1
00:00:03,480 --> 00:00:06,000
Speaker 1: Welcome to Ask Fear and Greed, where we answer questions

2
00:00:06,040 --> 00:00:10,280
Speaker 1: about business, investing, economics, politics and more. I'm Michael Thompson.

3
00:00:09,880 --> 00:00:12,080
Speaker 2: And hello Sean al Malo, Michael John.

4
00:00:12,080 --> 00:00:17,320
Speaker 1: Today's question is purely driven by self interest. I would

5
00:00:17,400 --> 00:00:22,720
Speaker 1: like you to tell me, based on history in Australia,

6
00:00:23,120 --> 00:00:26,960
Speaker 1: what is the best way to make money and become

7
00:00:27,480 --> 00:00:30,880
Speaker 1: not just wealthy, not just rich, but uber rich.

8
00:00:31,040 --> 00:00:33,000
Speaker 2: Ah, yes, mega wealthy.

9
00:00:33,040 --> 00:00:35,400
Speaker 1: As if I've got any idea, you wouldn't be here

10
00:00:35,400 --> 00:00:36,120
Speaker 1: with me if you knew.

11
00:00:36,200 --> 00:00:39,120
Speaker 2: No, no, no, But I did go to the AFI

12
00:00:39,240 --> 00:00:40,200
Speaker 2: Rich List to find out.

13
00:00:40,880 --> 00:00:44,840
Speaker 1: Okay, and hang on, were you looking for trends?

14
00:00:45,760 --> 00:00:49,919
Speaker 2: Because the trend Michael is your friend. Thank you very much.

15
00:00:50,000 --> 00:00:52,760
Speaker 1: Oh God, you have spent too much time together, haven't we.

16
00:00:54,480 --> 00:00:56,880
Speaker 2: Yeah, I have been looking at the rich list now

17
00:00:56,880 --> 00:00:59,960
Speaker 2: for like twenty five years. Probably I used to run

18
00:01:00,000 --> 00:01:02,760
Speaker 2: and brws. I used to do it. Then. We've told

19
00:01:03,080 --> 00:01:06,640
Speaker 2: had great stories about ringing up really rich people and saying, hey,

20
00:01:06,920 --> 00:01:09,800
Speaker 2: did you know you was eight hundred million? And they're like, really,

21
00:01:10,000 --> 00:01:11,600
Speaker 2: I thought I was only worth seven hundred and fifty

22
00:01:11,720 --> 00:01:13,520
Speaker 2: or you know eight fifty You've forgotten something.

23
00:01:13,560 --> 00:01:15,919
Speaker 1: So that's fantastic.

24
00:01:15,520 --> 00:01:16,759
Speaker 2: It is fun. It is fun.

25
00:01:17,600 --> 00:01:21,560
Speaker 1: Does anyone anyone get really kind of just private about it?

26
00:01:21,680 --> 00:01:24,360
Speaker 2: Or atally they just don't take your calls, okay, they

27
00:01:24,360 --> 00:01:28,000
Speaker 2: put them onto your business manager. And I remember one

28
00:01:28,600 --> 00:01:34,040
Speaker 2: individual still on the rich list today ringing and he said,

29
00:01:34,240 --> 00:01:36,720
Speaker 2: I will give you to my business manager for one

30
00:01:36,760 --> 00:01:39,480
Speaker 2: of a better term. And the business manager said, what

31
00:01:39,560 --> 00:01:41,160
Speaker 2: have you got the person at? And we said, however,

32
00:01:41,200 --> 00:01:44,679
Speaker 2: many hundred million it was at the time, and the

33
00:01:44,720 --> 00:01:48,840
Speaker 2: guy goes, hmmm, yes, I think that will do you. Yes,

34
00:01:49,320 --> 00:01:52,520
Speaker 2: Obviously we'd missed out huge amounts of money because he's there,

35
00:01:52,560 --> 00:01:56,040
Speaker 2: so I think that'll do you. Yes, right, thanks very.

36
00:01:56,040 --> 00:02:00,240
Speaker 1: Much, fantastic. So obviously keeping something a little bit kind

37
00:02:00,240 --> 00:02:02,160
Speaker 1: of well, well that's not necessarily keeping it quiet, but

38
00:02:02,200 --> 00:02:03,720
Speaker 1: happy for it not to be in the.

39
00:02:03,680 --> 00:02:06,600
Speaker 2: Public remain definitely. So. The best way to make money

40
00:02:06,640 --> 00:02:10,440
Speaker 2: over many many years has been property. Property, property, property, property.

41
00:02:10,440 --> 00:02:13,960
Speaker 2: It seems to be the go I mean, Harry Triggerboff

42
00:02:14,040 --> 00:02:17,480
Speaker 2: is probably the richest property dullion in Australia now. He's

43
00:02:17,520 --> 00:02:21,120
Speaker 2: worth nearly thirty billion dollars merit and fame. He's a

44
00:02:21,160 --> 00:02:25,480
Speaker 2: prime example. A close second over the time though in

45
00:02:25,560 --> 00:02:28,919
Speaker 2: the twenty twenty five Rich List, if you had all

46
00:02:28,960 --> 00:02:35,400
Speaker 2: the five of the two hundred amounts together. Mining actually

47
00:02:35,400 --> 00:02:38,320
Speaker 2: came on top of property, but over the long term

48
00:02:38,360 --> 00:02:40,880
Speaker 2: property has been more important than mining. But mining's a

49
00:02:40,919 --> 00:02:44,079
Speaker 2: close second. So Gina Reinhart which is Australian thirty eight

50
00:02:44,080 --> 00:02:47,480
Speaker 2: billion dollars, Andrew Forrest until this year was number two

51
00:02:47,680 --> 00:02:48,639
Speaker 2: for several years.

52
00:02:50,280 --> 00:02:53,239
Speaker 1: Yeah, I'm not liking much chances of getting riched through mining.

53
00:02:53,440 --> 00:02:57,519
Speaker 1: I mean, I have a mortgage on a small residential

54
00:02:57,520 --> 00:02:59,919
Speaker 1: property that is about four hundred and seventy square meter

55
00:03:00,040 --> 00:03:02,080
Speaker 1: and I'm ninety percent sure there's no iron all buried

56
00:03:02,120 --> 00:03:03,520
Speaker 1: under buried underneath it.

57
00:03:03,600 --> 00:03:05,360
Speaker 2: What about tech there? You can get techs. That's the

58
00:03:05,400 --> 00:03:09,120
Speaker 2: third So could you do canber It's already been done.

59
00:03:09,240 --> 00:03:12,720
Speaker 2: Well yeah, but Melanie Perkins and Cliff Wallbrick together fourteen

60
00:03:12,720 --> 00:03:16,239
Speaker 2: point four billion dollars, I mean, the Atlasian Fellas, Scott

61
00:03:16,240 --> 00:03:23,320
Speaker 2: Farqua billionaires. Try them. Next comes retail, okay, and then manufacturing.

62
00:03:23,680 --> 00:03:27,240
Speaker 2: So Dick Pratt's busy industry is the great example there.

63
00:03:27,280 --> 00:03:30,800
Speaker 2: Media in gaming and investment are the next two sectors.

64
00:03:32,400 --> 00:03:36,560
Speaker 1: Okay, So I mean they're they're the trends. Really, there's

65
00:03:36,600 --> 00:03:39,880
Speaker 1: always been kind of one offs though, right, that have

66
00:03:39,960 --> 00:03:44,440
Speaker 1: done well. Kerry Packer was the richest Australian for a

67
00:03:44,600 --> 00:03:46,680
Speaker 1: very long time, very colorful identity as well.

68
00:03:46,760 --> 00:03:48,720
Speaker 2: I used to battle with Rupert Murdock to see who

69
00:03:48,760 --> 00:03:49,160
Speaker 2: was richer.

70
00:03:49,320 --> 00:03:50,160
Speaker 1: Oh that's a good point.

71
00:03:50,240 --> 00:03:51,160
Speaker 2: It was always a big fight.

72
00:03:51,640 --> 00:03:54,360
Speaker 1: And nowadays you've got Kerry Stokes. Yeah, who's in the

73
00:03:54,360 --> 00:03:56,560
Speaker 1: top ten, right, So that's kind of all of these

74
00:03:56,640 --> 00:03:57,440
Speaker 1: kind of one offs.

75
00:03:57,560 --> 00:04:00,440
Speaker 2: Yeah, but there. I mean, I suppose Packer and Murder

76
00:04:00,520 --> 00:04:02,880
Speaker 2: were media moguls and this was at a time when

77
00:04:03,280 --> 00:04:06,560
Speaker 2: when you own media, you had the loudest voice and

78
00:04:06,640 --> 00:04:08,400
Speaker 2: you probably made the most money. I mean, that's no

79
00:04:08,520 --> 00:04:11,200
Speaker 2: longer the case. In fact, James Packer, who obviously the

80
00:04:11,240 --> 00:04:14,080
Speaker 2: heir to carry Packer's fortune, now he did have to

81
00:04:14,080 --> 00:04:16,479
Speaker 2: split some of that with his kid, with his siblings,

82
00:04:17,000 --> 00:04:22,840
Speaker 2: but he's worth five billion dollars, so he's worth about

83
00:04:22,880 --> 00:04:28,200
Speaker 2: what fifteen percent of the richest Australian whereas his father

84
00:04:28,320 --> 00:04:31,800
Speaker 2: was always the richest Australian. And you just quickly mentioned

85
00:04:31,839 --> 00:04:35,240
Speaker 2: Kerry Stakes. I mean he's in media with seven, but

86
00:04:35,279 --> 00:04:40,880
Speaker 2: he's also got Boral, the building materials company, Beach Energy,

87
00:04:40,920 --> 00:04:43,080
Speaker 2: which is oil and gas a wez track. So he's

88
00:04:43,080 --> 00:04:44,480
Speaker 2: got a bunch of other things as well.

89
00:04:44,640 --> 00:04:49,400
Speaker 1: Okay, So in conclusion, basically, if we want to be

90
00:04:49,560 --> 00:04:51,880
Speaker 1: uber rich, we need to go back in time, buy

91
00:04:51,920 --> 00:04:55,680
Speaker 1: a whole lot of property, yes, or have an iron

92
00:04:55,720 --> 00:04:56,320
Speaker 1: all mine.

93
00:04:57,040 --> 00:04:59,640
Speaker 2: Yeah, it's probably easy to buy property tooth pinner.

94
00:05:00,200 --> 00:05:03,120
Speaker 1: Yeah yeah, I mean you need the time machine, which

95
00:05:03,120 --> 00:05:05,040
Speaker 1: is not so easy. Or I have a great tech idea,

96
00:05:05,320 --> 00:05:07,400
Speaker 1: which is probably the one that's most within our reach.

97
00:05:08,279 --> 00:05:09,840
Speaker 2: Have you within your reach?

98
00:05:10,080 --> 00:05:10,880
Speaker 1: Have you got any ideas?

99
00:05:11,320 --> 00:05:12,160
Speaker 2: Nothing either?

100
00:05:12,160 --> 00:05:13,320
Speaker 1: All right, we'll keep braining staw me.

101
00:05:13,440 --> 00:05:15,080
Speaker 2: If you come up with a good media and gaming

102
00:05:15,120 --> 00:05:17,000
Speaker 2: for you and Greed, you never know. Here we are.

103
00:05:17,080 --> 00:05:19,680
Speaker 1: We've got with a shot, all right, Thank you, Sean,

104
00:05:19,760 --> 00:05:21,520
Speaker 1: Thanks Michael. If you've got your own question that you

105
00:05:21,560 --> 00:05:23,760
Speaker 1: would like us to answer, then please send it on

106
00:05:23,839 --> 00:05:26,800
Speaker 1: through via Fearangreed dot com dot au or jump onto

107
00:05:26,880 --> 00:05:30,960
Speaker 1: any of the social media platforms LinkedIn Facebook, Instagram. Send

108
00:05:31,040 --> 00:05:32,480
Speaker 1: us a message through any of those and we will

109
00:05:32,480 --> 00:05:35,240
Speaker 1: answer your question. Oh, Michael Thompson, just ask Fear and

110
00:05:35,279 --> 00:05:35,559
Speaker 1: Greed