What will a recession mean for my stocks?

Maddy: [00:00:20] Hello and welcome to your income company. A podcast makes investing accessible for everyone. I'm Maddy and as always, I'm in some very good company with my Co-Host, Sophie. 

Sophie: [00:00:31] Hello, how are you? We're also here with producer Slash. I thought she's raving mad.

Sascha: [00:00:37] You have been sick with COVID over the past week. It's taking you long enough. 

Maddy: [00:00:41] I know. 

Sophie: [00:00:41] It's my first. 

Maddy: [00:00:42] Time. I'm a little bit proud of that, I must say. 

Sascha: [00:00:44] Do you have any stories to do with your thoughts for too long? Just sitting in your room, isolating. 

Maddy: [00:00:50] I mean, yes, I did have a lot of alone time. Fortunately, I wasn't too sick. I would say I was more just tired. Actually, I have a story for you. I found myself sitting on my phone and I I'm one of those people who is like an avid notes person. Like, I have so many notes in my apple. 

Sascha: [00:01:07] Like when.

Sophie: [00:01:07] You. [00:01:07][0.0]

Sascha: [00:01:08] Find things online, you're like, Oh, I would remind myself. [00:01:09][1.6]

Maddy: [00:01:10] Yeah, that. Or like quotes from podcasts or things from books or books. I want to read movies, I want to watch everything. So I was going through my notes and I was just having a look at some of the things that I've written down. It was kind of entertaining, to be honest. And I found this note that we had done from when we were first starting the podcast and brainstorming names for the podcast. [00:01:32][21.6]

Sophie: [00:01:32] Oh my God. [00:01:33][0.6]

Maddy: [00:01:33] And so I will. [00:01:34][0.8]

Sophie: [00:01:34] Tell you some of them, because they're. [00:01:36][1.4]

Maddy: [00:01:36] Terrible. But it was really funny. I did have this part of me that was like, Should I share this? Because like, you know, we don't want to give away, like, our ideas, our internal secrets. Oh, exactly. However, they are just so bad that there's no way anyone would ever want. [00:01:49][13.0]

Sophie: [00:01:50] To like Dani and anyone joining here. Yes, because. [00:01:54][4.1]

Maddy: [00:01:55] The first one money side. [00:01:56][1.5]

Sophie: [00:01:57] Up. Can you imagine? You feel a cold? I don't even remember that. [00:02:01][4.0]

Maddy: [00:02:01] The next line is girl money talks. [00:02:03][2.0]

Sophie: [00:02:04] Oh, yeah, I read the rest. It was there was a little like indented. [00:02:07][3.3]

Maddy: [00:02:09] Dot point and it says punchline and yours might be saying goodbye. [00:02:12][3.6]

Sophie: [00:02:14] To you then. So Manchester United. [00:02:16][2.2]

Maddy: [00:02:18] Were definitely trying to be panic hit the change losing interest lending a hand. [00:02:22][4.8]

Sophie: [00:02:23] Like that just so. [00:02:24][1.1]

Maddy: [00:02:25] Terrible. And I think my favourite moments far from clueless. [00:02:28][2.7]

Sophie: [00:02:29] Was that even mean? Oh my God. That's actually. [00:02:32][2.3]

Sascha: [00:02:32] You know, making a name for this podcast was actually one of the hottest things I think we've. [00:02:35][3.4]

Maddy: [00:02:35] Done based on those options. I think we did okay. [00:02:38][2.6]

Sascha: [00:02:38] Second hardest thing was choosing the colour. [00:02:40][1.4]

Sophie: [00:02:40] Palette for our logo. That was also very hard. [00:02:43][2.4]

Maddy: [00:02:43] Trying to strike that beautiful balance between like non like finances but not leaning too. [00:02:50][6.8]

Sophie: [00:02:50] Much into femininity. I don't know. [00:02:52][1.7]

Sascha: [00:02:52] You know what this reminds you of? You looking at your notes, it reminds you of when you get into like a ten hour plane ride and you're in. [00:02:57][4.9]

Sophie: [00:02:57] Our seats and you're looking through all your photos and anything that's in your forehead because you don't know why. Five Oh, God, it's so boring. But I love it. I love it. It's time for a closer look. [00:03:07][10.2]

Maddy: [00:03:09] So there's been a lot of talk in the media recently on the news about this big R word recession. On-Air So today we really want to sit down and have a conversation about what will the recession mean for us and for our stocks. [00:03:23][14.0]

Sascha: [00:03:23] Yes. So rule of thumb, what is a recession? [00:03:26][2.7]

Maddy: [00:03:27] Common rule of thumb is that two quarters or six months of negative GDP means that a country has entered into a recession. That's kind of the unofficial definition. [00:03:36][9.5]

Sascha: [00:03:37] And that sounds like a lot of jargon. But really, GDP is kind of just a broad measure of like an economy's health. So it's kind of like six month period where we're seeing a decline rather than an incline. [00:03:48][10.3]

Maddy: [00:03:48] Yeah, GDP is kind of become a way of like boiling down the whole economy into one number. So when you hear about like the economy has grown or shrunk, that is generally referring to this term GDP. [00:03:58][9.6]

Sascha: [00:03:58] And, you know, I was looking into why it's been shrinking over the past couple of quarters because I was quite interested and I found this little graph, which I'm definitely going to post on Instagram, and I found that a lot of the GDP loss was due to businesses selling off a lot of their inventory. So like, you know, over the Christmas period, they were buying lots, they were buying lots for like stock and because of supply chain issues. But now they're kind of prepping themselves for like a bit of a bunker down and they're not is buying as much. And that's why it's kind of we're not saying that economic growth, which I thought was quite interesting. [00:04:27][28.5]

Maddy: [00:04:28] Yes, I guess it's like if you think about your local bakery over the Christmas period, they'll be baking loads of bread because lots of people are having parties. They've got Christmas Day. But then as time sort of goes on and things slow down a little bit, they would be winding back their production. [00:04:41][13.6]

Sascha: [00:04:42] I love that. Let's talk about pies and sausage rolls. So what I'm saying from the media is obviously this word recession. Are we actually in a recession? [00:04:50][8.3]

Maddy: [00:04:51] Yeah. So the good news is, is I mean, number one, this is this talk is all happening over in the U.S. and the Fed has come out and said, which is the equivalent. Of the RBA over in the US they have come out and said that they don't actually think that we are in a recession. Guys. Sasha has new tools and she's very excited. [00:05:11][20.3]

Sophie: [00:05:13] How long were you planning that process? [00:05:14][1.0]

Sascha: [00:05:16] So if the Fed's saying, we're not in a recession, we've still had those two quarters of negative GDP growth. Why are they saying we're not in a recession? Is the definition not like sticky? I don't know. [00:05:26][10.3]

Maddy: [00:05:27] Yes, that is an excellent point. So that entity that is in charge of actually calling a recession is the National Bureau of Economic Research over in the U.S. And generally, they don't actually officially call recession until they have a lot more data. [00:05:42][15.0]

Sascha: [00:05:42] Yeah, and I was reading that they look at other they don't just look at that job decline. They look at, you know, employment and about like data, facts that they all kind of create a recession story with. It's not just like one hot and fast rule. [00:05:55][12.2]

Maddy: [00:05:55] What I found interesting when I listen to a podcast that said it can take them up to 12 months to decide whether we're in a recession or not. I was like, Surely that's just too late. Yeah, hopefully you're out of it by then. [00:06:04][8.8]

Sascha: [00:06:04] That means we'd be sitting like. [00:06:05][1.0]

Sophie: [00:06:06] Literally. [00:06:06][0.0]

Sascha: [00:06:06] End of financial year next year. [00:06:07][1.2]

Sophie: [00:06:08] But are we okay? What are we? Yeah. [00:06:10][2.0]

Maddy: [00:06:10] Back last year, we had a recession. [00:06:11][1.1]

Sophie: [00:06:11] Yep, yep. Yeah, I remember now. [00:06:13][1.2]

Maddy: [00:06:13] But what did happen last week was the US Treasury Secretary, Janet Yellen, said that two quarters in a row of declining GDP was a sign of an inevitable and significant slowdown. But there was still really broad strength in the economy, especially in jobs. So while she doesn't completely rule out the possibility of a recession, she really did say that. Well, she did really refuse to accept that we were in one at the moment. [00:06:37][23.5]

Sascha: [00:06:38] And I think one thing with that is usually with a recession, you see a higher unemployment rate. And that kind of makes sense, right? Because if a lot of people aren't in jobs, they don't have the money to be spending on things. We see a decline. But at the moment, there's actually quite a stable employment rate. I think it's sitting at something like 3.2%, and that just sounds like jargon, but it's a pretty stable number. So that's why I guess the Fed is saying, you know, if you compare it to something like the global financial crisis, unemployment was so high, but now it's sitting in a stable. Right. So it's making them think a bit more maybe optimistically about it, but they should be cautiously optimistic. [00:07:13][35.0]

Maddy: [00:07:14] So bring it back home to Australia. Now. We are we have been talking about the U.S. and I guess the point of that is because the US is a superpower economy and our economies are very interlinked. So what happens over there does tend to have quite a direct flow on link to our situation in Australia. Our inflation rate at the moment is up around above 6% in the middle of the year and we have just had our fourth interest rate rise last week. [00:07:41][26.6]

Sascha: [00:07:41] So obviously things like inflation linked to recession because you know, things get more expensive, an interest rate cut, interest rate hikes. The RBA trying to kind of calm that a little bit. How are you feeling the impact of things like inflation at the moment? [00:07:55][13.4]

Maddy: [00:07:56] Yes, well, I think the first thing that comes to mind is at the supermarket, definitely the supermarket shop has gone up, that is for sure. Things like lettuce through the roof. Never thought that lettuce would be a luxury item. When I do my weekly shop, is. [00:08:09][13.0]

Sascha: [00:08:09] There actually one thing that you buy all the time that you've noticed has increased heaps? [00:08:13][4.0]

Maddy: [00:08:14] I'm not going to lie. I've been doing a lot of milk run recently and milk is just generally more expensive. Yeah. [00:08:22][8.0]

Sophie: [00:08:23] And what about you? [00:08:24][0.9]

Sascha: [00:08:24] I was going to say frozen berries, because I buy frozen berries like this, smoothies and stuff, and they have gone from about 580. It's about that or 550 to 680. And I'm like, Whoa, guys. [00:08:36][12.1]

Sophie: [00:08:37] What the heck? [00:08:37][0.2]

Maddy: [00:08:38] It's big. It's I think the next one is probably fuel petrol. It hurts. I actually read the Daily Aussies did a survey the other day that they released the results of. So really getting a good gist of how young people are feeling at the moment about where we're at. And 51% of those surveyed said that the increased cost of petrol has meant that they have been driving less. [00:08:59][21.4]

Sascha: [00:09:00] I am one of those people because I honestly have left my car at home so much more. I'm like walking to so many more places. We've been pretty fortunate emailed in that it hasn't been raining as much, so I've been using my feet. But like you do, think about it a lot more. [00:09:14][14.4]

Maddy: [00:09:15] I think the other side of that with rising costs of fuel and oil and gas is our electricity bills. We have had a conversation, our household, because we got a $500 electricity bill. [00:09:26][11.3]

Sophie: [00:09:27] Well, Sasha, don't make her feel worse than trigger happy, say, Sasha, I did or how I feel about it. So how did that conversation go? I said. [00:09:38][11.4]

Maddy: [00:09:40] We need to turn heating from continuous comfort to. [00:09:42][2.6]

Sophie: [00:09:42] Off. Okay, so not coming over to put on a jumper. You sound like my mum. [00:09:48][5.2]

Maddy: [00:09:48] It wasn't me. I was told about Chelsea. I was on the continuous comfort stage. [00:09:52][3.1]

Sascha: [00:09:53] I guess. In summary though, everything is getting more expensive. I don't know if my wage is. [00:09:58][4.7]

Sophie: [00:09:58] Particularly covering those expensive items. [00:10:01][2.4]

Sascha: [00:10:01] But we're feeling the pinch. [00:10:02][1.0]

Maddy: [00:10:03] I think the one other thing that is worth touching on, which doesn't affect the two of us at the moment, but it's definitely. The impact of rising interest rates on home loans. There was a great Equity Mates post the other day that talks about how the RBA raised interest rates by 50 basis points to 1.5% is now sitting out and for the average mortgage, which is around $600,000, this adds more than $600 a month to their mortgage and then to households with a $1 million loan. Keeping in mind that the median in Sydney is about $1.26 million, it adds more than $900 a month. So there is rising interest rates are having a huge impact on the average person's hip pocket. [00:10:41][38.1]

Sascha: [00:10:41] And I was actually speaking to someone about this the other day about people that were buying houses over Covid when interest rates were really low. And you know, the RBA was saying that they're not going to raise interest rates for a couple of years. So there's so much sentiment in the papers at the moment about people being so angry about the fact that there's been such a quick turnaround and a hike in interest rates because, you know, you know, financially prepared necessarily, which is having a big impact on people. [00:11:04][23.0]

Maddy: [00:11:05] Yeah. So that's sort of technically what it means and what the implications are. Fortunately, we're not in a recession right now, but I guess if we were to enter one, how would you feel? [00:11:15][9.9]

Sascha: [00:11:15] So I think I would feel the same as I probably feel right now. I'm feeling the pinch of the inflation. I'm feeling with the things with the supermarket and the fuel and wages, etc.. Personally, for me, I feel like it's just a technical term, it's just a part of the economy. It comes and goes. We've never really lived through a recession in our adult lives, but it happens. So I think I'd just be feeling like I've got to be a little bit more cautious with my money as I'm feeling right now. How would you feel? [00:11:40][24.6]

Maddy: [00:11:41] I think I definitely feel a bit more uncertain. I think definitely over the last couple of years away at our age, we've been very fortunate with the job market. It's been relatively easy to find a job to move jobs because of where the job market has been at. [00:11:54][13.4]

Sascha: [00:11:54] And also like people have started their own businesses. Yeah, that and like. [00:11:58][3.9]

Maddy: [00:11:58] Low interest rates have been really beneficial for that sort of entrepreneurship and start up well yeah to be honest I think trying to put that uncertainty aside, I do feel a sense of opportunity when it comes to investing because it's going to be a period where the stock market is lower than it has been for the last few years since I've been investing. And that's a great time to get in if you are in a position to be able to do so. [00:12:23][24.3]

Sascha: [00:12:23] I think that's a good segue way. Then what does a recession mean for the stock market? [00:12:26][3.4]

Maddy: [00:12:27] The first one that comes to mind is definitely changes in consumer behaviour. So we talked about how we're feeling the pinch at the supermarket. It may remains that way as consumers are going to be spending less on discretionary items, i.e. the things that are non-essentials. So that has a flow on effect to businesses because if consumers are buying less of their products, then their sales are going to be hurt. [00:12:48][21.0]

Sascha: [00:12:49] Well, we talked about that last week, right, when we spoke about Lululemon and we said that, you know, the tax are quite expensive. And so during a time like this, maybe people might not be buying them. That affects the company's profits. I guess that's the way to think about it. [00:13:00][11.1]

Maddy: [00:13:00] Yeah. And then the flow on effect of that. So we start to see changes in business behaviour. So, so if, if you're not buying a Lululemon leggings then Lululemon isn't going to be producing as many, they're going to be maybe slowing the opening of stores that they're going for. [00:13:13][12.8]

Sascha: [00:13:13] So then that obviously leads to impact on the labour market as well. They're not opening as many stores, not hiring as many people. It's kind of those flow on effects. [00:13:20][6.9]

Maddy: [00:13:21] It's a cycle which basically means that the share price of our stocks are not going to grow as much and in fact might even decline. [00:13:28][6.8]

Sascha: [00:13:28] So. QUESTION Personal question, do you have any losses in your portfolio at the moment? [00:13:32][4.0]

Maddy: [00:13:33] Absolutely, yes. If anyone. [00:13:34][1.4]

Sophie: [00:13:34] Doesn't plays, hear me up, please. [00:13:37][2.2]

Sascha: [00:13:37] Talk to me. We our contact details. [00:13:38][1.4]

Maddy: [00:13:41] That leads us nicely, though, to a listener question that we got, which is how exactly does an investment portfolio recover after a loss? [00:13:48][7.3]

Sascha: [00:13:49] Well, firstly, I'll say not financial advice, but I think if you think about it in the sense that if you don't sell your stocks, then it's technically not a loss. You only lose money if you do sell. And I think the recovery, for example, that I saw over COVID, because I had started investing before COVID, I saw a big drop in my portfolio. There was a lot of red was not happy days, but it came back up afterwards. And because I didn't sell anything, I didn't technically lose anything. [00:14:16][27.5]

Maddy: [00:14:17] Yeah. So I think the point here is that when the stock market falls, that means most stocks on the stock market will have lost value. And since, you know, hopefully we all have diversified portfolio is generally that means that the value of our portfolio is going to go down too. But I think this is one of the most important things to understand about investing is that if you leave your money invested and the markets go back up, a.k.a the value of the stocks rise again, then the value of your investment goes back up too. [00:14:44][26.6]

Sascha: [00:14:44] And I think this is where the psychological thing comes into it, right? When you first decide to invest, you need to be comfortable with that volatility and understand that if you've got time on your side that you can hold it and hopefully it'll go up in the long term. [00:14:54][10.4]

Maddy: [00:14:55] That is why we talk about our approach to investing as being regular and long term in our time frame. [00:15:02][7.0]

Sascha: [00:15:02] Now, Mary, I know that you have a new segment for us coming up, but maybe we'll take. A quick break for our sponsors, and then we'll be right back to. [00:15:11][8.4]

Sophie: [00:15:11] Hear a surprise that you've got for us. So we were fresh from our break. I don't know in English then, but it sounded well. [00:15:23][12.0]

Maddy: [00:15:24] Right into a new segment for us, bringing to you the lowdown. [00:15:28][4.4]

Sophie: [00:15:29] Oh, what's this? Hey, hey, hey. What's happening? [00:15:32][2.8]

Maddy: [00:15:33] We are bringing the recession idea together with actual news stories. Okay. The headline reads Supermarket Profits to Benefit From Soaring Food Inflation. So the article is about accelerating food price inflation being positive for supermarket profits because grocery chains have the power to pass on rising costs to consumers who are battling a loss of confidence, basically. Kind of like what we saw during COVID. [00:15:55][22.7]

Sascha: [00:15:56] So what are you trying to tell me? [00:15:57][1.2]

Sophie: [00:15:58] So what's the what? [00:16:00][2.4]

Sascha: [00:16:00] Why do we care? [00:16:01][0.5]

Maddy: [00:16:02] So let's start with the beginning. They're saying that big grocery chains, a.k.a. you will wet your calls because we're all getting used to the fact that costs are rising with inflation. They might actually be able to add a little bit more onto the cost and take home some more profits on their end. [00:16:16][14.3]

Sascha: [00:16:16] So they're kind of tricking us like their costs are actually rising, but they're charging us more. [00:16:20][4.2]

Maddy: [00:16:21] Well, I think their costs are rising, but they're adding more. So if your local coffee shop, for example, finds out that the cost is rising, so they need to put up their prices to, let's say, $5.50 a cop. Well, why not move it to 570 instead of 550? And then they get to take home an extra $0.20 a cost. [00:16:38][17.6]

Sascha: [00:16:39] And then there's that sentiment with consumers now that it's like, Oh yeah, of course that's going up. I expected this. They're kind of more willing to like take it on. [00:16:46][7.6]

Maddy: [00:16:47] Exactly. So I guess putting our investing hat on where we think about, yes, we currently with inflation are feeling the pain of prices rising and that is an unfortunate thing. But I guess try to think about where's the opportunity in. [00:17:00][13.5]

Sascha: [00:17:00] How much is your market costing. [00:17:01][1.0]

Sophie: [00:17:02] You? So he has such a thing with me ordering is that I really like I don't know how I feel about this deal, but I think it's because there's a tick tock of a girl and it's like. [00:17:13][11.1]

Sascha: [00:17:13] She's ordering a coffee in Melbourne. [00:17:14][1.1]

Sophie: [00:17:15] And like, you know how we say like Melbourne pay listen, I've got coffee and the girl's like I'll just the button is like a what. [00:17:21][6.2]

Sascha: [00:17:22] Do you want to say it a. [00:17:22][0.5]

Sophie: [00:17:22] Bit louder. She's like a mock up of the day. [00:17:25][2.8]

Maddy: [00:17:25] My housemate's friend dropped us coffees and I was like, Oh, can I have a mocha? And apparently the friend was like, A what? [00:17:30][4.8]

Sascha: [00:17:32] So investor hats on supermarkets are being smart using this to their advantage and trying to make some more cash at the moment. [00:17:38][6.0]

Maddy: [00:17:38] Exactly. I think the other benefit for supermarkets is where people are spending less on discretionary. So, for example, restaurants going out to eat and drink, they might be buying more from the supermarket at home. So that's a key for them as well. So so what's your positive takeaway from this story? [00:17:54][16.3]

Sascha: [00:17:55] What I'm getting from you, Max, is that there is an opportunity with some of the companies that we are interacting with day to day. We are shopping at the supermarket. We're feeling the pinch, but maybe they're seeing some benefit from us. Feeling the pinch. [00:18:06][11.0]

Maddy: [00:18:07] Very good. And what story have you got for me today? [00:18:09][2.3]

Sascha: [00:18:10] Domino's Pizza delivery driver shortage is so bad that 40% of stores are utilising call centres. Wow. Yes, how interesting. [00:18:17][8.0]

Sophie: [00:18:18] What is this story? [00:18:18][0.4]

Sascha: [00:18:19] So Domino's has been struggling a lot over the past year, trying to find delivery drivers. [00:18:24][4.4]

Maddy: [00:18:25] By the way, for those who didn't know, Domino's is listed on the New York Stock Exchange. [00:18:28][3.8]

Sophie: [00:18:29] The ticker. [00:18:29][0.1]

Maddy: [00:18:30] Tape. Hey, Z. [00:18:30][0.7]

Sascha: [00:18:31] Oh, that's a fun ticker. [00:18:32][0.7]

Maddy: [00:18:33] So why is day. [00:18:34][1.4]

Sophie: [00:18:35] Let's unpack that. I know this sounds. [00:18:36][1.2]

Sascha: [00:18:36] Really weird, but Z is a really fun letter for. [00:18:38][1.7]

Sophie: [00:18:38] Me. Yeah. Yeah. Do you get that? Yeah. Yeah. [00:18:40][2.3]

Sascha: [00:18:41] Okay. So, anyway, fun ticker, but they're not having a fun time trying to find delivery drivers because they've had the only current wave that's losing drivers. But then they've also had more people at home ordering take home food because they can't go out and about, so they need more deliveries. It's kind of created this whole mess, I guess, for the company not being able, trying to find people. Well, I. [00:19:01][20.1]

Maddy: [00:19:01] Was going to say, I can imagine that that would have quite an impact on customers. I remember a nice recognised fatality and on a busy night especially, you know, all it takes is one person to call in sick and all of a sudden it's such a struggle running from phone to finding people at the door, trying to get to their seats, taking their orders and bringing drinks. And then when all of that slower, it's just slows down the whole cycle of. [00:19:21][20.0]

Sophie: [00:19:21] The whole back. Can you tell our drovers that there's. [00:19:23][1.6]

Sascha: [00:19:23] Actually nothing worse than when you're working in hospitality and you have a really slow day though? Like I remember used to working in the summer and you'd be like, Can this. [00:19:30][7.3]

Sophie: [00:19:31] Day just hurry up? I think a very good point. So what I. [00:19:34][3.9]

Sascha: [00:19:35] Love about this story is that Domino's has completely pivoted, even though I hate that. [00:19:38][3.9]

Sophie: [00:19:39] Word, but they have to. [00:19:40][1.5]

Sascha: [00:19:41] Using call centres so that delivery drivers and people making the pizzas can stick to their actual jobs rather than having to worry about the phones. And I think as an investor, I'm like, that's really cool that the company has been able to do that in a really short period of time. And I think the broader learning is look for innovation at a time like this. [00:19:57][16.3]

Maddy: [00:19:57] Yeah, I guess it's interesting to see how companies are able to react and find opportunities in an environment that is otherwise presenting a lot of challenges for them. [00:20:06][8.8]

Sascha: [00:20:06] Do you notice any other public pizza companies, or is like Domino's the only one? [00:20:10][3.3]

Sophie: [00:20:10] Mm hmm. [00:20:12][1.3]

Sascha: [00:20:14] Another question. [00:20:14][0.3]

Sophie: [00:20:16] It was if there was. [00:20:17][1.2]

Sascha: [00:20:17] A food that you loved, like which company would you want to be public? [00:20:20][3.1]

Maddy: [00:20:21] Oh, this is such. [00:20:22][0.8]

Sophie: [00:20:23] A good question. I feel too much pressure. What's yours? [00:20:26][3.5]

Sascha: [00:20:27] Probably that, Peter. People are so. [00:20:28][1.3]

Sophie: [00:20:29] Obsessed. [00:20:29][0.0]

Sascha: [00:20:29] I would find that. [00:20:30][0.5]

Maddy: [00:20:30] A pastor company, a fresh pastor. [00:20:32][2.1]

Sascha: [00:20:33] Anyway, we've digressed, but k learning look for companies that are being innovative because if they can get through these times, I'm sure that they would be able to strive in others. [00:20:41][8.2]

Maddy: [00:20:42] Well, that almost brings us to the end of today's episode. [00:20:46][3.2]

Sophie: [00:20:46] But thank you, Sasha. It's like an achievement. Yes. You're still. [00:20:52][5.3]

Maddy: [00:20:52] Listening. [00:20:52][0.0]

Sophie: [00:20:53] To the tick tock. It's like it's like a reward. Haven't say that. Takes them at a rest to round out recommendations. [00:21:01][8.3]

Maddy: [00:21:02] What have you got for me this week? [00:21:03][1.0]

Sascha: [00:21:03] These are both recession related because I was doing research for this and I found two good resources. The first is Planet Money. They do a quick episode on two recession indicators. [00:21:13][9.2]

Maddy: [00:21:13] A podcast. [00:21:13][0.1]

Sascha: [00:21:14] A podcast. Very easy to understand. I enjoyed it. The second is a article from the Harvard Business Review, which is called How to Survive a Recession and Thrive Afterwards. It breaks it all down in layman's terms, has some really good graphs, so we'll link both those in the show notes. What are yours? [00:21:32][17.6]

Maddy: [00:21:32] Mine is also a recession. Related one get started investing. Another podcast in the Equity Mates network also did a recession one in one episode. So if you're keen to hear their perspective on it, head across to get started investing. There is also an article that I will link in the show notes headline World's Biggest Yacht Stranded As City Turns On Jeff Bezos. [00:21:53][21.1]

Sophie: [00:21:55] Look at us. [00:21:55][0.3]

Sascha: [00:21:55] Recommending. [00:21:55][0.0]

Sophie: [00:21:56] Articles like I've. [00:21:57][1.3]

Maddy: [00:21:57] Come a Long Way. 

Sophie: [00:21:59] Oh. 

Maddy: [00:21:59] That brings us to the end of today's episode. As always, if you enjoyed it, please send it to a friend. We really appreciate it. I really would love to be able to get into more years. 

Sascha: [00:22:10] To come and follow us on Instagram at Y, say podcast. You can slide into our DMS if you'd. 

Sophie: [00:22:15] Like to and it's not how.

Maddy: [00:22:17] Jams are open. So is our Facebook group Why I Say Investing Podcast Discussion Group. I think that is old. 

Sophie: [00:22:24] As you'll hear.

Sascha: [00:22:25] From us. 

Sophie: [00:22:25] Next week. Catch you then.