WEBVTT - Ben Brinkerhoff: Have we gotten too confident at stock-picking? 0:00:05.801 --> 0:00:09.361 You're listening to the Weekend Collective podcast from news Talk 0:00:09.401 --> 0:00:12.201 sedb OH Sunday morning. 0:00:12.281 --> 0:00:12.721 Don't you know? 0:00:14.441 --> 0:00:23.281 Lots of body just losing light. It's a lusty well 0:00:23.681 --> 0:00:32.841 the born Could that be Alloy Mac the name from 0:00:32.881 --> 0:00:34.001 a Jack Ball. 0:00:34.641 --> 0:00:36.921 I had a very good afternoon t If you have 0:00:37.041 --> 0:00:39.361 just joined us or welcome back? Should I say? I'm 0:00:39.401 --> 0:00:42.041 Tim Beverages. Is the Weekend Collective and this is smart money. 0:00:42.081 --> 0:00:45.641 By the way, if you missed the hour we had 0:00:46.281 --> 0:00:48.521 with Leslie from Trenton Hearing Leslie Smith, who's the head 0:00:48.521 --> 0:00:50.841 of audiology, you can go to any of the other 0:00:50.881 --> 0:00:53.241 hours of course, including politics. You can go and check 0:00:53.281 --> 0:00:55.521 out the podcast. Just look for the Weekend Collective, go 0:00:55.561 --> 0:00:59.721 to iHeartRadio and away you go. I do love a 0:00:59.721 --> 0:01:02.201 little bit of Robbie Williams. I'm not sure it was 0:01:02.201 --> 0:01:03.881 ever a huge fan of his until he did the 0:01:04.001 --> 0:01:06.721 Swing perfour months where he was live at the Albert Hall. 0:01:06.761 --> 0:01:09.201 And actually the guy sort of gets it so and 0:01:09.241 --> 0:01:11.241 I was wondering what is he doing these days? And he's, look, 0:01:11.241 --> 0:01:13.961 he's probably just my producer saying he should do more swing. 0:01:14.361 --> 0:01:16.601 And I said, I think Robbie's just spending his money 0:01:16.961 --> 0:01:19.121 which ends up being quite a nice seguey because he 0:01:19.121 --> 0:01:21.481 could tune into this hour and get some good advice. 0:01:21.521 --> 0:01:24.641 We have a new guest in the studio today and 0:01:24.841 --> 0:01:29.401 his name is Ben Brinkerhove. He's from Concilium is known 0:01:29.441 --> 0:01:34.321 as Concilium Partners. Did I say Consilium Partner Services? And anyway, Ben, 0:01:34.641 --> 0:01:35.721 good a, how are you going? 0:01:35.881 --> 0:01:38.281 Thank you, Tim, I'm feeling pretty good. Nice to be here. 0:01:38.401 --> 0:01:40.641 Yeah, thanks, thanks for coming on. Hey, look, firstly, just 0:01:40.681 --> 0:01:42.441 tell us a little bit because it's good for the 0:01:42.481 --> 0:01:45.001 listeners to get a handle on who you are and 0:01:45.041 --> 0:01:48.561 where you're coming from. Well, I can hear a twang 0:01:48.601 --> 0:01:51.481 of an accent there, just just subtly. But you've been 0:01:51.521 --> 0:01:53.161 in New Zealand for a little bit of a little 0:01:53.201 --> 0:01:54.281 bit of time. When did you get here? 0:01:54.561 --> 0:01:57.121 I arrived to New Zealand, would you believe it? Into 0:01:57.201 --> 0:02:03.521 christ Church in January twenty eleven. Now that wasn't good timing, Not. 0:02:03.601 --> 0:02:07.321 Twenty eleven from the birth of my daughter, which was 0:02:07.321 --> 0:02:09.081 a month later and was just a few days after 0:02:09.081 --> 0:02:11.841 the earthquake. So he arrived in christ Church a month 0:02:11.881 --> 0:02:12.761 before I. 0:02:12.801 --> 0:02:16.801 Arrived into christ Church. My fourth daughter, Petra was born. 0:02:17.121 --> 0:02:22.161 Oh my goodness in early February. Oh wow, started a 0:02:22.161 --> 0:02:28.761 new job and suddenly city was broken. Yeah, gosh, that's 0:02:28.761 --> 0:02:30.081 the hell of a start. What made you come to 0:02:30.121 --> 0:02:34.241 New Zealand in the first place? Well, why does a 0:02:34.281 --> 0:02:35.721 man do anything? Really? 0:02:37.801 --> 0:02:38.441 Philosophy? 0:02:38.721 --> 0:02:42.761 Would you believe that there was a beautiful woman involved? Okay, yes, yes, yes, 0:02:42.921 --> 0:02:43.801 would you believe that? 0:02:44.321 --> 0:02:44.521 Yeah? 0:02:44.521 --> 0:02:49.121 So my wife moved over to America for about five 0:02:49.201 --> 0:02:52.121 or six years, but always wanted to move back to 0:02:52.961 --> 0:02:56.081 New Zealand. I had thought to myself that maybe once 0:02:56.121 --> 0:02:58.521 we moved over there we put down roots and that, 0:02:59.041 --> 0:03:02.401 and that we'd be able to stay. But you can't. 0:03:02.841 --> 0:03:04.641 You can't really take the key wei out of a girl. 0:03:04.761 --> 0:03:04.961 Yeah. 0:03:05.601 --> 0:03:07.561 She was real eager to come back and raise our 0:03:07.641 --> 0:03:08.281 children here. 0:03:09.241 --> 0:03:11.761 And well, obviously you were great because you're still here. 0:03:12.841 --> 0:03:14.841 Why does a man do anything? I was actually thinking 0:03:14.841 --> 0:03:17.241 this is but of course for the love of his life. 0:03:17.321 --> 0:03:21.441 Of course, there we go and Concilient Partner Services. What's 0:03:21.521 --> 0:03:23.241 tell us about what you guys do? Yeah? 0:03:23.241 --> 0:03:26.241 So Concilium was started around twenty eleven when I got 0:03:26.281 --> 0:03:32.601 there with a couple partners, and the object was how 0:03:32.641 --> 0:03:38.321 could we create the conditions where it was easier to 0:03:38.361 --> 0:03:42.401 give great independent advice. You know, independent advice. It's the 0:03:42.441 --> 0:03:45.201 advice you get. We don't have any inducements. It's the Yeah, 0:03:45.241 --> 0:03:48.481 it's the advice you get. You get when the only 0:03:48.561 --> 0:03:50.921 one who pays you is your client. That's the best 0:03:51.041 --> 0:03:54.241 kind of advice. And it's difficult to give independent advice 0:03:54.361 --> 0:03:58.241 because you have to have to all your research, you 0:03:58.241 --> 0:03:59.761 have to do all your compliance, you have to do 0:03:59.801 --> 0:04:01.721 all your own marketing, you have to run your own business. 0:04:02.121 --> 0:04:05.041 So we try to make the conditions for independent advisors 0:04:05.161 --> 0:04:05.601 to thrive. 0:04:06.201 --> 0:04:11.641 Is it actually just is it hard to convince people? 0:04:12.601 --> 0:04:16.001 Were a suspicious a lot in New Zealand? And is 0:04:16.001 --> 0:04:18.481 it hard to convince people? Or what's the journey you 0:04:18.521 --> 0:04:20.481 go on when you when it comes to explaining what 0:04:20.521 --> 0:04:22.441 independence looks like and what it means and how can 0:04:22.481 --> 0:04:23.681 people can rely on it, etc. 0:04:25.321 --> 0:04:27.681 Yeah, it's a journey. I mean when I came to 0:04:27.681 --> 0:04:30.321 New Zealand, I had to get my head around the 0:04:30.441 --> 0:04:33.561 idea that in this country there was a huge web 0:04:33.601 --> 0:04:36.001 of term deposits and there is a big love of property, 0:04:36.561 --> 0:04:41.721 and there was less comfort around advice and around wealth management. 0:04:42.441 --> 0:04:45.841 And even if people were familiar with wealth management, they 0:04:46.161 --> 0:04:49.001 weren't necessarily using an advisor, or they kind of thought 0:04:49.041 --> 0:04:52.121 their advisor's job was to pick the right things rather 0:04:52.201 --> 0:04:56.161 than to give them a strategy to achieve what they want. 0:04:56.881 --> 0:05:01.001 It's because how much of the decision when you're giving 0:05:01.001 --> 0:05:04.041 independent advice. Of course it's advised, you're not how much 0:05:04.121 --> 0:05:08.201 of it the decision making is left up to the 0:05:08.281 --> 0:05:10.721 pliant And of course it is the decision, But a 0:05:10.721 --> 0:05:12.641 lot of people sort of want to be told what 0:05:12.681 --> 0:05:14.081 to do. They're like, well, what are you telling me 0:05:14.121 --> 0:05:16.081 to do? And you're like, well, we're giving you this information, 0:05:16.441 --> 0:05:19.281 we're advising of these options. I mean, how far down 0:05:19.401 --> 0:05:22.481 the driving the car for them? Do you do? Yes? 0:05:22.521 --> 0:05:26.441 So, when you're sitting down with someone to help deliver 0:05:26.521 --> 0:05:28.521 a strategy, the first thing you need to figure out 0:05:28.881 --> 0:05:32.361 with them is what they want and do you want. 0:05:32.361 --> 0:05:35.801 People are terrified of tim finding out that there's no hope. 0:05:36.001 --> 0:05:37.401 Yeah, they're terrified of that. 0:05:38.161 --> 0:05:40.841 People hate the word goals, Like if I ask you 0:05:40.881 --> 0:05:45.641 what's your financial goal? Like you you know a little shudder. 0:05:44.801 --> 0:05:50.321 I hate that word goal because I think it's psychologically 0:05:50.441 --> 0:05:52.321 it's almost like I don't want to put the answer 0:05:52.401 --> 0:05:56.241 out into the universe because what if I actually don't 0:05:56.801 --> 0:06:00.041 don't achieve it, and I'm terrified of I'm not achieving it, 0:06:00.081 --> 0:06:01.601 So I'd rather just not have one. 0:06:02.161 --> 0:06:06.001 I reckon that would be incredibly common. I probably have 0:06:06.041 --> 0:06:08.481 suffered from that, or suffered from that myself, I think, 0:06:08.521 --> 0:06:10.081 and I think a lot of people listening would relate 0:06:10.121 --> 0:06:10.361 to that. 0:06:10.481 --> 0:06:12.961 It's I liken it too. When I was at university 0:06:13.001 --> 0:06:15.961 and I'd come out of an exam and someone would say, oh, 0:06:16.001 --> 0:06:18.881 how'd you do? And even if I thought I did well, 0:06:19.041 --> 0:06:22.201 I'd say, oh, I think I did okay. Yeah, why 0:06:22.201 --> 0:06:24.721 am I saying that I actually think I did better 0:06:24.721 --> 0:06:25.201 than okay? 0:06:25.321 --> 0:06:26.761 Well, you're being humble these a little both. 0:06:28.201 --> 0:06:33.641 I'm American, I'm allowed. I hate it the uh because 0:06:33.721 --> 0:06:36.401 I don't want. The last thing I want is to 0:06:36.481 --> 0:06:40.801 have actually done done uh, done badly and then have 0:06:41.001 --> 0:06:43.241 told someone I did well. So I think when you're 0:06:43.281 --> 0:06:46.361 creating a financial goal, there's this fear, there's this fear 0:06:46.441 --> 0:06:50.881 of setting h an objective and falling short of that, 0:06:51.481 --> 0:06:53.681 and so I think people just kind of cruise through 0:06:53.681 --> 0:06:56.201 a little bit without setting them and of course they 0:06:56.321 --> 0:06:59.761 end up where they end up, but maybe less than 0:06:59.761 --> 0:07:02.001 what they could have had if they thought about it carefully. 0:07:02.761 --> 0:07:08.441 Yeah, because how how well? Yeah, how difficult is it 0:07:08.441 --> 0:07:12.321 to set a financial goal? Because I can imagine that 0:07:13.321 --> 0:07:16.641 it would be a goal where it could constantly shift anyway, 0:07:16.681 --> 0:07:20.481 because maybe is the first thing. Just have some sort 0:07:20.481 --> 0:07:22.441 of goal. Let's have something we can work with, and 0:07:22.441 --> 0:07:24.681 then we'll start from there. No, you don't start with goals, 0:07:24.881 --> 0:07:26.401 Oh you don't, do you know what you start with? 0:07:26.521 --> 0:07:31.881 Tim You start with values. So values are tend to 0:07:31.881 --> 0:07:36.081 be enduring. Goals change your your life's circumstances change. Your 0:07:36.121 --> 0:07:38.281 parents may have left you an inheritance, maybe you lost 0:07:38.321 --> 0:07:39.961 your job. They're gonna be good and bad things that 0:07:40.001 --> 0:07:44.081 happened to you along the way. But your values and 0:07:44.121 --> 0:07:46.801 your values are there to set your priorities, and your 0:07:46.841 --> 0:07:48.761 priorities should reflect your finances. 0:07:49.481 --> 0:07:52.041 What I do with my money should reflect what I 0:07:52.081 --> 0:07:55.121 actually truly value in this life, and so often they don't. 0:07:55.321 --> 0:07:57.521 And if I don't know what your values are, how 0:07:57.521 --> 0:08:00.441 am I going to give you wise counsel so that 0:08:00.521 --> 0:08:04.241 you're actually making financial decisions where your life makes sense. 0:08:05.361 --> 0:08:05.681 Hmmm. 0:08:06.121 --> 0:08:09.801 That's an interesting one because when you mentioned that, I 0:08:09.881 --> 0:08:11.681 think if I was to talk to you, say, what 0:08:11.721 --> 0:08:15.161 are your values, and BlimE me. I guess the first 0:08:15.161 --> 0:08:16.801 thing that came into my mind when you mentioned that 0:08:16.881 --> 0:08:19.521 was I've got kids and I want to give them 0:08:20.081 --> 0:08:24.201 and hopefully I leave them something which gives them reason 0:08:24.281 --> 0:08:26.681 not to be so worried about their own financial features. 0:08:27.281 --> 0:08:27.561 HM. 0:08:28.121 --> 0:08:31.441 That's an incredibly important value. And imagine that you're talking 0:08:31.481 --> 0:08:34.281 to someone about that, and I'm asking you about your values, 0:08:34.321 --> 0:08:36.561 and I might ask questions like, well, what's important about 0:08:36.561 --> 0:08:37.081 money to you? 0:08:37.961 --> 0:08:39.241 And you're giving me a choice. 0:08:39.321 --> 0:08:41.841 You might okay, choice, and then I say to myself 0:08:41.961 --> 0:08:46.001 or say to you about what's important about choice? And 0:08:46.041 --> 0:08:49.641 you might say something about freedom. Freedom, Great, Well what's 0:08:49.641 --> 0:08:52.041 important about freedom? See, we're going deeper everywhere. 0:08:52.121 --> 0:08:55.441 And I'd say, do I have to explain that you do? 0:08:56.041 --> 0:08:58.601 Because you know, when you're in front of someone. 0:08:58.601 --> 0:09:00.961 Oh that's really interesting, I say. You just keep it's 0:09:00.961 --> 0:09:03.321 almost like the Socratic method and digging down to what 0:09:03.361 --> 0:09:05.201 you find. You just keep asking questions. 0:09:05.201 --> 0:09:07.481 Not my job to tell you what's important to you. 0:09:08.281 --> 0:09:11.361 It's not even my job to prioritize your financial decisions. 0:09:11.361 --> 0:09:14.401 It's my job to understand you as a person and 0:09:14.441 --> 0:09:18.841 who has values. Because if you have a strategy that 0:09:18.881 --> 0:09:22.441 reflects your view of the world, and that could be 0:09:22.441 --> 0:09:24.921 about your children. So let's say we get at the 0:09:25.041 --> 0:09:28.521 end of this process and you've total what you talked 0:09:28.521 --> 0:09:32.201 a lot about being a provider for your children. Then 0:09:32.921 --> 0:09:38.361 essentially your strategy financially needs to lead to outcomes which 0:09:38.401 --> 0:09:39.521 reflect that truth. 0:09:40.641 --> 0:09:43.321 Okay, I can imagine someone listening going, how on what 0:09:43.321 --> 0:09:45.561 do you mean values? Because I want to have I 0:09:45.601 --> 0:09:49.161 want to have a good investment strategy, because I want 0:09:49.201 --> 0:09:51.001 to travel when I'm older, I want to be able 0:09:51.041 --> 0:09:52.761 free to do what I want. And they don't see 0:09:52.761 --> 0:09:55.401 it as a value proposition. But what values does that 0:09:55.481 --> 0:09:56.521 normally boil down to? 0:09:57.161 --> 0:10:02.121 Freedom is a value absolutely? And what does financial freedom mean? 0:10:02.281 --> 0:10:06.681 Is that financial freedom from I don't have to work anymore, 0:10:06.681 --> 0:10:09.041 that's freedom from or is it freedom too? 0:10:09.241 --> 0:10:11.161 Because for some people they just don't want to worry. 0:10:11.241 --> 0:10:13.921 I mean, I think how much I wonder how many 0:10:13.921 --> 0:10:18.281 people don't worry about money, because I have a suspicion 0:10:18.321 --> 0:10:21.761 that you have to have quite a lot of money. 0:10:22.121 --> 0:10:24.801 Should I say more than quite a lot a lot 0:10:24.801 --> 0:10:27.001 of money before it ceases to be something that keeps 0:10:27.001 --> 0:10:30.361 you awake at night? Because people say I want I'd 0:10:30.441 --> 0:10:32.081 like to have another you know, I'd like to earn 0:10:32.081 --> 0:10:34.441 another fifty thousand a year or something, And yet as 0:10:34.441 --> 0:10:38.081 soon as they do that, their expectations and their values there, well, 0:10:38.121 --> 0:10:41.721 they spend that money pretty quickly. Is so, Actually, I 0:10:41.721 --> 0:10:42.761 don't know where I was going with that. 0:10:43.801 --> 0:10:45.761 I guess you're saying, how much money do I have 0:10:45.841 --> 0:10:48.001 to have until I no longer worry about money? And 0:10:48.001 --> 0:10:51.361 then you answer a question by saying, no, the more 0:10:51.481 --> 0:10:53.481 the more money I have, the more and more stuff 0:10:53.521 --> 0:10:55.441 I have, the more stuff I have to be I 0:10:55.441 --> 0:10:57.121 have to be mindful of and care for. 0:10:57.441 --> 0:10:57.561 Now. 0:10:57.721 --> 0:10:59.681 I don't think you ever get to the bottom of that. 0:11:00.121 --> 0:11:00.481 Okay. 0:11:01.121 --> 0:11:03.681 In my view, if you have a lot of wealth, 0:11:03.761 --> 0:11:05.921 it means you have a lot of assets, and good 0:11:05.921 --> 0:11:09.081 stewardship of those assets is probably how you got there 0:11:09.081 --> 0:11:12.721 in the first place. So you never let yourself not 0:11:12.801 --> 0:11:14.521 care about how you steward your money. 0:11:15.121 --> 0:11:17.681 Okay, So what's the first thing you so you the 0:11:17.721 --> 0:11:19.001 first thing you want to do when you made a 0:11:19.041 --> 0:11:20.601 client is you just want to get to know them 0:11:20.641 --> 0:11:22.281 really absolutely. 0:11:22.321 --> 0:11:25.041 You want to ask a lot of questions if for 0:11:25.481 --> 0:11:29.361 your listeners, just I mean, I work with about one 0:11:29.441 --> 0:11:32.961 hundred and fifty advisory firms across the country. Financial advisors 0:11:32.961 --> 0:11:36.161 are my clients, as it were, and the clients of Concilium, 0:11:36.481 --> 0:11:39.041 and in some ways I'm like a business coach for them. 0:11:39.121 --> 0:11:40.721 I try to help them be the best is what 0:11:40.761 --> 0:11:42.761 they could be. I was a financial advisor back in 0:11:42.801 --> 0:11:47.041 the States. And here's a hint. If you're sitting down 0:11:47.081 --> 0:11:51.001 with a financial advisor and the financial advisor does most 0:11:51.081 --> 0:11:54.161 of the talking, then you're in front of the wrong 0:11:54.201 --> 0:11:58.281 financial advisor. Okay, the best financial advisors will ask lots 0:11:58.321 --> 0:12:01.561 and lots of questions and do lots of listening because 0:12:01.561 --> 0:12:05.001 you cannot devise a strategy until you know what matters 0:12:05.121 --> 0:12:05.801 to someone. 0:12:06.561 --> 0:12:09.121 Right, Okay, gosh, there's a lot to get my head 0:12:09.161 --> 0:12:12.001 around with that. Actually, by the way, have you noticed 0:12:12.081 --> 0:12:17.921 a change in the way New Zealanders are are viewing 0:12:18.681 --> 0:12:24.601 financial investment, because obviously we see the headlines around property 0:12:24.641 --> 0:12:27.081 are not as flash as they were. There used to 0:12:27.121 --> 0:12:29.041 be the time in New Zealand where we could do 0:12:29.121 --> 0:12:31.561 money and we'd get text saying, oh, just what do 0:12:31.601 --> 0:12:33.881 you mean to do? Just leverage and get into property. 0:12:33.881 --> 0:12:36.801 It's a no brainer. It feels a lot more complex 0:12:36.881 --> 0:12:40.921 now and now we've seen conversations shifting to I think 0:12:41.241 --> 0:12:43.321 Key was a bit more interested in shares and equity 0:12:43.401 --> 0:12:46.881 investments and other ways of investing. Of course, everyone wants 0:12:46.921 --> 0:12:48.481 to buy in Vidia twenty years ago. 0:12:48.961 --> 0:12:53.361 Yeah, I mean when it was a gaming chip maker 0:12:53.401 --> 0:12:55.161 that no one really knew about it, rightly. 0:12:55.081 --> 0:12:59.761 Yeah, so, and of course we've got platforms like Shares's 0:12:59.761 --> 0:13:04.281 and stuff like that. What's your take on shares's and 0:13:04.321 --> 0:13:10.241 the DIY sat of things. When you someone who is involved, 0:13:10.281 --> 0:13:13.321 you know, deeply in analyzing good investments and providing tell 0:13:13.321 --> 0:13:14.481 you a story. 0:13:16.001 --> 0:13:18.801 Back before I had any financial advising credentials, I was 0:13:18.841 --> 0:13:24.041 an economist, you know, for my sins. And I remember 0:13:24.081 --> 0:13:27.761 I went on to allocate my money, my my retirement 0:13:27.801 --> 0:13:31.681 money as an economist, and I logged on the platform 0:13:32.721 --> 0:13:36.481 and I went to choose between different investments. And you 0:13:36.521 --> 0:13:40.481 know what methodology I now as an economist, I had 0:13:40.521 --> 0:13:43.761 taken a lot of finance courses at university, Yeah I had. 0:13:44.601 --> 0:13:47.841 I had even taken a course on investing at university. 0:13:48.401 --> 0:13:51.281 And so I come out and I'm looking at a 0:13:51.281 --> 0:13:55.321 lot of various different options. And what I did is 0:13:55.361 --> 0:13:59.001 I sorted. I sorted the ones that did well over 0:13:59.321 --> 0:14:01.201 what I thought was a long time arison five or 0:14:01.201 --> 0:14:02.561 ten years, and I put them to the top of 0:14:02.561 --> 0:14:04.321 the list, and the ones that did badly. And you 0:14:04.361 --> 0:14:07.241 know what the investments that had done the very best 0:14:07.361 --> 0:14:10.041 in the I don't know previous five or ten years 0:14:10.081 --> 0:14:15.561 were they were financial financial companies. So and this was 0:14:15.601 --> 0:14:18.681 about like two thousand and six, two thousand and seven, 0:14:19.081 --> 0:14:22.601 and over the previous ten years, financial companies and banks 0:14:22.641 --> 0:14:25.321 and things like this had done fantastically well. Well, do 0:14:25.361 --> 0:14:27.321 you know what happened to financial companies in the in 0:14:27.841 --> 0:14:29.401 in two thousand and eight, two thousand and nine. 0:14:29.921 --> 0:14:33.041 I think the I don't want to put it colloquially, 0:14:33.041 --> 0:14:33.961 but they didn't do so well. 0:14:34.001 --> 0:14:37.521 They did awfully. And I thought to myself, here I am, 0:14:37.601 --> 0:14:40.881 you know, having had some formal education being an economist, 0:14:40.961 --> 0:14:44.401 and I fell into the trap of it's done well, 0:14:44.921 --> 0:14:47.561 it will do well. I'm going to be smarter than 0:14:47.561 --> 0:14:49.401 everybody because I'm going to invest in the things that 0:14:49.441 --> 0:14:50.241 did well recently. 0:14:50.281 --> 0:14:52.721 It's a bit like becoming a fan of Manchester United 0:14:54.361 --> 0:14:56.201 at the end of their really good run, because I'm 0:14:56.201 --> 0:14:57.801 not sure if they're as good as they use anyway. 0:14:57.841 --> 0:14:58.721 I'm just that's not. 0:14:58.801 --> 0:15:00.041 Analogy for the Crusaders. 0:15:02.241 --> 0:15:04.401 Sorry I should have used that one. It's like, it's 0:15:04.441 --> 0:15:06.641 like putting all the money on the Crusaders this season 0:15:06.641 --> 0:15:11.561 because of seven previous wins without understanding actually there is 0:15:11.601 --> 0:15:14.881 an analogy for investment here though, isn't there? Isn't there well, 0:15:15.201 --> 0:15:19.641 because if you were to look at the Crusaders, they've 0:15:19.681 --> 0:15:23.081 had seven six I'm sorry Canterbury people, my apologies. I 0:15:23.961 --> 0:15:25.561 do kind of feel your paying because I love christ 0:15:25.641 --> 0:15:27.521 Church and I've got so many good friends and family 0:15:27.521 --> 0:15:29.281 down there. But anyway, nevertheles, I'm going to stick the 0:15:29.321 --> 0:15:32.601 knife in now. But is it fair to have in 0:15:32.601 --> 0:15:35.321 an analogy that you look at the previous seven years 0:15:35.321 --> 0:15:39.601 of the Crusaders and go, wow, those guys are winning team. 0:15:39.761 --> 0:15:41.721 I'm going to stick a lot of my money on 0:15:41.761 --> 0:15:47.121 the Crusaders this year without looking at the underpinning important 0:15:47.481 --> 0:15:50.281 facets of what made that such a successful team. And 0:15:50.441 --> 0:15:53.281 arguably there is one person who is now the All 0:15:53.281 --> 0:15:55.161 Blacks coach who's no longer there. And if you didn't 0:15:55.201 --> 0:15:58.161 know that, we're the difference between knowing and not knowing that. 0:16:00.361 --> 0:16:03.561 In other words, you look at successful company and there's 0:16:03.561 --> 0:16:05.921 something that's changed on I My analogy is going to 0:16:06.001 --> 0:16:07.841 fall over because you're going to point to other things 0:16:08.161 --> 0:16:09.681 that are the reasons that it was a bad idea. 0:16:09.721 --> 0:16:12.801 But anyway, you guys, I was going to say, look, 0:16:12.801 --> 0:16:14.841 if you'd knowne that Scott Robertson was leaving, then you 0:16:14.921 --> 0:16:17.081 might just be you might just hold back some of 0:16:17.081 --> 0:16:17.521 that money. 0:16:17.561 --> 0:16:20.961 So here's the thing about investing. What people look at 0:16:21.081 --> 0:16:24.561 mostly more than anything else, is recent good performance of 0:16:24.601 --> 0:16:28.601 the investment, either the share or the managed fund or 0:16:28.681 --> 0:16:31.801 whatever it is. And they will conclude to themselves that 0:16:31.841 --> 0:16:34.801 what has done well will do well. And I hate 0:16:34.801 --> 0:16:38.601 to burst anyone's bubble, but that is a awful way 0:16:39.001 --> 0:16:44.481 of selecting anything. There's many, many studies that show that 0:16:44.801 --> 0:16:49.201 recent good performance is not predictive a future performance. 0:16:49.241 --> 0:16:51.401 Well, it's also sounds like a disclaimer you often here 0:16:51.441 --> 0:16:51.841 as well. 0:16:52.041 --> 0:16:54.441 Well, there's disclaimers there for a reason. And the reason 0:16:54.441 --> 0:16:57.241 that disclaimer rest to be there. So many people believe it. Okay, 0:16:57.481 --> 0:17:00.161 it's and it's listen, and you think to yourself, if 0:17:00.161 --> 0:17:02.841 not for recent good performance, then what is the basis 0:17:03.441 --> 0:17:05.801 of selecting an investment. 0:17:06.041 --> 0:17:07.561 Yeah, so it is. 0:17:07.641 --> 0:17:10.161 It is a little bit confusing. But if you're going 0:17:10.201 --> 0:17:13.401 down the line of the do yourself or approach. Yeah, 0:17:13.481 --> 0:17:18.561 this is the approach that I think is most intuitively appealing. Unfortunately, 0:17:18.641 --> 0:17:20.121 there's not good information in it. 0:17:20.201 --> 0:17:22.201 Okay, So if you are interested, we're going to take 0:17:22.241 --> 0:17:23.961 we're going to take a break into right now. But 0:17:24.401 --> 0:17:27.441 if you are someone who's interested in the DIY and 0:17:27.561 --> 0:17:30.361 especially things like Chase's, and actually we should mention there 0:17:30.401 --> 0:17:33.401 are other companies that do the Shaza's thing, because we're 0:17:33.401 --> 0:17:35.641 going not just make this an in commercial by accident 0:17:35.641 --> 0:17:37.801 for Chairs's. But if you are wanting to make some 0:17:37.801 --> 0:17:39.481 of your own decisions on investing and you want to 0:17:39.481 --> 0:17:42.361 get in the share market, how are you making your 0:17:42.441 --> 0:17:44.841 decisions or investing or are you waiting with baked breath 0:17:44.841 --> 0:17:47.841 to see what Ben Brinkerhof from Concilium says after the break. 0:17:47.881 --> 0:17:49.801 But you can give us a call and pick us 0:17:49.841 --> 0:17:51.841 brains right now on eight hundred and eighty ten eighty. 0:17:51.841 --> 0:17:54.881 You can text on nine to nine to two and 0:17:55.321 --> 0:17:56.961 we can do that right now. Jump on at twenty 0:17:57.041 --> 0:18:01.561 four past five News talks edb how is how is Dargan. 0:18:03.481 --> 0:18:04.801 There would travel? 0:18:05.121 --> 0:18:10.201 Oh? Worried about funding a comfortable retirement? Well, you're not alone. 0:18:10.401 --> 0:18:12.361 The cost of living crisis is hitting home for a 0:18:12.401 --> 0:18:14.841 lot of people, so it's no surprise people are looking 0:18:14.841 --> 0:18:17.041 for ways to make the most of their savings and 0:18:17.121 --> 0:18:19.041 get a little bit more income to supplement their New 0:18:19.121 --> 0:18:22.081 Zealand super. One interesting solution is to invest in an 0:18:22.081 --> 0:18:25.401 income fund like the Harbor Income Fund. It works by 0:18:25.401 --> 0:18:27.601 holding a mix of interest paying securities and shares that 0:18:27.641 --> 0:18:30.961 have been designed to generate a steady and sustainable income 0:18:31.001 --> 0:18:34.041 no matter the market. The Harbor Income Fund is actively 0:18:34.081 --> 0:18:36.961 managed and currently it pays a distribution of five point 0:18:37.041 --> 0:18:40.401 twenty five percent per annum after fees and taxes paid 0:18:40.401 --> 0:18:44.401 out in monthly installments. To find out more about Harbor's 0:18:44.521 --> 0:18:46.801 Income Fund, just head to their website or speak with 0:18:46.801 --> 0:18:50.121 your financial advisor. This is not intended as personalized advice. 0:18:50.401 --> 0:18:54.121 The product Disclosure Statement for Harbor Investment Funds issued by 0:18:54.121 --> 0:18:58.601 Harbor Asset Management is available at Harbor Asset dot co 0:18:59.161 --> 0:18:59.761 dot nz. 0:19:00.761 --> 0:19:03.481 Helping you get on top of your busy life, Tim 0:19:03.521 --> 0:19:06.601 Beverage on the Weekend Collector US Talk said, be. 0:19:14.281 --> 0:19:16.521 Yeah, we're hammering the swing now that we've mentioned Robbie 0:19:16.841 --> 0:19:18.961 Robbie Williams in a swing album. But right now it 0:19:19.041 --> 0:19:22.441 is a smart money Harbor with our friends from Concilium, 0:19:22.481 --> 0:19:25.081 actually one friend in particular, new guest on the show, 0:19:25.441 --> 0:19:30.121 Ben Brinkerhoff. Ben, we're talking about share z's. So you 0:19:30.161 --> 0:19:34.081 were talking about the questions that someone might ask. We're 0:19:34.121 --> 0:19:36.921 drilling down into people's values to understand what you're to 0:19:37.001 --> 0:19:40.121 help you create your investment goals. So, if you are 0:19:40.241 --> 0:19:43.081 someone who's just a diy kiwi who wants to use 0:19:43.761 --> 0:19:47.841 one of those share buying platforms, do you need before 0:19:47.881 --> 0:19:49.401 you what do you need to ask yourself? What do 0:19:49.441 --> 0:19:51.001 you just need to sit ten bucks in? Then start 0:19:51.001 --> 0:19:53.001 having a play around it. I mean, what would your 0:19:53.041 --> 0:19:56.601 advice be to how people would start making their own 0:19:56.601 --> 0:20:00.121 investment choices with platform platforms like shareess, et cetera. 0:20:00.841 --> 0:20:06.321 So I don't mean to be controversial, but I'd be 0:20:06.361 --> 0:20:10.041 telling people. I'd be telling people why why are you 0:20:10.121 --> 0:20:14.961 using chairs these? Here's the thing, uh use share these. 0:20:15.001 --> 0:20:17.721 You're encouraged to do one thing in particular, which is 0:20:17.801 --> 0:20:23.801 buy and sell individual companies. But why do you have 0:20:23.961 --> 0:20:27.121