Why leadership matters: Disney presents the tale of 2 Bobs

Maddy: [00:00:21] Hello and welcome to You're In Good Company, a podcast that makes investing accessible for everyone. I am Maddy gGuest. And as always, I am back with my co-host, Sophie Dicker. After last week, I forgot to share my microphone. So can you hear me? 

Sophie: [00:00:38] Finished the episode last week and we realised that we hadn't hit a record on the video. I'm like, No, the video. And then Sascha, our producer, was like, Yeah, I look, I don't think I even pressed a record on the recording machine. So we're back and if you listen to last week's, Maddy did a nice little intro and this week we're going to speak about Disney and leadership. 

Maddy: [00:00:58] Yes, I will say as well, this is our second go today. It started without hitting a record again. It is that close to Christmas. It's actually 12 days till Christmas. 

Sophie: [00:01:06] Oh, you said you're going to do this. 

Maddy: [00:01:09] Yey, alright. Before we do, I have to tell you something that I have discovered this week.We actually had a surprise feature on Hamish and Andy's finale episode of the season. 

Sophie: [00:01:21] What, like they recommended us? 

Maddy: [00:01:23] I mean not quite. They have had a longstanding thing where they wanted to get heads of people onto a flight and do like an emergency exit where you slide down the slide. 

Audio Clip: [00:01:35] Those flights will not happen. We are just going to push back. I'm going to roll slowly to the hangar. 

Sophie: [00:01:41] Like when? When like with crash landing. 

Maddy: [00:01:44] Yes. But I mean, they didn't actually go into the air. They just like had an article and I did it with Rex and they posted a video on their socials filming people sliding down the slide. And this song was our theme song. It's like, where are you going with this? Literally. Yeah. And then they all talks about investing. No, I was watching it and I was like, This is familiar. And I was like, Hold on, you have to link it to me. 

Sophie: [00:02:12] That's hilarious. Oh, I thought, though, for a second that you're going to say we were featured on Hamish and Andy. And I was like. 

Maddy: [00:02:17] Not quite. 

Sophie: [00:02:18] In flux. 

Maddy: [00:02:19] Yeah, those are all the new God that would be like it would be huge. 

Sophie: [00:02:26] Like, just like Haymitch saying your name would be. 

Maddy: [00:02:28] Yes.

Sophie: [00:02:30] So last week we had a chat, a very good chat, all about leadership off the back of the Disney story. You are the Disney investor out of the two of us. Can you give a quick rundown about what happened? What is it now, two weeks ago with the Bob Iger, who is the previous CEO saga. 

Audio Clip: [00:02:44] The stunning development in the business world overnight. Bob Iger is back at the top of Disney.

Maddy: [00:02:50] Just yes. So the headline is that Bob Iger is heading to Walt Disney as CEO less than a year after he retired, which is a surprise comeback that coincides with the entertainment company's. Attempt to boost investor confidence. And profits at its streaming media. Unit has the upper hand. So the headline or paragraph of the article. So let me summarise Bob Iger, previous CEO, Kaige age 71 now. 

Sophie: [00:03:17] That's kind of young though.

Maddy: [00:03:20] He's coming back into the company. So he was a CEO for 15 years before Bob Chapek took over. So let's set it up now. We'll refer to the old CEO who's now back as Iger. And the intermittent one that didn't last very long as Chapek. So he took over in February of 2020 just as the sort of COVID 19 pandemic led to park closures and visitor restrictions. So, I mean, not ideal timing to take over a company. Yeah. 

Sophie: [00:03:47] When you messaged me and said you want to discuss this, I started doing a little bit of research and what I found so fascinating was the Disney share price, because I hadn't I haven't really been watching Disney and I saw that, you know, over the kind of COVID period in March 2021, Disney was at like huge highs of $190 per share, and now it's sitting at like the $90 per share. So it's almost halved during that period. What's kind of like the background to what's kind of happened with Disney?

Maddy: [00:04:15] So the share price is down even just 41% since January this year and in on November 9th of this year. So just about a month ago now shares in Walt Disney actually dropped 13% in one day, which is its biggest loss in one day since 2001. More than 20 years. 

Sophie: [00:04:30] Ago, as I said, something happened in November. 

Maddy: [00:04:32] We'll get that. What did happen recently when I got announced that he was coming back, he announced he was coming back and the company announced that Iger was coming back as the share price jumped almost 10% in one day. So all set the same shape, took the reins a couple of years ago in the early days of the pandemic. And at this point, the business was having was experiencing really considerable losses from shutdowns of movie theatres, theme parks. They had to pull blockbuster. Movies and shut down operations all over the place. Disney also became involved in a lawsuit with Scarlett Johansson. So Johansen actually sued Disney, accusing it of breaching its contract with her because they offered the movie on Disney. Plus, at the same time that it was released in box office, which I guess like. Would be that to the detriment of like maybe some a bonus that she might receive depending on the box office performance and things like that. 

Sophie: [00:05:28] I remember when this is all happening as well because I feel like. 

Maddy: [00:05:30] It wasn't the most. I don't know where it looked exciting and I remember. 

Sophie: [00:05:36] It being like such a thing because like, Disney is not often in the press for like press for bad things. 

Maddy: [00:05:42] Well, speaking of bad things, Chapek also copped a lot of criticism in response to when the Florida state Senate passed a bill that has been sort of dubbed as the don't say gay bill. And basically what it was, was it was banning the learning of sexual orientation and gender identity from kindergarten to grade three. Now, the background here. So Disney is a massive employer in Florida because one of the theme park is. And they also have cruise ship operations that go out of them. And the bill, I guess, directly impacted a lot of Disney's employees, therefore, who are living in the state. And Disney is sort of long had a bit of a reputation in this state of being quite powerful because they donate a lot of money to political parties. So both Republican and Democratic parties, and why this sort of caused a lot of issues is because shape at the time was like basically took the line of, I'm not getting involved in politics. I'm going to stay out of this issue. But you can't really say that when you are a massive donor to political parties, it's like your business is getting involved in politics and you are choosing to do that.

Sophie: [00:06:47] And I think also I had a bit of a reputation for sticking up to like his values of what he thought was right. So maybe Disney employees are a bit like. 

Maddy: [00:06:57] Well, it was big and contrived. 

Sophie: [00:06:58] Yeah. They were not used to a leader that wasn't willing to like speak their mind or speak the truth or whatever. 

Maddy: [00:07:04] Exactly. So Disney employees even staged a walkout at one point in response to it. And apparently that was Slack channels and everything that was kind of blowing up with disappointment with the CEO. So he copped a lot of criticism around that time. 

Sophie: [00:07:18] So that all these factors coupled with like obviously macroeconomic factors that are hitting every company at the moment like inflation, interest rates, etc. The share price has gone from what we mentioned before, that 190 mark down to the what is it, 80 mark. All these factors are leading to a lower share price. And as a result, they're saying, let's bring back the old lady that everyone loved.

Maddy: [00:07:40] Oh, yeah. I think it sort of culminated a couple of weeks ago when Disney came out and made an announcement around their Disney Plus, they are experiencing rising costs in the area and they posted a $1.5 billion loss, billion with a B, and they're not expecting profitability for another few years. So investors really did not like that news. 

Sophie: [00:08:00] And so then when the new CEO, old CEO the Bob, the Bob that was the Bob, the historic. 

Maddy: [00:08:06] Iger. 

Sophie: [00:08:08] The share price jumped. It was up like, what, seven, 7% when the news was announced. So it kind of begs the question, like, is leadership really important? 

Maddy: [00:08:17] Well, Iger is considered like entertainment industry royalty. So he joined Disney as a junior all the way back in the seventies. He's been at the company for over 40 years, and he's transformed it essentially into the global powerhouse that we know it is today, like it was under his leadership that they acquired Pixar, Marvel, 21st Century Fox. So him coming back is a really big deal. 

Sophie: [00:08:42] I actually asked Sam before, like, what he thought of, like, Bob Iger, and he was like, Oh, you know, I think I'd really trust him because he was like on the board of Apple and he was really good friends with Steve Jobs. 

Maddy: [00:08:52] Yeah, well, it's in the book, right? Yeah. And also so in his book. Right of a Lifetime, recommend reading it if you haven't already. He talks about how when he retired from Disney or resigned retired, he was thinking about running for U.S. president. And I'm like. I just feel like I probably shouldn't say this because I don't know anything about what his politics would have been, but like having an ex Disney CEO read like that, kind of like creativity and charisma as the president of the United States, I'm like, love that is so cool. 

Sophie: [00:09:23] Imagine the White House. 

Maddy: [00:09:24] I know Mickey Mouse, actually. Would you like a favour? 

Sophie: [00:09:29] Okay. So bringing it to you then, obviously, investors have reacted in a certain way, a positive way because of a single person. Yeah. So, you know, when you think about your investment decisions, what what kind of characteristics of leadership do you find important? What do you look for when you're when you are investing in a company? 

Maddy: [00:09:48] I think number one to me is getting a sense of culture because I think leaders can really cultivate culture and sort of drive performance from that. Yeah. So one thing that comes to my. Immediately. And it's not necessarily a positive. I don't know if it's a positive or negative thing, but it's been I've been listening to a lot about it recently, how Elon Musk, now that he has taken over Twitter, is coming out and saying that, you know, Twitter, you have to commit to a new hardcore company or leave. We'll give you severance pay. But basically, you know, you have to be willing to work long hours, high intensity and only I think he said only exceptional performance will constitute a passing grade. Yeah okay that talk about culture driving performance like and I think what I find the most interesting about this situation is people who apply to Twitter going forward, people who want to work at Twitter going forward, they know exactly what they're signing up for. And I think it's going to be really interesting to see if Ellen can kind of transform this company into like a super high performing culture of it, strike the balance between, like, doing it in a good way. 

Sophie: [00:10:56] Yeah, it's interesting you say that because I was wondering where you were going with that train of thought. So you're saying like he is setting from the very beginning, if you want to work for me, this is what you're walking in. So it's potentially a positive for people to be like, you know what, I'm signing up for this rather than walking in the door and not realising and then getting hit in the face. Because to me, what cultivating culture is would be like fostering a really supportive and friendly means. 

Maddy: [00:11:21] Like culture is anything right, like good culture, bad culture. And what that means something different to everyone. I mean, some people that high performing like intense culture. 

Sophie: [00:11:30] It works for them. That's 100%. No, it's such an interesting perspective. 

Maddy: [00:11:34] I think it's going to be really interesting to see how Twitter performs off the back of this. Over the next few years. 

Sophie: [00:11:39] Oh, yeah. I mean, I think everyone's everyone's excited to see what it's mean.[00:11:43][3.6]

Maddy: [00:11:44] What does what is like good leader look like to you. 

Sophie: [00:11:48] I think good leader looks like a like role model. I actually seen to a couple of friends about this at work I was saying like, what do you think about Like you ask us everyday questions that are really weird. And one of them said, which resonated with me is like being in the trenches, like your later being in the trenches with you. And I know like you and I have spoken about this with our personal growth, like if your online Or peasant roll person to act so jobs. Like if you are online late at night and you're laid out or your pot like your, you know, boss is doing that with you. It's like they have that mutual respect that, you know, we're in this together and we're working together and I think it makes you feel like supported. So I think when I look at investment decisions and like we'll get into where we look later, but it's one of those things, it's like, is that person they really care about their employees, are they they're doing the same job. Are they happy to do any job or are they sitting at the top being like delegate? Delegate, I mean, is obviously good, but like, you know, just passing everything and not actually doing anything. 

Maddy: [00:12:46] I think what I think about when like a flow on from that is leadership values and like company values, because I think company values really flow from the people at the top. And I mean even linking it back to Disney and like the shape X situation with the don't say gay saga, him not coming out and actively speaking against that was a real contradiction to so many of the values that people signed up to at Disney. And I think that that has a real influence on culture and therefore performance. 

Sophie: [00:13:18] Especially at a massive company, a lot of like obviously publicly listed ones because like they have to disclose stuff, they have to have a voice that companies have such more of a presence these days in society, whether they like it or not. You know, companies are more powerful than some governments around the world. So I think the values thing is like easy to spot, but also like one that people are hyper aware of. 

Maddy: [00:13:42] Have you made any investments off the back of like a leader that you have like watched or liked or so?

Sophie: [00:13:51] I haven't invested in one, but I've actually got one on my watch list.

Maddy: [00:13:54] Oh, tell off.

Sophie: [00:13:55] So you know how I love Audi. Obviously I do. I talk about. So obviously Audi is not listed. But I was looking in, you know, over the past couple of months, I've been looking at like where's inflation hitting, where, what companies are doing well. And obviously supermarkets was kind of top of mind because people still spend on necessities. And one of the companies I was looking at was Costco because it's a similar, you know, discounted kind of business model. And it's maybe not as big in Australia. It's quite big in the U.S. but there was a podcast that I listened to about Rotisserie Chickens. And it pretty much was saying that Costco strategy is to keep their rotisserie chickens at 499. It's pretty cheap. And they keep them at the back of the supermarket. And so you do all your Shopping at Costco just to get a chicken. 

Maddy: [00:14:43] It's like IKEA. You have to walk the entire thing. So you walk through the Maze that is Costco. You get your cheap chicken. 

Sophie: [00:14:51] But I thought like, okay, number one, so clever. But number two, I've shopped at Costco before and it is an experience.

Maddy: [00:14:57] Let me tell you. So what does? Leadership cigarettes and rocket soda. 

Sophie: [00:15:04] So when I was looking into it, one of the things I do often look at is who is the CEO? And Craig Jelinek was actually voted the number one CEO on Glassdoor in 2021. So obviously it's a massive check. And then you dig into that. And when you type in these CEOs names, I'll just go to the news tab and have a little look through. And it's you know, he's voted the most empathetic leader. He puts such an importance on all the benefits for employees. So in the U.S., it's really hard to get life insurance and health insurance. And him there's a quote of his something along the lines of during this difficult time, he'd prefer to cut every other cost than his, you know, employee costs. Yeah, because they're people and they're important. So that was just one that I saw. And it pushes you over the line when you hear stuff like that. Someone leading. What about you? Have you? 

Maddy: [00:15:49] Yes. I invested in AirBnb off the back of letting. Well, I did all the research, but off the back of learning more about sort of the story behind the founders and the CEO, Brian Chesky. So first, big check is he is one of the original founders, which is always a plus because you can go find someone who, you know, they have more passion, they're more connected to the business, they're more invested, if you will. But the story is really cool. AirBnb failed multiple times. They started selling cereal during the 2008 election period to pay off debt and then watching how the business was able to sort of react and respond to COVID and survive like they they IPO just before COVID hit and then they're literally like a travel business. Like it could not have been worse timing for the business and they were able to pivot. 

Sophie: [00:16:37] Yes, it worked that way. She so most people do know it. 

Maddy: [00:16:42] I'm particularly upset but they were able to pivot really beautifully and still manage just, you know, perform well during what is a really challenging time for their company. 

Sophie: [00:16:53] I think two things I pick out of your story is that they're resilient. You've got leaders that even if they get top being told, no, no, no, you can't do this, are in so much debt, they'll sell cereal. And then number two, that you've got a leader that can be adaptable, flexible. 

Maddy: [00:17:07] Agile. 

Sophie: [00:17:10] Agile. Because you're right, you never know what's going to hit a business. And you need someone to be able to make a decision quickly and, you know, move on from it. 

Maddy: [00:17:16] So I really want to get into how we actually figure out whether ladies are good or not, how do we find this information. But before we do, we would take a quick break from sports. So we have Been talking about Disney and how the CEO is returning after he resigned for a very brief period and the share price responded really well. We've been discussing, I guess, more broadly around why leadership is so important in companies and how it can really impact performance. But the real. Question here is when we're looking to invest in a company, where do we actually find this information? How do we figure out if the leader is doing a good job or not?

Sophie: [00:18:09] So research.

Maddy: [00:18:11] Okay. Let me ask a more direct question. Where do you do your research? Okay. So you're thinking about investing in a company. You want to learn about later? What do you do? 

Sophie: [00:18:21] Okay, so one of the first things that I do is, I mean, to find her. One of the first things I do is actually search interviews on YouTube or as podcasts. I really like YouTube because you kind of get like, I know it sounds really stupid, but you like humanise them a bit. Like you get to secondary podcast creators of like you get to watch and yeah. Anyway, the reason why I really like YouTube is because when you listen to a lot of doing an interview, I feel like you can really gauge whether or not they know the more specific details Of a company. And the reason why I like more specific details is it means that they're really across it. And I'm just getting random advisors to tell them, like the high level story. It's like, no, they know, like what, where, when? Yeah. A good example is was the CEO still is the CEO of imaging. And she was just it was a full random interview. I have no idea what it is about. But she knew like every child, every day that this was finishing, every day that was starting. When you listened, you were quite engaged. And it also just showed she knew what was data. She really knew. And she's obviously in the nitty gritty of it all. Otherwise those dates would be in your mind. 

Maddy: [00:19:27] I used to work at Macquarie and what really sticks out to me when you're saying that is every time we used to hire Tamara Speight, she was the exact same, like the level of data that she knew about her business, which is like a giant enormous business and all those different divisions and everything. It was so impressive and I always I found it really humbling to be like, she actually knows the fine details of this tiny team that I'm in. Yeah, she knows it. And everyone used to say that if you ever presenting to her the like, she would ask the most distinctive, precise questions. And it was like terrifying, but also in a really good way. Like, she was such a. 

Sophie: [00:20:04] Skill. 

Maddy: [00:20:05] With such a skill.

Sophie: [00:20:06] Whereas the first place that you start looking for information.

Maddy: [00:20:10] I would have the CEO's name into Spotify or like Apple Podcasts. I'm a big podcast person, evidently. Yeah, I'm Diary of a CEO. I really like listening to them on that because their host is so good. Stephen Bartlett at giving you a more personal side to that person. Yeah, and he's very he sort of really drives intellect, purpose and who the human is behind this role. Yeah. And who the human is behind the business. And I really enjoy learning more about that. 

Sophie: [00:20:37] I feel like the Whitney Wolfe Herd, I say, I don't know why I, I, but her story about why she started the app and you see that background and it like totally pulls you into the story.

Maddy: [00:20:50] Such that that's probably one of my favourite episodes to date of of Diary of a CEO. The other one is How I Built This is so awesome for learning about the business and what the why of the company that you're thinking about. 

Sophie: [00:21:03] Yeah, one of my favourite episodes on that is the Strava episode. I did like a resilience series. Companies during COVID and like the guys of Strava and it's just like, great. You get to know the personalities of the people and their passions if you're invest. I mean, I don't think Strava is listed or like public or big enough. Yeah, but like maybe they owned by someone. But like, I think when you then go to invest in something, it's like, well, I know the people who are running this like , even they probably don't know that. 

Maddy: [00:21:29] I'm like such a sucker for a story though. When I'm investing in a company, I think in order to stay engaged in what I'm investing in and to feel like purpose with what I'm doing, my money, I want to know the story behind the company and I want to relate to it. Yeah, another one that is really good, you touched on this briefly earlier with Costco is glossed over. I love getting like an insider perspective from the employees, from the people working for the CEO about what they think about them. 

Sophie: [00:21:56] I know. And it's pretty like stock like it's very obvious just from a very quick search whether people like it or not, you know, like. Yeah, and often the reviews will be very similar. Like you'll get to know what the issues are.

Maddy: [00:22:11] Have you ever written a glossed over? 

Sophie: [00:22:15] No, I haven't.

Maddy: [00:22:15] But I probably haven't been enough workplaces or like had the need to. Are they anonymous? 

Sophie: [00:22:21] I don't know. I'm sure it's like you have to sign up using your work. Email has to be a work email, I'm pretty sure. I identify with company you are with. Because they need to verify that. Like if I'm writing a review for my workplace that I actually work there and I'm noticing. 

Maddy: [00:22:36] Yeah, yeah, yeah. I mean, like where like competing fan. So I. So excited about, you know what I mean? So, yeah, I think you should have other say. Wow. I know it's. 

Sophie: [00:22:47] I've never done it, but I think you do have to sign up. And maybe you maybe it could be an anonymous review, but they don't need to verify. One last thing I want to actually not last. Another one I want to touch on was simply Wall Street. Which is, I guess, an investing website, website platform. You can't invest through it, but it gives you information about companies. Yeah. And unfortunately, if you're looking at more than five companies, you do have to pay a small fee. But if you are interested in it, they do have a management tab. And there's a couple of things on there. Like it talks about like the management tenure, which is really important because they've been there for a long time. 

Maddy: [00:23:20] Versus if you say that it's changing over really regularly. 

Sophie: [00:23:24] Another one which I looked at for Costco was in this management tab. It has like how the CEO is compensated. So for example, Craig's remunerate Craig the CEO of Costco. Let's get him on the podcast. He's remuneration is tied to the company's performance. So like he gets paid more if the company does well. And I think that's kind of a I guess sort of green flag. Green flag because you know, if the company does well, he does well. Incentivised to do well. 

Maddy: [00:23:56] I've just been learning all about this, doing this very interesting when a leader comes to the end of their tenure, if they're like depending on what their remuneration is linked to, do they like mess with the financials which get paid. 

Sophie: [00:24:11] Dodgy as the first subject of the CEO's ethics? 

Maddy: [00:24:14] No, I know, but I'm learning about how to recognise that and how you can change the company policies so that you don't you don't have that issue. 

Sophie: [00:24:22] Talking really quickly, about green flags. Would you have any yellow flags for a CEO? 

Maddy: [00:24:28] Yeah. Oh, just like someone you're dating. 

Sophie: [00:24:31] But someone told me the funniest one the other day. 

Maddy: [00:24:35] Tell me your story don't ask me.

Sophie: [00:24:38] Someone I'd say that they would. Yellow flag would be if you were gluten free. 

Maddy: [00:24:42] Sorry. Does that mean like it's like. No, no, no, no, no. We don't love it, but it's not ideal. 

Sophie: [00:24:49] Lke, I would prefer to eat Gluten and that's. But then I was like, does that really. Affect you a lot? 

Maddy: [00:24:53] Yeah, because you can't share food. 

Sophie: [00:24:56] I'd be so happy if I didn't have to share my food with anyone. No offence. Anyone. That's good. Seriously. But any yellow flags for a leader?

Maddy: [00:25:05] Um, maybe like a criminal record? Actually, that's probably a red flag. Red flag? I take it back like a DUI. 

Sophie: [00:25:15] Like, what's it called? A DUI driving. 

Maddy: [00:25:17] Like a bit of fraud in the car. That's definitely a red flag. The final one, I. Will say that I quite like doing when I'm trying to scope out a lady is typing into Google and then clicking to the news tab. 

Sophie: [00:25:31] Yeah, I agree because you can kind of say like the good, the bad, the ugly, and then a final one, which maybe doesn't give as much information as the other ones I found. But even just doing a quick search on LinkedIn, looking at just like their previous experience. Yeah, I think they worked in the industry. I do find that if if you've worked in the industry for a long time, they'd be quite knowledgeable. 

Maddy: [00:25:50] They have led companies prior. 

Sophie: [00:25:52] Yeah. Come from an adjacent space that could potentially bring like fresh ideas to like old industries. I don't know. It's just one that you look at the end. Okay, Mads coming up to Christmas. I feel like we've been socialising a fair bit less reading, less watching. Or maybe that's just me.

Maddy: [00:26:10] Maybe I'm just making the assumption for you. I mean, I feel like we've been doing a lot of studying and a lot of working. Yeah. 

Sophie: [00:26:18] Do you have any recommendations?

Maddy: [00:26:21] Yeah, I do. Important time for Recommendations. You've got Christmas coming up. You need presents, you need summer reading. I've got a book for you. It is the Get Started Investing book by the Equity Mates guys. It's on sale at the moment. Only $19. Sorry, that is an absolute bargain. Grab it. Chalk it in someone's Christmas stocking. 

Sophie: [00:26:40] Kris Kringle. Good. Kris Kringle. Present 20 bucks. 

Maddy: [00:26:44] Nice, but also A great time of year to, like, sort of re-engage with and reset in terms of finances. And learn a little bit more about investing. 

Sophie: [00:26:53] 100%. 

Maddy: [00:26:53] I do have one other recommendation for you. This one is like a little bit. More complex or like in the weeds in terms of investing News. It's a podcast called All In. I have been really sort of bingeing that episodes recently. I really like it. The hosts are all really successful, Silicon Valley sort of venture capital Types. Investors, the executives. So Chamath was an early at Facebook, Jake Howell the next highest was an early investor and Uber as David Sacks, who is the CEO of PayPal in like the Elon Musk era, and David Friedberg, who was also at Google in the early days. So like very smart hosts in that most recent episode, it actually won't be when this comes out. So it's called sps media strategy, FGX culpability, etc., etc. It's kind of love title. They obviously aren't into that like savvy titles, but there's a great explainer on what actually happened with the crypto platform. Oh yeah. And I have a really interesting conversation around who is to blame. So they talk about is it the investors or the people who bought into that company and sort of funded it early on that. Is that their fault that they didn't do the proper de de due diligence to make sure that the company was set up correctly? Is it regulators or is it the media? And they have a fascinating conversation. So if you are interested in that and you want to get into the weeds a little bit more, I highly recommend checking out all in. 

Sophie: [00:28:20] Yeah, I will actually listen to that one. 

Maddy: [00:28:22] What are you recommending this week?

Sophie: [00:28:24] Mine is a Netflix series called Pepsi Where Is My Jet? 

Maddy: [00:28:29] So because you actually recommended this to me last week, but the recording didn't work. I went and watched it and it's great. Yeah, I loved it. 

Sophie: [00:28:38] It's a very funny series about a guy who pretty much tries to buy a jet from Pepsi points, won't give away too much, go and have a watch. 

Maddy: [00:28:45] So I guess that is us done for another week. Really? They're into them. Yeah. I'm on like 30 seconds. 

Sophie: [00:28:55] Coming up to the very end of the year, which is exciting. We hope that you guys will have some very special plans with friends and family next year. Fresh off the rank, we will have a new summer series for us. Second summer series. 

Maddy: [00:29:08] Very exciting. We're in the midst of recording at the moment and it's going to be all about the biggest names and industries to look out for next year. So keep your eye out for that one in early Jan. 

Sophie: [00:29:19] And if you're on our social media @YIGCPodcast, our Instagram, we actually had you guys voting. So we have chosen the industries that you asked to hear about. So this is Tailored for you. 

Maddy: [00:29:30] If you have any questions as always, please feel free to send us a jam on Instagram. Like so I've said YIGC podcast or jump in to our Facebook group YIGC investing podcast discussion group. 

Sophie: [00:29:42] Otherwise you'll hear from us very soon. 

Maddy: [00:29:44] Talk to you then.