Latest / The Curve / TCW86: Fashion takeovers and Microsoft’s big moves.

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TCW86: Fashion takeovers and Microsoft’s big moves. · The Curve

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Welcome to the Curve Weekly, the podcast that keeps you up to date with all of the money
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business in stock market too.
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Brought to you by the Curve's research team, it's the latest insights on what's happening
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in the stock market, companies, other money related news so that you can stay educated and
0:14
ahead of the curve.
0:15
You can thank us later for sounding smarter than those finance bros you need to know, Patti.
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You've got anything you would like to share at the start of this podcast?
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What's actually a very special person's birthday in my life today?
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Who's my sister's?
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Is it?
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Well, it was yesterday, but because we changed this to come out when we choose that now,
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but who was there yesterday, but it actually reminded me of a really funny thing that
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my mum sent me about it, and I hope she doesn't mind me saying this.
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Oh my god, lol.
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It's fine, it's related, don't worry.
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It was a lever that she'd run into my grandma.
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So this is my sister and she's probably like, I would say about 11, 12 years old, maybe
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12?
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That's pretty good.
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So we'll go with 12.
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And it was when you did all the swirls and the hearts, you know, can you imagine?
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They're like notebook, and it's like, every eye has a little heart on the top.
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Every eye is a heart, you know, like all that kind of stuff.
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Anyway, it's really, really cute.
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And she goes to my grandma, I've been having a bit of trouble with my money as it keeps
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on disappearing on me.
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Well, I suppose I need to learn a few spending rules, although I am surviving the way I
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spend now, but just not well enough.
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I think it's about time I end this later.
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Sorry, it's been such a boring one, Mary Christmas, and happy New Year, lots of love from
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Sarah.
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It was just, I thought it was very, very cute.
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But even the idea at that age, she's thinking about that.
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I know.
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Yeah.
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Your mum must have been talking to you guys so early about how to be better with your
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money.
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Oh, it keeps disappearing on me, like it's, like it's magic, it appears, then it's gone,
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and it appears.
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It's quite cute.
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Anyway, happy birthday, Sarah, I love you, lots, very proud, very proud.
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Mm, she's got an amazing brand, Harris Tapper, which I actually just got a little package
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from.
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Oh, yes, should I call it, by the way, not gifted.
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Speak to a lot of money, but love it all.
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Also love this new Sophie Hall, right, which is in her spending era.
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Do you?
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I'm a bit worried because I logged on to my monzo last night, which is like my online.
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We got paid three days ago, and I have less than a thousand pounds.
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And I thought, holy shit, I shouldn't be doing this, I need to have more of a plan.
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I kind of decided to spend a couple of months just letting myself go, not being too tight
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and rigid, and it's just been a terrible idea.
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And now you're greeting a free-spirited Sophie in the money side of things.
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Well, I love the clothes that are hanging up in my room right now.
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New coat, amazing cashmere, cream, high next top that I can't wait to wear.
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Elf and old stuff.
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Make you feel better.
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Yeah.
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So actually, on that, I told my sister I need those clothes.
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She's going to be like, if you're back, if you're...
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She was like, the things you gifted me, I was like, yep, I'm going to sell those.
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Oh my god, I'm so sorry, that was totally my influence.
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So just sisters and clothes, it's the one thing you always fight about, isn't it?
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I know.
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She was quite graceful.
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She was like, okay, well, you have to come pick it up in.
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Oh, that's so good, passive-aggressive.
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I'm going to need her to model them because I don't fit them.
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So I might have to give her a commission of everything I sell.
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Yeah, yeah, that's a good idea.
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I am actually in Copenhagen moment, and I have got on the vintage thinking hand shopping
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bandwagon.
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Oh my goodness.
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The vintage shopping here is in the same, like beautiful stores.
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Is this a sick and ham store?
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I want to know what kind of stuff you bought, like, what do they look like?
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I bought an epic bomber jacket.
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Oh, oh my god, can you show me?
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Yeah.
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Oh, sorry, this is not fine, it's related, but what kind of is?
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It is.
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Can you see?
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It's like brown, it's like cropped.
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Oh my god, it's so cool.
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Is it really warm?
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It's so warm.
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I bought this jumper I'm wearing.
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What color is that?
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It's like a brain, like, oversized baggy.
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It's like nice.
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This isn't it close.
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Oh my god, huge board heaps, this is so good.
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Adress.
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A vintage skirt.
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Everything's vintage.
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It's like amazing.
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Honestly, I'm blown away.
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Do you think it's because you're on, not you're on holiday, and you've been kind of
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working while you're there?
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Like, do you think because you have the time and space to wander without being like, oh,
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I need to get this, this, this, this, this.
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You've enjoyed it more.
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Yeah, I think it's also just being with people that are encouraging.
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Like, yes, you're not great in that yet, you have to get it, you have to get it.
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I was actually laughing.
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We were all in the story of it at the rationality of like, what goes through our heads in terms
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of, oh yeah, no, you're wear it heaps, no, you can wear it in summer and winter.
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Oh, and it would look great for this event, you're, you're rationalizing yourself.
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It's quite funny.
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Like, are you using your actual microphone?
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It sounds kind of shit quality.
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I am now, sorry, sorry, technical issues.
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Oh, I was like, it's sounding weird.
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Okay, great.
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That sounds much better.
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And speaking of fashion, there has actually been a lot going on in the fashion and investment
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world.
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So this is a really great segue to talk about one of the biggest deals in luxury fashion
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that just got blocked.
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What do you mean blocked?
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Tapestry?
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So tapestry is a $10 billion company.
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It's listed on the New York Stock Exchange and it owns the likes of coach, Kate Spade,
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brands may have heard of.
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And then there's another company called Capri Holdings and that is also listed on the New
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York Stock Exchange.
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It's a bit smaller.
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It's worth $5 billion.
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And it owns the brands Versace, Jimmy Chu, Michael Cours.
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Anyway, they've made a takeover of Capri Holdings.
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Tapestry has decided to take over Capri Holdings in an $8.5 billion US deal, but the regulators
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are like, you know what, no, that is bringing too many brands under one roof and we're not
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having it.
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So they're going through the process now of, you know, will they want they?
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Can they get it through?
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Can they not?
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And the key thing here is that, and I remember we spoke about it last week around takeovers
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and how awesome it would be if you owned the company that was about to get taken over,
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the share price rises, but then something like this could happen where the regulator comes
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and it goes, actually, it's not going to happen and the share price falls again.
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So very topical considering what we're talking about last week and the curve weekly as
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well.
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Question.
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What is the difference between LVMH or Amazon or all those other millions of giant companies
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that are huge monopolies?
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Why is this particular one been blocked?
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Because the brands are too similar and they're selling two very similar demographics and
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target markets, whereas LVMH, you're buying champagne brand, you're buying a jewelry brand,
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you're buying, you know, you're buying lots of different brands that operate in different
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markets.
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It is actually a really good question because this is how the luxury houses expand, is
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that they acquire new brands and bring them under their umbrella.
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So if this one gets stopped, then what does that mean for all the other ones that are
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trying to make acquisitions as well?
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Does that mean that they'll get stopped?
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So it is a bit of an issue in terms of what it means for the broader kind of luxury fashion
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houses, but also tapestry and Capri are mainly apparel.
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If you think about it, so they're mainly clothing, handbags, shoes, again, which all operates
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in the same space, whereas LVMH, you've got lots of different products and brands.
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It hasn't got anything to the idea of someone buying a company and then just swallowing
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it up because it's competition.
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Oh, definitely, that happens all the time.
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But is that why they could be blocking it if it's all similar brands and products?
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Is there a part of it where they're like, no, no, you're just going to ruin all these
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cute businesses.
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Do you know what I mean?
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Is there an element of that or is that?
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I think that's more of what happens with the tech companies because it might be new technology
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that they're scared of or new technology that might disrupt their existing technology.
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For example, so they'll buy the competition.
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It's like when Instagram went to buy Snapchat, you know, probably saw Snapchat as a threat
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and was like, you know what, we're better to buy it than try and build our own similar platform.
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And then Snapchat was like, no, see you later, we don't want to be bought.
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So then Instagram was like, okay, we'll launch our own.
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So there it depends.
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There's different rationalities for takeovers, but it's also, I mean, for example, tapestry
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might buy Capri and be like, we really like the Sachi, we like Jimmy Chu, but Michael
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Cours is a bit, so we'll just wind that one down.
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But that's up to them.
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They can make those decisions because they're...
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Oh, that's so shit.
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Imagine if you'd built a business out from scratch and then someone was just like,
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well, wind that one down.
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Yeah, oh, yeah, it'd be horrible.
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But that's what you do when you, when you sell a business or you, you publicly list it.
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It's kind of your at the free will of someone else making those decisions, really.
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God, imagine just be sitting at home, making crumpets for breakfast and seeing in the news.
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Jimmy Chu is being wound down after spent like 30 years on it.
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But this is how a lot of these luxury companies expand and build their empires.
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So if this gets blocked, it's like, oh gosh, what does that mean for them buying other
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companies?
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Is it going to be harder?
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Does that mean there's less growth for LVMH going forward?
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All that kind of stuff comes into place.
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So yeah, what are some of the other big LVMH examples of companies who have lots of
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different luxury brands?
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So caring, which also owns Gucci, Botega, Saint Laurent, Alexander McQueen, Balenciaga,
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that's another big one.
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There's quite a few of them.
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You think you'd be surprised, like even H&M owns a ton of different brands under that
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parent company, the same with Inditex, which so these are more fast fashion now that I'm
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talking about.
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Inditex owns Zara plus a whole lot of other brands, like it's not just usually one brand
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they own.
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They want to target different markets, have different brands, different price points, good
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diversification.
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Is there a chance that this sale won't be blocked?
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And that it will go through and it was just a bit of a scare or is it kind of a done deal
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where it's just not happening and everyone else is a bit like, shit, what does that mean?
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It could go either way.
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So when things like this get blocked or get put under the scrutiny of the regulator, there
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can be ways you can get around it.
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So they might be like, look, okay.
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We promise we'll keep Versace and Jimmy Chu running, but we'll shut down Michael
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Cours or we promise we will only buy the brand in the US and not in Europe because Europe's
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where you're worried about.
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It depends what the regulator is worried about or it's like, okay, we'll just buy Versace
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and Jimmy Chu and we'll sell Michael Cours to someone else.
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So there is ways you can alter the deal, I guess, to get it through the regulator.
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But it also might, they might just be like, you know what, too hard basket, like screw
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it.
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We're going to go buy someone else, you're too hard to purchase.
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But quite an amazing combination of brands, if it does happen, yeah.
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Another big fashion house will exist, so there'll be three of them, curing LVMH and whatever
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this one becomes.
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Hmm, quite exciting.
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Also, so one of my favorite companies, can you guess what you're on surf?
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Matt Krasovs.
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Yeah, Gold Circle stuff.
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Yes, so predictable.
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I know.
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So there's a bit of, there's two bits of exciting news with Matt Krasovs.
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So firstly, it has joined forces with BlackRock, which is the world's biggest fund manager,
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launched a $30 billion fund to invest in artificial intelligence.
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So this is the biggest investment vehicle, so the biggest investment fund that is ever
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being raised in Wall Street history.
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So this is a big, big deal, and it just goes to show like they wouldn't be raising this
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much money and investing this much money if there wasn't the demand ahead, if that makes
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sense.
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The fact that they're putting this much into the artificial intelligence space is major.
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All this makes me think I should never have made fun of you talking about Microsoft all
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the time and actually maybe invested a long time ago and also maybe into a slight, just
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a ETF that is like an AI ETF, because I don't really know a whole lot about this space,
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but I am totally 100% sold and on top of the fact that this is the next massive thing.
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Yeah, and so this fund is purely going to be building data centers and energy projects
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to help meet the growing demand of AI.
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So one thing that when we use AI, it's so energy intensive.
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Like it produces so much energy, to power that much data just takes so much energy that
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they're having to build these more and more data centers to house this infrastructure.
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And so it comes, and I was having this conversation with a friend here in Copenhagen around
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the dichotomy of investing in AI, but also wanting what's good for the planet because
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the use of AI is having detrimental impacts on the planet.
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So I thought this is quite interesting for you, so because I know how much you are
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like, I want to invest in clean technology, I don't want to invest in fast fashion,
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which is great, but also it's like, it's a real sticking point because if you're using
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AI, it uses, it's so bad for the environment, but it's also like, it's really good for
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my productivity and it's going to be game changing for the world.
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Yeah, it's a hard one.
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Oh, this is a real problem, but just like moral dilemma because it makes you think if
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I'm looking to the future and what we could achieve with AI and what that could look
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like, it's really exciting and it's also completely in my head, I guess the way that I look
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at waste when it comes to single use plastic and fashion and all of those things, I sometimes
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struggle to merge the two together when it comes to technology because I know that there
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are all these big data centers being built and even if we look at crypto, like the amount
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of energy it takes to create crypto currencies, it's kind of foreign because you can't see
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it, it's not tangible, whereas differently to other types of waste that's like so obvious
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and taking up space and detrimental to the planet in different ways.
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It's more tangible.
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You can see it in front of you, you know, you can see it happening, it's a lot more visible
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whereas, yeah, turning on your computer and typing something into chat GPT, you're
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like, how can that be having an impact on the environment, but yeah, throwing something
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out into the rubbish bin, that's much more obvious.
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It's kind of like when we talk about the difference between investing in stocks and investing
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in property and how, you know, so many people feel more comfortable vocally and like more
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outwardly supporting the property market because they can see touch living their houses.
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There's something much more physical about that investment, so it feels more natural
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to go down that way if that makes sense when it comes to investing, but actually investing
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in the stock market can be much more lucrative, but when it comes to waste and yeah, oh gosh,
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I actually don't really know how I feel about this.
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It's kind of like, and this is why you almost have to set boundaries for yourself or almost
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write a list of like, okay, where am I going to personally draw the line for my investments?
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Is it going to be, I'm not going to invest in oil exploration companies or production
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companies because they're literally digging in the ground and hurting the planet or is it
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that you're going to go right the way down the spectrum and I'm not even going to invest in AI
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companies or use AI, you just have to decide personally where you draw that line and it might
16:51
be very different between you and me or you and someone else.
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And that's fine as long as you've come to the realization of the satisfaction of where you draw
16:59
those boundaries because otherwise it will literally consume you.
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I think the argument that I would have with AI and technology and general
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and cryptocurrencies and this might sound really naive and uneducated, but I, we don't need that.
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Yes, it's going to increase productivity. Yes, it's amazing what it could do, but to be
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devil's advocate, we would be really happy living on a farm growing our own vegetables.
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We're constantly in this tail chasing situation where we need more, we need better, we need faster,
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we need street and actually capitalism. That's what I mean is if I look at AI and how much
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yes, it could really impact the planet. If I'm having my planet hat on, I would say we don't
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need it. If I had my business hat on, I would say phenomenal. That's quite amazing.
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You know, there's so many different ways that you can look at it.
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Yeah. God, I don't know that this is really such a debate.
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I think if we've got anyone in our audience and our community who either is really competent
18:09
talking about environmental impacts or capitalism or this entire conversation, I'd love to talk
18:16
more about it. But honestly, I think the more you talk about it, the more frustrated you get
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because there's no defined answer. Of like, yes, you're a good person if you don't invest in AI
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or you're a good person if you invest in AI, but you also invest in clean technology.
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Yeah, it's frustrating because you want a box tick and you want someone to be like, it's okay
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to do the XYZ. But really, that decision has to come down to you and you have to be satisfied
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that you've made the decision for the reasons you've made that decision.
18:46
You're really okay. Can we move on to the next one?
18:48
Yeah. Just leave you with that for your day.
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So the second big news with Microsoft, it has announced the biggest ever.
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We've got a lot of eras here.
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Is it a share buyback?
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Yes, it is.
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Okay, can I explain this to anyone that doesn't know?
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Yeah, go for it.
19:08
Okay, so a share buyback is essentially like when someone has the biggest vote of confidence
19:14
for their own business and the success that they know is coming.
19:18
So let's just say that the curve is about to buy, I'm going to imagine, like a trading platform.
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And we think this is going to be huge, huge, huge.
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And we want to buy our investors out because we actually want to benefit
19:32
from what we know is coming business-wise.
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So we buy all our investors out.
19:37
That's the idea of a share buyback.
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So if Microsoft thinks what they're doing is going to have such an enormous impact
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on their bottom line, they want to own as much of their own shares as possible.
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So they're buying shares back from people.
19:49
Yeah, amazing.
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Well done. Gold star, clap, clap, clap, clap, very well done.
19:54
Thank you so much.
19:55
But if we did that, that would actually be illegal because
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that's called insider trading.
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But you were conceptually correct.
20:07
If we could just see the mass of opportunity ahead of us with the curve
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and we could see, okay, we're going to launch in the US and we're going to go crazy
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and we've got all these people that want to sign up to the investing club.
20:18
And if we could see all that ahead in terms of we were just optimistic about the future.
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But if you can see a deal coming or you know a deal is about to happen,
20:26
that's going to be game-changing, then that's not okay.
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But you were 99.99% correct.
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Okay, thank you.
20:32
Yeah, and so yes, it's a big, big green flag.
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And the fact that it's the biggest ever share buyback is also another
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super, super big green flag.
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They also announced an increase in their dividend, another green flag.
20:45
Yeah, so they're just greening.
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Greening all around, which obviously I love.
20:49
Greening?
20:49
They're greening out.
20:50
They're greening all around.
20:52
So this is crazy.
20:53
The first time in nearly 50 years,
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China's increasing its retirement age.
20:59
50 years.
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By how much?
21:02
So men, now three years older, so going from 60 to 63, is there a time in age?
21:08
60 is so young to retire.
21:11
Yes, this is.
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China has one of the lowest retirement ages in the world.
21:16
It's amazing.
21:17
Well, there's reasons for it.
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Because they work them so hard up until that point that they actually just
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have got to make it lower.
21:25
Yes.
21:26
And the majority of their labor is
21:28
physical, blue, what we call blue collar.
21:30
So it's like physical labor, yeah.
21:32
And so it's much easier on the body to have corporate jobs
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and less intensive.
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And for women, they've been retiring for the last 50 years at 50 years old.
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So it's now going to 55 years old.
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But when nearly 50?
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That's like us retiring in a few years.
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Oh my god, do you know what that reminds me of?
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These are our years, Kendall.
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I mean, you're 30.
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And she's like, I'm not 30.
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It's not far away.
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I think I've got much more than 17 years in the tank to work.
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Do you know I'm closer to 50 than I was to like school?
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Oh my god, I just had it.
22:18
Let me just go and spiral.
22:19
Oh my god, I'm crying.
22:20
Are you actually?
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I think I'm just going to have a little call life crisis.
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I mean, you throw these numbers around, but like, holy fucking shit.
22:31
Oh my god, us at 50.
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I know we'll be cute.
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Oh, we'll be so cute.
22:36
But anyway, this change is not going to happen overnight.
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So it's not like people are sitting there at 49 thinking they're going to retire
22:42
next year and now they've got to wait another six years.
22:44
That's not happening.
22:45
They do stagger it.
22:47
So they're staggering it over the next 15 years.
22:49
But it's a really good reminder that the retirement age in New Zealand, for example,
22:55
is 65 years old.
22:57
But by the time we get there, it might be
23:00
70, 75, you know, so we are planning to retire at 65 in terms of our financial planning.
23:07
But really, we might need to add a buffer of like five, 10 years onto that.
23:10
Shit balls, so that is huge.
23:15
What do we do with that?
23:16
We need to add extra 10 years into retirement just in case in terms of our financial plan.
23:21
I would say five is probably good.
23:22
Ugh, how annoying.
23:24
That's like a lot more money.
23:26
But this is why you should start early.
23:28
Give yourself time.
23:29
Give yourself time.
23:31
Do you want to do a fun little pitch for the 20-year holiday?
23:34
They know it's feeling like me, a bit like, ugh.
23:37
Yes.
23:37
So if you want to live your 20-year holiday in style, listen to me, kids.
23:46
Nice start saving now.
23:49
Don't spend your money on frivolous vintage items.
23:53
No, but I think we also need to reframe.
23:56
It's not even saving.
23:57
It's investing.
23:58
We want to invest, not save.
24:00
Yes.
24:00
Just for anyone listening, maybe for the first time she's not talking about savings in the bank.
24:04
She's talking about investing.
24:06
I mean, put your money away for a later date and then you will have a much better 20-year holiday.
24:13
Nice.
24:13
But I just want to put this in perspective.
24:15
So China's retirement ages are going up.
24:18
So it'll be 63 for men, 55 for women.
24:22
But if we look at that, compared to New Zealand's 65 years old, Australia's 67
24:27
and the UK's in the middle of 66.
24:29
So it's not even anywhere near Australia, New Zealand or the UK.
24:34
Can I just for a second?
24:35
Did you say it's going to be 63 for men in China and 50 something for women?
24:42
Why is there such a disparity between men and women's retirement age,
24:46
whereas for New Zealand and Australia, it's not gendered?
24:49
Good question, Sophie, not sure.
24:50
We'll do a bit of research on that and come back.
24:53
Because I am absolutely dying to get to this very quick headline next.
24:58
Oh, here she goes.
24:59
I could not believe this when I saw it.
25:02
This is just the funniest thing ever.
25:04
So we are saying goodbye to Tupperware parties, which just remind me of like
25:10
desperate housewives vibes, you know.
25:12
Back in the 80s, everyone would come around and have a Tupperware party.
25:16
Would they actually have Tupperware parties?
25:18
I'm always looking in my drawer like, where the fuck is the Tupperware?
25:21
I know.
25:22
Like you never find the lid or the container that fits.
25:25
And then I know that it's so annoying.
25:27
It's like having odd socks.
25:28
You put the socks in the wash and it comes out with one and you're like,
25:32
where did it go?
25:33
You know?
25:34
I'm convinced.
25:35
Actually, do you know what's this amazing tip that someone told me recently,
25:38
which probably most people know, but a really good way to not lose heaps of socks
25:42
is when you take your washing out of the washing machine,
25:46
you do a spin, and then more socks drop out.
25:49
Oh, nice.
25:50
I don't know how, but it happens.
25:52
It's a really good tip.
25:53
I also take my Tupperware to work and then leave it at work,
25:55
and then someone else must take it.
25:57
Because it's like here ties, they just disappear into the ether.
26:01
Yep, there's so many Tupperware containers at work.
26:05
I actually was thinking I might take some home.
26:07
Yeah, do it.
26:07
Do a little recycle, you know.
26:09
They're just going to go on the bin.
26:10
But yes, Tupperware has failed for bankruptcy.
26:14
So no longer exists, or no longer will exist.
26:19
And this is all around the fact that it had $700 million of debt
26:22
that it just couldn't pay back.
26:24
So the only other option was to file for bankruptcy.
26:28
Now, I want to put this debt number into perspective.
26:30
So it has $700 million of debt.
26:34
And the size of the company is only $23 million.
26:39
So it has debt 30 times the size of the entire company.
26:44
Shit, that's a lot of debt.
26:46
That's scary amounts of debt.
26:47
You ain't paying that back.
26:49
Wow, that's a lot.
26:50
Yeah, so Tupperware has just been really struggling.
26:53
It's had intense competition, bad management,
26:55
lack of innovation.
26:56
Even if I think about Tupperware, it's mainly plastic.
26:59
There's so many other amazing alternatives now,
27:02
whether it be metal, glass, different types of materials.
27:06
Like they really had a myth.
27:08
There's not a huge amount of innovation that needs to happen there.
27:10
Like the same type of containers, maybe different shapes
27:14
and different materials.
27:15
They're not reinventing something absolutely wild.
27:18
It's one of those things you look at.
27:20
It's not as though you're, you know,
27:22
pervoting an entire industry to digital.
27:24
It's quite straightforward, I would have thought.
27:27
Well, it is now, back in the day, it wasn't.
27:31
And that's why people had these Tupperware parties was
27:34
that people would come round.
27:36
And the hostess of the Tupperware party would show the new range of Tupperware
27:39
and then people would buy it.
27:41
So it was like, wait, there was actual Tupperware parties.
27:45
I thought it was a joke.
27:47
No, no, it's literally like, I'd be like,
27:50
I'd invite all my friends around
27:52
and I would lay out the newest range of Tupperware.
27:54
I'm almost like a sales assistant.
27:56
And then it was mainly for housewives,
28:00
back in the 60s and 70s.
28:02
And you'd come around, you'd be like, oh gosh,
28:04
this is great for Malazania.
28:05
And then you would purchase the new range of Tupperware.
28:09
But the sheer price of Tupperware in 2014 was its highest
28:14
as ever been.
28:15
It was $93.
28:17
It's now $0.50.
28:18
So if you'd put in $1,000 in 2014, so 10 years ago,
28:24
you'd now have $5 left.
28:26
Ouch.
28:27
Ouch.
28:28
Ouch,ouch,ouch,ouch,ouch.
28:30
But we actually had a someone message in about this news
28:35
and they said, well, isn't it good for Sistema,
28:38
which is a New Zealand company.
28:41
And I was like, you're on to something here.
28:44
Sistema was bought by New Well Brands a few years ago,
28:47
which is a public company.
28:49
And so you can actually invest in Sistema
28:52
through New Well Brands.
28:54
But yes, she was 100% right.
28:56
Oh, that's so amazing when you see people
28:58
from the community coming up with like, genius ideas and thoughts.
29:02
Totally.
29:03
When a competitor is removed almost,
29:05
then yeah, it allows for growth of existing brands,
29:09
existing companies.
29:10
So I was like, you are on to it.
29:13
Well, so I've done holiday next week, which is very exciting.
29:15
On a boat.
29:16
It's kind of like you're in Vespasna again.
29:18
What did you just call it?
29:19
It's like you're in Vespasna again.
29:21
Vespasna.
29:21
Vespasna.
29:22
What about Barcelona?
29:23
Vespasna.
29:25
Oh, this was a 10 day meditation retreat
29:28
that I did three, three, four years ago.
29:31
In fact, it was like, what?
29:32
I can't even de-hex you or call you.
29:34
I was like, no, it's phones off.
29:36
Like, I'm meditating for 10 days.
29:38
It's like we're joined at the hip
29:39
and I'm like, literally going to have an identity crisis if you're gone.
29:43
No, I mean,
29:44
my dad did say apparently there can be some internet
29:48
when we're on the water.
29:49
We're on a boat, which is quite exciting.
29:51
Actually, do you know what's an interesting thing?
29:53
What age do you stop expecting?
29:56
Okay, this is going to sound really privileged.
29:58
Not expecting, but assuming your parents would pay for something,
30:02
whether that be you go up for dinner with them
30:04
or you're going on holiday.
30:05
This is one of those times where we're all chipping in.
30:08
We're hiring a boat and we're going around the Croatian islands
30:11
and we're all paying for it.
30:12
It's not like I'm going on a family holiday
30:14
that my parents are taking me on.
30:16
And last night we went up for dinner
30:17
and my sister and I paid for the meal
30:19
because it was like, we can and also so nice.
30:22
They're flown across the world.
30:23
But it's just kind of interesting,
30:24
like the, I don't know really what I'm trying to say,
30:27
but when you're younger,
30:28
if you go on holiday with your family,
30:29
it's a generally they've paid for it.
30:33
It's funny.
30:33
We were just talking about this
30:35
with friends of her and Copenhagen with.
30:37
And it was like, yeah, now when you travel with your parents,
30:41
it's like everyone chaps in and everyone pays their own way.
30:45
And I honestly can't remember when that changed for me.
30:48
But now I would just, I would never expect them
30:51
to pay for my holiday.
30:54
Yeah, I don't know. It's interesting.
30:55
No, all food.
30:56
I mean, I know that's unrealistic for them.
30:58
If we go to a beach club with splitting the bill,
31:02
that's not.
31:03
It's just like going with friends
31:05
just because they're older.
31:07
They are absolutely not paying for food, drink.
31:09
Yeah.
31:10
Heterol for the boat.
31:12
It's a shared holiday and it's a shared experience.
31:15
But I just was like, I don't remember when that switched.
31:17
I don't remember when all of a sudden it wasn't my responsibility.
31:21
Do you know what I mean?
31:22
Like how old I was.
31:24
Yeah.
31:24
Well, there's probably a lot of people
31:25
that have always had to pay or split.
31:28
Because I remember like, God, it would have been eight years ago.
31:32
I had a friend who I shared a studio with.
31:35
He was like 24 and they were going up for dinner.
31:37
And every, it was like a BYU.
31:39
Ever all the kids were bringing their own wine.
31:41
All of the, everyone pays their own meal.
31:43
And they were like, yeah, 23, 24.
31:45
I was such a privileged brat.
31:47
I just assumed, under the age of probably 20,
31:51
definitely 25, that it wouldn't be my responsibility.
31:55
I think it's when you start earning money or earning,
31:59
you know, you start paying your own way.
32:01
You're living your own life.
32:02
You've moved out.
32:03
You're paying rent.
32:04
I don't know.
32:05
Yeah, it's hard.
32:06
I'm going to ask my parents.
32:07
Same.
32:07
Oh, no, no.
32:08
He was the decision for them to make me
32:10
start paying for my own holidays and stuff.
32:12
Anyway, lovely to chat.
32:15
Oh, my God, Vic.
32:16
I'm going to have a tonight.
32:18
Oh, my God.
32:20
Like the show.
32:21
It's a holographic concert.
32:24
We're all dressing up.
32:25
Quite fun.
32:25
Oh, my goodness, wow.
32:29
Have fun.
32:30
Okay, talk to you later.
32:31
Bye, bye.
32:33
Thank you so much for listening to The Curve Weekly.
32:35
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32:46
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32:48
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32:49
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32:56
Bye.
32:57
Bye.
32:58
Sweet.
32:59
Yeah.
33:00
See you next Tuesday.
33:01
Well.
33:03
See you next Tuesday.
33:04
I mean, Monday.
33:05
No, actually though, new episodes out
33:07
every Tuesday.
33:12
Okay, quickly, the Curve was created
33:13
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33:15
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33:17
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33:20
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33:22
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33:23
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33:25
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33:27
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33:29
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33:32
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33:34
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33:36
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33:37
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33:38
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