Latest / The Curve / Why Being a Good Friend Now Costs a Fortune.

Transcript

Why Being a Good Friend Now Costs a Fortune. · The Curve

0:00
Oh man, I just had such a blowout, like a bit of a shopping blowout.
0:09
Tell me it's paido without telling me it's paido.
0:11
Oh my god, it has been paido, you're right.
0:13
No wonder you asked me to hit this bougie salad, you came with all these shopping bags.
0:17
I was like, oh, some might have.
0:18
Can I just point out that bougie salad I cooked myself?
0:20
Okay, it looks very awesome, Lungy vibes.
0:22
Thank you.
0:23
So, I was looking at it, I was like, actually spent 25 pounds on a salad.
0:27
No, I didn't.
0:28
I was just saying to Emily before off my, I was like, God, I love myself from like my
0:33
past self when I've made something young and healthy.
0:36
And I don't have to think about going and buying food, but you know, that was God, that's
0:41
a compliment.
0:42
Basically, I've got one of my best friend's weddings, which I'm going to Portugal for tomorrow.
0:47
And I ordered these, I, and to be fair, I had like thought about the fact that I needed
0:53
these heels for ages.
0:55
I had money in my clothes account, yeah, like I definitely, I was like, I can definitely
1:00
spend and buy some nice shoes.
1:02
So I spent like 300 pounds.
1:04
And then they didn't arrive.
1:05
I got woke up this morning, I got an email saying, hi there, we're so sorry for any inconveniences,
1:10
this might have caused, but your delivery is delayed.
1:13
And I thought, oh, this is really more inconvenient to realize, what am I going to do?
1:20
So I've just spent the last four hours, traipsing around London, trying to find, like,
1:24
make shift.
1:25
It's quite stressful when you're a bridesmaid, because you cannot be the one to eff up the
1:28
dress code.
1:29
No.
1:30
Absolutely not.
1:31
No, no, I mean, no pressure, but no.
1:32
And I was sending you so many photos and you didn't reply to any of them.
1:35
I was like, these had ears.
1:36
These had ears.
1:37
So these had ears and you didn't reply to any of them.
1:38
I know, I had to put my phone away to work and then I would pick it up and it would
1:42
be like 14.
1:43
Me still, I say, I'll do God, but also, you're not only have your friends wedding, but you
1:49
have a holiday.
1:50
Your birthday.
1:51
It's definitely not the time to have a birthday at a wedding, though, you know, like there's
1:58
why I would be like, it's midnight.
2:02
It's all about me now.
2:03
Actually on the Friday night, we have like a beautiful dinner planned for the bridal party
2:07
in the family, so that'll be so nice.
2:09
Nice.
2:10
Yeah.
2:11
Well, we have something planned.
2:12
God, I was thinking, I was thinking yesterday, I need to message Vick and Emily and say,
2:17
you don't need to do something for my birthday.
2:19
I feel like it was my birthday not that long ago.
2:22
You know, you guys did that amazing video for me last year, and I thought that's another
2:26
one.
2:27
And firstly, I just want to say a few words.
2:31
Oh my God, Vick loves the speech.
2:33
Really leaning into my speech, no, but I just want to say, happy birthday, firstly,
2:40
and how amazing and proud of you I am, like how far you've come.
2:45
We did a talk this morning and just like even summarising over the last five years how
2:51
far you've come, like we don't stop and smile the roses enough.
2:54
And that was like for me, when you said that, I was like, holy shit, like we, you, sorry,
3:01
you have come such a long land, I'm so proud.
3:05
And yes, we have a financial education platform, but that's credit to you.
3:09
That's credit to you, babe.
3:10
Like that is honestly, you know, you can lead a hit horse to water, but like you actually
3:14
have to do the drinking and I was thinking that like walking back from my giant shopping
3:19
hall, I thought saying that, well, I've no, no, saying that in front of it was so basically
3:25
for context.
3:26
We had like a presentation at a corporate, like an office, and I thought I was being
3:32
post a child for I was here and now I'm here.
3:35
And I was thinking that when I was walking back from the tube with the legs, I was feeling
3:39
really guilty about it.
3:41
And I was like, do you know what?
3:42
Actually, in the last nearly five years, I have completely changed my last year.
3:49
The last year has been a real glad for Sophie Hora.
3:52
I agree.
3:53
And not to make that sound like, you know, you, you were unglowing, well, months ago.
3:58
I'm stunned.
3:59
Stunning it.
4:00
Just like how far you've come at, honestly, I'm so excited for the next, yeah, the next
4:04
five years.
4:05
Yeah.
4:06
I think also, thank you so much.
4:08
And I think also it's like what you said about the whole, you can't take a horse toward
4:12
or whatever.
4:13
I think that's what I was thinking about.
4:14
I was thinking, we could be teaching this and I could be doing nothing in the background.
4:19
And like even before when I came in with my shopping bags, and Vic was like, I bought
4:24
these expensive shows, which I probably shouldn't have bought.
4:27
There's like sandals, which were three hundred pounds.
4:29
And she was like, did that kind of you know, innocent children?
4:31
And I was like, and actually did though, like genuinely, I have a clothes account that
4:35
I put into every month.
4:37
And that's where the money came from.
4:38
And so even that, I was like, can confidently say it, yeah, it is, it's an exactly the way
4:43
we teach, which is really cool, because I could totally be like faking it for the poor
4:48
girls or social media.
4:50
And they're not actually introduced and not actually doing it in my own life.
4:55
Yeah.
4:56
So yeah, when I was sort of harping on about like, I was in debt, I've done this.
5:01
I did have a moment where I actually was like, wow, oh my gosh, I've definitely had
5:07
a glow up because it was, it was pretty dark for a while.
5:10
And we just have a special something.
5:12
We need to music.
5:13
Happy birthday to you.
5:17
This is thanks to Emily.
5:18
Oh my God.
5:19
So beautiful.
5:20
That awesome walk you can.
5:21
Guys, I feel really bad, because now this is the second podcast we've got a cake for
5:24
me in.
5:25
You deserve it, babe.
5:26
Oh, that's so kind.
5:27
So we're celebrating here.
5:29
You're not going to be here on your actual birthday, so we're going to celebrate your
5:32
birthday.
5:33
Thanks so much.
5:34
So much.
5:35
I really, I really actually wanted to say you don't need to do anything this year, but
5:38
that's so sweet.
5:39
And we do have a little video.
5:40
Do you?
5:41
Really?
5:42
I'm scared.
5:43
Hi, I'm Sophie.
5:44
Oh my God.
5:45
Hi, I'm Sophie.
5:46
Oh, you.
5:47
Why is it so hard?
5:48
You didn't have that.
5:49
Fuck me.
5:50
Sorry.
5:51
Cut all that bit out.
5:52
Sorry.
5:53
Can't all that bit out.
5:54
Really?
5:55
Really?
5:56
Of those nice, date things.
5:57
So that kind of goes back to.
5:59
Fuck off.
6:00
Oh my God.
6:01
Oh my God.
6:02
I have to find some seriously giant objects to shove in your hair.
6:06
It's so weird.
6:07
Come on, it's for my mouth.
6:09
Here we go.
6:10
Check it out.
6:17
That makes the rich.
6:25
Richer.
6:26
Richer.
6:27
Oh, sorry.
6:28
There's a few.
6:29
Yeah, because there's a few state in the US, we're moving around.
6:38
I'm sorry.
6:45
I'm sorry.
6:52
I'm sorry.
6:55
Cut.
6:56
Also like how many lulls we've had over the years.
7:12
Emily, that is so good.
7:14
Thanks, guys.
7:15
I really think it's so nice that we actually pause for people's birthdays.
7:19
I'm glad I didn't say, don't worry about it.
7:21
Because we're only one a year and we should celebrate each other.
7:23
And we get to make mashups like this.
7:25
And remember all the fun should.
7:27
Yeah.
7:28
We get away.
7:30
Honestly, the amount of like word vomit moments I have, like it's amazing.
7:35
I look articulate.
7:36
I mean, we speak a lot for a job.
7:39
True.
7:40
So like the average Joe.
7:41
It's a thing.
7:42
It's probably not.
7:43
A Josephine.
7:44
Yeah.
7:45
I was like, what was that?
7:46
And I know you've done a lot of shopping.
7:48
But we bought you something.
7:51
No, you didn't.
7:52
Oh, my God.
7:53
Oh, my God.
7:54
I kind of want to guess what it is.
7:55
But I also don't.
7:56
Like, can I write down?
7:57
I was going to say yes.
7:58
I was literally going to be like, is it the sunglasses?
8:05
Is it sunglasses like some speed delus sort of things?
8:07
So for context.
8:08
So I've got some Oakley sunglasses, which you really looked amazing.
8:13
Oh my God.
8:14
Anyway, we were out for our work drinks the other night.
8:19
And Emily had these really cool glasses on.
8:22
And so if you tried them on, and she was wearing this white dress,
8:25
and she honestly looked like Charlie Xiexeter wedding.
8:28
And anyway, she looked absolutely amazing in them.
8:32
Oh, that is like the best gift.
8:34
The best gift.
8:35
So we were when we were at dinner.
8:37
When you were trying them on, you're like, do I look good?
8:40
Do I look good?
8:41
Behind you, Emily's like, I bought them for her birthday.
8:45
Now I know you're just about to head to a friend's wedding.
8:52
But there's some recent research that's come out about friendflation.
8:57
And it is all about the growing cost of maintaining social connections
9:03
and participating in friend's lives and how expensive it's getting.
9:08
The cost is going up and up and up and up.
9:10
I mean, this is very on-brand for me.
9:12
Yeah.
9:13
Because it is, even if you think about their amount,
9:15
you have to celebrate from baby showers to weddings,
9:19
to gender reveals.
9:20
Oh, it's like, yeah.
9:21
Yeah.
9:22
So weddings, dinners, weekends away.
9:24
Everyone is craving social connection.
9:26
But it's getting more and more expensive.
9:29
This research showed that the average cost of being a UK wedding guest,
9:34
including travel, accommodation, all of that is about 450 pounds.
9:38
Oh, it's definitely more than that.
9:40
I mean, it's about $1,000 Kiwi.
9:41
Half of those people felt, like, forced into attending a wedding
9:45
that they couldn't afford.
9:46
So this is like, and I can see it, right?
9:48
It's like, your best friend's getting married and, I don't know.
9:52
Portugal.
9:53
Yeah, Portugal.
9:54
And, like, yes, she gave you enough warning.
9:56
But she did.
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And I plan for this.
9:58
And this is my summer holiday.
10:00
But if I had more best friends,
10:03
and I was invited to more weddings.
10:04
You don't have a lot of friends.
10:05
Good thing I've got no friends.
10:07
Because I definitely couldn't do it five times.
10:10
Imagine a loaner would be so wealthy.
10:12
I mean, I should just cut you guys.
10:14
No, seriously.
10:15
My friend, Arabella, has had 20 weddings this summer.
10:18
Like, I absolutely know why they actually afford it.
10:21
It's funny, because it's like, it's a credit to you as a person, right?
10:24
But then it's also like, oh, shit.
10:26
And that's probably the part of this friendflation.
10:28
Is the idea that you, because you're honored to be invited.
10:32
And you are, like, of course, you want to be there for your friends wedding.
10:35
Or maybe Cheryl, whatever it is.
10:37
Yeah.
10:38
Particularly weddings though.
10:40
It's quite rude and weird to turn down a wedding.
10:43
Yeah.
10:44
Especially because people give you so much notice.
10:46
You can't be like, sorry, on the 12th of August in 2027, I'm busy.
10:50
Like, I would love to get married over the side of the world.
10:53
And like, Italy or Spain or something.
10:56
But it would break my heart.
10:58
A, making friends who have like kids and mortgages and all that flight.
11:02
Like, it's a freaking long flight from New Zealand.
11:05
And expensive.
11:06
But you don't have many friends either.
11:07
So you wouldn't have many people.
11:08
Yeah.
11:09
True.
11:10
I think it's hard because we're with the friendflation thing.
11:12
It's like, I don't know.
11:15
Life gets is busy and people have lots on.
11:18
And I think it's really important, like, even what we just said before,
11:21
to celebrate your friends and to celebrate the things.
11:24
It's just hard when, yeah, that then comes with a huge price tag.
11:30
Well, the average in or stag weekend now costs 780 pounds.
11:36
What?
11:37
I know.
11:38
More than a weeding.
11:39
More than a weeding.
11:40
Really?
11:41
If you think you're just attaining as a guest, you kind of fly there.
11:43
You can probably stay in a accommodation that you want that's a bit cheaper.
11:46
Whereas with a hen or stag, you're paying for the person as well.
11:51
Yeah.
11:52
You've got to pay for the person as well.
11:53
And like, it's kind of out of your control in terms of what's planned.
11:56
Or, yeah, so quite crazy.
11:59
It's a lot of money.
12:00
Yeah.
12:01
And it's not just in the UK, like, people in the US have found that, you know,
12:07
friendship itself is now getting increasingly expensive in, you know, Australia.
12:12
People have actually broken up with expensive friends.
12:14
And I honestly could see that happening.
12:16
If you had a friend that was like doing all these things that were out of your budget,
12:19
it's a carousel.
12:21
But seriously, you do have expensive taste.
12:24
The restaurants you like to go to often, I'm like, can't.
12:27
Sorry.
12:28
Yeah.
12:29
Not that I'm averted, but you know.
12:30
Also, just for you know, that's panicking that we're not friends.
12:32
We spend too much time together during the week.
12:34
Yeah.
12:35
No, no, no.
12:36
I think it's more like, I'm fully open to be like, let's go to the park and have a catch-up.
12:39
Let's go for a walk or a coffee.
12:40
Like, I'm like, yes, sure.
12:42
Or, and I think that's also, if I had an overseas wedding, I would love to be in a position
12:48
to at least subsidise for my guests or something.
12:52
Because even the thought of people paying that much to celebrate me just feels icky.
12:57
Like, I don't want you to be out of pocket.
13:00
Even if I had a New Zealander, they had to fly to like Queenstown or pay for accommodation
13:04
to go to Hawaii.
13:05
Or like anywhere regional in New Zealand.
13:07
Even buying a dress, like I feel icky that you have just been money.
13:10
That's why my birthday is always there.
13:12
I was going to say.
13:13
That's my favorite.
13:14
Yeah, that's birthday.
13:15
Especially like, if it's at your house, you pay for catering generally or like drinks
13:21
or and you always have.
13:22
You've done that for like 10 years.
13:24
I remember when you were leaving Sydney and you were moving to New York, which we all
13:28
know I was a very anti-climatic exit by the halfway to Houston.
13:32
But the point is, is that I remember you put this thing on at like the Kuchipa
13:36
villain, like right on the ocean and there was all the yummy food and like,
13:40
there was like champagne everywhere and you'd put it on for people.
13:43
So you were like, people are coming to celebrate me, but I'm putting it on.
13:47
I think what's really hard is like, it's expensive to be a good friend.
13:51
Sometimes that feels shit because I would love to be more generous.
13:56
I would love to have my birthday party in pay for it.
13:59
But I just totally am not in position to do that.
14:01
But I think if the true friends understand.
14:05
But what I think happens is that slowly over time you start kind of hanging out
14:12
and associating with people that are on similar spending or income levels as yourself.
14:18
Because you like doing the same things.
14:21
If someone's going on super yachts for their holidays and asking you to
14:27
check in, of course, you're going to be like, no.
14:29
And I mean, that sounds very superficial saying that you're only friends of people
14:32
like they can afford to do the same things, but it's just like slowly over time
14:36
that would erode because they would want to be doing different things to you.
14:39
And I think that that's probably a good thing to just be aware of as this has become a thing.
14:44
And it's now like, you know, in the news for being recorded people.
14:49
But you have to just like look at your friendships and look at what you're doing
14:52
and actually ask yourself, am I suggesting something that whatever friend
14:56
you're inviting is going to feel comfortable paying for and coming to
14:59
because I've got friends who are in my sister as well.
15:02
Like they earn a lot more money than I do.
15:04
And I think it doesn't mean you can't hang out with them.
15:07
It's just time in a place and really being aware of the people you're inviting to certain places
15:11
and I would hate to go on a holiday and like one friend is feeling super stretched
15:16
and like stressed out in the others or like aren't.
15:20
You know, that's not fun for anyone either.
15:22
You know, I would rather that everyone gets like accommodation that they can afford.
15:27
And then if you want to go shopping when you're on holiday, you go do that.
15:31
Do you know what I mean? More like individual purchases.
15:34
I think that it's really idealistic to say that and not trying to be rude.
15:39
But I think that if we were going on holiday together
15:42
and I was suggesting some like total ship box Airbnb
15:45
that you didn't want to be in,
15:47
you probably wouldn't want to be on that holiday.
15:49
You know, like no, no, honestly, you would do your own thing.
15:52
And I think that's where it can get hard as it's like,
15:55
it's easy to say like, oh, I'll come down to you
15:57
or you shouldn't have to come up to me.
15:59
But actually, I think that is where divides happen in terms of friendships
16:02
because like, for example, last summer, you went to Central Pay
16:05
and I was like, really wanted to come.
16:08
And I was like, I cannot pay 55 USD for a bottle of fries.
16:13
You know, like I just can't.
16:15
But it does. It stopped me from coming.
16:17
You shouldn't necessarily have to change what you want to do on holiday.
16:20
But I've got even guilty.
16:22
Meaning 55 dollars on fries.
16:24
The difference is that you can.
16:26
And I would be sent into like receivorship.
16:28
Is that possible for a person going to receivorship?
16:31
Was it a business?
16:32
But you know what I mean?
16:33
Like for you, it would be like, where is for me?
16:35
It was like not an option.
16:36
Boop.
16:37
But you know, like you wouldn't be like stoked.
16:39
I'm spending all this money on fries.
16:41
Boop.
16:42
But.
16:43
Yeah.
16:44
You're not going to be like sitting in the bathroom
16:46
having a total panic attack.
16:48
I probably won't.
16:49
What are our takeaways here?
16:51
Because I feel like this is making me feel a bit depressed
16:53
and like separated from my friend.
16:55
Is it just go on walks, go for coffees?
16:57
Honestly, I love walking coffee catch up with my friends.
17:02
Like honestly, it's not only good for you.
17:05
It's like great for your wallet.
17:07
Like it's even kind of a gym class I enjoy.
17:09
Yeah.
17:10
Like going to a gym class and having a coffee after or.
17:13
And I think just talk amongst your friends and be honest.
17:16
The number of times in Airbnb is being sent around in a group chat.
17:19
And everyone's like, yeah, no worries.
17:20
Yeah, no worries.
17:21
If someone was like, sorry, can we find something that's, you know,
17:25
no more than a hundred pounds a night instead of something?
17:29
I'm sure everyone would be like, okay, cool.
17:31
Yeah, sounds good.
17:32
Yeah.
17:33
You know.
17:34
I mean, I've also got, I can't be a person that I guess is like.
17:37
Yeah.
17:38
Because even using this wedding and the hens do as an example for me,
17:42
it was sort of like a weekend affair.
17:44
Yeah.
17:45
The Saturday we had, we hired like a ruminer, a hotel,
17:48
and we played games and had champagne.
17:50
And then we had a really lovely dinner.
17:53
And then we went to a dinner karaoke.
17:54
And then the next day, there was like puppy yoga.
17:58
Like puppies.
17:59
It was very cute.
18:00
I mean, I did.
18:01
Of course, there's puppy yoga in London, eh?
18:03
Like that's like quite wild.
18:05
And then a lunch.
18:06
And I was so stressed about it for ages because I was like looking at this
18:12
total and thinking like, I'm not going to be able to afford this.
18:15
This is not over my entire monthly budget for fun things that I'm spending
18:20
in two days.
18:21
Like, what am I going to do?
18:22
And I ended up messaging the group and saying, really sorry,
18:26
I need to tap out of puppy yoga.
18:28
I was like a hundred pounds that I could take off my,
18:31
yes, my bill.
18:32
Yeah.
18:33
And I was so ashamed and embarrassed doing it.
18:37
Yeah.
18:38
And I thought, if I feel like this, there's not very many people
18:41
that would feel comfortable speaking up for the chance.
18:43
And you're thinking up for the chance.
18:44
Before years, essentially.
18:45
Because of the curve, I'm kind of like, principally,
18:47
I have to say something.
18:48
But I felt really like a bit ashamed, which is so shut to admit,
18:52
because I know it's not a big deal.
18:53
But to be the only one that has to say.
18:56
I do love it.
18:57
I'm sorry, I can't come.
18:58
I do love it with hens do's that where it's like, okay,
19:01
this is, I don't know, $300 for pounds for the whole weekend
19:06
or day one is this, day two is this, or if you don't want to drink,
19:09
or if you don't want to come for lunch.
19:10
You know, like giving people options, I think is really,
19:13
really helpful.
19:15
Do you know what on top of this, when they sent round the,
19:17
you know, this is what everyone knows,
19:19
hadn't drunk.
19:21
And the food and stuff had been split, including alcohol.
19:25
And I was like, oh god, be that person,
19:28
because I actually kind of order.
19:29
Yeah.
19:30
And I think there's sometimes where I look at the way I behave,
19:34
and I wish I didn't have to be so careful.
19:38
You know, like I wish that I could be like,
19:40
yeah, I'm happy paying for drinks, it doesn't matter,
19:42
but I'm like not in that position yet.
19:45
Yet.
19:46
I reckon also hats off to you for saying something
19:50
because everyone else now in that group will be way more aware
19:55
of if they're ever planning a hens do,
19:57
or maybe someone, or if you people in that group
20:01
were feeling exactly the same, but didn't have the courage
20:03
to say anything, and you did, and now the next time they got,
20:06
you know, like I think don't underestimate what you have done
20:11
as one person having that conversation.
20:13
I know it's hard, and it's hard to be that person all the time,
20:18
but I know that there would have been people in there
20:21
that would have probably been felt feeling the same.
20:24
I think that we should do a bigger conversation on this
20:28
because I think friends and money, particularly because our podcast,
20:31
like the number one thing people say is it's so nice to listen
20:34
to friends talking about money.
20:35
Like I think if anyone's going to discuss this more,
20:37
it should be us, and I think we should go into more detail on it.
20:40
Agreed.
20:41
Even, even, yeah, us who have these conversations every day,
20:45
for me to feel, I actually, I had to speak like my cousin,
20:49
my uncle, I had like a lot of people,
20:51
I said I'm feeling really worried about this,
20:53
and they were like, you should say something.
20:54
And in my head, I was like, I know I should,
20:56
but I can't bring myself to do it.
20:58
And I think also we should include, you know,
21:01
ways that you can say it and phrase it,
21:03
as well as ways that you can respond.
21:05
I think their response is almost just as important
21:08
as how you approach it.
21:10
Okay.
21:11
There is a company that is no longer a public company,
21:13
and we can all along by shoes in it, and it is,
21:15
so her house.
21:16
So for anyone who doesn't know,
21:18
so her house is a private member's club,
21:20
started in London in 1995,
21:22
and there's about 60 clubs now around the world.
21:26
It listed that became a public company about four years ago,
21:30
and it has been like,
21:32
it's not been having a good time.
21:35
Well, there's quite a disconnect
21:37
because it is an exclusive membership,
21:40
only secretive kind of club.
21:43
And then you're also this public company
21:47
with everything on show.
21:49
People can buy your shoes, your financials are known.
21:52
So it's like there's this huge disconnect
21:54
between kind of making money and making profit,
21:57
and the public side of it.
21:59
Yeah, it's just like it's quite interesting.
22:02
And I remember we were in Soher Works once,
22:04
which is kind of like the co-working space of Soher House.
22:08
And we were sitting there,
22:10
and all of a sudden like,
22:12
when tea mainly meant in suits,
22:14
came through with little like,
22:16
what do you call those flip-file things?
22:18
You know, like a ring binder.
22:20
A ring binder.
22:21
Yeah, a ring binder on it.
22:22
I haven't heard that word in a while.
22:24
And I was like,
22:25
oh my goodness, this is like,
22:26
this is an investor road show.
22:28
All the road shows.
22:29
This is a show entitled to make us to a road show so many times.
22:32
This is when you have investors walk through your assets essentially,
22:35
and have a look at them.
22:37
And you have someone that's like,
22:38
oh, this is so hopeless.
22:39
And I used to do that all the time.
22:41
We sort of love it.
22:42
We'd go to retirement villages.
22:43
We'd go to like,
22:44
oh, it's like a wild time.
22:46
And we'd go to KFCs.
22:48
That was the best.
22:49
I'd be like, do I some chicken?
22:50
Yeah, please.
22:51
But yeah.
22:52
You'd go to like Starbucks.
22:53
It's quite cool,
22:54
because you got to get out of the office and, you know,
22:56
they'll always show you the shiny new ones.
22:58
You know, they're not showing you the rundown retirement village
23:00
that's like, got cockroaches or something.
23:02
So I'd know,
23:03
they could like to do a road show when we're in New Zealand.
23:05
Yeah.
23:06
And she's thinking potentially three locations.
23:08
Four locations.
23:09
Four.
23:10
Four.
23:11
What are the four locations?
23:12
Auckland Wellington,
23:13
Christchurch, Queensland.
23:14
Queensland.
23:15
Yeah.
23:16
It could have pizza.
23:17
Yeah.
23:18
Or yeah, because like the slices of pizza
23:19
are like the slice of a share.
23:20
Or if it connects.
23:21
Like a ETF.
23:22
There's like a pick of Mac.
23:23
We should have the food that's famous.
23:24
Yeah.
23:25
Oh, that's a fun idea.
23:26
Yeah.
23:27
And then like money themed cocktails.
23:28
Like stocktails.
23:29
I think she's really good.
23:32
Stocktails.
23:33
Yeah.
23:34
And maybe it could be Midori's that they're all green.
23:36
Yeah, money.
23:37
Yeah.
23:38
Actually, if anyone is listening to this and you would come
23:40
to an investor road show,
23:41
we're going to call it a much more fun name.
23:43
Can you comment if you would come
23:45
and where you're based?
23:47
Because we need to make sure there's enough people
23:50
to fill up in you.
23:51
Anyway, I saw these group of people coming through
23:55
so her works and I was like,
23:56
oh, this is an investor road show.
23:57
And then it was kind of like this weird,
23:58
like this is a private spectre anyway.
24:00
So did you go up and go,
24:02
I used to do these road shows.
24:03
Yeah, but I was like, you know,
24:04
when you look at someone like,
24:05
I know, I know you're up to.
24:07
You're like,
24:08
like when you pull up in the car next to someone
24:11
in the same car and you're like,
24:13
oh, my God.
24:14
You know, we've got this.
24:15
It's so good.
24:16
Shit, that's honey.
24:18
So anyway, it's been bought and it's gone private.
24:23
So that means if you had shares in so her house,
24:27
your shares are now being bought by this hotel company,
24:31
which owns a whole bunch of other hotels,
24:33
and they were bought for about a 15% premium
24:37
to the last share price.
24:39
So you're getting about a 15% premium on your last price,
24:41
which is.
24:42
It's still was quite bad comparatively there wasn't it?
24:44
Well, below the IPO price.
24:46
But hey, Eston Kutcher's on the board.
24:48
Is he?
24:49
Yeah.
24:50
60.
24:51
Yeah.
24:52
Yeah.
24:53
Yeah.
24:54
Yeah.
24:55
God, they're a hot couple.
24:56
Yeah.
24:57
They could have really saved themselves like 20 years
24:59
though and got together when they were in the 70s, sure.
25:01
What I was going to explain about this though
25:03
was because had a friend ask when the news came out.
25:05
She was like, what does this mean?
25:06
And I was like, well, it now means that, yeah,
25:09
if you're a shareholder,
25:11
you automatically sell effectively
25:15
into this new company that's bought.
25:18
So her house.
25:19
So you don't have to fill out anything.
25:20
So with any company that gets taken over,
25:23
like you don't have to, you know,
25:26
accept anything or anything like that,
25:28
there is a certain threshold that once a certain percentage
25:32
of the shareholders agree,
25:35
the rest are kind of just like pulled into line.
25:37
And this is actually something that we learnt.
25:39
I remember when we were putting our own shareholder agreement
25:42
together and there's things called like drag along
25:44
and tag along and all the sort of rights,
25:46
which basically means if like majority shareholders
25:49
decide, yes, on whatever it is,
25:52
like anyone who's more of a minor shareholder
25:55
is kind of like either dragged or tagged along
25:57
with that decision.
25:58
And that's why when founders have a large percentage,
26:01
that can kind of dictate whether or not takeovers
26:05
are done or not.
26:06
So if you had a founder with a large percentage of shares
26:09
and some competitor came and did what we call a hostile takeover,
26:14
so they haven't engaged with the company at all,
26:16
they've just gone, you know what, we want to buy you
26:18
and you're kind of a blindsided.
26:20
If the founder or any of the insiders of the company
26:23
own a large percentage of shares,
26:25
they can block it.
26:27
Whereas if they get enough investors on side,
26:30
they can just say, you know, tough cookies,
26:33
we're going to buy a company.
26:34
And so that's another reason along with work ethic
26:37
and their personal vested interest.
26:39
And they own a lot of shares.
26:40
They obviously want the business to do well.
26:42
The other main reason it's a green flag,
26:44
if you have founders that have a lot of shares,
26:46
is because they're the ones that can ultimately make the decision
26:49
on what happens to a business rather than...
26:51
But with this one...
26:52
It seems like this was going on behind the scenes
26:54
because it kind of came out and it was a done deal.
26:56
So they can actually go to current shareholders privately.
27:00
You know, say you had five large shareholders
27:03
that made up like 50% and you got all five of them
27:06
to agree to this takeover, then it's a done deal.
27:10
And so you would just announce to the other 50%
27:15
who might be hundreds and hundreds and hundreds of shareholders
27:18
and say, look, we're going to take over the company.
27:21
We've already got 50% of the shares.
27:23
Oh, it's quite...
27:24
There's some lifestyle ones where they go,
27:27
you know, what, we want a bid for you.
27:29
And that's how most of them happen to be honest.
27:31
Like if Google made a bid for Amazon or something,
27:35
like that kind of stuff, but...
27:36
Do you know what I remind you?
27:37
Do you know what I remind you?
27:38
Do you know in the social network?
27:39
And that guy to holdly if so over his friend.
27:41
And he's like, well, it's a done deal.
27:43
You sign the thing.
27:44
And he's like, what?
27:45
It's kind of like...
27:46
Yeah, it is a bit sort of doggie, doggie energy, isn't it?
27:49
And it can also create friction with an economy, right?
27:51
Like if you wanted to sell and I didn't.
27:53
And you're like, no, no, we can get a bit of price.
27:55
I'm like, no, we should sell.
27:56
Like our companies and the toilet.
27:58
Like this is a great deal.
27:59
I mean, even when we were raising capital,
28:01
we did have a couple of people that like,
28:03
we should mark whether or not we would sell the whole business.
28:06
And we were both like, I mean, like we were having conversations about it.
28:10
And like, yeah, I guess unless you're like so on the same page
28:14
with like the reason or who the seller is,
28:18
if you're happy with them.
28:19
And I say with this case, the founder might be like,
28:21
no, we can turn around the share price.
28:23
We can achieve like the off the price here
28:26
that they offered and shareholders was $12.
28:28
If the founder or, you know, any major shareholders were like,
28:32
no, you know what?
28:33
I can get it to Twini.
28:35
I can get it to Twini.
28:36
I've got this, this, this, this, this, this in the pipeline.
28:38
Like you're selling way too early.
28:40
And then you've got the rest of the board
28:42
or the management team that are like, mate.
28:44
We can't be bothered waiting.
28:45
Yeah. Like this is a good deal.
28:46
We want to move on to do something else.
28:47
It's actually too hard.
28:48
You don't like that.
28:49
It's also interesting because like, I guess
28:51
this spanned across all different things, right?
28:53
Like if you have a partner in any type of the product.
28:55
Whether it's private, whether it's public,
28:57
whether it's even property.
28:58
Like I've bought property with a friend.
29:00
And we have to be really on the same page
29:02
with like what happens if we want to sell.
29:04
Yeah.
29:05
You know, like for example, let's say the property market
29:07
is absolutely booming.
29:08
But we've made it like a deal to each other
29:11
that we're not going to sell for a minimum of five years.
29:13
What?
29:14
And then one person changes their mind
29:16
and they desperately want to sell.
29:17
You know, you have to be, yeah,
29:19
financially, if you're like, I need the money.
29:21
Yeah, true.
29:22
I've had a financial blow up and I need my cash out.
29:25
I'm going to put my son needs on.
29:27
Guys, am I cool enough to wear these sunglasses?
29:30
Like I really don't know if I'm cool enough too.
29:32
So if anyone can't see these, you know, get on YouTube.
29:35
However, they're like the speed dealer look.
29:39
And I must say when these first became cool,
29:42
I thought I'm never caving and buying those sunglasses.
29:46
It's actually like, I remember when you first
29:48
put them on the other night and I was like,
29:49
you need to be more like grungy looking.
29:50
But actually like quite, I love the contrast.
29:53
So great.
29:54
Back to finance news.
29:57
Sorry.
29:58
It's really not easy.
30:00
I know we talk about the gender pay gap a lot.
30:03
And I know you get a bit like, but it is right.
30:07
It is real.
30:08
And there's been some research has come out that has shown
30:11
that it starts as early as when you graduate.
30:16
So you would think that it would be like something
30:19
as your, you know, through your career
30:21
that you start like seeing this divide.
30:23
But female graduates are far more likely
30:26
than male peers to choose like those low paying industries.
30:29
So it actually starts then.
30:31
Though like low paying industries are like nursing, social work,
30:35
education like teachers, retail,
30:38
which when I was like riding down,
30:40
I was like, those are all what's the word?
30:43
Like empathetic kind of community based.
30:46
Like any kind of caring.
30:48
Yeah.
30:49
Looking up to kids, looking up to animals, looking up to old people.
30:52
Yeah.
30:53
And I think I'm to do with like cleaning or nurturing or like it's
30:56
it's off community kind of vibes.
30:58
Yeah.
30:59
Yeah.
31:00
Yeah.
31:01
Is paid way less than male.
31:03
So I wonder who came up with that.
31:05
I wonder how that happened.
31:07
Yes.
31:08
Yeah.
31:09
Yeah.
31:10
Honestly.
31:11
But also like nursing like I would have thought drink coded
31:13
that that would have been the shock to the system.
31:16
To the global system of how important healthcare and
31:19
doctors, nurses, all of them.
31:21
But anyway, they looked at maths as like this example.
31:26
And of the graduates and in maths,
31:30
male graduates entered like programming jobs
31:33
and female graduates into teaching jobs.
31:36
Really?
31:37
And I was like sitting there and I was like, oh my god,
31:40
this is exactly what happened with my finance courses.
31:43
I was like, why was there so many male and female?
31:48
I was pretty much equal.
31:49
Because you said it was equal in the degree part wasn't it?
31:51
Yeah.
31:52
You knew when I was sitting in my finance classes,
31:54
there was like equal men and women.
31:56
And then when I got to the industry and got my first finance job,
31:59
I was like, there are the all.
32:01
And it's because the men go on to do finance,
32:05
investment banking, all of that.
32:07
And the women go into like accounting, which is again,
32:10
they're both high paying professions,
32:13
but finance is higher paying.
32:16
And it was just interesting.
32:17
I was like, oh, so you can study the same thing
32:20
and go into different careers that pay you quite differently.
32:24
They need to be a lot of education at school,
32:27
university around like not only what you're studying,
32:30
what connect to an end to as a job,
32:32
but also what is the amount that's attached to that?
32:35
Yeah.
32:36
And also I think some debunking around the fact that,
32:39
yeah, because like how, how did you know if you're going to finance
32:41
and you're going to find an else into accounting?
32:43
What is there?
32:44
Is it because the representation of accounting is always...
32:46
You want another honest reason?
32:48
Because my mum was an accountant.
32:50
And at that age I was like, I don't want to be like my mum.
32:52
Which is horrible.
32:53
And I've told her that.
32:54
But like, you know, when you're like,
32:55
I don't want to be like my mum.
32:56
Oh, yeah, yeah.
32:57
And so I was like, I don't want to be an accountant.
32:59
This finance thing looks good.
33:00
Yeah.
33:01
Honestly, I wish I had a better answer,
33:02
but that was literally it.
33:04
But I guess that's the thing.
33:05
Like if your view of an accountant was
33:08
because you saw your mum doing it,
33:09
you could have done the opposite.
33:10
And been like, mums though, so I'll go do that.
33:12
Yeah, yeah.
33:13
And that's probably the representation
33:14
that a lot of people have from different careers.
33:16
Like Scott Galloway put it so well.
33:18
God, he's good.
33:19
And I'm so...
33:20
I'm so glad that Emily's on the Scott Galloway bandwagon.
33:24
Because he's just great.
33:26
He said he's like, it shouldn't...
33:28
Everyone tells your kids like, do what you love.
33:30
Do what you love.
33:31
He's like, no, you should be telling your kids.
33:33
If you want to set them up for financial success,
33:36
you should be telling them to choose careers
33:39
where they demand outstrip supply.
33:42
And it is so true.
33:43
It's like coding, for example.
33:45
And I know that doesn't float you've run sport,
33:47
but the amount of coders that are needed right now
33:51
or people with expertise in AI versus the supply,
33:56
that just lends itself just like investing.
33:59
If there's a lot of demand, not all the supply,
34:02
prices rise.
34:03
It's the same with salaries, right?
34:05
So it's like, go where there is high demand,
34:08
but low supply, which is finance was me as a woman.
34:11
My gender created that supply and demand imbalance.
34:15
The interesting thing here and where I differ slightly
34:19
is the idea that are we trying to teach young people
34:23
that they should be choosing a path that's going to give them the most money?
34:28
Or are we trying to help them find something that they enjoy
34:32
and are good at and they know how to invest from the age of 15?
34:36
So it actually doesn't really matter if they're earning 200 grand or 50 grand.
34:41
Like, you know, I feel slightly unsure about that
34:44
because I don't know if I would have wanted my parents
34:46
to push me into the highest paying job.
34:49
I think there's a balance, right?
34:50
We live in a capitalist society where you have to pay for stuff.
34:53
So it's like, if doing what you love means
34:56
that you have to make financial choices
34:59
or create an environment where you're stressed all the time,
35:02
I think there's got to be a balance.
35:04
Or I'm saying an education around it, right?
35:06
They're like, okay, cool, if you love that
35:08
and that's what you want your career to be,
35:10
this is the expectation or the financial rewards.
35:14
Yeah, whereas there was just none of that career-wise at school.
35:20
But also what we're trying to teach
35:22
is that it doesn't really matter what your salary is.
35:24
If you know how to invest in your clever with your money,
35:26
so in my head, I would rather teach kids how to understand
35:31
the concept of money, how to split where their pay goes,
35:33
how to invest small amounts really early,
35:37
opposed to relying on a massive salary
35:39
doing something you kind of don't like.
35:41
I don't know. I guess there's many ways you can look at it.
35:43
I think understanding so that you can make the choice.
35:47
I'll take you seriously with this glasses.
35:49
Should I take them off? No, it's just right funny.
35:51
They're off. You're like, you know, understanding the choices.
35:53
I feel like I've come out of a cave.
35:55
I don't like them all.
35:57
But I think it's...
35:59
Yeah, it's just an interesting one.
36:01
Because if my parents had said
36:03
by going to a broadcasting school and going into this,
36:05
you're going to earn shirt money,
36:07
I might not have done it.
36:09
And I really don't regret doing that.
36:11
Yeah, funny one.
36:13
That's going to be breeding little finance kids.
36:15
Little coders.
36:17
Mummy's told you to be an AI.
36:19
Anyway, okay.
36:21
We have got a new section.
36:23
What is it?
36:25
We talked about
36:27
doing a kind of, like,
36:29
submit your question.
36:31
And we were going to answer it.
36:33
Do you know?
36:35
What is that?
36:37
It was like before Google.
36:39
And it would be Ask Jebes.
36:41
It's J or J.
36:43
So we've come up with some names for the segment.
36:45
What are they?
36:47
Curveable questions?
36:49
Ask the curve.
36:51
The final curve.
36:53
Or curve Q and A.
36:55
Which sounds riveting.
36:57
Or comment if you've got a beard.
36:59
Do you have any good ideas?
37:01
Curious curves.
37:03
No, I'm not into that one.
37:05
Curious curvy's.
37:07
I think my favourite is either curve balls.
37:09
Or was they Ask the Curve?
37:11
Yeah, I think Ask the Curve.
37:13
Should we go with Ask the Curve this week?
37:15
Yeah.
37:17
If anyone has any better ideas
37:19
or if we should do curve balls,
37:21
we have a question from Grace.
37:23
She goes, I watched the diary of a CEO
37:25
with the Godfather of AI warning us
37:27
about our techie future.
37:29
If AI does take over and we're hoping
37:31
to make money off investments in the long run,
37:33
how do you think
37:35
that future might look?
37:37
Such a big question I know.
37:39
But what are your thoughts?
37:41
Oh, God, great question.
37:43
Look, that is a massive question.
37:45
And I think the fact that we are
37:47
59 minutes into a podcast.
37:49
About 36.
37:51
We actually have a workshop coming up
37:53
which is going to address
37:55
everything to do with AI in terms of
37:57
what the investing world will look like.
37:59
Who's going to benefit?
38:01
Where we think it's going?
38:03
Have you missed the bow?
38:05
What to invest in all of that?
38:07
So I think a lot of those questions
38:09
might be answered in that.
38:11
And that's on the 27th of August.
38:13
And you can sign up to the link in our show notes to get.
38:15
Notified about that.
38:17
That's a huge question.
38:19
I also think we should watch
38:21
the episode she's talking about.
38:23
And then bring this up again.
38:25
Yeah, I would love to talk about this more.
38:27
And I love the question, Grace.
38:29
Thank you so much.
38:31
I think it will disrupt so many industries
38:33
and investing in finances
38:35
is not immune to that at all.
38:37
I think everything.
38:39
I think it's just like the internet.
38:41
I think that just like 30 years ago
38:43
when we first started thinking
38:45
the internet would be literally interweaved.
38:47
I mean, people used to use a map book
38:49
to get themselves from A to B.
38:51
Like the actual hell.
38:53
When I see it's not working.
38:55
When I see maps.
38:57
Do you say maps?
38:59
Yeah, like the fact that Google maps
39:01
didn't exist when our parents grew up
39:03
is absolutely mind-blowing to me.
39:05
When I see maps still for sale at petrol stations,
39:07
I'm like, who is buying those?
39:09
But sorry, we had an expert chat
39:11
in the club with
39:13
Nat from Google who's like the chief technologist at Google.
39:15
And she was saying,
39:17
we have evolutions of technology, you know,
39:19
every couple of years,
39:21
like things get advanced, new features,
39:23
like all of that.
39:25
And then every so often you have
39:27
revolutions.
39:29
And that's when there's the massive, massive changes
39:31
that happen almost once in a generation.
39:33
And that is what's happening right now
39:35
with AI.
39:37
And that really put it in perspective
39:39
for me of like,
39:41
this is going to be many, many, many, many, many years.
39:43
You know, it's not like
39:45
you're going to miss the boat
39:47
because it's here today and gone tomorrow.
39:49
Like it's going to change the world as we know.
39:51
It's not the chicken flow.
39:53
No.
39:55
It's not something that's going to like
39:57
all of a sudden be big and talk for three months,
39:59
being gone again.
40:01
Yeah, I mean, look,
40:03
I'm really interested in listening to that episode.
40:05
And I actually, I'm glad that you spoke about it
40:07
in terms of like referencing.
40:09
A lot of research at the moment around AI
40:11
and what we think is going to be happening.
40:13
And yet as VIX said, we're going to be talking about it
40:15
in the workshop. So I think that
40:17
let's come back to that in more detail
40:19
in the podcast and other time as well as the workshop.
40:21
Another question here from Chloe.
40:23
If Apple isn't shouting about AI
40:25
like Microsoft or Google,
40:27
does that make it a bad investment right now?
40:29
Oh God, we probably have different opinions on this.
40:31
This is actually a really good question.
40:33
And we spoke about this last week
40:35
about how Apple hasn't been keeping up with AI.
40:37
And I was like, oh, you know what?
40:39
Did you make an investing decision?
40:41
Yes, I was like, I'm going to...
40:45
Oh my God, this is a good thing to talk about in the club.
40:49
Because it is like, they're so lagging, right?
40:51
Like it's...
40:53
They're really underperformed.
40:55
You sound like a scary teacher when you say that.
40:57
They've been really disappointing.
40:59
They're really disappointing.
41:01
I think that this is a really good conversation to have
41:03
because I don't know, I look at this business
41:05
and I think it's going to be around for a long time.
41:07
Like I just don't see a world where we move on from
41:09
earphones and iPhones soon.
41:11
I don't think there's anyone that's like
41:13
anywhere near close to Apple.
41:15
So I feel like...
41:17
Yeah, interesting.
41:19
What, what do you think?
41:21
No, no, that's... yeah.
41:23
It's just interesting.
41:25
I just think that Apple isn't that stupid.
41:27
I don't think that there's that meaning
41:29
that Apple isn't that stupid.
41:31
I don't think that there's that many people
41:33
who are that smart, who are at the top,
41:35
who are in tech, who are actively thinking,
41:37
yeah, we're going to sit this one out.
41:39
Like, there's something going on there for sure.
41:41
Interesting.
41:43
I want to read the last question.
41:45
Sam, I hope this is a guy.
41:47
Okay.
41:49
A short cell is circling a stock like Riggs.
41:51
Oh, you were spoke about Riggs.
41:53
God, that feels like five weeks ago.
41:55
A sign that I should stay away
41:57
with that actually being an opportunity.
41:59
Oh, you might need to give a bit more context here.
42:01
Yeah, I think we were talking about it
42:03
in the context of meme stocks.
42:05
So these are stocks that kind of go viral,
42:07
like an Instagram post going viral.
42:09
And people buy this years
42:11
and the ship price goes up.
42:13
But there's actually people in there
42:15
that are trying to benefit when the ship price goes down
42:17
and so it kind of creates this
42:19
intense pain,
42:21
financial pain for those people,
42:23
which is usually the big huge funds
42:25
trying to explain it really simply.
42:26
I would say for beginner investors,
42:30
if you're not trading
42:32
and like looking at stocks
42:34
kind of all day every day,
42:36
I wouldn't try and almost like gamify it
42:38
by investing in
42:40
Riggs because it might go up
42:42
or like it might end up.
42:44
I just saw a great idea.
42:46
There's so many other things you can be in the sea in town.
42:48
I would stay away from Riggs.
42:50
I know that it's not the soup company
42:52
but all I see is Riggs soup.
42:54
Do you know what I'm talking about?
42:56
I don't know. There's different layer Greeks.
42:58
Anyway, pointers.
43:00
Like there's actually just so many.
43:02
I think it's really good
43:04
that people are thinking about
43:06
like the stuff we talk about and then thinking about.
43:08
Should I be investing it?
43:10
I think that's great.
43:12
It's more just the fact that I think the more you listen
43:14
and the more you learn, you'll be.
43:16
And we just use as an example of like
43:18
what was kind of happening
43:20
with the Sydney Swini American Eagle kind of thing as well.
43:22
We were just explaining
43:24
how short sellers work.
43:26
But yeah, it wasn't soup by the way.
43:28
It wasn't to encourage people to invest.
43:32
Sorry, I've been like a child
43:34
that had a sugar high.
43:36
It's fine. I'm really sorry everybody.
43:38
It's your birthday.
43:40
I'm very grateful to listen to.
43:42
Hey, we'll go and have an amazing Thursday.
43:44
Actually, I'm so...
43:46
Go eat your cake.
43:48
Wear your sunnies.
43:50
Oh my gosh. Do you think I'll meet someone
43:52
on the way there?
43:54
Definitely.
43:56
Especially with us.
43:58
That would be such a good story.
44:00
Anyway, point is I'll report back.
44:02
Does anyone hot sexy fun?
44:04
Don't you worry.
44:06
I won't be gatekeeping around here.
44:08
It'll be nice.
44:10
The last one the other day was like,
44:12
I said to them, I was like,
44:14
don't worry, I won't tell anyone.
44:16
Who would I tell?
44:18
It would be great to keep us updated.
44:20
We'll get notified.
44:22
See you next to Hot Man.
44:24
We'll report later.
44:26
Great. Love it. Love it. Love it.
44:28
Good thing we don't have an HR.
44:30
Bye.
44:32
Thank you so much for my birthday present.
44:34
No worries. I love it.
44:36
The cake. The bars high.
44:38
Who's birthday's next?
44:40
Oh yeah, mine.
44:42
We're getting Scott Galloway for sure.
44:44
It's just gotta happen.
44:46
Bye.
44:48
Thank you so much for listening to the Curve Weekly.
44:50
Make sure you hit the subscribe button to stay up to date
44:52
with all the many business stock market news.
44:54
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44:56
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44:58
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45:00
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45:02
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45:04
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45:06
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45:08
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45:10
And see you next Monday.
45:12
Bye.
45:14
See you next Tuesday.
45:16
Wow.
45:18
See you next Tuesday.
45:20
I mean Monday.
45:22
No, actually though.
45:24
New episodes out every Tuesday.
45:26
Okay, quickly.
45:28
The Curve was created to empower and educate you about investing.
45:30
But we are not financial advisors.
45:32
Our platform exists for educational purposes only.
45:34
And it doesn't provide personalized investing advice for your individual needs.
45:38
And should not be relied upon to make an investment or financial decision.
45:42
Always remember to do your own research before making any investment or financial decision.
45:46
We're here for any knowledge and support you need.
45:48
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45:50
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45:52
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