Latest / The Curve / Claude just disrupted an entire industry.

Transcript

Claude just disrupted an entire industry. · The Curve

0:00
Welcome to the Curve Weekly where we read the finance news so you don't have to.
0:04
I'm Vic Harris, I'm a finance professional and I have made a career out of making money
0:08
for other people.
0:09
And I'm Sophie Hallwright, I'm an X-TV radio producer and I was really second to out of
0:12
not understanding anything about money so we started this podcast.
0:16
Quick little thank you to the whole team behind the scenes at the Curve, particularly our
0:20
producer Emily Rigby and our social media manager Lucy Monroe.
0:24
In today's episode we give you a bit of an update on what's happening with oil.
0:28
The straight-up almost is open, it's closed, it's open, it's closed like we can't keep
0:32
up but we're trying and will we head into a global recession.
0:38
Apple CEO Tim Cook, who may not have heard of and I know from there I always think he's
0:41
Steve Jobs but he was there for 15 years and he's just been replaced.
0:45
We do an overview on the last 50 years of Apple, what we've seen over that time and
0:50
what we think is coming.
0:52
There's been a massive update in the aerospace and it's causing major ripple effects and
0:57
bigs the question is every designer about to lose their job.
1:00
But before we get into talking about the headlines, we've got a very exciting celebration.
1:05
This is not going to be a regular thing, we may have had two in a row but we have got
1:09
a new look, the Curve has had a little rebrand, you may have noticed and we're going to have
1:12
a quick little celebration of that.
1:14
It's a good day to be the Curve, we've got a new look, haven't we?
1:17
We do, we're going to glow out, had a little glow, look it's been I was saying 99% positive
1:23
feedback, although I was looking through some of the comments this morning and actually
1:27
someone commented saying, change is great but I'm disappointed that it's lost its feminine
1:31
touch, it feels masculine, finance, bro, I was like, hey, what about all the positives?
1:37
I know, I actually was also thinking that me classic, look at the one negative comment.
1:41
It's always the way, isn't it?
1:43
I don't think it looks finance, broy.
1:46
Well it's too late.
1:47
I mean, thanks for your feedback but unfortunately, we're too deep in the rebrand.
1:53
No, actually sorry, your sister comments, feminine, can still feel strong, which is true.
1:59
Yeah, yeah, like that, she's like a designer so we'll take that on board I think.
2:04
Also, didn't your mum teach you if you got nothing nice to say, don't say anything?
2:08
Yeah, although we have done the whole like, we're always open to feedback so now it's
2:12
like, it should be like, they want to know, do they not?
2:15
It's funny that the one person that commented something like quite negative was the only
2:20
comment from a man and it's like quite negative.
2:25
Anyway, thanks for all the positive feedback, we love it, we're a big fan, I'm really
2:29
into it.
2:30
The one thing I did want to say, actually, is when we put the video up, Emily made the
2:35
most amazing video of us like wandering around London, me on a bike, I know, I love it.
2:40
Again, another time.
2:41
So you're doing great, you're doing great sweetie, come on, just one more.
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I'm trying to talk, we'll remember her line by, what's this?
2:49
Oh my god, this is so cute.
2:52
Oh my god.
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This is where I'll re-brand.
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Yeah.
2:55
Oh my god, it looks like you're too cute.
2:59
Oh my god, cute.
3:00
So Lucy's just popped in with the cuteness, you see it on the podcast, she's like, guys.
3:06
So if a people that can't see this right now, there's like a little really cute wooden
3:09
box with like, what looks?
3:10
What looks?
3:11
The most beautiful strawberries that they're all facing up.
3:14
I wanted to tell a funny story about the champagne.
3:16
So I'm sitting at home last night and I'm like, right, this is a really big week.
3:20
We've got a re-brand, we've announced some really exciting things and we're so proud
3:24
of vacancy.
3:25
So I'll say, I'm going to order some champagne.
3:27
I'm just going to do what on Uber, it's because it's really easy in London to do that.
3:31
I'm scared of which.
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I actually ordered a really bougie brand.
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First time in 60 years I've done a re-brand, we're going to get the nice stuff, you know?
3:40
Anyway, I order it.
3:41
It arrives in my house, I'm in my dressing gown, my hair's in the towel.
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The guy opens the door and I'm like, he's like, can I please have your idea?
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And I was like, yes, of course, here you go.
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And he's like, oh, it's saying you're underage.
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And I was like, well, I'm not.
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Here's my idea.
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And he wouldn't go through anyway.
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I'm in the green because he was like, you know what, I'm going to have to just like say
4:02
I've returned her.
4:04
He takes it, gives it to me, walks upstairs, I walk upstairs and I just get a card
4:09
reverted from UberEye.
4:11
You got refunded.
4:12
I got refunded.
4:13
So it was free champagne, but then I opened the bag, I was like, it's still too good to
4:19
be true.
4:20
I'd done that thing where it was like, don't, don't replace if it's not installed
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because like, don't send your shit one, you know?
4:27
Yeah.
4:28
The girls would be like, we'll replace it with like a verb or something like that.
4:31
Yeah.
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See, I saw something that's like three times the price.
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Exactly.
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So that is really annoying.
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And so, because I was like, I don't want them to just see me like a presexy, you know?
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I want the nice one.
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This arrives and I pull it out and it's, it's weight, troze, brand, champagne.
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Oh, I still think it looks nice.
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It looks so chic and with a strawberry.
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It's actually fine because I got it for free.
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And then, do you know what, and I spent the actual money on the strobes and the flowers.
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Oh, it's gone.
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It's gone.
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Extra.
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And so now we can have champagne with strawberries in it because it's stunning.
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And yeah, just congratulations.
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I'll be guys.
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You guys, this is so sweet.
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Thank you.
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And for everyone who has like commented with the OG branding stuff, we actually loved our
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brand before.
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We changed it.
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Well, we had it for six years.
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Yeah.
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It was really great.
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And our friend Lucy, who did the designer originally, she has an amazing business called
5:23
Friends of Friends Design.
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And for anyone that does want like amazing branding, she's so talented.
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She's so talented and amazing.
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Yeah.
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She did us a great deal.
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I was really lucky.
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I know.
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Six years ago.
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So, yeah.
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Very exciting for us.
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The first time in, yeah, six years that we've put money into investing in our brand and
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the fields.
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We also prefer fish.
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It's not what we did before, but you know, like it's just, it was kind of nice to have
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a new brand.
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You also see people doing it a lot, like I remember there's this amazing fitness studio
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where they can, I grew up in Auckland called Sala.
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And I remember they did their rebrand a couple of years ago.
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And I'm so, I'm so obvious that I struggle with change because I remember when she rebranded
6:05
the business.
6:06
And at the time, like immediately for the first week, I was like, oh, I loved the old
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branding.
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I really don't like it.
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And then two weeks later, I'm obsessed with the new brand.
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It's really interesting.
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The psychology around, like when you know something and it's familiar, it's really weird
6:20
when it changes.
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It's crazy how easily you forget old branding.
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It's real.
6:25
Yeah.
6:26
You're kind of even seeing ours after seeing the new stuff for like a day.
6:29
I'm like, oh, yeah.
6:30
Yeah, yeah, yeah.
6:36
Oil, oil, oil, gosh.
6:39
It is hard to not pick up a newspaper without an oil headline.
6:45
Oh, yeah.
6:46
It's dominating.
6:47
It is being a bit of a whipsaw week.
6:50
Does whipsaw mean?
6:52
It's like a whiplash, the word you're looking for.
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When things go like up, down, left, right.
6:59
I was talking to a friend and he was like, oh, I heard the straight of her mousse is open.
7:03
And I was like, is it?
7:04
And I was like, oh, so we know.
7:06
And I was like, oh, it is.
7:07
And then literally like five minutes later, I was like, it's closed.
7:10
It's honestly, it's, yeah.
7:12
I mean, we've been talking about this for two months now.
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And when it first started, Trump was like, this is running in last two weeks.
7:18
And yeah, there's probably people that believed him, but it's been nearly two months now.
7:22
I feel like with this whole energy disruption, when it first happened,
7:27
and even really in the last few weeks, I've been, I guess, of the mindset that, hopefully,
7:31
this is then going to mean that we fast track other energy solutions.
7:36
The world becomes a bit more, I don't know, proactive and not relying on oil blah, blah, blah.
7:41
Like I sort of saw it as maybe this is like a really good thing for the world.
7:44
And I think it will be in the long run.
7:46
There will be fast tracking of like renewable energy projects and stuff,
7:51
but right now, like the European Union has now started to drop opposition of like new oil and gas sites
8:01
in the art deck, like there's lots of things where they said, no, no, no, no, no,
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we're not going to do any more oil and gas exploration.
8:06
And now they're reverting on the have to like, yeah, Europe is really, really struggling.
8:12
And it doesn't matter now if you get your oil from them at least or not,
8:17
the whole oil prices is still up near $100 and that impacts everyone.
8:22
You know, even if you're getting your oil from the US, the price of that oil is $100 a barrel.
8:28
So it's very much, yes, still hurting even running the world of metal where you get your oil from.
8:34
And to put that in perspective, people haven't been listening.
8:36
Like we were at $56 in December and we're now at $100, four months later, there's double.
8:41
They has to flow through to inflation.
8:44
And so on the inflation point, because I've seen lots of things floating around
8:48
and people talking about, you know, if in the next three months we don't get this moving,
8:54
it's already a macro like global issue, but people saying if this continues for a certain period of time,
9:00
it's pretty likely that the whole world goes into a recession.
9:03
I know you can't say yes, that's true because obviously we don't know what's going to happen.
9:08
Why is that impact so enormous, the point where the whole world would fall into a recession if this doesn't open?
9:15
Because I guess you'd look back at when this happened before in the 1970s,
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when there was much, much worse because pretty much the whole world relied on oil from the Middle East and it was a complete stop.
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So it wasn't just what is 25% of the world's oil.
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So that was way, way worse.
9:32
Sorry, what happened in that?
9:34
It was essentially some disagreement and then they just, like, completely,
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they said that we're not exporting any oil.
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So it was a similar situation where it was essentially the Middle East didn't stop exporting.
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There wasn't other places where, you know, the US wasn't as big back then in terms of its oil exports.
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So the whole world was very reliant on the Middle East.
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And so you look back at that and go, okay, what happened there?
9:58
And it was absolutely crippled, the global economy,
10:01
because inflation absolutely skyrocketed.
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We're not in that position right now,
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but you are right in that the longer this goes on,
10:09
the more, like, clear this, that the whole world goes into a recession.
10:12
It's so scary.
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And really what the actual hell, one thing like that,
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and have ripple effects on that time, like every economy is so bad.
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Which is why Donald Trump is so adamant at getting this fixed as soon as possible.
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But it's really good if he hadn't made the problem in the first place.
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I know.
10:28
I know.
10:30
Maybe this is going to impact the economy.
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Maybe I'll change my mind.
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Now I've got to really hit me.
10:36
It's like, no, no, maybe just, maybe just think before you speak next time,
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or you actually act.
10:41
So yeah, it's, because oil as a commodity is used in absolutely everything pretty much,
10:49
it's not like gold.
10:51
It's not like cotton.
10:53
It's not like coffee.
10:54
You know, that kind of stuff, cool.
10:56
You know, you can swap to other things.
10:59
Like there is just the world is still so reliant on energy.
11:03
And you can't just swap from, you know, oil to another source of energy.
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Like there's not enough.
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And it starts impacting people.
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Like if you're in the depths of winter and you can't afford to put your heater on,
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and you're an older lady, like there's people's lives that start being at risk and stuff.
11:22
Like it's quite detrimental.
11:23
So I did want to ask you a question on like a global recession's one thing.
11:27
But I've also seen headlines about the idea of welfare countries being able to like protect consumers
11:34
and shield them from suffering, from an enormous, but then there's countries
11:39
who would have like completely different impacts as flow-ons from what's happening.
11:45
Why and how is that a thing?
11:48
So like if we take Australia, for example, they had very little reserves when we went into this war.
11:54
So they didn't have a lot of days or weeks as other countries.
11:59
So they're kind of like, oh shit, Europe is a different camp.
12:03
It's very reliant on, it's a big, big energy producer doesn't produce anything itself.
12:06
So therefore it's impacted but in a different way.
12:10
Then you've got the Asian countries which get 90% of their oil from the Middle East.
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So they're running out right now.
12:20
They've got no oil, some of them.
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So it's like everyone's slightly differently impacted.
12:25
But also you've got countries that can do things that can support consumers.
12:30
So they could be like, you know what?
12:32
We will give you an energy subsidy.
12:34
Or we will.
12:35
Yes, the price of oil has doubled.
12:38
And therefore your electricity or your power bill or your...
12:43
You know, we can do things that can help with ease the burden of inflation.
12:47
So is it all the idea that the government or people that have the money to be able to help their country?
12:53
They can be the ones that take the hit rather than people in the country.
12:57
They'll have to step in.
12:58
But then you're taking on debt as a country.
13:01
And then as we pay back and that's higher taxes down the track.
13:04
We're already stored, dealing with all the COVID payouts that have lead to high tax rates.
13:10
That's an example of the government stepping in and a more, I guess, wealthy economy.
13:14
And saying, don't worry, we'll help you out.
13:16
But then they go into more debt.
13:17
People lost their jobs.
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And so it's like, cool, we'll pay you.
13:19
We'll pay you low in London when people lost their jobs.
13:22
Yeah.
13:23
We'll pay you even though you, because you can't go to work.
13:25
It's not your fault.
13:26
Like, we'll help you.
13:27
But that money has to be paid back or got from somewhere, which means you have to cut health care.
13:32
We have to cut education projects when you have to cut, you know, like it's such a balancing act of like...
13:37
Honestly, the more that I learn about the economy, the more I just, I just never want to be dealing with.
13:43
And I just cannot even imagine the pressure and the jigsaw puzzle of trying to like sort this out.
13:48
And then people latch on to one little highlight, which is, you know, and I'm not saying a little, but it's like, oh, you know, they're cutting, I don't know, maybe school lunches for children.
13:58
And it's...
13:59
And the person's saying they're like, yeah, because it was that or this or this or this.
14:03
So it's like a shit option everywhere. And then you get the political side and politicians are like, oh, the...
14:08
So if you're alright party is cutting this, you know, it's like, oh, no, but like, what about all the good stuff I'm doing?
14:12
Yeah, yeah, yeah.
14:13
It's just being exhausting.
14:14
So exhausting.
14:15
And so hard to place everyone.
14:16
100%.
14:17
And even if you had the best of intentions and you really wanted to help globally, your country, people, like you, even if you weren't biased in the political sense,
14:26
everything would seem like that. And you're right, it's the media or anyone just will find any excuse to tear down someone's decision.
14:32
Yeah.
14:33
And say that they could have done better, but I am just so not jealous of anyone that has to make those calls.
14:37
So we will update you.
14:39
Yeah.
14:40
It's happening, but probably by the time this podcast comes out, I'll probably open again.
14:43
Yeah.
14:44
There's loads of candidates.
14:45
Yeah.
14:46
I think one thing to remember though is that it can feel quite over what I think the magnitude, like when I read that headline that said, you know, the whole world going into recession.
14:55
I don't know if this is good advice or not, but in the same way that you save it, like if there's huge news coming out about a business.
15:02
You know, should you be checking your accounts all the time and making different decisions?
15:06
Actually, at the end of the day, a lot of us can't do a huge amount with what's going on.
15:10
Like, yes, it's good to be informed, but also, I mean, I see people that are obsessed with looking at what's going on with this oil news.
15:16
Or to be honest, any news, and it's quite detrimental from like a mental health perspective.
15:21
Because there's this feeling of enormity and also not being able to do anything.
15:25
And I think there's a balance between being informed and being obsessed in it, like, impacting things.
15:29
And I think we don't do anything really.
15:31
No. And I think it's also like, we've been here before, we'll probably be here again.
15:35
Well, that's, you know, hopefully not for a few years, but like this stuff, or, you know, there's always something that's going on in the economy.
15:40
And, yeah, I think that the best thing is just to make sure that you are diversified and you're not investing, you know, your whole portfolio and oil and gas companies.
15:50
Or, you know, to be honest, one country is like, well, right now.
15:54
Yeah.
15:56
But there's a thing, short term.
15:58
I still believe in the overall, like, structural change of the world that we're going to be less than this reliant on oil.
16:04
You know, really think in the next 10, 20 years.
16:06
We can't be as a world.
16:08
As a world.
16:09
As a world.
16:10
Sometimes we say things and it just does not sounds fun.
16:12
No, moving on.
16:13
Moving on, Apple, we have a big announcement from Apple.
16:17
The CEO of Apple, Tim Cook, is stepping down after 15 years.
16:21
Can I say?
16:23
I feel really sorry for Tim Cook and the sense that when I think of Apple, I do not think of Tim Cook.
16:27
I know.
16:28
He has done so much for this business, but I just think of Steve Jobs.
16:31
And it's crazy.
16:32
Like, he, I, when I heard saw this headline, I was like, he's had a couple of years in the States just been there.
16:36
He's just been voted in and then I was like, wow, I don't know if that makes me feel old or him.
16:41
I don't know about 15 years.
16:42
I was like, I remember when Steve Jobs was CEO.
16:45
I mean, he's done an amazing job as well.
16:47
I was looking through what's happened in the last 15 years.
16:50
And it's, I mean, he's done an amazing job.
16:53
I think also when we talk about CEOs being replaced quite often, it's because they've done a shit job.
16:58
Yeah.
16:59
But surely it's not that.
17:00
15 years is a long time and a really innovative fast-moving company.
17:04
They must just need fresh blood.
17:05
Yeah.
17:06
And he's 65.
17:07
And it is one of the biggest companies in the world, the most valuable.
17:09
Like, you are, he has delivered an incredible result
17:14
in terms of the Apple share price.
17:16
Like, the share price is up 1,000% since he came in as CEO in 2011.
17:21
And also he's outdone Steve Jobs.
17:23
Like, Steve Jobs is really only there for 11 years.
17:25
Well, it's quite interesting.
17:27
And if you haven't read, like, you don't know the history of Apple.
17:30
Like, Steve Jobs was obviously started it, founded it, got it to a point.
17:34
They got a board and the board ousted him because the company was going bankrupt.
17:39
And then they got someone else and didn't do well.
17:42
And then they asked him to come back in.
17:43
And then that's when Apple took off.
17:45
So it's interesting.
17:46
They asked him to come back.
17:47
And all did he say, let me back in.
17:49
They asked him to come back in.
17:50
Interesting.
17:51
But if you tell between your legs, be like, we thought we could do it without you.
17:54
But we can't come back, please.
17:56
So Steve Jobs was kind of like the visionary, right?
17:59
He was the founder.
18:01
And you can see it in all the products that Apple first came out with.
18:04
The iPod and all of that.
18:06
But for him design was the main thing, right?
18:08
It was like incredible technology, but with amazing design.
18:11
Yeah.
18:12
And he wanted to create this kind of consumer brand within tech, not like a tech brand.
18:19
Everything out there was like IBM, Dell, HP, you know, like so.
18:23
Discussing Microsoft.
18:24
Just like, it's not something beautifully aesthetic that you want that's a status symbol essentially.
18:30
And so he created that with Apple and then Steve Jobs, unfortunately passed away,
18:35
but Tim Cook overtook him.
18:37
And he was a real instigator in like supply chain manufacturing.
18:41
Like, how do we get now?
18:43
We've got these beautiful products and this great business.
18:45
How do we make it scalable and dominate the world essentially?
18:49
So he focused on that and then also bought in the software, like the recurring revenue,
18:54
which is massive Apple now.
18:56
Yeah.
18:57
Like I cloud and like all of that.
18:58
So I get to me every moment.
19:00
I know I'm saying, it's like, you have Rachel and I'm like, oh, it's only an extra pound.
19:03
And I'm like, you say that to like a few billion people.
19:08
And so there's new guys coming in.
19:10
He's been at Apple for ages.
19:14
And this is exactly the same as Tim Cook.
19:16
He was summoned from inside the company that came through.
19:19
He was an operation site.
19:20
I love that they do that.
19:21
That they promote from the inside.
19:22
It's such a cool.
19:24
I mean, it just, it definitely signals that you work hard.
19:27
You do something amazing and you get promoted and valued.
19:30
I think that when you go externally, whether it's for a manager of something,
19:34
not even if it's on a CEO level, just gives a different feeling to everyone in the company.
19:38
And also Apple is a big, I don't know, it's quite different, I would say,
19:42
to other companies in that.
19:44
The ethos and the brand and the mission is so ingrained in everything it does.
19:51
That bringing an outsider could really damage that in a sense.
19:55
I don't know.
19:56
I mean, that's just good.
19:57
This new guy, he's from inside as well.
20:00
So Steve Jobs is a visionary.
20:01
Tim Cook, the operations, kind of supply chain guy.
20:04
How do we make this more efficient?
20:05
And then this new guy who is John Ternos, he is kind of an engineering product background.
20:12
Cool.
20:13
It's kind of everyone's like, okay, cool.
20:15
Is he now going to be the guy that's going to like take this and Steve Jobs to put on us?
20:20
Yeah, Steve Jobs to put on us.
20:21
But also, you know, Apple's been lagging in that AI space.
20:25
And so is he going to be the guy that's going to kind of make it an actual viable competitor
20:30
in that AI space and all of that.
20:32
So everyone's kind of thinking there's going to be Jobs to put on us.
20:34
And also it's quite sad.
20:35
Like I would hate it if I left a CEO and then the share price goes up.
20:39
Has it just happened?
20:40
Yeah.
20:41
It's kind of weird, but like, oh my god, yeah.
20:44
I mean, it moves like marginally, but for Apple, that's still millions and millions of shares.
20:48
You usually, if you're a really good CEO, when you leave and announce your leaving,
20:53
no matter who's coming in, because it goes down.
20:56
Because people are like, oh, we don't like change and so it goes down.
20:59
Anyway, yeah, it's a big change for Apple.
21:01
And there is a bit of nervousness because this is a new person.
21:04
He's much younger.
21:05
He is 51.
21:07
Yeah, well, it's not like young in a scheme of things, but like.
21:11
I mean, to be running one of the biggest companies in the world, it's pretty young.
21:14
51.
21:15
Do you know what I kind of wanted to bring up with this story?
21:17
Is the idea that Apple is 50 years old?
21:19
Like Apple's year 50 years.
21:21
Doesn't that sound like a shocking amount of time?
21:24
When I think of Apple, it's innovative.
21:26
It feels new.
21:27
It feels like the last 10 years.
21:28
It's been around for 50 years.
21:29
Yeah.
21:30
And I was thinking like, what was life like 50 years ago?
21:34
You know, in the sense that yes, they've got a new CEO, and hopefully it's going to be a new wave of change
21:39
and exciting things happening.
21:40
But 50 years ago, firstly none of us were alive, no one in this room, firstly.
21:45
Because I honestly think technology, I think, 10, 15 years, not 50.
21:49
Yeah.
21:50
Like there was no apps, there was no technology.
21:53
Everyone met in person.
21:55
There was no hints.
21:56
There was no social media.
21:57
We all had attention spans.
21:59
Like there was a completely different era.
22:02
And to think that, I mean, this is when there, you know, if you were trying to call someone long distance,
22:07
it was unbelievably expensive.
22:08
You had those scary, you know.
22:10
I just think that the idea of replacing who was there in terms of thinking innovatively.
22:17
Like Steve Jobs, and the other Steve, whoever his name was, I actually read this this morning.
22:21
They started by two steves.
22:22
And they gathered.
22:23
Yeah.
22:24
San Francisco.
22:25
I was like, God, there's such visionaries to have even thought about technology 50 years ago.
22:29
Yeah.
22:30
But I also think like I was then looking okay, in 50 years, like what have they done?
22:33
And what have been like, you know, the all-time hits and what have been the absolute disasters?
22:37
Because you also think of Apple and you think, oh, bang or after, bang after, bang after.
22:41
But they've actually released a lot of shit products.
22:43
Totally.
22:44
Yeah, there's been a lot of, a lot of flops.
22:46
And like, do you remember, I remember the iMac when it first came out of school,
22:50
and then we had one in the computer suite.
22:52
And it was, it was orange.
22:54
Yeah, it was the way back.
22:56
And you could see it into the computer.
22:58
And I was like, whoa.
22:59
And it was like so heavy.
23:00
And like just, it's crazy to think that now we've got this.
23:02
But that's a good example, because that came out in 1998.
23:06
So we were babies.
23:07
Yeah.
23:08
But then before that, I don't remember this, but Apple Lisa, do you know anything about that?
23:12
It was a massive, huge, hideous computer that cost like $10,000.
23:16
And it flopped, because it was too expensive.
23:18
And people, it's all about the price.
23:20
Because we want this to be a personal computer for everybody.
23:22
Totally.
23:23
But it's like, no one had $10,000.
23:24
So then they were like, they were so laser focused on how do we make every single component cheaper.
23:30
And get part of that was going to China and getting everything made in China.
23:37
And now they're in the real sticking point.
23:39
Fast forward, yeah, 50 years later.
23:42
And China's like, here's a stronghold over Apple in terms of, because it does get so much manufactured there.
23:49
And it has nowhere else to go.
23:51
Really.
23:52
It's interesting.
23:53
Yeah.
23:54
But I think my main takeaway when I was looking at this, I was like, okay, the Mac and Tosh, huge.
23:58
I'm at huge, iPod.
24:00
I mean, game changer for listening to music, the iPhone.
24:04
I mean, the most outrageously successful products in terms of millions of them sold like every second, you know.
24:12
But I think it's more just interesting to think about the fact that like, yes, while all of those things,
24:17
iPad, Apple Watch, AirPods, all of them have been totally game changer to the way that we all consume and engage with the world.
24:24
Yeah.
24:25
They also had blowouts in terms of, I mean, I didn't, I honestly, there was quite a few products I looked at,
24:30
where I was like, I don't, I didn't even know they brought that out.
24:33
But maybe this new era of a new CEO, it's like, we'll look in 30 years time.
24:38
And there will be things that really hit.
24:40
And there will be things that really didn't.
24:42
Yeah.
24:43
Yeah.
24:44
Like, we're at the start.
24:45
Like, AI is just starting.
24:46
So it's like, you know, maybe phones won't even be a thing.
24:48
Maybe Apple will have like, you know, AI will just talk to AI.
24:52
And now he has tell what to do.
24:53
And actually that might be an Apple product.
24:55
And this is the new wave of innovation.
24:58
Yeah.
24:59
And you're right.
25:00
It's like, all the products that came out under Steve Jobs have been roaring.
25:04
Well, most of them, you know, like the majority of them are roaring success.
25:07
The majority that come out under Tim Cook haven't been.
25:09
Is that a function of the fact that the market is just over saturated?
25:12
Everyone, there hasn't, that once an iPhone has an iPhone.
25:15
Or is it the fact that the product just haven't been.
25:19
Right.
25:20
Yeah.
25:21
Always innovative enough.
25:22
Is everyone exhausted by Apple?
25:24
Is there another brand or product that will be a status symbol and better designed?
25:29
And, you know, who knows?
25:31
And that's kind of what people are asking with this new CEO.
25:33
It's like, can he, you know, produce hit after hit after hit?
25:37
All I will say though, it's brutal on Tim to be like, he didn't do very well.
25:41
Like, he did do the Apple Watch and AirPods.
25:44
Which by the way, on its own, are a fact that was just the business of Apple Watch.
25:49
It's like one of the most, it'll be like in the top, some of the top businesses in the world.
25:53
That's how much they tell about that.
25:55
You know, I think it's like, God, you'd be like, thanks everyone.
25:58
But it is exciting.
25:59
I feel like to think that that's only been 50 years, like what's coming.
26:03
Yeah.
26:04
I don't know why.
26:05
Apple feels safe to me in the sense that, you know, AI feels sometimes a little bit scary.
26:09
Not so much as an investment, just like, I feel, yeah, I don't know, it's hard to explain.
26:14
But I feel like sometimes if someone said, oh, you know, there's not going to be a phone
26:18
and everything's going to be injected into your bodies and you're just going to talk to the world
26:21
and it's going to be a whatever.
26:23
I'm like, oh, but for some reason, if it's from Apple, I feel like it's going to be scary.
26:28
You don't put it in me.
26:29
Yeah, I don't know why.
26:30
It's so weird.
26:31
It'll be beautifully designed, a little chip in my chest.
26:33
I don't know.
26:34
But how weird, if we look back in 10 years, and this is hilarious, like how iPhones are,
26:38
we're just like so funny that we used to carry this giant brick around.
26:42
Like for us, we think it's just like amazing.
26:44
I know, and I could be like, what on you to charge it?
26:46
What a better battery than you to see.
26:48
And it was thick and heavy.
26:50
Weird.
26:51
Excuse me, kind of.
26:53
But yes, with any new CEO coming into a business, if you own shares in it or whatever,
26:59
like it's really important to look at the track record of that person coming in.
27:02
If they've had a really good track record, it's harder with people internally because
27:06
you kind of don't know.
27:07
But that's why people are going off like, oh, you know, he's an engineering product guy.
27:11
So maybe he's going to, you know, bring some, bring some new shine to the product space
27:15
with Apple, the product space, but yeah, if he was coming outside and he was from,
27:20
I don't know, Disney, and had done a really great job at Disney.
27:24
And the share price had done fantastically well, then yeah, you'd be like, what are you doing?
27:28
But do you think though in that situation, it would, because Disney's such a different business?
27:32
Well, nothing's certain, but like at least it's something to hang your head on.
27:35
Right.
27:36
You know what I mean?
27:37
Like even looking at Tim Cook, where's he going to go next?
27:38
Like, is he going to go on the board or something?
27:40
Is he going to, you know, like, yeah, you'd be like, because he's done so well.
27:43
I think it is going to be on the board of Apple.
27:45
Yes, no, I mean like on the board of like another company.
27:47
Oh, I see.
27:48
That you could buy shares in that you could, yeah, that kind of thing.
27:50
Yeah, he's going to stay on the board of Apple, which, which is quite good in itself.
27:54
I mean, you wouldn't want to be completely thrown out, would you?
27:56
No.
27:57
Like, amazing, you gave the word, airpods.
27:59
Get out.
28:00
Imagine being him, and you just have, you'd have people knocking on your door being like, hey,
28:04
are you doing the board of my company or are you doing it?
28:05
Oh, my God.
28:06
Don't be my CEO.
28:07
Can you mentor me?
28:08
Be like, go away.
28:09
Have no time.
28:14
Speaking of tech, we put out this random meme on, um,
28:18
out Instagram around Claude and what's that?
28:21
Because it just feels like all of a sudden, that's the only thing anyone's talking about everywhere.
28:25
I didn't see that.
28:27
What do you mean?
28:28
I was blocked from out Instagram.
28:29
Check out Instagram.
28:30
What do you mean?
28:31
Close my birthday.
28:32
And I was like, and all my friends were like, oh, did you, did you see the story on the curve?
28:36
I was like, no.
28:37
And I realized how do we do that so bad?
28:40
So you just didn't even, you just thought we were doing nothing on social media?
28:43
I just thought, you know, we're just like, wasn't being feed to me.
28:45
I don't know.
28:46
I just, or I'd miss it, or like, I don't know.
28:47
But I don't.
28:48
I run blocked myself.
28:49
Maybe it was so good that you just weren't like, didn't get self-conscious about it.
28:52
I was like, oh, no, no.
28:53
It was my birthday.
28:54
Not like something else.
28:55
You guys are like, mm, yeah, that.
28:57
Um.
28:58
So it's like a beauty in our spelling mistakes.
29:00
So we're just like blocking you.
29:01
In case.
29:02
Yes.
29:03
So this, this is really interesting.
29:05
Hmm.
29:06
What's happening?
29:07
And I mean, I'm sure people have seen stuff on it.
29:09
There's been memes.
29:10
There's been all sorts of stuff going on on socials.
29:11
Even if you haven't read an article on it.
29:13
It is definitely everywhere.
29:15
Can you just explain what's going on?
29:17
What the update is?
29:18
Yes.
29:19
So anthropoc, who owns Claude,
29:22
which is a competitor to, uh, opening eye,
29:25
which owns chat WT, uh, just released this week,
29:28
the function or a product called Claude Design.
29:31
And this has blown up because it is essentially a new app
29:35
that generates like websites, prototypes, presentations,
29:39
social media content.
29:40
And you can do it all from just like text.
29:42
It can be like creating this for me.
29:44
Same.
29:45
Anyway, they announced this.
29:47
Adobe Shears absolutely fell off a cliff.
29:49
Figma Shears, which is on your recent IPO, actually.
29:52
They're, they're shares are down about 50%.
29:55
Right.
29:56
Figma, I don't know if anyone knows.
29:57
I find it so not user-friendly.
29:58
I know.
29:59
It's like, why you just created another Photoshop?
30:01
You know, I'm like, I know.
30:02
I know.
30:03
It's like, where are the comments?
30:04
What's happening?
30:05
Like, it all feels just like, not right.
30:07
So that company IPO'd an August at, like, so recent.
30:11
$120.
30:12
It's now $20.
30:14
Oh.
30:15
And I think this is a really good reminder though,
30:17
like when people get so gutted or, you know, scrambling to try
30:21
and like get access to IPOs, it's like,
30:23
like, how many, how many good IPOs we talked about?
30:26
None.
30:27
Yeah.
30:28
Like all of the good for a second and then they're total disaster.
30:30
I think that something just like, really good to remember is just like,
30:33
don't, don't get FIMO with you mess out on the IPO.
30:36
But anyway, yeah, Figma's got like 80% market share
30:40
and the kind of the user UX kind of design market.
30:44
Yeah.
30:45
Core design has just absolutely eaten their lunch.
30:48
I would just be way too scared to create any kind of tech software platform.
30:53
I just feel like it.
30:54
Do you mean like a Figma?
30:55
Obviously, just anything.
30:56
Yeah.
30:57
I feel like things move so fast you have to be at the cutting edge of AI
31:02
and what's happening to back yourself enough to do anything in the software space.
31:07
Like, it's just, I mean, honestly, I long story,
31:10
but our website's taken longer than it's meant to to get up.
31:12
And I was speaking to someone last night and they were like,
31:16
I can literally create your website in 20 seconds.
31:18
Like, give me your branding and I will just make your website.
31:21
I don't know.
31:22
I just, I feel like it's, we're not discrediting.
31:24
Like, obviously, there are so many designers out there that do incredible jobs.
31:27
I think, I think for Core design, it's going to do away with, you know,
31:33
the kind of, I guess, and I had to say, you know, the graphic designers,
31:37
the graduate, like, they're the kind of the low, the low entry level jobs.
31:40
Like, I've been using it to do stuff that I would normally outsource to a designer.
31:44
You know, like, really easy to design.
31:45
Yeah.
31:46
Like, but like, that kind of stuff, right?
31:48
Like, that's me being like, no, no, no, I'm not going to pay someone I can do it myself.
31:51
Like, that kind of stuff, I think when you get into like the real technical stuff,
31:55
maybe, you know, there's still validity, validity, validity and using someone
32:00
that's like experienced and, but it does just make everyone way more efficient.
32:05
Any type of AI, whether it's Core design, yeah.
32:08
But I also think that what Core design or just this general space is also signifying
32:13
is that while we've relied on massive platforms like Shopify to build a website
32:18
or Photoshop to design or whatever,
32:22
this is basically putting the IP and the ownership back in company's hands
32:27
because you can quite literally code your own website, own the platform,
32:31
make it really customizable.
32:33
Everything is possible now.
32:35
Like, I am quite mind blown by what you can make.
32:40
And also like, for example, just using our website as an example,
32:43
if you look at Shopify, like it's created for online stores, right?
32:47
We're not really an online store, that's not really our purpose.
32:50
So if we were weighing up, should we go on something like Shopify,
32:54
should we just build our own platform because we want to be able to do this
32:56
and this and this in the future?
32:58
If you own your own platform and you can just like code or design something,
33:01
you're building on what you already have rather than relying on all these other platforms.
33:05
And I just, I mean, honestly, I don't know how design is a feeling
33:10
or people that are in this space.
33:12
I'd be quite interested to hear because I think at the same time that definitely,
33:18
it's amazing for productivity and all of that,
33:21
you still need to have the skills and the design.
33:24
And all those things are so important,
33:26
it's just that the skills that you need are shifting
33:28
and the way that you use your skills, your design,
33:32
it's like leaning into the tech that can...
33:35
Yeah, and I think it's like with lots of things, right?
33:37
Like even like legal, the legal side of things.
33:39
Like with AI, you can put legal docs into AI and get them to review it.
33:42
But then there's always this element of like,
33:44
no, but I actually just want a professional to have a look.
33:46
You know, like when it gets to like certain things that are super meaty
33:49
and I think that's going to be the same with code design, AI design.
33:52
You know, I think it's only a matter of time before open AI catches up
33:55
and offers something very similar.
33:56
But it also worries me like, are we going to have almost a product overload?
34:02
Like if you've got all these people now,
34:04
I've just been able to whip up at 100%.
34:06
Whip up website.
34:08
Like I've heard from five people already
34:10
that are building their own apps on code design.
34:12
And that's in the space of like a week.
34:14
You know, like I'm just...
34:16
We already have millions and millions of apps out there website.
34:20
It's like, I'm just, yeah, I'm kind of like, gosh.
34:23
I think what it's really good for.
34:25
And this is obviously with the view of what we're doing at the curve.
34:28
It's not necessarily, I mean, yes, you can do customer facing,
34:32
business, two consumer apps.
34:34
But actually what it's really good for is internal processes,
34:38
platforms for businesses to be more efficient.
34:41
I think that's a massive part that we'll see exploding.
34:44
It's interesting that Anthropic was,
34:46
because like when we've spoken about it open AI,
34:48
when we've spoken about AI, you know,
34:50
the poster chart has been checked BT.
34:52
And that has slowly been changing over the kind of the last...
34:55
I want to say like few months, half a year.
34:58
There's definitely been a lot more talk about Anthropic,
35:00
which one's Claude.
35:01
And it's like in video and then what even the other one
35:04
that came up behind it with the AI chips.
35:06
There's always the front runner and then someone's like,
35:08
kidding, I'm in the front.
35:09
But Anthropic was actually founded by two siblings.
35:13
Really?
35:14
Yeah.
35:15
A brother and sister.
35:16
I love that it was a brother and sister.
35:17
I was hoping that you would say that.
35:19
That were key people at open AI.
35:23
And they left to start Anthropic.
35:25
Because there was a massive citizen.
35:27
And Bumble with Whitney Wolfherd.
35:30
There was a mass exodus a few years ago.
35:34
They took, I think about eight or 12 people with them
35:37
and set up Anthropic.
35:38
And it was when we've spoken out before,
35:40
like when they went, when open AI went from being
35:42
not for profit to a full profit,
35:44
and they just weren't aligned on the mission.
35:46
They were like, you know what,
35:47
you're embedded with Microsoft.
35:48
This is a money-making commercial thing.
35:50
What you want to do.
35:52
We want AI to be more...
35:54
They were more focused on the safety element.
35:56
And you know, how can we do this with like,
35:58
within the parameters of what is the same...
36:00
Ethics, rounds.
36:01
Yeah.
36:02
And so that was how open AI started.
36:04
And that's why they were there.
36:05
And then when that kind of disintegrated
36:07
and they were like, okay, actually,
36:08
you're just a money-making machine.
36:09
We want to go...
36:10
I love that that's happened.
36:11
I mean, imagine having lost them,
36:14
like that brother sister duo,
36:16
and being like, sure, they were quiet girls.
36:19
And then...
36:20
And then...
36:21
Do you remember in November 2023?
36:23
They were...
36:24
They were boys.
36:25
Yeah.
36:26
There was a coup,
36:27
and they outs Sam Altman,
36:29
promote AI.
36:30
And they approached the anthropic guy,
36:32
one of the siblings, to go back,
36:34
and he was like, no.
36:36
Oh!
36:37
I just think called so much culinary.
36:39
I know.
36:40
Yeah.
36:41
Oh, I love that.
36:42
And they spoke about merging the two companies, actually.
36:44
Imagine.
36:45
Imagine.
36:46
We didn't have open AI anthropic.
36:47
And there was just one power, you know.
36:49
So now they've got this like bit of rivalry, right?
36:52
Because they're the two leading AI companies.
36:54
And...
36:55
Not sure if you saw this,
36:56
but there was a super bowl at the anthropic dude,
36:58
and it was a...
37:00
a piss-take at open AI.
37:02
And it was someone asking someone,
37:04
and that one person was supposed to be there, like,
37:06
Chat GPT, and they were like, hey, can you help me figure out
37:08
how I get from a room,
37:09
and then the person...
37:10
You know, how Chat GPT speaks in a weird way?
37:12
Yeah, yeah.
37:13
And so you could tell straight away
37:14
that that person was like, supposed to be their Chat GPT,
37:16
and they were like...
37:17
It was just so nice.
37:18
They were like, hi Sophie.
37:19
Great question.
37:20
You should go like...
37:21
And then open AI had recently announced
37:23
that they were going to put ads in Chat GPT.
37:25
So it was like, hey Sophie, great question.
37:27
You can go this route, this route, this route.
37:29
And hey, you can get 50% of it.
37:31
And so it's like an absolute piss-take.
37:33
We'll play the clip.
37:34
It's so funny.
37:37
Hey, can I get a six-back quickly?
37:42
Perfect.
37:43
That is a clear and achievable goal.
37:45
Would you like me to tell you a personalised workout plan?
37:48
Yes.
37:50
Perfect.
37:51
Let me personalise this for you.
37:53
Let's start with your age, weight, night.
37:55
Whenever you're ready.
37:57
Five, seven, twenty-three years old,
37:59
140 pounds.
38:01
Got it.
38:03
I'll create a plan that focuses on aesthetic strength training.
38:06
But confidence isn't just built in the gym.
38:08
Try step boost max.
38:10
The insoles that add one vertical inch of height
38:12
and help short-king stand tall.
38:17
What?
38:19
Use code height maxing 10 for big discounts.
38:28
I mean, not only are they obviously very good at like
38:32
engineering and creating products, but funny.
38:35
I'm so here for this.
38:36
Also, I just, I do know what you mean.
38:39
I feel like even you out of me the other day,
38:41
I'm like, did you write that email?
38:42
That's what you would say.
38:43
I'm like, can you not?
38:44
Of course, I wrote at the chat, you would say,
38:46
I'm going to be productive, but it is true you can tell.
38:49
There's a real difference.
38:50
I remember writing some things and it was like, hey girl.
38:53
Oh, my goodness.
38:55
And it's like just a bit cringe sometimes
38:57
when you like train it too much to it.
38:59
Yeah, yeah.
39:00
I do think the tone and the almost like nuance
39:03
and emotive intelligence within Claude is quite different.
39:07
That's definitely something that I noticed.
39:10
But yes, anthropic is supposedly going to IPO.
39:14
But we know how we feel about IPOs now, don't we?
39:16
I'm certain Claire of them at this point.
39:18
Yeah, I'm scared of IPOs.
39:19
But it's going to supposedly IPO October this year
39:23
at about an $800 million valuation.
39:25
Chill.
39:26
Which is wild.
39:27
We could have two AI companies IPO this year, which,
39:30
yeah, $800 billion as wild.
39:32
A lot of money.
39:33
Did I say million before I mean billion?
39:34
Right, sorry.
39:35
Do you know one thing?
39:36
You know, we were talking about Apple before
39:38
and just the iPod storage situation
39:40
and how that's quite a genius business model,
39:42
but also quite annoying.
39:43
I've recently found like, you know,
39:45
Claude, basically, you have to buy credit
39:48
or it will be like, you're seeing your blah, blah, blah.
39:51
You're refreshing at 5 p.m.,
39:53
and I'm in the middle of something.
39:54
And I need it to do it.
39:55
And it's like, you're about to expire.
39:56
And I'm like, oh, fuck.
39:57
Okay, right.
39:58
It's been not 100 pounds.
39:59
You know, it's, but it's crazy because I'm like,
40:01
this is genius because not only is the product amazing.
40:04
So you just like leaner and want to use it as much as possible.
40:07
But it's always when you're in the middle of something.
40:08
But it's always when you're just about to finish it
40:11
and you're like, no, I need to just keep going.
40:13
And then you just buy more.
40:14
And I've seen all these memes like,
40:16
people were like, oh, God,
40:17
you're going to make me spend 100 a month and like,
40:19
it's just, yeah, I think,
40:21
I mean, I'm honestly like, hats off to you, nailed it.
40:23
It's up to you for that.
40:24
Take my money.
40:25
It only started in 2021.
40:27
And it's now at $800 billion company.
40:29
And makes me feel like we've done nothing.
40:31
I know. I'm like, wow, God.
40:33
Also, just imagine how much your business will change
40:36
from $0 to $800 billion in five years.
40:40
I mean, I think that's a very rare.
40:42
It's fine for anyone in business.
40:48
Okay.
40:49
Let's talk about primar.
40:51
Primar.
40:52
The cheap and cheerful.
40:54
Hi, sweet clothing chain.
40:56
Is that the song?
40:57
No.
41:00
Because I've actually got some.
41:02
I would have believed you.
41:05
I've bought some really cool second hand primar stuff.
41:09
I know that it's hard, but I've, yeah, like,
41:11
and so how much was it?
41:12
Like, 25 pounds?
41:13
Yeah.
41:14
It's so cheap.
41:15
These are really cool vintage, like, sorry, that was rude.
41:17
Like, they're so cheap.
41:18
No, no.
41:19
No, 100%.
41:20
But I just remember, like, this is so cute.
41:21
And then it was from Primar.
41:22
What?
41:23
Do you feel gross?
41:24
No, I'm quite, I'm quite happy with it.
41:25
Sorry.
41:26
I mean, personally, I'm real.
41:28
I mean, from a sustainability angle, not from a sobbing angle.
41:31
No, I was absolutely sorry.
41:33
When I was primar, I'm not meaning it.
41:34
No, no, no.
41:35
But the point is, I didn't even know that it was a fashion label.
41:39
It's not a fashion label.
41:40
What is the product there?
41:41
It's kind of a bit of a reference.
41:42
It's like a chain.
41:43
You're right, a chain.
41:44
Oh, so it is clothing.
41:45
Yeah, yeah, yeah.
41:46
It is clothing, yeah.
41:47
So primar.
41:48
It sounds like a cheap, beauty label.
41:49
The reason we're talking about it is that it's actually owned
41:51
by a company called ABF, which associated British foods.
41:55
And they own Twinings Tea.
41:58
They own Oval team.
42:00
How good is Oval team?
42:01
What is that?
42:02
Oh, my God.
42:03
Oval team?
42:04
No idea what that is.
42:05
I feel so out of the loop.
42:06
Right, Vita?
42:07
No.
42:08
For Christmas.
42:09
Anyway, they own primar, which is really strange.
42:11
I didn't realise this.
42:13
And they have just announced that they are going to spin off primar.
42:16
And so it's going to be its own listed company.
42:18
So they're going to have the food and beverage company.
42:21
And then they're going to have the product, the clothing company.
42:24
And people have been asking to do this four years.
42:26
Because I guess, like, why would you, why would you split them up?
42:30
And it's kind of like, if you had a cafe and a clothing shop.
42:33
I love it.
42:34
I can tell you that you've really thought about an example
42:36
to make it simple in advance.
42:37
Yeah.
42:38
It's not something that you're like, right, here we go.
42:40
Here we go.
42:41
So, think of a cafe.
42:42
Well, like, if you think about cafe next door to a clothing store.
42:45
But they're under one business name, you know?
42:48
I'm going to go to the curve and buy, you're like,
42:50
oh, some food.
42:51
You're like, no, no, some clothes.
42:52
It's just like, it's confusing.
42:54
It's like, why are you guys together?
42:55
There's no similarities.
42:56
There's no, yeah.
42:58
Anyway, there's different drivers for each business, right?
43:01
You know, there might be a really, really good line of clothing.
43:04
And so, that one business does really well.
43:06
But it's marred by, you know, what might be a product recall
43:09
in Twining's Tea, because there's been an issue
43:12
with a lot of them.
43:13
Yeah.
43:14
And so it's like, you're like, dammit, we're doing really well here.
43:16
But this business isn't, you know, so just separating them.
43:18
And we've spoken about this before.
43:19
Is that, like, when companies, you know, have their own,
43:22
I guess, resources and aren't like, yes, there's merit.
43:25
And when you have, like, shared overheads of, like, accounting
43:29
and HR and all of that.
43:31
But with these two businesses, they're just like,
43:33
there's so not an alignment there that people have kind of been asking
43:37
for years for.
43:38
And also, Primark's been kind of dragged through the mud a bit
43:42
in terms of its sustainability.
43:44
So they've said about it.
43:45
Yeah.
43:46
Me.
43:49
And yes.
43:51
And then also with the food and beverage business,
43:54
they're being hit a bit because of all the weight loss drugs
43:57
and everything and people aren't buying.
43:58
So poor.
43:59
So yeah, anyway, it's going to be split off.
44:01
So if you want to invest in Primark, you're able to invest in it,
44:03
like purely as is.
44:04
And if you want to invest in like Twinings tea and all those
44:06
brands, you're able to invest in that purely as is.
44:08
It's interesting, like, usually when companies are combined
44:11
like that, there's like a discount that's put on them
44:13
because they're together.
44:14
And because there's such just similarities.
44:16
Oh, because they're kind of like, well, I want to get access
44:18
to this.
44:19
But I don't really want that.
44:20
Yeah.
44:21
So you get a discount because client will just
44:22
give you access to it anyway.
44:23
Yeah.
44:24
And there's lots of like, especially when they do very unrelated
44:26
things.
44:27
Yeah.
44:28
So like Birkshire Hathaway, Warren Buffett's investment company.
44:31
Mm-hmm.
44:32
That is a classic example of, you know, they've got like this
44:34
conglomerate discount because it's a company that buys
44:37
other companies.
44:38
But it's kind of like an ETF.
44:40
You don't get to choose what's in it.
44:41
There's a whole lot of things in it.
44:42
Yeah.
44:43
And you get a cheaper price because it's a combination.
44:45
Yeah.
44:46
If you were specifically buying one thing, it might be more expensive.
44:49
And like the overall business, ABF, is actually a trading
44:53
like a massive discount to like Zara.
44:55
So it's not the value is not being realized.
44:58
It's realized.
44:59
And so investors are like, you know what?
45:01
Let's just separate them.
45:02
And I mean, but their primax also being squeezed by this
45:05
so many competitors like Sheen out there.
45:07
Yeah.
45:08
I mean, they both got their issues, but at least they can be
45:10
valued appropriately.
45:11
And these issues relate to that.
45:13
These issues.
45:14
I'm not really like, I really can't imagine.
45:16
So in one moment, we're talking about all this stuff happening
45:18
with AI and software, the fact that a cheap fashion label
45:22
is going to like separate and be financially successful.
45:25
Like I kind of, I'm like, I don't know if it's going to do
45:27
anything, but I don't know maybe in with the world being
45:31
so expensive businesses like that actually.
45:34
Yeah.
45:35
And I think it's just realizing that this can be actually
45:38
quite a good thing sometimes when company separates.
45:40
Because if you own a business and then it does separate,
45:45
for whatever reason, you get shares in both businesses.
45:48
So then you can kind of decide.
45:50
So there's usually a bit of a wash out because people are like,
45:53
oh, well, I only ever wanted to own primax.
45:55
I'm going to sell mine.
45:56
Yeah.
45:57
Yeah.
45:58
So there's a bit of a wash out, but the lesson here is.
45:59
Is it a lesson?
46:00
I'm like, I almost feel like it's just kind of interesting as well.
46:03
You know what's going on, the fact that they're splitting up.
46:05
And the fact that you know, a primark is owned by the same company
46:09
as Twinings.
46:10
Yeah, bizarre.
46:11
Yeah.
46:12
Can we quickly, I know.
46:14
Can I just get a cup of tea?
46:15
Can I get some oval tea?
46:16
See what they say?
46:17
Imagine that.
46:18
Just imagine.
46:19
In fact, I've got a good content idea guys.
46:20
We're going to go into primark.
46:22
I'm going to walk into primark and ask for a tea.
46:24
For an English breakfast.
46:25
Oh my gosh.
46:26
And see what that is.
46:27
Anyway.
46:28
Anyway.
46:29
I've got a funny.
46:30
Oh, okay.
46:31
So I went to the comedy the other week with Tharmin.
46:36
And he was like, let's sit in the front row.
46:38
And I was like, absolutely not.
46:40
No, no, no.
46:41
So sat in the second row.
46:42
And I was like, oh thank goodness.
46:43
And then the lady was going round and like asking everyone their names
46:46
and you know, getting the crowd involved.
46:48
Oh my god.
46:49
And anyway, one of the jokes was that she said was something about a hymen.
46:53
And the thing that broke to me.
46:55
Yeah.
46:56
Yeah.
46:57
She was talking about some sex jokes on me.
46:58
And then, so Fleurman turns to me and he goes, what's a hymen?
47:01
And I, I was genuinely like, is this for real?
47:05
I was like, oh my goodness.
47:07
And then he was like, no, no, I don't know what it is.
47:09
And he was genuinely shocked.
47:10
And I was like, oh babe.
47:11
I was like, oh.
47:12
It's like when you have sex for the first time and you, you know, you break your hymen
47:17
and then the lady was like, what's going on over here?
47:19
Oh no.
47:20
No.
47:21
Absolutely not.
47:22
Look at him.
47:23
And I was like, do you want me to say?
47:25
And he was like, yeah, I don't mind.
47:27
And I said, I was like, oh, he just asked me what a hymen was.
47:30
And the whole crowd is so good.
47:33
No, but the best part is he stitched me up.
47:36
He knew what exactly what it was.
47:38
And I was like, you're such a dope.
47:40
Wait, what do you mean?
47:41
He did that on purpose.
47:42
Yeah, he did that on purpose because he wanted like the focus.
47:45
He is such an attention seeker.
47:46
And one of the focus me on us.
47:47
Because then she was like, oh, what's your name?
47:49
Oh, no.
47:50
And I was like, oh, no.
47:51
He's like, give me the microphone.
47:52
Oh, I get it.
47:53
He goes, she goes, what's your name?
47:54
And I was like, Victoria.
47:55
And she goes, and what do you do?
47:56
And I was like, finance.
47:57
And just looked down.
47:58
And she was like, that's it.
47:59
Do not work with me face.
48:01
And I said, yeah, thank you.
48:02
And I was like, oh my gosh.
48:04
Sorry.
48:05
I should have promoted the podcast.
48:06
I'm really sorry.
48:07
I just did not want to get it.
48:08
And the like, penne.
48:09
Yeah.
48:10
I would pen anyway.
48:11
Because I said to him, what are you doing?
48:13
And he's like, oh, I'm a sports commentator.
48:15
And they're like, oh, what's sport?
48:16
He goes golf and the whole crowd goes, mmm.
48:18
Anyway.
48:19
So now.
48:20
Yeah.
48:21
Really?
48:22
I know.
48:23
I know.
48:24
So it's quite funny.
48:25
That's been funny.
48:26
Yeah.
48:27
Thanks for that.
48:28
No worries.
48:29
That was a little.
48:30
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48:45
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48:46
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48:47
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48:48
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48:50
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48:55
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48:57
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48:59
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49:03
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49:05
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49:08
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49:11
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49:13
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49:26
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49:29
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49:31
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49:35
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49:37
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49:40
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49:45
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49:52
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