Your Questions: Management, Margins & Fake Meat | Ask Us Anything – July

Bryce: [00:00:57] Welcome to another episode of Equity Mates, a podcast where we help you learn to invest in 45 minutes or less. We break down the world of investing from beginning to dividend so that you can hopefully make some returns. My name is Bryce and as always, I'm joined by my equity buddy Ren. How's it going, bro? [00:01:11][14.6]

Alec: [00:01:12] I'm very good, Bryce. We love doing these episodes. At the end of every month, our Ask US Anything episode where we farm questions from our website and from our Facebook discussion group and try and answer them on the podcast. So I'm excited to get stuck in. [00:01:27][14.8]

Bryce: [00:01:27] That's right. Ren. It is that time of month where we answer all of the questions, well, as many as we can that have come through all of our social forms and online from you, our audience. So looking forward to getting stuck in, as Ren said. But before we do, we have a pretty exciting event coming up. Our first live and virtual event of 2020. We are partnering with Beta shares to do a Q and A with the founder Ailun to answer all of your questions. When it comes to ETFs, there's so many in our community at the moment that we thought there's no better opportunity than to give you the chance to ask them directly. So to register for our free event, which is on the 11th of August at seven thirty pm head to beta shares dot com straightfoward equity dash meit's that's beta shares, dot com forward slash equity dash meit's to register for your spot and also to submit your questions. We're pretty excited about it. Ren. We're going to be sitting down having a couple of beers, talking to Alan and you know, chatting with you guys in the community so very much looking forward to it. There will be prises on the night and you will have the chance to directly ask your questions. But we'll also take in all the questions that are coming through and make a bit of a nod of it. [00:02:42][74.9]

Alec: [00:02:42] Yeah. Now, Bryce has been pushing beta shares to produce an unethical ETF which caters to all of his vices. You know that drinking, smoking, the gambling. That's not true. So if you want to ask the status of the unethical ETF, you can ask Bryce that on the night. [00:02:58][15.6]

Bryce: [00:02:58] Well, look, I'm actually looking forward to asking about that because it's something that I'm unaware of. So just to confirm, head to beta shares, dot com forward, slash Equity Mates to register and submit your questions. It's a free event, August the eleventh, obviously unlimited spots and Ren. We've copped a bit of flak over the last couple of years when we've done live shows in Melbourne and Sydney only. Unfortunately, we haven't been able to get to the other cities within Australia. But this gives all of you an opportunity to join us in conversation with Peter shares all things ETFs. So looking forward to it. [00:03:34][35.2]

Alec: [00:03:34] Yeah. Come on. [00:03:35][0.6]

Bryce: [00:03:35] What now? So we've got a number of questions to get through. And as always, in trend, we will finish with a spade round that first one comes from one of our listeners, Ren, and he says, Hi, fellas, love the podcast. Curious about tax implications when rebalancing your portfolio every twelve months, which we have recently spoken about in our hypothetical portfolio, thinking the capital gains tax will eat up any advantage of keeping the portfolio balanced. What are your thoughts on this? [00:04:02][27.6]

Alec: [00:04:03] Yes, so there's a few elements to this. The first one being that we are not tax professionals. And if you want to ask about your specific tax circumstances, you should speak to an accountant or a financial advisor. But we will answer this in general terms. So the first general rule is that when you're rebalancing, you may be selling positions that have gone up and also selling positions that have gone down, just depending on when you bought and when you are selling, you know, if you've been drip feeding into a position that's gone up a lot and then has gone down towards the end of the year, potentially you can follow last in, first out. We'll get to that in a second. So first of all, remember that you need to record all your capital gains and all your capital losses because your capital losses can offset your capital gains. So that's the first tax protection. But look, in a general sense, when you're rebalancing, you're going to be selling the positions that have appreciated in value. So there will be a tax event. If you've held this position for less than 12 months, you won't be eligible for the capital gains discount. So that's always something worth keeping in mind in Australia. If you hold a asset for longer than 12 months, you are eligible for a capital gains, a discount. So that's something to keep in mind. And potentially you're rebalancing period becomes every 18 months. If your tax professional advises you that that's the best and most tax efficient way to manage your portfolio. The only other thing to talk to your tax professional about is whether you're following a first in, first out, last in, first out accounting principle. Now the first in, first out is basically, you know, if you've been dollar cost averaging in and let's say you own 100000 shares in a company and you sell a thousand of those shares when you're rebalancing, are you selling the shares, the first thousand shares you bought or are you selling the. Lost thousand shares you bought, and that decision can give rise to different tax implications, it can give rise to potentially incurring the discount, it can change the amount you've made or the amount you've lost on a share or on an asset. So that's definitely something to speak to a tax professional about. And then they can help you structure in a way that is the most tax efficient. So we can't give personal tax advice because we don't know your personal circumstances. There's a few things to think of. But I think from my perspective, personally, rebalancing every 12 months is probably not the most tax efficient way to manage your portfolio. But potentially the gains you get from rebalancing to assets that have underperformed. And then as things revert to the main, you know, the over performers slow down, the underperformance paid up in theory is outweighs the tax implications. But, you know, that's something to speak to a professional about. [00:06:54][171.5]

Bryce: [00:06:55] Nice. [00:06:55][0.0]

Alec: [00:06:56] All right. Next one for you. So obviously, everyone is wondering when the right time to get into the market is. So question for you is, is it worthwhile just sitting on the sidelines for a little bit longer before jumping in with all the talk of the U.S. markets potentially crashing? Is it worthwhile saying what course coronavirus takes over the next few months before investing? [00:07:17][21.5]

Bryce: [00:07:18] Great question. The way that I think about this is that no one knows what's going to happen with the market. It's impossible to try and time the market, as we've said many, many times on this show. So the way that I am thinking about this, given that there is a lot going on in the markets, a lot of money being pumped in from from governments and from the Reserve Bank, from the Fed, there is one side that is fading from my point of view into the markets. But I'm also keeping a bit of cash on the side, knowing that there is a potential for something else to happen. So I'm not absolutely jumping in with everything that I've got, pouring all my money in and trying to ride this wave. I'm taking a very cautious approach. But also I know that, you know, over the last sort of 10 years, that cautious approach has led to me missing out on some gains. So for me, it's more about being in the market, but making sure that I manage my exposure to the market, knowing that the upside at the moment is somewhat treacherous and there is potential for some sort of significant downside. So, look, I'm not going to say that. Yes, go in or no, don't put anything in. I think it's all about how you manage the money that you have. And you can certainly play both sides. I think being in the market is important, but to what extent that's kind of up for you to think about. [00:08:37][79.0]

Alec: [00:08:38] Yeah, I think on one side, the parallels to 2000 are really starting to come out in the media and there's reasons for that. Coronaviruses obviously picking up that will slow the economy down. So on on one side of the ledger, there's a lot of reasons to be bearish. But for me, the thing that I'm always reminded of in the back of my mind is if you go back to the headlines around 2008, 2009, the amount of people that were calling a double dip recession, the amount of articles that were written on it, the amount of talking heads that we're talking about, a double dip recession that just never materialised. I also think, like no matter what the indicators say, the market has this unbelievable ability to just keep rising. And so I'm very much taking the same approach as you. Cautious, but not staying out. Yeah, drip fading in. If some of the investments that I make now lose money in the short term, I can live with that because I'm not looking to pull that money out in the short term. So, yeah, I think a cautious and systematic approach during this period of heightened risk is the right way to do it. Have a plan. Figure out how much money you don't need. Yeah, drip feed it. And I would say obviously it depends on your personal circumstances, but for me personally, that's how I'm approaching this time. [00:09:54][76.5]

Bryce: [00:09:55] Yeah, risk management is the key here. So Ren this one's coming in to do with dividend reinvestment plans for overseas companies. But you're investing in Australia as an Australian. Are you able to participate in international dividend reinvestment plans? [00:10:09][14.8]

Alec: [00:10:10] Yes. So this is one I actually hadn't come across before and I actually didn't know the answer to it. I looked it up before this episode. It turns out Australians can't. Now, I haven't looked into it enough to understand the reasons why. But yeah, apparently Australians can't participate in overseas dividend reinvestment plans. So it means we have to receive the dividends in cash buyback. And then if you want to buy into the company, you have to buy back in and incur brokerage. Yeah. So unfortunately, that's the way it is. Yeah. With that information, what you will [00:10:44][34.2]

Bryce: [00:10:45] for now, I'll ask you this one again, because when I had a look at this question, I didn't have an answer for it. But you indicated that you did. This was from Jack and he was wondering if we had any in. Site into fake meat ETFs and where they can be traded, my sort of research show that there weren't any direct fake meat ETFs, but do you know anything otherwise? [00:11:06][21.6]

Alec: [00:11:07] Fake meat is a very nasch, I think what is beyond mate and impossible food. The other one, I don't know about any other companies that do it. I mean, you could broaden the ATF to include companies that sell fake made, but I think it's probably turnage. There is an ETF that may be of interest to people who are looking to get exposure to fake made. Its ticker in the US is very AGM and it is the U.S. Vegan Climate ETF, the first ETF for the first fund to specialise in vegan investments. So that'll hold fake meat companies alongside a lot of other sort of vegan focussed companies. It also holds companies like Microsoft, Apple and Facebook. So you get a bit of tech exposure there if you want. So that's one that people may be interested. But also having a look and they're actually 64 ETFs with Beyond Me holdings. So there's plenty of ETFs that give you exposure to the fake trend. So ETF Dotcom is the website where I saw that there was 64 US traded ETFs with beyond media exposure there. The other thing is, if you have a really strong conviction about fake May, there's probably not that many companies. You could just go across the mall if you have that level of conviction and if you've done the research on the companies. So you're vegan climate ETF ticker, they HCN, maybe one. Otherwise there are 64 ETFs or 63 outside of that vegan one that you might be interested in or it might be a case of. There's not enough companies in the industry to create an ETF around that particular niche. But you can basically, you know, DIY ETF and spread your money across the companies in that industry. All right. Next one for you. I really liked this question. I thought this one really made me think so. It comes from the Loukia. And the question was, what is the most important investment related lesson you have learnt since the podcast started? [00:13:08][121.3]

Bryce: [00:13:09] I mean, this is a massive question and probably one that we could dedicate a whole episode to. I think there's many, many lessons and has made me put me on the spot here a little bit. I think I think it is broadly to remove the noise and just stick to your strategy and remain in the market. Drip feed in. I think there has been many, many times that I've been caught up in the noise court. And, you know, you look at investing over the last 15 years, we've been through a couple of cycles. We've been through the GFC, we've now been through Covid. We've been through the correction in 2000 and what it was at seventeen, eighteen. And look where the market is now. If I was able to remove the noise that was going on at that time, stay calm, stay focussed and just consistently put money into the market. I'd be in a very, very good position now. And that's something that I'm continuously trying to still do today, is remove that noise. So I think for me, it's it's to try to do that. What about you, Ren? [00:14:09][59.5]

Alec: [00:14:09] The biggest thing for me is that there's no right answer. The pursuit of the perfect investing strategy is a quixotic pursuit that would just confuse you and is unnecessary is the main thing. Every strategy has its merits. There's plenty of ways to make money in the market. And I mean, there are wrong ways. There are stupid ideas and dumb ways to invest. But on the whole, every expert we've spoken to, we may not fully agree with we may not fully take their advice on board, but everyone has elements of logic and elements of ways to make money. And so for me, the journey of Equity Mates has been a journey of broadening what I think I'm willing to invest in and ways that I'm willing to invest. And to give a really specific example of that, we came in pretty hot on the back of a massive growth in ETFs when we started this podcast and low cost way hype phase indexing seemed to be what a lot of experts were telling us, what a lot of writing was indicating. And that, for me was a sort of real cornerstone of my investing philosophy over the journey. I've realised that whilst that is obviously a really important part of my portfolio and a really important part of wealth building, you know, for the next few decades, active management has its role and I'm willing to pay more phase where ETFs perhaps don't provide the right level of coverage or provide the right level of insight that's required. So things like small caps, things like emerging market, and then also just really skilled asset managers. I'm willing to pay higher fees because I understand more that they're also a great way to make. So for me, it's been a broadening of my horizons and the appreciation that there's plenty of ways to make money in investing, plenty of ways to make money, regardless of what assets take your fancy and what assets you want to invest in. For me, the biggest thing that I've learnt through this journey is that it is just an absolutely foolish decision to make, to not invest. [00:16:21][131.9]

Bryce: [00:16:22] Yeah, the biggest risk is not investing at all. Yeah, I think to follow on from that point Ren it's there. Yeah, you're right. There is no one way to make money, but it's important to find the way that works for you and just stick to that. A lot of people try and chop and change and do this and listen to mates advice and put money here and put money there and inevitably get themselves stuck a lot. And to your point, there is no sort of soul. This is the way to do it. You might take the Buffett approach, you might take the day trading approach, but whatever works for your personality works for you, that you're not going to freak out and do stupid things. I think you're right. That's a massive thing to consider. [00:17:03][40.9]

Alec: [00:17:04] Yeah. So my next question for you, Will asks, can you give us your thoughts on some more thematic targeted ETFs and give some examples, things like Effy or HAQQ or ITIC or I actually, I'm not familiar with Eigsti, but [00:17:20][16.9]

Bryce: [00:17:21] I mean, broadly, my thoughts are that I, I like these ETFs in in from a conceptual point of view like that, they're targeting areas that are growing in terms of importance or industries that are becoming more relevant in society or allowing you to invest your money broadly across sectors that you might be interested in so that you don't necessarily have to go and spend your money on individual stocks within them. You need to definitely consider what is in all of these stocks, particularly within Australia. You might find a lot of overlap with some of them. So that's something to you know, if you've got the 200 and then you go thematic, you might find that there's sort of a 60 per cent crossover, for example. And I'm just sort of spit balling those numbers. But definitely consider the crossover between the ETFs that you are buying into. But broadly, my thoughts on these thematic ETFs are generally I love the idea of them and I think they're only going to get better. And more importantly, there's something to consider in a portfolio construction. [00:18:23][61.5]

Alec: [00:18:24] Yes. So in a general sense, I love the concept of these thematic ETFs. I own some of them that expose me to particular trends that I think are going to be really important. In some ways. I'm surprised there's not more of them. Like, for example, I don't believe there's a coronavirus ETF. It would have been so easy to do to say Ah and I or something similar beta shares of Vanguard or BlackRock release it and it just holds every single biomedical company that's trying to work on a vaccine or is involved in the search for a vaccine bang 40 billion dollar HCF. Next question. But I think the important thing that I've learnt is don't mistake thematic ETFs for indexing. They are different products and they do have different characteristics. ETFs that track an index are the ones where there's a lot of research done on the merits of indexing and, you know, the long term compounding effects that you get from holding an index, which is, you know, market cap weighted the biggest stock sector agnostic. And so those index funds that are wrapped up in the ATF wrapper are one type of product. These thematic products are a little bit, I guess, more risky or they're just more the more single sector exposed, obviously, because that's exactly what the product is. But they won't share all the characteristics of an index ETF over the long term. Like if we put this in practical terms, HOK is a cyber security ETF. They're all companies exposed to cyber security. So don't expect eight or nine percent returns year on, year on, year on year for multiple decades to come, because that's not the characteristic. They are exposed to one industry and if something happens in that particular industry. You could get much better returns or you could get much worse returns if quantum computing blows up all the traditional cyber security, you know, defensive architecture that's been built, the hack ETF is not going to get your eight percent annualised returns over the next 40 years. So I think if index ETFs are the true fadin, don't think about it. Get market average returns over a long period of time. Your sector specific, your thematic ETFs do require a little bit more research, a little bit more due diligence and a little bit more of an investment thesis. Obviously not at the level of picking one individual stock because you're betting on a sector rather than a stock, but you are betting on fame or you are betting on a sector. So just be aware that you're not buying an index and you probably don't want to be heavily weighted to just one sector or one thing because then you are exposed to one source of risk. So for me, I think that's a really important purpose and I think they can be really valuable. It's just important to understand what they are. [00:21:20][176.4]

Bryce: [00:21:21] Nice Ren. So this one comes in from Matt and he asks, Any tips on working out how good management are when assessing a company, any resources that you can use? And this is a great question. Something that we always hear from some of the small mid-cap managers is to look at the management. [00:21:36][15.6]

Alec: [00:21:37] Yeah, I think I was trying to remember before this episode, we did speak to an expert about this in one of our interviews. And I can't remember who it was, but hopefully some listeners can. We asked how you determine who a good manager is. And I flip the question around and they said it sometimes it's not so much about determining who's good, but about screening out who's bad. And the biggest thing you can do when you're dealing with a manager is if they have a track record of problematic management. You know, history may not repeat, but it definitely rhymes. And so just be extremely wary. So if a company had issues with fraud or, you know, market manipulation or whatever it is, that should be a red flag and those pretty easy ways to figure that out. If you Google almost any CEO's name, you'll get multiple Google pages on that CEO and you will very quickly find news stories from a major publication, you know, AFAS, Wall Street Journal, something like that, if it's a big news story. But if it's a small company, you'll still find that information. They'll still be reporting from smaller outlets on what happened. So I think the first way I would answer this question is flip it around on its head and screen out bad management that have a track record of doing bad things. Then the question is, OK, well, I know this manager doesn't have any bad things in their past and their history, but I want to know if they're actually good or, you know, maybe exceptional. This becomes a little bit harder and it becomes a little bit more difficult because, you know, there are plenty of examples of a manager that didn't hit the home run in their first company, but turned out to be exceptional managers later down the line. So I think this is where, you know, it's probably more an art than a science. There's no quantitative measures to say these are the characteristics that make a good manager. But there are things that you can do to find out. So, you know, culture is so important and there are there are things that you can do to find out how culture is at a company. Glassdoor is a pretty useful resource for a lot of those things. If a CEO has been managing a company for a couple of years, look at Glassdoor, look at how the company rates, look at how lower level people in the organisation talk about the company. If they give it shocking reviews, if they give middle management and senior management shocking reviews, you can probably take something from that, that maybe the culture isn't great and maybe the management isn't building the kind of organisation that will compound your investment for decades to come. You can also look at things like what's their incentive structure? You can do basic things like listen to their management calls and see how they talk about the company, say how they talk about the market and their competitors. But yeah, I think it'll quickly become more art than science and more intuition than measurement, because that's just the nature of assessing other human beings. [00:24:34][176.7]

Bryce: [00:24:35] And to follow on from that Ren, we recently interviewed Ed Cowan from Tourism Growth Partners and actually wrote a pretty good article on this. So it's worth checking out. It's called Nine Ways to Diagnose a Company's People and Culture. And they go through a few key steps here. At one of them is exactly what you just said, Ren have a look at Glassdoor or great places to work or other third party assessments to get an idea of the culture that's going on. If you can, you might have mates who work at these organisations, have a chat to them to get an idea, have a look at the board as well. You get an idea of who's on the board. Simple LinkedIn will give you an idea of what is their experience. Are they experienced in the industry that the business is working in? What level of sort of expertise can they bring to, I guess, lead and guide that company? There are a number of other different. Avenues that can go down, there's no sort of trick to this, it seems a lot simpler, I guess, at a surface level. There are a lot of tools and resources out there that you can find this sort of information. So just sort of think creatively about it. [00:25:32][57.0]

Alec: [00:25:32] The other thing that comes to mind is potentially there are other professionals that have done the work for you. So if you are looking at funds that hold that particular company, if they've released an investor letter and they're written about that company, they may include comments on the management that then give you a springboard to think about or potentially give you an opportunity to do some further research so you don't have to do everything yourself. As we like to say on the podcast, there's no points for originality in investing. So if someone else has an insight about the management, the best thing you can do is steal that insight and use it for your own purposes. Yeah. So also just check out what other coverage is out there, especially from professional fund managers and professional asset managers in the letters to clients and stuff like that. You probably want to steer clear from things that have a commercial incentive, like if a broker report and this is an old broker reports. But if a broker report is extremely positive in the company and then three weeks later they do a capital raising for the company, take that broker report with a grain of salt. But there's plenty of other people doing research on these companies and potentially they have some insights on management that you can build on yourself. [00:26:39][67.5]

Bryce: [00:26:40] Nice and well, that closes out the major questions. We'll finish up with a bit of a speed round. So 100 words or less. [00:26:46][6.3]

Alec: [00:26:47] So this question comes from Les. Do you guys use options and what are the reasons why or why not? [00:26:53][5.7]

Bryce: [00:26:54] I don't use options. And at the moment, it's just not something that I'm considering. It's not in my wheelhouse. And I'm very happy with the strategy that I've got. It is something that I'd like to learn more about and potentially build in to my strategy. But for now, sticking with what I've got, [00:27:10][16.9]

Alec: [00:27:11] I have never tried it options. I know that I will try to options in the future when that happens is a bit of a TBD. You just like you don't need them. Yeah, that's probably the most important thing. But they are an investing tool that if you understand them, if you properly do your own research, if you properly do the maths, they can be useful. [00:27:35][24.3]

Bryce: [00:27:36] Looking forward to when Equity Mates reveals that we've started using options. So this one's coming from Luke Macintosh. Have either of you guys started using your equity bill to nab equitability yet? And where do you stand on margin loans in the current time? [00:27:49][12.9]

Alec: [00:27:50] So I think the first thing just to clarify is that the equity build alone and margin loans are structured differently. And because of the different structures, they contain different risk profiles. Yes, they both have leverage involved. In both cases. You're borrowing money. Yeah, the margin loan. If things really turn bad, you can just be on the hook to pay back a lot more money. So to answer the first part of the question, yes, we've both taking the plunge on equity builder. Yeah. To answer the second part of the question, margin loans for me at the moment, they're always at all that can be useful. But you just have to be wary that if things turn really bad and you're in a position that really turns against you, your margin call could be significant, depending on how much you've borrowed and how leveraged you are [00:28:36][46.5]

Bryce: [00:28:36] could seriously hurt. And this flows into the next question, which is from Sean. We've both mentioned having the Magellan Fund has some money aside. Can we go through the thought process of why we chose the Magellan Fund over Vanguard and other non listed funds or global thematics? So in terms of the Magellan Fund off the back of the last question, we've used our equity built into the Magellan Global Equities Fund run by Hamish Douglass. Look, I think from my point of view, why did we not go with the Vanguard or another unlisted sort of global thematic fund? Personally, we've had a lot of interactions with Magellan. We've researched a lot about them. We've also done a lot of research into other funds that sort of invest in similar sort of markets and sectors and industries. And for me, I just love how Magellan structured themselves and what their sort of overall investing philosophy is. So I also think that at a time like this, giving my money to someone like Hamish Magellan is [00:29:39][63.0]

Alec: [00:29:40] probably Mr Magellan. Miss Douglas, I wish Douglas might well be called Magellan. [00:29:45][4.8]

Bryce: [00:29:46] Hamish Douglass. In theory, he should be able to do better than the likes of a Vanguard or index. But that's not to say it will be the case at all. I'm just saying for some of the money that I have, I'm more than happy to give it to him. [00:30:00][13.5]

Alec: [00:30:00] Yeah, I think that's all right. And the only other thing I would say is we haven't chosen them at the exclusion of any of those other funds. I also own a Vanguard, multiple Vanguard ETFs. I also own some different thematic funds. It's not a question of choosing one at the exclusion. Of all others, it's just that the Magellan Fund for us or for me, speaking personally, was a good opportunity to use this equity, build a loan. There are a few reasons for this. One, the timing of it. Given the current volatility, given the current uncertainty, I felt a lot more comfortable backing someone who is probably the best investor in Australia currently investing at the moment. Maybe we should try and get Hamish Douglass and Kerr Neilson on the show to really slug it out together. But the other thing for me is that Magellan's of market fund has a 10 grand minimum, and it was a lot easier for me to access that with an equity builder loan rather than trying to save that money myself and not invest in anything else and then get into it. So it's never invest in one at the exclusion of anything else. It's always a cumulative thing. And for me, the thematics, the Vanguard, ETFs, stuff like that, were a lot more accessible on market. And obviously you can buy Magellan Global Equities, you can buy all that stuff on market. But given the timing, given what I was interested in, given Chris Weldon's two outstanding podcast interviews with us, I just thought it was the right time to do it. [00:31:29][89.1]

Bryce: [00:31:30] Nice Ren. And to close that, we have one from Jonathan Raymond. He asks the core portfolio that we're building at the moment through our hypothetical portfolio on our Monday episodes is obviously to do and built around Aussie ETFs based on what we can buy on the ASX. What ETFs would we have built in our core portfolio if we were using international ETFs or international brokers? [00:31:51][22.0]

Alec: [00:31:52] Yeah, I think the main thing is the principles we would apply would all be yeah. And I think obviously this hasn't been that much of a spade round, but to keep in the spirit of a spade round low phase good exposure. Right. Structure of the ETF asset allocation. Yeah. So I only had a stock account and I was investing only in US listed ETFs. I would apply exactly the same principles I would want, like Asia Pacific Australian exposure. I would want US exposure, I would want European exposure, I'd want mainland Asian Asian exposure and I would want to get it at the lowest possible cost. [00:32:23][31.1]

Bryce: [00:32:24] Pretty straightforward. So that brings us to the end of our Ask us anything for July. As always, please keep the questions coming. We will do our best to touch base on as many of them as we can. But if we don't head to our investing discussion group on Facebook, Equity Mates investing podcast, discussion group, there's so much activity going on there and all your questions will be answered. But Ren until then, looking forward to chatting on our next Monday episode where I think we will be delving back into the hypothetical portfolio before we kick off some reporting season stuff. [00:32:57][32.9]

Alec: [00:32:58] Sounds good. [00:32:58][0.4]

Speaker 3: [00:32:59] Thanks for listening to Equity Mates investing podcast production of Equity Mates Media. Please remember that everything you hear in Equity Mates investment podcast with general advice on link content has been prepared without knowing the personal objectives, specific financial circumstances or calls. The host of Equity Mates Investment Podcast, May 19 positions in the companies discussed before considering any investment. Please read the product disclosure statement and consider speaking to a licenced financial professional. [00:32:59][0.0]

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