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TCW65: Entrepreneur, entrepreneur, entrepreneur. · The Curve

• 0:00
  Hi and welcome to the Curve Weekly. The podcast that keeps you up to date with all the money,
• 0:06
  business and stock market tea. Everyone should experience for us at least once in their lives
• 0:10
  and Annie shouldn't miss out just because she can't afford it. Help me. Oh my god, this is so
• 0:16
  exciting. Hang on, I don't know my way. We've got hang on, hang on. Oh, it's my face.
• 0:24
  God, you're so really out of the gates there. Sorry, I think it's because we've got an audience,
• 0:28
  we've got our divine editor Emily. You know we should spring on her. What? Get on the podcast.
• 0:34
  Oh my god, Emily, take a seat. Take a seat. I would think you must, but I was like,
• 0:37
  be quite fun. I was like, and you get, take a seat. There we go. Oh my god, amazing. You're
• 0:42
  picking up and actually speaking to it. I fixed the way. I fixed the way. Yep. She knows, she knows
• 0:48
  the drill. Hey, Emily, K, be honest with us both. So she edits the podcast, right? So she has all
• 0:54
  the behind the scenes, all of our annoying. I feel like I've got way better.
• 1:00
  Or Emily's editing has got way better. I don't know. One of the two. Do you listen to yourself,
• 1:04
  though? Like do you listen when it's edited? Yeah, I make sound great. Do you actually listen
• 1:08
  like, because I don't reckon you do. So how do you know we've gotten any better? The question I was
• 1:12
  going to ask you, Emily, is what are the most annoying words or things that you have to edit out
• 1:17
  from both of us? I mean, wild was definitely a phase that's now. That's how I'm learning.
• 1:24
  Yeah, I haven't said it anymore. Yeah, no, yeah. Well, it's funny when I read to do research for
• 1:30
  the podcast in my heat. I'm like, wild. Do you actually? Yeah, and I'm like, no, no, no. I'm just
• 1:35
  like, wow, wild. I'm like, don't write that down here. So enthusiastic. Yeah. Another thing is
• 1:41
  in other news. Oh, it really does. You're so right. Okay. Well, I don't really, I need it on
• 1:51
  a secret. No, do you know what it is? I always go off on tangents, and I need to
• 1:54
  reign or better. Yeah. So I'm kind of like, where to go from? Yeah. I mean, actually,
• 2:00
  I did say to Emily, we should try and get like some kind of fun thing. Yeah. You know,
• 2:05
  it's some sort of audio production situation, so it can be like from one story to the next. Yeah,
• 2:10
  so maybe we try that for this episode. Maybe we'll. So TBC, if it sounds really weird when
• 2:14
  you're listening, we'll go back to the original and other news. Yeah. Yeah. But why don't we try
• 2:18
  like find some kind of fun sound effect? Yeah. This is not your fault. This is mine. So if I
• 2:22
  actually mentioned this a while ago, and I just haven't got there yet, but this podcast episode
• 2:26
  will be included. Actually, speaking of Emily, I'm going to have to talk about your
• 2:29
  form. Actually, I think we should get back to what we were doing.
• 2:35
  Get out. No, just kidding. Okay. Emily is like an angel sent from heaven. If I had to edit
• 2:42
  our voices still, and I had to, I think it was quite hard to listen to ourselves. And you know,
• 2:48
  like, to be editing and presenting, then you just like, I'm just scared to talk now.
• 2:53
  Oh, no, no. Stop the pity part. Take constructive criticism. No, but I have got a lot better
• 3:04
  A. No, definitely. If I, when people say they've gone back to listen to the beginning of the podcast,
• 3:10
  I'm like, my crunch message is like, and if you want to go back to the beginning and
• 3:14
  I'm like, no, don't say that. Yeah. But I think it's just what I find weird is I think when we
• 3:20
  record these podcasts, I assume everyone is listening up to date. You know, as in everyone's,
• 3:25
  but then I get these like stories or messages of like on socials of people listening to like
• 3:30
  older episodes. Yeah. Or people message being like, ha, ha, the pumpkin. And I'm like,
• 3:36
  you know, oh my god, what are we talking about? That's like someone is just me being like,
• 3:38
  oh, sorry to hear about your surgery. I was like, what surgery? I was like, oh, that's right.
• 3:43
  That was ages ago. Oh, yes. So this week, we're going to talk about
• 3:51
  nice that it was. Yeah, I was like, I was like, guys, guys, you're looking at some you guys
• 3:58
  with validation. Oh, it's so fun, even nice. Well done. So this week, we're going to talk about
• 4:03
  a stock exchange that wants to be open 24 hours a day. So the New York Stock Exchange is
• 4:09
  putting out a poll and asking traders, hey, what do you think? And can you vote on if you want
• 4:15
  the stock exchange to be open 24 hours a day, seven days a week? How, how, what are the opening
• 4:20
  hours at the moment? So it's about, I think I can't be rough throwing you. I think it's like
• 4:24
  nine to five Monday to Friday. It does feel a bit like it to be honest to not be open all the time.
• 4:29
  I know, but also kind of nice. Yeah. I was thinking it would go the other way around.
• 4:35
  Go the other way and be like, cool, people are working from home. Let's just be open a few days away.
• 4:40
  No, because I think there's like an element of, I don't know, I feel like if like Donald's has
• 4:45
  opened 24 seven, the stock market should be. Yeah. Also, what's it going to change? Is it like,
• 4:50
  how would that affect investments or investors? Yeah. So it would be the first stock exchange to
• 4:54
  be open 24 hours a day, seven days a week. But other, there's not all automated anyway.
• 5:00
  Other platforms are like crypto. You can trade that 24 hours a day, seven days a week.
• 5:05
  Currencies you can trade any time of the day. So there's other assets that you can trade all the time.
• 5:10
  And the reasoning behind this vote now is that the stock exchange was set up mainly for
• 5:19
  institutions to trade on behalf of their clients. So a fund manager would trade for their clients.
• 5:24
  Okay, wait, let's just break that down for a second. So I would trade as a fund manager,
• 5:28
  I've got a pool of clients money and I would trade through a broker, but on the stock exchange
• 5:33
  for my clients, the clients wouldn't trade directly on the stock exchange. So the clients are the
• 5:38
  people that are giving you money, you and me. So we're like, that can you invest for us and you're
• 5:43
  like, sure, I'll go and pick the stocks and the companies that I'm going to buy for you.
• 5:47
  And the whole point was because it was a business doing it, it only needed to be open nine to five
• 5:52
  because that's when fund managers were working. Exactly. But now it's been democratized with
• 5:56
  DIY platform. 100% and like the clients can trade themselves. So crypto has democratized as well.
• 6:02
  You know, people are trading crypto, like mum and dad investors, you and me. And there's been a huge
• 6:08
  jump in investors like you and me, particularly during the pandemic and through lockdowns.
• 6:13
  A lot of people started trading. And so they're seeing a huge rise in what we call these retail
• 6:17
  investors that want to trade outside nine to five that probably have jobs nine to five. And so
• 6:23
  I can't trade in those hours. You know, so it's, yeah, it's like trying to get a dentist
• 6:27
  appointment. If you're working nine to five and you can't go at lunchtime, yeah, when you
• 6:32
  meant to go get your fucking taste check. Yeah. And there is after I was trading at the moment.
• 6:36
  Did that sound really bogan? Do you think when I swear I sound quite bogan?
• 6:39
  I didn't even hear you swear. I was constantly when I was going to say, sorry, so self-embal.
• 6:45
  So I've just heard my accent lately in almost like an out of body experience where I'm like,
• 6:50
  oh, yeah, fucking I. And then I was like, oh my god, I'm such a, yeah, I sound like a bogan.
• 6:55
  I was on the meeting that meeting there. I was like, you're like, watch direction. I was like,
• 6:59
  oh, just straight down the gas. I was like, what was that? I was like, what are you talking about?
• 7:05
  Like where did that even come from? Who even like what? I just need context because that is like
• 7:12
  not really a Victoria Harris comment. But B, I don't even reckon that's New Zealand.
• 7:17
  No, no, straight down the middle would have been fine, think sick.
• 7:20
  Straight down the middle. That's right. We were trying to get our way. It was like cold and
• 7:23
  freezing and I'd massively underdressed. And we were in a hurry to get somewhere. And I was like,
• 7:27
  what way are we going? In fact, straight down the gut. And I was like, pardon?
• 7:34
  Yeah. We did it come from like comment. Oh, yeah. Yeah. Okay, right.
• 7:39
  So we don't see you. So we love it. Oh my god.
• 7:41
  Okay.
• 7:49
  Yes. So you can currently trade after hours right now. But because it's not common,
• 7:58
  then there's very little volume. So if you wanted to sell your shares and you wanted to do it
• 8:04
  after 5pm, 4pm, whichever stock exchange you're trading on, it's very hard to find someone that
• 8:09
  will do it for you. But it's hard to find someone that will want to sell to you because
• 8:15
  there might be 10 or 20% of people that are trading it. I actually really, I mean, I think that
• 8:20
  will change because I think as soon as you're the idea of being able to trade after working
• 8:26
  hours becomes more known, it makes sense for people to go in and check their trades after work
• 8:32
  quickly or in the morning or whatever. What's happening at the moment with like the likes of
• 8:37
  Shazies or Robin Hood or all the different trading platforms, if you want to sell something or buy
• 8:42
  something after hours, is it kind of in a holding pen and it doesn't actually get executed until it's
• 8:47
  open until the next morning. Yeah. Okay. Yeah. So when I find yourself things and it's like
• 8:52
  taking ages, it's because I've done it. Yeah. So that annoys me. I'd way rather it'd be more
• 8:56
  interesting. So you did that after hours when the market was closed and you were using a platform
• 9:02
  that allowed you to trade after hours. So they might charge an extra fee or but the key thing is that
• 9:08
  there's so few people trading then that you might have to get a shitter price or get a shitter price
• 9:13
  because you're like, I really want to sell, but there's only one buyer rather than 10 buyers if I
• 9:18
  did it during trading hours. Do you know what I don't understand? But the other the other thing just
• 9:24
  on this is that if you put an order in to sell your stock, for example, and the market's open,
• 9:30
  you can see what price you're going to get, cool, sweet, done. If you put that order in,
• 9:34
  then went to sleep and say you wanted to sell some Amazon. And then during that time,
• 9:39
  something comes out in the news that's absolutely shitted on Amazon stock. You wake up and you're
• 9:45
  like, holy shit. You know, well, you've been actually sold it a really low. You could have sold it
• 9:51
  or you wanted to buy. It's just like, while you're asleep, there could be so much that goes on.
• 9:55
  You'd have to put in like limit orders of like, look, this is the limit I want to sell or this
• 10:00
  is the limit I want to buy because otherwise the stock market's going to move around while you're
• 10:04
  asleep. So that's kind of what we used to do when we used to trade global companies in New Zealand
• 10:10
  because we'd be asleep most of the time. You have to put in those barriers, I guess, those boundaries
• 10:16
  of what you're happy to buy and happy to sell it because otherwise, I just think the idea of
• 10:21
  selling more instantaneously means that's avoided. Because you're like, well, I know what I'm selling
• 10:26
  and I know what I'm buying at because it's a media. So you're making a decision and then it gets
• 10:31
  executed straight away. One thing that's great for is the exchange stocks. So the companies that
• 10:38
  own the stock exchanges. So the company itself that owns the NASDAQ, for example, the company that
• 10:44
  owns the New York stock exchanges, this starts rolling out. That's so much more revenue for them.
• 10:50
  You're going, oh, so we could invest in the NASDAQ. You can invest in the NASDAQ. You can invest
• 10:54
  in the New York stock exchange. It's called Intercontinental Exchange, which owns who owns.
• 10:58
  Oh my god. So this sort of news because it could benefit them from a revenue perspective.
• 11:02
  If you were thinking, oh, this could be an opportunity you can invest in the actual company that owns
• 11:06
  the TVX. TVX is a company that owns the New Zealand stock exchange or that, yeah.
• 11:12
  Cool. Yeah. So yeah, we're interesting to see what the voting plays out. But I vote, yeah,
• 11:20
  it's not that anyone's asking me, but I think I vote that I want it to be open all the time.
• 11:23
  Yeah. Something else that's happened. You're giggling already. So I'm like, what is that?
• 11:27
  No, because I'm going to be like, another news. Something else that's happened is that we hate
• 11:35
  brainstorm after this. A few wildliners for you. You know, so it might be like, in other news,
• 11:40
  it could be like, wow, this thing's, you know, okay. Yeah. I'll help you.
• 11:44
  Here, I got a message from fanboy. It's so funny. He messaged the curve.
• 11:49
  Dems. Like, when was it back in August? Like, he just got it. And I remember, like, he was like,
• 11:54
  oh, you're in Sobs to do this. And I was like, oh, fuck off. I was like, she's so not that.
• 11:58
  Like, I was just like, oh, you should do this trading thing or something. I was like, I don't
• 12:02
  even know. Also, you can't even spell Sobs to name right. It's like, you spell it, you spell
• 12:06
  if. And I was like, oh, you can tell it was you that responded as well, because it was literally
• 12:10
  just you go, so good, laugh face or something. Yeah. And then he kicked me. And I thought, I
• 12:14
  would have gone down and been like, oh, he's cute. And I would have entertained the conversation
• 12:19
  for sure. So you technically cock blocked me, actually. Sorry. Hey, it worked in your favor,
• 12:24
  but I had to get girl. True, true, true. Okay. So Tesla. Okay. I got my phone on flight mode.
• 12:32
  Okay. I'm done. Okay. Sorry. We have the fullest schedule of meetings this morning.
• 12:37
  Oh, yeah. Sorry. I'm concentrating. Sorry. No, but it's like young love.
• 12:42
  I feel like I should really condone it. You know. Okay. Continue. Oh, fuck. No.
• 12:52
  It's something funny. Are you just struggling to come up with your one line? No, it's just not
• 12:55
  I'm podcast appropriate. There was your mate. I want to know. No, we can cut it out the other day
• 12:59
  when we had our meeting. And so I was like, back you coming. Are you late? She's like,
• 13:05
  you're never late for meetings. Is everything okay? Oh, my god. And then I was like, yeah, yeah,
• 13:10
  coming. She's like, sorry, my food box just arrived. I know. My groceries at the front door.
• 13:15
  And I just like, yeah, you know, she was actually just in the 11 extra curricular activity.
• 13:20
  We'll leave that for imagination. So there has been. Can I just say that was the best
• 13:27
  message I've ever got from you? I say, I've been lying to you. Yes, get it. I'm so happy for you.
• 13:33
  Yeah. Okay. Continue. So we have had over 180 companies out of the S&P 500. So 40%
• 13:42
  report their financial results this week. So Vic has been busy. Oh, shit. It does make a lot of
• 13:47
  sense. So one of those is Tesla. And it was up 15% last week in one week, which is amazing.
• 13:54
  I had a few people like message me in the curve saying, have you invested in Tesla? I'm
• 13:58
  thinking of a mess in Tesla. And I thought, interesting. What's going on with Tesla? Like,
• 14:03
  I didn't look into it. So I just, I don't know. But I've obviously sold my shares. So it's kind of
• 14:07
  not as invested. Why has it gone up? Well, if you remember, it's been one of the worst
• 14:12
  performers of the S&P 500. And it's down about 40% this year already. Yeah. So I think heading
• 14:18
  into this result, people were expecting pretty bad things already. You know, if you remember,
• 14:23
  share prices are forward looking. You're looking at the future of the business, you know,
• 14:27
  the growth opportunities, the strategy, all of that. So if that doesn't look good,
• 14:30
  the share price is going to fall. So people weren't expecting good results. So the fact that it's
• 14:35
  come out and yes, the result wasn't good. But what got people's attention was they are bringing
• 14:40
  forward the launch of more affordable cars. So yeah. So they've always said they're going to
• 14:46
  launch a more affordable version. But they're actually brought forward that plan. So they're
• 14:50
  probably going to launch that this year. That's super exciting. So it's about 40,000 US.
• 14:57
  Currently, but they're bringing out a 25,000 US cars. So the fact they bring out more affordable
• 15:04
  cars to me, like you started Tesla, Elon started Tesla with the idea that's going to be premium
• 15:11
  electric vehicle car company. And now he's like, shit, we need to bring down the affordability
• 15:16
  cars to sell more. It just kind of doesn't really align with what they're doing. I think,
• 15:22
  yeah, I just don't see this being a game changer. I think it's to be a game changer.
• 15:28
  What he did say though is that they're investing a lot in AI. And they're like the future of cars
• 15:34
  is not going to be the car or the hardware. It's going to be the software in the car.
• 15:38
  Now I was like, that's so true. Like you almost
• 15:41
  just won't care what it looks like, but it'll be like, what is the functionality?
• 15:46
  You know, like we went through the industrial revolution where it was like, wow, this is a car,
• 15:50
  it's got wheels, it's got a door, you know, where it sounds so cool, by the way, I'd love to go
• 15:54
  into more detail in that one day. Like the industrial revolution, I don't know.
• 15:57
  Oh, yeah. Like going from horse and cart to car. That's cool. And now it's like, we're driving in
• 16:02
  computers. It's kind of what. Yeah. So it's kind of like almost the next step is not so much
• 16:08
  the functionality. Yeah. In terms of aesthetically, but it's more. Yeah. Yeah.
• 16:12
  Because I think, I mean, I guess if you could say this software is going to bring down
• 16:17
  road accidents by accident. Also, imagine if you could, you know, how annoying it is,
• 16:21
  yeah. I wonder if this would affect Uber's rating. Because imagine if cars were able to drive
• 16:26
  you regardless. Oh, driver's cars. Yeah. What I mean is like, if you're obviously just bringing
• 16:32
  driver's cars. No, no, no, but I mean like drunk driving, like you can't get in your car when
• 16:36
  you've been drinking, but if you're not even driving and the car drives itself, yeah,
• 16:40
  almost like you have your own taxi. Imagine the productivity you could work as you commute.
• 16:46
  Like the productivity of the world, having an extra hour or two, whatever your commuters,
• 16:51
  do you think that's a clever way to think about investing in terms of like, okay, people are going
• 16:55
  to not have to worry about getting taxis or Uber's in 10 years time. So investing in
• 17:00
  the ownership of a car. Oh, yeah. Do you know what I mean? Like if I don't own a car,
• 17:05
  I'd still want to give it an Uber. But I mean, investing from something like Uber.
• 17:08
  Like, you know, like if I don't own a car in London, so I would I would use a driverless Uber.
• 17:13
  Got you. That made sense. Yeah. But yeah, it's no, that's very true. You can't constantly think
• 17:16
  about like, what will the future mean? What companies will benefit? What won't? What companies won't?
• 17:20
  But Amazon did this. So they started as an online bookstore, an online marketplace selling goods
• 17:26
  and services and sorry, selling products. And then today's start is just selling books.
• 17:31
  Selling books. Really? Yeah. And then they brought out the Kindle and everyone was like, why would
• 17:36
  you bring out something that's going to fully ruin your own business? That's right. Yeah. And they
• 17:40
  were like, no, no, it's going to be a game changer. Anyway, the side selling books didn't
• 17:43
  they obviously branch out to every single product. But what they did is they needed a whole bunch
• 17:48
  of software or cloud computing capacity to run their business. So what they did is they started
• 17:55
  their own cloud computing business. And now that is like, I don't know if it's generating more
• 18:01
  than the marketplace probably. But like, it's just, I think that's what he's, what Teaser is doing
• 18:06
  and what Elon Musk is doing is he's like, yes, we started with cars. But now we spend so much
• 18:11
  on software. Let's create our own in-house software. So genius. Yeah. Elon Musk for the win
• 18:18
  when it comes to innovation, right? Well, this is the whole thing that we've been learning about
• 18:22
  this capital raising journey is like, let's just do a little update there. So we're raising capital
• 18:27
  for the first, which has been a very steep learning curve for us, isn't it? In a good way. Yeah.
• 18:33
  But what was so basically that just means taking external capital or money from people to help
• 18:40
  grow the business faster. And what I'm, how am I comparing the curve end? I'm loving it.
• 18:47
  Is that it's all about, we've been told, we've got, we're doing this program as well with
• 18:52
  Linda Jenkinson, who we interviewed last week. Yeah. And she's always like, the success of a business
• 18:59
  comes down to three things. She's like, do you want to take it guess what they are? And I can't
• 19:03
  pronounce it, but she's like, no, no, you're wrong. She's like, it's entrepreneur, entrepreneur,
• 19:07
  entrepreneur, entrepreneur. And it's so true. It's like, you're backing Elon Musk, you're backing
• 19:12
  Jeff Bezos, you're backing those people. So, so fear of that. We could be selling bananas.
• 19:22
  Do you know what I mean? Yeah. And it's all about people. It's all about people. And
• 19:27
  Stephen Bartlett says as well, it's like, every person is in the recruitment business.
• 19:31
  You know, it's like, it's all about who you hire, who you support. Like, the company is only
• 19:36
  the people. Like, all of it, thank you to Emily. She's literally in the room right now. We'll take
• 19:40
  the soft line. Yes. But that also comes to my next point around meter is they had a really great
• 19:48
  financial result. But if you didn't like it, and there was three reasons, their revenue
• 19:52
  projections for the next quarter were weren't what people expected. They're going to increase
• 19:58
  their capital expenditure. So what they're going to spend in the future. And the third thing is
• 20:03
  this meter versus they keep going on about everyone's like, it's just a break. And everyone's
• 20:08
  just, I just sounds like it's costing you more and more and more of investor money. And we're
• 20:11
  not happy with it. But you've got to go back and look, okay, what has Mark Zuckerberg done?
• 20:17
  Like, historically, these big bets have all paid off for him. Yeah. You know, like, yes, he might
• 20:22
  be talking about meter versus and we're sitting here as investors being like, oh, what are you talking
• 20:27
  about? It's like, no, no, he knows that business the best. He knows get up your high horse. I know
• 20:31
  Mark from Taranaki. You know, like, as if you are in a position to judge Mark Zuckerberg's business,
• 20:38
  decision, you know, he does not care about you. He is like, whatever, I'm just going to keep
• 20:42
  growing it. Yeah. So it's kind of a bit of trust in loyalty. Like, meter's been around for 20 years,
• 20:47
  they've, during that time, I don't, did you see that mean? It was like, from this to steal your
• 20:52
  dollar, don't miss to steal your girl. Like, look at the transformation. He's gone from like,
• 20:58
  weedy looking tech geek to like, kind of cute, moustache, chain around his neck.
• 21:04
  Sort of a bit of a tan like giving your daughter, stealing your girl. So true. Anyway, yes, meter has
• 21:09
  gone through 20 years of so many things that we've gone from desktop to mobile. You know, he introduced
• 21:15
  stories and reels that people were like, oh, that's not going to work. You know, when reels came in,
• 21:20
  or even when people said, um, we used to just do one photo on Instagram and now we do 10 and remember,
• 21:25
  we're like, lame, you've got a whole album. Yeah. And now we're like, oh, could we have more?
• 21:29
  I think he's just, yeah, I personally think sometimes when companies are investing a lot,
• 21:35
  it can be a bad thing. And they can keep investing, keep investing and not actually see any
• 21:38
  fruition of like their investments. But a company like this, I look at this and I'm like, wow,
• 21:44
  okay, he's investing more. And yes, investors might not like it, but he's, he's playing the long
• 21:49
  game. He's, he's looking at this business from a long term view, which is what we should be doing
• 21:53
  as well. Not, oh, they've had a shit result this quarter. You know, so I think it's quite genius
• 22:00
  from him. I definitely think that that's something I've learned from you over the last couple of
• 22:05
  years is like, there's a lot that can be said for looking at the, the data of a company and the
• 22:11
  revenue and blah, blah, blah, but it's also just as simple as like, do you believe in the person
• 22:14
  running it? Yeah. And the products and like the market they're operating in, it's actually quite
• 22:19
  simple. And he's got a huge percentage of the shares that Meta has. So he's incentivised to make
• 22:25
  it work as well. You know, like I think that's also a huge factor to consider. And Google,
• 22:32
  she did have a lot. Yeah, I know. Yeah. It was so excited about this episode. So I've got so much
• 22:37
  to hear about. Google, which is called Alphabet. So they have declared their first ever dividend.
• 22:44
  Yeah. So this company, and it seems like it's been around for pretty much years, 25 years old.
• 22:49
  And this is the first ever cash dividend. How much are they given? 20 cents per watch.
• 22:55
  Yeah. Which is tiny. So how many, how many, so 160 US dollars and you 20 cents? So it's peanuts.
• 23:02
  Well, that's not that. Yeah. But it's also, it's just a good indication. Remember,
• 23:06
  dividends are a great sign from a company that things are going well. We can return cash to
• 23:12
  shareholders. And they also announced a share buyback of $70 billion. So remember, so a share buyback
• 23:21
  is also another good sign. So this is like a double whammy of good signs. So many green flags.
• 23:25
  Yeah. So many green flags. It means you know what? We've got all this cash that we don't
• 23:30
  know what to do with really. Like we've allocated some to growing the business. We've allocated some
• 23:36
  to launching new products, launching new markets, whatever. And we've got $70 billion left over.
• 23:42
  We're going to buy our shares back. It's almost like we've got $70 billion. Yeah. We may as well
• 23:47
  invest that in the company and buy more of our company back because we believe in the future.
• 23:51
  Yeah. And it's also like imagine you were holding Google stock and a new $70 billion
• 24:00
  investor wanted to buy that much stock. You know, like they're coming in to buy $70 billion
• 24:07
  that's going to create a natural lift in the share price because they're just buying $70 billion.
• 24:12
  They're a huge investor. Yeah. So it's like a big honcho person coming in. Yeah. So yeah.
• 24:21
  Okay, love that. Quite interesting. But also it goes to show like you the fact that it's been
• 24:26
  listed for 20 years and it's their first dividend. You know, like some people think that dividend.
• 24:31
  Yeah. Exactly. Yeah. Okay. Great. That was a very interesting curveway. I loved it. Yeah.
• 24:38
  Thanks. I've had a panor chocola for breakfast. It's not enough. I can tell. Yeah. Why?
• 24:44
  I was just going to give you a shit for not eating because you're stomach. Could you hear it?
• 24:46
  Yeah. I thought I got away with that. Never. It's like a fart. I thought I got away with it.
• 24:53
  No. No. No. No. You didn't. Okay. In my defense. Sorry. That's gross. No. I'm not even defending myself.
• 24:58
  Who cares if my stomach grump will get hurt. Yeah. I'd love a panor chocola. Yeah. I'm sorry.
• 25:02
  Just be out on the mic. I actually got coffees this morning for the whole team of you.
• 25:07
  And what? No, I was going to get panor chocolas as well. Oh, wait, didn't you? Because I got coffees.
• 25:14
  Thanks. Thanks. Next time. Okay, bye.
• 25:17
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• 25:21
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• 25:39
  and see you next Monday. Bye. Bye. See you next Tuesday. Wow.
• 25:48
  See you next Tuesday. I mean, Monday.
• 25:56
  You