Latest / The Curve / Why Prada Is Thriving, Tariffs Are Tanking, & The Market’s Having A Meltdown.

Transcript

Why Prada Is Thriving, Tariffs Are Tanking, & The Market’s Having A Meltdown. · The Curve

• 0:00
  Tenpo is a brand new investing app available in New Zealand and we are very excited to
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  be telling you about how it works and how you can use it.
• 0:12
  But just firstly to let you know, in 2023, they conducted a survey with a thousand Kiwis
• 0:18
  and they found that 27% of people, who they spoke to, didn't know where to start when
• 0:23
  it came to investing.
• 0:24
  We're probably guessing.
• 0:25
  God, a few of those people are maybe listening to this podcast, so keep listening.
• 0:30
  So the great thing about Tenpo is that their goal is to take the guesswork out of investing.
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  When you sign up, they ask you some pretty simple questions including how you feel about
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  the idea of your investment going up and down because some do more than others.
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  You tell them how much you want to save and then they recommend a mix of their funds
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  for you.
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  It's called guided investing.
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  You're giving investment advice from the experts.
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  How cool was that?
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  It was so cool.
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  And also because they track your goal progress, they're also able to recommend changes to
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  your investment mix over time, which is so great.
• 1:03
  If you're a member of our investing club, we've got an amazing offer.
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  So if you join Tenpo, you'll get $10, kickstart into your account.
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  the investing club or Tenpo, you can find that in the link of our podcast show notes.
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  Let's make your investing journey as exciting as it should be.
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  And just a quick little testimonial from someone in our community who is using Tenpo at
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  the moment.
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  Wow, I just joined Tenpo thanks to the recommendation from the Curve and I'm loving
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  the layout.
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  The breakdowns are exactly how I want my investments to be laid out for me, isn't that cute?
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  Some fine print for our lovely listeners.
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  advice from Tenpo.
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  For more information, including the required disclosures for Tenpo, heat to the link and
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  the show notes of this podcast.
• 1:59
  How was Tahiti?
• 2:00
  Othcrash.
• 2:01
  Just a little for a couple of days lying in the sun.
• 2:04
  You know, look, it's been a busy day, lots of meetings and I thought, when am I going
• 2:07
  to be able to, I get a spray tan and be, have time for it to marinate.
• 2:12
  And I thought, you know what?
• 2:14
  I can just get darker as the hour progresses on the podcast.
• 2:18
  It's actually quite darker.
• 2:20
  It's so dark.
• 2:21
  We can't go over time because I literally like, I will be, yes.
• 2:26
  The idea, it's called marinating.
• 2:28
  I know.
• 2:29
  Yeah.
• 2:30
  Oh, God.
• 2:31
  It always looks so scary when you get a spray tan, especially.
• 2:34
  It's when people are like, oh, God, you're like, I can even spray tan before it doesn't
• 2:38
  look like this.
• 2:39
  Yeah.
• 2:40
  I should off.
• 2:41
  I don't know.
• 2:42
  Did you get it on your face?
• 2:43
  It looks like she didn't.
• 2:44
  A little bit.
• 2:45
  I hope she did.
• 2:46
  A little bit.
• 2:47
  Otherwise, it's so obvious.
• 2:48
  The last time I got one was for our event and she did one.
• 2:51
  She did really orange hands.
• 2:53
  I had really orange hands.
• 2:54
  I was quite good at it.
• 2:55
  I haven't even had a long time.
• 2:56
  I forgot the moves, you know, and you're like, yeah, it doesn't matter how many times
• 3:01
  I've had it.
• 3:02
  Even in the moment, I forget what I, what arm or leg I've just, she has to tell me every
• 3:06
  time.
• 3:07
  Yeah.
• 3:08
  The best part is when you're like, oh, can you, I'm just lift up your arms or I get that,
• 3:12
  could you just lean forward and I have to keep leaning forward because my fur is so big
• 3:17
  that she's like, you're going to have a giant white patch.
• 3:21
  Oh my God, I had a time for my ball.
• 3:23
  I bought and I spent far too much on it.
• 3:26
  It was like a sort of like gradual, you know, like the sort of moisturiser ones, which
• 3:31
  is a bad idea when you're 16 and trying to get ready for a ball because you anyway,
• 3:36
  I ended up applying far too much on my, like, lower shin area, like knees and lower shins.
• 3:42
  So I had really, like the bottom of my legs was so, so dark.
• 3:46
  But then I also panicked because the gradual wasn't kicking in.
• 3:49
  So then I went and got a spray tan on top of it.
• 3:53
  The photos are so bad.
• 3:56
  Like I said to my mum, that was your responsibility to make sure that I didn't look ridiculous.
• 4:01
  But tan, self-tanner, back in our day, back in our day, was so bad, like now it's come
• 4:09
  a long way.
• 4:10
  Did you know what?
• 4:11
  I remember.
• 4:12
  At school.
• 4:13
  I would have been.
• 4:14
  So, so young and I will never forget, I mean, you know I've got a bad memory.
• 4:19
  I was sitting and drawing my class, shocking to that class and drawing my own.
• 4:24
  And I had my, you know, my touch and skirt on and my socks and I had my shins on display.
• 4:31
  And someone was like, you look quite tan.
• 4:32
  This was in Johnson & Johnson's first gradual tan came out like the first one and I fully
• 4:37
  pretended it was real.
• 4:38
  I was like, oh, thanks, yeah.
• 4:40
  I always did.
• 4:41
  And I was like, oh, you're so tan, I know.
• 4:43
  And then as if I, it was the best kept secret for a while, I didn't tell in your
• 4:48
  career.
• 4:49
  I was like, such a little gatekeeper.
• 4:50
  Hey, what's happened in the stock market?
• 4:52
  Stock market has had a very bad start.
• 4:55
  So it's down, it was down 4% if you agree, which is, sounds like a small movement, but
• 5:01
  that is, that is quite impactful.
• 5:03
  And why is this, well, the main thing being tariffs, so they literally came in this
• 5:09
  week.
• 5:10
  But they've obviously been speculated about coming in for the whole month.
• 5:13
  So they're official now.
• 5:14
  They're official now.
• 5:15
  There is 25% tariffs on imports from Canada and Mexico and 20% additional tariffs on
• 5:24
  China.
• 5:25
  So Canada has already come out and said one of the biggest Canadian distributors of our
• 5:30
  coal has said that they're pulling our coal.
• 5:32
  That's recent too.
• 5:34
  And now they're like, cool, okay, well, you've done tariffs.
• 5:36
  We're going to tell it honestly.
• 5:37
  I think, oh, shit, that's a bit scary, yeah, so shit, I can tell you're actually being
• 5:43
  serious.
• 5:44
  You know what?
• 5:45
  I can tell when you're kind of like, oh, yeah, not ideal, but you're like, this actually
• 5:47
  could be quite bad.
• 5:48
  I just feel sorry for all the little small companies that have kind of been caught in
• 5:52
  the crossfire.
• 5:53
  You know, imagine being like a drinks brand and you've finally cracked it into the US market
• 6:00
  all the time.
• 6:01
  And now you're not allowed to export it.
• 6:03
  Now you're not allowed to export to Canada, I don't know, it was just to be to America
• 6:06
  right?
• 6:07
  And I also Canada is saying we're not taking any US alcohol.
• 6:10
  So if you're a small US brand, try to go outside of the US.
• 6:14
  Yeah, you've got like a national distribution and now you're getting global distribution.
• 6:17
  You're going to Canada and like Mexico and I don't know, I just feel like there's, yes,
• 6:21
  it's political and it's at a country level, but like it does impact everyone in between
• 6:26
  and I just think it sucks, you know, there's some 500 is dropped because of that.
• 6:30
  This is really, really spoke to investors.
• 6:32
  I mean, Trump kind of shoots from the hub and then sometimes it doesn't really play
• 6:37
  out, but the fact that it's actually playing out now is not good.
• 6:40
  So yeah, higher costs for businesses, higher costs for consumers, because US consumers
• 6:45
  are just going to have to pay higher prices for things.
• 6:47
  We also had a bunch of results which weren't that good, which has caused stock market
• 6:52
  fall as well.
• 6:53
  Like, Nvidia's wasn't that good in terms of the stock market reaction, Tesla wasn't
• 6:57
  that good, Tesla hasn't been good for a while.
• 7:00
  There's also economic growth concerns now across the globe because these tariffs are going
• 7:05
  to impact countries' ability to grow, particularly Canada, economists are saying that kind of GDP,
• 7:10
  which is the gross domestic product, which is like a kind of like a function of the health
• 7:15
  of an economy and how much it grows is going to be a business.
• 7:17
  It's almost like a country's net worth kind of.
• 7:19
  Yeah, yeah, yeah, and it's like if your country is humming and you're producing lots, selling
• 7:25
  lots, people are spending, everyone's feeling happy and great, that figure increases.
• 7:30
  But if it's not, if you're in recession, people are like, oh, I'm not going to be able
• 7:34
  to spend, I've lost my job, all of that, that means that's negative.
• 7:37
  So yeah, it's not looking good for the markets right now.
• 7:44
  But I think with this being said and yes, you're right, I am kind of nervous, but I'm
• 7:49
  also like perspective perspective.
• 7:52
  It's been two months pretty much of this man in power, and yes, there's going to be
• 7:58
  reverberations and effects throughout different sectors, different companies, different countries.
• 8:05
  But I hold the S&P 500 ETF that has got 500 companies in there from lots of different
• 8:11
  industries, some that will benefit, some that won't benefit.
• 8:14
  It's got companies used there in the US, but they've got global operations.
• 8:18
  So yes, they'll benefit, but some won't either.
• 8:20
  So I'm kind of trying to avoid the headlines, I'm being actively interested in what's
• 8:26
  going on, because I think it's fascinating, and it's, I'm understanding why the stock
• 8:31
  market's moving, but I'm not reacting.
• 8:32
  Is it an approach investing in just American companies?
• 8:36
  I know that's a shit thing to say, but is there a, is there a, is there an eye on me
• 8:41
  is doing very well right now?
• 8:43
  And so yeah, there is that, that you could invest in US companies, but this could lead
• 8:48
  to inflation in the US, and therefore that means higher interest rates to bring that
• 8:53
  inflation down, because now everyone's having to pay an extra kind of 25% on all the things.
• 8:59
  So yeah, I think if you're sitting there trying to pick which is going to win, or what country
• 9:04
  or company, I think the easiest thing is to just be diversified and just own everything.
• 9:08
  It's probably not the best time to be like actively invested, right?
• 9:13
  Yeah.
• 9:14
  So I read it as well, you know, I could come out and say, we're going to war with Russia,
• 9:21
  and then all American companies would be absolutely tanking.
• 9:24
  So you just, I just think it's a rationality.
• 9:28
  I think it's going to be a large, a long four years, and you just have to think of, you
• 9:33
  just have to be in it for the long term.
• 9:34
  Yeah.
• 9:35
  I mean, really unfortunate for me being a house buyer that has to take her money out of
• 9:40
  the market.
• 9:41
  Now, it's not ideal.
• 9:44
  4% down in the month that I have to take my money out is pretty sure.
• 9:48
  Yeah.
• 9:49
  But you know, it is, it's like it's such a good reminder that if you have a decent amount
• 9:54
  of money that you're going to need in the future, don't wait until the month or two that
• 10:00
  you need it.
• 10:01
  But I guess you didn't really, your house purchase was kind of sprung on you a little,
• 10:08
  not sprung, but like you weren't like right.
• 10:10
  In four years' time, I'm going to buy a house, so therefore I'm not going to, you know,
• 10:14
  yeah, it was kind of, I've got the opportunity now to do it.
• 10:16
  I'm going to do it.
• 10:17
  So, yeah, hindsight's great, but you know, I think you live and you learn as well next
• 10:22
  time when you buy a sick in house.
• 10:25
  Yeah.
• 10:26
  I mean, I think the thing is like, because I'm thinking, you know, when you, how you suggest
• 10:32
  us, thinking about taking your Kiwi saver off, you're permanently emigrating because
• 10:36
  that means you can then invest that, I, you know, with the market down, it's like it's
• 10:41
  not the best time to pull out money.
• 10:43
  Yeah, no, it's not.
• 10:46
  So, but it's fun, fun headline that I read, which I thought was quite low.
• 10:51
  So the number of Americans applying for UK citizenship last year was the highest on record
• 11:01
  ever.
• 11:02
  Really?
• 11:03
  So there's like a mass exodus from the US.
• 11:05
  Going to the UK.
• 11:06
  Going to the UK.
• 11:07
  Oh my God.
• 11:08
  It's quite fun.
• 11:09
  Yeah.
• 11:10
  Because people were like, get me out of here.
• 11:11
  Yeah.
• 11:12
  I'm not surprised.
• 11:13
  Yeah.
• 11:14
  I think there's a lot of people feeling really a bit icky, like being Americans and look at
• 11:20
  America.
• 11:21
  Well, now, it's kind of a scary place to be right now.
• 11:22
  Yeah.
• 11:23
  100%.
• 11:24
  And like, we've just relaxed our foreign investment laws all going to in New Zealand.
• 11:31
  So welcome.
• 11:32
  Come here.
• 11:33
  Come here.
• 11:34
  Come to us.
• 11:35
  Good money in our economy and help grow our economy.
• 11:37
  Yeah.
• 11:38
  Yeah.
• 11:39
  And then we can all be in a fit and have really great jobs and really good economic growth
• 11:43
  and a great performing stock market.
• 11:45
  What have a deficient particle?
• 11:47
  Speaking of our stock market, 25% of our stock market.
• 11:51
  Yeah, about 20%.
• 11:52
  Yeah.
• 11:53
  I mean, yeah, it's down 8% in the last six months.
• 11:56
  It's quite a bit.
• 11:57
  So it keeps going down.
• 11:59
  Gosh.
• 12:00
  February was really bad for it, obviously, but it's a great business.
• 12:05
  Is that?
• 12:06
  Yeah.
• 12:07
  It's been one of New Zealand's success stories.
• 12:09
  Also, Prada, there is some news out with Prada.
• 12:15
  So, Versace.
• 12:16
  Can I just quickly ask you something on the Prada front?
• 12:22
  Who can afford Prada shows or a Prada, like it is so wildly expensive and it's not
• 12:28
  very expensive.
• 12:29
  Like, it's outrageous.
• 12:30
  I keep seeing people with those peep, they're not peep, sorry, they're like pointy,
• 12:34
  toad, white, bridal shows that everyone seems to be wearing as a bride with like Prada
• 12:40
  on the front.
• 12:41
  Anyway, I'm just like, that is so much money.
• 12:45
  Who has that amount of money to spend on shows?
• 12:48
  People earning a lot.
• 12:49
  But is it earning a lot?
• 12:51
  Or is it just like spending outside of your mains?
• 12:54
  Probably.
• 12:55
  Because do you know what I, the scot, I'm going to say like this?
• 12:57
  Everything in quality, that might be like the one pair of shoes they buy every couple
• 13:01
  of years.
• 13:02
  Oh, still.
• 13:03
  Yeah.
• 13:04
  It's like my whole salary on the pair of shoes.
• 13:07
  I went into Prada's store just for Christmas work because I was just wondering the story.
• 13:11
  I think a lot was there.
• 13:12
  I was like, just want to feel, just try, excuse me, can I get that, can I try this on
• 13:17
  and read?
• 13:18
  Thank you.
• 13:19
  No, no, I won't take it.
• 13:20
  I won't take it.
• 13:21
  I won't take it.
• 13:22
  It doesn't look quite right.
• 13:23
  And there's just, yeah, there was just people in there, there's one woman in particular.
• 13:27
  She was like talking to other children, and she said, well, can we get Sam for Christmas
• 13:32
  for a run?
• 13:33
  And she's like, well, they like this, like picking up.
• 13:34
  And I was like, I want you to be my auntie, you're like, oh, we're going amazing.
• 13:39
  Just kind of like talking about what the family members want from Prada.
• 13:42
  Is it through Prada's?
• 13:43
  Just pulling it out.
• 13:44
  Yeah, exactly.
• 13:45
  They're like twigging.
• 13:46
  Or like, yeah, I was like, oh, my gosh.
• 13:47
  And then she was like, oh, yeah, I'll get this.
• 13:49
  Just.
• 13:50
  Oh, wow.
• 13:51
  I'm very aware of the value of money.
• 13:54
  Not in an anxious, I don't want to spend money away, but not in a, oh, a hundred dollars
• 13:59
  one dollar, whatever.
• 14:00
  Some of the deal.
• 14:01
  Like, I find that level of wealth or unawareness kind of a bit yucky.
• 14:07
  Yeah.
• 14:08
  Yeah.
• 14:09
  You know, like imagine just strolling into a Prada shop and getting a random $5,000 gift
• 14:15
  for someone like, it doesn't like it.
• 14:17
  Yeah, it's a waste.
• 14:18
  Yeah.
• 14:19
  Either.
• 14:20
  Like, did you try something on when you were in there?
• 14:21
  Yes, it was somethings.
• 14:22
  They're all destiny, I'd be too nervous.
• 14:24
  I'd be too scared to drop them or something.
• 14:26
  I know.
• 14:27
  I know.
• 14:28
  Do you want a glass of water?
• 14:29
  Yes, please.
• 14:30
  Can I have cocktail, actually?
• 14:31
  Yeah.
• 14:32
  When I was like, they were like, they were like, so are you in our system?
• 14:37
  And I was like, because I was asking for a different size.
• 14:39
  I was trying to choose.
• 14:40
  This is like, really twice.
• 14:41
  It was another time.
• 14:42
  I was asking for shoes.
• 14:43
  Yeah.
• 14:44
  And they're like, you know, a system.
• 14:45
  I was like, oh, I can't remember.
• 14:48
  It's such a bridesmaid woman.
• 14:51
  Maybe under Mrs. Eglises.
• 14:52
  So funny.
• 14:54
  Anyway, so she is of Versacee.
• 14:58
  The parent company that owns Versacee, which is Capri Holdings.
• 15:01
  All the cool Capri Holdings that I like that.
• 15:04
  I actually googled Capri, is it?
• 15:06
  Because I wanted to find this stock price.
• 15:07
  And it came up with like those three quarter petal pusher things.
• 15:10
  Oh, the three quarter pants with the little slits on the side by the knee.
• 15:14
  And I was like, those were such a blast from the past.
• 15:17
  They look good on no-one.
• 15:18
  Oh, I used to love them.
• 15:20
  I used to have ones with little arms with little, like, butterflies, like, things on the side.
• 15:23
  Oh, my gosh.
• 15:24
  Thank you, God.
• 15:25
  For HBK?
• 15:26
  For HBK?
• 15:27
  For HBK?
• 15:28
  For HBK?
• 15:29
  No.
• 15:30
  Oh, gosh, great.
• 15:31
  So I've got a large bottom.
• 15:32
  And if I'm in Capri's, I tell you what, there is nothing more.
• 15:34
  You're back in fashion, girl.
• 15:35
  I'm fluttering.
• 15:36
  Are they?
• 15:37
  Yeah.
• 15:38
  Anyway.
• 15:39
  Capri owns Jimmy Chu and Michael Cours and also owns Versacee.
• 15:43
  And Prada has made a bid for Versacee.
• 15:46
  So Prada will now have, it's got Miumu, it's got Prada, Miumu, and now it'll have Versacee.
• 15:52
  So quite a good line up.
• 15:53
  It made a bid for it for $1.6 billion.
• 15:57
  So Capri is listed on the New York Stock Exchange.
• 15:59
  So as soon as that was announced, the share price jumped.
• 16:04
  But interestingly, Prada is one of the only luxury names.
• 16:09
  It's actually done well.
• 16:10
  That's what I was about to say.
• 16:11
  So I thought, because we talk about LVMH, we talk about all the other luxury goods brands
• 16:16
  just going down and down and down.
• 16:18
  Why do we think that is?
• 16:19
  It's because of Miumu.
• 16:21
  So Miumu has single handedly kept the whole kind of parent company afloat.
• 16:27
  So yeah, it's just wealthy young shoppers wanting to buy Miumu.
• 16:31
  And it kind of is cool.
• 16:32
  It's cool.
• 16:33
  I love Miumu.
• 16:34
  Yeah.
• 16:35
  It's funny when you notice things.
• 16:36
  I don't know.
• 16:37
  You're like, oh, those are cool sunnies.
• 16:38
  And then you're like, oh, they're Miumu.
• 16:39
  Oh, those are cool skit.
• 16:40
  Oh, you're like, you kind of, it's more, it's had a resurgence, but it's also quite,
• 16:46
  I'd say Miumu's slightly more, not understated.
• 16:49
  It's not the right word, but it's less, it's more like Givenchy or whatever it's called.
• 16:53
  Yeah, it's cool.
• 16:54
  It's like, is it Givenchy?
• 16:55
  It's more.
• 16:56
  Yeah.
• 16:57
  It's not like, as overtly, I am, I don't know.
• 17:00
  I feel like people that buy Miumu have great taste in my mind.
• 17:03
  I agree.
• 17:04
  Yeah, yeah.
• 17:05
  So you're right.
• 17:06
  Which is Louis Vuitton, Louis Hennessey.
• 17:07
  The issue prices down 20% in the last 12 months, and Proud is up 20% in the last 12 months.
• 17:12
  What do you think we take from that?
• 17:14
  Because actually someone the other day, oh, was it?
• 17:17
  Someone was asking me about the future of luxury, what on my god, who was it?
• 17:22
  And I was like, I should actually check in because we've spoken about LVMH quite a bit.
• 17:27
  Are you still on the bandwagon that you think it will make you come back?
• 17:30
  I think it will.
• 17:31
  Yeah.
• 17:32
  I think, I don't luxury is just like a different beast in itself, the luxury space.
• 17:38
  And yes, brands will have their heyday.
• 17:40
  I think LVMH is great because it's got lots of different brands.
• 17:43
  But that's why I'm surprised, because there's so many.
• 17:46
  How is there not one or at least two of them that's kind of like carrying the rest, you
• 17:50
  know what?
• 17:51
  Do you mean an LVMH?
• 17:52
  Yeah.
• 17:53
  Well, like the fact that Miumu's carrying capri holdings.
• 17:56
  Well, yeah, with Prada, you've just got Prada and Miumu essentially.
• 18:01
  I was like, you know, whereas LVMH, you've got so many different ones that even if one's
• 18:05
  doing really well, it's not really going to be the needle for the whole business, you
• 18:09
  know what I mean?
• 18:10
  So, yeah.
• 18:11
  There's mirror in having fewer brands, like a portfolio that kind of puts you at risk
• 18:16
  of those fewer brands doing well, there's a whole lot.
• 18:20
  Then there's the chance that some of those do well, some won't do well in certain periods
• 18:24
  of time.
• 18:25
  But like, if we look at LVMH, like, yes, it's down 20%.
• 18:28
  But that is only back to like where it was in August last year.
• 18:34
  You know, if you're buying then, aren't you buying now?
• 18:36
  I'd be nibbling.
• 18:37
  Have you?
• 18:38
  I love little nibble.
• 18:39
  I, yeah.
• 18:40
  God, it just saw me.
• 18:41
  Things I want to nibble on.
• 18:42
  I know.
• 18:43
  I know.
• 18:44
  I really got so excited with your, and I, I'm kind of surprised that it got me excited.
• 18:49
  It was zero that we spoke about in the past together.
• 18:52
  Oh, yeah.
• 18:53
  I was like, listening to that and surprisingly, I don't know because I think, I
• 18:59
  sorry, this is slightly off-topic, but I like the idea of it being in tech, but not
• 19:03
  super techy.
• 19:04
  Yeah.
• 19:05
  It's like, it's got an underlying purpose of accounting, but it's tech.
• 19:10
  It's got, it's carved out a niche, essentially.
• 19:12
  Yeah.
• 19:13
  Sorry, that's so awesome.
• 19:14
  Yeah.
• 19:15
  Also in Australia, we've had, and I know you hate talking about this, but I think we
• 19:20
  need to do a shell or something.
• 19:22
  No.
• 19:23
  It's just a recent report that was out about the gender pay gap.
• 19:26
  We know it's there, we know we can't ignore it, but in Australia, what really fascinated
• 19:31
  me about this report, and it's made headlines, you know, through a lot of Australian newspapers,
• 19:36
  is that on average, every dollar that a male full-time worker earns, the females earning
• 19:43
  seven-eight cents.
• 19:44
  Still?
• 19:45
  Yeah.
• 19:46
  So that's...
• 19:47
  I'm sure it's illegal.
• 19:48
  No, but like, how can you, you can't?
• 19:50
  No, it is illegal.
• 19:51
  It's illegal to pay so on the same, a different amount for doing the same job, you know.
• 19:55
  But you can always justify someone's not, you know, you could be like, oh, no, no,
• 20:00
  but John comes in an hour earlier.
• 20:01
  I was doing the same job, essentially, for there's a lot of my colleagues.
• 20:05
  Yeah, but you could say that that is not legal, and they would have had to give you a
• 20:10
  pay rise.
• 20:11
  Yeah, but they could argue that it is legal because you're sure it's illegal.
• 20:15
  Yeah, yeah.
• 20:16
  You've got less experience.
• 20:17
  You've got, you know, they can...
• 20:18
  Every human is different, so you could say something of that effect, but yeah, it's
• 20:22
  quite...
• 20:23
  So bad.
• 20:24
  So bad.
• 20:25
  About 8% in New Zealand, so...
• 20:26
  That is so bad, 22%.
• 20:27
  Yeah.
• 20:28
  Why is it so much worse in Australia?
• 20:29
  That's terrible.
• 20:30
  Yeah.
• 20:31
  It's so bad, and it's...
• 20:32
  The gap is bigger in higher-paying companies, so that disproportionately larger that gap
• 20:47
  in higher-paying companies, so companies like Finance, where they pay a lot of money, companies
• 20:51
  like the mining industry, which is big in Australia, they pay a lot of money, real estate,
• 20:55
  you earn a lot, also all three of those districts, very male-dominated, and what they're excuses
• 21:03
  and many firms justifying it, saying that they simply have more men in top roles.
• 21:09
  And it's like, yes, but that's not a solution.
• 21:12
  It's like, why is this the case?
• 21:14
  And how do we...
• 21:15
  How do we remedy it?
• 21:17
  That is what's leading to the wealth gap, the retirement savings gap, all of that.
• 21:25
  And so how do you make it more comfortable and have women aspire to be in senior management
• 21:31
  roles, earning more, is a creating an environment where they flourish.
• 21:36
  And right now, that is not making people return to work full-time, five days a week.
• 21:43
  That is having supportive paternity leave policies.
• 21:48
  And yeah, so I think there's a real case here, a few in Australia, anywhere in the world,
• 21:54
  is like talking to your employers and asking them for transparency.
• 22:00
  Yeah, it's got nothing to hide, why wouldn't you, like, honestly.
• 22:04
  Yeah, I almost feel like, I mean, especially given we had international women stay over the weekend,
• 22:09
  it's definitely a good time to talk about it.
• 22:12
  I feel almost like bringing back the anonymous celery spreadsheet to a good starting point.
• 22:17
  And do you know what?
• 22:18
  Almost it's getting guys to fill it in, like, it's almost comparing the men and women
• 22:25
  in similar roles and seeing where their gap is.
• 22:30
  And putting your workplace in, and calling them out, making a change for all the other
• 22:34
  women that are to come, because I think that's the frustrating thing, is like, this is
• 22:38
  going to take generations to change.
• 22:40
  And I don't want my daughters, like, my granddaughters having to do the same job as a
• 22:46
  girl.
• 22:47
  And sort it out.
• 22:49
  Oh, I saw the cutest thing you actually sent it through to our curve group.
• 22:53
  And it was like that exercise they didn't, I think it was Sweden or Norway.
• 22:58
  And they got young kids, boys and girls to clean up a room essentially, pick up some
• 23:03
  balls and everything, and then they, they thanks them by giving them a cup full of lollies.
• 23:12
  And they gave the boys a full cup, and the girls got half a cup essentially.
• 23:19
  And they're looking their faces were like, they were like, you got that, he got more
• 23:22
  because he's a boy.
• 23:23
  Yeah.
• 23:24
  And they were like, but we did, we, we each picked up the balls.
• 23:27
  Well, that doesn't make sense.
• 23:28
  Yeah.
• 23:29
  Yeah.
• 23:30
  Yeah.
• 23:31
  And then one thing we haven't had an update on in a while, what, oh my God, what, TikTok,
• 23:42
  oh my God.
• 23:43
  Yeah.
• 23:44
  Oh my God.
• 23:45
  It kind of just went on.
• 23:46
  Actually, this is a really good point.
• 23:47
  I heard the other day that someone, someone said, do you know the reason that Trump is doing
• 23:52
  all this like stuff?
• 23:54
  You know how he blasted the Ukraine president and it was like all over the news and
• 23:57
  he's doing all these like shock horror things and like tariffs and all that.
• 24:03
  And it's called, I can't remember the name of it, it's a, it's a tactic.
• 24:06
  Is it media boycotting?
• 24:07
  I said, no, it's like you flush the media with these things over here that you want people
• 24:11
  to focus on and then you get other things through the door because they're, yeah.
• 24:16
  And it's like, it's actually a political thing.
• 24:18
  Oh my gosh.
• 24:19
  And so, yeah, it just kind of, it just kind of made me realize that we haven't heard about
• 24:23
  TikTok for a while because we've been focusing all of the other Trump stuff going on.
• 24:26
  So we're just so right.
• 24:27
  Yeah.
• 24:28
  So we're the stupid ones that are like focusing on, he's like, you know, it's distraction therapy
• 24:34
  or what he gets like.
• 24:35
  Yeah.
• 24:36
  Yeah.
• 24:37
  He's dangling shit in front of us so we get distracted with a red flag and then you're
• 24:39
  just like, yeah, running out of the ring on the other side of shit.
• 24:43
  So what's going on with TikTok?
• 24:44
  So we want to ask you, what do you think like Serena Williams and TikTok have in common?
• 24:50
  Okay.
• 24:51
  Powerful.
• 24:53
  So I think you'll get it because I think it takes lots of hits.
• 24:56
  Yeah.
• 24:57
  No wait, I want to brainstorm here.
• 25:01
  Serena Williams.
• 25:02
  Something's with a husband.
• 25:03
  Oh.
• 25:04
  What is it?
• 25:05
  I don't know anything about it.
• 25:06
  A husband.
• 25:07
  He did it.
• 25:08
  A husband is actually the reddit co-founder.
• 25:12
  Really?
• 25:13
  Yeah.
• 25:14
  He's like a hot couple.
• 25:15
  Yeah.
• 25:16
  He's like a billionaire and he is joining forces with some other billionaire friends to bid
• 25:21
  for TikTok.
• 25:22
  Cool.
• 25:23
  Yeah.
• 25:24
  Oh my God.
• 25:25
  Cool.
• 25:26
  Yeah.
• 25:27
  This is the best update.
• 25:28
  So his name's Alexis Ohanian and he's joined forces with other billionaires and they're bidding
• 25:32
  to acquire TikTok and calling it the people's bid for TikTok.
• 25:36
  Yeah.
• 25:37
  This is so cool.
• 25:38
  Yeah.
• 25:39
  So there's a whole group of them and it's called Project Liberty and what they want to do
• 25:43
  with it is make it a decentralized blockchain based platform.
• 25:49
  So people users, you and me, we actually have more control over the data than the US government
• 25:54
  or China or anyone.
• 25:56
  So quite cool.
• 25:57
  Yeah.
• 25:58
  This is so cool.
• 25:59
  And it makes sure that there's still privacy, there's still security, there's still
• 26:03
  that digital independence.
• 26:05
  So it's like it's a really great alternative to China's own by the, yeah, exactly.
• 26:11
  So.
• 26:12
  Do you think then if we, if they're planning on integrating or thinking about the blockchain?
• 26:17
  Yeah.
• 26:18
  And even just the fact that that's what they're wanting to do to me is like ding, ding,
• 26:21
  ding, crypto currencies, blockchain, really good potential investments because if that
• 26:28
  is the case, one of the biggest media content platforms in the world is run on or using Bitcoin
• 26:34
  or blockchain, sorry, I was confused.
• 26:37
  So Bitcoin has run on the blockchain as well.
• 26:39
  Yeah, but I wonder if investing in the blockchain is like the infrastructure or.
• 26:44
  Yeah.
• 26:45
  I mean, it would be like investing in data centers and stuff like that and like clean energy
• 26:49
  and like I guess platforms that power the blockchain assumption, but yeah, and they're going
• 26:55
  to call it TikTok, the freedom edition.
• 26:57
  I don't like that.
• 26:58
  I did.
• 26:59
  Did you?
• 27:00
  I thought it was great.
• 27:01
  But anyway, yeah.
• 27:02
  I'm like, oh, that's like, can I take it back?
• 27:04
  I want to like it.
• 27:05
  Yeah.
• 27:06
  I like the name.
• 27:07
  I'm free to have this whole idea.
• 27:08
  Yeah.
• 27:09
  And what happens if TikTok just like what would happen if it just got shut down?
• 27:13
  Like is there a world in which it could get shut down?
• 27:15
  Yeah.
• 27:16
  And if it did, I wonder how many millions of diamonds would get lost?
• 27:20
  You know, when you try and get an app from an app store, when you're not in the country
• 27:25
  and it's like, sorry, you can't download this.
• 27:27
  You just don't have access to it.
• 27:28
  It would just be in China.
• 27:29
  Yeah.
• 27:30
  I mean, there'd probably be something that would appear that could like.
• 27:32
  I wonder if someone was going to say, I wonder if someone's trying to develop something
• 27:36
  that would be a rival because you know how you can get those like VPN things that like
• 27:40
  oh, yeah, pretend you're somewhere else.
• 27:42
  Yeah.
• 27:43
  You can get like Apple TV in the US or do you watch like the Bachelor?
• 27:46
  I tried so hard to do that when the Bachelor New Zealand came out.
• 27:49
  I really wanted to watch it.
• 27:50
  It's a New Zealand.
• 27:51
  I was in Australia and I couldn't access it.
• 27:53
  Yeah.
• 27:54
  That's like, flower man was on the cricket during the cricket.
• 27:56
  He was commentating.
• 27:57
  And he was like, I was in London.
• 27:59
  He was like, oh, you can watch on that.
• 28:01
  I was like, oh, cool.
• 28:02
  I was like, oh, it's not working.
• 28:04
  Oh, it blocked you.
• 28:05
  But I think goodness, because I don't want to sit there watching cricket too.
• 28:07
  Just to know you hate cricket.
• 28:08
  Yeah.
• 28:09
  It's just so boring.
• 28:10
  He was up to 4am last night watching cricket.
• 28:13
  Oh my god.
• 28:14
  I'm sorry.
• 28:15
  I'm sorry.
• 28:16
  There is nothing in the world that will make me win over my sleep.
• 28:19
  Neither.
• 28:20
  I don't like it.
• 28:21
  Yeah.
• 28:22
  I'm sure there's anything.
• 28:23
  Even if it's like an hour of not, of a sleep I don't get.
• 28:24
  I get so angry.
• 28:25
  Yeah.
• 28:26
  I can't imagine.
• 28:27
  I'm really going to struggle with kids.
• 28:28
  I just can't even imagine being that invested in anything that I'm away from the middle
• 28:33
  of the night.
• 28:34
  No, no, no.
• 28:35
  Maybe like to get glassed and retuck it to something.
• 28:37
  Oh, yeah.
• 28:38
  Wake up.
• 28:39
  Wake up.
• 28:40
  Go straight back.
• 28:41
  Yeah.
• 28:42
  Yeah.
• 28:43
  Yeah, 100%.
• 28:44
  Even if it's a really good series.
• 28:45
  Wouldn't you just record it?
• 28:46
  I think it's close.
• 28:47
  Like, live in.
• 28:48
  A live in would be my cut off side.
• 28:50
  And I'd be like, I'm ruined when you're ruined tomorrow.
• 28:53
  If there was a new Harry Potter movie in the only time I could see it would be four in
• 28:57
  the morning, I probably would do that.
• 28:59
  Yeah.
• 29:00
  It's always people that are like, oh, it's such a good book and I ended up reading to
• 29:02
  3am.
• 29:03
  I'm like, I'm just, I'm like, well, you're wetter.
• 29:06
  You've got really good personal boundaries though.
• 29:09
  Like you're quite good at just being like, this is the way I function.
• 29:11
  This is the way I function best and you just don't even mess with it.
• 29:14
  Yeah.
• 29:15
  A lot of people that I don't have that discipline.
• 29:16
  I mean, I think it's just like, no, I promise you it's not normal.
• 29:19
  It's a very good skill to have.
• 29:21
  Also, something else I found was on like the wealth concentration and inequality, particularly
• 29:26
  in the US.
• 29:27
  And you mean?
• 29:28
  So the top 10% of wealth in the US accounts for 50% of all consumer spending.
• 29:36
  Okay, wait.
• 29:37
  The top 10% of wealth.
• 29:39
  So the top 10% of people are spending 50% of the money being spent in the US.
• 29:44
  Yeah.
• 29:45
  Which is up, that was 36%, 35 years ago.
• 29:50
  I've got a good insight here.
• 29:51
  So it's going like, it's getting worse.
• 29:54
  So the richer getting richer and the poorer getting poorer essentially.
• 29:57
  You think that if we then think about how inflation affects people, all the type of spending
• 30:03
  and what economies are going to look like, if 50% of the money spent is by the 10% most
• 30:08
  wealthy people, is it fair to say that like not a huge amount will change then because
• 30:14
  like if you're super, super wealthy, you're not that faced by inflation.
• 30:19
  It can't adjust right.
• 30:22
  So actually people have the ability to invest their assets.
• 30:25
  They have assets and they have the ability to invest those and grow them.
• 30:29
  Working class and middle class people have the least ability to do that.
• 30:32
  So in 2023 and 2024, the stock market had two of the best years, some of the best years
• 30:37
  it's ever had.
• 30:39
  And in 2023 and 24, spending from that top 10% grew quite a lot, grew 12% whereas the
• 30:48
  working class and middle class week backwards.
• 30:50
  So it's all a function of the stock market and the economy are increasingly tied to
• 30:56
  financial success of the wealthy.
• 30:58
  So when the stock market does well and wealthy people have assets invested in that, they get
• 31:03
  wealth here.
• 31:05
  Whereas in therefore they can spend more and therefore that divide gets bigger because
• 31:09
  the lower portion, the less wealthy, they don't have assets to invest.
• 31:14
  They don't have leftover money to invest, they don't have assets to invest to put into
• 31:19
  the stock market to grow.
• 31:21
  Well they might not even know what they're investing in.
• 31:23
  I think a lot of it comes down to when you come from a wealthy family or your, your
• 31:28
  used to being surrounded by wealth, the idea of investing, you had access to the education
• 31:35
  and also to pay for the people to do it for you.
• 31:38
  Like if we just look at 2023 and 2024, like if you had, if you had a thousand dollars
• 31:44
  in your business in the stock market and I didn't, the end of that to your period, you're
• 31:47
  going to be way more wealthy than I am.
• 31:49
  I've had to bear inflation and my money now goes less far whereas you've made money and
• 31:56
  yet you're still, we're both feeling inflation but you've been able to grow your money so
• 32:00
  you're much better off and so it's like when stocks, real estate and businesses keep rising,
• 32:08
  that's when the wealthy get wealthier and that inequality gap gets bigger, gets wider
• 32:13
  which is quite sad.
• 32:15
  So everyone needs to be investing.
• 32:17
  Everyone needs to be investing.
• 32:19
  Even if it is a dollar, you know, the investing, it should not be for the rich.
• 32:24
  It is for everyone, it can be for everyone.
• 32:27
  There is now platforms out there that you can invest with a dollar.
• 32:31
  Like there is education out there so if you don't know, if you don't understand what
• 32:35
  you're doing, you can learn.
• 32:37
  Like there is really way less excuses now than there was 30 years ago.
• 32:43
  Well it's a completely different landscape now and a really good way in the fact that
• 32:48
  social media, podcasts, platforms that allow you to invest with, you know, there was a time
• 32:53
  where like you had to have $50,000 before you would even be able to put money anywhere.
• 32:58
  So it's been a litus for a long time.
• 33:02
  Now the problem is it's accessible but a lot of people still don't understand or know
• 33:06
  how to do it.
• 33:07
  Yeah, it was like a litus and hard to understand.
• 33:10
  Now it's easier to understand so I'm hoping the next leg is like everyone will get on board
• 33:16
  and then there will be a closening of this and it's really, I'm really trying to get
• 33:24
  the opposites of what I'm trying to say.
• 33:26
  I'd love to know if there's anyone listening to this podcast who still doesn't feel like
• 33:31
  they're confident in investing or knowing where to start.
• 33:34
  Can you comment on this episode, wherever you're listening, if it's on Spotify?
• 33:39
  And just with a bit of information around like what it is that feels still like a barrier
• 33:43
  because as someone who's learned about it now for a long time, like you studied it,
• 33:47
  you worked in it, so it's different.
• 33:49
  But for me, like, I mean, it took a couple of years for it to click but now that it's done
• 33:53
  it's like riding a bike, I couldn't imagine thinking about it in a different way.
• 33:57
  I'd love to know if there's people who are listening to this that still haven't got to
• 34:01
  that point where it feels obvious or clear or easy because we're obviously not doing
• 34:07
  good job if that's the case, because yeah, it is so learnable.
• 34:11
  Anyone, anyone can learn to invest.
• 34:13
  I think that my most proud thing, well, not my most proud thing, one of the things I'm
• 34:18
  most proud of with the curve is actually our new investing course we put together at the
• 34:22
  end of last year because the way we have evolved in talking and explaining, investing,
• 34:29
  and the fundamentals and all of that, I watched, I like flex through it there,
• 34:33
  I can't even remember why I was looking at it, but I was looking through it on the club,
• 34:37
  like it's on the club for anyone, who joins, and I know it sounds like I'm
• 34:41
  turning out trumpet here, but I think anyone could watch that and there wouldn't be questions.
• 34:46
  You would understand it. It's so, and it's explained in such an easy,
• 34:51
  accessible way that I just, I don't think we could have done that better.
• 34:56
  I know that sounds kind of uncomfortable.
• 34:57
  And it's enjoyable, it's like lighthearted, like if there's anything that you're going to stay
• 35:04
  up and consume, it should be the course. It won't put you to sleep at all.
• 35:09
  Yeah, if there's anyone that wants to try and stay up and watch the whole thing,
• 35:14
  yeah, definitely let us know.
• 35:16
  Well, we can put the link in the pockets for anyone that does want to have a look.
• 35:20
  You have a seven day trial too, so you can go in and have a look around and watch it.
• 35:24
  See if it's not for you and then do a couple of all-nighters if you want.
• 35:27
  Yeah, yeah, we're all here for it if it means that you are learning.
• 35:29
  Yeah, it's much better than staying up for watching the bloody
• 35:33
  cricket. Yeah, I know.
• 35:34
  Honestly, I reckon I could watch the cricket to put me to sleep.
• 35:38
  Same. Yeah, yeah, you're very clear.
• 35:42
  Thank you so much for listening to The Curve Weekly.
• 35:44
  Make sure you hit the subscribe button to stay up to date with all the many
• 35:47
  business stock market news.
• 35:48
  And if you like what you heard, we would love a review.
• 35:51
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• 35:54
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• 35:58
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• 36:00
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• 36:03
  And we hope you have a good week and see you next Monday.
• 36:05
  Bye. Bye.
• 36:08
  Sweet? Yeah. See you next Tuesday.
• 36:10
  Well, see you next Tuesday. I mean Monday.
• 36:15
  No, actually though, new episodes out every Tuesday.
• 36:21
  Okay, quickly, The Curve was created to empower and educate you about investing,
• 36:24
  but we are not financial advisors.
• 36:27
  Our platform exists for educational purposes only and it doesn't provide
• 36:30
  personalized investing advice for your individual needs and should not be
• 36:33
  relied upon to make an investment or financial decision.
• 36:36
  And always remember to do your own research before making any investment or financial decision.
• 36:41
  We're here for any knowledge and support you need, but the final call is always yours.
• 36:45
  And thanks for being here.
• 36:46
  You got this. Yeah, we know you got this.