1 00:00:02,240 --> 00:00:06,800 Speaker 1: Nine podcasts. This is the Payoff with me Sylvia Jeffries, 2 00:00:06,920 --> 00:00:14,160 Speaker 1: thanks to Belong Internet. Thank you so much for pressing 3 00:00:14,160 --> 00:00:16,040 Speaker 1: play on this episode of the Payoff. My name is 4 00:00:16,079 --> 00:00:18,760 Speaker 1: Sylvia Jeffries. I just want to start before we get 5 00:00:18,760 --> 00:00:20,640 Speaker 1: to our guest this week, with a very big thank 6 00:00:20,640 --> 00:00:23,200 Speaker 1: you to you, our listeners. We've been going now for 7 00:00:23,239 --> 00:00:26,520 Speaker 1: a few months, more than a dozen episodes, and I've 8 00:00:26,680 --> 00:00:30,160 Speaker 1: just loved following along with you guys, and your thoughts 9 00:00:30,160 --> 00:00:33,639 Speaker 1: and your comments and your questions and all your feedback 10 00:00:33,680 --> 00:00:36,199 Speaker 1: on the episode so far. So thank you so much 11 00:00:36,240 --> 00:00:37,960 Speaker 1: for engaging with us, for being a part of all 12 00:00:38,000 --> 00:00:40,080 Speaker 1: of this, and I really do hope that you're getting 13 00:00:40,080 --> 00:00:42,560 Speaker 1: something out of it. Make sure you press the follow 14 00:00:42,880 --> 00:00:45,920 Speaker 1: button on your podcast up as well, because that means 15 00:00:45,920 --> 00:00:47,800 Speaker 1: that you're going to get every episode as soon as 16 00:00:47,800 --> 00:00:50,239 Speaker 1: it drops every Thursday, right into your feed, so you 17 00:00:50,280 --> 00:00:51,839 Speaker 1: don't have to do the hard work of going and 18 00:00:51,880 --> 00:00:54,520 Speaker 1: looking for each episode and every different guest. We do 19 00:00:54,560 --> 00:00:56,080 Speaker 1: the hard work for you and just drop it in 20 00:00:56,080 --> 00:00:58,080 Speaker 1: your lap. So make sure you press that follow button, 21 00:00:58,200 --> 00:01:00,400 Speaker 1: leave us a review if you like to leave us 22 00:01:00,400 --> 00:01:03,000 Speaker 1: a five star review, that'd be even better, and make 23 00:01:03,040 --> 00:01:05,039 Speaker 1: sure you tell your sister, Tell your friends, tell your 24 00:01:05,080 --> 00:01:07,920 Speaker 1: cousins about the payoff. Maybe what you've enjoyed about it. 25 00:01:07,959 --> 00:01:10,800 Speaker 1: Which guests you'd like the most, Tell your dentist if 26 00:01:10,800 --> 00:01:12,679 Speaker 1: you need to just spread the word and get it 27 00:01:12,720 --> 00:01:15,800 Speaker 1: out there. Okay, on to today's guest. Now, today's guest 28 00:01:16,120 --> 00:01:19,240 Speaker 1: is a pretty big deal in the world of investing. 29 00:01:19,480 --> 00:01:22,679 Speaker 1: As the founder of Beata Shares, Alex Vinnicore has helped 30 00:01:22,680 --> 00:01:25,800 Speaker 1: to bring ETFs into the mainstream with the aim of 31 00:01:25,880 --> 00:01:30,319 Speaker 1: making investing more accessible, more transparent, and relevant for everyday Aussies, 32 00:01:30,640 --> 00:01:33,520 Speaker 1: especially younger investors who are now growing up in a 33 00:01:33,840 --> 00:01:38,200 Speaker 1: very different financial world to what their parents experienced. He 34 00:01:38,319 --> 00:01:41,000 Speaker 1: is a big believer to in this idea that investing 35 00:01:41,200 --> 00:01:44,000 Speaker 1: isn't just for rich people. Behind the numbers and the 36 00:01:44,040 --> 00:01:47,680 Speaker 1: product launchers, though, there's a really interesting personal story, one 37 00:01:47,760 --> 00:01:51,840 Speaker 1: shaped by migration, calculated risk, and the challenge of building 38 00:01:51,920 --> 00:01:56,000 Speaker 1: something new in an established industry. Today we are talking 39 00:01:56,040 --> 00:01:59,040 Speaker 1: about what money really means to him, how gen z 40 00:01:59,360 --> 00:02:03,200 Speaker 1: is reshaped finance, and what Alex thinks most people still 41 00:02:03,240 --> 00:02:09,840 Speaker 1: get wrong about wealth. Alex, Welcome to the Payoff. It's 42 00:02:09,840 --> 00:02:10,520 Speaker 1: so great to have. 43 00:02:10,480 --> 00:02:12,200 Speaker 2: You here, great to be with you, Selva. 44 00:02:12,480 --> 00:02:15,400 Speaker 1: Look, You've got obviously a fascinating story to tell when 45 00:02:15,440 --> 00:02:17,080 Speaker 1: it comes to be the Shares, but I'd love to 46 00:02:17,120 --> 00:02:20,440 Speaker 1: start today if I can, with your personal backstory. You 47 00:02:20,520 --> 00:02:24,160 Speaker 1: moved here as a teenager with your family from Soviet Ukraine. 48 00:02:24,760 --> 00:02:27,720 Speaker 1: What brought your family to Australia. Why did you choose 49 00:02:27,840 --> 00:02:28,520 Speaker 1: this country? 50 00:02:29,400 --> 00:02:34,920 Speaker 2: It's a great question, and thinking back, I've been in 51 00:02:34,919 --> 00:02:38,600 Speaker 2: Australia now for over thirty one years and very lucky 52 00:02:39,360 --> 00:02:42,399 Speaker 2: that my family made the decision to come here. As 53 00:02:42,400 --> 00:02:45,720 Speaker 2: you mentioned, I was born in Soviet Ukraine. It was 54 00:02:45,720 --> 00:02:50,160 Speaker 2: a very different time. It was a very different and 55 00:02:50,280 --> 00:02:54,240 Speaker 2: very difficult life on the sort of Soviet regime. My 56 00:02:54,360 --> 00:02:58,160 Speaker 2: parents wanted to leave and wanted to you know, sort 57 00:02:58,160 --> 00:03:00,079 Speaker 2: of get out of that environment for a long time, 58 00:03:00,400 --> 00:03:03,480 Speaker 2: but it was only possible after Soviet Union collapse, basically, 59 00:03:04,120 --> 00:03:08,720 Speaker 2: and my parents thankfully had a lot more wisdom that 60 00:03:09,560 --> 00:03:12,040 Speaker 2: I had at the time I was a teenager, and 61 00:03:12,200 --> 00:03:15,400 Speaker 2: they figured, you know, if we're going to immigrate, it 62 00:03:15,400 --> 00:03:17,480 Speaker 2: would be really good to move to a country whether 63 00:03:17,520 --> 00:03:20,760 Speaker 2: a lot of other immigrants, so you would be you know, 64 00:03:20,919 --> 00:03:23,320 Speaker 2: accepted for who you are and there'll be an opportunity 65 00:03:23,360 --> 00:03:26,160 Speaker 2: really to build a life, So Australia was definitely top 66 00:03:26,200 --> 00:03:27,799 Speaker 2: of the list. It took us a while to get 67 00:03:27,800 --> 00:03:32,399 Speaker 2: permission to come to Australia, but I'm incredibly fortunate, incredibly 68 00:03:32,440 --> 00:03:37,440 Speaker 2: fortunate and very proud, you know, to call Australia home. 69 00:03:37,920 --> 00:03:41,000 Speaker 2: And it's been an amazing it's been an amazing home 70 00:03:41,040 --> 00:03:41,400 Speaker 2: for us. 71 00:03:42,360 --> 00:03:44,839 Speaker 1: Looking back on that time as a teenager coming here 72 00:03:44,880 --> 00:03:48,720 Speaker 1: to a brand new place, a very different place to 73 00:03:48,760 --> 00:03:50,520 Speaker 1: where you had, you know, grown up in, what do 74 00:03:50,560 --> 00:03:54,080 Speaker 1: you think that taught you about opportunity back then? 75 00:03:55,560 --> 00:03:59,680 Speaker 2: Yeah? Look, I think in early days, all we focused 76 00:03:59,720 --> 00:04:03,440 Speaker 2: on is families, just try to survive really, and you know, 77 00:04:03,560 --> 00:04:06,680 Speaker 2: learning the language was very important because we all came 78 00:04:06,800 --> 00:04:11,760 Speaker 2: and had to really learn the basics of English. And 79 00:04:12,080 --> 00:04:14,200 Speaker 2: you know, after we sort of picked up just the 80 00:04:14,240 --> 00:04:17,440 Speaker 2: basic you know of English, my job was you know, 81 00:04:17,480 --> 00:04:21,520 Speaker 2: to obviously finish school and and and you know, sort 82 00:04:21,520 --> 00:04:25,080 Speaker 2: of try to get at least settled into the country. 83 00:04:25,760 --> 00:04:28,800 Speaker 2: You know. Truthfully, reflecting on it now, I really had 84 00:04:28,880 --> 00:04:32,880 Speaker 2: very little idea as to what I what my life. 85 00:04:33,080 --> 00:04:36,760 Speaker 2: You know, my life will become eventually. But one thing 86 00:04:36,800 --> 00:04:40,440 Speaker 2: I knew growing up in Soviet Union is that there 87 00:04:40,440 --> 00:04:45,120 Speaker 2: was no opportunity to be entrepreneurial. There was no concept 88 00:04:45,160 --> 00:04:49,239 Speaker 2: of a private enterprise of private business. Everything was state owned. 89 00:04:50,400 --> 00:04:54,240 Speaker 2: And I remember certainly growing up spending a lot of 90 00:04:54,240 --> 00:04:56,680 Speaker 2: time with my grandfather in particular, who I was very 91 00:04:56,680 --> 00:05:00,760 Speaker 2: close to when he was alive, and we had lots 92 00:05:00,760 --> 00:05:02,880 Speaker 2: of conversations and he was expressing to me a lot 93 00:05:02,920 --> 00:05:06,839 Speaker 2: of his frustrations with their regime and why nothing was allowed. 94 00:05:07,120 --> 00:05:10,200 Speaker 2: And those were definitely probably the earliest of times that 95 00:05:10,240 --> 00:05:13,719 Speaker 2: I can remember myself thinking, Wow, I don't understand why 96 00:05:13,800 --> 00:05:16,400 Speaker 2: that is the case, and why couldn't you, you know, 97 00:05:16,480 --> 00:05:18,760 Speaker 2: build things and create things, and why couldn't you build 98 00:05:18,760 --> 00:05:22,040 Speaker 2: a life for yourself basically, which is really reflect you 99 00:05:22,160 --> 00:05:27,000 Speaker 2: of your effort and merit and Australia as as it happens. Again, 100 00:05:27,080 --> 00:05:32,280 Speaker 2: I didn't quite understand much about what Australia is really 101 00:05:32,279 --> 00:05:35,159 Speaker 2: all about, you know, when I was a child. But 102 00:05:35,480 --> 00:05:39,120 Speaker 2: having moved here and having really gotten to understand, uh, 103 00:05:39,160 --> 00:05:44,039 Speaker 2: you know, this country and planting my feet, you know, 104 00:05:44,080 --> 00:05:47,000 Speaker 2: on the ground, it's just been it's just been incredible. 105 00:05:47,040 --> 00:05:49,120 Speaker 2: And you know, even to this day, I still feel 106 00:05:49,440 --> 00:05:53,599 Speaker 2: Australia is just such an amazing land of opportunity, you know, 107 00:05:53,680 --> 00:05:56,400 Speaker 2: people talk, you know, just back to your point on opportunity. 108 00:05:56,640 --> 00:05:59,400 Speaker 2: People used to call America, you know, the land of opportunity, 109 00:05:59,520 --> 00:06:03,600 Speaker 2: and I think Australia absolutely still is the land of opportunity, 110 00:06:03,600 --> 00:06:05,880 Speaker 2: and probably is much more so than any other country 111 00:06:06,440 --> 00:06:09,520 Speaker 2: that I know. So yeah, I'm really proud, and I 112 00:06:09,560 --> 00:06:14,920 Speaker 2: really hope that for generations or future Australians, whether the 113 00:06:15,000 --> 00:06:18,239 Speaker 2: Australians that are born in our country like my children, 114 00:06:19,400 --> 00:06:23,880 Speaker 2: or they are Australians who are calling Australian home, Australia home, 115 00:06:23,920 --> 00:06:26,400 Speaker 2: even though they were born in another country. I hope 116 00:06:26,400 --> 00:06:29,920 Speaker 2: that we as a country can continue providing you know, 117 00:06:29,960 --> 00:06:32,800 Speaker 2: the types of opportunities that I have been afforded, and 118 00:06:32,839 --> 00:06:36,320 Speaker 2: we can really as a country unlock the best out 119 00:06:36,800 --> 00:06:38,919 Speaker 2: of people who want to come and build, you know, 120 00:06:39,000 --> 00:06:40,520 Speaker 2: build the future for themselves. You're right. 121 00:06:40,560 --> 00:06:43,800 Speaker 1: It's been such a beautiful part of our fabric as 122 00:06:43,839 --> 00:06:46,080 Speaker 1: a society here in Australia for such a long time, 123 00:06:46,120 --> 00:06:48,720 Speaker 1: hasn't it. Yeah, And you are clear evidence of that 124 00:06:48,839 --> 00:06:51,760 Speaker 1: as well, with the enormous success that you've enjoyed through 125 00:06:51,760 --> 00:06:54,440 Speaker 1: Beat to Shares when you left school though, am I 126 00:06:54,560 --> 00:06:56,400 Speaker 1: right in saying that you started in law. That was 127 00:06:56,440 --> 00:06:57,200 Speaker 1: your first profession. 128 00:06:57,279 --> 00:07:01,200 Speaker 2: Yeah, yeah, so again, you know, I really had no 129 00:07:01,279 --> 00:07:04,560 Speaker 2: idea what I want to do, and I at that time, 130 00:07:04,600 --> 00:07:06,279 Speaker 2: I was living in Australia for a few years. I 131 00:07:06,360 --> 00:07:09,800 Speaker 2: got into university and I studied a combined degree. I 132 00:07:09,800 --> 00:07:12,560 Speaker 2: did a commerce and law degree basically, and I majored 133 00:07:12,560 --> 00:07:18,520 Speaker 2: in finance within my commerce degree. And upon graduating from university, 134 00:07:18,720 --> 00:07:21,480 Speaker 2: I was very fortunate. I was. I got a job 135 00:07:22,000 --> 00:07:24,880 Speaker 2: as a lawyer for a very large international law firm 136 00:07:25,480 --> 00:07:28,560 Speaker 2: and it was just an incredible, you know, opportunity. Again, 137 00:07:28,600 --> 00:07:31,760 Speaker 2: at the time, I feel that I still had very 138 00:07:31,800 --> 00:07:34,080 Speaker 2: little idea what my what the rest of my life 139 00:07:35,160 --> 00:07:38,480 Speaker 2: is going to look like, certainly professionally, but I thought 140 00:07:38,480 --> 00:07:40,360 Speaker 2: this is just going to be a great opportunity to 141 00:07:40,760 --> 00:07:44,000 Speaker 2: take the next step, learn a lot. And you know, 142 00:07:44,080 --> 00:07:47,000 Speaker 2: in hindsight, I still would have done the same thing, 143 00:07:47,040 --> 00:07:49,960 Speaker 2: even though I was probably never going to cut it 144 00:07:50,000 --> 00:07:54,400 Speaker 2: as a lawyer, and I didn't. I didn't last much 145 00:07:54,440 --> 00:07:58,920 Speaker 2: longer than you know, twelve months. You know, at this firm, 146 00:07:59,320 --> 00:08:02,040 Speaker 2: I've learned so much. I've learned so much, and I've 147 00:08:02,040 --> 00:08:08,240 Speaker 2: been given incredible opportunities, and I've also probably grown a 148 00:08:08,320 --> 00:08:11,680 Speaker 2: little bit more in confidence because I was surrounded by 149 00:08:11,880 --> 00:08:14,120 Speaker 2: you know, sort of lots of really capable people, and 150 00:08:14,160 --> 00:08:16,840 Speaker 2: I could see myself in that environment and I could 151 00:08:16,840 --> 00:08:19,120 Speaker 2: see that, yes, I've got a lot to learn, but 152 00:08:19,160 --> 00:08:21,880 Speaker 2: I also have something to contribute in that environment. That 153 00:08:22,000 --> 00:08:24,200 Speaker 2: was really really a very positive experience. 154 00:08:24,640 --> 00:08:27,160 Speaker 1: So what was it exactly that drew you to finance? 155 00:08:27,760 --> 00:08:28,640 Speaker 1: What was the pool for you? 156 00:08:28,840 --> 00:08:34,560 Speaker 2: Yeah, so there was really two things. Firstly, I was 157 00:08:34,640 --> 00:08:37,439 Speaker 2: always interested in the world of business. I was always 158 00:08:37,480 --> 00:08:41,400 Speaker 2: interested growing up and certainly coming to Australia, I was 159 00:08:41,440 --> 00:08:44,880 Speaker 2: always interested in business. And even though the law was 160 00:08:45,600 --> 00:08:49,680 Speaker 2: really interesting and phenomenal in its own way, I kind 161 00:08:49,679 --> 00:08:52,520 Speaker 2: of learned reasonably quickly that to be an excellent lawyer, 162 00:08:52,960 --> 00:08:55,439 Speaker 2: you know, your skill is really to take instructions from 163 00:08:55,480 --> 00:08:59,040 Speaker 2: your clients and then to implement those instructions into reality 164 00:08:59,600 --> 00:09:03,720 Speaker 2: and reasonably quickly, you know, sort of in my life 165 00:09:03,960 --> 00:09:06,439 Speaker 2: at Banker McKenzie, this firm, I kind of figured that 166 00:09:06,480 --> 00:09:09,480 Speaker 2: I think my preference is to is not to take instructions, 167 00:09:09,520 --> 00:09:12,360 Speaker 2: but probably to give instructions. It's probably way to opinionate it, 168 00:09:13,240 --> 00:09:15,160 Speaker 2: you know. Even though I was still young and had 169 00:09:15,160 --> 00:09:18,480 Speaker 2: a lot to learn, and my boss has definitely made 170 00:09:18,520 --> 00:09:21,320 Speaker 2: it very clear to me reasonably early that I'm I'm 171 00:09:21,360 --> 00:09:24,840 Speaker 2: definitely the type of personality that will probably be less inclined, 172 00:09:26,000 --> 00:09:28,600 Speaker 2: you know, sort of to just dutifully take instructions and 173 00:09:28,640 --> 00:09:31,040 Speaker 2: implement them, but come up with my own ideas and 174 00:09:31,120 --> 00:09:33,959 Speaker 2: my own thoughts basically. So I definitely took that queue, 175 00:09:34,160 --> 00:09:37,400 Speaker 2: and I was very fortunate. And I've also observed the 176 00:09:37,440 --> 00:09:41,200 Speaker 2: types of personalities of people that actually make for excellent lawyers, 177 00:09:41,600 --> 00:09:44,280 Speaker 2: and yeah, I could see that, you know, I should 178 00:09:44,320 --> 00:09:45,560 Speaker 2: try something else. Basically. 179 00:09:45,720 --> 00:09:49,360 Speaker 1: I've heard you say that you're very firm in the 180 00:09:49,360 --> 00:09:53,920 Speaker 1: belief that investing isn't just for rich people. What do 181 00:09:53,960 --> 00:09:57,040 Speaker 1: you mean by that? And how much does that drive 182 00:09:57,080 --> 00:09:58,160 Speaker 1: you and what you do today. 183 00:10:00,000 --> 00:10:05,120 Speaker 2: We came to Australia with nothing. Our family came here 184 00:10:05,640 --> 00:10:08,240 Speaker 2: literally with a few hundred dollars basically, you know, when 185 00:10:08,240 --> 00:10:12,840 Speaker 2: I was growing up, you know, sort of in Soviet 186 00:10:12,920 --> 00:10:15,720 Speaker 2: Union and Soviet Ukraine, there was no concept of investing 187 00:10:15,760 --> 00:10:18,520 Speaker 2: because people didn't really have money. They didn't have any 188 00:10:18,559 --> 00:10:22,640 Speaker 2: money basically to invest. But coming to Australia, I've definitely 189 00:10:22,679 --> 00:10:27,079 Speaker 2: encountered Even though I was studying at university, I definitely encountered, 190 00:10:27,720 --> 00:10:30,840 Speaker 2: you know, the conventional wisdom basically, or the so called 191 00:10:30,880 --> 00:10:33,120 Speaker 2: I should say conventional wisdom that investing is really for 192 00:10:33,240 --> 00:10:35,040 Speaker 2: rich people and you kind of you have to make 193 00:10:35,080 --> 00:10:37,280 Speaker 2: money to make money. And as I got a little 194 00:10:37,280 --> 00:10:40,439 Speaker 2: bit more educated and understood, you know, what life was 195 00:10:40,480 --> 00:10:46,040 Speaker 2: all about and what investment you know, sort of opportunities 196 00:10:46,080 --> 00:10:49,320 Speaker 2: are all about, I was very curious about that so 197 00:10:49,440 --> 00:10:53,400 Speaker 2: called condentional wisdom, and I was very curious why that 198 00:10:53,520 --> 00:10:55,640 Speaker 2: is the case. I kind of felt that, yeah, there's 199 00:10:55,679 --> 00:11:00,280 Speaker 2: definitely a better way, in a smarter way, you know, 200 00:11:00,320 --> 00:11:03,000 Speaker 2: sort of to make financial decisions. And it doesn't really 201 00:11:03,080 --> 00:11:06,920 Speaker 2: matter how much you start with. It's really what you 202 00:11:06,920 --> 00:11:09,040 Speaker 2: you know, sort of what you make of it. And yeah, 203 00:11:09,080 --> 00:11:12,240 Speaker 2: those were the early, very very early days and very 204 00:11:12,440 --> 00:11:16,200 Speaker 2: early thoughts around the origins you know, Beta Shares. 205 00:11:16,360 --> 00:11:19,440 Speaker 1: Yeah, so how does that philosophy play into what you 206 00:11:19,480 --> 00:11:20,400 Speaker 1: do at Beta Shares? 207 00:11:21,520 --> 00:11:24,240 Speaker 2: I would say it permits everything we do. It permits 208 00:11:24,280 --> 00:11:28,360 Speaker 2: everything we do. We have been you know, obsessed since 209 00:11:28,400 --> 00:11:31,319 Speaker 2: since day one of the business in really breaking down 210 00:11:31,920 --> 00:11:36,839 Speaker 2: you know, barriers and making investing you know, more accessible, 211 00:11:37,200 --> 00:11:39,960 Speaker 2: you know, for everyone. I think, you know, the cost 212 00:11:40,120 --> 00:11:43,560 Speaker 2: of investing is one thing. I mean, lowering cost of 213 00:11:43,600 --> 00:11:48,760 Speaker 2: investment has been statistically proven to improve you know, to 214 00:11:48,840 --> 00:11:51,320 Speaker 2: improve returns. I mean it's a very obvious thing. Obviously, 215 00:11:51,360 --> 00:11:54,439 Speaker 2: the less you pay away for people who provide services 216 00:11:54,440 --> 00:11:56,720 Speaker 2: to you, the more you get to keep. And you know, 217 00:11:56,800 --> 00:11:59,199 Speaker 2: the beautiful thing about the world of investing is a 218 00:11:59,240 --> 00:12:03,280 Speaker 2: concept of compact ounting. You know, compounding of returns is 219 00:12:03,320 --> 00:12:07,640 Speaker 2: an incredible force, you know, of nature, and sadly, in 220 00:12:07,679 --> 00:12:12,360 Speaker 2: our school system, children don't get taught you know, basic 221 00:12:13,080 --> 00:12:14,360 Speaker 2: you know, sort of financial concept. 222 00:12:14,440 --> 00:12:17,200 Speaker 1: This is a recurring theme on this podcast. People raising 223 00:12:17,240 --> 00:12:17,640 Speaker 1: this all. 224 00:12:18,120 --> 00:12:20,320 Speaker 2: Look, it needs to it needs to change. There's no 225 00:12:20,440 --> 00:12:22,800 Speaker 2: question about the fact that it needs to change. I mean, 226 00:12:22,840 --> 00:12:27,400 Speaker 2: we learn about so many important things at school, but 227 00:12:27,840 --> 00:12:31,400 Speaker 2: how to be smarter with money is absolutely crucial. It 228 00:12:31,400 --> 00:12:33,920 Speaker 2: doesn't matter whether they end up being a professional in 229 00:12:33,960 --> 00:12:36,440 Speaker 2: the finance field, or you work in media, you work 230 00:12:36,440 --> 00:12:38,760 Speaker 2: in engineering, you work as a lawyer or a doctor 231 00:12:39,160 --> 00:12:43,000 Speaker 2: or plumber, it doesn't matter. Like everybody is, everybody's in 232 00:12:43,040 --> 00:12:45,840 Speaker 2: this country is working hard. We have a very low 233 00:12:45,920 --> 00:12:48,880 Speaker 2: unemployment rate. Most Australians you know, work really hard to 234 00:12:48,880 --> 00:12:52,600 Speaker 2: build a future for themselves. And I think it would 235 00:12:52,600 --> 00:12:56,199 Speaker 2: be so much more powerful if as children we were 236 00:12:56,240 --> 00:13:02,360 Speaker 2: taught the basics saving, around budgeting and around investing, and 237 00:13:03,120 --> 00:13:07,120 Speaker 2: especially in Australia with our superannuation system, everybody is an investor. 238 00:13:07,520 --> 00:13:10,559 Speaker 2: Everyone's an investor, right, Every working Australian that's got a 239 00:13:10,559 --> 00:13:15,320 Speaker 2: superannuation account is an investor. Sadly not everybody thinks of 240 00:13:15,360 --> 00:13:19,440 Speaker 2: themselves as an investor, but that is absolutely you know, 241 00:13:19,520 --> 00:13:20,280 Speaker 2: sort of where we are. 242 00:13:20,679 --> 00:13:26,880 Speaker 1: So around about eight million Australians invest beyond their superannuation yes, 243 00:13:27,000 --> 00:13:29,800 Speaker 1: and one million of those eight million invest with you 244 00:13:30,120 --> 00:13:31,360 Speaker 1: and d Shares, Is that correct? 245 00:13:31,480 --> 00:13:31,800 Speaker 2: Yeah? 246 00:13:31,960 --> 00:13:36,239 Speaker 1: So you're now Australia's second largest ETF provider behind Vanguard. 247 00:13:36,360 --> 00:13:36,560 Speaker 2: Yes. 248 00:13:37,640 --> 00:13:41,320 Speaker 1: How did you grow this company over fifteen years to 249 00:13:41,400 --> 00:13:44,040 Speaker 1: become such a dominant force? What do you think has 250 00:13:44,040 --> 00:13:45,760 Speaker 1: been the key to your success there? 251 00:13:45,840 --> 00:13:49,640 Speaker 2: I've always been a big believer in underpromising and over delivering, 252 00:13:50,120 --> 00:13:53,439 Speaker 2: so from day one, since inception of Beta Shares, I 253 00:13:53,480 --> 00:13:58,480 Speaker 2: always felt that we need to let our actions basically 254 00:13:58,520 --> 00:14:02,200 Speaker 2: do the talking. Never been one to talk a big game. 255 00:14:02,440 --> 00:14:07,240 Speaker 2: We've always uh conducted ourselves, you know, with our feet, 256 00:14:07,520 --> 00:14:11,560 Speaker 2: certainly very firmly planted on the ground. And in early 257 00:14:11,640 --> 00:14:14,440 Speaker 2: days of Bitter Shares. We haven't made any big promises. 258 00:14:15,000 --> 00:14:19,720 Speaker 2: We wanted to get out there and innovate for the 259 00:14:19,720 --> 00:14:23,360 Speaker 2: benefit of the consumer. We wanted to change the way 260 00:14:23,360 --> 00:14:26,920 Speaker 2: people think about investing. We wanted to lower the cost. 261 00:14:27,280 --> 00:14:32,240 Speaker 2: We wanted to improve access of Australian investors to global opportunities. 262 00:14:32,480 --> 00:14:38,880 Speaker 2: I mean, ETFs are today associated with access to global opportunities. 263 00:14:39,120 --> 00:14:42,000 Speaker 2: So we started modestly. Of course, we started, you know, 264 00:14:42,040 --> 00:14:45,800 Speaker 2: with a couple of innovative funds, and over time some 265 00:14:45,840 --> 00:14:48,840 Speaker 2: of those funds have resonated with investors and people who 266 00:14:48,840 --> 00:14:51,680 Speaker 2: originally never heard of Bitter Shares. I said, well, it's interesting, 267 00:14:51,720 --> 00:14:54,400 Speaker 2: these guys are doing some some you know, interesting and 268 00:14:54,440 --> 00:14:57,040 Speaker 2: clever things, and let's keep an eye on them. And 269 00:14:57,320 --> 00:15:00,280 Speaker 2: of course we are in the business of managing people's money, right, 270 00:15:00,360 --> 00:15:03,240 Speaker 2: So I mean you mentioned we have over a million 271 00:15:03,280 --> 00:15:06,040 Speaker 2: Australians who in trust us with money. That is absolutely 272 00:15:06,040 --> 00:15:12,040 Speaker 2: the case. We obviously take that responsibility extremely seriously, and 273 00:15:12,120 --> 00:15:16,080 Speaker 2: even in early days, we've never taken that responsibility lightly 274 00:15:16,160 --> 00:15:19,960 Speaker 2: and we've certainly never taken that trust for granted. And 275 00:15:20,000 --> 00:15:22,000 Speaker 2: I know how hard it is for somebody to make 276 00:15:22,040 --> 00:15:25,680 Speaker 2: a call to trust you with their money. Because again 277 00:15:25,840 --> 00:15:28,400 Speaker 2: you know that capital that somebody is choosing to invest, 278 00:15:28,480 --> 00:15:31,200 Speaker 2: that's their precious capital. You know, that's the future, right, 279 00:15:31,240 --> 00:15:34,480 Speaker 2: And people are investing for their own uh, you know, 280 00:15:34,520 --> 00:15:36,520 Speaker 2: for the You know, each each have their own purpose, 281 00:15:36,560 --> 00:15:39,160 Speaker 2: whether that's a deposit for their house, or whether it's 282 00:15:39,240 --> 00:15:42,840 Speaker 2: education for their children perhaps or grandchildren, or whether they're 283 00:15:42,880 --> 00:15:46,600 Speaker 2: investing for their retirement. Everybody's got a genuine and a 284 00:15:46,720 --> 00:15:53,040 Speaker 2: very personal purpose for investing. And I knew that it 285 00:15:53,160 --> 00:15:56,360 Speaker 2: takes a lifetime to build trust and to build a reputation. 286 00:15:56,640 --> 00:15:58,960 Speaker 2: You can lose it very quickly if you ever take 287 00:15:58,960 --> 00:16:02,040 Speaker 2: it for granted. By building it as a daily is 288 00:16:02,080 --> 00:16:03,200 Speaker 2: a daily exercise. 289 00:16:03,400 --> 00:16:06,480 Speaker 1: So when you and your business partner set out to 290 00:16:06,920 --> 00:16:10,640 Speaker 1: establish Beeta Shares, what was the early pitch? How are 291 00:16:10,640 --> 00:16:12,800 Speaker 1: you describing what you were building and what you were 292 00:16:12,800 --> 00:16:13,240 Speaker 1: setting out? 293 00:16:13,400 --> 00:16:16,800 Speaker 2: Oh, great question. I really had no idea. As I 294 00:16:16,800 --> 00:16:19,600 Speaker 2: think about it, as I think about it now, I 295 00:16:19,600 --> 00:16:22,240 Speaker 2: think the very early thesis, and I was quite primitive, 296 00:16:23,000 --> 00:16:26,160 Speaker 2: is that in Australia, you know, well over ninety or 297 00:16:26,160 --> 00:16:29,720 Speaker 2: over ninety five percent of all assets were actively managed, 298 00:16:29,720 --> 00:16:32,640 Speaker 2: so they were managed by active managers. And when I 299 00:16:32,680 --> 00:16:34,760 Speaker 2: looked at the statistics, and that was definitely one of 300 00:16:34,800 --> 00:16:37,440 Speaker 2: the motivating factors for me to start the business. I 301 00:16:37,440 --> 00:16:39,960 Speaker 2: looked at the statistics, and you know, the average active 302 00:16:39,960 --> 00:16:42,040 Speaker 2: manager charged a very high fee, over one and a 303 00:16:42,040 --> 00:16:44,160 Speaker 2: half percent per atum. And then I looked at the 304 00:16:44,200 --> 00:16:47,320 Speaker 2: returns net to fees and in most cases, like in 305 00:16:47,360 --> 00:16:51,320 Speaker 2: seventy five, eighty percent of cases, active managers was underperformed 306 00:16:51,320 --> 00:16:53,680 Speaker 2: the index. And I just couldn't get my head around it. 307 00:16:53,720 --> 00:16:57,000 Speaker 2: I couldn't understand why would people be investing so much 308 00:16:57,000 --> 00:17:00,840 Speaker 2: of their capital and paying so much fees if the 309 00:17:00,960 --> 00:17:05,680 Speaker 2: net to fee outcomes a negative basically. And I just thought, 310 00:17:05,680 --> 00:17:08,880 Speaker 2: look if you look at it purely on merit index 311 00:17:08,960 --> 00:17:13,520 Speaker 2: investing and ETFs should really stack up. And I looked 312 00:17:13,520 --> 00:17:15,639 Speaker 2: around the world. I actually traveled to the US and 313 00:17:15,680 --> 00:17:18,040 Speaker 2: spend a bit of time just knocking on people's doors 314 00:17:18,080 --> 00:17:20,720 Speaker 2: and asking them just to learn the basics of ETFs, 315 00:17:20,720 --> 00:17:23,439 Speaker 2: because in Australia the industry was very nascent. There was 316 00:17:23,480 --> 00:17:26,000 Speaker 2: not much local talent, and there was not a lot 317 00:17:27,080 --> 00:17:31,880 Speaker 2: locally to learn from. And I just remember becoming convinced 318 00:17:32,119 --> 00:17:35,200 Speaker 2: of the fact that if people were looking at investments 319 00:17:35,200 --> 00:17:38,760 Speaker 2: on merit rather than on the basis of you know 320 00:17:38,800 --> 00:17:41,040 Speaker 2: sort of who's paying me, you know, the best commission 321 00:17:41,040 --> 00:17:44,560 Speaker 2: basically to recommend. I thought that ETFs will absolutely win 322 00:17:44,600 --> 00:17:47,439 Speaker 2: on merit, and I'll stack up on merit. And that 323 00:17:47,640 --> 00:17:50,000 Speaker 2: was the time. That was the time where I thought, 324 00:17:50,119 --> 00:17:51,399 Speaker 2: I just got to do it, like I've got to 325 00:17:51,400 --> 00:17:54,439 Speaker 2: build a business, and you know, we should just be 326 00:17:55,160 --> 00:17:57,640 Speaker 2: firmly in the corner of the customer and we should 327 00:17:57,680 --> 00:18:02,879 Speaker 2: be delivering products and service. Is an innovation which stack 328 00:18:02,920 --> 00:18:06,080 Speaker 2: up on merit and over time hopefully the market will 329 00:18:06,280 --> 00:18:11,040 Speaker 2: recognize the merit of what our industry or this industry 330 00:18:11,640 --> 00:18:14,359 Speaker 2: is all about and the title turn. 331 00:18:14,600 --> 00:18:17,320 Speaker 1: So what's really interesting to me, I think, particularly through 332 00:18:17,320 --> 00:18:21,400 Speaker 1: the lens of the payoff, is what do ETFs mean. 333 00:18:21,520 --> 00:18:25,119 Speaker 1: What does this style of passive investing mean for a 334 00:18:25,160 --> 00:18:27,480 Speaker 1: young person who might feel locked out of the property 335 00:18:27,520 --> 00:18:28,520 Speaker 1: market for example. 336 00:18:28,680 --> 00:18:32,359 Speaker 2: Yeah, well, look to me, ETFs are really the great 337 00:18:32,400 --> 00:18:36,560 Speaker 2: democratizer of wealth creation. Basically in our country, we mentioned, 338 00:18:37,119 --> 00:18:40,080 Speaker 2: you know before that we have an incredible country, an 339 00:18:40,119 --> 00:18:43,640 Speaker 2: incredible population of hard working Australians. People want to get 340 00:18:43,640 --> 00:18:47,199 Speaker 2: ahead in life, and younger Australians in particular deserve a 341 00:18:47,280 --> 00:18:49,480 Speaker 2: chance to get ahead in life. And if I look 342 00:18:49,520 --> 00:18:52,520 Speaker 2: at the history of how wealth in our country was 343 00:18:52,560 --> 00:18:58,439 Speaker 2: created over decades preceding us today, the vast majority have 344 00:18:58,480 --> 00:19:01,040 Speaker 2: made their money through property ownership. I mean that is 345 00:19:01,119 --> 00:19:04,640 Speaker 2: that is the reality. But property ownership is becoming less 346 00:19:04,680 --> 00:19:09,080 Speaker 2: and less affordable, and despite all the efforts you know 347 00:19:09,160 --> 00:19:11,800 Speaker 2: of our governments, I think the reality is that it 348 00:19:11,840 --> 00:19:15,359 Speaker 2: will be a smaller proportion of Australians that will have 349 00:19:16,080 --> 00:19:20,400 Speaker 2: access to property ownership. But that doesn't mean that financial 350 00:19:20,400 --> 00:19:23,760 Speaker 2: opportunities will be out of reach. We need to we 351 00:19:23,800 --> 00:19:27,440 Speaker 2: need to evolve the way we're looking at wealth creation 352 00:19:28,000 --> 00:19:31,880 Speaker 2: and I certainly believe that ETFs will continue serving as 353 00:19:31,920 --> 00:19:36,960 Speaker 2: the absolutely indispensable building block for continued democratizing, you know, 354 00:19:37,040 --> 00:19:40,760 Speaker 2: wealth creation opportunities, you know, sort of for Australians. So 355 00:19:40,920 --> 00:19:45,679 Speaker 2: the fact that people uh do not have enough to 356 00:19:45,760 --> 00:19:48,600 Speaker 2: invest in property does not mean that they cannot be 357 00:19:48,640 --> 00:19:53,200 Speaker 2: smart with their money and they diversified portfolio of ETFs 358 00:19:53,720 --> 00:19:57,960 Speaker 2: as an example, with the appropriate asset allocation and with 359 00:19:58,040 --> 00:20:01,719 Speaker 2: appropriate technology to help guide people behaviorally to help them 360 00:20:01,760 --> 00:20:04,919 Speaker 2: take advantage of compounding of returns over time. That's a 361 00:20:04,960 --> 00:20:09,440 Speaker 2: fantastic way for Australians to save. And that's a fantastic 362 00:20:09,440 --> 00:20:12,600 Speaker 2: way for Australians to invest, and that's actually one of 363 00:20:12,600 --> 00:20:15,600 Speaker 2: the reasons why in the evolution of Beata shares, like 364 00:20:15,640 --> 00:20:18,400 Speaker 2: for the second decade of our business. In the first 365 00:20:18,440 --> 00:20:21,040 Speaker 2: decade was really all about ETFs and all about building 366 00:20:21,040 --> 00:20:24,159 Speaker 2: out a suite of products and suite of capabilities and 367 00:20:24,200 --> 00:20:27,440 Speaker 2: the brand and understanding of what's important to the customers. 368 00:20:28,000 --> 00:20:34,120 Speaker 2: For the second decade onwards, our mission, which very much 369 00:20:34,160 --> 00:20:37,439 Speaker 2: is still the same to help Australians progress financially and 370 00:20:37,480 --> 00:20:42,399 Speaker 2: build wealth. We had decided that in addition to continuing 371 00:20:42,480 --> 00:20:46,360 Speaker 2: to provide those building blocks with ETFs, we actually want 372 00:20:46,440 --> 00:20:51,399 Speaker 2: to develop a technology capability to be able to assist 373 00:20:51,440 --> 00:20:56,480 Speaker 2: our customers even better in getting them to the point 374 00:20:56,520 --> 00:20:59,640 Speaker 2: basically in their life on their financial journey where they 375 00:20:59,680 --> 00:21:00,320 Speaker 2: want to get to. 376 00:21:00,480 --> 00:21:03,240 Speaker 1: Okay, Alex, I have a stack more questions, So sit tight. 377 00:21:03,440 --> 00:21:04,960 Speaker 1: We're going to take a quick break and we'll be 378 00:21:05,000 --> 00:21:06,840 Speaker 1: back with more right after this. You know, a lot 379 00:21:06,840 --> 00:21:11,359 Speaker 1: of people feel quite intimidated by conversations around investing and 380 00:21:11,400 --> 00:21:14,280 Speaker 1: around the stock market, and often they might be someone 381 00:21:14,680 --> 00:21:17,560 Speaker 1: who didn't grow up around that kind of language or conversation. 382 00:21:17,880 --> 00:21:19,920 Speaker 1: You didn't grow up around that, and your family moved 383 00:21:19,920 --> 00:21:22,119 Speaker 1: here with a couple of hundred bucks, right, and just 384 00:21:22,200 --> 00:21:25,280 Speaker 1: the hope for opportunity. So what was it in your 385 00:21:25,359 --> 00:21:29,320 Speaker 1: mindset do you think in your DNA that helped you 386 00:21:29,440 --> 00:21:32,679 Speaker 1: to see that that world is accessible to you? And 387 00:21:32,720 --> 00:21:34,639 Speaker 1: how would you make a twenty year old who doesn't 388 00:21:34,640 --> 00:21:37,360 Speaker 1: feel like it is accessible to them feel as though 389 00:21:37,359 --> 00:21:38,360 Speaker 1: it can be theirs too? 390 00:21:39,400 --> 00:21:42,320 Speaker 2: Yeah, well, look, I think you just touched on a 391 00:21:42,400 --> 00:21:47,200 Speaker 2: very important point basically around around people not having the 392 00:21:48,520 --> 00:21:52,119 Speaker 2: financial knowledge and the sophistication and the capability. And I 393 00:21:52,119 --> 00:21:56,160 Speaker 2: think again, historically the industry, you know, the financial services industry, 394 00:21:56,359 --> 00:22:02,520 Speaker 2: has actually taken advantage of that mismatch in skills and 395 00:22:02,640 --> 00:22:04,840 Speaker 2: mismatch and knowledge and things kind of you know, appear 396 00:22:04,920 --> 00:22:06,680 Speaker 2: too hard and too complicated. 397 00:22:07,160 --> 00:22:08,760 Speaker 1: I think when we pay someone else to do it. 398 00:22:08,960 --> 00:22:11,199 Speaker 2: Yeah, pay somebody else to do it for me, or 399 00:22:11,200 --> 00:22:13,080 Speaker 2: somebody else might charge you, you know, a lot of 400 00:22:13,119 --> 00:22:14,440 Speaker 2: money for it. It's like going to a car. It's 401 00:22:14,440 --> 00:22:16,560 Speaker 2: like for me going to a co mechanic today. You know, 402 00:22:17,080 --> 00:22:19,000 Speaker 2: I don't know if I'm paying a fair price or not. 403 00:22:19,119 --> 00:22:21,359 Speaker 2: I just want my card to be fixed basically, And 404 00:22:21,520 --> 00:22:23,920 Speaker 2: you know, there isn't a transparency, There isn't a knowledge, right. 405 00:22:24,560 --> 00:22:26,879 Speaker 2: But I think in the world of investments, in the 406 00:22:26,880 --> 00:22:30,720 Speaker 2: world of in the world of money, I think we 407 00:22:31,160 --> 00:22:36,040 Speaker 2: as an industry, I think really owe it to you know, 408 00:22:36,080 --> 00:22:38,119 Speaker 2: sort of to our nation basically, and owe it to 409 00:22:38,200 --> 00:22:41,560 Speaker 2: Australians to actually do the right thing. And I think 410 00:22:41,600 --> 00:22:45,920 Speaker 2: today technology is in my view, has become the catalyst 411 00:22:46,000 --> 00:22:48,640 Speaker 2: and has become the game changer basically. So again, if 412 00:22:48,640 --> 00:22:50,720 Speaker 2: I look, if I look back, you know ten fifteen 413 00:22:50,800 --> 00:22:53,320 Speaker 2: years ago, twenty years ago, there was no way to 414 00:22:53,440 --> 00:22:57,760 Speaker 2: compare easily compare performance of different funds. There's no way 415 00:22:58,320 --> 00:23:00,400 Speaker 2: to really know whether you're paying too my or you're 416 00:23:00,400 --> 00:23:03,879 Speaker 2: not paying enough. You basically had to go, you know, 417 00:23:04,119 --> 00:23:06,440 Speaker 2: either open the newspaper and there were like pages, you know, 418 00:23:06,480 --> 00:23:07,879 Speaker 2: there was like pages at the at the end of 419 00:23:07,920 --> 00:23:10,920 Speaker 2: the newspaper with some stock market quotes nobody could even understand. 420 00:23:11,000 --> 00:23:12,880 Speaker 2: I still look at those pages, by the way I could. 421 00:23:13,080 --> 00:23:14,600 Speaker 2: I still don't know what they will mean and why 422 00:23:14,600 --> 00:23:17,040 Speaker 2: they're even there. I mean that's a bit of a 423 00:23:17,040 --> 00:23:21,240 Speaker 2: side point. But today technology actually enables for much better 424 00:23:21,280 --> 00:23:27,360 Speaker 2: decision making. I think technology actually helps automate investing. Firstly, 425 00:23:27,720 --> 00:23:31,199 Speaker 2: I think technology can actually help people figure out you 426 00:23:31,240 --> 00:23:33,800 Speaker 2: know what their risk profile is. Of course, if you 427 00:23:33,840 --> 00:23:35,200 Speaker 2: have if you have a lot of money, if you 428 00:23:35,240 --> 00:23:37,720 Speaker 2: have a high balance, you absolutely, by all means should 429 00:23:37,720 --> 00:23:39,560 Speaker 2: still go and see a financial advisor. I think I 430 00:23:39,600 --> 00:23:41,639 Speaker 2: think that's fantastic and it's great that we have a 431 00:23:41,640 --> 00:23:45,000 Speaker 2: financial advice industry, But I think the reality of today 432 00:23:45,320 --> 00:23:48,480 Speaker 2: is that financial advice is actually really for people who 433 00:23:48,520 --> 00:23:51,199 Speaker 2: have significant amounts of money to invest. I think the 434 00:23:51,520 --> 00:23:54,720 Speaker 2: most financial advisors and I speak to a lot, really 435 00:23:54,720 --> 00:23:57,719 Speaker 2: trying to target their practice to look after clients who 436 00:23:57,800 --> 00:23:59,720 Speaker 2: have half a million dollars or a million dollars, and 437 00:24:00,440 --> 00:24:03,119 Speaker 2: so it's really for people with serious wealth. So to 438 00:24:03,160 --> 00:24:06,920 Speaker 2: your point, as you mentioning if you're starting out on life, 439 00:24:07,200 --> 00:24:09,600 Speaker 2: if you're in your twenties and you're thinking about the 440 00:24:09,640 --> 00:24:11,200 Speaker 2: rest of your life and how you're going to build 441 00:24:11,240 --> 00:24:14,359 Speaker 2: your future, I think you know. Firms like Bidder Shares 442 00:24:14,640 --> 00:24:17,600 Speaker 2: I definitely built, and we are continuing to build. Of 443 00:24:17,600 --> 00:24:21,119 Speaker 2: course we haven't finished building, but they are. They're absolutely 444 00:24:21,119 --> 00:24:24,520 Speaker 2: there to help people get a start and to help 445 00:24:24,520 --> 00:24:26,960 Speaker 2: people be smart with the money. And what I've learned 446 00:24:27,119 --> 00:24:29,600 Speaker 2: is that it's never too early and it's never too 447 00:24:29,680 --> 00:24:33,080 Speaker 2: late to start investing. I mean quite often people ask me, 448 00:24:33,800 --> 00:24:37,359 Speaker 2: and again I certainly don't feel particularly well qualified, you know, 449 00:24:37,400 --> 00:24:40,520 Speaker 2: sort of to give advice. But some people who are 450 00:24:41,000 --> 00:24:43,720 Speaker 2: you know, poorly advised, and they do ask me, you know, 451 00:24:43,760 --> 00:24:48,480 Speaker 2: for my opinion, I would I you know, I would 452 00:24:48,480 --> 00:24:51,119 Speaker 2: often tell them you've got to you know, if you 453 00:24:51,160 --> 00:24:54,600 Speaker 2: think about investing, it's never a perfect time to start investing. 454 00:24:54,840 --> 00:24:56,520 Speaker 2: But the best answer is that you've got to start, 455 00:24:56,560 --> 00:24:59,240 Speaker 2: as you know, as soon as you can. It always 456 00:24:59,240 --> 00:25:03,520 Speaker 2: feels uncomfortab investing is actually always uncomfortable because you always 457 00:25:03,520 --> 00:25:06,320 Speaker 2: feel that the market's expensive and you know what if 458 00:25:06,359 --> 00:25:09,040 Speaker 2: I'm buying at the top, and like it's always the 459 00:25:09,080 --> 00:25:11,560 Speaker 2: same question and people ask that question five years ago, 460 00:25:11,760 --> 00:25:14,520 Speaker 2: ten years ago, twenty years ago, fifty years ago. I 461 00:25:14,560 --> 00:25:20,040 Speaker 2: think investing regularly is really important. You know, people talk 462 00:25:20,080 --> 00:25:24,080 Speaker 2: about dolar cost averaging over time. I think letting the 463 00:25:24,119 --> 00:25:27,720 Speaker 2: magic of compounding do its work over time is the 464 00:25:27,760 --> 00:25:30,960 Speaker 2: best piece of advice that I have for younger people 465 00:25:31,200 --> 00:25:34,240 Speaker 2: who are thinking about, you know, so when to get 466 00:25:34,240 --> 00:25:35,560 Speaker 2: started or how to get started. 467 00:25:35,840 --> 00:25:37,960 Speaker 1: So the other spooky thing at the moment is a 468 00:25:38,000 --> 00:25:40,840 Speaker 1: state of the markets. I mean it's volatile, right, yes, 469 00:25:40,880 --> 00:25:43,560 Speaker 1: the trade war is bringing a lot of uncertainty. We 470 00:25:43,600 --> 00:25:45,920 Speaker 1: don't know what happens, what's going to happen tomorrow, the 471 00:25:46,000 --> 00:25:48,840 Speaker 1: day after, the day after that. How would you describe 472 00:25:48,880 --> 00:25:50,919 Speaker 1: the current state of the market. 473 00:25:51,560 --> 00:25:56,879 Speaker 2: Yeah, look, it's interesting times. There's no question. It's diplomatic, 474 00:25:58,080 --> 00:26:02,040 Speaker 2: there's no question about it. When you start investing for 475 00:26:02,080 --> 00:26:06,199 Speaker 2: the first time, it always feels uncomfortable. There's never a 476 00:26:06,240 --> 00:26:09,159 Speaker 2: great time, as I mentioned before, and even you know, 477 00:26:09,160 --> 00:26:11,439 Speaker 2: when the market has crashed basically, say when we had 478 00:26:11,440 --> 00:26:14,560 Speaker 2: the global financial crisis, you know, when the markets were 479 00:26:14,600 --> 00:26:18,960 Speaker 2: off you know, thirty forty percent plus, that was even 480 00:26:18,960 --> 00:26:22,640 Speaker 2: more difficult basically psychologically because people were feeling well, market 481 00:26:22,680 --> 00:26:24,560 Speaker 2: has fallen quite a lot. What if it keeps falling? 482 00:26:24,840 --> 00:26:26,680 Speaker 2: You know, there's old adage like you know, you're trying 483 00:26:26,680 --> 00:26:28,720 Speaker 2: to catch a falling knife when the market is falling, 484 00:26:28,960 --> 00:26:30,879 Speaker 2: or you're trying to wait for things to settle. So 485 00:26:31,080 --> 00:26:33,960 Speaker 2: I would say, you know, for young people who really 486 00:26:35,040 --> 00:26:37,879 Speaker 2: you know, thinking about starting to invest, I think no 487 00:26:38,000 --> 00:26:41,359 Speaker 2: time is perfect, but I think every every day is perfect. Basically, 488 00:26:41,400 --> 00:26:43,639 Speaker 2: I think every day is a good first day to start. 489 00:26:44,640 --> 00:26:48,280 Speaker 2: And again sort of doing so in a diversified way, 490 00:26:48,840 --> 00:26:53,520 Speaker 2: controlling the costs of investing is really important utilizing technology, 491 00:26:54,320 --> 00:26:56,480 Speaker 2: you know, making sure that you don't pay too much, 492 00:26:56,680 --> 00:26:58,640 Speaker 2: but also making sure that you don't spend too much 493 00:26:58,680 --> 00:27:01,159 Speaker 2: of your time focused on things that don't matter. 494 00:27:01,359 --> 00:27:03,280 Speaker 1: I find it really interesting the point you spoke about 495 00:27:03,280 --> 00:27:06,040 Speaker 1: earlier about managing the money, the wealth of one million 496 00:27:06,200 --> 00:27:10,760 Speaker 1: Australians and the responsibility that comes with that is that stressful. 497 00:27:10,840 --> 00:27:12,480 Speaker 1: Does it keep you up at night? How do you 498 00:27:13,200 --> 00:27:16,359 Speaker 1: navigate that personally? Thatsibility. 499 00:27:16,440 --> 00:27:20,480 Speaker 2: I always try to keep things as simple as possible 500 00:27:20,480 --> 00:27:23,159 Speaker 2: in life. And the test that I always set for 501 00:27:23,240 --> 00:27:27,160 Speaker 2: myself and the test that I set for our business 502 00:27:27,600 --> 00:27:29,680 Speaker 2: is that I just really want to be in the 503 00:27:29,720 --> 00:27:34,560 Speaker 2: position where I'm genuinely proud to tell my family and 504 00:27:34,640 --> 00:27:38,280 Speaker 2: to tell my friends about the business that we are 505 00:27:38,359 --> 00:27:41,240 Speaker 2: running basically, and what it means is that we make 506 00:27:41,320 --> 00:27:45,520 Speaker 2: decisions in the business really with interest of customers, you know, 507 00:27:45,600 --> 00:27:47,960 Speaker 2: sort of first and foremost. To me, it goes without saying, 508 00:27:48,200 --> 00:27:51,360 Speaker 2: and that is absolutely you know, sort of sacre saying 509 00:27:51,480 --> 00:27:54,440 Speaker 2: for us is to make sure that everything we do 510 00:27:54,680 --> 00:27:59,959 Speaker 2: meets that high bar of us being proud of, you know, 511 00:28:00,040 --> 00:28:01,720 Speaker 2: sort of the business that we're building. You know, it 512 00:28:01,720 --> 00:28:03,960 Speaker 2: doesn't mean that I don't, you know, sort of that 513 00:28:04,000 --> 00:28:06,240 Speaker 2: I don't worry. I always worry. Uh. 514 00:28:06,320 --> 00:28:08,679 Speaker 1: And you know, for me, it's something wrong with you 515 00:28:08,720 --> 00:28:09,160 Speaker 1: if you didn't. 516 00:28:09,320 --> 00:28:12,240 Speaker 2: Yeah, no, no, absolutely, and you know it is a 517 00:28:12,320 --> 00:28:16,560 Speaker 2: it is a real responsibility. But we now have you know, 518 00:28:16,600 --> 00:28:20,439 Speaker 2: several hundred people in our business that have been on 519 00:28:20,480 --> 00:28:23,320 Speaker 2: this journey with me now for a significant period of time. 520 00:28:23,359 --> 00:28:25,879 Speaker 2: We now have been in business for fifteen years and 521 00:28:25,920 --> 00:28:29,560 Speaker 2: we've continued, you know, to evolve basically as a business, 522 00:28:29,960 --> 00:28:33,720 Speaker 2: we're continuing to find ways to do things better, to 523 00:28:33,840 --> 00:28:37,200 Speaker 2: do things smarter, to do things more efficient. I think 524 00:28:37,240 --> 00:28:42,040 Speaker 2: behaviorally it's so important and so crucial to be able 525 00:28:42,080 --> 00:28:47,000 Speaker 2: to leverage technology. Now. For example, Australia historically had the 526 00:28:47,200 --> 00:28:51,000 Speaker 2: highest cost of brokerage. Basically, if you try to buy 527 00:28:51,080 --> 00:28:55,040 Speaker 2: and sell share of any developed market, you know, we 528 00:28:55,160 --> 00:29:00,360 Speaker 2: have you know, historically we've had a monopoly in the 529 00:29:01,080 --> 00:29:04,680 Speaker 2: in the exchange and you know, you know that the 530 00:29:04,680 --> 00:29:09,000 Speaker 2: consumers typically pay the price of a monopoly, and without 531 00:29:10,000 --> 00:29:13,720 Speaker 2: a true innovation, that still would be the case. So 532 00:29:14,360 --> 00:29:20,280 Speaker 2: Beata Shares last year had launched Beta shares Direct, which 533 00:29:20,280 --> 00:29:25,560 Speaker 2: actually allowed all investors zero brokerage access to all you 534 00:29:25,560 --> 00:29:28,560 Speaker 2: know to three hundred Australian shares, Top three hundred Australian 535 00:29:28,560 --> 00:29:32,040 Speaker 2: shares and all ETFs so better shares ETFs, but also 536 00:29:32,200 --> 00:29:35,480 Speaker 2: everybody else's vanguard ETFs and black rock ETFs. And again 537 00:29:35,520 --> 00:29:37,960 Speaker 2: for me, this is like part of democratizing the world 538 00:29:38,000 --> 00:29:43,800 Speaker 2: of investing, helping lower the cost, helping automate where possible, 539 00:29:44,400 --> 00:29:47,640 Speaker 2: but also trying to dispel and dismiss, uh, you know, 540 00:29:47,720 --> 00:29:51,520 Speaker 2: some of these old conventional wisdoms basically, so we're really 541 00:29:51,520 --> 00:29:55,040 Speaker 2: trying to challenge status quo, you know, as a business. 542 00:29:55,080 --> 00:29:57,160 Speaker 2: Of course, you know, we have been around now for 543 00:29:57,200 --> 00:30:00,400 Speaker 2: a while and we we have you know, learned a 544 00:30:00,400 --> 00:30:03,280 Speaker 2: lot of lessons over time. But the one lesson that 545 00:30:03,920 --> 00:30:07,040 Speaker 2: I will never stop learning is the fact that there's 546 00:30:07,080 --> 00:30:11,080 Speaker 2: never a limit. There's never a limit to innovation. There's 547 00:30:11,080 --> 00:30:13,560 Speaker 2: never a limit of what you can you know, sort 548 00:30:13,560 --> 00:30:16,520 Speaker 2: of do for the customer. And you know, sort of 549 00:30:16,520 --> 00:30:18,920 Speaker 2: my hope is that you know, sort of over time 550 00:30:19,280 --> 00:30:22,880 Speaker 2: we can continue building out the business, we continue diversifying 551 00:30:22,920 --> 00:30:26,600 Speaker 2: products and services which all have one thing in common basically, 552 00:30:26,800 --> 00:30:31,240 Speaker 2: which is continuing to help Australians get ahead basically financially 553 00:30:31,360 --> 00:30:33,320 Speaker 2: and help them create a better future, So. 554 00:30:33,320 --> 00:30:36,280 Speaker 1: How much more can it evolve the landscape? I mean, 555 00:30:36,280 --> 00:30:39,640 Speaker 1: it's as you point out, you know, it's so tailored 556 00:30:39,680 --> 00:30:42,760 Speaker 1: now in terms of the kinds of guts you can 557 00:30:42,800 --> 00:30:45,800 Speaker 1: pick and choose and be quite specific about how much 558 00:30:45,840 --> 00:30:47,640 Speaker 1: more do you see this changing? What what does that 559 00:30:47,680 --> 00:30:49,240 Speaker 1: look like for the future of Beata Shares. 560 00:30:49,400 --> 00:30:52,479 Speaker 2: Yeah, Look, I think it will continue, it will continue building, 561 00:30:52,560 --> 00:30:58,120 Speaker 2: it will continue growing. There's definitely there's definitely no shortage 562 00:30:58,520 --> 00:31:02,080 Speaker 2: of individual ETFs out there in the market, you know. 563 00:31:02,200 --> 00:31:05,600 Speaker 2: I mean we are managing over ninety ETFs just in 564 00:31:05,640 --> 00:31:08,600 Speaker 2: our business alone. But what I think is really the 565 00:31:08,680 --> 00:31:13,240 Speaker 2: future is investors being able to leverage technology such as 566 00:31:13,320 --> 00:31:17,040 Speaker 2: Bettershares Direct that we brought out now to really help 567 00:31:17,120 --> 00:31:22,280 Speaker 2: them tailor their own journey basically, and really do technology 568 00:31:22,640 --> 00:31:24,920 Speaker 2: do a lot of the heavy lifting on their behalf. 569 00:31:25,200 --> 00:31:27,480 Speaker 2: So I think about it this way. If you get 570 00:31:27,520 --> 00:31:31,360 Speaker 2: in the car, you purchase a car, there's lots of 571 00:31:31,400 --> 00:31:34,440 Speaker 2: componentry in the vehicle. Somebody is making the steering wheel, 572 00:31:34,480 --> 00:31:37,600 Speaker 2: somebody's making the engine, somebody is making the you know, 573 00:31:37,680 --> 00:31:41,480 Speaker 2: sort of the audio system basically, but there's a consumer, 574 00:31:42,200 --> 00:31:46,480 Speaker 2: very few enthusiasts to the to the point basically of 575 00:31:46,600 --> 00:31:49,920 Speaker 2: actually knowing who's manufacturing what and what is the brand 576 00:31:49,920 --> 00:31:53,120 Speaker 2: of each component. Basically, what you really want is to 577 00:31:53,160 --> 00:31:54,640 Speaker 2: get in the car, and you want the car to 578 00:31:54,680 --> 00:31:56,720 Speaker 2: take you from point A to point B. You want 579 00:31:56,720 --> 00:31:58,720 Speaker 2: it to be a reliable vehicle, you want it to 580 00:31:58,760 --> 00:32:01,280 Speaker 2: be within your budget, and you want it not to 581 00:32:01,320 --> 00:32:05,720 Speaker 2: break down. Basically but effectively, your objective as the customer 582 00:32:06,360 --> 00:32:08,680 Speaker 2: is to really get the package and have confidence that 583 00:32:08,720 --> 00:32:10,640 Speaker 2: the package gets you from point A to point B. 584 00:32:11,240 --> 00:32:15,200 Speaker 2: And I think over time in the world of investing, 585 00:32:15,520 --> 00:32:18,000 Speaker 2: I think we'll get to that same point. Basically, we'll 586 00:32:18,040 --> 00:32:20,840 Speaker 2: get to the point where for the average Australian who 587 00:32:21,000 --> 00:32:25,160 Speaker 2: doesn't have a strong level of financial education and the 588 00:32:25,200 --> 00:32:28,640 Speaker 2: strong level of financial sophistication, we will be able to 589 00:32:28,680 --> 00:32:34,760 Speaker 2: deliver a fantastic, cost effective experience for that Australian irrespective 590 00:32:34,800 --> 00:32:36,880 Speaker 2: of the fact that they're not a pro. So, yes, 591 00:32:36,920 --> 00:32:39,560 Speaker 2: there will always be a subset in our market of 592 00:32:39,600 --> 00:32:43,200 Speaker 2: those that really are the connoserve basically that would be 593 00:32:43,720 --> 00:32:46,840 Speaker 2: interested in picking out that particular ETF or that particular 594 00:32:46,880 --> 00:32:50,520 Speaker 2: managed fund or that particular stock because they feel that 595 00:32:50,520 --> 00:32:54,160 Speaker 2: they're knowledgeable enough, or maybe because they get satisfaction personally 596 00:32:54,800 --> 00:32:56,920 Speaker 2: and they really enjoy it. But I think for the 597 00:32:57,000 --> 00:33:00,000 Speaker 2: vast majority of us, we really want our financial future 598 00:33:00,920 --> 00:33:04,400 Speaker 2: to be taken care of, and we want the provider 599 00:33:04,840 --> 00:33:08,160 Speaker 2: or the partner on the investment side to deliver that, 600 00:33:09,080 --> 00:33:11,240 Speaker 2: you know, in a cost effective way. We want people 601 00:33:11,280 --> 00:33:13,080 Speaker 2: to have confidence, we want them to sleep well at 602 00:33:13,160 --> 00:33:16,280 Speaker 2: night knowing that they're being taken care of rather than 603 00:33:16,360 --> 00:33:19,200 Speaker 2: being taken advantage off. And I think that's really the 604 00:33:19,320 --> 00:33:23,560 Speaker 2: journey that we're on with btter Shares, and I really feel, 605 00:33:23,800 --> 00:33:28,080 Speaker 2: I really feel that we will not stop basically certainly 606 00:33:28,080 --> 00:33:30,760 Speaker 2: for as long as you know, so for as long 607 00:33:30,800 --> 00:33:34,480 Speaker 2: as I'm continuing, you know, sort of to be involved 608 00:33:34,480 --> 00:33:37,280 Speaker 2: in this business, which I'm intending to you know, sort 609 00:33:37,280 --> 00:33:39,239 Speaker 2: of for a very very long time to come. I 610 00:33:39,280 --> 00:33:43,120 Speaker 2: feel that we're just scratching the surface of opportunity. As 611 00:33:43,120 --> 00:33:46,680 Speaker 2: I mentioned before, I think the the early days, we're 612 00:33:46,760 --> 00:33:49,800 Speaker 2: all about getting to know the customer, getting to understand 613 00:33:49,800 --> 00:33:53,680 Speaker 2: what's important. I think today we are already leveraging technology 614 00:33:53,760 --> 00:33:57,840 Speaker 2: like never before to help to help make investing, you know, 615 00:33:57,920 --> 00:34:01,560 Speaker 2: more accessible. And I think today again I've touched on 616 00:34:01,920 --> 00:34:05,600 Speaker 2: the topic of artificial intelligence and automation. I think it's 617 00:34:05,400 --> 00:34:09,760 Speaker 2: it's so exciting. I think it's the most exciting time, 618 00:34:11,239 --> 00:34:14,680 Speaker 2: you know, to be alive. Basically, you know, because artificial 619 00:34:14,719 --> 00:34:20,560 Speaker 2: intelligence is truly going to change many things about how 620 00:34:20,600 --> 00:34:22,600 Speaker 2: we go about our lives. And of course I'll look 621 00:34:22,600 --> 00:34:26,200 Speaker 2: at things partly from the financial services and investment land 622 00:34:26,760 --> 00:34:29,719 Speaker 2: lens basically, but I think every industry, you know, be 623 00:34:29,840 --> 00:34:33,320 Speaker 2: it again, healthcare, be it media, you know, be it retelling, 624 00:34:33,640 --> 00:34:36,000 Speaker 2: it's going to it's going to change, and I believe 625 00:34:36,760 --> 00:34:38,799 Speaker 2: it's going to change for the better. I think it's 626 00:34:38,800 --> 00:34:40,840 Speaker 2: going to change for the better. And I think, you know, 627 00:34:40,920 --> 00:34:43,600 Speaker 2: just think about you know, what would Albert Einstein or 628 00:34:43,640 --> 00:34:46,359 Speaker 2: what would Galile Galley be able to achieve if they 629 00:34:46,360 --> 00:34:50,640 Speaker 2: had access to change? You pt right there similar information. 630 00:34:50,880 --> 00:34:53,040 Speaker 2: It is, it is, it isn't It is amazing. It 631 00:34:53,120 --> 00:34:56,279 Speaker 2: is truly exciting. I think it's astonishing, you know how 632 00:34:56,360 --> 00:34:59,960 Speaker 2: much change is coming you know, is coming down basically 633 00:35:00,360 --> 00:35:03,400 Speaker 2: as a result of it all. But I really feel 634 00:35:03,960 --> 00:35:06,560 Speaker 2: that there will be a lot of positives. 635 00:35:06,600 --> 00:35:09,799 Speaker 1: Basically, I gets a bad rap, but I think you're right. 636 00:35:09,800 --> 00:35:11,680 Speaker 1: There are a lot of things to be excited about. 637 00:35:11,800 --> 00:35:13,920 Speaker 1: Oh you have to mystic about too. If it's all 638 00:35:14,000 --> 00:35:16,520 Speaker 1: handled absolutely the best possible way. 639 00:35:16,600 --> 00:35:18,080 Speaker 2: Absolutely absolutely. 640 00:35:18,640 --> 00:35:20,560 Speaker 1: I have got so many questions for you, Alex, but 641 00:35:20,560 --> 00:35:22,440 Speaker 1: we're almost out of time, and before I let you go, 642 00:35:23,080 --> 00:35:25,319 Speaker 1: I'm just really curious I supposed to know to kind 643 00:35:25,320 --> 00:35:27,320 Speaker 1: of go back to the start of this conversation again, 644 00:35:28,040 --> 00:35:31,920 Speaker 1: what do you think is the lesson in your life 645 00:35:32,280 --> 00:35:34,399 Speaker 1: that a twenty five year old listening to this can 646 00:35:34,440 --> 00:35:34,879 Speaker 1: take away. 647 00:35:37,280 --> 00:35:41,160 Speaker 2: Oh, there's no shortage. Probably there's no shortage. And again, 648 00:35:41,400 --> 00:35:45,759 Speaker 2: I never feel qualified enough to give people advice, but 649 00:35:45,800 --> 00:35:48,799 Speaker 2: I can certainly reflect on some of the things. Look, 650 00:35:48,840 --> 00:35:53,480 Speaker 2: I think you know, you can take a different lens 651 00:35:53,840 --> 00:35:55,719 Speaker 2: of course in your question as well, like if I 652 00:35:55,760 --> 00:35:58,360 Speaker 2: talk at it with the lens of an entrepreneur for 653 00:35:58,400 --> 00:36:04,200 Speaker 2: a second, or an aspiring entrepreneur. I think, you know, 654 00:36:04,239 --> 00:36:05,800 Speaker 2: one of the one of the most important things that 655 00:36:05,840 --> 00:36:08,960 Speaker 2: I've learned is that not taking a no for an 656 00:36:09,000 --> 00:36:14,520 Speaker 2: answer and having perseverance is really really important. You know, 657 00:36:14,520 --> 00:36:17,400 Speaker 2: there's always setbacks, you know, when you're building a business, 658 00:36:17,960 --> 00:36:20,799 Speaker 2: and frankly, there's actually always setbacks in life, basically, whether 659 00:36:20,800 --> 00:36:23,040 Speaker 2: you're building a business or whether you're developing a career 660 00:36:23,719 --> 00:36:26,880 Speaker 2: in any you know, in any industry, there's always setbacks, 661 00:36:26,920 --> 00:36:30,560 Speaker 2: and things never go to plan. Really, you know, I 662 00:36:30,560 --> 00:36:32,600 Speaker 2: always feel that it's important to have a plan. It's 663 00:36:32,640 --> 00:36:36,200 Speaker 2: really really important to have a plan. And I like 664 00:36:36,280 --> 00:36:39,000 Speaker 2: and actually the world of business and and life in 665 00:36:39,040 --> 00:36:41,520 Speaker 2: many ways. You know, to a game of chess basically, 666 00:36:41,520 --> 00:36:43,840 Speaker 2: which is a game that I learned when I was 667 00:36:43,880 --> 00:36:45,719 Speaker 2: a child. I think when you have a game of chat, 668 00:36:45,719 --> 00:36:47,360 Speaker 2: when you're playing a game of chess, you have to 669 00:36:47,400 --> 00:36:49,319 Speaker 2: have a plan because if you don't have a plan, 670 00:36:49,400 --> 00:36:51,000 Speaker 2: you're going to lose very quickly. You need to have 671 00:36:51,000 --> 00:36:53,000 Speaker 2: a game plan. But at the same time, it's also 672 00:36:53,080 --> 00:36:56,000 Speaker 2: really crucial to see what your opponent is doing and 673 00:36:56,040 --> 00:36:58,439 Speaker 2: to see the moves that that your opponent is doing, 674 00:36:58,640 --> 00:37:00,359 Speaker 2: and you have to be able to adapt your game 675 00:37:00,960 --> 00:37:03,400 Speaker 2: to the moves that your point and opponent is making. 676 00:37:03,640 --> 00:37:06,439 Speaker 2: And again, in the context of business, it will be 677 00:37:06,480 --> 00:37:08,840 Speaker 2: like the market. It to be competitors, you kind of 678 00:37:08,880 --> 00:37:12,279 Speaker 2: have to adapt, and you have technology technology. In the 679 00:37:12,280 --> 00:37:14,680 Speaker 2: context of life, you know, things happen like things pop 680 00:37:14,800 --> 00:37:18,760 Speaker 2: up unexpectedly, and you have to be able to re adjust. 681 00:37:18,800 --> 00:37:21,520 Speaker 2: You have to pivot people. That's become a popular term now. 682 00:37:22,239 --> 00:37:24,480 Speaker 2: You know. You just have to be agile and you 683 00:37:24,560 --> 00:37:27,839 Speaker 2: have to have your eyes and ears open basically, but 684 00:37:27,840 --> 00:37:30,280 Speaker 2: but not not taking a note for an answer and 685 00:37:30,280 --> 00:37:33,920 Speaker 2: and having that perseverance. I think that's really crucial. Basically, 686 00:37:33,960 --> 00:37:36,320 Speaker 2: that's really crucial. So that that would be the crue 687 00:37:36,480 --> 00:37:40,200 Speaker 2: You're probably the most important thing, uh, you know sort of, 688 00:37:40,239 --> 00:37:42,560 Speaker 2: I would say, you know, sort of with the lens 689 00:37:42,560 --> 00:37:45,080 Speaker 2: of an entrepreneur and with the lens of an investor. 690 00:37:45,120 --> 00:37:47,520 Speaker 2: Basically somebody who's starting out and thinking about how do 691 00:37:47,560 --> 00:37:50,239 Speaker 2: I build a life and and how do I how 692 00:37:50,239 --> 00:37:53,719 Speaker 2: do I position myself in a way that helps me 693 00:37:53,760 --> 00:37:58,840 Speaker 2: achieve financial security? I think, uh again, I would just 694 00:37:58,880 --> 00:38:02,080 Speaker 2: focus on the on the match of compounding. Compounding is incredible, 695 00:38:02,360 --> 00:38:05,920 Speaker 2: It's incredible, and if you look at if you look 696 00:38:05,960 --> 00:38:10,040 Speaker 2: at what's possible over time with good discipline, it doesn't 697 00:38:10,040 --> 00:38:12,560 Speaker 2: matter whether you're starting with a significant amount of money 698 00:38:12,960 --> 00:38:14,960 Speaker 2: or you're starting with a more modest amount of money. 699 00:38:15,560 --> 00:38:19,960 Speaker 2: Investing can absolutely contribute, uh to to a better quality, 700 00:38:20,600 --> 00:38:23,759 Speaker 2: you know, sort of life basically over time, if you 701 00:38:23,800 --> 00:38:26,600 Speaker 2: start early and you remain you know, sort of disciplined, 702 00:38:26,640 --> 00:38:30,160 Speaker 2: and you remain committed to that investment journey, getting rich 703 00:38:30,239 --> 00:38:33,840 Speaker 2: quick is not an option. I mean, there are plenty 704 00:38:33,840 --> 00:38:36,160 Speaker 2: of people who try to sell uh you know, the 705 00:38:36,239 --> 00:38:40,480 Speaker 2: get rich quick uh you know remedies. I've never been 706 00:38:40,560 --> 00:38:44,440 Speaker 2: a believer in that, and again, statistically speaking, you know, 707 00:38:44,480 --> 00:38:48,000 Speaker 2: the numbers tell the story better than anybody else. Building 708 00:38:48,040 --> 00:38:53,759 Speaker 2: wealth actually takes time. It genuinely takes time. And I think, 709 00:38:54,360 --> 00:38:59,040 Speaker 2: you know, working with quality businesses that are very much 710 00:38:59,080 --> 00:39:05,360 Speaker 2: committed to helping you getting rich slowly rather than getting 711 00:39:05,440 --> 00:39:07,440 Speaker 2: rich quickly, I think is the way to go. 712 00:39:08,120 --> 00:39:11,719 Speaker 1: Great advice, Alex. You have been very generous with your 713 00:39:11,760 --> 00:39:14,520 Speaker 1: time and your experience. We really appreciate you joining us today. 714 00:39:14,560 --> 00:39:16,759 Speaker 2: Thank you, Thank you. I really enjoyed speaking with you. 715 00:39:17,360 --> 00:39:19,400 Speaker 1: And thank you for listening to this episode of The 716 00:39:19,440 --> 00:39:22,680 Speaker 1: Payoff with Me, Sylvia jeffries. To get our episodes for 717 00:39:22,719 --> 00:39:25,240 Speaker 1: free as soon as we publish, press the follow button 718 00:39:25,280 --> 00:39:28,200 Speaker 1: in your podcast app right now. See you next time.