Latest / The Curve / TCW79: A missing fortune, the digital nomad boom, and the Olympic economy.

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TCW79: A missing fortune, the digital nomad boom, and the Olympic economy. · The Curve

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Hi and welcome to the Curve Weekly.
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The podcast that keeps you up to date with all the money, business and stock market
0:39
tea.
0:40
Everyone should experience for a class at least once in their lives and Annie shouldn't
0:43
miss out just because she can't afford it.
0:45
Help me, I'm poor.
0:47
How are you there?
0:48
I'm good.
0:49
How are you?
0:50
I'm good.
0:51
You haven't seen me for a long time?
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I know it has.
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It's been weeks.
0:54
Weeks?
0:55
For weeks?
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Yeah.
0:57
I mean, I've seen you on Zoom.
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Don't get away from me.
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I want to.
1:00
I want to find you.
1:01
I want to find you.
1:02
I want to find you.
1:03
Tell me to my dad this morning and he was like, how's the fact?
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I was like, I don't know.
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What?
1:08
I've seen her in a long time.
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We've both been on holiday.
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How is your holiday?
1:12
It was great.
1:13
It was really nice.
1:14
God, I love it.
1:15
Lee.
1:16
Just ate my weight and pizza, pasta.
1:17
What was your favorite pasta?
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Even last night I tried to make a pasta just like just to keep the Italian dream alive.
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Wasn't it good?
1:24
Oh, what did you make?
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I made a pasta pasta.
1:26
It just wasn't good.
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No.
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But you're not even a shitty pasta in Italy.
1:29
It's amazing.
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Yeah.
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Yeah.
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I must say, like, I never really grew up in a household full of pasta.
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Like, it wasn't really something like that.
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No, neither.
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I really became a pasta lover like recently.
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Yeah.
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It's really different than Sydney who loved pasta and I was like, but I think the pasta here
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is different.
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And Italy, it's like, I could eat it every day and not feel bad.
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I would not feel like it was young.
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You know, Stodgy.
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I'd be like, I'd probably get blocked up.
1:56
Oh my gosh.
1:57
We're not even two and it's been going not to talk about like, I know, sorry, your bodily
2:03
functions.
2:04
My bodily functions are fine.
2:05
But you have got a good tan.
2:06
Thank you.
2:07
I'm surprised you're not sunburned.
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I don't get sunburned.
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You do every holiday.
2:12
No, I don't.
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You go lobster.
2:14
It's anyone that knows who I am.
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It's because my skin just goes red.
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I have the worst heat rash.
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If I have like one glass of wine, I'm like a tomato.
2:23
You never drink wine to be fair.
2:25
No, I know, but I did in Italy and not the idea.
2:28
No.
2:29
But I get so much shit when I think, what are you going to order?
2:31
Tequila soda?
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It's like, yeah.
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Yeah.
2:34
And what are you going to do about it?
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I know it's so annoying.
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We need to make it more common.
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Yeah.
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But I can just, it just makes me feel better the morning after because I know wine, I just
2:45
wake up with like a roothless hangover.
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Whereas tequila soda because you're drinking water.
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I actually feel hydrated.
2:51
Did you have any like major holiday money wins or like the glow ups?
2:57
Yeah.
2:58
Absolutely opposite.
2:59
What happens?
3:00
Oh no, just like it's just suddenly, it's just so expensive.
3:02
Is it?
3:03
Yeah.
3:04
So then other parts of it?
3:05
Oh my gosh.
3:06
I thought Santa Pea was expensive.
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Really?
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And suddenly, it's like everything was just like 200 euro, 200 euro.
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It's like taxi, 200 euro, bed, 200 euro.
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I was like, do you guys, what do you need to do?
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Like, sorry, a day bed on the beach.
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It's just like, did you sort of accommodation?
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Just in a hostel, how much for a bed?
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And then while I was there, I got an email from the tenants at my house in Auckland that
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were like, hey, we're moving out.
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So it was a bit of a like, whoa, I need to go home.
3:34
Kind of.
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Literally.
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I was like, did you panic when you're like, oh my gosh.
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It really impacted my holiday in terms of like, once I got that email, I was like, oh,
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I just went conscious more, more conscious my spending because I now have to pay a mortgage
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next month.
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You know, like it was just kind of like, yeah.
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So.
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And then I was supposed to go on another holiday end of August and I was just like, I'm sorry,
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like I just.
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But I'm also bailed on that content.
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I have to pay a mortgage next month.
4:03
No, I was just asking because I was also going to go on the trip.
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Yeah.
4:06
No, I've definitely built.
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Yeah.
4:09
Don't stretch yourself to the point it's going to stress you out and you're not going to
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draw your holiday.
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Just be like, it's a couple of months we have saying no.
4:16
Do you know what I mean?
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Like I'm kind of like August.
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I love August and London.
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Yeah.
4:20
Me.
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I'm like, there's lots of festivals to go to and concerts and I'm like, no, no, no.
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My whole point of saying.
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My whole point of saying.
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Well, this is like the first time that you've probably had a big money stress in a while.
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But I also just feel this weird.
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It's going to be fine.
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Energy.
4:35
Great.
4:36
Yeah.
4:37
Do you think it's because you do have backup or I mean, you've obviously got your if you
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fund.
4:44
Yeah.
4:45
But you've got.
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Yeah.
4:47
I think it is.
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Yes.
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And it's like, I don't know because I, yeah, I'm surprised you're not more stressed.
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I would be.
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I just think it's more like like Boho, you can't go on holiday.
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Do you know what I mean?
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It's kind of like you're not going to be able to pay rent.
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You'll be fine.
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It's like, I know everything's relative and you're not even on his different, but I'm
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just like, yeah, it's, it's a holiday for a kick.
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It's not the end of the world.
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You're not.
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You, but in my head, I would rather not go.
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So for the next holiday, be like less stressed than go on this because I've already committed
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and then stress myself out, not be fun to be around like that kind of shit really stresses
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me out.
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Yeah.
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So I was just being thinking about my friends, you know, being like, I'll be shit to
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be around.
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Sorry.
5:27
No, but I think it's a really good way to think about it because often I feel like the
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mentality is I can make it work, therefore I'll do it and figure it out later.
5:36
Yeah.
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But actually that can be way more stressful.
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Like, I think actually if I'd gone back in time to my last Italian trip and I had just
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been like, guys, I'm so sorry, I know that I have committed, I can pay for their accommodation,
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but I'm just not going to come.
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Yeah.
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Then when you're next gone holiday, you're not, yeah, and I think that's the thing.
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It's just like, we can't say yes to everything.
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Sometimes you have to say no, but it's like, it's also being fine with saying no.
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Do you know what I mean?
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Like, don't be like, oh, but it would be a great holiday or like, oh, but I'm going to
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miss out.
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They're not going to fight me next time or like, you know, it's just like, it's more
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a mindset thing of just being at peace with saying no.
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It's always like saying no to someone else to say yes to yourself.
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Just say something else.
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Yeah, exactly.
6:18
Yeah.
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Because I think if you were saying yes to the trip and you went.
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Yeah.
6:25
I just wouldn't enjoy it.
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Yeah.
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And every time it's like, let's go for a group dinner or let's do this.
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I'd be like, that's why I feel a lot of time about group dinners.
6:34
Yeah.
6:35
It sucks.
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Yeah.
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I think for me going on holiday with one person was like revolutionary.
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Yeah.
6:41
Like, even if it was just one friend or like, I don't know, I think there's less decisions
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that need to be made.
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Everyone's kind of on board what you want to do, you're not having to split heaps of
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bills.
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I kind of really don't love it.
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Yeah.
6:54
Going on a group trip.
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Huge group trips.
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Like it's so fun and theory.
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Yeah.
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But I don't know.
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I think it stresses me out more.
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So I think I'm going to try and also get better at saying no to things.
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Whether it's dinners here in London or trips or whatever.
7:08
What are you doing?
7:09
No, it's like my therapist was like, you need to be more of a passive, yes person.
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What does that mean?
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Like, you don't need to go actively out of your way to like meet people, say, you know,
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organize things, all of that.
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But when opportunities come to you, you need to say yes more.
7:25
That is so, that is a great advice to you, passive, not passively active.
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It's kind of because I actually think you put everyone else first.
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Like you put your family, your friends, work everything.
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Yeah.
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And you also make a huge effort to organize stuff.
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Yeah.
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Whereas actually if you took a little bit of the load off of being like the organizer
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and just went to things and you're invited, that would be like, that's a who's the therapist.
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So yeah.
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And I was like, but then it's also not saying you see everything.
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Yeah.
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But I'm also someone that's like, oh no, I've got work to do, or I'll say no to, to
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the, you know, like you can always justify saying no as well.
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So it's just like just be more passively active in your social life in terms of that.
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If someone's like, hey, do you want to go for a drink after work on Friday?
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Yeah, sure.
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You know, like it's, it's a funny thing.
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Yeah.
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Friday.
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Really?
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Yes person.
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So if you're going to ask me to go to some 10 to 6 thing and you'll be like, you said
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you'd say yes, you're wanting to go to a 10 to 6 thing for ages.
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Don't make it up.
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I know.
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I know.
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Okay.
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Anyway, finance, finance, finance.
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I'm speaking of Europe.
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There's been a huge study that's been done around remote working.
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How is it about to be like, you know, we spoke about this last week, I think we're going
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to go down the hall.
8:41
Oh, I like it.
8:42
Trust.
8:43
No, it's been this big study done about remote working and where the best places to
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remote work are.
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I must admit, when Sophie texted me, being like, get off your laptop, I'm working on
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holiday.
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I personally love tapping into work for a couple of hours in the morning, like me and
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my friend, we did a couple of hours, we were almost still asleep, then we could go and
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enjoy the day.
9:02
You know, both running out in businesses.
9:03
So it was quite nice to do that.
9:05
But it is not the easiest.
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Everyone thinks, oh my God, working for yourself, you can work anywhere in the world.
9:09
It's like, no, no, there's always Wi-Fi issues.
9:11
You know, your battery runs out in your laptop.
9:14
You earn and comfortable seats, you know.
9:16
It's too hot.
9:17
It's too hot.
9:18
Well, everyone's going to go on a boat and you're like, oh God, I've got a meeting, I've
9:20
got a call.
9:21
You know, like it's, yeah.
9:22
I, this theory, I think, like digital nomad, digital nomad, see, is that a thing?
9:27
Yeah.
9:28
Anyway, I, a couple of years ago, I feel like it was really glorified and everyone wanted
9:31
to be working from different parts of the world and blah, blah, blah.
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I, the time that I was working over here when you were in New Zealand and I tried, there
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was two weeks where I tried to go on a holiday, but I was also working.
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It was so stressful.
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Like, I really think, I know this is first world problems, however, like not taking the
9:50
granted, being able to get up, go to the same location, have a desk, have a space, have
9:55
a clean area, good Wi-Fi, like all of those things, it's like the recipe for a clear
10:00
head to be able to do a good job.
10:02
Yeah.
10:03
I think sometimes when you're in different parts of the world and like trying to connect,
10:07
I don't know.
10:08
I found it really hard anyway.
10:09
Well, there's been a big report that's been down about like the top spots in the world
10:12
for remote working.
10:13
Yeah.
10:14
Digital No Mercy.
10:15
Digital No Mercy.
10:16
Digital No Mercy.
10:17
Digital No Mercy.
10:18
Digital No Mercy.
10:19
Oh my god.
10:20
Digital No Mercy.
10:21
Oh my god.
10:22
Digital No Mercy.
10:23
Oh my god.
10:24
Digital No Mercy.
10:25
Yeah.
10:26
So anyway, Europe has grabbed nine of the ten spots, uh, log, log, log say Canada.
10:31
So it's like Spain, let me, yeah, it's like all pretty much like this one one.
10:35
Yeah.
10:36
Lisbon, Spain.
10:37
Where else?
10:38
Sorry.
10:39
No.
10:40
Portugal.
10:41
Yeah, I was like, Lisbon's not a country.
10:42
Oh, is it not?
10:43
Yeah, yeah.
10:44
Portugal.
10:45
Yeah.
10:46
Anyway, so if hasn't had a coffee yet.
10:47
I actually have.
10:48
Oh yeah.
10:49
Which is embarrassing.
10:50
I have.
10:51
Yeah.
10:52
And a cacao.
10:53
And back on the cacao then.
10:54
But nowhere in the US made the cut.
10:55
Um, and they looked at things like the cost of a visa, the benefits of a visa, quality of
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life, a cost of living, all of that technology.
11:01
But it's interesting that Europe's like the top, some of the top spots in Spain is right
11:07
up there and they've had this big backlash with tourists.
11:09
But it's one of the top spaces to remote work, which I think is quite a.
11:12
So there's actually a short load of people remote working.
11:15
Yeah.
11:16
Anyone who missed last week's episode, we spoke a lot about this.
11:19
So go back and listen.
11:20
But essentially, there's a huge amount of unrest in Europe around the influx of tourists
11:25
at this time of the year and that like locals can't handle it, infrastructure can't handle
11:30
it, public transport struggling.
11:32
So it makes sense there that they're the hotspots for remote working.
11:36
Definitely.
11:37
But it's quite funny that it's Europe.
11:38
Like I think really I would have assumed that.
11:40
Yeah.
11:41
I think in summertime, I don't know.
11:44
Oh, so this is just like, yeah, just like in general.
11:47
But yeah, if you look at all those things like visas, of course the US isn't going to
11:51
be in there because it's so hard to get a bloody visa and all of that.
11:53
So, um, but, but interestingly, gender wise men represent 82% of digital nomads, really,
12:03
which kind of comes back to families looking after family, children, all of that.
12:08
I can see like you can't just chop and change where you live when you've got kids.
12:11
Well, it's a lot harder, but also in terms of ages, so 99% of digital nomads are Gen Z
12:19
or millennials.
12:20
They're letting.
12:21
Yeah.
12:22
And so there's this whole conversation now is that like because this is becoming a trend
12:25
that's a lot more popular with young people and as they get older, the world's just going
12:29
to have to accommodate for more of these digital nomads.
12:32
So there'll be probably more places like co-working spaces that you can tap in and out of for
12:36
shorter periods of time, like that kind of stuff, but there's going to have to be infrastructure
12:42
because millennials and Gen Zs are projected to in here at $84 trillion over the next decade
12:49
in terms of the whole generational wealth.
12:51
So there's going to be significant need, like if this is the way they're working and spending
12:56
money and interacting with countries, they're going to have to accommodate that.
13:00
So it's going to be quite a, quite a change.
13:02
I wonder if we work international or be like, you know, maybe that's a, in terms of investing
13:07
trends and looking at companies that are trying to facilitate or create spaces for millennial
13:11
Gen Z work workers, maybe places like we work will do.
13:16
And also like rent, like having the ability to, like Airbnb's one thing, but like have
13:23
houses in different countries or even being taxed, like tax is a freaking nightmare of your
13:29
popping from here to here to here to here, like where are you paying tax, all of that.
13:33
There's just going to be so many things that need to change a weekend if you've got 99%
13:37
of Gen Zs and millennials.
13:39
But that's 99% of the digital nomads.
13:43
It's not, sorry, sorry, sorry, yeah, yeah, yeah, yeah, yeah, yeah, yeah, it's a really huge
13:48
step.
13:49
But I think with that though, I wonder if stuff will pop up like with Airbnb and it's
13:53
like Airbnb workspace or like, you know, like maybe there's going to be more of, because
13:58
I do, I do think more, more, more of a shift towards flexible digital nomad working conditions
14:05
rather than like being in the office, which is what COVID's done for a lot, but it's kind
14:09
of going backwards now in terms of getting people back in the office.
14:13
So yeah, we're interesting to see how much of it sticks.
14:16
Also we've had some really interesting news in the UK.
14:19
So they had their interest rates cut for the first time since 2020.
14:24
So remember we've got the Reserve Bank in New Zealand, which is like the bank that manages
14:29
the money for the country.
14:31
It's called the Bank of England in England.
14:34
And they cut interest rates by a quarter of a percent, so 0.25% so they're now at 5%
14:42
and they signal that there's going to be further cuts.
14:43
So remember when interest rates drop, that means mortgages drop, which means house prices
14:47
increase.
14:48
So it's a really good sign.
14:50
What about inflation?
14:51
Yeah.
14:52
So inflation is, you rise interest rates to bring down inflation.
14:57
So inflation could go up again.
14:59
Yeah, but it obviously means that inflation is under control.
15:01
They're like, yeah, we're cool with it.
15:02
It's fine.
15:04
We now feel like we're in a position to reduce interest rates.
15:08
And it means the economy is doing, well, not economy is doing well, but it does mean,
15:12
it helps stimulate the economy when interest rates are falling.
15:16
So it's a good thing.
15:17
It's definitely felt like inflation has something we've spoken about for a while.
15:21
Yeah.
15:22
And a while, there was a few months there where it was like, oh my God, inflation again.
15:26
Well, you kind of get used to, like cost of living crisis, costs it.
15:28
And then you just like, yeah, everyone just like has to, now that, now you've been in
15:32
it for a few years, it's like, okay, I've adjusted my spending.
15:36
The emotional impact has hit other stuff happens in the news, yeah, you kind of get, yeah.
15:41
So then if we look at it in the fact that like, you know, it's just the living crisis.
15:45
Yeah, yeah.
15:46
So, like, the amount I'm paying on my mortgage, like if that was back down to what it was normally,
15:50
I'd have way more disposable income to spend.
15:53
So therefore, other things wouldn't seem as expensive.
15:55
Remember inflation is like the increase in prices.
15:57
So just because it stops increasing, doesn't mean it goes down.
16:00
True.
16:01
It's still a lot.
16:02
You know, I mean, it's still a lot.
16:03
Yeah.
16:04
Yeah.
16:05
Yeah.
16:06
Yeah.
16:07
Yeah.
16:08
Yeah.
16:09
Yeah.
16:10
Yeah.
16:11
Yeah.
16:12
Yeah.
16:13
Yeah.
16:14
Yeah.
16:15
That's true.
16:16
You know what I mean?
16:17
It still might be 10% more than last year, but inflation rate is zero.
16:22
If it was, then it's still 10% higher than it was a year ago.
16:26
Right.
16:27
It's not until it goes negative 10 than you're back to where you were.
16:29
So everything just starts adjusting.
16:31
So people will be asking for pay rises.
16:33
You know, house prices might go back up.
16:35
So then you're feeling a bit more confident.
16:36
You don't actually mind paying a higher mortgage.
16:38
You know, there's all these things that started adjusting.
16:40
And this is what we're seeing in the UK is now that interest rates coming down.
16:44
House prices are going back up.
16:45
So people, when your house price goes up, for a lot of people, that's their biggest asset.
16:49
So you feel this like, it's called the wealth effect.
16:53
And you feel, because you've got a bigger dollar asset that you're sitting on.
16:57
Whereas when you're paying a higher mortgage and that house price has gone down, you're like,
17:02
fuck, you know, it's just a bit like feels a bit shit.
17:05
And in New Zealand, I mean, interest rates have been on hold for the last eight meetings.
17:10
So they have, it's not really monthly.
17:12
It's like sometimes it's by monthly and sometimes monthly, but they, yeah, they've had.
17:16
What are they in New Zealand at the moment?
17:18
Five and a half percent.
17:19
And here they're going down to five.
17:21
Yeah.
17:22
So pretty similar.
17:23
What's happening in the US and other parts of the world?
17:25
Like is five kind of standard at the moment?
17:27
Yeah, yeah, yeah.
17:28
They're all holding them or cutting them, but cutting them is good because it just means,
17:33
yeah, less pressure for all British people.
17:36
I also want to touch on, I don't know if you've seen, but the markets are shitting themselves.
17:42
Yeah, it's been a bit of a dire week last week.
17:45
The US stock market is off over nearly two and a half percent, which is big fall for a large stock market like that.
17:52
But coins are for Ethereum.
17:53
Like it's in a week.
17:55
So it's off two percent from the week before.
17:57
Yeah, yeah, yeah, yeah, just over two percent.
17:59
So this is all around.
18:01
We've had a lot of companies report earnings.
18:04
A lot of the big tech companies report their results and some of them weren't that good.
18:08
So people are getting a bit scared being like, oh, is this the top of the market?
18:11
The stock market was up 20% this year.
18:13
So it's had a great, great run.
18:15
People are like, is this a bit of a pullback?
18:17
And then little things like Warren Buffett has sold 50% of his Apple holding.
18:23
There's a few things that have got it at Apple.
18:27
If that's the use comes out.
18:29
Yeah, yeah.
18:30
Can you just imagine the offers everyone scrambling around?
18:32
Yeah.
18:33
That's huge.
18:34
Just like Amazon.
18:35
In Hawaii?
18:36
No.
18:37
He doesn't.
18:38
I'd love to know why.
18:39
I mean, it's done fantastically well since they bought it.
18:42
So it's like, again, if Warren Buffett's taking profits, then we had Amazon's results come out.
18:47
And they missed on their profit.
18:49
Like their outlook for their profit was lower than people expected.
18:52
So that stock was off about 10% last week.
18:54
Which is a big chunk of the off.
18:56
Sorry, off.
18:57
Sorry, off.
18:58
Sorry, off.
18:59
I mean, fallen.
19:00
No, no, I was just chairing.
19:01
Because I wasn't refuted off.
19:04
And because that's such a large percentage of the S&P 500s, that means the whole market falls.
19:10
And by market we mean the top 500 companies.
19:13
Snapchat, another terrible result.
19:15
We never are going to give up.
19:17
Sorry, I know.
19:18
I wish I could show you their chart.
19:20
It's like, when up so much, and then it's just like, down, down, down.
19:24
Like, at what point do you give up?
19:26
I know.
19:27
I mean, I was on the plane the other day and I said, she sounds really creepy.
19:30
But you know, and you can kind of like see someone scream.
19:32
I love right now.
19:33
You see a real long message to a dude and you're like, oh, he's getting, he's acting.
19:37
Like when I'm on the train or the bus, I'm like, if I'm messaging something, I'm like, oh, he's okay at my train.
19:41
I was watching a Netflix, it was like a real sexy scene.
19:44
And I was like, I get really uncomfortable.
19:46
I want to get the security screen when you kind of can't see from the side.
19:49
Anyway, the point is this go had a, the Snapchat app.
19:51
Yeah.
19:52
And I almost was like, do you tell me is that?
19:55
I'm boomer in the corner.
19:58
What is that app?
19:59
No, I just was like, what's the use of it anymore?
20:02
I thought the whole reason that Snapchat started doing so bad is because Instagram tried to try to buy it.
20:09
They said, no, so they just implemented all their features.
20:12
And then advertisers are like, what's the point in using Snapchat?
20:15
The user growth is so slow, as I use Instagram, yeah.
20:18
But like even our social media girl, Bella, like she messaged us a screenshot of her, of a group chat from a friends group
20:23
about investing and it was on Snapchat.
20:26
And I was like, wow.
20:27
Oh, yeah.
20:28
Was that on Snapchat?
20:29
And I was like, well, she, we should ask her.
20:31
She always uses Snapchat.
20:32
Bella, make us cool.
20:33
But then we have point where the share price gets so low that there will be another company that will buy it, I reckon.
20:39
So then that's quite a good thing if you only share when another company buys it, right?
20:43
Because they have to give you a premium.
20:44
But it could be, like that is, it's not really, that's not really a good strategy to, to invest.
20:49
Right.
20:50
But if it's super low now.
20:52
Yeah, but then it could have a whole lot of debt that therefore, you know,
20:56
it could be waiting years.
20:58
It could go down another way it can hang on for years.
21:01
But it could go down another 50%.
21:02
You know, it's, yeah.
21:03
I mean, the founders married Miranda Kerr.
21:05
He's, he's probably like, not really.
21:06
That's it.
21:07
Not really.
21:08
They have two kids.
21:09
Oh my god.
21:10
I'm so bad at pronouncing this.
21:13
Snapchat owner.
21:15
Oh my god.
21:16
That's crazy.
21:17
Oh my god.
21:18
Is he?
21:19
Well, I see married Miranda Kerr.
21:20
Yeah.
21:21
How many, like Miranda Kerr is arguably one of the most beautiful women in the world?
21:26
Hmm.
21:27
He's a good looking guy.
21:28
Like I'm definitely not saying it's not.
21:29
But how often do you say, like the hottest guy in the whole world,
21:35
with a, with a really wealthy, reasonably good looking woman?
21:38
Yeah.
21:39
But I think that's because wealth wise, women haven't had their own money.
21:45
That's right.
21:46
They know, like how, how where does it that there's, like there will be Leonardo DiCaprio's
21:51
differently in female form that are dating younger?
21:55
Yeah.
21:56
I just find it really interesting because you know how there's like a lot,
21:58
like you'll see people and you're like, interesting pairing.
22:00
And obviously, this is not to say that it's not only about money,
22:04
but it's just like quite interesting that.
22:07
Hmm.
22:08
I just think it's because women haven't had their own money and therefore we don't have
22:11
that power dynamic that comes with money and therefore yeah.
22:16
But I think because we see it so much more with wealthy men and beautiful young woman,
22:22
it's because there's been such generations of men earning income growing there well.
22:27
So there's, it's more common to see that dynamic.
22:31
Yeah.
22:32
True.
22:33
That makes sense.
22:34
Yeah.
22:35
We are not saying that it's all about money.
22:36
I'm not saying it's good or bad.
22:37
I'm just saying it's interesting.
22:38
Yeah.
22:39
It's not often.
22:40
Also, by the way, this guy's not, he's good looking.
22:42
Yeah.
22:43
It's more just it's Miranda Kerr.
22:45
Oh, also sorry.
22:46
Running a multi-million dollar business.
22:49
So potentially Miranda Kerr actually has got a shitload of money.
22:54
She's smart.
22:55
I didn't really think of that.
22:56
She's got, yeah, just because she's not overtly like head of Snapchat,
22:59
which seems like a dying business.
23:00
True.
23:01
Maybe she's actually wealthier than him.
23:02
Probably.
23:03
Sorry.
23:04
Okay.
23:05
We digress.
23:06
I really, another funny headline.
23:07
So you know who is the luxury label.
23:09
Yes.
23:10
So there is.
23:11
Do you like him?
23:12
No, it's not really my vibe.
23:13
Me either.
23:14
I mean, I wouldn't complain if someone gifted me in a mess.
23:17
Big.
23:18
A Birken.
23:19
Anyways, there's this 81-year-old.
23:22
He's fifth generation descendant from the founder, which means five generations.
23:28
Oh, I got it.
23:29
You asked the other day in a meeting.
23:31
You were like, what is, what is the generation mean?
23:34
And I was like, oh.
23:35
Oh, sorry.
23:36
Oh, sorry.
23:37
Oh, sorry.
23:38
Oh, thank you.
23:40
So, yes.
23:41
He owns 5% of Irmirs.
23:43
And he has claimed that it's worth 12 billion euros.
23:47
And he's claimed that he's been defrauded and it's vanished.
23:51
And he's gone to the Swiss court to try and get his fortune back, which is six million Irmirs shares.
23:58
But what they found out, they were like, this is not the case.
24:01
You've given some bad instructions to your wealth manager, who has sold your shares over time.
24:06
And he's like, no, no, they've taken a different agenda.
24:09
They've defrauded me.
24:10
They've defrauded me.
24:11
And they're like, no, no, you told us to do this.
24:13
And so he's sitting there, thinking he's sitting on nearly 12 billion euros of money.
24:18
And he's woken up and realized he hasn't.
24:20
But what would the wealth manager have done with it?
24:22
Like, where are they gone?
24:23
To sold it.
24:24
But so they must have invested in other things.
24:26
Like, surely he would have the equivalent of that still somewhere.
24:28
Yeah, well, he must have, yeah, I think this is the whole issue.
24:31
Is there like, where is my shares?
24:33
Like, what have you invested?
24:34
Yeah.
24:36
It's, I mean, he's been a bit of controversy.
24:38
He decided last year to leave all his money to his gardener.
24:41
His name's Nicholas Puch.
24:43
But yeah, he's saying...
24:44
Oh, he's quite a lot older.
24:46
He looks like 80, 81 years old, yeah.
24:48
But apparently he's been happening over the last 20 years.
24:50
Is that, like, this former wealth manager has been...
24:53
I don't know what they've done with it.
24:55
Where they've sold it.
24:56
Where they've stolen it.
24:57
But anyway, he's gone to court.
24:58
Oh my gosh, this is like a Netflix show.
25:01
Yeah, he's gone to court and the court didn't buy it.
25:03
They were like, no, no.
25:05
But I think he's a bit of a, not a questionable guy,
25:07
but he's just like, he was going to leave his fortune
25:09
to his gardener.
25:10
That's lovely.
25:11
There's a few things that people are like.
25:13
Really?
25:14
Quite interesting that imagine just realizing
25:16
that $12 billion has vanished.
25:18
I'd be like...
25:19
What was your right?
25:20
Hermes.
25:21
Sorry.
25:22
Hermes.
25:23
Hermes.
25:24
Nicholas.
25:25
Puch.
25:26
Yeah.
25:27
From a $13 billion to gardener claims his fortune has vanished.
25:31
Also, he was meant to give it to his gardener
25:33
and he's like, it's gone.
25:34
He's got a tin.
25:35
It's gone.
25:36
I can't give it to you.
25:37
Oh, do you think he's like, I can't give it to you?
25:38
Well, this is the thing.
25:39
He's like, it's fraud.
25:40
It's been taken.
25:41
And then I hang on.
25:42
They're looking into it.
25:43
They're like, you've got a wife.
25:44
I know.
25:45
Yeah, I know.
25:46
It could have changed his life.
25:47
Wow.
25:48
I thought we'd do a little Olympics update, too,
25:49
considering having been watching it.
25:51
I watched these sites.
25:52
Yeah, so interesting.
25:53
I think I'm a bit hooked, to be honest.
25:54
I watched the gymnastics.
25:55
Oh.
25:56
I watched the 100 meter men sprint.
25:59
It's like you blink in there at the finish line.
26:01
I was also like.
26:02
Like crazy.
26:03
Imagine.
26:04
Oh, no, did you see the guy?
26:05
What?
26:06
Oh, the penis.
26:07
Oh, I'm sorry.
26:08
How are you not wearing tight underwear?
26:09
You're in the Olympics.
26:10
I know.
26:11
You know, you've got a big...
26:12
I was actually surprised.
26:13
That girl's like doing the pol...
26:14
Is it polvo?
26:15
No.
26:16
No.
26:17
Yeah, the hijab.
26:18
The hijab.
26:19
With like, big hoop earrings.
26:20
And like, long ribbons in the hair.
26:21
And I'm like, you're not conscious.
26:23
Imagine if you're penis.
26:25
Made you fail.
26:26
Did you see this Emily?
26:27
Yeah.
26:28
Okay, great.
26:29
Quite a good store.
26:30
Like, you've become famous for your size penis.
26:31
But...
26:32
You've got...
26:33
So I think apparently his Instagram followers went from like 5,000 to 7000 over nice.
26:35
Oh.
26:36
They would.
26:37
All females.
26:38
They're like.
26:39
Still also.
26:40
They're like, definition of it as he comes down onto that pole.
26:42
Like, it's not just like there's a ball in the back.
26:44
It's like a ball.
26:45
It's like a ball.
26:46
It's like a ball.
26:47
It's like a ball.
26:48
It's like a ball.
26:49
It's like a ball.
26:50
It's like a ball.
26:51
It's like a ball.
26:52
It's like a ball.
26:53
It's like a ball.
26:54
It's like a ball that hits it off.
26:56
It's like...
26:57
Probably the one time that you're just gutted you have a big penis.
27:01
Yeah, yeah.
27:02
Wow.
27:03
But like, also you are competing in the Olympics.
27:05
You know that that thing flips around.
27:07
Yeah.
27:08
Why were you not wearing tight?
27:10
The one time that females have an advantage.
27:12
Woo!
27:13
But I have been enjoying watching it.
27:17
And I actually must say, I've like...
27:19
Yeah, the gymnastics has been amazing.
27:21
Watch, I'd love to speak to a Olympian.
27:23
Yeah.
27:24
But anyway, so in terms of like,
27:27
Visitors to Paris.
27:28
So China, Japan, and Korea are some of the top countries.
27:31
So there's been a real influx of Asian travelers,
27:34
which has been surprising,
27:36
because they...
27:37
And why they're such a great tourists is that they spend way more
27:40
on average when they travel.
27:41
So they're much more of a luxury traveler,
27:44
which kind of plays into this whole conversation
27:47
we've been having around quality tourists, not quantity.
27:51
But Chinese tourists are spending 65% more than they did last year,
27:55
which is quite, quite crazy.
27:57
So...
27:58
But overall, they've actually been pretty disappointing numbers
28:01
in terms of the turnout to Paris.
28:03
So I hate that I just sports.
28:05
Paul Vort is a Olympic dream,
28:07
shattered by his own penis.
28:09
Poor guy.
28:10
Sorry, sorry, sorry.
28:11
Yeah.
28:12
But anyway, yes, the overall international visitors
28:14
to Paris have been actually quite disappointing.
28:16
So of the 11 million visitors,
28:18
I need 2 million people in international.
28:20
Really?
28:21
And it's international visitors.
28:22
It's been the money.
28:23
Yeah.
28:24
But I've just been a lot of controversy around the Olympics.
28:26
I don't know if it's just because of social media,
28:28
but I've noticed a lot more has probably gone viral
28:33
or hit the news than what would normally in the Olympics.
28:37
It's just because we're athletes are getting really sick,
28:39
because they swim in the Sen River,
28:41
like calling South Korea North Korea
28:44
in the opening ceremony.
28:45
Like all that controversy around that female
28:48
who is a boxer,
28:49
and they're saying that she was born a male
28:52
and then this quite funny stuff,
28:55
like there's just,
28:56
I think there's been a lot of...
28:57
I'm not surprised.
28:58
You've got like some of the best athletes
29:00
in the world called there.
29:01
What the hell?
29:02
Yeah.
29:03
There is a lot happening.
29:04
Like it's quite funny they're like,
29:05
they're really, like Alex Cooper
29:06
is doing a podcast there.
29:07
Yeah.
29:08
You know, like they're really getting,
29:09
they're making it a bit more of an entertainment.
29:11
Media sense.
29:12
Yeah.
29:13
But you know, if the poll vote,
29:14
they were like, look,
29:15
are you comfortable to forfeit your,
29:17
you know, your title,
29:19
just to have it dangling,
29:20
because we think it'd be quite a funny,
29:22
new story.
29:23
Yeah, yeah, yeah.
29:24
And you'll go viral.
29:25
And you'll go viral.
29:26
Oh my god.
29:27
Yeah, maybe you're right.
29:28
I don't know.
29:29
Four years feels like a long time ago.
29:30
So I can't really believe that.
29:31
Yeah, it was a long time ago.
29:32
It was, it was delayed.
29:34
But also Nike has spent so much money.
29:37
They're doing a huge marketing blitz,
29:39
particularly around the Olympics.
29:41
So they're spending around four billion dollars a year
29:44
on marketing.
29:45
Four billion dollars.
29:47
Four billion dollars, though.
29:48
Like, no wonder it's a household name.
29:50
No wonder it does so well.
29:51
Like, if you spend a measure of use
29:53
in that much in your personal brand,
29:55
you'd be like, I'd be,
29:56
you'd be the female Nike non-running brand.
30:00
Yeah.
30:01
I can't believe it.
30:02
It's so much money.
30:03
It's the scale.
30:04
It'll be an effort to the size benefits.
30:05
They can sponsor the best athletes.
30:07
They can get the best exposure.
30:09
Yeah, it's like the bigger,
30:10
just keeps getting bigger and bigger and bigger.
30:12
But they've had some pretty big issues
30:15
with revenue growth.
30:16
So they're trying to spend money to make money.
30:19
I don't know if you remember a while back
30:21
that the stock was down like 20%,
30:23
it wiped 28 billion dollars off their market value.
30:26
Like, they're kind of struggling.
30:28
They're spending this much of marketing
30:30
that any difference.
30:31
Like, have they seen sales rise?
30:32
It takes a while to see that translate.
30:35
It's not just like dollar for dollar kind of thing.
30:37
But yeah, back in June, they had their worst day ever.
30:40
When the stock was down to percent.
30:41
Sounds so dramatic.
30:42
I know that it's the worst day ever.
30:44
Yeah, but this is the perfect time for Nike.
30:47
Athletes, Olympics, exposure,
30:50
four billion dollars will definitely go a long way.
30:53
But you don't want to invest in companies
30:55
that have to keep increasing money and spending.
30:58
You know, like you want the revenue growth
31:00
to kind of just grow itself.
31:02
You don't want because it's a never ending cycle.
31:05
The more money you spend on marketing,
31:07
the more revenue growth you get.
31:08
You know, you really want to optimize
31:10
your spend in terms of what you're spending on marketing.
31:12
Just like we see with the curve.
31:14
It's like, you don't want to just
31:15
whistle around money everywhere.
31:18
You want to make sure those marketing dollars
31:20
being spent well.
31:21
Before we wrap up this podcast,
31:22
I'd like to know if you've had any other like,
31:24
you know, like a good money win.
31:27
A shit money win.
31:28
Money blow out.
31:29
Oh, yeah, I actually realized I didn't.
31:31
So with my tenants and Auckland,
31:33
I'm supposed to be sending them monthly amounts of like expenses.
31:36
So I just pay all the electricity and everything.
31:38
And then I've changed into my name.
31:39
And then they just transfer me.
31:41
And I'd forgot to do it.
31:42
It was so amazing.
31:43
Is that going to cover the mortgage?
31:45
No.
31:46
But it helps.
31:47
It helps.
31:48
It helps.
31:49
Yeah.
31:50
So that was probably my,
31:51
I mean, when they own my own fault that I didn't do it.
31:53
But yeah, it's nice to know when you're getting
31:55
a little extra money coming in.
31:56
What's yours?
31:57
I want to get ahead of my rent.
31:58
I went to try and transfer a month in advance
32:00
because I thought that would be quite a good thing today.
32:03
Because I get paid on the 11th, sorry,
32:05
I get paid on the 15th,
32:06
but my rent comes out in the 11th.
32:08
Just kind of do it over the next four months.
32:10
You just do like a week in advance.
32:12
Yeah.
32:13
And still a week in advance rather than two months.
32:15
But then by the time in four months time,
32:17
you'll then be a week,
32:18
you'll be a month in advance.
32:19
So that makes sense.
32:20
But is that still ridiculous?
32:21
Because the other thing I thought was
32:22
what if I was to put it into a separate account?
32:24
Yeah.
32:25
So it's kind of out immediately.
32:26
Yeah.
32:27
And then it goes out from there.
32:28
That's probably the best way to do it.
32:29
Okay.
32:31
Because this will happen to a lot of people.
32:32
It's like, oh, I get paid monthly and my rent's two weeks.
32:34
So there's always going to be that mismatch.
32:36
Yeah.
32:37
I just sort of didn't want to,
32:38
I don't want to ever get to the end of the month again.
32:40
And be running out.
32:41
And be running out.
32:42
Yeah.
32:43
So do you think that's the best way to do it?
32:44
Yeah.
32:45
Okay.
32:46
Another quick when I had,
32:47
well, that was a word,
32:48
but I actually ordered a backpack,
32:50
which I was quite ugly.
32:51
I just really need it for like carrying stuff around.
32:54
Before it even came, I decided to return it,
32:56
and I thought, good.
32:57
Good.
32:58
Backpack, ugly.
32:59
Yeah.
33:00
Well, I just, I keep, I left my laptop on a line bike the other day.
33:04
You know, like I think I need all on a bag.
33:07
Anyway, we'll take the soft line.
33:08
What would you say?
33:09
Refreshing.
33:10
That's time, so.
33:11
Okay, time.
33:12
Bye.
33:13
Bye.
33:14
Thank you so much for listening to The Curve Weekly.
33:15
Make sure you hit the subscribe button to stay up to date
33:17
with all the many business stock market news.
33:20
And if you like what you heard, we would love a review.
33:23
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33:24
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33:25
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33:26
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33:29
No, but in all seriousness, could you please leave a review?
33:31
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33:34
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33:37
Bye.
33:38
Bye.
33:39
Is that nice?
33:40
Yeah.
33:41
See you next Tuesday.
33:42
Well.
33:43
See you next Tuesday.
33:44
I mean, Monday.
33:45
See you next Tuesday.
33:46
I mean, Monday.
33:47
Are you thinking of making a move in Aotearoid?
33:56
There's so many different options.
33:58
Buying, renting, or just dreaming of your next home, trade me property is where nine out
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of 10 keyweeds serve for a property.
34:04
I mean, I'm bad at maths, but is that 90%?
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90%.
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That's a majority.
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Wow.
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Yeah.
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Plus, you can also get the lowdown on the latest property market trends, housing information
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and insights for every step of your property journey, which is awesome.
34:19
Okay, quickly.
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The Curve was created to empower and educate you about investing, but we are not financial
34:24
advisors.
34:25
Our platform exists for educational purposes only and it doesn't provide personalized investing
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advice for your individual needs and should not be relied upon to make an investment or
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financial decision.
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And always remember to do your own research before making any investment or financial
34:39
decision.
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We're here for any knowledge and support you need, but the final call is always yours.
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And thanks for being here.
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You got this.
34:46
Yeah, we know you got this.