1 00:00:05,280 --> 00:00:08,640 Speaker 1: This is what the Flux I'm brand justin. It's Friday 2 00:00:08,680 --> 00:00:10,280 Speaker 1: at twenty six to September boy. 3 00:00:10,360 --> 00:00:13,320 Speaker 2: Amz Bank has been in boiling hot water lately, between 4 00:00:13,360 --> 00:00:15,880 Speaker 2: firing thousands of staff and then paying two hundred and 5 00:00:15,880 --> 00:00:19,160 Speaker 2: forty million bucks in fines to ask but get this one. 6 00:00:19,200 --> 00:00:21,720 Speaker 2: Earlier this week, Anson sent an email to All starf 7 00:00:21,720 --> 00:00:25,040 Speaker 2: advising them that their Microsoft team's course will now be 8 00:00:25,160 --> 00:00:29,400 Speaker 2: recorded and stored. Next minute, the Financial Sector Union got 9 00:00:29,400 --> 00:00:32,479 Speaker 2: involved and Ainsen has backtrack, saying that it was all 10 00:00:32,520 --> 00:00:35,319 Speaker 2: one big miscommunication Flux them. 11 00:00:35,360 --> 00:00:36,519 Speaker 1: As we get to the end of the month, it's 12 00:00:36,560 --> 00:00:38,080 Speaker 1: often the time when we all look at our ban 13 00:00:38,120 --> 00:00:40,840 Speaker 1: account and think where the hell did my money go. Well, 14 00:00:40,960 --> 00:00:43,080 Speaker 1: with the Flux budgeting tool, you can track all your 15 00:00:43,120 --> 00:00:45,880 Speaker 1: expenses and savings in the one place and see actually 16 00:00:45,880 --> 00:00:48,360 Speaker 1: where your money went with different categories for all your spending, 17 00:00:48,479 --> 00:00:50,680 Speaker 1: as well as a tracker for all your subscriptions. So 18 00:00:50,680 --> 00:00:52,160 Speaker 1: if you want to get on top of your money 19 00:00:52,159 --> 00:00:54,200 Speaker 1: and kick off October on the right foot, make sure 20 00:00:54,240 --> 00:00:56,360 Speaker 1: to download the Flux app and check out the budget. 21 00:00:56,080 --> 00:00:59,560 Speaker 2: And three convenience stories Today. Juzzy boy, let's do it 22 00:00:59,600 --> 00:01:03,080 Speaker 2: for our first Catmando's owner is trying to climb out 23 00:01:03,120 --> 00:01:06,440 Speaker 2: of the red, but investors are pushing for some serious baggage. Drop. 24 00:01:06,520 --> 00:01:08,920 Speaker 1: Everything's always on sale at Catmand Is it a b man? 25 00:01:09,040 --> 00:01:10,320 Speaker 1: So we will okay so. 26 00:01:10,440 --> 00:01:13,720 Speaker 2: KMD Brands is the company behind Catman Do and rip 27 00:01:13,800 --> 00:01:16,679 Speaker 2: Curl and US hiking boot maker Obos and it. 28 00:01:16,640 --> 00:01:19,039 Speaker 1: Was founded in nineteen eighty seven in New Zealand, but 29 00:01:19,080 --> 00:01:22,520 Speaker 1: it's grown into a global retailert with over three hundred stores. 30 00:01:22,560 --> 00:01:24,280 Speaker 2: But juz boy, the last couple of years have been 31 00:01:24,480 --> 00:01:25,759 Speaker 2: rough for KMD Brands. 32 00:01:25,840 --> 00:01:27,800 Speaker 1: Rougher than a high cup mount Everest in a Catman 33 00:01:27,880 --> 00:01:28,399 Speaker 1: Do jacket. 34 00:01:28,680 --> 00:01:31,880 Speaker 2: Yeah. KMD reported a full year loss for the twelve 35 00:01:31,880 --> 00:01:34,440 Speaker 2: months to July thirty first of more than ninety three 36 00:01:34,680 --> 00:01:36,080 Speaker 2: million New Zealand dollars. 37 00:01:36,120 --> 00:01:38,200 Speaker 1: Compare that with a loss of just over forty eight 38 00:01:38,200 --> 00:01:39,880 Speaker 1: million New Zealand dollars in twenty twenty four. 39 00:01:40,000 --> 00:01:42,399 Speaker 2: In fact, only one of its three divisions, Rip Curl, 40 00:01:42,440 --> 00:01:43,400 Speaker 2: was profitable for the year. 41 00:01:43,800 --> 00:01:46,759 Speaker 1: So now KMD has a big focus on cutting its 42 00:01:46,760 --> 00:01:48,680 Speaker 1: costs and getting back to profitability. 43 00:01:48,760 --> 00:01:52,320 Speaker 2: Yep, it's closing at least twenty one underperforming stores to 44 00:01:52,360 --> 00:01:55,120 Speaker 2: stop the bleeding. But despite the green shoots in the 45 00:01:55,160 --> 00:01:57,640 Speaker 2: first seven weeks of this financial year. It hasn't stopped 46 00:01:57,640 --> 00:02:00,640 Speaker 2: some of kmd's biggest investors pushing or a sell off 47 00:02:00,840 --> 00:02:03,760 Speaker 2: of its non core assets. But KMD is holding tight 48 00:02:03,920 --> 00:02:06,800 Speaker 2: for now. So what is the key learning here? Divestment 49 00:02:06,840 --> 00:02:09,160 Speaker 2: is when a company sells off parts of its business 50 00:02:09,160 --> 00:02:11,680 Speaker 2: that aren't central to its main goals or operations. 51 00:02:11,680 --> 00:02:14,320 Speaker 1: For investors, divestment is often a way for a company 52 00:02:14,320 --> 00:02:16,560 Speaker 1: to free up cash and reduce their debts. 53 00:02:16,360 --> 00:02:19,600 Speaker 2: And also it helps refocus management's attention on the most 54 00:02:19,639 --> 00:02:21,160 Speaker 2: profitable areas of the business. 55 00:02:21,520 --> 00:02:24,120 Speaker 1: In kmd's case, some shareholders argue that it needs to 56 00:02:24,160 --> 00:02:26,800 Speaker 1: cut the brands and cut the fat that are not core. 57 00:02:27,080 --> 00:02:30,000 Speaker 2: Think Obos and It's a wet suit factory in Thailand. 58 00:02:30,120 --> 00:02:32,400 Speaker 1: By selling them b Man, KMD could pay down its 59 00:02:32,440 --> 00:02:35,919 Speaker 1: debt and focus on its core brands Catmandu and ripkeurl 60 00:02:36,000 --> 00:02:36,200 Speaker 1: i e. 61 00:02:36,480 --> 00:02:38,799 Speaker 2: The brands that customers know best. 62 00:02:38,600 --> 00:02:42,400 Speaker 1: And b Man's Successful divestments can sharpen a company's strategy. 63 00:02:41,960 --> 00:02:44,639 Speaker 2: But poorly timed sales risk giving away the future growth 64 00:02:44,720 --> 00:02:46,720 Speaker 2: at a bit of a discount. So the battle between 65 00:02:46,720 --> 00:02:48,960 Speaker 2: investors and km D leadership continues. 66 00:02:49,160 --> 00:02:52,440 Speaker 1: All the while KMD share prices plummeted fifty one percent 67 00:02:52,639 --> 00:02:56,000 Speaker 1: in the past twelve months. Fox, ma'am, we're very excited 68 00:02:56,040 --> 00:02:59,080 Speaker 1: to be partnering with black Rock to learn more about ETFs. Today, 69 00:02:59,080 --> 00:03:01,519 Speaker 1: we're excited to be chat with Melissa Vincent from black 70 00:03:01,600 --> 00:03:03,720 Speaker 1: Rocks at Private Wealth Team to chat with us all 71 00:03:03,760 --> 00:03:07,560 Speaker 1: about atfs. Melissa, Welcome, Hi, Thanks so much for having me. So, Melissa, 72 00:03:07,639 --> 00:03:10,119 Speaker 1: we know that ETFs have been growing rapidly in Australia 73 00:03:10,200 --> 00:03:12,480 Speaker 1: and also globally. But for someone who's heard of ETFs 74 00:03:12,480 --> 00:03:14,680 Speaker 1: but never bought one, how would you explain what they 75 00:03:14,720 --> 00:03:15,320 Speaker 1: actually are? 76 00:03:15,480 --> 00:03:18,800 Speaker 3: Yeah, So an ETF it stands for an exchange traded fund. 77 00:03:18,880 --> 00:03:20,640 Speaker 3: So I'll break that down a little bit for you. 78 00:03:20,800 --> 00:03:24,119 Speaker 3: So a fund is a basket of assets. Most commonly 79 00:03:24,160 --> 00:03:26,280 Speaker 3: I would say it would be stocks or bonds, but 80 00:03:26,360 --> 00:03:29,119 Speaker 3: you can get things like commodities or derivatives and they're 81 00:03:29,160 --> 00:03:31,840 Speaker 3: traded on an exchange. So in Australia that would be 82 00:03:31,919 --> 00:03:34,400 Speaker 3: the ASX or CBO, but say in the US it 83 00:03:34,440 --> 00:03:37,240 Speaker 3: would be New York Stocks Change or the NaSTA Act. 84 00:03:37,240 --> 00:03:39,840 Speaker 3: To name with you a little bit about ETFs. Typically 85 00:03:39,920 --> 00:03:42,440 Speaker 3: in the past they've been more passive, so they track 86 00:03:42,480 --> 00:03:44,600 Speaker 3: an index which is kind of a set of rules 87 00:03:44,600 --> 00:03:47,640 Speaker 3: that govern how an ETF would operate, and probably more 88 00:03:47,680 --> 00:03:50,880 Speaker 3: recently we've seen a massive rise in active ETFs. But 89 00:03:51,040 --> 00:03:54,320 Speaker 3: what's great about an ETF is they're fully transparent, so 90 00:03:54,360 --> 00:03:56,760 Speaker 3: you can see exactly what you're owning. You get to 91 00:03:56,800 --> 00:03:59,720 Speaker 3: see real time performance of the fund, and you're actually 92 00:03:59,720 --> 00:04:02,560 Speaker 3: getting to own those underlying assets which are in each 93 00:04:02,600 --> 00:04:03,360 Speaker 3: of the ETFs. 94 00:04:03,560 --> 00:04:06,760 Speaker 2: And what would you say is the benefit of investing 95 00:04:06,840 --> 00:04:09,960 Speaker 2: in an ETF as opposed to just lying direct equities. 96 00:04:10,040 --> 00:04:12,840 Speaker 3: I would say the biggest benefit to investing in an 97 00:04:12,840 --> 00:04:17,200 Speaker 3: ETF is diversification. So within a single trade, you get 98 00:04:17,360 --> 00:04:21,400 Speaker 3: access to a very large number of assets, which, first 99 00:04:21,400 --> 00:04:24,279 Speaker 3: of all, it spreads out your risk, which we like, 100 00:04:24,360 --> 00:04:27,560 Speaker 3: but it also expands your opportunity set right. So in 101 00:04:27,600 --> 00:04:29,680 Speaker 3: a single trade, I'm going to use sm P five 102 00:04:29,760 --> 00:04:32,000 Speaker 3: hundred as an example. If I have one thousand dollars, 103 00:04:32,040 --> 00:04:34,320 Speaker 3: I invest into a SMP five one hundred ETF, I 104 00:04:34,360 --> 00:04:36,919 Speaker 3: have access to five hundred of the largest stocks in 105 00:04:36,920 --> 00:04:39,360 Speaker 3: the US as opposed to a single stock. And that's 106 00:04:39,440 --> 00:04:42,039 Speaker 3: another great thing about ETFs. It gives you opportunity to 107 00:04:42,080 --> 00:04:45,279 Speaker 3: access things that aren't locally listed. So think us, think 108 00:04:45,320 --> 00:04:46,320 Speaker 3: emerging markets. 109 00:04:46,920 --> 00:04:49,839 Speaker 2: And if someone wanted to start investing in ETFs for 110 00:04:49,880 --> 00:04:52,520 Speaker 2: the first time, what would be the smartest first step 111 00:04:52,560 --> 00:04:53,040 Speaker 2: they could take. 112 00:04:53,160 --> 00:04:56,040 Speaker 3: Well, I think probably the smartest first step would be 113 00:04:56,200 --> 00:04:59,720 Speaker 3: to talk to your financial advisor. Advisors are a great 114 00:04:59,800 --> 00:05:02,680 Speaker 3: tool because they're able to look at your own personal 115 00:05:02,760 --> 00:05:06,239 Speaker 3: goals and aspirations and risk profile and kind of develop 116 00:05:06,320 --> 00:05:09,560 Speaker 3: something holistically for you. However, that's not the only way 117 00:05:09,600 --> 00:05:11,520 Speaker 3: that you can start investing. You can just set up 118 00:05:11,520 --> 00:05:14,760 Speaker 3: a Brokeridge account really really easy. There's so many available now, 119 00:05:14,800 --> 00:05:17,400 Speaker 3: which is awesome, and you would buy an ETF exactly 120 00:05:17,400 --> 00:05:19,080 Speaker 3: the way you would buy a stock. But I would 121 00:05:19,080 --> 00:05:21,520 Speaker 3: say just do your due diligence before you make any 122 00:05:21,520 --> 00:05:24,400 Speaker 3: investment decision, think about what you want to be exposed to, 123 00:05:24,600 --> 00:05:26,000 Speaker 3: and then have a look at all the products are 124 00:05:26,000 --> 00:05:29,520 Speaker 3: available now. The most important thing is just starting, as saying, 125 00:05:29,680 --> 00:05:32,480 Speaker 3: time in the market is better than timing the market, 126 00:05:32,600 --> 00:05:34,320 Speaker 3: so don't work for a dip. There's never going to 127 00:05:34,320 --> 00:05:36,440 Speaker 3: be the right time. Just start so then you can 128 00:05:36,480 --> 00:05:39,000 Speaker 3: start to get benefits of your compounding and so on. 129 00:05:39,320 --> 00:05:40,880 Speaker 1: Listen, let's talk shop. I want to know what are 130 00:05:40,920 --> 00:05:43,560 Speaker 1: some of the most common ETFs that people invest in. 131 00:05:43,560 --> 00:05:45,440 Speaker 3: I would say the most common ones would be kind 132 00:05:45,440 --> 00:05:48,360 Speaker 3: of a broad based easyfs. They capture a very large 133 00:05:48,400 --> 00:05:50,400 Speaker 3: part of the market. We see a lot of our 134 00:05:50,440 --> 00:05:53,279 Speaker 3: clients and investors using those as part of their core 135 00:05:53,360 --> 00:05:57,880 Speaker 3: portfolio because it provides diversified and typically lower costs to 136 00:05:58,000 --> 00:06:01,159 Speaker 3: a very very wide array of asset It's commonly S 137 00:06:01,200 --> 00:06:03,120 Speaker 3: and P five hundred ETF. I kind of already touched 138 00:06:03,160 --> 00:06:05,919 Speaker 3: them before asx so the Aussie version two hundred of 139 00:06:05,920 --> 00:06:08,240 Speaker 3: the largest stocks on the Aussie market. But then we're 140 00:06:08,279 --> 00:06:11,440 Speaker 3: also seeing a lot of exposures to other regions like 141 00:06:11,520 --> 00:06:14,720 Speaker 3: emerging markets Europe, and then fixed income that's a big 142 00:06:14,720 --> 00:06:17,880 Speaker 3: one for people who want income distributions. And then we 143 00:06:17,960 --> 00:06:21,000 Speaker 3: are seeing a lot of more thematic and precision ETFs 144 00:06:21,040 --> 00:06:23,480 Speaker 3: coming to market, so think gold or infrastructure. 145 00:06:23,600 --> 00:06:25,440 Speaker 1: Listen, thanks for time today. It's been great having you 146 00:06:25,480 --> 00:06:27,640 Speaker 1: on the pod and learning a lot more about ETFs. 147 00:06:27,720 --> 00:06:32,160 Speaker 2: Thank you so much for our second story. Inflation has 148 00:06:32,240 --> 00:06:34,560 Speaker 2: jumped back up to three percent, and just like that, 149 00:06:34,800 --> 00:06:37,320 Speaker 2: dreams of a rate cut next week may have just 150 00:06:37,480 --> 00:06:38,440 Speaker 2: completely gone. 151 00:06:39,080 --> 00:06:41,320 Speaker 1: Just when IZI thought they might get some breathing room again. 152 00:06:41,440 --> 00:06:44,280 Speaker 1: Inflation kills the mood. So what is going on here. 153 00:06:44,120 --> 00:06:47,239 Speaker 2: So jase way. The Australian Bureau of Statistics the ABS, 154 00:06:47,279 --> 00:06:50,800 Speaker 2: they track inflation monthly and quarterly, see how much our 155 00:06:50,839 --> 00:06:51,919 Speaker 2: everyday costs arising. 156 00:06:52,040 --> 00:06:53,919 Speaker 1: That means they compare the price of goods from the 157 00:06:53,960 --> 00:06:56,359 Speaker 1: same month or same quarter last year. 158 00:06:56,320 --> 00:06:58,640 Speaker 2: And they see if prices have gone up or gone 159 00:06:58,720 --> 00:07:00,360 Speaker 2: down or have been flat, and they man. 160 00:07:00,440 --> 00:07:03,839 Speaker 1: The ABS announced that annual inflation hit three percent in August, 161 00:07:03,920 --> 00:07:05,880 Speaker 1: which was up from two point eight percent in July. 162 00:07:05,960 --> 00:07:08,760 Speaker 2: Not what the Reserve Bank of Australia was wanting to hear. 163 00:07:08,760 --> 00:07:11,120 Speaker 1: No, no, no, and the biggest contributors were housing costs 164 00:07:11,200 --> 00:07:12,880 Speaker 1: up four and a half percent, food and drinks up 165 00:07:12,920 --> 00:07:15,840 Speaker 1: three percent, and alcohol and tobacco six percent jump. 166 00:07:15,880 --> 00:07:19,040 Speaker 2: But the biggest spike of them all that was electricity prices, 167 00:07:19,080 --> 00:07:22,760 Speaker 2: which jumped nearly twenty five percent for the year to August. 168 00:07:22,360 --> 00:07:24,760 Speaker 1: Mostly because the government rebates ran out. 169 00:07:24,560 --> 00:07:27,320 Speaker 2: And joseu wait. With annual inflation at three percent for August, 170 00:07:27,360 --> 00:07:29,720 Speaker 2: it's now getting very close to the top of the 171 00:07:29,800 --> 00:07:32,520 Speaker 2: RBA's two to three percent target inflation ban and. 172 00:07:32,480 --> 00:07:35,800 Speaker 1: That means economists reckon no rate cut in September. 173 00:07:35,320 --> 00:07:37,480 Speaker 2: And less than a one in two chance of a 174 00:07:37,560 --> 00:07:39,160 Speaker 2: rate cut in November two. 175 00:07:39,120 --> 00:07:41,240 Speaker 1: Because the worst thing the RBA could do right now 176 00:07:41,280 --> 00:07:43,920 Speaker 1: would be to cut rates and then raise them shortly after. 177 00:07:44,080 --> 00:07:45,560 Speaker 2: Yeah, So what's the key learning here? 178 00:07:45,560 --> 00:07:47,920 Speaker 1: Cutting interest rates is like easing the brakes on a 179 00:07:48,000 --> 00:07:48,640 Speaker 1: speeding car. 180 00:07:48,800 --> 00:07:51,800 Speaker 2: If you do it too early, momentum can build again 181 00:07:52,000 --> 00:07:53,880 Speaker 2: and you risk another inflation blowout. Yeah. 182 00:07:53,920 --> 00:07:56,840 Speaker 1: Central banks around the world, including the RBA, learned this 183 00:07:56,920 --> 00:07:58,640 Speaker 1: the hard way in the nineteen seventies. 184 00:07:58,640 --> 00:08:02,440 Speaker 2: Inflation in Australia peaked eighteen percent in nineteen seventy five 185 00:08:02,560 --> 00:08:06,080 Speaker 2: and then dropped down to just eight percent in nineteen 186 00:08:06,120 --> 00:08:06,920 Speaker 2: seventy nine, but. 187 00:08:06,880 --> 00:08:09,160 Speaker 1: Then it's spiked again in the early nineteen eighties when 188 00:08:09,200 --> 00:08:10,920 Speaker 1: interest rates were cut prematurely. 189 00:08:11,000 --> 00:08:13,840 Speaker 2: This damages both the economy and credibility of the central bank. 190 00:08:13,920 --> 00:08:16,880 Speaker 2: So Juzy Boy, cutting rates while inflation is still shticky 191 00:08:17,080 --> 00:08:19,840 Speaker 2: could under years of work building up their rep and 192 00:08:19,920 --> 00:08:21,280 Speaker 2: also slowing down inflation. 193 00:08:21,560 --> 00:08:24,640 Speaker 1: For our third and final story, Lego is buying back 194 00:08:24,640 --> 00:08:28,040 Speaker 1: its own funhouses in a two hundred million pound cash 195 00:08:28,080 --> 00:08:30,880 Speaker 1: deal to gain more control over its customer experience. 196 00:08:31,080 --> 00:08:34,040 Speaker 2: Sharing was never in Lego's playbook. Juzy Boy, be honest, 197 00:08:34,120 --> 00:08:35,200 Speaker 2: so tell me what's going on here? 198 00:08:35,400 --> 00:08:37,599 Speaker 1: So Lego's the Danish toy company that was founded in 199 00:08:37,679 --> 00:08:40,800 Speaker 1: nineteen thirty two and pretty darn famous for its colorful 200 00:08:40,920 --> 00:08:41,800 Speaker 1: interlocking bricks. 201 00:08:41,880 --> 00:08:45,360 Speaker 2: But Juzy Boy, Lego ain't just interlocking bricks, as we 202 00:08:45,480 --> 00:08:48,040 Speaker 2: like to call them. They've also developed a Lego movie 203 00:08:48,040 --> 00:08:48,959 Speaker 2: and Lego lands. 204 00:08:49,040 --> 00:08:51,439 Speaker 1: Yep. The very first Lego Land Discovery center opened in 205 00:08:51,480 --> 00:08:53,320 Speaker 1: Berlin in two thousand and seven, and now there are 206 00:08:53,360 --> 00:08:54,920 Speaker 1: more than twenty nine around the world. 207 00:08:55,000 --> 00:08:58,400 Speaker 2: And what are these Lego Land Discovery centers I've been 208 00:08:58,400 --> 00:08:58,800 Speaker 2: hearing about. 209 00:08:58,840 --> 00:09:02,800 Speaker 1: They're all play zones, tayment activities, retail shops, basically everything 210 00:09:02,840 --> 00:09:03,880 Speaker 1: focused around Lego. 211 00:09:03,960 --> 00:09:06,439 Speaker 2: I like to think that they're basically kids casinos without 212 00:09:06,440 --> 00:09:07,000 Speaker 2: the pogies. 213 00:09:07,120 --> 00:09:09,560 Speaker 1: Yeah, and they get them foot traffic as well. Be man, 214 00:09:09,559 --> 00:09:12,520 Speaker 1: we're talking five million visitors per year, all these kids 215 00:09:12,600 --> 00:09:14,439 Speaker 1: one sugar high away from a meltdown. 216 00:09:14,600 --> 00:09:18,680 Speaker 2: Until now, Merlin Entertainments owned these centers. But now Lego 217 00:09:18,720 --> 00:09:21,760 Speaker 2: will acquire twenty nine Lego Land Discovery centers in a 218 00:09:21,840 --> 00:09:25,559 Speaker 2: deal worth two hundred million pounds, and Lego reckons this 219 00:09:25,600 --> 00:09:29,360 Speaker 2: move will give them more direct control over customer experiences 220 00:09:29,400 --> 00:09:30,600 Speaker 2: that are linked to its brand. 221 00:09:31,160 --> 00:09:32,600 Speaker 1: So what is the key learning here? 222 00:09:32,640 --> 00:09:35,640 Speaker 2: When a brand becomes a cultural icon, controlling the customer 223 00:09:35,679 --> 00:09:38,960 Speaker 2: experience becomes just as important as selling the product. 224 00:09:39,040 --> 00:09:42,240 Speaker 1: Now that Lego directly owns and manages its discovery centers, 225 00:09:42,240 --> 00:09:44,599 Speaker 1: they can unlock some major benefits. 226 00:09:44,240 --> 00:09:46,600 Speaker 2: More control over brand consistency. 227 00:09:46,000 --> 00:09:47,840 Speaker 1: Better access to customer data. 228 00:09:47,559 --> 00:09:50,640 Speaker 2: And potentially higher margins because there's no middleman taking a 229 00:09:50,640 --> 00:09:51,280 Speaker 2: cart and a man. 230 00:09:51,320 --> 00:09:53,679 Speaker 1: That's a bit of a contrast to Disney, whose outsourced 231 00:09:53,720 --> 00:09:55,080 Speaker 1: parts of its own empire. 232 00:09:55,200 --> 00:09:59,040 Speaker 2: Yep Tokyo, Disneyland and Disney c for example, is owned 233 00:09:59,080 --> 00:10:02,319 Speaker 2: and run by the Oriental Land Company under a license. 234 00:10:02,440 --> 00:10:05,920 Speaker 1: But Lego clearly believes that the hands on, immersive experiences 235 00:10:05,920 --> 00:10:08,640 Speaker 1: of its discovery centers are too important to leave in 236 00:10:08,679 --> 00:10:10,800 Speaker 1: someone else's hands. Flux, ma'am. If you get to the 237 00:10:10,880 --> 00:10:12,640 Speaker 1: end of the month with a big fed zero or 238 00:10:12,679 --> 00:10:14,840 Speaker 1: close to zero in your ban account and wondering where 239 00:10:14,840 --> 00:10:17,440 Speaker 1: it goes, there is a thirty second solution that will 240 00:10:17,440 --> 00:10:19,600 Speaker 1: help you identify where it all goes. It's the Flux 241 00:10:19,600 --> 00:10:22,520 Speaker 1: budging tool. It categorizes your expenses and also tells you 242 00:10:22,520 --> 00:10:23,920 Speaker 1: where your savings comes from. So if you want to 243 00:10:24,000 --> 00:10:26,120 Speaker 1: learn more about how to budget how to save. Make 244 00:10:26,120 --> 00:10:27,920 Speaker 1: sure to download the Flux app and check out the 245 00:10:27,920 --> 00:10:28,560 Speaker 1: budgeting tool. 246 00:10:28,559 --> 00:10:31,080 Speaker 2: Thanks for listening, and we'll see you on Monday.