Latest / The Curve / First fund update, Apple's new CEO, & the billion-dollar cost of climate change.

Transcript

First fund update, Apple's new CEO, & the billion-dollar cost of climate change. · The Curve

• 0:01
  Coming up in today's episode, our very first fund update.
• 0:05
  We're going to tell you all the investments that Vic has recently made.
• 0:08
  And we talk about Apple.
• 0:09
  It's got a new CEO this week and it has only had seven CEOs in 50 years.
• 0:12
  So this is major.
• 0:13
  Why are the natural disasters turning into a financial disaster?
• 0:17
  We're going to update you on what is happening globally, climate change, but mainly with a financial lens.
• 0:23
  This is The Curve Weekly, where we read the finance news so you don't have to.
• 0:26
  I'm Vic Harris, a finance professional who's had a career making money for other people.
• 0:30
  And I'm Sophie Hallwright, ex-television and radio producer.
• 0:32
  Sick and tired of not understanding how to invest or the economy, so we started this podcast.
• 0:37
  But before we dive into the headlines, here's a word from today's sponsor.
• 0:42
  This episode of The Curve Weekly is made possible thanks to Pathfinder KiwiSaver Plan, helping you invest alongside your values.
• 0:48
  We're really excited to bring you the ethical hotline where you can ask all your tricky ethical questions.
• 0:53
  Each month, Pathfinder will answer the most interesting, popular, or polarizing question.
• 0:58
  To submit yours, follow the link in the podcast show notes.
• 1:00
  Pathfinder Asset Management Limited is the issuer of the Pathfinder KiwiSaver Plan.
• 1:04
  A product disclosure statement is available at pathfinder.kiwi.
• 1:08
  How was your weekend, Soph?
• 1:09
  Oh, I had the best weekend.
• 1:10
  Nice.
• 1:11
  I swam in the ocean.
• 1:12
  Don't you think the UK, you don't think of it as a beach place or somewhere where there's nice scenery.
• 1:19
  You kind of just assume that it's grey and rainy.
• 1:21
  Grey, rainy, concrete jungle.
• 1:24
  I tell you what, British countryside is such a dream.
• 1:28
  Like around Cornwall and Devon and all over there.
• 1:31
  I read an article in The Economist about the Cotswolds and how it's had such a rebrand post-COVID because everyone's like escaping to the country and buying houses in the country.
• 1:40
  And like there's so many like new restaurants and pubs.
• 1:42
  And it's funny because people who are in what they call proper British countryside just like look at the Cotswolds like, it's not the country.
• 1:52
  trip no yeah yeah it's like the mayfair of the yes exactly yeah it's like really um it's quintessential yes yeah no it's beautiful it's like the hamptons it's the hamptons of the uk you're right it totally is or the coromandel of the no coromandel is way more low-key this is like a beautiful oh actually some of it you're right is kind of built up yeah yeah no yeah there's no equivalent in new zealand that's too small um how was your weekend good yeah anything
• 2:21
  Yeah, I went... No, I was just like...
• 2:27
  I just think...
• 2:28
  Taking holidays right now is not the best thing for the year.
• 2:32
  Oh, of course.
• 2:33
  I was going to take a few days off and go to Mallorca, but that didn't go to plan.
• 2:39
  I've never been.
• 2:40
  So wait, what do you mean?
• 2:41
  So what didn't go to plan?
• 2:42
  Oh, we were supposed to go on a friend's boat.
• 2:44
  The weather was shit.
• 2:45
  So we didn't.
• 2:46
  We were just in Barcelona, which was still fun.
• 2:49
  But I kind of went down later and then came back earlier because a combination of work and just weather.
• 2:55
  Wow.
• 2:55
  I just think taking a holiday right now, I'm just like, I just want to...
• 2:58
  There's a bit going on.
• 2:59
  There's a bit going on.
• 3:00
  There's a little bit going on.
• 3:01
  It's funny, though, because a boat holiday can be so epic.
• 3:05
  Oh, totally.
• 3:05
  And it can be so quickly the worst holiday.
• 3:08
  It was beautiful.
• 3:10
  It was very, very lucky to have friends that invited us.
• 3:14
  Yeah, it was amazing.
• 3:16
  But I mean, the more like when you're, if you can't sail or get on the boat because of weather and you're stuck in a marina.
• 3:22
  Like I had, I went on a holiday with my uncle a couple of years ago.
• 3:25
  Yeah.
• 3:26
  And the whole point was, oh my God, I'm so excited.
• 3:29
  Like I get to see like an island in Greece from a boat.
• 3:33
  I remember you calling me an EOS.
• 3:34
  Yes.
• 3:35
  And you were like, fuck.
• 3:37
  So basically what happened was we got there.
• 3:40
  So exciting.
• 3:40
  How great.
• 3:41
  But then we were stuck in the marina.
• 3:42
  Yeah.
• 3:43
  And we couldn't.
• 3:44
  So you're in almost like the port where people get off the ferry.
• 3:47
  It's almost like by the public toilets.
• 3:49
  Yeah.
• 3:49
  Yeah.
• 3:49
  Yeah.
• 3:50
  And you don't get to see anything cool.
• 3:51
  It's like, yeah.
• 3:52
  But it's, it's very like, yeah, no, I, it was beautiful.
• 3:56
  It was a beautiful holiday and I'm very, very lucky.
• 3:58
  I'm very thankful.
• 3:59
  Yeah.
• 3:59
  We realise that it's like very, very lucky and privileged to be.
• 4:03
  Oh, totally.
• 4:04
  To have family members and have boats and friends.
• 4:05
  Oh my God.
• 4:06
  Yeah, it is.
• 4:07
  100%.
• 4:08
  It would be a life goal of mine to be able to one day, even if it was just for a month, rent a boat and just have nothing to do but sail around.
• 4:16
  I think that's the way to go, like renting it.
• 4:18
  Renting one is so much better than owning.
• 4:20
  Although it is so expensive.
• 4:22
  I think I prefer to have a really incredible beach house that create memories with family and kids.
• 4:28
  And, you know, like if I think of my childhood, it was like we went to my grandma's in Fitianga and we in the Coromandel of New Zealand.
• 4:35
  And the memories that we have there, because you go there every summer, you know, and it's like quite beautiful.
• 4:40
  If we had kids and you were like, you know, thinking about family holidays or summer holidays with kids.
• 4:45
  Yeah.
• 4:46
  There's something so special about going back to the same place and having it be your family place where you all think, you know, the memories that you think about with that place are, like, quite beautiful.
• 5:00
  But then at the same time, firstly, I don't know if I'll ever be able to afford a PGRs.
• 5:04
  And secondly, I kind of love the idea of being able to mix it up.
• 5:07
  Yeah, yeah.
• 5:08
  Anyway, we have the first Curve Fund update.
• 5:12
  Woo!
• 5:13
  Oh my God, this is really exciting.
• 5:15
  So this is to the end of August and really, really excited.
• 5:19
  We've had a few good months with the fund.
• 5:21
  Okay, let's pause for one moment.
• 5:23
  For anyone that's like, what's the fund?
• 5:25
  What's going on?
• 5:26
  So we have launched the Curve Fund.
• 5:28
  Yes.
• 5:29
  Which is like pipe dream.
• 5:31
  And Vic is managing the money.
• 5:33
  So what we're going to go through today is what are some of the investments that have been made?
• 5:37
  How is it going?
• 5:38
  What are the returns looking like?
• 5:41
  And yeah, for anyone that's interested in finding out more about the curve investments and yeah, basically what we invest in, we'll put the link in the podcast show notes for you to have a little look.
• 5:51
  So from when we launched on the 1st of August, it's up 2% this month.
• 5:55
  Okay.
• 5:56
  So what does that mean comparatively to what's happening in the rest of the market?
• 6:00
  So it is ahead of the S&P 500.
• 6:03
  which is great.
• 6:04
  Stunning work.
• 6:05
  And we had some really big movers this month.
• 6:09
  So fun.
• 6:09
  This is so fun.
• 6:12
  The first one being Estee Lauder.
• 6:14
  Okay.
• 6:14
  Yeah.
• 6:15
  So we have kind of three buckets of the fund.
• 6:17
  And the first one's being like female-led or a company that targets female customers that is like female-originated, you know, some kind of female angle.
• 6:27
  Then we've got founder-led, which is, you know, any company that has been
• 6:32
  created by a founder or has a CEO in there that's got really significant skin in the game, for example.
• 6:39
  So this would be having quite a decent shareholding.
• 6:42
  I guess the whole reason, and we've spoken about this for years and years and years, the whole reason that you want to invest ideally in companies that have founders, like the
• 6:54
  So much of their wealth is tied up.
• 6:55
  So it's in their best interest to make decisions for the long-term success of a business.
• 7:00
  In the same way, though, you can actually incentivize CEOs that have a huge amount of equity because then they've personally also got a lot of stake.
• 7:10
  Which we're going to get into in a bit with Apple.
• 7:12
  And then the other bucket is future focus.
• 7:14
  So we've been listening to our community for many, many years.
• 7:17
  And you want to invest in the future you want to see.
• 7:20
  You want to support companies.
• 7:21
  When you invest in them, you are buying a share of that business.
• 7:25
  You are giving it a tick of approval to say, look, take my money.
• 7:28
  I want you to be bigger and better in the future.
• 7:29
  So that's kind of that bucket.
• 7:31
  So SA Lauder comes into the female bucket.
• 7:33
  It was up 20% this month.
• 7:35
  and it was one of our largest positions, which was awesome.
• 7:38
  And so just explaining largest position.
• 7:40
  So inside the fund, we have lots of different investments.
• 7:43
  Yeah, there's about 30 different investments.
• 7:45
  Is Estee Lauder one of the largest of all?
• 7:50
  Yes.
• 7:50
  So because the share price is up 20% and we have –
• 7:55
  quite a decent amount of the fund is invested in it.
• 7:58
  That's why we saw...
• 7:59
  Such a good month.
• 8:00
  Yeah.
• 8:00
  If you had all the positions up 20%, it would be fantastic.
• 8:05
  But that's why you hold so many positions because some will have really great months, some will have really great years, some won't have great months.
• 8:12
  And so that's why you want to hold a diversified number of companies across different industries, different countries, different sizes, all of that.
• 8:24
  And this was the best month this company has had in 25 years.
• 8:28
  which is all to do with this kind of turnaround strategy that they've been implementing.
• 8:33
  So they have had years and years of declining sales, and the share price has gone down, down, down, down, down.
• 8:42
  If you zoom out and look at what we've spoken about a lot on this podcast, which is all of the different influencer skincare brands that have come out.
• 8:49
  Back in the day, Estee Lauder was the, or one of, the go-to beauty brands, and there's so many competitors now.
• 8:55
  Yeah.
• 8:56
  Totally.
• 8:56
  And look, we also talk about health and wellness being like such a big category.
• 9:01
  People wanting to extend their lives in that kind of 20 to 40 year old age bracket, you know, staying youthful, all of that.
• 9:08
  And that plays right into the hands of the skincare industry, the beauty industry and Estee Lauder being one of the biggest in the industry.
• 9:17
  It naturally lends itself to this company doing well.
• 9:20
  But you have to have the right brains.
• 9:21
  You have to have the right skills.
• 9:22
  cost-based, you have to have the right structure.
• 9:24
  And this company, Estee Lauder, owns over 20 brands.
• 9:29
  Would you say this is a beauty version of Louis Vuitton, Moet Hennessy, in the sense that they've diversified with lots of different brands?
• 9:36
  Yeah.
• 9:36
  Well, just like we were saying, you want a diversified portfolio of investments.
• 9:40
  It's like this company has a diversified portfolio of brands that target different ages, different price points, different products in terms of perfume and beauty.
• 9:50
  There's so many...
• 9:52
  yeah, different groups that they can target, which helps them do well.
• 9:57
  And yeah, they own La Mer, Clinique, Joe Malone, Tom Ford, Labo, Mac, Bobby Brown, like so many different brands.
• 10:06
  And they've had this big restructure going on, which has, you know, cut costs.
• 10:11
  They've cut staff and it's really driven their margin, which is when your profit grows faster than your revenue.
• 10:19
  Also, China has been a big kind of,
• 10:22
  tough spot for the business.
• 10:24
  And why is that?
• 10:26
  Post-COVID, Chinese not spending on luxury brands.
• 10:30
  They've kind of been caught up in that space, which has hit all the luxury space.
• 10:33
  And then that's now started to improve.
• 10:35
  So...
• 10:37
  Yeah, the stock's fallen about 70% over the last five years.
• 10:41
  So we've got to put it in context.
• 10:43
  This is like a rebound, but off like a very low kind of base.
• 10:47
  But this is why we bought the stock.
• 10:51
  This is why we own it.
• 10:51
  It's for this turnaround strategy.
• 10:53
  And it's in that kind of health and wellness space, which we really like.
• 10:56
  So...
• 10:57
  Yeah.
• 10:57
  It's so fun.
• 10:58
  Yeah.
• 10:58
  I also think when you just see Estee Lauder, it does.
• 11:01
  All you think of is Estee Lauder, right?
• 11:02
  Yeah.
• 11:03
  But I love Le Labo.
• 11:05
  Yeah.
• 11:05
  I love Bobbi Brown.
• 11:06
  I love Jo Malone.
• 11:07
  There's so many brands in there.
• 11:09
  Yeah.
• 11:09
  Like, what amazing skincare.
• 11:11
  Totally.
• 11:12
  Yeah.
• 11:12
  I feel like this would be the most iconic brand to be bought out by if you were building a skincare brand.
• 11:18
  Yes.
• 11:18
  Yeah.
• 11:19
  We're going to talk more about the skincare space because it is booming.
• 11:23
  It is.
• 11:24
  booming we also had Spotify in there which did really really well this is a founder-led business in the founder kind of category they came out with a really good result during August and they had had some incredible subscriber growth up 12% so they've now got nearly nearly 800 million users
• 11:41
  Like, I just, wow, that is insane.
• 11:43
  800 million and premium.
• 11:46
  So that's the paying subscribers.
• 11:48
  It's 300 million people.
• 11:50
  The users in general being up 12%.
• 11:52
  That's just for the quarter though, isn't it?
• 11:54
  Yes, yeah.
• 11:55
  So...
• 11:56
  When a company gives its results, it's for that quarter.
• 11:58
  So to have gone up 12% on an already enormous base is crazy.
• 12:03
  Yeah, yeah, yeah.
• 12:03
  Also, we've spoken about this before, but all around how they're tagging AI content now, etc.
• 12:09
  In August, there was a lot of tech companies that actually didn't do well.
• 12:13
  Google was one of them, and unfortunately, that was one of our large positions as well.
• 12:17
  It is only a month, so I still think Google is incredible and will be a core holding for a long time.
• 12:25
  But Spotify kind of got a bit caught up in that.
• 12:27
  And for the last few months, not in August, but like, you know, it's kind of hasn't done well for the last wee while.
• 12:33
  And so now this like optimism in August around the AI tagging of the content and they've signed a few new licensing deals.
• 12:44
  So there is some, I guess, more positive news as like the news.
• 12:50
  As like a lot of the tech companies weren't doing well, Spotify had this positive news which helped it kind of separate from the pack, I guess, a bit.
• 12:57
  Yeah.
• 12:58
  What has the stock done in… In August?
• 13:02
  Yeah.
• 13:03
  I remember Spotify, we were talking about it all the time for ages.
• 13:07
  Yeah.
• 13:07
  And it's gone kind of quiet.
• 13:09
  So it's…
• 13:11
  down 20% in the last 12 months.
• 13:14
  So it fell, you know, if we're going back from like this time last year, it fell all the way to like May, June, and then kind of started, it just started taking off and kind of recovering in August.
• 13:26
  Great time to invest.
• 13:27
  Yeah.
• 13:27
  Well, this is the kind of, this is the thing with this company and like Netflix and like, they're the ones that when they get sold off or when they, you know, their returns aren't great for a certain period,
• 13:39
  They're the ones that excite me to look at because I'm like, A, what am I missing that everyone else is, you know, the reason that it's falling?
• 13:46
  What am I missing?
• 13:47
  But also, if nothing's changed and this is just a short-term correction or a short-term issue, then like, cool, let's buy some more.
• 13:54
  Because this fund is a minimum five years investment timeframe, right?
• 13:58
  Yes, we're talking about a month performance.
• 13:59
  Yeah.
• 14:00
  We're looking at the long term.
• 14:02
  And so if you can add to your positions or buy new stocks at lower prices, that's great.
• 14:09
  Let's do it.
• 14:10
  If the business isn't broken, let's add to the position.
• 14:12
  Because then when it does recover, then we get that double whammy essentially.
• 14:18
  And it's kind of like when we say, just keep dollar cost averaging.
• 14:21
  Just keep investing, keep investing so that you get...
• 14:25
  If you're investing in the stock market in general, in the S&P 500, or if you're investing in a certain stock, you get to purchase that company at those lower prices.
• 14:34
  So therefore, when it does recover, you've bought more at those lower prices because your dollar goes further, if that makes sense.
• 14:40
  Yeah, I mean, it's the psychology of…
• 14:42
  how we all do the total opposite of that.
• 14:45
  And if you can just almost have some kind of mantra that is the opposite, we've got to follow Warren Buffett.
• 14:51
  You don't want to be buying when everyone else is buying.
• 14:53
  It's just not the way to do it.
• 14:55
  But at the same time, that's also why if you feel as though your emotional reaction to what's happening with a stock or with performance, try and tap out.
• 15:07
  Because if you're investing for a long period of time, you don't need to be, let me do it for you.
• 15:11
  Try to not...
• 15:12
  Because otherwise you're just not going to invest.
• 15:15
  And I don't know.
• 15:16
  I feel like when all of the stocks went down and we had that massive dip around COVID, I wish I knew more about investing at that time because I would have been a greedy little.
• 15:26
  The last thing you should be doing is pulling the money out when it's sink.
• 15:29
  And the thing that I love about the Curve Fund and I love to see is that people have been listening to us.
• 15:36
  We have 70% of the investors in the fund with recurring investments.
• 15:41
  Oh, yeah.
• 15:41
  Which I am just like, hallelujah.
• 15:43
  Like that is exactly what we're talking about right now is if you can just invest consistently and regularly.
• 15:49
  Let me do like getting the best return for you.
• 15:51
  Like that's what my job is.
• 15:53
  Your job is to just keep investing consistently and regularly.
• 15:56
  You actually don't have – you have to make one decision.
• 15:58
  Yeah.
• 15:59
  And it is okay.
• 16:00
  Okay.
• 16:01
  I'm going to trust Vic to do the investments, and then I set up my auto payment, and that's literally it.
• 16:05
  Sit back, put your feet up, go do something better with your time.
• 16:08
  Yes, but honestly, when I saw that 70% had invested with regular investments attached, so that's like monthly auto payments.
• 16:17
  Paying for rent, but paying for your investments.
• 16:19
  I was like…
• 16:21
  They've listened.
• 16:22
  It's also like, you know, obviously this is a good month and it's up 2%, but I don't think anyone, particularly that 70%, who obviously listen to the podcast and really understand the concept of things go up and down.
• 16:37
  If we had a month where it was down 15%, I would say majority of curve investors would be like, oh, a bad month.
• 16:45
  They're not going to be panicking because they know that this happens.
• 16:48
  Well, that's the big caveat as well.
• 16:49
  We are talking about one-month performance here, and there will be times we'll update you where it hasn't done well.
• 16:55
  I'm not going to gloss over that.
• 16:57
  It's a long-term game here.
• 16:58
  But that's just investing.
• 17:00
  Totally.
• 17:00
  And honestly, if the fund was down 15% in a month, which –
• 17:05
  Jesus, I probably have a heart attack.
• 17:07
  Don't say that because that's the thing, right?
• 17:10
  It's like it could happen and that's actually not the end of the world.
• 17:13
  No.
• 17:13
  I mean, you've had your personal investments down way more than that before.
• 17:17
  Yes.
• 17:17
  And you know that that's just true.
• 17:18
  But what I'm saying is I would be investing so much more.
• 17:21
  I mean, I don't really have much.
• 17:21
  All my money's in this fund.
• 17:23
  But, you know, like if I saw – it's changing your psychology of like –
• 17:27
  When you see a stock down or when you see something that the market's sold off or the fund is down, you should be doing the opposite of what you think you should be doing.
• 17:37
  Do you know what I mean?
• 17:37
  And it's really hard psychologically, and I've had to train myself over the years.
• 17:41
  We have an exciting new investment in the fund.
• 17:44
  Yes, yep.
• 17:45
  We had an investment called AMD, which is the number two player behind NVIDIA.
• 17:52
  I always say it wrong.
• 17:53
  Gosh, send me the link of that.
• 17:55
  Eloquency, what is it?
• 17:56
  Eloquency.
• 17:58
  I think it's, what is the word I'm looking for?
• 18:01
  No, no, it's NVIDIA, yes.
• 18:02
  NVIDIA, yes.
• 18:04
  And this comes into the female bucket.
• 18:06
  So this is run, this company has a female CEO.
• 18:10
  Her name is Lisa Suh.
• 18:12
  And she is Jensen Huang's cousin, actually, who is the CEO and founder of NVIDIA.
• 18:20
  So they're... NVIDIA.
• 18:21
  NVIDIA.
• 18:22
  Oh, my God.
• 18:23
  NVIDIA.
• 18:24
  So they are related, which is...
• 18:27
  So cool.
• 18:28
  Imagine.
• 18:29
  Imagine their Christmas, you know, their Christmases.
• 18:31
  You'd be like, oh, we've got a very, very, very successful child, another very successful child, and then another cousin that's up to shit all.
• 18:39
  You'd be like, oh...
• 18:40
  I mean, it would be very cool if it was brother and sister.
• 18:43
  I know.
• 18:44
  You know, there's something about... Also, imagine the rivalry.
• 18:46
  I'd be like, got to get to number one, got to get to number one.
• 18:50
  Oh, yes.
• 18:50
  Yes.
• 18:51
  But anyway, she has been in that role as CEO for over a decade.
• 18:55
  She's got meaningful equity tied up in the business.
• 18:57
  Both OpenAI and Anthropic have actually invested in AMD.
• 19:01
  And...
• 19:01
  It's so weird how...
• 19:03
  many businesses are investing in other businesses that are listed.
• 19:07
  This is so new.
• 19:08
  I think, and I genuinely think that's,
• 19:12
  probably what will be the downfall of the market at some point.
• 19:15
  One of them's going to screw up or sneeze.
• 19:17
  Some of them has found out they have chlamydia and everyone's got chlamydia.
• 19:20
  And everyone's going to get it, yeah.
• 19:22
  I don't know how, I don't know when.
• 19:24
  We're just navigating the information that we have at hand and all of that.
• 19:27
  But I just think we've never, ever seen companies with this much wealth and value and of this size all embedded with one another.
• 19:38
  And so...
• 19:39
  It's kind of fun.
• 19:41
  I know I shouldn't be excited by this, but the drama, if that happens, will be hilarious to watch.
• 19:46
  Yeah.
• 19:46
  So NVIDIA is 11 times larger in terms of market share than AMD.
• 19:53
  But my thinking with AMD is you've got a massive, massive company in NVIDIA that...
• 20:00
  There is more opportunity and probability of the number two taking share from the number one than the number one continuing to take market share from an already outsized position of market share that it has.
• 20:13
  Does that make sense?
• 20:16
  It's backing the underdog.
• 20:17
  Yeah, it's much easier to double off smaller numbers than it is doubling off bigger numbers, all of that.
• 20:21
  They're both great businesses.
• 20:23
  Can we just explain what AMD actually does?
• 20:25
  Sorry, yes.
• 20:25
  So it is a semiconductor company.
• 20:27
  So exactly the same as NVIDIA in that it provides the semiconductor chips, which power the entire kind of AI industry.
• 20:35
  Yeah, it's basically the infrastructure that AI needs to even function.
• 20:39
  Yeah.
• 20:40
  And is there anything else about this business?
• 20:42
  I mean, it's amazing that it's...
• 20:44
  It's got over $10 billion in cash as well, which I really like.
• 20:48
  Yeah.
• 20:49
  Yeah.
• 20:51
  If anything falls, I don't know, something scary happens, they've got a serious emergency fund.
• 20:55
  A hundred percent, yeah.
• 20:56
  Which also means they can invest in new and exciting products.
• 21:00
  And yeah.
• 21:01
  The more that I think about this emergency fund concept...
• 21:05
  And just generally, our own personal finances compared to businesses, it's quite similar, really.
• 21:10
  If you think about what you need to be able to survive for three or six months, if you lost your job, if you had to pay for all your things –
• 21:20
  To a point, I think.
• 21:21
  I think this is actually a really good point because I think, yes, having enough in your emergency fund, you don't want all your life savings in an emergency fund, though, because of the return that you get.
• 21:32
  And it's the same with businesses, right?
• 21:33
  You don't want a company to be sitting on loads and loads and loads of cash.
• 21:37
  You want it to be using it to grow.
• 21:38
  But you're right.
• 21:39
  Just like in our own personal situation, you want to have a little buffer for a rainy day, but not too much that much.
• 21:45
  it's actually impacting growth, whether it's you individually in your own investments or business.
• 21:50
  So it's finding that right balance.
• 21:52
  So your point is you always have to look at what is the money they have in cash in comparison to how they run the business, how much money they need to survive if something went wrong, et cetera.
• 22:02
  Yeah.
• 22:02
  Also, again, that's a really good example of you don't need, unless you're really deep in the numbers and really looking at the research within a company, you're not going to be
• 22:11
  like how many people are really going to want to spend time looking at the amount of money a business has in cash and then compare it to all of their spendings and everything else.
• 22:19
  You know, that's a fixed job.
• 22:21
  So the fact that you feel comfortable with the amount of money that is in cash for them, for you, you're like, that's a positive.
• 22:27
  It's not an alarming amount of money.
• 22:30
  I'm really excited to talk about Apple.
• 22:31
  Apple.
• 22:32
  Because I have seen the flip phone everywhere.
• 22:37
  I think that's a have.
• 22:38
  I know it's a fake flip phone.
• 22:41
  Yeah.
• 22:41
  But I had this moment where I thought that would be genius to bring back a flipped.
• 22:46
  Don't you think?
• 22:46
  There's this really genius content creator that I follow, and she's an OnlyFans creator.
• 22:51
  And she just does such clever stuff.
• 22:54
  All the time I watch her videos on Instagram, not on OnlyFans, and I think you're genius at marketing.
• 23:00
  But one of the things she did was the iPhone 8, and she was opening like a flip phone, basically, because Samsung are doing the same thing.
• 23:08
  They've got flip phones back now where you can't see the crease in the middle.
• 23:11
  I just wonder if they can.
• 23:13
  Samsung's had them for a while, I think, and it's like I do –
• 23:16
  I don't know.
• 23:17
  I do feel like whenever a new iPhone comes out from Apple, everyone's like, oh, my God, the camera's small.
• 23:23
  Oh, it's too big.
• 23:25
  But then 99% of the world has one.
• 23:27
  You know, like it's kind of.
• 23:29
  Trying to not be a sheet.
• 23:30
  You're going to be a sheet.
• 23:31
  They could come out with a round phone and people would be like, oh, my God.
• 23:34
  my god amazing you know but i think that's why this is a really interesting update and what's going on at apple because when you have ceos that have delivered amazing products that people do jump on even if initially they're a bit icked out by it's a really good well i guess it's a risk every time you bring someone new in to lead a company because yes that has been how we've all responded to new iphones up until now but yeah it doesn't mean it's going to continue forever yeah
• 23:58
  majority of new CEOs that come in, there is usually a restructure or a period of performance where they kind of rebase expectations.
• 24:09
  They're like, right, this is what my restructuring plan is, or this is what my growth plan is.
• 24:14
  And there's a period afterwards where it's like, the stock doesn't really do very well.
• 24:20
  investors are a bit nervous they're like are you going to strip out heaps of costs or chains you know like it's the new person to the party that you haven't met before yeah you're just sussing them in the corner for a minute and it's just we're actually hopefully being polite and saying hi and giving them a hug but you know but like it's like it's like the new popular girl she's gonna fuck off a few people but in the end she's gonna be the most popular what is the girl in mean girls that lindsey lohan plays oh yeah
• 24:43
  What's her name in the show?
• 24:44
  Katie.
• 24:45
  Katie Herring.
• 24:46
  Katie Herring.
• 24:47
  It's like the new CEO is like Katie Herring.
• 24:49
  Yeah.
• 24:50
  Where you're a bit like, and you know, she's from Africa.
• 24:53
  I heard that she blah, blah, blah.
• 24:55
  Oh my God, I love your skirt.
• 24:56
  I love your bracelet.
• 24:57
  She's like...
• 24:59
  So many.
• 25:00
  What an iconic film.
• 25:01
  I know.
• 25:02
  So there's a new CEO is why we're talking about this.
• 25:04
  Yes.
• 25:05
  Apple last week got a new CEO.
• 25:08
  This is the seventh CEO Apple has had in 50 years.
• 25:14
  It's not a lot.
• 25:16
  If you think about the prime ministers we've had here in the freaking UK.
• 25:19
  It's like how many prime ministers we've had in the last month.
• 25:21
  I know.
• 25:22
  Yeah, exactly.
• 25:23
  50 years.
• 25:24
  That is incredible.
• 25:25
  What an absolute honor.
• 25:26
  I feel like that is the kind of business I want to invest in.
• 25:30
  A business that gets...
• 25:33
  really great talent that stays there for a long time, does incredibly well.
• 25:38
  And there isn't this constant turnover of like, right, I'm in here for a couple of years.
• 25:43
  I want to, you know, they're, they're long-term thinkers.
• 25:45
  If you've got had seven CEOs in 50 years, you're,
• 25:49
  Every one of those CEOs, I mean, some of them have been quite short, but you've had Steve Jobs, which was there for 14 years.
• 25:55
  The last CEO, Tim Cook, who's just left, 15 years.
• 25:58
  Like, wild.
• 26:00
  Anyway, this new CEO, John Ternus, been announced that he has received a pay package of nearly $60 million.
• 26:09
  For this first year of his tenure as CEO.
• 26:13
  I'm just trying to think what he would be spending that on.
• 26:16
  I'm just thinking of the negotiation.
• 26:18
  Do you go in going, I want 65?
• 26:21
  And they're like, no, no, we'll give you 60.
• 26:22
  You know, like, how do you...
• 26:24
  Wait, how does 3 million make a difference?
• 26:26
  But yes, Tim Cook, the outgoing CEO.
• 26:28
  So he's going to be executive chairman, which means that he is the chairman of the board.
• 26:33
  And he is going to get nearly $50 million for being in that role.
• 26:37
  Dream.
• 26:37
  I'd be wanting to do what he's doing.
• 26:39
  And also, like, when you're on a board, you have a few meetings a year.
• 26:41
  You know, like, there's – you're not in there all day, every day.
• 26:45
  Dial me in from the Greek islands.
• 26:47
  I know.
• 26:48
  That's the dream.
• 26:49
  So that's $100 million a year just on those two people that Apple is spending, which is crazy.
• 26:54
  But if we looked at John Ternus' salary.
• 26:57
  Why are we struggling so much at this point?
• 26:59
  I know.
• 27:00
  John Ternus.
• 27:00
  John Ternus.
• 27:01
  John.
• 27:01
  John, John, John.
• 27:02
  JT.
• 27:03
  Oh, I love it.
• 27:03
  Yeah.
• 27:04
  About 95% of that is stock.
• 27:07
  compensation.
• 27:08
  So he's only getting a $3 million salary and the rest is all stock-based.
• 27:13
  So he's not spending $60 million a year.
• 27:15
  Me being like, what's he going to budget?
• 27:17
  What's he spent?
• 27:18
  So he only has his, no, he has $3 million a year.
• 27:21
  Yeah.
• 27:22
  And then the rest is a combination of short-term stock incentives, long-term stock incentives.
• 27:27
  But if we looked at the last CEO, Tim Cook, he took Apple from a market cap of $350
• 27:37
  in that 15 years.
• 27:39
  So he added nearly $4 trillion, which is more than any CEO in history.
• 27:46
  So if you had stock-based compensation, which he did,
• 27:50
  The payout would be insane because the share price has gone up so much.
• 27:55
  And that's what you get paid out on.
• 27:56
  I mean, that is just like the best example of having skin in the game and why someone is so incentivized.
• 28:02
  Oh, my goodness.
• 28:03
  Gosh, yes.
• 28:04
  Also, holy shit.
• 28:06
  How long was Tim Cook in for?
• 28:08
  15 years.
• 28:09
  So only in 15 years he had that much value.
• 28:11
  Talk about the insane shoes you have to fill.
• 28:13
  I would not be wanting to be JT.
• 28:16
  Even Steve Jobs, SJ.
• 28:19
  I love it.
• 28:20
  I will say, JT, fine.
• 28:22
  And then when I went to Tim Cook, I was like, TC, JT, it's getting a bit good.
• 28:25
  Yeah, yeah.
• 28:26
  But SJ is quite good.
• 28:27
  SJ.
• 28:28
  Someone tried to call me SJ at school.
• 28:30
  They tried to make that happen.
• 28:31
  Because you're Jane.
• 28:32
  Sophie Jane.
• 28:32
  Yeah.
• 28:33
  I was not up to it.
• 28:33
  I like Corridor Left.
• 28:34
  That's a favourite.
• 28:38
  It's like the most dad joke ever.
• 28:42
  Who said it?
• 28:42
  Someone said it.
• 28:43
  I think it was your boyfriend.
• 28:45
  Someone, that's right.
• 28:46
  Oh, my God.
• 28:46
  And I didn't get it for ages.
• 28:47
  The whole right corridor left.
• 28:49
  Actually, it was my ex-boyfriend.
• 28:51
  That's right.
• 28:52
  Who came up with it.
• 28:52
  I thought he was the funniest guy in the world.
• 28:54
  I didn't get it for ages.
• 28:55
  And then I was like, oh, and then I absolutely lost it.
• 28:57
  So outrageous.
• 28:59
  But even SJ took Apple from two to three billion dollars.
• 29:04
  It then went, it was like nearly insolvent at that point.
• 29:08
  And he took that from about $3 billion to $350 billion.
• 29:13
  And that was all driven by the iPod, the iPhone, the iPad.
• 29:17
  Just a couple of casual products he brought out.
• 29:18
  The biggest and most famous corporate turnaround in history.
• 29:22
  Like taking Apple, which was nearly bankrupt.
• 29:23
  And that's why he kind of got brought back in as CEO because he got ousted.
• 29:27
  I hate to.
• 29:27
  totally forget that they nearly went bankrupt.
• 29:30
  He's done unbelievable things with Apple.
• 29:33
  Yeah, totally.
• 29:35
  I feel like Steve Jobs did the hard work in getting it off the ground and bringing it back from bankruptcy and stuff.
• 29:40
  And Tim Cook, he had the products.
• 29:43
  He had the product base that Steve Jobs built, and then he took it to the next level with the services part of Apple.
• 29:50
  So if you'd invested under Steve Jobs –
• 29:53
  If you'd invested $1,000, that would have turned into $90,000.
• 29:58
  Or $10,000 would have been nearly a million.
• 30:00
  Like, it's insane, the Apple story.
• 30:03
  But...
• 30:06
  we just said it was nearly on the brink of bankruptcy.
• 30:08
  Like it is so hard to hold your investments in these companies through thick and thin when the majority of the wealth created is kind of in the later years of its life.
• 30:18
  You know, like it's so hard to carry through.
• 30:19
  But also it's an interesting investment because in general it's almost the opposite of AMD.
• 30:25
  You know, it's not exactly the bottom of the pack or second behind anyone.
• 30:31
  So what were the reasons or feelings around actually choosing this as an investment that you still think has a lot of growth?
• 30:40
  I think the consistent delivery of performance that Apple has had, the strong brand.
• 30:47
  I would put it close to Microsoft for me.
• 30:50
  Oh.
• 30:51
  Yeah.
• 30:52
  Guys, it's huge.
• 30:54
  It's just stood the test of time.
• 30:56
  Warren Buffett invests in it.
• 30:57
  So you think Apple is more of a consistent deliverer at this point?
• 31:01
  It's just got so much track record that you just would back whatever it would do, basically.
• 31:06
  And look, there is nervousness around a new CEO, but I just think it's such an incredible...
• 31:12
  brand that I think will be around for many minutes.
• 31:15
  It's pivoted.
• 31:15
  It has had so many different versions of its life, and it's still stood the test of time.
• 31:19
  I would love iCloud to be free.
• 31:22
  I am spending a fortune on storage right now.
• 31:25
  Well, that's why the share price has gone up 2,200% under Tim Cook's
• 31:32
  Leadership.
• 31:33
  Guys, that's why you invest in what you use.
• 31:35
  And also, after moving from Apple to Microsoft.
• 31:40
  Oh, true.
• 31:41
  I have a new love for Apple.
• 31:43
  I'm like, everything just talks to each other and it is.
• 31:47
  You don't understand.
• 31:49
  I do because you have to pay me so much money to use that stupid thing.
• 31:53
  But when something doesn't work, how frustrating it is.
• 31:56
  Apple just works.
• 31:57
  Being able to copy on your phone and paste on your laptop.
• 32:00
  Yeah.
• 32:00
  Oh, my goodness.
• 32:01
  Little things like that light up my life and I can't do that anymore.
• 32:04
  I'm so sorry.
• 32:05
  If JT could just sit down with Satya from Microsoft, the CEO, and just help each other out.
• 32:12
  Yeah.
• 32:13
  Maybe just buy each other, merge, so that VIX life could be easier.
• 32:17
  Yeah, yeah, it's a good idea.
• 32:19
  And there'd be no competition issues at all, I'm sure, that would get past any government, any country.
• 32:25
  No conglomerate issues with having too much market share.
• 32:29
  Yeah, no, no worries.
• 32:31
  Oh my God, listen to me making proper stock market jokes.
• 32:35
  Yeah.
• 32:36
  Coming up after the break, we are going to dive into the cost of natural disasters.
• 32:43
  I know we've spoken about this, but this is super relevant and...
• 32:47
  we speak about how, you know, what you see on the TV screen on the news is actually impacting you in your pocket.
• 32:53
  In your pocket, your investments, and all of the above.
• 32:55
  But first, we've got a quick word from today's sponsor.
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• 33:40
  I can't believe we're about to have another conversation about the weather.
• 33:44
  And just before anyone turns out, we're not talking about the weather weather.
• 33:49
  I think this is going to become one of the things that we have to bring up a lot in the next couple of years.
• 33:56
  And it makes me really worried.
• 33:57
  I agree.
• 33:58
  And I think –
• 34:00
  Yes, we talk about it a lot, but we only talk about stuff that is happening in the world that is relevant, that needs to be talked about.
• 34:07
  And I remember last week and I was looking on TikTok and I saw this image of this flood in Tibet and Nepal.
• 34:15
  And I honestly thought it was AI.
• 34:17
  Like the fact that this wall of water had like decimated this entire village and it was so, so catastrophic that I genuinely thought it was AI.
• 34:27
  And I hate that that was my first thought.
• 34:29
  It is confusing though.
• 34:30
  There's a lot of content now that's AI.
• 34:32
  Totally.
• 34:33
  I find myself thinking the same thing.
• 34:34
  My first response is, is this baby singing real or not?
• 34:39
  Well, you want, you also, when you see such a disaster like that, you want it to be almost, you know, you don't want it to be real.
• 34:44
  But, and then, sorry, these headlines that have come out saying, it's like we've had the hottest summer ever on record in the UK.
• 34:59
  And, like, all this impact of climate change, I'm just like, this has to be impacting us financially.
• 35:08
  And it is actually costing the world $450 billion.
• 35:16
  because of natural catastrophes.
• 35:18
  And that is a cost that if we just managed to cool the world a little bit faster, we wouldn't be spending.
• 35:27
  And that dollar value, where do you think that comes from?
• 35:32
  Because only 38% of that is covered by insurance.
• 35:36
  So there's nearly $300 billion of that that's not.
• 35:40
  And where do you think that comes from?
• 35:42
  Who pays for that?
• 35:42
  Taxes.
• 35:43
  Yeah, which is us.
• 35:44
  I'm quite alarmed and scared that insurance is increasingly not going to exist because I don't know how – if that number continues to grow, there's going to be so many –
• 35:57
  people, houses, entire areas that are just not going to be insurable because they won't be able to pay out if the inevitable happens.
• 36:06
  Yeah.
• 36:07
  And that's in a typical year, let alone like, you know, an extra hot year or a extra cold year.
• 36:13
  And like, and also the deaths that are related to, you know, England recorded twice as many heat related deaths in May and June than it did last year.
• 36:21
  So it's like there is loss of life as well as, you know,
• 36:25
  increased costs to service the impacts that we're seeing of climate change.
• 36:31
  And yes, you're right.
• 36:32
  Insurance can go up and up and up and up and up.
• 36:34
  But if you're looking at purchasing a house, let's say you're looking at purchasing a half a million dollar house, yet it's going to cost $100,000, $200,000 to insure that,
• 36:46
  Your decision-making around purchasing that house, considering where it is or what street or is it by flood zone, all of that, you're going to seriously walk away and be like, actually, it's not worth it.
• 36:57
  What are some other everyday financial decisions outside of buying a house that are going to potentially price people out?
• 37:06
  Because of this, because that's such a good example.
• 37:09
  And, you know, until I bought my first house, I didn't even think about insurance as being a huge part of what I needed to factor into my budget.
• 37:18
  I guess in my head, I almost thought maybe the insurance companies wouldn't be able to exist or like be there anymore.
• 37:22
  But actually what's going to happen is the price to insure is just going to go up to cover that, which means so many people are going to be, yeah, the ones that actually –
• 37:33
  genuinely terrifyingly affected by these things because they just can't afford insurance.
• 37:37
  But also you can't buy a house with insurance, so I guess... Well, yeah, you can't get a mortgage without having insurance, which is fair enough.
• 37:43
  They're lending against this property that if it's not insured, they're not going to get their money back.
• 37:47
  But there's this protection gap where it's like, okay, insurance companies will insure for X percent or it's a combination of the premiums will go up or...
• 37:59
  or what they will ensure will go down.
• 38:01
  They might just be like, actually, not this street or not this region, no coastal properties.
• 38:07
  They might be like, absolutely, we're not going to do that.
• 38:10
  Or we're going to charge like three times the price or whatever.
• 38:12
  But there is a gap of what they will ensure and what the government has to fit the bill off.
• 38:18
  Because when we see all these natural disasters –
• 38:21
  someone has to pay for the rebuild.
• 38:23
  And if it's not the insurers, it's going to be the government.
• 38:27
  And you're right, the government then, where do they get their money from?
• 38:30
  It's from increased taxes.
• 38:31
  So at the end of the day... Oh my God, shit, this is not good.
• 38:35
  We either pay higher premiums
• 38:37
  Or if stuff's not insurable, we pay higher taxes because the government has to fork out the rebuild.
• 38:42
  So it's like either way, we end up paying for the cost of climate change.
• 38:48
  It's so scary.
• 38:50
  The most concerning thing is that when money is tight, insurance is the easiest thing to cancel.
• 38:56
  And it is one of the worst things to be without.
• 38:59
  If you are feeling the pinch and you're like, oh, God, there's like a couple of thousand, a quarter a year going out for my house insurance.
• 39:07
  insurance, I'm just going to cancel that or go to a lower level of protection so that I can afford, then it's like, that's when...
• 39:16
  disaster happens.
• 39:17
  And that's exactly what happened with all the Malibu fires in the US.
• 39:22
  There was a lot of them were uninsurable before the fires because they were on coastal because there were so many reasons.
• 39:29
  And then the fires came through, whipped through that.
• 39:30
  And it was like, gosh, now these people have absolutely nothing.
• 39:33
  I hear what you're saying about people looking at their cost base and thinking insurance just has to go because we can't afford it.
• 39:39
  When people are so
• 39:41
  so incredibly stretched and obviously things like food and shelter and the basic human needs need to come first but I do think that we need to think about insurance as an essential totally like in 2025 there's a hundred billion in losses from people needing to be paid out by insurance yeah you might think 200 300 a month on insurance is is not manageable and
• 40:07
  Can you imagine being part of that statistic and having to pay for it?
• 40:11
  Like, I think it has to be a mindset shift.
• 40:14
  How can I afford insurance?
• 40:16
  And if you aren't sure where to start, we have some amazing insurance advisors, which we can link in the podcast show notes.
• 40:23
  Go to them.
• 40:24
  Speak to them.
• 40:25
  There's no fee to talk to them.
• 40:26
  Figure out how to prioritize what you should have insured.
• 40:30
  And, you know, if you can only do three of those, it's better than doing none.
• 40:34
  100%.
• 40:34
  And they'll talk you through the different levels of coverage and everything.
• 40:38
  They're totally impartial as well.
• 40:39
  It's not a business.
• 40:40
  It's R&P insurance and they're friends of ours.
• 40:42
  They're amazing.
• 40:42
  They've worked with so many people in the Curve community.
• 40:44
  So if you want to have a chat with them, you know, you don't have to pay to speak to them.
• 40:48
  And it might just give you the peace of mind to know that you're insured in the right places.
• 40:51
  Yeah, definitely.
• 40:52
  And it's also for those that do have insurance, like make sure you check your insurance policy because sometimes there's exclusions.
• 40:59
  Like it might be like we actually don't cover for floods or we actually don't cover for landslides or something and you think you are covered.
• 41:07
  So chuck it in Claude and be like, if this happened, would I be covered and for what amount?
• 41:11
  And also like the cost of rebuilding your house.
• 41:14
  goes up massively year on year on year, particularly in New Zealand.
• 41:18
  So it's really important to make sure that your coverage is aligned with that so that if you did need to rebuild, it's not on like prices from five years ago and therefore you can only rebuild one room instead of four.
• 41:31
  I cannot stress enough how important it is to have insurance.
• 41:35
  Like take my learning.
• 41:36
  I was like, I'm not going to get pet insurance.
• 41:39
  I'm just going to build up my own pool of money and then if I don't have to spend it,
• 41:43
  on my dog I've got that money on the side and I was about one month into contributing to it and Mesa had a full-blown vet hospitalization it was I had about 100 pounds in there and it cost me about 3,000 pounds so I cannot stress enough get insurance
• 42:08
  Okay, we have a community question.
• 42:10
  Woohoo!
• 42:11
  Yeah, we love these.
• 42:12
  She says, hey team, I'm fairly new to listening to the pod and absolutely loving it.
• 42:16
  Thanks.
• 42:16
  Welcome.
• 42:17
  Great to have you here.
• 42:19
  I'm not sure if you've covered this or not, but how do you invest when you're in the UK or when you're in New Zealand?
• 42:24
  I used to use Tiger Brokers to invest when I was in New Zealand.
• 42:28
  Now that I've relocated to the UK, it's a bit tricky investing through a platform as I need to use my New Zealand bank.
• 42:34
  Are you guys investing using multiple platforms or sending money back to New Zealand banks and then using the likes of Sharesies or investing in the curve fund?
• 42:42
  We'd love to hear how you guys are investing logistically, if that's something that you can share on the pod.
• 42:47
  I have an account with Trading212 over here, which I do a small amount of UK investments, but that's only because platforms like Sharesies, you can't invest in UK stocks.
• 42:56
  And I wanted to, but the bulk of my money was still in New Zealand.
• 42:59
  And in New Zealand dollars and sharesies and funds in New Zealand.
• 43:04
  And now all my New Zealand money is in the curve fund.
• 43:07
  Did you consider, though, what that meant from an exchange rate standpoint, if you were sending money from the UK to New Zealand to then invest there?
• 43:16
  No.
• 43:17
  You didn't mind?
• 43:18
  No.
• 43:19
  You just wanted it all in one place?
• 43:20
  Yeah, I was thinking, where will I end up long term?
• 43:25
  And I was like, I understood the New Zealand funds management, trading platform landscape much better.
• 43:31
  You still have to pay the exchange rate.
• 43:34
  when you invest through platforms like Sharesies, if you invest in US dollar companies, if you're investing in Apple on Sharesies, you still have to convert your money to US dollars.
• 43:42
  So you're always going to be impacted by an exchange rate.
• 43:45
  Unfortunately, being in New Zealand, a lot of the companies that you want to invest in are...
• 43:52
  probably non-New Zealand dollar companies.
• 43:55
  You know, they're US companies, they're maybe Australian companies.
• 43:59
  So you're always going to have to weather the effects.
• 44:01
  I know, but it's like weathering two effects, going from pounds to New Zealand dollars and then New Zealand dollars to US dollars or whatever.
• 44:08
  But then...
• 44:10
  I guess, yeah, the return on that as well, you've got to think about.
• 44:14
  Like with investing in funds in New Zealand, they are so tax efficient.
• 44:19
  I guess the thing with the UK, if you're using an ISA, which you all should be for your first £20,000 you're investing, you don't pay tax.
• 44:28
  So there is a massive benefit there.
• 44:30
  Also, when you're investing in funds in New Zealand, they're a certain structure where they're really tax efficient anyway.
• 44:36
  So it's so meaningless in the overall scheme of things in terms of the FX impact for me personally.
• 44:45
  That I'm just like, if I get too bogged down with like, oh, but I'm spending this, you know, it's just like, I'm not going to do anything.
• 44:50
  I'd rather just get it invested.
• 44:51
  You can get like decision or analysis paralysis.
• 44:54
  And actually, whatever is easiest for you, that's going to mean you're consistently doing it.
• 44:58
  Go for it.
• 44:58
  If you've already got money in Sharesies and you're already set up on Sharesies, yeah, just contribute there.
• 45:03
  If you're like, actually, I want to diversify and I want to invest in both UK and New Zealand, then yeah, set up a trading 212.
• 45:09
  They're great.
• 45:10
  There's also Plum over here.
• 45:11
  There's, what are some of the other platforms?
• 45:13
  There's eToro.
• 45:14
  There's quite a few different trading platforms.
• 45:16
  I also use trading 212 over here.
• 45:18
  Yeah.
• 45:18
  I just find it much easier.
• 45:24
  So I was going on a little holiday.
• 45:26
  I feel like I've talked about my holiday in the same way our darling Lucy, social media manager, has talked about her birthday.
• 45:31
  You know?
• 45:32
  Oh, like the month.
• 45:33
  It's had a leader.
• 45:34
  Yeah, yeah.
• 45:34
  It's had a leader.
• 45:35
  Everyone's aware of it.
• 45:37
  I'm going to your favourite Greek island.
• 45:39
  Idra!
• 45:40
  Yeah, I need you to send me your...
• 45:42
  hacks or like what to do it's so like it's so tiny it's kind of like if i was like make sure you go to these restaurants it's like you you there's nowhere else to go really yeah yeah yeah yeah it's um it's that's what i love about it it's like so quaint for me it felt like mamma mia or it felt like the sisterhood of the traveling pants you know where lena arrives in the little greek island she gets on the the donkey and gets to her i mean you could yeah yeah
• 46:05
  Please take a picture.
• 46:06
  Not sure if anyone remembers that.
• 46:07
  Please take a picture if you do.
• 46:08
  Yeah.
• 46:09
  But have a great week, everyone.
• 46:11
  If you've got any community questions, any curveballs, anything you want us to answer, either you can comment where you listen to this podcast.
• 46:17
  You can send us a DM on socials.
• 46:19
  Also, a quick reminder, if you don't already, please follow the show.
• 46:23
  That means that every time we drop an episode, you get notified.
• 46:26
  And you don't want to miss out.
• 46:27
  Yeah, yeah.
• 46:28
  God, no.
• 46:28
  Because the one you might miss out on, we might be really juicy.
• 46:32
  Yeah, yeah.
• 46:33
  Probably will be.
• 46:35
  I love when you do your sort of rich, snobby voice.
• 46:37
  That's so good.
• 46:38
  Okay, have a great week.
• 46:39
  Everyone, we'll see you soon.
• 46:40
  Bye.
• 46:40
  Bye.
• 46:41
  Thank you so much for listening to The Curve Weekly.
• 46:43
  Make sure you hit subscribe or follow wherever you're listening so you're always up to date with the latest finance and investing news.
• 46:48
  And feel free to leave a comment to let us know what you thought about this episode because we would love your feedback.
• 46:52
  We've got new Curve Weekly episodes for you to listen to every Monday.
• 46:56
  But until then, listen to Erasing the Curve.
• 46:58
  These are our in-depth podcast episodes where we chat about all things money.
• 47:01
  We're also around all week on socials if you're hungry for more Curve content.
• 47:04
  And all the links are in this podcast show notes.
• 47:07
  We hope you have a great week and we'll catch you for the next episode of the Curve Weekly on Monday.
• 47:19
  Okay, quickly, the curve was created to empower and educate you about investing, but we are not financial advisors.
• 47:25
  Our platform exists for educational purposes only, and it doesn't provide personalized investing advice for your individual needs and should not be relied upon to make an investment or financial decision.
• 47:34
  And always remember to do your own research before making any investment or financial decision.
• 47:39
  We're here for any knowledge and support you need, but the final call is always yours.
• 47:43
  And thanks for being here.
• 47:44
  You got this.
• 47:45
  Yeah, we know you got this.