Latest / The Curve / TCW81: Revolut IPO buzz & Starbucks' $120M shakeup.

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TCW81: Revolut IPO buzz & Starbucks' $120M shakeup. · 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, I'm poor.
• 0:15
  I couldn't even, I don't think I could date an actor either. Just for context, anyone that didn't
• 0:19
  hear, we're in a new studio and so like Spike, the audio engineer does like those. It honestly
• 0:26
  looks like, you know the emoji in your phone where it's like a movie clapper thing,
• 0:30
  you know like the black, what even is the word for that? Like a movie clapper? Yeah, where it's like
• 0:34
  take one, take two, take 56 and that was like imagine one day, a thousand actress, I was like,
• 0:41
  do you know what, I just don't think that that's going to be your second career.
• 0:44
  Yeah, but what did you say about the dating story? I just couldn't date an actor. Why?
• 0:49
  I'd say them hooking up with someone on the screen, I'd be like, you're cheating, you're cheating.
• 0:54
  Yeah, I mean, I don't know. I feel like I've got to be like fine about it. It's fine, it's fine,
• 0:59
  it's just acting, it's just acting. I mean, how many actors and actresses are in a movie together,
• 1:05
  and then you end up in a relationship? Because they really have chemistry. Maybe why I should be an actress.
• 1:11
  Why? Because you'll find someone who might fall in love with my co-host. My co-host? My co-host.
• 1:16
  Looks like secretly wishes I was a guy. I mean, would make life easier. No, we don't,
• 1:21
  because we'll be so sick of each other. Imagine working together, being friends, having sex,
• 1:26
  living. Did I say living together? Yeah, I don't know. Yeah. All of the above would be like,
• 1:30
  get home and what would you talk about? Where's the diversification? Yeah. So I have just come back
• 1:35
  from a beautiful holiday inside in here. Oh, it's probably like one of my favourite places I've
• 1:41
  reckon. Do you think? Yeah. Wow. What was so great about it? Oh, just like Italy, but the
• 1:46
  beach. It was just a great combination, everything, you know? But why I need to know, because I've
• 1:50
  just been to Italy too. What about Sardinia was, because it's an island, right? Beaches, food,
• 1:55
  the amount of like chill, but then like bougie, you know, like I don't like completely baron. I like
• 2:00
  to have a nice restaurant, nice speech club. But anyway, we stayed at this hotel that I booked
• 2:05
  through booking.com. And then no sooner after I'd booked it, I was like, damn it. It's like, I should
• 2:12
  have used shop back. Oh, because we've only just found out about this. Yeah. It's such a hat.
• 2:17
  And I was so gutted and I like couldn't go back in any way. So I have made it like a thing now
• 2:24
  that anything I buy, even my Uber rates in the weekend, I put through shop back, which was great.
• 2:30
  So how does that work? So shop back has like over 250 leading online brands on there. So if there's
• 2:36
  any kind of online shopping you want to do, just go through there first, see if it's on there,
• 2:41
  and then go through there because you get instant discounts. And so is it things like
• 2:46
  close to Uber rates to holidays? Yeah. And even some things you're like, oh my goodness,
• 2:51
  I didn't think that that would be on there. So if you had found, for example, say you'd found your
• 2:55
  hotel that you wanted to book, you found on booking.com, you could have just quickly checked shop back
• 3:00
  and you could have done it on there and you would have actually earned money back. Yeah, you get cash
• 3:05
  back that accumulates and then you get it back. So even better, if you sign up using the code
• 3:10
  curve five or on capital letters, then you get five dollars extra sign up on us. So the idea is
• 3:16
  you'll get five dollars in your account, but then you can keep using shop back, keep getting money,
• 3:20
  and then eventually you can get it paid out. And am I right in thinking you can do it into your
• 3:24
  paper or a New Zealand bank account? Yes, you can. That's so awesome. Yeah, I love that. Yeah.
• 3:29
  Okay. How great. Yeah. Go visit shop back. We love that. Okay. So we need time saving every dollar
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  account. Every dollar account is right now. But for all New Zealanders, shop back in Zed.
• 3:40
  Get amongst it. Get amongst. What is happening in the world of money, business, stock market?
• 3:47
  Is we have we had a big week weekend? What's going on? Yes. There has been a lot going on. So
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  the biggest headline, and it was actually splashed across the FT this weekend,
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  and financial times. Thank you. Yeah. The financial times. I love it. Daniela,
• 4:03
  commercial director when she arrived in London, she's like, oh, so good to be able to pick up an
• 4:07
  actual financial time. So I was like, I know the feeling that was like the first thing I did when
• 4:10
  I landed here. I was like, because you just read it online and then you just feel like maybe I
• 4:14
  should get one and see if I like it. It's quite nice. Get him a newspaper in the weekend.
• 4:18
  Reading, I mean, I don't have time to do that during the week, but yeah. Or maybe you'll get
• 4:21
  it delivered to our new office. A lot of people are like, what's the office? Who's Danny? We have
• 4:26
  actually recorded an introduction so that you can meet the team because we've got lots.
• 4:30
  Yeah. A big change is happening behind the scenes. They might be like, who's Danny? What?
• 4:33
  What? Anyway, she's our commercial director. She's amazing.
• 4:37
  Anyway, so it was splashed across the front page of the FT this weekend, the financial times,
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  and it is that Revolute might be IPO-ing. Now, for those of you who don't know what Revolute is,
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  it is a digital bank. It is one of the UK's most valuable Fintech companies,
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  and for those of you who don't know what an IPO is, it is when a company goes public for the
• 4:59
  first time, so you and I can buy shares. So pretty cool. For anyone that banks with Revolute,
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  loves the product, loves the service, you can now buy shares in it if you want.
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  Oh, soon, soon, soon, soon. It's quite funny because in New Zealand, we don't really have that
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  many digital banks. Are they called neo banks? Or is that like a... That's different.
• 5:20
  Yeah, neo banks is like, I think it's like smaller, smaller banks.
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  That's so embarrassing because the other day I was like, it's a neo bank and they were like,
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  oh, is that the word? I'm like, I'm sorry. I stand corrected. It is.
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  It's a digital, a digital bank. Okay. So, Monzo, Revolute, Wise, all digital banks.
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  And neo banks? It's essentially when they start digital because they need... No, but a lot of
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  a lot of New Zealand banks obviously have apps and they are online now, so you might be like,
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  what? But a neo bank is one that you don't, you can't go into a Monzo, you can't go into a Revolute.
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  There's no tellers, there's no yeah. I don't even think you can call to speak to someone that's
• 5:59
  all digital. Monzo. Yeah. We've got a Monzo business account and I'm just like always on the chat
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  being like, I want to speak to someone. But that's how they keep their fees so low and like,
• 6:13
  continue to remain innovative and all of that is because they don't have these huge overheads,
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  all the huge costs of having like a high streets bank, you know, whether they have to employ
• 6:23
  people and all of that. So, I also think it's like in terms of digital banking, like obviously,
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  if you've got, if you're with another bank and you have your digital banking, you might
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  notice the experience sometimes is not super fluid, like if you compare the user experience to an app.
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  Yeah. You're like, oh, it's not quite marrying up, whereas the neo banks are tech first. So,
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  the whole idea of it is that the experience has been created by using technology and so
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  they're kind of called Challenger Banks because you've got all these really archaic old banks that
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  have been around for like hundreds and hundreds of years, some of them. And it's so hard to change
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  a big institution's technology or be innovative when there's like so many systems and processes
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  already established, whereas when you're like a new entrant and you're a Challenger, you're starting
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  from a clean slate so you can be like, right, let's do tech first. And that's why, yeah, everything.
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  It's so much, so much easier to use, I find. And I think for our generation, it would be
• 7:21
  brought up with digital things. So, it's like we're used to it. Like my parents being like,
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  what, I can't call up or I can't go to the bank and deposit a check, you know, like that for them
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  would be quite difficult, but I think for us, we've grown up with this. So, yeah. But anyway,
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  they are possibly IPO-ing in London. So, they go on the London Stock Exchange? Yeah, but maybe.
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  So, the UK government's trying to woo them because they're looking at listing in the US. Oh, my
• 7:50
  gosh. And I wonder if it's like a client deal. Yeah, I take a full lunch.
• 7:55
  Oh, you don't know what all they do. It'll be like, look, we'll cut the fees or we'll cut, I
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  don't know, I don't know what discussion. Well, it makes sense though, because if it's a British
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  company, and it launched here, I fully understand why it would be ideal for it to launch.
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  Like if it does IPO on, is it the FTSE, or is that the index? Yeah. So, you would want a company
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  that has been established and founded and created in your home country to list on your home
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  Stock Exchange. But the whole thing with the London Stock Exchange at the moment is that
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  companies are leaving it because it's not doing very well. There's a lack of demand from
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  UK investors. And so, they're all going, a lot of companies are going to the US or other
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  exchanges. And so, they're trying to keep people on the Stock Exchange plus attract new ones.
• 8:45
  I don't know, from River Loots perspective, it's like, well, why would I go on the London Stock Exchange
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  was done terribly, which means my share price is probably going to do terribly. Or I could go to
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  the US Stock Exchange where it's done so well. And there's a lot of demand. You know what I mean?
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  It's kind of like, it would be like putting your stock, say you were a clothing designer and
• 9:05
  putting your stock into a department store that was like doing really, really badly. Or putting
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  it in a new, fleshy one, I mean, not saying the New York Stock Exchange is new, but like putting
• 9:13
  it in a department store that's new, exciting, got lots of customers, lots of shoppers,
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  you're more likely to sell more stock. And it's exactly like that. Let's use the example of a
• 9:24
  restaurant. Let's say there's two. Yeah, no, it was good. I just have another. Oh, okay. I was
• 9:30
  like, no, no, that was perfect. No, no, it is perfect. Sorry. I guess the main question I had is
• 9:35
  how can that be turned around? Because if we were to look at restaurants and there was two
• 9:38
  Italian restaurants next to each other. And one, always, there was flocks of people. It was
• 9:43
  known on Instagram. Everyone went there. Yeah. What if the restaurant next door that no one's at
• 9:49
  has a really beautiful menu and really delicious food? But because no one trusts it, because no one
• 9:54
  else is eating there, no one actually tried, like how does that restaurant actually make a comeback?
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  It would go to people and be like, hey, we'll give you 50% off to get you back in to try the
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  food. We know what's amazing. So this is exactly what's happening. So it'll be something like that,
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  or it'll be, yeah, I don't know the discussions, but I assume it's around like that kind of thing.
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  So because it would be really, I mean, I guess everything that's happening in the world politically,
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  like there's a lot of instability everywhere. I feel like all the money and all the economic
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  success being based in the US, I don't love it. Like if it could be diversified, we're like the
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  London Stock Exchange is doing really well. And so is the next day. You know, it's actually
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  positive for the whole world, not just London. Because if you keep getting the good companies,
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  good global companies going to the US, then more people start investing there, then more companies
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  go and it's just like it ends up being like very, yeah, like you say, undiversified and not very good
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  because everything's going there, it's going into their economy, it's taking away from other
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  economies. It's just like, it's not the best. But yeah, we'll see, we'll see what happens. But
• 11:00
  it's expected to be valued about $45 billion, which is quite incredible. And it was founded by two
• 11:08
  guys, Nikolai and Vlad in the UK. Anyway, it was only founded nine years ago, and it's a $45
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  billion company now. Wow. And saying that though nine years ago, neo banks weren't a big deal,
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  like it is very innovative to have like come up with that and invested that much money time and
• 11:25
  to tech to build it nine years ago. Because if you think about the landscape, and this is what you
• 11:29
  talk about when it's like you invest for the future. So you're like, you invest in a company that
• 11:34
  you think in 10 years is going to be doing well. So if something's already hit its peak, maybe it's
• 11:38
  not a great, you're not going to get great returns. It's similar to this. This is like, you know, to
• 11:43
  have thought of this idea and now be big in the boom of life. And it was literally born out of
• 11:48
  the frustration of them trying to deal with traditional banks and the fees and the foreign exchange
• 11:54
  and just like that frustration. And so in the investing club, we're out to launch the new
• 11:59
  three stocks for August. So just for anyone who's missed this, we, so we have the Curve Classroom,
• 12:05
  which is our online courses. The investing club is kind of like a step beyond that. So people,
• 12:11
  well, may particular, but all of our audience, heaps of people have said they want more detailed
• 12:16
  research. And like basically investment ideas, stock picks that we can do all the research for
• 12:22
  give them to you so you can make your own decision. And the investment club at the moment is just
• 12:25
  the founding members. But if you would like to know when you can join, we'll put a little link
• 12:31
  just to join the Curve Community, like I'll email sign up in the podcast show notes because right now
• 12:36
  you can't. So it's just, it sounds a bit mean. Let's talk about that. But if you sign up to our
• 12:39
  newsletter then we'll let you know when you don't yet. So anyway, what we talk about in there is
• 12:45
  one company, Uber, this month. Oh my god. Let the cat out of the bag. But it was exactly the
• 12:52
  same thing. The two founders there started Uber because they were standing on the side of the road
• 12:58
  on a snowy night in Paris. And they were like, why can't we get a taxi? Like how cool would it be
• 13:02
  if you could just order on your phone? And I don't know. It's just like these all these grand ideas
• 13:07
  start by solving a problem. Do you know what I mean? Like it's, it's thinking of like your own
• 13:11
  frustrations. If you're thinking of a side hustle or anything, it's like what is your own frustration
• 13:16
  or own problem? And because it's probably going to be something else's problem as well. So yeah,
• 13:20
  I don't know. This is quite interesting. It sounds like such an obvious thing to say, but actually
• 13:24
  that I think has been, and as we were figuring out, for example, Canva was born out of a
• 13:30
  frustration of how Adobe Photoshop was so complex. It is so hard to use. And it's like this should
• 13:35
  be easier. And like all these things have just, yeah. So another exciting thing that caught my eye
• 13:41
  is to do with the world's biggest coffee chain. Do you know what that is?
• 13:47
  Can I have a clue? The world's biggest coffee chain everywhere. Starbucks. Yeah. Yeah.
• 13:53
  I was like little white cups with green circles. Yeah. I can't believe it's still the biggest.
• 13:57
  I know. So it's had this CEO fit literally just over 12 months, a new CEO. Like it's been struggling
• 14:02
  for a while. This new CEO has come in. He's been in there for just over 12 months. And he left,
• 14:07
  he left last week. Oh gosh. So 12 months for a CEO is nothing. Like you can't make change in 12
• 14:13
  months. It's like a politician. You almost need a couple of rounds. Exactly. Like even like four
• 14:18
  years of the politicians are pretty short. So yeah, 12 months, pretty short. And the new CEO is...
• 14:24
  Wait, why did the old CEO leave? Because he was doing a terrible job. Yeah. And anyway,
• 14:29
  they've got this new CEO from Chipotle Mexican Grill. Yeah. Chipotle? No. Oh, should I? Yeah.
• 14:35
  Oh my gosh. Someone that loves tacos and guacamole. It's like probably the world's biggest Mexican
• 14:40
  chain. Mexican Grill. Chipotle. It's just, yeah. You know, the little chicken. Yeah. Yeah. Yeah. Yeah.
• 14:45
  I didn't realise that that was a... So is it a restaurant in the States? It's a restaurant chain.
• 14:50
  Yeah. I just thought that it was a condiment. Chipotle. Yeah, I mean. Anyway. So anyway,
• 14:56
  he's come from Chipotle. He is getting at least $113 million as a pay package. How much?
• 15:02
  $113 million. For a year. No, no, to join, to join Starbucks. So it's almost like you're
• 15:09
  has prequel to a seller. So it combines with... It's a bonus. It's his
• 15:13
  a large part of it is that he's going to miss out on getting shares at Chipotle. So Starbucks is
• 15:18
  like, okay, well, come join us and we'll pay you for what you're going to miss out at Chipotle.
• 15:24
  Imagine if someone wanted you that much. Guys, this is a really good reminder and if someone wants
• 15:30
  you, they will pay through the nose. Do not say, what's the pay bracket? What do you have to pay me?
• 15:36
  Like, do not settle. Yeah. Anyway, it's and they've got to pay the exiting CEO like $10 million
• 15:43
  to effectively leave as like an exit package. So it's going to cost the company like $120.
• 15:49
  Over $120 million for this change in CEO, which is crazy. And anyway, so this guy, this new guy
• 15:55
  that's coming. Imagine the pressure though. Like coming and knowing that's how much you're being valued.
• 16:00
  I wouldn't sleep. I'd work 24 hours a day. Oh, same. I'd be like, how can I stay awake?
• 16:05
  23. Do you think it's a female phone? Would be like, oh, you've paid me this much. I really
• 16:09
  just proved my worth. I don't think he's... Are there any guys lasting that are paid a
• 16:13
  shitload of money or have gone into a situation similar, similar, similarly to this? I mean,
• 16:19
  I know 113 million is ridiculous, but is there a correlation? I'd love to know. Either are you a
• 16:25
  woman or a man that's earning a heap of money? And how do you manage the pressure of being paid that much?
• 16:32
  I think it's, it's just comes down to your skills. Like he's obviously done a fantastic job at
• 16:39
  and so he's like, well, if you want me, you've got to pay me. But how good can you be?
• 16:44
  Well, 113 million dollars. That's what I mean, though. But anyway,
• 16:46
  he kind of skills as he learns. So the whole exiting old CEO, New CEO coming in,
• 16:52
  has cost the company about $120 million. But after they announced the New CEO, the sheer price
• 16:59
  at Starbucks went up 25%. So it added $21 billion to the company. So it's already paid a bit
• 17:07
  instantly. So he'll be like, damn it, I undersold myself. I should have charged $21 billion.
• 17:13
  However, when the share price goes up like that, the company doesn't immediately benefit,
• 17:18
  right? It's like it's on paper. So it's not actually, they're paying out of their pocket $113 million
• 17:23
  whereas the share price is not something they can cash out on. No, but it does then lead to a
• 17:29
  whole lot of other things in terms of like the employees that have shares, you know, their worth
• 17:35
  is increased. Like the value of the company's increased. He's just moved the sheer price
• 17:40
  by 25%. Like he's not even in the job yet. You're just the announcement. So the increase in investors,
• 17:46
  can you let your eyes show up myself as that was happening? Can you imagine if someone was like,
• 17:52
  honestly, like, oh yeah, so I feel like I'm going to come work for us. And then the sheer price,
• 17:56
  the sheer price outrage us. You'd be worried if the sheer price went down. Starbucks would be like,
• 18:01
  oh shit, we've made a terrible call. But the fact that they've already had such a great return
• 18:07
  on that investment is, I mean, time will tell. That's like a, that's a very quick increase in share price,
• 18:13
  whether it's sustained and stays like that. How important did it happen? They announced it and we
• 18:16
  don't show any day. Also, there has been, which I kind of, I was riding this out and I was like,
• 18:22
  I was like, yeah, well, of course. And then I was like, oh, okay. Anyway, millennials are now wealthier
• 18:27
  than previous generations were at our age, which sometimes I'm like, yeah, of course. But then
• 18:32
  other times I'm like, I mean, yeah, oh, like, so us millennials are now wealthier than our parents
• 18:39
  and our grandparents were at our age. But is this based on like, because obviously, inflation's
• 18:44
  way higher, we earn much more sell, like the seller is high. It's all adjusted for, it's just
• 18:49
  inflation or that, yeah. So we're just, because we were complaining about how like the baby boomers
• 18:53
  got the property chain. I know. Yeah. But we're actually better off. Yeah. So we're 25% more
• 18:57
  wealthy. Wow. Okay. Eight hours. That is really funny. And the biggest driver is real estate. So
• 19:04
  it's probably the older millennials that got in or people that bought real estate back in like
• 19:10
  the years ago, 20 team kind of thing or like the, the, you know, not in the 2020s. Just before,
• 19:16
  like, took off. So, but how are you about to my house? Well, I actually didn't have another
• 19:21
  meeting with a bank last night. And they were the nicest, because I had one meeting with a stock
• 19:27
  broker. And then I had a second. I won't say who it was. No, you didn't have a stock broker.
• 19:32
  Did I know? No. I think I did. No. Mortgage broker. Yeah. Sorry. Yeah. Mortgage broker. Thank
• 19:37
  you. Thank you. Sorry. Different expectations. Yeah. Yeah. And Mortgage broker. And she was just really
• 19:42
  like, these are the rules. This is what happens. No, no, no. And I was like, gosh, that's really small
• 19:47
  minded of like, and I'm not going to name who it was. Because she's one of the top in New Zealand,
• 19:51
  which is crazy to me that there's not more openness towards like freelancers and people
• 19:56
  that own businesses. But it was just like a flat out knot. The whole point of a mortgage broker is
• 20:01
  to like, go away and find something that works for me. It's not, don't tell me I don't fit into a
• 20:06
  hole. Like go find a hole that I fit into. Yeah. Yeah. I'll crawl onto any hole. Yeah. Yeah. Yeah.
• 20:11
  It's kind of like, yeah, I remember I didn't actually use one when I bought my house, but it was
• 20:15
  a friend that I used a few years before just to like, see what I do. Straight to the bank.
• 20:20
  So you didn't use a mortgage broker because I didn't have a income at the time. So how did they make
• 20:25
  let you in? What? I'm so confused. How did you end like to the club? What hold did you crawl into?
• 20:36
  And how do you find it? Can you show me some? No, so I had to go with ASB because I just had a job,
• 20:44
  I had a job offer, but I hadn't any pace upstairs. So I was like, this is what I'm going to get paid.
• 20:48
  You can see my history over the last 10 years because I've always been with ASB.
• 20:52
  And so that's why I had to go with them because it was like, anyone else would have been like,
• 20:55
  actually, you have to wait until your probation period and all that. So they didn't have the best
• 20:59
  rates or anything at the time, but I was like, just do it. Well, it sounds, I mean, yeah,
• 21:03
  basically what's happened. Do you feel like it's going to be like an FU once you get a more
• 21:07
  good, just go back and be like, hey, I just wanted to let you know I actually did get a hold.
• 21:12
  So when I was, and I have called into it. So when I was on the phone to this woman the first time,
• 21:19
  she was doing the whole light. Well, the facts, the facts. And I was like, okay, cool things. And I
• 21:24
  was like, well, I actually like work on a financial education platform. And I'm kind of,
• 21:30
  I'm going to find a way. Like I can't, I didn't say it in a super bitchy way. But I was like,
• 21:34
  that's okay. Like I'm sure I'll find a way to, you know, it's kind of being like sweet.
• 21:38
  Thanks for your shirt help. And she was like, well, you know, good luck. Cause like, I put through
• 21:44
  this much a year blah, blah, blah. And I was like, and she did the whole like, you know, award-winning
• 21:49
  this and that. And I was like, yeah. And so I'm really, I know, so I'm going to be like, so just,
• 21:56
  just so you know, this is how I did it. Actually, since then, it has made me on one side, I've had the
• 22:01
  whole can't wait to say if you have done it. But on the other hand, it made me think,
• 22:06
  because I put a story up on Instagram. And I was like, the amount, like if I had been told that
• 22:11
  and I didn't work at the curve and I would have just taken that as a no and like never.
• 22:16
  Which is why it's so bad. And that's kind of what I was thinking. It's like, not only am I
• 22:19
  going to make this my own FU, but I'm also going to share with everyone how I did it. Because
• 22:23
  the amount of messages that we got from people being like, oh my gosh, I've been in a similar
• 22:28
  situation. And like, you know, it was, it was just such a nightmare. And it really sucks,
• 22:33
  because it makes you think like the amount of people who could have maybe bought property,
• 22:37
  but never had the resource or maybe the confidence to if they got one no go somewhere else.
• 22:43
  Yeah. Yeah. No, there'd be people that wouldn't know. And they'd just be like, okay, well,
• 22:47
  she's the best. Like, this one, this person message me, I won't say who it is, which said,
• 22:50
  my mortgage brokers told me no one would lend to me. He applied within five banks and got
• 22:55
  our application rejected with all of them. In the end, I applied myself and got the mortgage
• 22:59
  right away. So applying yourself as a great way in my opinion, I think if AI applied myself
• 23:05
  with those five banks that rejected us, I would also get a mortgage just thought that I'd share it
• 23:09
  as it is possible to a better job than a mortgage broker yourself if you're willing to try.
• 23:13
  I also negotiated our interests and everything myself and had a great deal. All the best on your
• 23:18
  journey, Sophie. But like the amount of messages I got from people that were like, I reckon it's
• 23:22
  so who you get. Someone goes, I had a mortgage broker tell me just go get a job when I'd been making
• 23:26
  good money self employed and had no desire to work for anyone else. And I was like, are you serious?
• 23:31
  And she was like, yep, she was like, no way you can get a house while another broker got like
• 23:36
  way more money than I needed. So it's just, yeah, we're not shipping a mortgage broker,
• 23:40
  it's a lot of really, really good ones out there. But it depends who you get. And I think the
• 23:43
  main learning for me so far has been well, normally I would just be like, oh, to know they're the
• 23:48
  expert. Yeah, yeah. But actually what I think is really important is to remember that you can ask
• 23:53
  questions, you can find other people. Yeah, don't take no for an answer. It's like, yeah, yeah,
• 23:57
  it's like if you want this thing like, yeah, I agree. But anyway, yes. So millennials, we are now
• 24:03
  wealthier than previous generations were at our age, but this is wealth we're talking about. So
• 24:08
  this is like assets. This is not income expenses. And if you look at like the expenses, so it's
• 24:15
  pretty unclear for actually better off overall because things have increased like child care,
• 24:21
  housing, healthcare, all of that has significantly increased. So and we're expected to live longer
• 24:26
  than boomers. So thank God. We've got more money. So we need to make our money last longer. Anyway,
• 24:31
  like if you average it out. Also, if there's any boomers listening, do they like being called boomers?
• 24:35
  I think they hate it. I really think it's quite offensive. I don't I feel like every generation
• 24:39
  gives the other generation shit. Do you know what I mean? It's like Australia New Zealand,
• 24:43
  we're just like, yeah, for the reason. Like we'll have you back at war. But can I actually have a job
• 24:46
  because you pay 30% more? I'm coming over, I'm coming over, yeah. Quick, close some other headlines
• 24:52
  is that there was a study out in the US that has shown that people are staying in relationships
• 24:58
  longer for two reasons. Because divorces are getting more and more expensive. And because of
• 25:03
  cost of living, like just living alone in single is getting way more expensive. So people are being
• 25:09
  being more extremely unhappy in their relationship. And it's the highest level it's been since 2014.
• 25:14
  So for the last 10 years, and the divorce is the lowest it's been in 50 years. The average cost
• 25:20
  of a divorce is nearly 15,000 US dollars. So, wow. Okay. If you're sitting there and you don't have
• 25:28
  cash like that to get divorced, but you can separate without getting divorced, can't you?
• 25:33
  But you don't have to be in the relationship and you just be legally not. But then I think that
• 25:37
  comes back to the other point of, but then you've got to pay for shit yourself.
• 25:41
  Not share the load in terms of that. I mean, like even if I was to look at my flat, the room
• 25:45
  that I'm in at the moment, I'm paying 1100 pounds a month. If I was to move in and be in a
• 25:52
  couple's room, I'd be paying around 700. Like imagine what? Yeah. Oh my god, imagine. It's
• 25:58
  actually quite a big room. Big bed. We wouldn't have to touch that. Two singles? No. I mean, like,
• 26:06
  it's not a no. It's a big room. I had a boyfriend at university who shared a room with his friend,
• 26:13
  and I would say a Kirshan or something. No, it was just a bed. No, no, no, no, no, no, just
• 26:17
  like opposite ends of the bedroom was their beds. And we'd literally all be like, no, no, no. Yeah,
• 26:24
  it was so weird. How much did they pay in rent? I have no idea. It was pretty cheap in Christchurch
• 26:28
  at that time. How old were you? 18, 18, 19, 20, 18, 19. Would they be like a sock on the door means
• 26:34
  don't come in? No. Well, the other one had a girlfriend as well. So they're kind of like
• 26:38
  alternate. It's day. Yeah. Yeah. He'd say it mine. Like, you kind of knew, but there was
• 26:42
  definitely nights when we weren't having. Not everyone. Literally. I remember turning off the
• 26:47
  light, my pajamas, tight night. I can't imagine you doing that. I know. It's quite funny.
• 26:53
  Anyway, another quick one is that I know we have on about the gender pay gap. Yeah. There's
• 26:59
  another mess of pay gap. What? The pay gap between CEOs and average workers is redonculus.
• 27:07
  Really? I like that word redonculus. Can we use it more? Redonculus. No matter where you
• 27:13
  kind of look in the world, it's just like outrageous. The level, I mean, we just spoke about this
• 27:18
  Brian getting paid $100,000,000. There's no way even employees are getting one million. No,
• 27:25
  exactly. So in the S&P 500, so the top 500 companies in the US, the average
• 27:33
  amount that a typical worker gets there is about $66,000 a year. And the CEO, the average
• 27:42
  that the CEO's earned is 268 times more. What is that? I don't know. Can we do it? Where's my phone?
• 27:49
  Hold on. So 18 million. Yeah. Oh my gosh. And the average worker is getting $66,000.
• 27:56
  So. But do you think, I guess, I mean, like we we're currently low co CEOs of a very small company.
• 28:02
  However, I mean, I know it's different. We're not getting paid to over six times. No, definitely
• 28:08
  not. But I guess my point is I've not been into or seen massive companies like Facebook,
• 28:15
  I imagine being the CEO of that company would shave 30 years of your life. Like it would be
• 28:21
  unbelievably stressful. So it's like, it's the risk. So when you talk about the risk, whether it's
• 28:26
  your surgeon and you get paid this compared to the receptionist at the hospital, it's like the
• 28:30
  risk the surgeon is taking is much higher. But like, I'm sorry, nothing's shown in 68 times.
• 28:37
  No, no, you're right. And in Britain, in the FTSE 100, the average CEO pays 4.2 million.
• 28:45
  So about, yeah, about $8 million. Kiwi still amazed. Wow. Who knew being a CEO? And it's that
• 28:51
  all right. I didn't. But yeah, like you said, you'd have to give up your life. Yeah, yeah.
• 28:56
  You're managing. There's no 1000 people. And there's also no like, oh, it's 10 PM. I'm
• 29:01
  switching off like absolutely not. And the reputation, like the Starbucks CEO that's left now,
• 29:08
  do you know, like how hard would it be to get a job? Exactly. Yeah. And in China,
• 29:12
  their richest person is officially the 44 year old founder of Timu. No, he's worth 49 billion
• 29:21
  dollars. Really? I'm China's richest. Okay. I must say I wish I had invested in Timu because
• 29:28
  every time I search something on the internet, I'm like, new couch or anything, phone case.
• 29:35
  I'm like, this is cool. This is cool. And then I click through it's Timu. I'm like, I know,
• 29:38
  I'm just shopping on, I'm sitting there and sitting at night doing shopping for our new office.
• 29:42
  And I was like, looking and then I was like, oh, I was like, Timu, Timu. Yeah, here we go.
• 29:46
  They've actually got some decent stuff. I know. That's what I mean. I was like, their phone
• 29:51
  cases and their courts, because I need a lanyard for my phone. I was trying to find a new one and
• 29:55
  all the cool ones. What's wrong with that one? You don't like it. And I know you get a new lanyard
• 30:01
  every week. I just left one in a line bike. So it's get a new one. Max, like change your underwear,
• 30:06
  change your lanyard. I know how wild to change your underwear every day. Okay. We did a little
• 30:13
  poll last week saying, like, do you mind how long the episodes are for the curve weekly,
• 30:18
  because originally this was way shorter. So like 20 minutes, 15 even. Most people say they don't
• 30:23
  mind. However, if we're starting to creep up, please message us and be like, oh my god,
• 30:27
  make them shorter. Because I think there's a good different shape. Yes, but maybe the amount
• 30:32
  of research you do for these, I'm like, it's such a shame. I mean, I can do this.
• 30:38
  Looks like damn it. I mean, okay, bye. Thank you so much for listening to the curve weekly.
• 30:45
  Make sure you hit the subscribe button to stay up to date with all the many business stock market
• 30:49
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• 30:55
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• 31:00
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• 31:03
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• 31:09
  So yeah, see you next Tuesday. Well, see you next Tuesday. I mean Monday.
• 31:20
  Okay, quickly, the curve was created to empower and educate you about investing, but we are not
• 31:27
  financial advisors. Our platform exists for educational purposes only, and it doesn't provide
• 31:32
  personalized investing advice for your individual needs and should not be relied upon to make
• 31:36
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• 31:41
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• 31:45
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• 31:48
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