, but total revenue has increased from two billion in 2017 to 5.3 billion in 2021. It has slowed down a bit, though, given what has happened with Covid, but I think they've the latest report was a best ever Q3. I think they reported their highest quarterly revenue and they also in terms of profitability from memory, it was their most, most profitable quarter. Yeah, they've they've really rebounded now from from Covid and there is some changing consumer behaviour going on, which we haven't touched on Ren, which we will in a moment. 

Alec: [00:18:09] Yeah, before we do, let's just talk about the fact that the worst possible, the worst possible nightmare scenario for Airbnb happened in the last 18 months. Travel was dead, light travel died, people were locked down. So there weren't there wasn't even, you know, like staycations or, you know, weekends away or anything like that. Their revenue in 2019 was four point eight billion. And in 2020, it was three point four billion. If in the very worst case scenario that you can imagine, your revenue drops 30 percent and you still to over $3 billion in revenue when no one can travel, like I would say, that is a pretty resilient business. Yeah. 

Bryce: [00:18:49] Where was the long term stays like? What was driving that 3.4 billion? I wonder, because no one was going anywhere in domestic? 

Alec: [00:18:57] I mean, I guess, no, it's not like everywhere in the world. It was locked down at the same time for a full year. Yeah, true. Felt like it. It felt like it. But I guess especially in. States like that were pretty low. You're actually you're a big summer, yeah, yeah, yeah. So going for it, they still had a lot of travel. Yeah, I think that resilience is pretty impressive and that really gets to what we saw recently, at least recently when we're recording this, which is the Q3 results came out and you were blown away. So I'll let you talk a tour and what we learnt about what Airbnb might be longer term. 

Bryce: [00:19:33] Yeah. So it was they obviously had a very successful Q3 report and no doubt that a lot of the supply and demand is coming back around the world and and Airbnb's kind of getting back to to full strength. But Covid really changed the dynamics of the way people think about going away on holidays, but also think about living away from home. And so we're seeing long rentals now take place on the Airbnb platform. People are being more flexible with the dates in which they can go away, rather than having to work from home for two weeks and then having that hard deadline of a two week annual leave. You can work from home anywhere around the world in some instances, and so people are, yeah, using the platform in a different way. Staying longer at places. And so instead of being a short term rental platform, the numbers are now starting to show that it's longer term.

Alec: [00:20:29] So to give you an idea of this, I'm flexible features uptake. So that's that's really leaning into the whole people can work from anywhere. 

Bryce: [00:20:38] So just like any time in January, 

Alec: [00:20:41] yeah, they can tell the platform I'm flexible as to my travel dates because I can work from anywhere. Since it was introduced, it's been used over 500 million times, and obviously a lot of people are probably just searching and not booking, but still 

Bryce: [00:20:55] half a billion. Yeah. Another part of it. So that's the demand side. The host side is is starting to really ramp up as well. We know we've done a lot of advertising through the podcast for Airbnb. You know, we've spoken about the competitive advantage coming from the supply side as well and their ask a super host. We think it's a great campaign and a feature that now allows hosts to actually get in contact with other hosts and I guess allay some of the fears that they have around hosting the hosting side. 

Alec: [00:21:29] The supply side, for me is the biggest risk to this business because there's a lot of noise in certain markets around the supply of housing being taken away from, you know, renters and people looking to buy for Airbnb and the like. That noise will matter. But I think, more importantly, like it'll be the biggest limitation to scaling the first two sided marketplace to continue to work. Supply and demand need to always sort of be in equilibrium because if supply stays relatively fixed, but they keep getting more and more people trying to book accommodation, prices will go up. And then all these cost advantages they have over the hotels of the world will start to erode. Similarly, if supply stays fixed and to keep prices stable, demand stays fixed, then the business just isn't growing. For Airbnb to keep growing, they need supply to keep growing in line with demand. 

Bryce: [00:22:25] They also need good supply. 

Alec: [00:22:27] Yes, that is another very fit. 

Bryce: [00:22:28] Like, you can't just keep having the four four bedroom brick house in the faraway suburb. If that's the the fastest growing supply, then it's not going to work. Yeah, you want those unique stays that a lot of people are going to look at those stays that do still feel like a holiday, bit of luxury, whatever it may be, convenience location there, or they're always the ones that people are looking for. And if that doesn't continue to grow, then you also have a bit of an issue. 

Alec: [00:22:55] Yeah. Well, this this leads me on to something that I wanted to talk about, because for me, Airbnb is a company with a strong core business and an incredibly weak everything else. And what I mean by that is that Airbnb just has a history of failed product extensions, so they have this incredibly strong, two sided marketplace. It's incredibly disruptive business model that has, you know, hundreds of millions of users. But every time they try and tack something onto it, it doesn't really work. So they try it. They launch trips, Airbnb trips in 2016. Yeah. Have you used it? 

Bryce: [00:23:31] I was just going to say, I bet just thinking about the platform I can I can picture what they're going to be. It's the foray into trying to get people into restaurants and experiences, trips I've seen, never used. 

Alec: [00:23:44] I don't think you have seen trips. I think you. Oh, I swear. Oh, maybe it's still there. Yeah. You would have seen Experiences. 

Bryce: [00:23:51] Maybe I'm still fighting the two then.

Alec: [00:23:52] So trips was launched in 2016, which was meant to be a centralised platform to manage your travel from start to finish. So like securing flights, that kind of stuff, it got shelved because of COVID or the transport project. Got shelved because of Covid. But I think it had been sort of pulled a long time before that, so that didn't really work as part of Tripp's experiences was launched under troops, now experiences as now it's like its own sort of category on the Airbnb app or the Airbnb website. Brian Chesky, who's the CEO and the co-founder, has come out and said he saw experiences equally as important as accommodation. Either why have you booked an experience with Airbnb experiences?

Bryce: [00:24:34] Never, neither. Yeah, I don't think I ever will. 

Alec: [00:24:37] Yeah, so that one hasn't failed yet, but I just don't think the uptake is where it wanted to be. They also had a content play. They were going to get into travel content. Every business is a content business these days. Classic. Have you watched anything from Airbnb? 

Bryce: [00:24:50] No. But if they want to do a podcast, holla. 

Alec: [00:24:53] Yeah, I would actually. I would actually really love. I love a bit of housing porn. Like, I follow the Instagram accounts and stuff like that. I would love a TV shows just showing the best Airbnbs around the world, like a grand designs by Airbnb. That would be pretty tough. That would be because, like with grand designs, the thing is, or any of those shows, you can never actually go to the house. It's just a tease. Yeah, but with grand designs, Airbnb additions, you could book it. 

Bryce: [00:25:22] Yeah, yeah. Well, they've got. That's the unique stage. I think there's one. There used to be an Airbnb. Now I can't remember who was called black or something like that, and it was like the ultra luxury Airbnb came with catering.

Alec: [00:25:36] So these are the product extension, says Airbnb Plus. And Airbnb, then is like a luxury kind of as well. Yeah, yeah, yeah. Yeah, yeah. And then have you heard of Airbnb backyard? No. So this one is still on the go and it's hot for pets? No, no. So it's Airbnb's plans to design and build houses. What's the logic behind it is that they have a lot of data on where and how guests like to live. And so they're going, yeah, but 

Bryce: [00:26:08] it's like to rent it because they're going on holidays. Yeah. Doesn't mean they're going to leave there. 

Alec: [00:26:13] Yeah. Yeah. But as part of this backyard project, Airbnb also quietly filed a patent for a reusable modular housing system. And people have speculated what that means is that they'll create Airbnb homes that can adjust their layouts to meet demand in real time. So the same space could be rented as two one bedroom units one week and then a two bedroom apartment the next week. So basically giving Airbnb flexibility to change the supply based on demand going into properties without altering the footprint. No, it's a it's not property development. It's a reusable modular housing system. 

Bryce: [00:26:59] Okay, so they're going into serious property development. Well, I just put it on to put it in a paddock somewhere and shifted around as people need it. If it's. 

Alec: [00:27:09] Well, I think it's right. I mean, isn't every house just put it in a paddock? Isn't that literally how houses start going into development? Well, the article I was reading said there's been no visible movement on the project since, you know, we laugh at some of these things. But and the fact that there are $130 billion company with a really strong core business means they can make some of these bets so which we can't really have too much of a crack for them trying new things. 

Bryce: [00:27:39] But they're not profitable, though, right?

Alec: [00:27:40] No. Yeah, but I mean, it's trying to want 

Bryce: [00:27:43] and it's profitable. 

Alec: [00:27:44] You lose your lose market value if you're profitable. Yeah, it's definitely something that is worth watching is Airbnb's inability to build a really successful complementary business to their core business. 

Bryce: [00:27:58] I'm just actually looking at it at their profit numbers and to your point around the resilience of revenues. They lost 674 million in 2019 and in 2020 lost 4.5 billion. 

Alec: [00:28:11] Yeah, okay. Well, yeah, got slammed. Yeah, yeah, that's it. That's Covid. Yeah. Ouch. 

Bryce: [00:28:17] Yeah, yeah. Look, it's a fascinating company. I think though the moat that it has, I think, is pretty impressive. People say Google it, and now people just say instead of, I'm going to this hotel or did you get a Booking.com? It's just we've got an Airbnb. Yeah, which Airbnb is staying out of it? Have you looked at? It looks? Let's look for an Airbnb like it's the first point of call within our demographic anyway, within our group of friends, the way we do it. Whenever you think about short term travel, yeah.

Alec: [00:28:48] Now my biggest source, I've said that my biggest concern about the company is supply in terms of housing. And then I've talked about their product extensions. My third concern that I want to talk about because we've we've had a lot of love for this company, but I think we just have to give the other side. I don't know if you've noticed what's been happening with Uber lately, but the amount of extra phase and all the push notification ads and all of these like extra little monetisation gimmicks, splitting the delivery face the delivery cost into a delivery Faina service fee. So this is all because Uber just runs two unprofitable businesses that don't have any economies of scale or synergies between the two. And they are getting a lot of pressure to be profitable. I worry when that pressure will hit Airbnb and what that will look like because there are a hundred and thirty billion dollar company that operates in every country on Earth, almost, and they're not profitable. It's not like there's a massive supply of housing to still come online that, you know, will eventually give them economies of scale like they're going to start getting pressure to be profitable. And I just wonder what that will look like

Bryce: [00:30:00] for the fee structures. 

Alec: [00:30:01] Well, just in general for the business like home, where does that additional margin come from? Or like where do they find additional revenue from like product adjacencies or something like that? I hope they can do it, but for me, I think that that will be an interesting one to watch because the user experience on Uber has got significantly worse as they do person. And you know, so many of our mates, like anecdotally, people are now downloading all our data and, you know, finding alternatives because it's just cheaper 

Bryce: [00:30:30] or even the food delivery using different. So yeah,

Alec: [00:30:33] yeah. Seeing you 

Bryce: [00:30:34] with a service fee plus delivery, 

Alec: [00:30:36] although there or just as expensive, I reckon. But I think for me, that's the third thing that I'll be watching for Airbnb because it is this great business. But if that pressure comes, if they start having to charge more or they start taking more margin from hosts and host, decide to go to different platforms like that that might upset the apple cart 

Bryce: [00:30:56] or Ren fascinating company, one that seems to be rebounding now a little from devastating impacts of COVID. But yeah, 130 billion market cap. Not something to shy away from and one that has really disrupted an industry and created its own industry in a way so increased that addressable market that we've spoken about, the likes of Uber and Co have done the same. So thanks to Superhero for supporting this episode, it is our second last one of the summer series getting a bit sad that it's almost over, but we're finishing next episode with one of Australia's great success stories. And that is ResMed. You may not have heard of it, but it's absolutely doing wonders in the world of sleep apnoea. 

Alec: [00:31:41] Yeah, one of Australia's best exports for the last few decades, I would say. There we go. And if you want to know why 

Bryce: [00:31:48] change next week, that's it. So a reminder that you can win a thousand dollars in a superhero wallet of the back of this episode. If you enjoyed some of the key facts that we've just gone through in this episode, then tell us which ones they are by dropping them. In the comments on our Instagram post for today's episode over on our Equity Mates investing podcast, Instagram, and will choose a lucky winner to win $1000 in a superhero platform superhero. Now let you buy Aussie and US shares, as well as ETFs at no monthly fee. it's been fun Ren and we'll pick it up next week with the final episode of the summer series.