WEBVTT

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Coming up in today's episode, we talk about Jeff Bezos, the founder of Amazon, has sold $4 billion of stock.

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And we dig into what this tells us about the company and why a founder selling could be a green flag or a red flag.

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There is a fashion label that most of you will know.

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It's called Reformation and it's about to go public for the first time.

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So we discuss whether or not Vic will be investing in it for the Curve Fund.

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The average cost of a date now in the US costs $189.

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Does this mean people are stopping dating or are we pivoting to things like coffee dates, walking dates, picnics?

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Quick PSA on this story.

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Time magazine reported on this and it is a heteronormative conversation.

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So the stats that they reference are male-female dating.

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We realise that that's not the case, if you're ever listening.

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And remember all the hype that was the SpaceX IPO?

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Well, it has come crashing back down to Earth.

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This is The Curve Weekly, where I read the finance news so you don't have to.

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I'm Vic Harris, a finance professional who had a career making money for other people.

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And I'm Sophie Hallwright, ex-TV radio producer who was very exhausted with not understanding anything about how to grow wealth or invest or anything to do with the economy, so we started this podcast.

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But before we dive into the headlines, we've got a word from today's sponsor.

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This episode of The Curve Weekly is made possible thanks to Pathfinder KiwiSaver Plan, helping you invest alongside your values.

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We're really excited to bring you the ethical hotline where you can ask all your tricky ethical questions.

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Each month, Pathfinder will answer the most interesting, popular or polarizing question.

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To submit yours, follow the link in the podcast show notes.

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Pathfinder Asset Management Limited is the issuer of the Pathfinder KiwiSaver Plan.

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A product disclosure statement is available at pathfinder.kiwi.

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Vic, you've had an absolute whirlwind of a month.

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How does it feel to be back in London?

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It's like, what was July?

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I know.

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It's like I've sneezed and it's just... Well, it does feel like you kind of went down a hole.

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Like you sort of did disappear for everyone for the whole month.

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Quite nice.

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Was it?

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I literally went home on a plane, went straight to my parents, and just like hibernated for a month.

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It was actually great.

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Because they weren't there, were they?

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No, they weren't.

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Oh, right.

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So you went back to 18-year-old Vic.

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Yeah, but it was also like, it's middle of winter.

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Nobody's really doing anything in New Zealand.

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Yeah.

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But then I had this one meeting at this cafe, and a friend walked past, and she was like, what?

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Yeah.

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And I was like, you know when you're like awkwardly in a meeting and you're like, I'll talk to you in a second.

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And you're like, sorry.

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And then I got this text later.

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She's like, are you back?

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And I was like, oh.

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I was like, no.

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No, I love my friends.

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But it was just more like...

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then people are like, obviously they want to see you, and it's beautiful, and it's lovely, and I want to see them too.

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So sarcastic.

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No, it's like, I want to see them too, but I was just, yeah, so.

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No, I think New Zealand's one of those places you kind of, you either go in like you did in sort of a show at home stealthy, I'm not going to see it, or you have to have 150 coffees, which is so lovely, and it's so nice to go, but you've got to commit.

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And then the last week, yeah, everyone's like, I want to see you, and I'm just like, sorry, sorry.

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Oh, it was back soon.

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It was back soon.

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No, the week you leave is the most stressful because everyone – do you know what I find?

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You go home, and this is what happens every summer that we go home.

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People ease themselves into the idea that you're back.

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They don't – you obviously see them, but it's not like really concentrated time.

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And then the week before you leave, they're all of a sudden like, oh, God, you're leaving.

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Can I see you now, now, now?

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And you're like –

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No, because I've already been back for ages.

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And it's quite egotistical.

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But sometimes it's like, I'm back, guys.

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I'm going to be at this bar between this time.

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Come see me.

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I think that's a better way to do it.

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I almost just expect that I'm going to just drop into normal social life and they're going to remember I'm around and constantly invite me.

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But also, I'm kind of back every few months now.

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So it's kind of, I'm back!

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Yeah, yeah.

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They're like, could we just leave?

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Did you leave?

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I wasn't sure.

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I know.

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Everyone's kind of like, oh, you're back here now.

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Okay, so the fund has launched.

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We had – The fund has launched.

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Thank Christ.

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So it's really funny because this is – for ages we've been like, oh, something's coming.

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Oh, like we haven't been able to talk about it.

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And does it feel – I mean, for me, I'm like, it's so great.

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The cat's out of the bag.

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I sat on the plane and burst into tears.

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Did you?

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And it was – I was just more like –

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I've had the most, and I'm going to cry now, the most incredible messages from people.

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Like, it's outrageous.

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Like, friends from school when I was, like, 10 and we haven't spoken to each other, you know, and they're like, oh, my God, Vic, see what you're doing.

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Like, it's just, honestly, ex-colleagues, the community, just, like, everyone.

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And I feel so terrible because I haven't been able to go back to a lot of them.

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But I was just sitting there on the plane and I was like, wow, it takes a lot for someone to reach out, send an email, send a text.

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You know, like, people can think, oh.

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The Cubs are doing a great job.

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Amazing.

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They've launched a fund.

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But it's like to actually sit down and put – not pen to paper anymore.

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No, totally.

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It takes – yeah.

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And I just think it's like – I don't know.

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Sometimes you're so stuck in the weeds and trying to get this across the line and get it launched that you don't realize – yeah, you don't stop and smell the roses.

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But no, it has been amazing.

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We've actually never had so many comments on a podcast ever.

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There was like 50 people commenting –

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all these amazing messages and like we've had so many people DM and email and just, yeah, definitely wanted to say thank you to everyone that's been so supportive because holy shit.

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Add one, Frank, what is this?

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What do you mean?

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Oh, girl.

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I was like, where do I start?

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I was kind of like, oh, but there's probably people that don't know what a fund is.

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And I was like, no, fair enough.

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We're like, look at investments, look at fund.

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But it's like, now you can invest with us.

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But is it a trading platform?

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No, it's actually so interesting you say that because a lot of people have, especially over here in the UK, when I said, oh, we're launching a fund.

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And they're like, oh, what?

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And I'm like, oh, Vic's going back to portfolio management.

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And they're like, yeah.

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It's a job?

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You know what I mean?

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I know.

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We should do a deep dive.

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Well, for anyone that doesn't know very, very quickly, Vic used to work as a fund manager.

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So she used to work basically as a professional investor where she would have a big portfolio of people's money and she would decide as a collective where she thought was the best investment.

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So she would divest from things that, you know, didn't seem like a good idea anymore and she would find new ideas and invest in that.

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And basically, it's just giving your money to a professional.

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It's the difference between DIY cutting your hair at home and going to a hairdresser.

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If you want to invest yourself, you can, but you can also give it to someone else.

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And so for anyone that doesn't know, we have just launched a fund that Vic will be managing.

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So it's essentially, if you want to invest, but you feel a bit scared or overwhelmed with options, you can just be like, Vic...

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help a girl out I can take yours anyway very exciting if anyone wants to find out more about the Curve Fund or the Curve Investments we'll link everything in the podcast show notes for you but Vic I will just say absolutely thrilled to have you back on the podcast all of us have just been like shit you know when you're so used to something it's like having a finger or a toe or you know there's like laughing your toe

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I'd be the pinky, right?

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Yeah.

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No, a very important pinky, you know?

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And you're like, all of a sudden, like, oh my God.

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Pinky has the most unimportant toe.

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No.

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Okay.

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Okay.

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The big toe.

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The big toe.

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No, actually, it's for balance.

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If you don't have any of the toes, you actually can't walk.

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Anyway, point is, it's bloody good to have you back, I will say.

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Okay.

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Jeff Bezos.

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Our favorite guy.

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Our favorite guy.

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Amazon founder has just sold $4 billion worth of Amazon stock.

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Billion.

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So you're trying to throw another ball or something?

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Another marriage, maybe?

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Yeah.

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Yeah, another super yacht.

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I don't know.

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Four billion.

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How much of that is, like, how much stock is that?

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So it's 15 million shares.

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Which is what percentage of what he owns?

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So he owns, so 1.7%.

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Is that it?

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Oh, God.

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See, most people would see that headline and think, oh, well, Amazon must be absolutely shitting itself if he's selling for a billion.

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100%.

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And I think this is why I wanted to put it in here.

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It's like, sometimes the news is so click-baity because I read it and I was like, oh, gosh.

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Oh, this is good for the click-play.

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I take you.

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start reading and I was like, it's only 1.7%.

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But I think it's a good, I mean, we always talk about how founders and founders owning stock.

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I mean, he's not involved in the business anymore.

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He stopped being CEO in 2021.

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Anyway, yes, it's only 1.7% of his overall holdings.

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He still owns around 9% of Amazon.

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It's the largest shareholder and he has been selling down from about 14% ever since he stepped back from CEO.

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Imagine just having that money and being like,

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I'm going to cash in a bit.

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Yeah, just a little bit.

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Oh, my God.

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You know, just a few billion.

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Oh, it would just be so...

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Honestly, even $100,000.

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I would be...

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But this is... Oh, my God, fanning myself with dollar bills.

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But this is exactly like building a business versus, like...

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being an employee or having a salary job.

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You know, like when you're growing wealth and you have assets, there are times where you can, even if it is a huge stock portfolio, right?

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You get to a point you can be like, cool, I'm actually going to need some of that money because I want to do X, Y, Z.

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And so when you've built that wealth,

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You can tap into it.

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It's not obviously readily disposable like cash.

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But the reason this is in here is, yes, A, it's not a big red flag.

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I think the amount makes it feel like a red flag.

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But he also, if he really believed in Amazon for the next 10, 20 years, you wouldn't be selling.

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You wouldn't?

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No.

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Really?

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Even just a little bit?

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It's a tiny percentage.

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If you really believed that the business was going to absolutely fly.

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See, I kind of feel like in 10, 20, 15 years, he might not be alive.

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I think he might just be wanting to live his best life.

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No, I know.

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But if you genuinely thought, okay, this money is going to double in five years, you would be putting every single dollar in there.

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Do you know what I mean?

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It's kind of like there is –

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Multiple reasons.

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Especially, I guess, when he's got so much money already.

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It's not as though he's needed.

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So does a yacht.

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That's not going up in value.

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Yeah.

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You know?

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Yeah.

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That's interesting.

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So you're saying while it's not a giant red flag like it's being reported, it's also – it's not nothing.

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No, and he has set up certain periods throughout the year where they can sell stock.

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So it prevents them from insider trading and stuff.

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And so founders, CEOs, members of the board, that's how it's kind of set up when you're a public company.

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And so this was like a window that they could sell and he sold.

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And look, Amazon has had a really good year.

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It's up to all-time highs.

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Its share price is at all-time highs.

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It's never been this high before.

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And its market cap now is...

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hit $3 trillion.

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So that is the value of the company.

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Yes.

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The shares times the share price.

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And the share price is the one that goes up and down.

234
00:11:03.991 --> 00:11:08.814
Usually the amount of shares that are available to buy and sell stays roughly the same.

235
00:11:08.834 --> 00:11:11.535
And then you've got the share price, which moves up and down.

236
00:11:11.575 --> 00:11:15.877
So that's what market cap goes, you know, increases or decreases depending on the share price.

237
00:11:16.557 --> 00:11:26.240
And so because the share price has done so well, the market cap has done really well, and it's now worth – the company itself is worth $3 trillion, which is the same size as the entire UK economy.

238
00:11:26.600 --> 00:11:27.640
It's the same size as Amazon.

239
00:11:28.260 --> 00:11:29.481
Imagine building a company.

240
00:11:29.581 --> 00:11:30.381
I cannot.

241
00:11:30.421 --> 00:11:34.602
That is the same size as what was the financial hub of the world at one point.

242
00:11:35.513 --> 00:11:36.975
That is mind-blowing.

243
00:11:37.356 --> 00:11:38.958
How do you not have an ego?

244
00:11:39.018 --> 00:11:40.841
I'm literally about to say the same thing.

245
00:11:41.021 --> 00:11:43.925
I wish I was God's gift to the world.

246
00:11:43.965 --> 00:11:45.447
That is crazy.

247
00:11:45.487 --> 00:11:51.917
And it's so funny because you look at whether it's celebrities or founders that have all this money and you're like, it's so embarrassing how arrogant they are.

248
00:11:52.604 --> 00:12:09.278
imagine if that's how you'd done all your willpower and counseling and like to not turn into an ego mania honestly imagine sitting here going i own a company worth this entire country i'd be like you want to talk to me yeah how about no line up yeah

249
00:12:11.113 --> 00:12:16.215
Anyway, Jeff Bezos still has $200 billion in Amazon shares.

250
00:12:16.555 --> 00:12:18.316
So he's still doing fine.

251
00:12:18.396 --> 00:12:23.118
But yeah, I guess the takeaway from this, read between the lines.

252
00:12:23.198 --> 00:12:26.239
Because someone could read this and people did.

253
00:12:26.259 --> 00:12:27.820
The share price fell for a bit.

254
00:12:28.740 --> 00:12:29.981
And it's now rebounded.

255
00:12:30.281 --> 00:12:32.842
So be aware of the headlines that you're reading.

256
00:12:32.882 --> 00:12:33.863
It's not all bad.

257
00:12:33.883 --> 00:12:35.404
It's not all a red flag sometimes.

258
00:12:35.504 --> 00:12:38.145
But yeah.

259
00:12:38.205 --> 00:12:41.947
And the biggest thing you should look at is what size of their shares is it.

260
00:12:42.848 --> 00:12:45.489
Is it 20%, 40%, 50%?

261
00:12:45.669 --> 00:12:47.370
All of it that they're selling?

262
00:12:47.791 --> 00:12:49.111
If it's all of it, huge red flag.

263
00:12:49.612 --> 00:12:49.792
Yeah.

264
00:12:50.172 --> 00:12:50.352
Yeah.

265
00:12:50.552 --> 00:12:52.473
Even if it's a big portion, huge red flag.

266
00:12:52.553 --> 00:12:56.996
We've also had a new IPO, a women's clothing brand, which I know Steph loves.

267
00:12:57.016 --> 00:12:57.196
Yeah.

268
00:12:58.025 --> 00:12:59.106
What do you mean?

269
00:12:59.206 --> 00:13:00.047
Are you saying you're pissed?

270
00:13:00.067 --> 00:13:01.128
Because I love this brand.

271
00:13:01.148 --> 00:13:05.332
No, I saw this and I sent it to the group chat and got like crickets.

272
00:13:05.372 --> 00:13:07.013
What group chat did you send it to?

273
00:13:07.114 --> 00:13:09.756
I was kind of like, oh, I thought this would pop off.

274
00:13:10.417 --> 00:13:14.040
And then when I put this in the prep sheet and I was like, surely they're talking about this?

275
00:13:14.501 --> 00:13:16.522
And then everyone was like, great prep sheet.

276
00:13:16.542 --> 00:13:18.084
But I was like, oh my God, they didn't speak about it.

277
00:13:18.244 --> 00:13:19.045
No, no, no, we didn't.

278
00:13:19.085 --> 00:13:21.367
And I was like, what group chat are you talking about?

279
00:13:21.427 --> 00:13:22.268
The Instagram one.

280
00:13:22.917 --> 00:13:23.838
Oh, I fully missed it.

281
00:13:24.118 --> 00:13:24.458
Sorry.

282
00:13:24.498 --> 00:13:25.298
The picture.

283
00:13:25.338 --> 00:13:27.480
So the company is Reformation.

284
00:13:28.480 --> 00:13:30.281
And love Reformation.

285
00:13:30.301 --> 00:13:31.502
We love Reformation.

286
00:13:31.542 --> 00:13:33.743
We love Reformation.

287
00:13:33.923 --> 00:13:35.464
And it went public on the New York Stock Exchange.

288
00:13:35.664 --> 00:13:37.645
And the images are iconic.

289
00:13:37.705 --> 00:13:39.286
Wait, I've missed all this.

290
00:13:39.386 --> 00:13:40.247
We'll share them on the screen.

291
00:13:40.307 --> 00:13:45.149
But it is like girls with their heels on like the trading for.

292
00:13:45.209 --> 00:13:46.570
Oh, it's so iconic.

293
00:13:46.910 --> 00:13:47.731
And I don't know.

294
00:13:47.751 --> 00:13:49.412
I saw that and I was like, the world's changing.

295
00:13:49.432 --> 00:13:49.532
Yeah.

296
00:13:50.402 --> 00:13:51.143
You know, how cool.

297
00:13:51.163 --> 00:13:52.764
They're making finance cool.

298
00:13:53.004 --> 00:13:54.565
Yeah.

299
00:13:54.965 --> 00:13:55.545
Reformation.

300
00:13:55.926 --> 00:13:56.886
Maybe we should be wearing it.

301
00:13:57.247 --> 00:13:58.207
Yeah, we should.

302
00:13:58.327 --> 00:14:05.512
But anyway, listed on New York Stock Exchange last week, raised $200 million.

303
00:14:06.533 --> 00:14:12.677
And so the company's valued at about a billion dollars, which is massive for a clothing retailer.

304
00:14:12.997 --> 00:14:14.678
Look, day one didn't do too well.

305
00:14:15.199 --> 00:14:17.020
But I don't think that's a bad thing.

306
00:14:17.300 --> 00:14:21.564
Look, it's still above its IPO price, which is amazing news.

307
00:14:22.105 --> 00:14:27.510
I find the companies that come straight out the gates, all this hype, all this FOMO, do really well.

308
00:14:29.031 --> 00:14:29.492
Exactly.

309
00:14:30.233 --> 00:14:34.056
Just, you know, it's like, just be the cool stealth one.

310
00:14:34.076 --> 00:14:34.837
Yeah, yeah, yeah.

311
00:14:34.877 --> 00:14:40.923
You know, you don't want to shoot the lights out on day one because it means that there obviously wasn't the right balance of like supply and demand and everything.

312
00:14:41.003 --> 00:14:43.326
You know, there was hype, which hype disappears really quickly.

313
00:14:43.346 --> 00:14:46.490
You want genuine people believing in the story, long to investors.

314
00:14:46.590 --> 00:14:46.931
I don't know.

315
00:14:46.971 --> 00:14:53.299
I just, I feel like when IPOs just kind of glide onto the stock exchange.

316
00:14:54.247 --> 00:14:58.271
I think it's worth bringing up Sarah Crampton, who has a really cool fashion.

317
00:14:58.732 --> 00:15:01.735
It's almost like a… Fashion blogger.

318
00:15:01.755 --> 00:15:02.816
She's been around for years.

319
00:15:02.876 --> 00:15:03.256
OG, yeah.

320
00:15:03.276 --> 00:15:06.079
Yeah, I remember meeting her in Sydney like 10 years ago.

321
00:15:06.420 --> 00:15:08.562
But anyway, she put a really good post out.

322
00:15:09.122 --> 00:15:10.544
We should share it or put something on the screen.

323
00:15:10.564 --> 00:15:15.189
But she was basically comparing the fashion industry with finance in a really clever way.

324
00:15:15.469 --> 00:15:17.110
I was like, how have we not thought of this?

325
00:15:17.250 --> 00:15:17.791
I know.

326
00:15:17.811 --> 00:15:19.072
It was so iconic.

327
00:15:19.092 --> 00:15:21.533
She's like, stock exchange is like a department store.

328
00:15:21.814 --> 00:15:24.956
An IPO is like when a company does a brand launch.

329
00:15:25.236 --> 00:15:25.436
Yeah.

330
00:15:25.476 --> 00:15:26.117
And just like all that.

331
00:15:26.137 --> 00:15:27.218
And I was like, oh my gosh.

332
00:15:27.258 --> 00:15:32.621
It was like for all the fashion girlies out there, so, so, so iconic just the way she explains stuff.

333
00:15:32.802 --> 00:15:39.506
The thing with an IPO is I understand why the company wants to have heaps of hype because that is the only time the money goes into the business.

334
00:15:39.987 --> 00:15:40.227
Yes.

335
00:15:40.327 --> 00:15:41.228
So for example, if.

336
00:15:41.988 --> 00:16:06.497
if the IPO is like valued really high it means the company's able to get more money because once it's only before IPOs though once it's on the stock market anything above that day or that price so like you want to get a high valuation for your business before you IPO because then that money that's what I mean though is that like if but then you also want to leave a bit of bit of money on the table in terms of

337
00:16:07.845 --> 00:16:11.590
Yeah, because you want people to buy shares once it's IPO.

338
00:16:11.870 --> 00:16:12.531
But that's the thing.

339
00:16:12.551 --> 00:16:19.940
So what Vic's saying is you don't want all the demand to have gone, basically, in the IPO because that's when the share price will tank because everyone's bought it.

340
00:16:20.100 --> 00:16:24.846
So it's finding that right balance of buyers and sellers because if everyone's got what they want,

341
00:16:25.707 --> 00:16:31.515
when the company IPOs in terms of buying shares, then there's no one to buy it once it IPOs.

342
00:16:31.696 --> 00:16:36.482
So yeah, this is why it's really interesting to strike that right balance.

343
00:16:36.603 --> 00:16:38.585
And then also you want to IPO on shares

344
00:16:40.508 --> 00:16:44.692
the stock market when it's doing well so that people are feeling euphoric and buying shares.

345
00:16:44.732 --> 00:16:54.941
You know, if you bought, you know, in, what is it, February, sorry, if you IPO'd in February 2020 when the stock market was absolutely tanking, good luck.

346
00:16:55.241 --> 00:16:55.401
Yeah.

347
00:16:55.521 --> 00:16:57.223
All of this stuff adds to it.

348
00:16:57.523 --> 00:16:59.184
Let's talk about Reformation as a business.

349
00:16:59.245 --> 00:17:02.307
So it actually started as a vintage clothing brand, right?

350
00:17:02.408 --> 00:17:03.809
It wasn't actually creating it.

351
00:17:03.909 --> 00:17:11.136
And I remember even in London a couple of years ago, they had a shop in central London and they had vintage stuff in there.

352
00:17:11.296 --> 00:17:13.858
And I remember thinking, this is so cool that they have new and vintage.

353
00:17:13.878 --> 00:17:14.879
I don't think they do anymore.

354
00:17:14.939 --> 00:17:18.623
I remember when you first wore it and I thought it was a secondhand clothing store.

355
00:17:18.643 --> 00:17:19.264
Yeah.

356
00:17:20.013 --> 00:17:20.453
What was it?

357
00:17:20.674 --> 00:17:21.174
Maybe it was.

358
00:17:21.775 --> 00:17:27.160
It might have been, though, because they did for a long time still have a bit of their roots of vintage in this.

359
00:17:27.180 --> 00:17:29.402
They have a curated rack of vintage clothing.

360
00:17:30.082 --> 00:17:36.008
But let's just talk about the business, how it started, how it's gone, because it is quite interesting.

361
00:17:36.388 --> 00:17:39.151
Am I right in thinking it started around the time I left school?

362
00:17:39.451 --> 00:17:39.731
Like...

363
00:17:40.672 --> 00:18:05.393
2009 2010 yes no it started in 2009 um and it now has revenue of over 500 million and got a million active customers it's been their clothes have been worn by like taylor swift kendall jenner uh jennifer lopez hayley beaver like it's it's so cool and it has still got that sustainable angle to it which is really really great and that's why a lot of people are loving it

364
00:18:05.733 --> 00:18:08.434
What does it have in terms of sustainability now?

365
00:18:08.534 --> 00:18:25.041
Is it the way that, like, the textiles, the material it uses, how does it – because it is really, really hard for a fashion brand to be sustainable or, you know, I mean, by nature, creating various different seasons of clothes where people don't actually need that many clothes.

366
00:18:25.101 --> 00:18:25.721
It's hard.

367
00:18:25.741 --> 00:18:28.302
The whole model of fashion, right, is –

368
00:18:28.902 --> 00:18:36.265
new seasons, new collections, buy more, you know, like rotate your wardrobe.

369
00:18:36.325 --> 00:18:36.705
Yeah.

370
00:18:37.285 --> 00:18:42.187
And like if we look at other IPOs, like Allbirds, that was sustainable fashion, absolute flop.

371
00:18:43.127 --> 00:18:47.509
Rent the Runway, that was another kind of sustainable, you know, renting.

372
00:18:47.609 --> 00:18:48.449
Rent the Runway.

373
00:18:48.689 --> 00:18:49.689
Like a designer wardrobe.

374
00:18:49.729 --> 00:18:50.810
Not a great name.

375
00:18:50.830 --> 00:18:51.110
No.

376
00:18:52.530 --> 00:18:54.031
That also IPO didn't do too well.

377
00:18:54.071 --> 00:18:54.671
So I don't know.

378
00:18:54.691 --> 00:18:56.472
I'm hoping that this...

379
00:18:58.141 --> 00:19:06.184
It's not – I don't – when I think of Reformation, I don't think of it as – and maybe this is not right, but I don't think of it hugely as a sustainable fashion brand.

380
00:19:06.204 --> 00:19:06.664
Neither do I.

381
00:19:06.684 --> 00:19:19.488
So maybe it's probably a blessing in disguise that it hasn't really leaned on that kind of sustainable angle so much that it's got lumped into that kind of area.

382
00:19:19.508 --> 00:19:19.869
I don't know.

383
00:19:19.909 --> 00:19:22.089
No, I know what you're saying because I definitely agree.

384
00:19:22.129 --> 00:19:25.991
I think there's something about the sustainable angle that –

385
00:19:27.497 --> 00:19:31.398
It's almost like, you know, I don't even know how to explain this.

386
00:19:31.438 --> 00:19:32.999
I feel like maybe I'm going to offend people.

387
00:19:33.039 --> 00:19:41.822
But you know how sometimes there's like an element of the health and well-being industry where people don't value their time or aren't paid well, whether it's like a yoga teacher.

388
00:19:41.842 --> 00:19:46.603
There's some parts of the health and wellness space that people are making a lot of money out of.

389
00:19:47.023 --> 00:19:52.105
But then there's almost this like more sort of hippie side that is not really very –

390
00:19:53.005 --> 00:19:55.026
Taken seriously almost, which is horrible.

391
00:19:55.206 --> 00:19:59.949
It sucks because there's a lot of – yeah, it's sort of – it's not valued in the same way.

392
00:19:59.969 --> 00:20:04.132
And I do think that there's an element of the sustainability space that's similar.

393
00:20:04.192 --> 00:20:12.897
It's almost like you can't at the same time be profitable and taken seriously as a business while also – It's the same with investing, right?

394
00:20:12.957 --> 00:20:20.262
It's like, oh, I want to invest in a sustainable fund or a non-sustainable – like, it's like, why can't we just make it all –

395
00:20:21.342 --> 00:20:25.365
one together, you know, like, or why does it have to have labels on it?

396
00:20:25.425 --> 00:20:29.968
And why can't everyone just be sustainably focused in terms of, you know?

397
00:20:29.988 --> 00:20:38.914
I mean, I think it's clever actually that they haven't really, really focused on that because what they've done is just create a really aspirational, cool brand that has great styles.

398
00:20:39.474 --> 00:20:50.101
And I don't think is that, you know, there's some brands where it's so iconic, the season and the print and everyone's like, oh, that's that brand from 2012 or whatever, you know,

399
00:20:50.782 --> 00:20:51.983
No one remembers that long ago.

400
00:20:52.043 --> 00:20:52.724
But do you know what I mean?

401
00:20:52.985 --> 00:21:02.398
Whereas I feel like Reformation, their stuff, you still could wear after buying it five years ago and it still looks really cool and isn't so synonymous with the brand.

402
00:21:02.498 --> 00:21:02.798
Yes.

403
00:21:03.199 --> 00:21:05.522
And what I also like about it is a lot of...

404
00:21:06.403 --> 00:21:18.411
a lot of their product is sold at full price because the discounting, that's when you start to like encourage people to churn their, their, their, their wardrobes or, you know, over consume.

405
00:21:18.511 --> 00:21:22.494
And so that's kind of also one of the, the green flags of this.

406
00:21:23.195 --> 00:21:26.837
And also, so when you're not discounting, that means that your margin.

407
00:21:26.877 --> 00:21:29.159
So what you're making on each item is really high.

408
00:21:29.659 --> 00:21:32.942
And so that was another attractive thing of this also founded by a woman.

409
00:21:33.362 --> 00:21:34.703
CEO is also a woman.

410
00:21:34.743 --> 00:21:34.943
Yeah.

411
00:21:35.283 --> 00:21:37.524
And the entire customer base is pretty much woman.

412
00:21:38.944 --> 00:21:40.124
We love women.

413
00:21:40.344 --> 00:21:41.065
Love to see it.

414
00:21:41.165 --> 00:21:42.765
That's just absolutely stunning.

415
00:21:43.165 --> 00:21:45.086
So, yeah, this is one that I'm looking at.

416
00:21:45.106 --> 00:21:52.847
Look, I don't really – I like to give IPOs a bit of breathing space, but this is one definitely on my radar for the fund, 100%.

417
00:21:53.028 --> 00:21:54.928
Oh, it's so fun that we can say that.

418
00:21:55.148 --> 00:21:55.568
I know.

419
00:21:55.648 --> 00:21:56.548
Oh, my God.

420
00:21:57.129 --> 00:21:58.089
Just in case you know.

421
00:21:58.969 --> 00:22:00.750
In case you've missed it, we have a fund.

422
00:22:00.991 --> 00:22:01.651
We have a fund.

423
00:22:02.111 --> 00:22:04.133
So we may be investing in reformation.

424
00:22:04.153 --> 00:22:04.373
Yes.

425
00:22:04.673 --> 00:22:05.854
God, that's good.

426
00:22:05.914 --> 00:22:06.494
And like the idea...

427
00:22:06.514 --> 00:22:14.020
The amount of time, sorry, background, the amount of times we've been recording this podcast and we've been like, is it going to be in the... God, we can't talk about it yet.

428
00:22:14.080 --> 00:22:15.801
This is just absolutely stunning.

429
00:22:15.861 --> 00:22:20.725
And also the other exciting thing, like all the IPOs recently have been AI stocks or...

430
00:22:21.605 --> 00:22:23.567
There's been like in defense.

431
00:22:23.727 --> 00:22:26.149
It's exciting to have something consumer focused.

432
00:22:26.189 --> 00:22:26.989
Yeah, yeah, yeah.

433
00:22:27.049 --> 00:22:28.570
Yeah, so.

434
00:22:28.791 --> 00:22:31.413
I think it's so hard with fashion labels, whether it's –

435
00:22:32.474 --> 00:22:35.275
Chuck Taylor's, is it Doc Martens?

436
00:22:35.315 --> 00:22:36.295
Doc Martens, yeah.

437
00:22:36.595 --> 00:22:42.336
Because if it's really trend-based, how is there longevity in a brand?

438
00:22:42.356 --> 00:22:43.436
I think it's so hard.

439
00:22:43.456 --> 00:22:48.718
Birkenstocks, there's some OG brands that can really stand the test of time.

440
00:22:49.258 --> 00:22:56.819
But from what we've spoken about on the podcast and what you've said, there's not that many businesses that can stay cool.

441
00:22:56.899 --> 00:22:58.480
It's almost like a cool new restaurant.

442
00:22:58.540 --> 00:22:59.500
It's cool for two years.

443
00:23:00.320 --> 00:23:01.361
And then it doesn't do that well.

444
00:23:01.501 --> 00:23:01.761
Yeah.

445
00:23:01.981 --> 00:23:10.047
Unfortunately, Inditex, which owns Zara and a few other brands, is one of the companies that's done well.

446
00:23:10.228 --> 00:23:12.830
But again, it ebbs and flows, right?

447
00:23:12.850 --> 00:23:15.632
But it does well because it can follow trends in such a close way.

448
00:23:15.892 --> 00:23:24.118
Fast fashion is very different because something like Birkenstocks or Doc Martens, they're not constantly changing their shoe to match fashion trends.

449
00:23:24.138 --> 00:23:25.599
I think that's what's really difficult.

450
00:23:25.839 --> 00:23:27.421
And the private equity firm that –

451
00:23:28.341 --> 00:23:31.923
owned Reformation and then sold it when it IPO'd.

452
00:23:32.283 --> 00:23:33.944
And this is what happens to a lot of companies.

453
00:23:33.984 --> 00:23:38.007
So the private equity will come in, make a whole of the trade and then IPO it.

454
00:23:38.027 --> 00:23:40.568
And then they sell a portion of their stake.

455
00:23:40.848 --> 00:23:42.129
They've only sold a small portion.

456
00:23:42.149 --> 00:23:44.830
So there's still large shareholders, which I kind of like.

457
00:23:44.850 --> 00:23:46.732
I'm like, okay, you obviously see that there's

458
00:23:47.732 --> 00:23:51.334
you know, upside and there's going to be like growth going forward once it's a public company.

459
00:23:51.914 --> 00:23:58.377
But on the other side of things, they also backed Doc Martens, which has not done very well at all.

460
00:23:59.037 --> 00:24:02.519
It's fallen more than 80% since I was up here.

461
00:24:02.539 --> 00:24:03.279
80%?

462
00:24:04.280 --> 00:24:04.720
So yeah.

463
00:24:05.400 --> 00:24:06.041
Oh wow.

464
00:24:06.101 --> 00:24:07.341
Some green flags, some red flags.

465
00:24:07.881 --> 00:24:11.903
Coming up after the break, is the Cost of Living Crisis rewiring the dating scene?

466
00:24:11.923 --> 00:24:12.884
Stick around to find out.

467
00:24:13.304 --> 00:24:15.005
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477
00:24:59.752 --> 00:25:03.316
honestly sound like a broken record sometimes, the cost of living crisis.

478
00:25:03.376 --> 00:25:04.777
Like, when is this crisis ending?

479
00:25:05.117 --> 00:25:06.699
This crisis has been going on for a long time.

480
00:25:06.799 --> 00:25:09.802
Crisis is, it's almost like the boy that cried wolf, isn't it?

481
00:25:09.822 --> 00:25:09.942
Yeah.

482
00:25:09.962 --> 00:25:11.304
Because I'm no longer crying.

483
00:25:11.624 --> 00:25:18.311
It's almost like when we started saying unprecedented times all through COVID, it was like, well, we're just in precedent times at this point, you know?

484
00:25:18.331 --> 00:25:18.431
Yeah.

485
00:25:18.571 --> 00:25:22.092
No, but it's like people were asking me when I was in New Zealand, oh, so how's the heat wave?

486
00:25:22.112 --> 00:25:25.612
I was like, oh, it's been stopped calling a heat wave because it's just hot all the time.

487
00:25:25.632 --> 00:25:26.473
There's no wave.

488
00:25:26.553 --> 00:25:28.353
Like the wave has just come into stage.

489
00:25:28.373 --> 00:25:28.573
Yeah.

490
00:25:28.933 --> 00:25:29.713
And it's kind of like this.

491
00:25:29.733 --> 00:25:31.594
It's like, this is just cost of living now.

492
00:25:32.054 --> 00:25:33.554
Yeah, let's draw the crisis.

493
00:25:33.614 --> 00:25:34.674
We're all in crisis.

494
00:25:35.054 --> 00:25:38.055
Everyone is in crisis because it's just so bloody expensive.

495
00:25:38.075 --> 00:25:43.096
Weirdly, I was having a big meltdown the other day because I've been trying so hard to be budgeting.

496
00:25:43.596 --> 00:25:44.957
It is halfway through the month.

497
00:25:45.377 --> 00:25:49.139
So, well, technically there's a week to go in terms of when I get paid next.

498
00:25:50.420 --> 00:25:58.145
If I look at my account, and this is, I would like to say, this is from actually trying, you know, like I'm really trying to be good with my money.

499
00:25:58.225 --> 00:26:01.727
I have 17 pence in my essentials.

500
00:26:02.639 --> 00:26:03.719
Do we say pence still?

501
00:26:03.899 --> 00:26:04.180
Whatever.

502
00:26:04.260 --> 00:26:05.720
I mean, it's – I'm not into pence.

503
00:26:05.760 --> 00:26:06.600
Yeah, same thing.

504
00:26:06.640 --> 00:26:07.441
Pence, pence, whatever.

505
00:26:07.461 --> 00:26:09.641
I said the other night, I was like, oh, and it was 13 quid.

506
00:26:10.062 --> 00:26:11.322
And it just rolled off the top.

507
00:26:11.362 --> 00:26:13.503
And I was like, look at me.

508
00:26:13.883 --> 00:26:15.063
I'm a bloody local.

509
00:26:16.024 --> 00:26:18.625
Because we'd be like, pounds, pounds, pounds, pounds.

510
00:26:19.145 --> 00:26:25.027
And then I have four pounds and 53 pence in my fund money.

511
00:26:26.125 --> 00:26:27.326
I mean, what the hell?

512
00:26:27.406 --> 00:26:37.349
I've got a whole week and I am gutted about the fact that I have to lay solo this weekend to do absolutely nothing because I can't afford to do anything, even buy myself an apple at the grocery store.

513
00:26:37.830 --> 00:26:41.011
And I was having a big meltdown about it because I was just thinking, oh my God.

514
00:26:41.491 --> 00:26:42.352
I'm trying.

515
00:26:42.512 --> 00:26:43.793
Why am I running out of money?

516
00:26:44.273 --> 00:26:48.617
And I did have someone remind me, inflation is really, and the cost of living is a thing.

517
00:26:49.137 --> 00:26:59.546
You think probably what you've budgeted and what you've put aside is enough, but inflation is constantly eating away, which means you need more and more to buy the things that you think you need.

518
00:27:00.406 --> 00:27:00.686
100%.

519
00:27:00.746 --> 00:27:01.947
And I was like, thank you.

520
00:27:01.967 --> 00:27:07.830
Because I feel crazy that I've done all this work to be clever with my money and I just keep running out.

521
00:27:07.910 --> 00:27:12.613
It's like, no, inflation is meaning what you can buy and do with that money is less.

522
00:27:12.673 --> 00:27:14.694
So you need to put more money in those buckets.

523
00:27:14.714 --> 00:27:16.415
And it was just a real aha moment.

524
00:27:16.715 --> 00:27:18.536
Or make it grow more.

525
00:27:19.156 --> 00:27:20.657
But you can't when you're spending it.

526
00:27:20.697 --> 00:27:21.057
And it's like.

527
00:27:21.117 --> 00:27:22.478
But this is my everyday money.

528
00:27:22.498 --> 00:27:25.960
This isn't me spending, you know, this is my transaction accounts.

529
00:27:26.101 --> 00:27:28.242
It's worse when I think of, like, my parents, right?

530
00:27:28.262 --> 00:27:33.886
Like, at least we can take some risk and invest and grow our money for the next, you know, five, ten years.

531
00:27:33.906 --> 00:27:39.070
Like, I think about my parents and, like, other pensioners who, you know, they're now retired.

532
00:27:39.310 --> 00:27:43.693
They now have a pool of money they're drawing down on each month, each year.

533
00:27:43.713 --> 00:27:44.453
And...

534
00:27:45.980 --> 00:27:48.563
That now goes this far.

535
00:27:48.943 --> 00:27:50.064
And they're not earning.

536
00:27:50.084 --> 00:27:50.585
They're not able.

537
00:27:50.605 --> 00:27:50.985
I don't know.

538
00:27:51.005 --> 00:27:51.746
I'm just like, wow.

539
00:27:51.986 --> 00:27:55.289
They just sit there and go, shit, the price of butter is now, you know.

540
00:27:55.490 --> 00:27:55.730
$150.

541
00:27:56.190 --> 00:27:56.491
Yeah.

542
00:27:56.611 --> 00:27:57.532
Rather than what, yeah.

543
00:27:58.252 --> 00:27:58.573
Anyway.

544
00:27:58.793 --> 00:27:59.393
Love butter.

545
00:27:59.413 --> 00:27:59.834
Okay.

546
00:28:00.054 --> 00:28:04.038
It's also, however, the cost of living crisis impacting how we're dating.

547
00:28:04.058 --> 00:28:04.138
Yay.

548
00:28:05.439 --> 00:28:07.902
It's just like filtering in throughout everywhere.

549
00:28:07.942 --> 00:28:08.462
How fun.

550
00:28:08.502 --> 00:28:09.023
Oh, my God.

551
00:28:09.278 --> 00:28:09.818
No, yeah.

552
00:28:09.878 --> 00:28:14.340
I mean, we don't need anything else adding to the dire straits that is the dating world, you know?

553
00:28:14.360 --> 00:28:15.120
Yeah.

554
00:28:15.660 --> 00:28:24.203
It is – you have to have so much optimism and perseverance in today's dating world.

555
00:28:24.303 --> 00:28:30.445
And I will say I think that the last thing anyone needs is some negative news that it's going to be harder.

556
00:28:30.905 --> 00:28:36.431
There was a Time magazine article that came out and it said the average date in the US now costs $189.

557
00:28:36.451 --> 00:28:39.193
Where are they going?

558
00:28:39.894 --> 00:28:42.877
And I'm like, what dates are you going on?

559
00:28:42.957 --> 00:28:46.120
But yes, that would be a relaxed dinner with one drink.

560
00:28:46.340 --> 00:28:46.961
Oh, totally.

561
00:28:46.981 --> 00:28:50.424
Yeah, if you're going for dinner and a drink and you're tipping in the US as well, like...

562
00:28:51.285 --> 00:28:51.965
easily $189.

563
00:28:51.985 --> 00:28:58.608
There's stats out that show that 51% of Americans now are going on fewer dates because of the economy.

564
00:28:59.248 --> 00:29:03.629
And in particular, that Gen Z is going on way less dates.

565
00:29:03.649 --> 00:29:11.052
So it's sad that poverty or the price of things, the crisis is having an impact on

566
00:29:12.092 --> 00:29:24.977
social lives in a sense and people having human connection um i think the thing that's interesting with dating is you know if it's a friend for example sure you can go for a walk to a park you could go and get a coffee you can do something more lo-fi

567
00:29:26.390 --> 00:29:31.712
I really do think, and I had friends who were going on breakfast dates and 7 a.m. walks.

568
00:29:31.992 --> 00:29:35.633
You're not exactly setting the scene for romance to kick off.

569
00:29:35.773 --> 00:29:48.018
So my point here is I do think in a dating or romantic sense, particularly early on, setting and spending money to be in an environment where something could bubble up, I think makes a difference.

570
00:29:48.038 --> 00:29:50.479
I think if you're going for a walk around a park and you've never met someone –

571
00:29:51.219 --> 00:29:54.282
It's the kind of thing you do when you don't need to be, like, chatting 24-7.

572
00:29:54.342 --> 00:29:56.243
Or by, you know what I mean?

573
00:29:56.343 --> 00:30:01.348
Or you've got a drink and you're having a bit of liquid confidence and you're, like, you're talking about the meal and you've got, like, yeah.

574
00:30:01.428 --> 00:30:02.028
Lighting.

575
00:30:02.048 --> 00:30:03.289
I mean, you get to your start.

576
00:30:03.309 --> 00:30:07.833
And so, where they take you and, or, like, where you go, do you like the same thing?

577
00:30:07.913 --> 00:30:09.054
Cuisine and the like.

578
00:30:09.074 --> 00:30:09.334
Yeah.

579
00:30:09.354 --> 00:30:14.316
And people judge people who don't spend money on them on the first few dates.

580
00:30:14.396 --> 00:30:15.437
I'm sorry to say it.

581
00:30:15.457 --> 00:30:17.318
Which is the whole conversation, right?

582
00:30:17.338 --> 00:30:20.599
It's like, should we be less judgmental considering the environment we're in?

583
00:30:21.220 --> 00:30:24.882
And there's this whole conversation going on right now where people are going on coffee dates.

584
00:30:25.942 --> 00:30:32.545
And it's kind of become polarizing because it's like, well, no, I want to go for dinner or I want to go like what you said.

585
00:30:32.745 --> 00:30:33.886
Spend money on me if you like me.

586
00:30:33.926 --> 00:30:34.386
Yeah.

587
00:30:34.806 --> 00:30:37.688
But how do they know if they're going to like you if they've never dated you before?

588
00:30:37.768 --> 00:30:41.109
And then also, what if they're going on five dates that week at $189 a pop?

589
00:30:41.149 --> 00:30:41.930
Like, yeah.

590
00:30:42.210 --> 00:30:42.510
Anyway.

591
00:30:42.530 --> 00:30:44.151
Oh, it's really hard.

592
00:30:44.211 --> 00:30:44.531
Yeah.

593
00:30:44.711 --> 00:30:46.752
Maybe there needs to be a rule where you can.

594
00:30:46.772 --> 00:30:47.533
The second date.

595
00:30:47.573 --> 00:30:49.754
The second date is you can invest, you know.

596
00:30:49.794 --> 00:30:51.374
If the first date's good, then you go to $190.

597
00:30:51.394 --> 00:30:51.574
Yeah.

598
00:30:51.594 --> 00:30:51.755
Around…

599
00:30:54.936 --> 00:30:55.256
I don't know.

600
00:30:55.276 --> 00:31:01.161
And I want, like, personally, I want to encourage people to go dating and not be sitting on the apps and, like, you know.

601
00:31:01.181 --> 00:31:01.662
I don't know.

602
00:31:01.702 --> 00:31:01.902
Yeah.

603
00:31:02.002 --> 00:31:03.684
I personally would be okay with a coffee date.

604
00:31:03.704 --> 00:31:03.964
Would you?

605
00:31:03.984 --> 00:31:04.044
No.

606
00:31:06.946 --> 00:31:07.727
I don't know.

607
00:31:07.747 --> 00:31:10.029
I think I would rather go for one drink.

608
00:31:10.690 --> 00:31:14.012
I think coffee is the morning and I think it's the time of day.

609
00:31:14.092 --> 00:31:16.214
It's not so much about the money in that scenario.

610
00:31:16.374 --> 00:31:20.258
I just don't think if I met someone for a coffee, I'm going to be – That would be like, what do you want?

611
00:31:20.278 --> 00:31:21.439
So if you're going to be like, um –

612
00:31:25.062 --> 00:31:25.482
Yo.

613
00:31:25.502 --> 00:31:26.904
What do you get?

614
00:31:26.964 --> 00:31:27.484
What do you say?

615
00:31:27.504 --> 00:31:30.046
Oh, no, no, actually, I'll get it on, oh, nah.

616
00:31:30.066 --> 00:31:31.167
I'll just have what you had on, hon.

617
00:31:31.608 --> 00:31:32.088
Shush.

618
00:31:32.248 --> 00:31:33.249
I've gotten way better.

619
00:31:33.269 --> 00:31:37.753
I'm just doing a normal flat white with normal milk these days, although I will say yesterday I tried a dirty chai.

620
00:31:37.873 --> 00:31:38.914
Oh, yeah, yeah.

621
00:31:39.054 --> 00:31:39.495
Divine.

622
00:31:39.575 --> 00:31:44.760
I ordered one like a few years ago, and the barista was like, dirty chai for a dirty dot, dot, dot, and I was like, ooh.

623
00:31:44.880 --> 00:31:45.100
Shush.

624
00:31:47.388 --> 00:31:47.788
I read it.

625
00:31:47.828 --> 00:31:49.308
It's like, oh.

626
00:31:51.409 --> 00:31:56.510
But I think it's quite interesting because there's 71% of men still expect to pay for everything early on.

627
00:31:56.890 --> 00:31:58.111
That is quite a lot.

628
00:31:58.531 --> 00:32:02.912
And 52% of women expect to split the bill at this point.

629
00:32:02.972 --> 00:32:11.714
And so that to me shows that there's women that are aware of how expensive it is and they're willing, if they want to go on a date and they want to connect with someone, they're actually really willing to split.

630
00:32:12.574 --> 00:32:16.935
Whereas there's still this pressure from men that men feel to pay for the whole thing.

631
00:32:17.755 --> 00:32:27.141
I want them to make the effort and pay on the first date, which sounds weird because I've got a financial podcast.

632
00:32:27.381 --> 00:32:28.422
I don't know.

633
00:32:28.442 --> 00:32:29.742
But I don't expect $189 first date.

634
00:32:30.143 --> 00:32:31.083
I expect an effort.

635
00:32:31.123 --> 00:32:32.364
I mean like $189.

636
00:32:32.504 --> 00:32:53.990
do a picnic or like yeah go for a walk you would not honestly i would i and then the next date we can go and go oh we're sitting down here okay i'll um i'll just kick off my heels um oh you've bought cam and bert okay you would not be into it no but also that those stats 71% of men expect to

637
00:32:54.890 --> 00:32:57.612
everything early on and 52% of women now split.

638
00:32:57.872 --> 00:33:09.861
There must be so many people dating that go to the till to pay and it's freaking awkward because the guy's like, well, I don't want to disempower her by paying, but then I don't want to seem...

639
00:33:10.682 --> 00:33:36.217
you know like sure all these sorority's dead so i'll pay i don't know and then the girl's going he better not pay because i am so independent or he better pay because he better show yeah or like but then i think it just comes down to communication it's the wild west out there but then i even with friends i get awkward it's so funny like paying for the bill also if someone you're right if people are going on two three dates a week that is outrageously expensive and it is unfair yeah

640
00:33:36.777 --> 00:33:37.137
Yeah.

641
00:33:37.357 --> 00:33:41.259
I wonder how many women are opting out of dating versus men based on finances.

642
00:33:42.059 --> 00:33:49.642
Because if people are splitting and not expecting men to pay, those are the types of people that would be opting out of dating because they're like, I can't afford it.

643
00:33:49.963 --> 00:33:50.243
Oh, sorry.

644
00:33:50.263 --> 00:33:50.823
I'm sorry.

645
00:33:51.423 --> 00:33:54.304
What we pay to even prepare for the date.

646
00:33:54.404 --> 00:33:55.885
There's a whole lot of content.

647
00:33:55.905 --> 00:33:59.647
So this is the point that we've been speaking about on the podcast, actually, in the last few weeks.

648
00:33:59.707 --> 00:34:01.568
We have been talking a lot about the beauty tax.

649
00:34:01.628 --> 00:34:01.908
Yeah.

650
00:34:01.928 --> 00:34:03.768
And I think it's true.

651
00:34:03.788 --> 00:34:05.009
Think about how much...

652
00:34:05.349 --> 00:34:11.994
we did even to get ready for this podcast compared to if it was a guy that they come and they just literally put on their clean underwear and clothes.

653
00:34:12.154 --> 00:34:17.777
I had this conversation with Flourman and I was like, I had a podcast in New Zealand and I was like, oh, thank goodness it's audio.

654
00:34:17.797 --> 00:34:18.658
I don't have to put on makeup.

655
00:34:18.798 --> 00:34:19.579
It was just audio only.

656
00:34:19.599 --> 00:34:20.379
I didn't have to put makeup on.

657
00:34:20.899 --> 00:34:21.720
And he's like, why?

658
00:34:21.780 --> 00:34:22.961
I said, I just hate wearing makeup.

659
00:34:23.061 --> 00:34:24.202
He's like, why do you?

660
00:34:24.922 --> 00:34:29.304
And I was like, oh, don't even get, I do not have time for this.

661
00:34:29.324 --> 00:34:36.227
I was like, because society expects me to, because there is research that shows if you don't present yourself as a woman, anyway, different standards.

662
00:34:36.267 --> 00:34:37.747
And he was like, gotcha.

663
00:34:40.668 --> 00:35:09.031
bringing that one up again but yeah I do think I mean it's it's it's worth acknowledging as a guy I think it's right I think it's really amazing when there's awareness of how much we spend on what we look like well even my niece asking my sister why do you wear makeup and daddy doesn't she's like oh wow like it's so true like she's old enough now why do you make up and daddy doesn't it's like how do you how I would I'd be like this is on you like I would have no idea how to answer

664
00:35:10.782 --> 00:35:15.645
So basically what's happening here is less people are going on dates because they want to avoid the cost of dating.

665
00:35:15.745 --> 00:35:16.726
Which is really sad.

666
00:35:16.986 --> 00:35:23.090
And there's a movement to more coffee dates, but then people are like, that's, you know, just a sign of low effort.

667
00:35:23.490 --> 00:35:31.274
I also think it's just a bit of an understanding of like different circumstances and realizing that you are dating.

668
00:35:31.555 --> 00:35:34.816
You're not the only person in this guy's or girl's life.

669
00:35:35.017 --> 00:35:35.237
Yeah.

670
00:35:35.878 --> 00:35:38.559
Sorry, is your point that you can't expect them to be paid?

671
00:35:38.579 --> 00:35:39.420
I just don't judge.

672
00:35:39.540 --> 00:35:41.061
I just think don't judge on the first date.

673
00:35:41.121 --> 00:35:44.302
I know it's like, yeah, easy for me to sit here in my relationship and say that.

674
00:35:44.382 --> 00:35:48.965
But like, I think it's more about having a conversation on that date or like, oh, cool.

675
00:35:48.985 --> 00:35:55.148
What, you know, what do you... What you're expecting someone on the first date to say, how do you feel about paying for it first?

676
00:35:55.188 --> 00:35:55.648
No, no.

677
00:35:55.708 --> 00:35:59.570
Just more like getting a bit of a bigger picture of their financial situation.

678
00:35:59.590 --> 00:36:02.352
So ask them about their net worth on the first date.

679
00:36:03.623 --> 00:36:04.863
No, so what do you do for work?

680
00:36:05.183 --> 00:36:05.924
Oh, cool.

681
00:36:05.944 --> 00:36:12.966
Like, are you in a startup and you're getting paid peanuts and therefore you don't have much money right now, but you're building something greater?

682
00:36:13.186 --> 00:36:14.206
Or, oh, cool.

683
00:36:14.246 --> 00:36:19.227
Oh, you work as a lawyer and you have no life and you – sorry, lawyers.

684
00:36:19.607 --> 00:36:21.168
But, like, you know, and you work yourself –

685
00:36:22.285 --> 00:36:22.665
Ragged.

686
00:36:22.745 --> 00:36:25.407
Therefore, you should be able to pay.

687
00:36:25.427 --> 00:36:26.387
I don't know.

688
00:36:26.547 --> 00:36:33.571
Yeah, I'm just... Just have a conversation about... What you're saying is don't judge on whether or not someone pays or splits or doesn't pay.

689
00:36:34.211 --> 00:36:43.396
Try and get a bit more of an indication on their financial picture rather than assuming if they don't pay for the first date, they're financially inept or they don't have money or they don't like you.

690
00:36:43.436 --> 00:36:45.157
It actually might have nothing to do with any of those things.

691
00:36:45.177 --> 00:36:46.257
Yeah, or ask them even about their belt.

692
00:36:46.297 --> 00:36:48.779
Like, they might think, oh, no, women shouldn't pay for anything.

693
00:36:48.979 --> 00:36:50.920
And then you're like, whoa, okay, you know.

694
00:36:51.760 --> 00:36:52.340
what is that?

695
00:36:53.261 --> 00:36:57.783
I will say this is for sure not first date territory as someone that's been single more recently than you.

696
00:36:57.883 --> 00:37:02.825
No, but like, I think, you know, if someone was like, Oh, I'll pay because like women shouldn't pay for anything.

697
00:37:03.085 --> 00:37:08.287
If that, you know, that, that little comment can create a whole conversation.

698
00:37:08.427 --> 00:37:08.687
Anyway.

699
00:37:09.027 --> 00:37:10.567
You get a bit of understanding about someone.

700
00:37:10.767 --> 00:37:11.308
Definitely.

701
00:37:11.368 --> 00:37:17.549
For example, even I remember actually someone in New Zealand that I went on a few dates with when I was back a couple of years ago.

702
00:37:17.689 --> 00:37:29.692
And they said they, it was really interesting because we were talking about the idea of women working after giving birth as in going in to whatever their career was versus the idea of being with the kids all the time.

703
00:37:29.752 --> 00:37:34.253
And I, it was really interesting to hear what his take on that was and if it was the same as mine.

704
00:37:35.373 --> 00:37:48.920
Because that in itself, it's really a lot of it can be quite connected to money without realizing, you know, like, what is your expectation on me and on what I bring financially and what you bring financially and what is the, are you super traditional or are you, you know.

705
00:37:49.321 --> 00:37:55.744
I read this article on the plane and it was, it's like, stop talking about the rise of independent women.

706
00:37:56.905 --> 00:38:02.488
We should be talking about the fact that it's for so long it's been dependent men.

707
00:38:04.136 --> 00:38:06.477
So they're dependent on having someone at home.

708
00:38:07.597 --> 00:38:13.599
So it's like, so the whole like imbalance is not like, yes, women are becoming more independent, but it's big.

709
00:38:13.639 --> 00:38:17.980
But the biggest thing is that men have been so dependent on having someone.

710
00:38:18.320 --> 00:38:23.062
And then again, we're talking about very traditional roles here, but like have someone at home and they've relied on that person so long.

711
00:38:23.082 --> 00:38:26.223
So now this person is getting more independent and they're like, hang on, no, no.

712
00:38:27.683 --> 00:38:28.083
Oh, my God.

713
00:38:28.103 --> 00:38:29.264
And that probably makes a lot of sense.

714
00:38:29.284 --> 00:38:33.385
There's so many stats around how men just cannot be single for very long.

715
00:38:33.405 --> 00:38:38.687
It's because the idea of, like, cooking, cleaning, washing, like, oh, it's so hard.

716
00:38:39.307 --> 00:38:40.688
How do I empty the dishwasher?

717
00:38:41.728 --> 00:38:43.729
But there are some really, really great men out there that do it a lot.

718
00:38:43.769 --> 00:38:46.190
Yeah, we're so man-hatering.

719
00:38:46.810 --> 00:38:47.430
Love men.

720
00:38:47.550 --> 00:38:48.290
Love men.

721
00:38:48.390 --> 00:38:49.791
Not all men, et cetera, et cetera.

722
00:38:49.811 --> 00:38:50.151
Love men.

723
00:38:50.251 --> 00:38:50.751
Love men.

724
00:38:50.911 --> 00:38:51.512
Love everyone.

725
00:38:51.532 --> 00:38:52.192
Yeah, yeah, yeah.

726
00:38:56.662 --> 00:38:59.065
SpaceX is making a comeback to the Curve Weekly.

727
00:38:59.085 --> 00:39:01.067
We haven't spoken about this since you left, I will say.

728
00:39:01.267 --> 00:39:01.587
Yes.

729
00:39:02.128 --> 00:39:02.768
SpaceX.

730
00:39:03.149 --> 00:39:04.490
I mean, you said it wrong.

731
00:39:04.810 --> 00:39:06.212
SpaceX.

732
00:39:06.572 --> 00:39:07.092
Yes, it's...

733
00:39:08.238 --> 00:39:09.518
Because it had a real fall from the waves.

734
00:39:09.538 --> 00:39:13.519
It's had a bit of a come back down to Earth, you know?

735
00:39:13.539 --> 00:39:15.799
Holy shit, you didn't know.

736
00:39:16.160 --> 00:39:16.560
She's back.

737
00:39:16.580 --> 00:39:17.140
She's back in the post.

738
00:39:17.660 --> 00:39:18.800
Oh, my God.

739
00:39:18.840 --> 00:39:19.460
The bomb.

740
00:39:19.540 --> 00:39:23.601
Anyway, SpaceX, yes, it has come back down to Earth, like literally.

741
00:39:24.001 --> 00:39:25.181
And it's sheer price.

742
00:39:25.221 --> 00:39:27.942
It had a big part of the rocket fall off and like slam into it.

743
00:39:27.982 --> 00:39:29.802
Yeah, anyway, it's like it hasn't had a good time.

744
00:39:30.082 --> 00:39:32.783
But sheer price-wise, it is now trading at $108.

745
00:39:34.808 --> 00:39:35.908
Dollars a share, yes.

746
00:39:36.969 --> 00:39:38.289
And it IPO'd at $135.

747
00:39:38.750 --> 00:39:43.251
So classic case in point of a company that comes out of the gates.

748
00:39:43.311 --> 00:39:46.053
So the Hassan Aurora IPO does fantastically well.

749
00:39:46.153 --> 00:39:49.174
And then the stock has fallen 14%.

750
00:39:49.254 --> 00:39:49.994
Yeah.

751
00:39:50.294 --> 00:39:52.195
And it's now well below its IPO price.

752
00:39:52.235 --> 00:39:53.256
I'm so happy about this.

753
00:39:53.276 --> 00:39:55.937
I feel a bit bad that I'm just absolutely thrilled.

754
00:39:56.497 --> 00:40:00.238
Also, the thing with this is it had its first earnings increase.

755
00:40:02.419 --> 00:40:05.260
So it's first disclosed as a public company and you put out your financials.

756
00:40:05.860 --> 00:40:08.441
It actually did well and it bet what people were expecting.

757
00:40:08.621 --> 00:40:12.442
But it's spending, so it's CapEx, which is like you're spending on the future.

758
00:40:12.722 --> 00:40:17.944
That jumped six times the previous year to $18 billion.

759
00:40:18.264 --> 00:40:19.284
Most of that spent on AI.

760
00:40:19.604 --> 00:40:28.787
But the key thing that also why the stock is weak and now below its IPO price is that there was this big chunk of sellers that –

761
00:40:30.125 --> 00:40:54.151
were that were still shareholders at IPO but now they're out of this like um lock-up expiry so they're like out of the lock so they can sell their shares now and so it puts a lot of pressure there's 911 million shares that are now available to sell so that is a huge like if I was a buyer and you know that there's that many shares that have just

762
00:40:54.991 --> 00:41:19.028
effectively come to fruition to be able to be sold now it's so not exclusive it's like why would I bother totally I've got this big wall of sellers that they might not sell but that's still massive um and those sellers had done fantastically well at IPO as well like so they're they're still like making a lot of money if they sell now so anyway it's just like when you've got this big overhang um.

763
00:41:20.176 --> 00:41:22.057
why would I be buying right now?

764
00:41:22.077 --> 00:41:24.658
It's a very good example of supply and demand.

765
00:41:24.918 --> 00:41:29.120
You know, if there is so much supply, something is less valuable.

766
00:41:29.180 --> 00:41:29.400
Yes.

767
00:41:29.520 --> 00:41:34.862
It's like if something is really common and you could find it in every shop, why would you buy it when you see it?

768
00:41:35.002 --> 00:41:36.843
Because you know you're going to find a million more of them.

769
00:41:36.923 --> 00:41:45.787
It's like if all three of us had shares to sell and then Emily, our producer, was the only buyer, she's got the pick of the, you know –

770
00:41:46.147 --> 00:41:47.868
I'll be like, take mine for a dollar.

771
00:41:47.948 --> 00:41:49.609
And you'd be like, no, no, take mine for 80 cents.

772
00:41:49.749 --> 00:41:50.049
Yeah.

773
00:41:50.069 --> 00:41:51.110
No, no, no, I'll take mine for 70.

774
00:41:51.130 --> 00:41:52.031
And she's like, okay.

775
00:41:52.451 --> 00:41:53.231
I'll take the loss.

776
00:41:53.251 --> 00:41:55.193
Yeah, and then I'll go, no, no, no, I'll do 69.

777
00:41:55.233 --> 00:41:56.974
You know, like it's just, you're kind of, yeah, so.

778
00:41:56.994 --> 00:42:02.237
You're not exactly, it's almost, if you think about property as well, you know, people are like, it's a buyer's market or it's a seller's market.

779
00:42:02.257 --> 00:42:07.560
If there's so many people trying to sell their house and no one can ship a house, then it's a buyer's market.

780
00:42:07.580 --> 00:42:11.023
You want more buyers than sellers if you own the stock.

781
00:42:11.163 --> 00:42:12.563
It's simple, simple sales.

782
00:42:12.904 --> 00:42:13.124
Yeah.

783
00:42:13.144 --> 00:42:13.304
Yeah.

784
00:42:13.904 --> 00:42:20.929
But this IPO, yeah, just wanted to give you a quick update, but it's really a really, really good reminder about buying into a hyped IPO.

785
00:42:21.030 --> 00:42:23.892
And this is exactly why fundamentals matter.

786
00:42:24.192 --> 00:42:29.456
When you are buying a share in a company, you know, you need to ask yourself, like, is it overvalued?

787
00:42:29.616 --> 00:42:31.577
Is it going to be making profit?

788
00:42:31.677 --> 00:42:32.878
Is it going to grow?

789
00:42:32.898 --> 00:42:33.899
Like, all of that stuff.

790
00:42:33.999 --> 00:42:37.001
Is it going to continually deliver and beat expectations?

791
00:42:37.061 --> 00:42:41.424
And like, yeah, I just think this is the share price was hyped and yeah.

792
00:42:42.485 --> 00:42:43.766
We're now seeing that unravel.

793
00:42:44.607 --> 00:42:46.868
So for all those people like, damn it, I missed out.

794
00:42:47.189 --> 00:42:48.029
Don't worry anyone.

795
00:42:48.049 --> 00:42:48.770
You missed out on it.

796
00:42:48.790 --> 00:42:50.071
The best thing is a long-term game.

797
00:42:50.311 --> 00:42:50.631
Yeah.

798
00:42:51.092 --> 00:42:54.054
Okay, so apparently we've had a message come through on the hotline.

799
00:42:54.294 --> 00:42:55.255
It's not a question.

800
00:42:55.315 --> 00:42:56.156
It's more of a comment.

801
00:42:56.556 --> 00:42:59.879
Vic, just for context, we released an episode this week.

802
00:42:59.899 --> 00:43:02.460
Actually, sorry, last week on Botox.

803
00:43:02.561 --> 00:43:03.121
I love Botox.

804
00:43:04.282 --> 00:43:04.702
Say it again.

805
00:43:05.042 --> 00:43:05.483
Love Botox.

806
00:43:05.523 --> 00:43:05.623
Yeah.

807
00:43:09.508 --> 00:43:12.549
For context, I basically said to Vic, we cannot talk about it.

808
00:43:12.569 --> 00:43:13.409
Like it's not a thing.

809
00:43:13.949 --> 00:43:16.690
And then I saw you did a whole vlogging episode and I wasn't around.

810
00:43:16.710 --> 00:43:19.211
And I was like, hey, she's like.

811
00:43:19.811 --> 00:43:22.231
Yeah, I just decided needed to be honest.

812
00:43:22.371 --> 00:43:24.112
So anyway, there's someone that's left a comment.

813
00:43:24.232 --> 00:43:25.172
I actually can't play this.

814
00:43:25.192 --> 00:43:27.613
So Emily, do you mind getting it up and maybe just play it?

815
00:43:27.633 --> 00:43:27.993
Is that clear?

816
00:43:28.053 --> 00:43:29.093
Did I love Botox?

817
00:43:29.173 --> 00:43:30.114
No, no, you're being honest.

818
00:43:30.174 --> 00:43:31.754
And I think that's what this whole episode was about.

819
00:43:32.888 --> 00:43:37.309
Brilliant episode on beauty standards and their financial impact.

820
00:43:37.810 --> 00:43:39.310
I am in my mid-40s.

821
00:43:39.430 --> 00:43:44.512
I think you nailed the trends, the ebbs and the flows across the decades and why it starts to drop off.

822
00:43:44.732 --> 00:43:47.152
We don't give a shit, but then also we do give a shit.

823
00:43:47.452 --> 00:43:52.794
We just don't have as much money to spend because we have children and mortgages and all that sort of stuff that goes with it.

824
00:43:53.074 --> 00:44:01.857
I too have fallen victim to the tension between wanting to be what kind of is in my head as a good feminist and also getting Botox and...

825
00:44:02.457 --> 00:44:04.479
but I used to work in recruitment.

826
00:44:04.519 --> 00:44:09.423
We would say just have less than 10 years on your CV in that case.

827
00:44:10.264 --> 00:44:14.828
And then I once had a man tell me that it was really hard for women in the workplace beyond 46.

828
00:44:15.368 --> 00:44:18.271
Well, here I am and I'm thriving at 46.

829
00:44:18.371 --> 00:44:21.233
So I love the integrity of this episode.

830
00:44:21.633 --> 00:44:22.074
Well done.

831
00:44:22.394 --> 00:44:22.854
So good.

832
00:44:23.035 --> 00:44:23.455
So good.

833
00:44:24.363 --> 00:44:25.985
So if you haven't listened, definitely go back.

834
00:44:26.105 --> 00:44:28.749
We called it, Can Women Afford to Not Botox?

835
00:44:28.909 --> 00:44:30.431
There's been so many comments that have come in.

836
00:44:30.451 --> 00:44:35.978
There's also a substack that I wrote, which is kind of a bit different to what we spoke about in the podcast, but we'll link both of them in the show notes.

837
00:44:36.499 --> 00:44:37.961
And thank you for everyone that's reached out.

838
00:44:38.221 --> 00:44:40.424
Someone, I read a message this morning before coming in.

839
00:44:41.045 --> 00:44:42.907
And she said, I might actually read it.

840
00:44:42.987 --> 00:44:44.048
It was really sweet.

841
00:44:44.248 --> 00:44:48.453
Hey, I just wanted to send a message to say, Sophie, I've just read the Botox article and I loved it.

842
00:44:48.533 --> 00:44:50.195
Thank you so much for how honest you've been.

843
00:44:50.655 --> 00:44:51.276
I'm 34.

844
00:44:51.336 --> 00:44:52.037
I've never had it.

845
00:44:52.117 --> 00:44:55.921
But I feel like it's constantly discussed and I'm feeling a little bit behind by having not done it.

846
00:44:56.321 --> 00:44:59.064
But also, I don't really want to, although I feel like I should.

847
00:44:59.124 --> 00:45:02.508
It reminds me of the expectation to shave your legs when you just start high school.

848
00:45:02.948 --> 00:45:04.069
Anyway, I loved the article.

849
00:45:04.389 --> 00:45:07.011
Love how honest you've been with so much of your life.

850
00:45:07.391 --> 00:45:10.973
I imagine it's jolly difficult to do with such a big audience now, but it's really appreciated.

851
00:45:11.013 --> 00:45:12.914
Hope you're well and congrats both on the fund.

852
00:45:13.675 --> 00:45:15.056
But I actually was thinking about that.

853
00:45:15.076 --> 00:45:17.237
It is harder to put stuff out like that now.

854
00:45:17.417 --> 00:45:23.941
I think in the beginning when we first started, I didn't really mind being quite honest about stuff like that or writing things that were quite personal.

855
00:45:24.121 --> 00:45:25.322
It is like shaving your legs, though.

856
00:45:25.822 --> 00:45:28.124
I remember when I started shaving and mum was like lost it.

857
00:45:28.144 --> 00:45:29.505
She's like, you're going to have to now do that.

858
00:45:30.645 --> 00:45:31.666
for the rest of your life.

859
00:45:31.726 --> 00:45:32.406
So dramatic.

860
00:45:32.446 --> 00:45:33.046
No, they're not.

861
00:45:33.106 --> 00:45:34.067
It will just grow back once.

862
00:45:34.227 --> 00:45:34.607
I know.

863
00:45:34.787 --> 00:45:38.308
Anyway, thank you everyone for listening to the podcast.

864
00:45:38.328 --> 00:45:42.210
Thank you so much for all of the amazing feedback that's come in with the fund.

865
00:45:42.590 --> 00:45:49.613
If you have any questions that you want us to answer, whether it's like actually questions about money or investing, you can either comment where you're listening to this podcast.

866
00:45:49.993 --> 00:45:52.774
You can send us an email or a DM on Instagram.

867
00:45:52.934 --> 00:45:55.615
But have a great week and we will see you on Monday.

868
00:45:57.145 --> 00:45:59.005
Thank you so much for listening to The Curve Weekly.

869
00:45:59.165 --> 00:46:04.407
Make sure you hit subscribe or follow wherever you're listening so you're always up to date with the latest finance and investing news.

870
00:46:04.687 --> 00:46:08.668
And feel free to leave a comment to let us know what you thought about this episode because we would love your feedback.

871
00:46:08.948 --> 00:46:12.068
We've got new Curve Weekly episodes for you to listen to every Monday.

872
00:46:12.129 --> 00:46:14.389
But until then, listen to Erasing the Curve.

873
00:46:14.409 --> 00:46:17.450
These are our in-depth podcast episodes where we chat about all things money.

874
00:46:17.710 --> 00:46:22.771
We're also around all week on socials if you're hungry for more Curve content and all the links are in this podcast's show notes.

875
00:46:23.091 --> 00:46:27.072
We hope you have a great week and we'll catch you for the next episode of The Curve Weekly on Monday.

876
00:46:27.072 --> 00:46:27.140
you

877
00:46:35.269 --> 00:46:40.690
Okay, quickly, the curve was created to empower and educate you about investing, but we are not financial advisors.

878
00:46:41.210 --> 00:46:50.192
Our platform exists for educational purposes only, and it doesn't provide personalized investing advice for your individual needs and should not be relied upon to make an investment or financial decision.

879
00:46:50.632 --> 00:46:54.973
And always remember to do your own research before making any investment or financial decision.

880
00:46:55.293 --> 00:46:59.034
We're here for any knowledge and support you need, but the final call is always yours.

881
00:46:59.314 --> 00:47:00.214
And thanks for being here.

882
00:47:00.715 --> 00:47:01.315
You got this.

883
00:47:01.335 --> 00:47:02.355
Yeah, we know you got this.