What does a soft landing even look like?

Adam: [00:00:25] Hello and welcome to Comedian versus Economist. We demystify the world of money and help you get a handle on the bigger picture. My name's Adam and we're joined, as always, by my little older brother and real life economist Thomas. Hi, Thomas.

Thomas: [00:00:38] G'day Adam. How are you?

Adam: [00:00:39] I'm doing very well. Thank you. Look, welcome to you out there. If you're joining us for the first time, maybe, or you're back for more, hopefully, maybe a friend sent you. That's what we're asking for. And it's the end of the financial year. So I promise this is the the last one we're going to do. But if you could please tell one person about CV, that would help us out enormously. We'd really appreciate it, Sam. Spread the word, of course. Big show coming up, Thomas. So let's get into it. Pub workers like tips. Well, here's a tip. You might be getting a pay rise if you're a hotel worker, so that's nice. Thomas Ray Dalio put out a piece this week saying that stagflation is the cost of fighting inflation. Who is he and is he just checking if anybody is listening to his words? Because they make no sense to me. I'm going to get you to explain that one. And how much would you pay for a buffet with buffet? You can pay for lunch with wars, but it'll cost you more to stick around to find out what you'd be looking at paying if you want to have lunch with the great man. But first, if you've ever wanted to own your own slice of heaven, you might be in luck. New Zealand's house prices are in freefall. Thomas, what does that mean for New Zealand? 

Speaker 1: [00:01:53] Yeah, well, I mean. 

Thomas: [00:01:54] Maybe free fall is overselling it. I know you're the hype guy, but. 

Speaker 1: [00:01:58] That's what I do. Yeah. Yeah, they're down there, down.

Thomas: [00:02:03] 4% now in the month of May. So that's quite that's a pretty chunky fall in a single month. Dan, The median price nationally is down to 840,000, which is a pretty massive number for a national median. But that's down 85 grand from where it was in November 2021 at the peak. And median house price is 925,000. So the down 9.2%. 

Adam: [00:02:27] That still seems high. What's the what does the Australian median house price. 

Thomas: [00:02:32] I think it's probably closer to seven, 700, right. I couldn't tell you exactly but that's my. Hmm. And I can tell you exactly. It's. Yes. 752,000. Hey, hold my head like a boss.

Adam: [00:02:45] So they're higher than us. Lower? Quite considerably than median house prices. We can offer views of Mordor, I suppose. Actually.

Speaker 1: [00:02:52] It's seller.

Adam: [00:02:58] Yeah, no, I. 

Thomas: [00:03:00] Yeah, I don't know what the difference is there. I mean no I couldn't tell you what I mean. It is pretty expensive. And I mean, Bloomberg Economics had a report during the week saying that New Zealand's housing market was the most at risk of a crash of any market in the world. Yet they're saying that is the most disconnected from fundamentals, particularly when you look at rents. So you could think about like housing is an asset class, you've got the price of the house plus the return on the house. The return, it's the same as rent. Yeah. So you can those, those two should move pretty closely but the. Yeah. They're saying New Zealand has disconnected and that makes New Zealand the most risky market in the world according to those guys. Well, yeah, and that's with us with our RBNZ, the Reserve Bank of New Zealand's, their cash rates up to 2% now. So they hit the floor with us and the rest of the world, but they've, they've come back pretty aggressively since then and they're now at 2% we're at 0.85%. So they're, they're leading us, they're ahead of us in a few. And this is sort of a feature through the pandemic as well, that their property market really launched, launched ahead of Australia. And we sort of caught up, you know, we followed their lead, but New Zealand was leading the way and now they're leading the way down. I think so, yeah. And the cash rate is up to 2%. The BNZ reckons it's going to go towards 4% by the end of September 2023. So that's a pretty, pretty big increase from there as well. 

Adam: [00:04:25] And so is New Zealand the canary in the coal mine for us? Like are they like because I remember when inflation kicked off in New Zealand and the RBA in Australia was still like now 2024, we've told you shut up. 

Speaker 1: [00:04:38] There won't be any.

Adam: [00:04:40] Labour rights are revised until 2024. Doesn't that so. 

Thomas: [00:04:44] More and more stupid as the banks. 

Speaker 1: [00:04:46] Go.

Adam: [00:04:49] So if their house prices are falling, you know, buy these kinds of rates then is that what we're looking at? 

Thomas: [00:04:56] I think I think you would you'd have to say so. I mean, National Australia had its first fall in May. Nationally, the median was down 0.1%. And and that's a there's a bit of variation across the city. So Sydney's down 1% was down 1% in the month that. So that's a decent fall. No one down 0.7%, but that's offset by, you know, Adelaide's up 1.8% doing well. They there no idea why. 

Speaker 1: [00:05:20] They are bad at all. Those are the sort. An article today about this. 

Adam: [00:05:27] Apartment in it was for rent in Adelaide and like they're talking about rentals, it is like crazy and someone who has converted like a single room and like a lounge room, it's got a fireplace in it and they just put a shower in the. 

Speaker 1: [00:05:41] Corner please. Like them. So like Perspex are like right to get on. 

Adam: [00:05:48] Twitter, just calling it like a Perspex. 

Speaker 1: [00:05:50] Sheeting cube right next to where you cook your breakfast. They were $400 a week for it somewhere in North Adelaide. 

Adam: [00:05:59] So yeah, people do want to live here and they're prepared. They're prepared to cook food next to someone taking it down. 

Speaker 1: [00:06:04] If that's what gets. 

Adam: [00:06:05] Them into a house. 

Speaker 1: [00:06:06] In Adelaide that's, that's where we're at. Yeah. So, but yeah. 

Thomas: [00:06:09] So it's nice nationally we that like I think we're turning the corner, we're at the peak, we're on the way down from here. You have to think that yeah, we're following New Zealand, I mean and that's largely about rates, but it's also there's a bit of a credit squeeze going on. So the banks are now getting much tighter with the loan applications and going over the numbers much more closely than they were. A lot of banks are now no longer accepting overtime or bonuses as in your in your serviceability serviceability calculation also. 

Adam: [00:06:43] So you couldn't you couldn't pay your way. 

Speaker 1: [00:06:45] Into a mortgage anymore. Just slip your broker a bit of overtime over time. 

Adam: [00:06:51] Right. Thanks I had yet. 

Speaker 1: [00:06:53] Yeah. 

Thomas: [00:06:54] Yeah. So that yeah. You can't to sit there cracking down on the serviceability rate Citi's sort of a mob here they, they reckon that with the recent rate hikes and the Yeah. And the rate hikes that are coming plus this is the, the crack, the, the crunching of credit that's going to reduce borrowing capacity by about 18% for the average household. So I kind of one for one that would if that, if that were true, you'd think that should sort of translate into an 18% fall in house prices given that it's the capacity to borrow that really determines where house prices are at. But that would still have a pretty well up about, you know, probably 10% on where we were pre-COVID, even with 18%. So yeah, it's, it's sort of up and down market. I mean we've had these big swings in the, in the share market, you know the property market is has been influenced by the same factors that drove the share price boom and bust. Um, it's just a much slower stodgy asset class. But I think, I think we're going to see, see some of that panic play out. And I think, as you say, New Zealand's leading the way. They're showing us where we're going. But I think Australia's on their heels. 

Adam: [00:08:08] And we mentioned the RBA. So are they worried about falling house prices? Do they care? Do they know that it's happening. 

Speaker 1: [00:08:18] So they still targeting 2025? Yeah, the house pricing will come off. Yeah. Now that yeah.

Thomas: [00:08:23] They said they don't expect house prices to fall until 2024. 

Speaker 1: [00:08:29] You can take. 

Adam: [00:08:30] That to the bank. 

Speaker 1: [00:08:33] Yeah. 

Thomas: [00:08:33] No, I mean it's not it's not something they target. And in the past the people have said, you know, you're blowing bubbles by cutting rates and house prices are going through the roof and the and the RBA has effectively said well that's not our problem, we're not trying to, we're not trying to do anything one way or the other with house prices. It's just we've got to set interest rates for the for the broader economy and we can't help it if that then creates a boom in asset in house prices. 

Speaker 1: [00:09:00] It's the Bart Simpson defence, isn't it? I'm just going to do this. Get away from if you get in the way, it's your own fault. 

Thomas: [00:09:10] They haven't really they don't they don't try to comment on it is probably I think that would probably be it would probably be more comfortable for them from a financial stability perspective if house prices were a little lower, if debt to income ratio were a little lower, that would be happy. But I don't think that it's not it's not central to their thinking. I don't think or tends tends not to be. 

Adam: [00:09:29] Wrong where they go. If you were hoping that maybe the house price drop in New Zealand was over, well, don't dream it's over. Thomas. Good news this week for hotel workers. Some of them are going to be getting a pay rise. 

Thomas: [00:09:46] Yeah, probably. Probably all of them eventually. But yet we got the news this week. That Endeavour group used to be part of the Woolworths empire that got demerged last year. Yeah, they, they're the biggest pub owner in the country. So they, they run 340 hotels and clubs around the country, as well as Dan Murphys and BW s chains, which I didn't realise they were owned by the same same characters, but they're going. Yes, I think they're giving everyone a pay rise or everyone on awards so that they, they employ 28,000 people across the country. 15,000 of them are on awards and they're going to bring forward they're going to fast track the pay the award increases that we covered last week with the Fair Work Commission. They're going to fast track that. And July one kicks off the everyone gets a pay pay increase. So the interesting thing is that the hospitality industry was granted an exemption until October one because they're saying that hospitality had been hit so hard by COVID and all of that. And a lot of businesses were were struggling that the Fair Work Commission said, okay, well, hospitality workers, you guys got to cookie heals for a little bit. We are going to give you businesses time to adjust to this. Oh. 

Speaker 1: [00:11:02] I thought this is. 

Adam: [00:11:04] When you said like give them a break. I thought you talking about the workers who'd been hit hard by COVID and had been not working, not having and not having jobs and missed out on money. But so we're going to. Right. But no, we've said we're going to park the pay rise till October. Yeah. You guys to protect the businesses.

Thomas: [00:11:23] This is how the world works. 

Adam: [00:11:25] I guess I did get job keeper. I mean, you could argue that they shouldn't have been worse off, but I know for a fact that a lot of them were. So, yeah. I mean. 

Thomas: [00:11:32] The hospitality has had a rough trot, that's for sure. Yeah. Yeah. Endeavour saying they're not going to wait. They're not going to take that exemption. They're going to offer pay rises immediately, effectively. And they're on a they're trying to hire staff and they're saying they're going to be a staff shortage. So they're looking to hire 800 people effective immediately. Yeah. And they're hoping that that by offering these pay pay increases straight away that they might be able to get more staff on board. 

Adam: [00:11:57] Right. So so there's obviously a lot of demand. Then the demands come back for hotels, for pubs, for well, for alcohol. It never went away. Did pay during COVID, didn't it, like alcohol in hospitals. 

Speaker 1: [00:12:10] And hospitals and bottlers.

Adam: [00:12:12] I think. 

Speaker 1: [00:12:13] Was that the order of the day during COVID? Yeah, yeah. 

Adam: [00:12:18] Yeah. So so is this is this a good like is this a bullish sign for Endeavour then, as it. 

Thomas: [00:12:24] Were, Endeavour's Endeavour was trying to paint it as one to saying, look, we're in such a strong position and demand so high that we need to hire lots of people and we've got the cash to be able to throw out these pay rises. So we're doing pretty well. That's the spin that the chief executive, Steve Donohue, was putting on it. I mean, the thing for me is that like you like it, meaning a staff shortage that we talked about for for most of that 15,000 people on the wards, they're either on the minimum wage or they're getting 5.2% or they're just getting a flat 40 bucks increase per week. And then we talked about that in a read some article which just interviewed a random bar girl and she says, I think this will help with this. With the staff shortage. I definitely think it will help getting more people into Hospo Hospo Hospo. Yeah, yeah. But it's like, I don't know, it's 40 bucks and like, I don't know, I don't want to seem out of touch, but like if someone's going, do you want to come work in my bar? It's like, Nah, I'll give you another 40 bucks for it, you know? Like, is it really going to, really going to help the staff shortage?

Adam: [00:13:31] Yeah, lettuce is $12. 

Speaker 1: [00:13:33] Well, yeah, I get me a like a quarter of lettuce. I mean all lettuce anyway. 

Thomas: [00:13:42] Yeah. And as we're saying. 

Adam: [00:13:43] So you're saying it's not enough. Is that what you or Equity. 

Thomas: [00:13:46] Mates guys were asking this question the other day? Like, what happens to the to the real bottom rung of the jobs ladder? Like Uber eats, delivery drivers and the people working the gig. A gig economy staff are all like working in a bar, you know, you can you can go out and get a solid job that's paying a lot more because it's a really competitive job jobs market. Yeah. I think it would be interesting at for those industries that rely on that bottom rung of the skills ladder, which is what the minimum wage, you know, effectively covers, I think they're going to find it tough to compete. And I know like, I don't know that $40 a week is enough of an incentive, like unless someone's really committed to the bar, bar work lifestyle and maybe, you know, there's something to that. I'm sure it's some people seem to really enjoy it, but there's going to be good gigs out there and. Firms are going to have to compete not just on wages but also on conditions. And, you know, late night working, you know, suit some people is not going to suit everyone. Yes, I think yeah. I don't know. I think I think we were not going to hear the end of this. And I don't think getting out and sort of fast tracking 5.2%, as we're saying, that's that's only just keeping pace with inflation that we've seen already non-wage with the inflation we know is already in the pipeline. So it's sort of effectively real wages for pub workers are going backwards, but that's not a recipe for attracting more people into the industry. Hmm. 

Adam: [00:15:16] Yeah. Interesting. Oh, well, I guess we'll just have to wait and see what happens, but it's better than nothing. I think that's something. 

Thomas: [00:15:23] Well, yeah, I get. I guess. Yeah, it's better than nothing to us. 

Adam: [00:15:27] Our photos. 

Speaker 1: [00:15:29] It's about. All right, what do we. 

Adam: [00:15:33] Why don't we start there? We'll grab a quick word from this week. Sponsor. After the break, we're going to be talking about the big guns of economics, Ray Dalio and Warren Buffett. Stick around. More comedian versus economist right after this. Welcome back here on Canadian versus Economist. You can send us an email if you like CV at Equity Mates dot com or on the website Equity Mates dot com forward slash CV. You can also find us on Instagram and Facebook at CV Podcast. Thomas Facebook. I mean, Instagram is going off its nut after we made the call out for to get over a thousand followers. I don't know what the next level up from viral is, but it's it's beyond viral pandemic. It's become it's become its own internet. It's become sentient. 

Speaker 1: [00:16:19] Self-Aware. 

Adam: [00:16:24] So they miss out. Go and find us at TV podcast. Have a conversation with with our Instagram account. Anyway, Thomas Ray Dalio, what's he on about these days?

Speaker 1: [00:16:40] Yeah, even though he is. All right. Very good day, right? You know the day. Yeah. Yeah. Ray Dalio is. 

Thomas: [00:16:50] From Bridgewater Associates. One of the.

Speaker 1: [00:16:53] The.

Thomas: [00:16:53] Is one of the wealthiest hedge fund managers in the world. He's moving into his sort of grey beard phase of life where he's writing a lot more about the world and philosophy and what how politics should be ordered and things like this. And it is great is really I, I got a lot of time for this stuff. He writes, Yeah. And this is very interesting. But yeah. And so he so he wrote an article on LinkedIn saying titled Reducing inflation will come at a great cost. Stagflation. Yes, it is. The inflation that you get a bit confused with in the intro, you say love of inflation. 

Adam: [00:17:30] So just a quick recap. What stagflation? 

Thomas: [00:17:33] So stagflation is when you get a stagnating economy, potentially a recession and inflation at the same time. 

Adam: [00:17:40] Right. So no growth and inflation and inflation. 

Thomas: [00:17:44] Yeah. 

Adam: [00:17:44] Yeah. Okay. And we know we know what inflation is, right. So he's just saying that having no growth and inflation is the what is the way to fight inflation. 

Thomas: [00:17:54] That's that's what he's he's saying that he he's a bit frustrated with the people seem to misunderstand don't understand this point he says I now hear common. 

Speaker 1: [00:18:04] Sense such as he himself is the editor of speak. Try working on your phrasing. Right. I mean, leave some of the inflation out of it. Just sort of bring. 

Adam: [00:18:19] It back to basics. 

Thomas: [00:18:20] The more I think about it some more, I think he's just talking directly to you. But shout out to Ray if you're listening. I'm working on it. 

Speaker 1: [00:18:28] We get in there and he's lucky I'm listening. But I wouldn't normally really if I wasn't talking to you, I wouldn't be listening.

Adam: [00:18:37] And most people aren't. And most people, I think it's fair to say most people, when they hear a statement like stagflation is the only way to fight inflation. Just go boring. Strange things. Netflix, let's go. Yeah. 

Thomas: [00:18:50] Yeah, that's true. Yeah, it's not so. Yeah, no, no, it's not a really clickbait kind. 

Speaker 1: [00:18:54] Of pattern.

Thomas: [00:18:56] That he's going for.

Speaker 1: [00:18:57] There. Yeah. What he needs is I can't believe they need this to fight inflation. Yeah, that's right. Oh, what is it? The key thing. 

Thomas: [00:19:11] That he's frustrated with is he's hearing people say that you need to raise rates to fight inflation, and then once they get inflation under control, everything's going to be sweet. And the mistake he sees people making is that they think there's a direct transmission line from interest rates to inflation. Right. That you can just the interest rates directly affect inflation. And what he's saying is that that's not how the economic machine works. The way the economic machine works is that you raise interest rates that crunches spending and people's ability to spend that drives the the economy down. And as the economy falls, as growth slows, that cools inflation. Right. Does that make sense? Yeah. 

Adam: [00:19:56] But isn't that predicated on inflation being caused by more money in the system? So yeah, like you're trying to stop people having so much disposable income or whatever. So you raise rates to try and take some of that away. But yeah, from what I understand, it isn't mainly inflation and it's all supply constraint, isn't it? Or a largely supply constrained issue? It is. So it 

Thomas: [00:20:20] Is, you know. 

Adam: [00:20:20] He kind of just whacking people over the head by driving up rates when you're trying to get them, when you know the prices are going up as well because things aren't available. 

Thomas: [00:20:32] Yeah, yeah, that's that is true. The point he makes is that inflation happens when there's a mismatch between what people want and are able to spend and what's available with. So there's more. More money chasing a fewer amount of goods. If you've got a supply shock that's reduced the number of goods in your system, in your economy, reduce the amount of stuff for sale. If you give demand enough of a whack, you can bring it back into line with with supply more or less. And that. Yeah. Is a point like it can't deal directly with supply inflation but you can sort of bring those back into line a bit. Yeah. By whacking them on that it's not, it's not, you know, it's not perfect. Why stagflation when you get inflation and what's why inflation coming from cost push. Supply shock factors is very tricky to deal with.

Adam: [00:21:27] Right. So what's he suggesting then? Is it is he gave a solution or is he just is he just kind of going, look, this is what it is, just got to ride this out? 

Thomas: [00:21:35] Yeah, that's the point. The point I think he's making is that yeah. Like it's not just you people say he says people are talking about the Fed raising rates as a low cost option. This is like they raise rates that'll directly of interest effect interest inflation and then we're sordid. And he's saying like, no, the the transmission mechanism is through slower growth. So we're going to we're going to lower growth in this process. We need to be aware of that's the risk. Why people don't seem to be clocking this that through the path to lower inflation is through lowering growth. And that gets us to this idea of a soft and hard landing. So Jerome Powell from the Fed was talking about this, and this is sort of the the phrase that you keep hearing in the financial press at the moment is, are we going to get a soft landing? Are we going to get a hard landing? A soft landing, which is what we're aiming for, is when we slow growth enough to start lowering inflation, but without dropping us below stall speed and crashing the economy. Right. That's so that's the ideal. That's what Jerome Powell is aiming for. He's saying, I want a soft landing. I want to slow, I want to raise rates to slow growth. Slow growth enough that it starts to take the heat out of inflation, but without dropping on the stall speed and crashing the economy. 

Speaker 1: [00:22:53] Right. 

Adam: [00:22:54] Because I hear that everywhere. I hear them the way we're trying to navigate a soft landing. I'm like, I don't know what we're trying to land that didn't doesn't feel like we're flying at the moment. Feels like everything's pretty bad. 

Speaker 1: [00:23:05] So the fact that we're talking about landing is right. 

Adam: [00:23:09] So that's so it's so the alternative then is a hard landing, which presumably is recession. 

Thomas: [00:23:14] Yeah, that's right. That's right. That we slow growth. They raise rates too hard. We slow growth too fast. The economy tanks and we end up in recession. We lower inflation, which we were trying to do. But we we we go too hard on growth and we, we crash the economy into inflation. And that's sort of what. Yeah. 

Adam: [00:23:34] That's does that brings inflation down though. 

Thomas: [00:23:36] Yeah. Yeah, yeah. So you get yeah, yeah, you get inflation down in both scenarios. You land the plane. 

Speaker 1: [00:23:42] You're back on. Yeah. It's just whether everybody dies or not. Yeah, that's, yeah. 

Thomas: [00:23:50] That's, that's what we're talking about with that. Yeah. Soft and hard landing and that's what sort of the people are like. A lot of the criticism of the Fed is that like with because we had this seesaw in rates that rates tanked really quickly and then they they jacked up really quickly that it's really hard to engineer a soft landing when when, you know, the pilot's just jerking the levers around like that.

Speaker 1: [00:24:13] Thank God you said levers. Just, you know, what else is out there? That's why they call it the cockpit. You. 

Adam: [00:24:24] Thomas. They say there's no such thing as a free lunch. Definitely not the case when you're lunching with Warren Buffett. What's going on there? 

Thomas: [00:24:33] Yes, there's this bit of a famous thing. Say you can buy lunch with Warren Buffett, goes up on an eBay auction. You can bid to have lunch with Warren Buffett and seven of your friends. 

Speaker 1: [00:24:45] And some friends. Yeah. Yeah. 

Adam: [00:24:48] You know how you know how many friends I'm bringing in that scenario? How many? Zero. 

Speaker 1: [00:24:53] I know it's a risky, intimate dinner with your. Yeah. Oh, I'm. I'm paying 19 million. Oh, of me and buffet. One on one matter in. 

Adam: [00:25:05] We're going to talk shop. We're going to get to the Navy. I'm not risking $19. 

Speaker 1: [00:25:09] Million to sit there politely. 

Adam: [00:25:12] While some freeloader who just kind of came in with me on my on. 

Speaker 1: [00:25:15] My ticket. Choose Warren the year off about the foot of yourself. What you're doing is going to win this weekend. I'm like, okay, 19 million. I want his undivided. 

Adam: [00:25:25] Attention for $19 million. So that's the first problem with your with the story. But anyway.

Speaker 1: [00:25:31] Go. Yeah, yeah, yeah. 

Thomas: [00:25:33] So that's for charities for the Glide Foundation, which supports homelessness in San Francisco, apparently is a charity that his wife, his late wife introduced him to. Right. Yeah. And he's been doing it for a while. But yeah. So big as you say, a big number this this year. 19 million. Crazy. Yeah, a crazy amount to the last bid they had. It was on pause for a couple of years, recovered. But the last time they did it, it was 4.6 million by currency entrepreneur Justin Sun, which, you know, like I like I look at those numbers and think like, yep, 4.6 million. That's a sign that cryptocurrencies in a bubble 19. 

Speaker 1: [00:26:13] Million is also. 

Thomas: [00:26:16] A sign that we're in a bubble. 

Adam: [00:26:18] Who wasn't? Do we know? Who do we know? 

Thomas: [00:26:19] We don't. It's it's anonymous. 

Adam: [00:26:21] Anonymous. I could be. And it could be a crypto millionaire, although less likely these days with the crypto crash. 

Thomas: [00:26:26] Yeah. You don't think so?

Adam: [00:26:28] I can't believe Reddit didn't get involved in this. You know, like, Reddit's good at, like, getting together to sort of, like, couldn't I have all piled in and, like, got on board just to pay for, like, one dude from the Reddit for what? 

Speaker 1: [00:26:39] Wallstreetbets like admirable Wallaby 685 to go and sit down with Warren Buffet. Uh, yeah, right. 

Adam: [00:26:51] Uh, 19 million. That's a lot. A lot. Where are they going to, you know. Do you know. 

Speaker 1: [00:26:56] Where they go? 

Thomas: [00:26:57] To the Smith and Walensky Steakhouse in New York. 

Speaker 1: [00:27:01] Steak House. Yeah, yeah. Lunch with the richest man in the world. And you going to a steakhouse? Yeah. What do we.

Adam: [00:27:10] Seen? Good steak. 

Speaker 1: [00:27:11] You know what? I was. 

Adam: [00:27:12] I went to a pub the other night, and they had these, like, cook your own steak. It came out on a stone grill, like a heated state grill. 

Speaker 1: [00:27:19] Yeah. And I don't. 

Adam: [00:27:20] Want to be, you know, you know, cooking your own steak when you're paying $19 million. 

Speaker 1: [00:27:25] For dinner, that's for sure. I gonna have to tip 10%. 10%? 

Adam: [00:27:37] Did I read to. This is the last time. Last time he's doing it so so we can't we can't rally around now and. 

Thomas: [00:27:43] No not I cannot I can't you know he's he's done is. Oh he's, he's kicking towards 90 now. It's it's like hmm. So it hasn't got much left in him. 

Adam: [00:27:53] Pretty hard to justify. $90 million for Meals on Wheels. All right, that's it. I'm from the world of rich white men. Thank you once again for joining us, as always here on comedian versus Economist. We do very much appreciate it. Don't forget to tell a friend or you can send us an email CV at Equity Mates dot com or on the website Equity Mates dot com forward slash CV and on Facebook and Instagram at CVE podcast. Don't forget to check out all the other great podcasts from Equity Mates Media Get Started Investing feed Equity Mates Investing Podcast. You are in good company, talk money to me crypto curious and the dive featuring none other than none other than you. Thomas last week. What were you talking about on the dive? 

Thomas: [00:28:36] Yeah, we're talking about the global tax floor proposal from the OECD. 

Adam: [00:28:40] Well, that's very interesting. I would definitely suggest you check out that episode as well as all the others on the dive each week. Thank you again for joining us. We look forward to your company again next time. That's all for us.