Latest / The Curve / RTC47: Why you shouldn't panic if your portfolio isn't doing well

Transcript

RTC47: Why you shouldn't panic if your portfolio isn't doing well · The Curve

• 0:00
  Welcome to the Curve Podcast, a conversation for women who want to learn more about money,
• 0:06
  their money for the future they want to have.
• 0:09
  We're all busy in the pursuit for financial confidence and increasing your wealth should be a simple one.
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  This podcast is for women to learn about investing in a non-scary or intimidating way.
• 0:20
  With short episodes you'll have time to learn, digest and understand everything to do with the world of investing.
• 0:28
  So thank you for being here and for listening.
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  Because together we really can raise the curve.
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  So soft.
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  How are you?
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  I knew you'd bring this up.
• 0:39
  I've had it.
• 0:40
  I've had a little bit of a Botox disaster.
• 0:43
  You look a bit grumpy.
• 0:44
  Is that...
• 0:45
  I know.
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  ...just because you can't smile.
• 0:47
  Okay.
• 0:48
  Like, just for context.
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  So I have a very clenchy.
• 0:52
  It's honestly a bit psychotic how much I paint my mouth when I'm sleeping.
• 0:57
  And anyway, the dentist was like, look, why don't you try Botox?
• 1:01
  Because you're going to keep cracking teeth and you're going to need root canals.
• 1:05
  And I was like, oh gosh.
• 1:07
  Okay, right.
• 1:08
  Let's get some Botox in these.
• 1:09
  So anyway, got Botox and they put way too much in it.
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  And it is...
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  Well, I mean, I can barely move my mouth properly.
• 1:17
  I sound normal to talk, but when I laugh, it is something else.
• 1:21
  Well, let's just think.
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  Thank God this podcast is audio.
• 1:24
  Not for you.
• 1:25
  Well, it's not.
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  We're talking video.
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  I know.
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  And every time we laugh, I have to hide my mouth behind the microphone.
• 1:32
  No.
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  Because it's...
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  And you're such a laughy person.
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  You're such a smiley, bubbly, positive person that you're like, oh, hey, hey.
• 1:41
  God, it's not that bad.
• 1:42
  It's not that bad.
• 1:43
  It's not that bad.
• 1:44
  It's not that bad.
• 1:45
  It's not that bad.
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  I remember when it was happening, when it was first starting to settle in the Botox,
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  it was like selling to settle into my jaw.
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  And we were actually having a meeting.
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  And I was like, oh, my God.
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  My mouth's like, why is my mouth not moving properly?
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  And I got out of...
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  Instead of looking in the mirror.
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  And you were like, it's fine, baby.
• 2:00
  You're like, you're matching it.
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  And I thought, okay, yeah, yeah, I'm matching it.
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  And it was a classic, sick Harris, like trying to not be awkward.
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  And tell me I have to spend it for my time.
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  I must admit, as the record went on, I did notice every time you laugh.
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  Just like...
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  This is me really trying to laugh.
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  Oh my God.
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  Oh my God.
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  You're left.
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  You're left.
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  Do you know what it looks like?
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  Do you remember my ex boyfriend from Sydney?
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  He has quite a small mouth.
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  Oh.
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  That's what I look like.
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  Don't say who we're talking about.
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  But don't you reckon it's what I can look like?
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  Yeah.
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  Oh my God.
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  It's just...
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  It's like you're...
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  It's like it's like painful to laugh for you.
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  You look like you're like...
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  I know.
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  Not enjoying it.
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  But yeah, now I'm like, I don't know what trade-off I would want.
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  Not bad.
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  I think I'd rather smile and have migraines and chip teeth.
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  That's a hard choice.
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  Because the smile's so bad.
• 2:54
  Yeah.
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  I've also got my...
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  But that's weird that here affects here.
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  I've got my dad's wedding in three weeks.
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  And I have to be in wedding photos.
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  And I'm like, what am I going to do?
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  Like I can't even do a small smile.
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  Yeah.
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  That's as much as I can do.
• 3:09
  Well, we're like, wow.
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  Sobs really stoked to be here.
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  She's loving it.
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  She's having a great time.
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  God.
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  How are you, Vic?
• 3:18
  Good.
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  Voice is back.
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  I'm back.
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  Woo.
• 3:22
  Oh, it's good to hear it.
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  And you're perky.
• 3:24
  I know.
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  Perky and back.
• 3:26
  Hey, so right now I just need to paint the pictures to where I am.
• 3:30
  So I've flown to Porto.
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  I'm staying with a friend who I used to work with in Porto Animation.
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  Porto Animation.
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  It's your progression.
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  Yeah.
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  So it's where Porto wine.
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  Porto wine.
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  It's made.
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  It's really amazing.
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  Such a good place.
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  But like you should see the setup.
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  My friend actually also works in broadcasting.
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  So she was like, don't worry.
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  They, but it's fine.
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  We've like completely turned her bedroom into a broadcast studio.
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  With like my light on her bed.
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  We're using like a suitcase to pop up the computer.
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  Like it is anything but chic.
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  So I just thought I'd let you know.
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  Keeping it real.
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  Behind the scenes.
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  Yeah.
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  Yeah.
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  This is a length we go to to record the podcast.
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  Really hope there's people listening.
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  But quite amazing that you that we can do this remotely.
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  You know.
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  Yeah.
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  True.
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  And also we're talking today about the energy crisis in Europe.
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  So you know, here I am on the ground.
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  Just your European con Europe.
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  What am I?
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  You'd be great in TV.
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  Crossing live to your US correspondent.
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  I mean, if I don't have Botox in my mouth.
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  Because then I would not like to be on television.
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  True.
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  Yes.
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  But we are talking about the Europe energy crisis.
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  And it's, I mean, it's headlines that I read all the time.
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  And then there's headlines that it's going to get worse before it gets better and all the stuff.
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  And I just like sitting here and I'm like, gosh, I feel for the people in Europe.
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  Like they, you know, not only are dealing with inflation on all other aspects in terms of food inflation and clothing and everything else.
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  You know, transport all that kind of stuff.
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  Life is just so expensive over here.
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  It is for everyone, but I think just the magnitude of the inflation pressures in Europe is just like crazy.
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  And so I wanted to kind of touch on why it's happening.
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  Will it get worse and kind of what is the investment angle or, you know, what are we seeing?
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  How are we seeing this play out in the investment world?
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  I don't know about it as one thing, but being here and seeing the stress of everybody is another.
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  You know, like, I remember when I was growing up, my dad would be like, turn the lights off all the time.
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  He would bang on and on and get in the dishwasher.
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  So annoying.
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  Yeah.
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  But when it comes to like living here now, like I won't leave a room for more than 20 seconds without turning it off.
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  Like I am on it because it's coming out of my pocket.
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  You could have it to get into anyway, you know, like conserving energy.
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  You know, why is the light on if nobody's in the room?
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  You know, it's kind of makes sense.
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  I can finally think like kind of sounding on my mother, but it makes sense to turn the lights off when you leave the room because it conserves energy.
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  And yes, now with energy prices so expensive, there's a kind of an edit incentive to turn the lights off.
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  But yeah, some people are spending, it's like 50% of their disposable income on energy now.
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  So they're heating, they're lighting, they're, they're cooking, everything in their house to do with, you know, energy.
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  They're paying about paying away 50% of their disposable income, which is just crazy.
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  But that is absolutely nice.
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  I mean, I don't know numbers on homeless people in London or in Europe, but there's a lot of people living on the streets.
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  And I just think it's perspective.
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  It's like, yeah, of course, Bill's really expensive for me.
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  But there's people who are quite like so many people that are being pushed into being homeless because they can't afford their bills.
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  You know, I mean, that is just.
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  There will be a lot of people that are lucky enough to, you know, adjust their spending and yes, the increase in energy costs hurts a lot.
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  But they can cut back on other areas.
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  And then there's a whole lot of people that it is literally the tipping point.
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  You know, they, they, they cannot afford to feed their families, they cannot afford to eat.
• 7:23
  And like, that's where it gets really, really sad because it's, it's a function of, I guess if we take a step back, it all happened because, well, the main driving factor was.
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  Is it Putin?
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  It's Russia invading Ukraine.
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  Yeah. And so back in February, when Russia invaded Ukraine, there are a lot of the Western countries Europe included kind of stood up and said, you know what?
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  But the thing that we can do as a country to condemn Russia and say we're not happy with what you're doing is to put these sanctions on Russia, which is effectively saying, you know, we're not going to.
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  We're not going to, we're not going to, we're not going to have relations with you effectively.
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  And so Russia is supporting your economy by totally of your products.
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  So how you normally make money, which is a lot of it is through oil and gas is no longer required.
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  So we'll get it elsewhere basically.
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  Yeah, we're going to try and starve your economies.
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  You can't fund the war by not taking your exports effectively.
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  And so Russia was like, okay, that's fine.
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  And now there's these repercussions of Europe being like shit, we actually need that gas.
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  So Europe relies on Russia for nearly 50% of its natural gas.
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  So it is a huge buyer of natural gas from Russia.
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  So when they say you're a Russia, we don't support you and Russia goes, that's all right, we're going to turn off the taps of gas for you.
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  Then that has huge flow on effects because if you've got limited supply now of gas, if you've lost pretty much 50% of your gas, then you,
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  you can't get that from the rest of the world and you can make up that difference.
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  And so the only thing that event rates from that is higher prices.
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  And this is what we're seeing play out with these ridiculously high energy costs is that you've got,
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  you've got the same demand or increasing demand because we're about to go into winter in Europe.
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  And you've got nearly half the supply of gas.
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  Which is why things are so much more expensive.
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  Exactly. There's there's less to go around effectively.
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  So that's what leads to price increases.
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  It's funny because I think there might be, I mean, I don't know if this is an ignorant thing to say,
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  but everyone's kind of talking about this impending recession and flow on effects from COVID and how the economy really isn't bouncing back from all the flow on essentially COVID.
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  But I guess I hadn't really put two and two together.
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  I knew that the reason that oil was expensive now is sort of Russia's fault.
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  But I don't think I realized it was almost 100% on Putin and the war.
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  I kind of thought that it was a culmination of everything happening opposed to it being quite easy to pinpoint.
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  This is the reason why things are so expensive.
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  So there's kind of a lot of things that Russia stopped exporting to Europe.
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  It wasn't just gas, but that's been the biggest contributor to these higher energy costs because Europe buys so much gas from Russia.
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  But they also stopped, like you said, they also stopped oil.
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  And oil was used in petrol. And so we're seeing petrol prices increase.
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  They also stopped coal. They also stopped wheat.
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  And so we're seeing the price of carbs go up, price of bread go up.
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  So there was a lot of things that they stopped, but I think the biggest contributor is the fact that they stopped natural gas.
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  And so yeah, it's literally people are struggling to keep their lights on, cook their dinner, keep their house warm.
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  And this is just when we're heading into Winter for Europe.
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  And the other thing that's kind of got people thinking, does this get worse before it gets better,
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  is that we've now got China that is kind of coming back online.
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  They've been in lockdown still for the last three years.
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  Because they're basically there approach to COVID has been very much like zero tolerance, right?
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  So it's like if there's one case in a giant mall, the whole thing gets shut down.
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  Is that right?
• 11:30
  Yeah, and we saw that with Disneyland.
• 11:32
  There was sorry, Disney World.
• 11:34
  Oh my gosh, yes, what happened with that again?
• 11:36
  There was one case at Disney World and Shanghai.
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  Was it one or 10 for some reason?
• 11:42
  I thought it was like, well, there was there was a few cases and there was an outbreak, I guess.
• 11:47
  And they have this zero COVID tolerance.
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  So as soon as there is one case, it's like everybody gets tested, nobody move.
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  And so that happened at Disney World, everybody got locked effectively in Disney World until everyone was tested.
• 12:04
  And there was like 30,000 people that didn't get tested.
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  And then they closed down the iPhone factory because there was an outbreak there.
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  So they're very still very, very much.
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  If there's one case, then that's not COVID zero.
• 12:16
  And that is their policy as COVID zero.
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  But now we've got them kind of relaxing this COVID zero approach.
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  Because they realize it's actually detrimental to their economy.
• 12:25
  Well, they're following Cindy.
• 12:27
  Yeah, yeah, yeah.
• 12:28
  Yeah, finally everyone's waiting on realize, you know, if you lock down the country, it doesn't really grow.
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  And so now as they start kind of ramping up manufacturing production,
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  just everything starts to come, starts moving again.
• 12:42
  And so it's just like, you've got this whole increase in demand as well as still a really tight supply of gas.
• 12:50
  And so that's why everyone's like, oh gosh, it could get worse and worse.
• 12:54
  It's better and Europe's going into winter, which means their demand is naturally getting increased.
• 12:59
  Oh, that's actually really scary.
• 13:01
  So what?
• 13:03
  Yeah, so Europe, the average increase in energy costs in Europe is about 40%.
• 13:07
  So I was doing some Googling, okay, what's the average power bill in the UK?
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  And I know UK is not quite a Europe anymore, but just to get an idea.
• 13:17
  So the UK average power bill is 575 pounds a month.
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  And then if you add 40% to that, that's jumping up to 800 pounds per month.
• 13:32
  Like that is a lot of extra pounds to find each month just to keep yourself warm, really.
• 13:40
  It's almost like hard to comprehend.
• 13:42
  Like that is so much more money.
• 13:44
  Like it would be, it's like almost paying rent again.
• 13:47
  It's like, oh, all of a sudden you've got to pay for another room or another house or like another child.
• 13:53
  Like it's a huge expense so much more than what people would have budgeted for.
• 13:58
  If we think about that, if you think about a lot of people in Europe having to find that extra couple of hundred pounds on average, you know, where are they not spending that money?
• 14:09
  And so if we look at this from kind of an investment point of view, it's good to look at, okay, what if when you read a headline like,
• 14:16
  your Europeans are now spending 50% of their disposable income on energy, on the energy costs.
• 14:23
  It's really good to think, okay, what is, put your investing hat on and go, okay, what are the kind of the positives or the negatives from that headline?
• 14:31
  And for me, the negatives from an investing point of view is that people are going to have to pull back this spending on other things.
• 14:38
  Okay, so what companies won't benefit or will be negatively impacted?
• 14:42
  Probably retailers, for example, maybe travel companies, your people aren't spending, you know, aren't doing that extra holiday.
• 14:50
  They're not buying those extra clothes, restaurants, you know, all that kind of really discretional spending.
• 14:57
  The booze stuff.
• 14:58
  Yeah, that you're like, I'll say maybe.
• 15:01
  Yeah, exactly, all the want companies.
• 15:04
  You know, I'm not going to go to that restaurant because I now have to pay so much more just to keep my house warm.
• 15:11
  And then on the flip side, it's like, okay, what companies are benefiting from that?
• 15:14
  What companies will, or will do better relatively?
• 15:19
  So we've spoken before about those real defensive companies, you know, that the staple supermarkets, all those kind of companies where, you know, even if the price of your heating goes up,
• 15:29
  you're still going to have to go and feed yourself.
• 15:31
  And then some other companies, which we've seen do really, really well, which a lot of people might not agree with.
• 15:38
  And I don't either, but we'll put it out there anyway, is the oil companies.
• 15:43
  Now, we've spoken about, yeah, it's just so wild as well.
• 15:49
  But this is a really good discussion point.
• 15:51
  No, it's so frustrating because I felt like we'd come so far.
• 15:54
  And now it's slipping back down the hill into a big bowl of oil and it sucks.
• 15:59
  Yeah.
• 16:01
  And so we're seeing that oil companies do really, really well because they've got such high oil prices at the moment because of that restricted supply from Russia.
• 16:12
  You know, people are paying more and more to get oil from other places, so the price of oil has gone up.
• 16:18
  And these oil companies, so you're thinking BP, ExxonMobile, Chevron, all those really big, big oil companies are benefiting from these higher prices.
• 16:28
  And so it's really frustrating to see as an investor, especially in a portfolio manager that manages a sustainability fund that doesn't invest in these names.
• 16:39
  They're saying these names do really well, but it's just the nature of investing.
• 16:43
  Nobody could see the pandemic was coming.
• 16:45
  Nobody could see that the war was coming.
• 16:47
  And so these things play out, not as you expect.
• 16:51
  And yes, in the short term, these oil companies are going to do really well.
• 16:56
  In the long term, I think the thesis still stands in terms of where we're going to be.
• 17:02
  We're trying to decarbonize the world.
• 17:04
  We're trying to invest in renewables, electric vehicles, all those kind of companies that will help with that journey.
• 17:10
  And so I think it depends.
• 17:12
  If you're taking a short term view, then yes, I put folio and oil and gas companies will do really well.
• 17:19
  But if you're taking a long term view, then I think that portfolio with kind of more of a clean energy tilt will do better in the long run.
• 17:27
  So it's kind of like, what is your goal?
• 17:30
  Was it short term? Is it long term?
• 17:32
  Because you also, when you present, you've said this before, like when you present your fund to a room full of older men.
• 17:39
  And you're like, no, the sustainability and clean energy, it's the way to go.
• 17:43
  It's the way of the future. And they're like, is it like that must have been made so much harder in recent months with what's happening with the oil companies doing so well?
• 17:53
  100% they're like, see, told you.
• 17:56
  But I think it totally depends on your investment horizon.
• 18:01
  And I just keep saying, well, my investment horizon isn't a few months, it's years.
• 18:06
  It's five, 10 years.
• 18:08
  And I have way more confidence sitting here in 10 years time, knowing that we're going to be way more, we're going to be much further ahead in terms of
• 18:19
  lowering our impact on the environment.
• 18:22
  And I feel way more comfortable, personally, as well, supporting those companies that are helping us get there,
• 18:29
  rather than sitting here getting a short term win from these oil companies, which when you're trying to invest for the short term is so difficult because who knows when it's going to turn?
• 18:37
  Who knows when the war in Russia will end?
• 18:40
  All those natural gas will start coming to Europe, energy prices will come down, and hey, presto, we're kind of back to normal, and then those oil companies won't do well.
• 18:49
  So it's kind of, you never know when that should happen.
• 18:51
  It's definitely when people have more short term goals in terms of like, I want to double this money in the next two months.
• 18:57
  Or I want to, you know, whatever it is, that kind of like almost gambling mentality opposed to what companies am I wanting to support here?
• 19:05
  And like, what do I believe in that will, yeah, as you say, I mean, it's kind of a no-brainer at this point.
• 19:10
  Like, where in the sixth mass extinction? Like, if the world does not go towards renewables, there's not going to be a world.
• 19:18
  So it's kind of like, at what point do you need more proof that those companies in, as you say, 10, 15 years will be vermin?
• 19:25
  Like, there's kind of no two ways about it. That is 100% detrained.
• 19:30
  It's not like we're going to be running on oil for the next 15 years.
• 19:33
  Totally. And we're kind of seeing this already play out. So yes, in the short term, a lot of countries and governments have had to be like, shit, okay.
• 19:41
  We can't have our entire population sitting in the cold during winter.
• 19:46
  We need to start, we need to either pause what they call decommissioning kind of coal fire plants or, you know, these these plants that use fossil fuels to produce energy, which is bad for the environment.
• 20:00
  They're like, look, okay, we need to stop winding these down for now so that we can actually keep people's lights on.
• 20:05
  Shit, that's quite scary, isn't it?
• 20:07
  Yeah. And so all we need to go by coal and from somewhere, from some other countries.
• 20:12
  So there has been a little kind of tick up in consumption of coal to help fuel these countries to ensure that people aren't freezing.
• 20:22
  And so in the short term, yes, unfortunately, we've kind of taken a step backwards.
• 20:26
  But in the long term, it's actually made economies and governments realize, shit, we can't rely on Russia that much anymore.
• 20:36
  We can't rely on one form of energy like gas anymore.
• 20:43
  We need to diversify, we need to be getting our supply from lots of different places.
• 20:48
  We need to start accelerating that shift to renewables because we don't want this to happen again.
• 20:54
  So it's actually removed a lot of retap from these renewable plants and projects that companies are doing.
• 21:04
  And started accelerating that move to renewables, but this does take time.
• 21:08
  So we are seeing kind of a short term negative impact on the environment because we're concerned about people effectively freezing during winter.
• 21:19
  But long term, I think it's going to have a really positive effect by kind of removing that retap and making us move to a more decarbonized economy quickly.
• 21:29
  And then there's other things that have been really positive, I guess, from this is that with people in Europe having such high energy costs,
• 21:38
  they're starting to walk to work or bike to work to save on fuel costs.
• 21:43
  They're starting to kind of eat at home rather than eat out.
• 21:47
  That kind of thing has been more time with family.
• 21:49
  And so there are a few positives, but it is.
• 21:52
  I love the positive mindset.
• 21:55
  There was a crazy stat that dovey, like dovey sales and blanket sales have gone through the roof and like dressing gowns and all that,
• 22:07
  which was quite funny because obviously people are trying to keep warm at home, which is sorry, it's not funny.
• 22:13
  But like, you know, people are buying blankets and and and and throws and doves and really warm things.
• 22:21
  Yeah, hot water bottles like all that kind of stuff, which is quite.
• 22:24
  Oh, that's really so sad actually.
• 22:26
  Yeah.
• 22:27
  I mean, to think that people are like, oh, shit, well, we're better get more rugs because we can't afford to turn the heat pump on like.
• 22:32
  Yeah.
• 22:33
  Yeah.
• 22:34
  Oh, yeah.
• 22:35
  Can I ask a kind of a silly question about.
• 22:38
  My questions are silly questions, Sophie.
• 22:40
  Yeah, I shouldn't have even prefaced that.
• 22:42
  What's that thing?
• 22:44
  I was just going to say in terms of the types of energy we have.
• 22:47
  So we have clean energy, which is like wind solar, wind, solar, hydro.
• 22:53
  And then there's coal.
• 22:56
  What's the other one?
• 22:57
  What's the other dirty.
• 22:59
  And there's oil.
• 23:01
  Okay.
• 23:02
  So it's also there's oil coal.
• 23:04
  It's either two main ones that are coming from Russia.
• 23:07
  And then there's gas as well, but you can get natural gas, which is, which is not bad for the environment.
• 23:13
  And then you can have LPG, which is liquid petroleum petroleum gas, which is, it's kind of confusing because you've got natural gas.
• 23:21
  And then you talk about gas.
• 23:23
  And yeah, that's why I was confused.
• 23:25
  I was like, oh, yeah.
• 23:26
  So when Americans talk about gas, they're talking about LPG liquid petroleum gas, which is just petrol.
• 23:33
  So, you know, they're going to the gas station.
• 23:35
  It's not actually gas, they're filling their car with, they're filling it up with LPG.
• 23:39
  And then natural gas is kind of what we have.
• 23:42
  If you have a gas stove and you turn on the gas, that's natural gas.
• 23:46
  That's still so.
• 23:47
  Oh, is it natural gas?
• 23:48
  Well, it depends where you're living.
• 23:50
  But the great thing about New Zealand is that we are very self-sufficient.
• 23:54
  So this could never happen.
• 23:55
  Well, never say never, but this could.
• 23:58
  Is this very unlikely that this would play out in New Zealand because we are about 90% renewable energy here, which is great.
• 24:05
  And we, yeah, and we do use a lot of natural gas, but it comes from, comes from our own country.
• 24:12
  So we don't have to worry about ever kind of being, being cut off from that point of view.
• 24:17
  So that's really, really good to know.
• 24:19
  Because when I was researching this, I was like, oh, my gosh, could this happen to us?
• 24:22
  Like sitting here, paying my power.
• 24:25
  Buying all these white blankets and...
• 24:27
  Yeah, it's stocking up on...
• 24:29
  On the blankets.
• 24:30
  Oh, they're arriving at university.
• 24:32
  They're so gross.
• 24:34
  Oh, so, dude.
• 24:35
  Because like, how do you wash one?
• 24:37
  It's also you just chuck a blanket in the washing machine.
• 24:41
  Like, it would totally block it.
• 24:43
  Yeah.
• 24:44
  I always think of, like, for blind people.
• 24:46
  Really poor hotels with, like, black and red,
• 24:49
  I think, blanket throws.
• 24:51
  Like, when I was in Mexico and they may not have visited a sex hotel,
• 24:54
  they had red ones, and I was like, oh, that is nasty.
• 24:59
  Okay, so they take away here.
• 25:01
  So, yes, short term.
• 25:03
  We've kind of taken a step backwards in terms of, we're now using more fossil fuels to help, you know,
• 25:09
  keep the lights on and keep houses warm.
• 25:11
  And the long term, this has really helped accelerate a lot of these renewable energy projects.
• 25:18
  And so we can, we'll have, we'll be using a lot more renewable energy going forward.
• 25:23
  And it's kind of the same when you're investing.
• 25:26
  Like, there's going to be short term changes and things that go on that might kind of affect your portfolio.
• 25:32
  And you go, oh my gosh, have I got this completely wrong?
• 25:35
  You know, have I, should I be investing more in this or that,
• 25:39
  rather than, you know, what, what I'm currently investing in,
• 25:42
  and you might be kind of constantly thinking, you know,
• 25:45
  should I be changing my portfolio to benefit from these short term trends?
• 25:48
  But it's really, really important to think, no, no,
• 25:51
  things change in the short term that we kind of don't really have any control over.
• 25:55
  And things can come from their field.
• 25:57
  But it's really important to kind of back yourself, have confidence in yourself,
• 26:02
  and you know, make sure that you are taking that long term view
• 26:06
  with the companies you're investing in, or the fund that you're investing in,
• 26:10
  or the ETF, whatever you're investing in, that,
• 26:13
  you know, you are taking that long term view because there will be things
• 26:17
  that happen in the short term and you're going, oh my gosh,
• 26:20
  I've got this completely wrong.
• 26:22
  But yeah, it's really, really important just to, you know,
• 26:25
  to have that goal and have that focus and kind of not get distracted, I guess,
• 26:30
  is what I'm trying to say.
• 26:32
  Because I think it's really hard when you think it, yeah, no, it does.
• 26:36
  It's more just like, you know, looking, I think as humans,
• 26:40
  what we struggle with is the unknown, you know, we, we,
• 26:43
  which is mind-beastings can be so frustrating because you're like,
• 26:46
  well, just tell me what's going to happen.
• 26:48
  I want to know the answer.
• 26:49
  You know, it's really hard to sit back and have trust,
• 26:51
  I think, in any situation.
• 26:53
  A lot of it sounds like I'm just a scorned woman.
• 26:55
  I don't trust anyone.
• 26:57
  No, but it's more, but it's more just...
• 27:00
  Scorned woman?
• 27:01
  I don't hear like this.
• 27:05
  She's old ladies.
• 27:06
  So they're going to like rocking shoes.
• 27:08
  And of course, I think it's because I've been forced up at the moment.
• 27:14
  And honestly, it feels really old school.
• 27:16
  Like all the buildings are so old.
• 27:18
  It's really cool.
• 27:19
  Anyway, just to get you to know it is in Europe at the moment.
• 27:26
  No.
• 27:27
  What I was trying to say is that it's really hard to envision
• 27:32
  what when this war is going to end or when what's going to happen
• 27:35
  with Russia or is a recession coming?
• 27:39
  And then we fund for the next 10 years.
• 27:41
  You know, it's quite scary.
• 27:43
  I think there's just like many things going on at the moment
• 27:45
  that makes it hard to stick to your gun.
• 27:48
  So it's really nice to get that reminder of, you know,
• 27:51
  don't panic by, don't panic.
• 27:53
  So remember your long-term goals.
• 27:57
  Yeah, no defiantly.
• 27:59
  And also comes back to being about diversified
• 28:02
  because, yeah, we don't know what's going to happen.
• 28:05
  Oh, my God, it's diversified.
• 28:06
  It should be like a fun new.
• 28:08
  This is a different.
• 28:09
  I know.
• 28:10
  I feel like I should like, I'm like the biggest part of the material.
• 28:13
  You need to need a new material.
• 28:15
  Like if they could pay me commissions for spreading the diversification word,
• 28:20
  you know, we would be rich.
• 28:22
  You would be a wealthy woman.
• 28:26
  Yeah, I mean, that was kind of what I had to say on this.
• 28:30
  Oh, so we don't know.
• 28:33
  I don't really know how to round it up.
• 28:36
  Okay, I've round it up.
• 28:38
  I've got it.
• 28:39
  So my question is, what are we going to do in terms of like,
• 28:44
  do we basically have to wait for the Russian war,
• 28:47
  Ukraine war to end before we will then start taking gas from them again?
• 28:53
  Or like, what is there any other solution?
• 28:56
  Yeah, no good question.
• 28:57
  Yeah, that is obviously the big one.
• 29:00
  It's just, it's also a big factor is just the,
• 29:03
  that a lot of places were shut down during COVID.
• 29:07
  So they're kind of ramping back up as well.
• 29:09
  So hopefully when they can start ramping up in terms of their supply and their production,
• 29:14
  that will help alleviate things a bit more.
• 29:17
  But yeah, it's just, it's a case of when this will fix itself.
• 29:23
  If it, because it will be a case of when, but nobody really knows.
• 29:27
  So it's, it's, it's pretty frustrating and concerning.
• 29:31
  And the market hates uncertainty.
• 29:35
  And so this, not knowing what's going to happen in the next 12 months,
• 29:39
  next two years is, is really, really bad.
• 29:43
  Not only for people of Europe, but for the markets as well.
• 29:47
  And on that positive note.
• 29:49
  This was obviously quite like quite an intense and also overwhelming episode.
• 29:54
  If you are feeling a little bit like, oh my god, I feel like I'm,
• 29:58
  I'm stressed about my portfolio or I don't know what else to do.
• 30:02
  Like, I don't really want to invest because I feel afraid.
• 30:05
  Or you know, if there's any kind of fear or anything,
• 30:08
  please feel free to get in touch with us.
• 30:10
  And when I say that, obviously I'll be directing those messages to Victoria.
• 30:14
  But I definitely think it's like solidarity and numbers.
• 30:18
  Like, what is our long term goal?
• 30:20
  It's fine. We're not investing for next six months.
• 30:22
  Yeah, like try and not to take it on because there's so much stress in the world right now.
• 30:27
  The last thing you need to be worried about is, you know, you're portfolio on top of that.
• 30:31
  So get in touch with you.
• 30:33
  Any questions?
• 30:34
  Okay, bye.
• 30:36
  Thank you so much for joining us for today's episode of Raising the Curve.
• 30:40
  Please subscribe and leave a review on what ever platform you're listening on.
• 30:44
  And we would also love for you to share this podcast with anyone you think would benefit from it.
• 30:48
  For more information about the curve and how you can learn more,
• 30:51
  head to thecurve.co.nz or find us on socials at the underscore CurveNZ.