In the pod this week, we field some of the fantastic questions we’ve received recently from our listeners. We give our take on panic selling, investing during high inflation, using leverage, choosing between investment options and having diversification within your investment portfolio. And one of us takes the next step in their investing journey!
You can read the article referenced in the episode here: Even God Couldn’t Beat Dollar-Cost Averaging
If you enjoyed this episode, please subscribe to the Telescope Investing podcast at anchor.fm, or on your podcast platform of choice
Transcript
Albert: Hi, this is Albert.
Luke: And this is Luke.
Albert: Today is Thursday the 11th of November.
Luke: Welcome to the Telescope Investing podcast.
Intro
Albert: Hey Luke, it’s been a few months since we had a “your questions answered” discussion on the pod and we’ve picked up a few new subscribers since then. So it feels about the right time to open the mailbag and see if there’s anything we can help with.
Luke: Yeah definitely. Looking forward to this one. Now, quick reminder, we’re not regulated and we can’t provide personalized financial advice, but we can talk about how we’ve learned to navigate certain situations. And I guess we’ve done episodes like this in the past. If you’re looking for a more general background on our overall investing philosophy, maybe take a look at episode 26, where we talk about the Telescope Investing approach and managing your emotions when investing. In episode 30, we talk about things we avoid investing in. That was quite a fun one. And in episode 37, we talked about how we manage our portfolio.
Albert: Actually, the episode we did on our investing principles is one of my favourite episodes. So today, we’re going to have a bit of a random dip into a couple of investing topics rather than looking at a specific company.
Luke: Yeah, we put out the shout out to our subscribers on email a couple of weeks ago, and we’ve had some interesting questions in. But we always welcome questions and we’re happy to try and field them as and when, so let us know if you’ve got a question at feedback@telescopeinvesting.com.
Luke’s personal news
Luke: Hey, anyway, before we get into the questions though, I have quite an exciting bit of personal news and I think I’ve telegraphed it pretty well on the last few episodes, but as of this morning, I am officially a professional investor, AKA retired or unemployed.
Albert: And how long do you think this career will last?
Luke: Hopefully, the rest of my life. I spent 25 years, which is a touch over half my lifetime, working for a global bank. And it was a fantastic experience, I have learned a ton, but I think I’m a member of the Great Resignation. Telescope Investing, it’s just proven to be too much fun and something I just want to spend much more time on, and actually, the ability to quit my day job and be a professional investor and do this full-time is primarily an opportunity that’s afforded to me as a result of being a saver and investor for the last 18 years.
Albert: Yeah. You’re lucky, Luke, not many people can retire as early as we have.
Luke: Yeah. You retired a few years ago. Any advice, Albert?
Albert: I guess I’m not fully retired, I’m semi-retired and my advice is don’t spend all day watching Netflix and playing video games. I actually did this for a few weeks and it gets boring really quickly, but more seriously. I think finding something to work on really helps. I started studying for a degree in food and nutrition that really kept me busy and I guess now we have this, we have the Telescope Investing podcast.
Luke: Yeah, I was thinking about education. I’m not that keen on getting qualifications for their own sake. But I do like to learn, I’m learning to play the piano, maybe I want to build up my understanding of art. I’m such a scientist and a mathsy guy, I’ve totally let this whole other world pass me by. So now is a chance to get a bit more immersed in that but I think finance and investing is always going to be the number one passion.
Albert: Great. I’ll look forward to seeing you perform at the Royal Albert Hall.
Luke: We’ve got some way off of that. Let’s get to the questions before you embarrass me too much.
Albert: Okay! What’s our first question, Luke?
Question – panic selling
Luke: This is an interesting one, actually. Not so much a question as the output of a chat that I had with a good mate, Jess, that she raised over lunch a couple of weeks ago. Jess sent me a breakdown of her ISA stock portfolio. And she said, “For my ISA, I had money in it for a few years then drew it out in a panic during COVID and drip-fed it back in. My dad was a month away from retirement and he said he wanted certainty of funds when the pandemic hit, and he sold most of his for cash. Of course, that panicked me and I sold most of my own holdings.”
Albert: Yeah, we get it. It was really shocking how fast the market dropped back then. I think by the time it reached the bottom, the S&P 500 had dropped 32% in one month. And the stock market grows on average around 10% a year, so that’s about three years of growth wiped out in one month. And we know now that I didn’t take three years to recover. The S&P recovered quite quickly and by the beginning of August, it was back to where it was just before the pandemic hit, but then the S&P kept on going. And from the 1st of January in 2020 to the end of the year, the S&P had gained 16%, which normally is a great year for the stock market.
Luke: Yeah, I think most investors, including us, were surprised at the speed and the extent of the recovery. I remember back in March 2020 expecting doomsday, but honestly, I just felt the right thing to do was to stay invested, continue my strategy of buy and hold. Diamond hands as the Reddit crew would say.
Albert: I think it really helps if you’ve been through a number of market crashes yourself, and we’ve been at this game for almost 20 years, so we’ve had our fair share of market downturns. When you’ve been in the stock market that long, you realize that stock markets tend to recover. You just don’t know how long it will take. So if you’re investing money that you don’t need for the next 5 or 10 years, you can just let it sit there and get back to where it was.
Luke: Yeah, and that was totally my expectation as I was continuing to plough money in and flip a bit of a cash position back into stocks during the pandemic. Actually, if I look back at my results, last year was one of my most successful years in my entire 18-year history. I think I did something like 90% return. I almost doubled my stock portfolio coming out of the pandemic.
So we don’t try to time the market and actually, there’s some really good evidence that shows why timing the market just doesn’t make sense. There’s a great article we’ve talked about a few times on the pod. I still haven’t found anything that’s a better summary. It’s titled “Even God couldn’t beat dollar-cost averaging”. We’ll drop a link to it again in today’s show notes. We don’t do religion on this pod, but this is a reference to an article by a guy called Nick Magguilli and he highlights that even if you had perfect information about future market movements, you’re still better off just dollar-cost averaging, rather than trying to wait for a dip to invest.
Albert: Yeah, I really love this article, I’ve read it several times myself, and it was saying that if you attempt to build cash each month in a savings account and then buy the next time the market bottoms, you would likely be worse off than if you had just bought every month. And the reason for that is, while you wait for the next dip, the market’s likely to keep on rising and leave you behind. And this is actually the advice I give to my girlfriend whom I’ve been helping invest for the past few years. Just invest what you can each month, regardless of what is happening in the stock market. And it’s also roughly what I do. I try to invest a little bit each month, although it is a little bit different when you don’t have a regular income.
Luke: And what makes buy-the-dip strategy even more problematic is that none of us have these God-like powers and we don’t know exactly when the bottom of a market is going to be.
Albert: Are you sure, Luke? There are some people on Fintwit that seem to buy and sell at exactly the right time.
Luke: Actually, you and I did exactly the right time just in the last week. I’m not ascribing that to any magical powers, but I’m very happy to have got out of Beyond Meat last week and into Marqeta yesterday.
Albert: I guess we should say that Beyond Meat went down after earnings and Marqeta went up.
Luke: Both substantially, they were good moves. But if you didn’t have those magical powers, I’m sure we don’t have and neither do the guys on Fintwit, the author of the article, Nick ran a variation of buy-the-dip where the God-like being misses the bottom by just two months. And guess what, missing the bottom by two months means you underperformed dollar-cost averaging 97% of the time. So even if you’re somewhat decent at calling bottoms, you’re still going to get smashed in the long run.
Question – having conviction
Luke: Hey, I found something interesting in Jess’ portfolio as well. She has a stake in BP and I know she is a very sustainability-minded person. We had a chat about this and she defended the buy saying their share price was low and they’re supposedly investing a lot in renewables, like wind energy. What do you make of that, Alb?
Albert: Although we say invest in businesses and companies that align with your values, every industry has problems. For example, electric vehicles is seen as a good thing, a way to reduce our reliance on fossil fuels. However, there are concerns about the environmental damage lithium mining does, the lithium needed to make those batteries. So I think you just have to do the best you can.
Luke: You’re right. There are pros and cons to every business model, but I do think it’s really important to have true conviction in the companies that you own in your stock portfolio. If you’re a bit wobbly about something, maybe you’ve got a BP or a Facebook or an Amazon or a tobacco company, and you’ve got a few concerns about the business model. If the stock starts to underperform, which it will at some point, just because of volatility, you’re much more likely to paper hands, as the Reddit crew would say, and sell your position. And that’s just going to lead to you overtrading and letting your emotions dictate your investment decisions. If you’ve got true conviction in a company and you really want to support them with your investment dollars – when they go up, when they go down, you’re still along for the journey. It’s just going to help you exhibit much more constructive investing behaviours.
Albert: Yeah, actually this happened to me a few years ago when I got scared into selling Google and I regretted it almost immediately and I bought it back literally about two months later.
Luke: You never admitted that one to me before. Okay, good that you bought back. They’re now we’re $2 trillion company as of last week.
Albert: Fortunately, when I bought back, it had only increased a few dollars, so I bought back at almost the same price that I sold it at.
Luke: Well, here’s a great point actually, because even doing that, you’ve incurred transaction costs and bid-offer spread. So even if you were to sell and then rebuy the same day, you’ve actually potentially lost a couple of percent on your position, and this is why overtrading can be damaging. One or two trades you don’t need to do probably isn’t going to destroy your portfolio. But if you’re in there messing around with stuff and doing the Hokey Cokey, getting your money in and out every other week, you’re going to erode all of that investment value to costs.
Question – inflation fears
Albert: Absolutely Luke. And just to be clear, I haven’t done this often, just that one time with Google. Moving on to our next question, we got an email from Anders and he had a question about inflation. And he said he doesn’t trust either the Fed or the US government to stop printing money anytime soon, so he doesn’t see inflation as transitory and inflation can only be stopped by less government spending and what government in the world would do that right now. Perhaps it’s just him being negative, but he would love to hear our take on it. What do you think, Luke?
Luke: I put this in the category of macroeconomics and macroeconomics is just something I try not to worry about. If we think about growth stocks, particularly US tech stocks, they have outperformed nearly every other market and sector over the last 15 years, they’ve been on a tear since 2020. I know that a reversion to the mean is going to hit us at some point. Whether it’s the regulation of big tech, inflation as Anders suggests, bond yields, global supply chains or something else, something is going to bring this bull run to an end. It always does. No expansion runs forever. Now, the reason why I put this in my macroeconomics bucket is I kind of don’t care. As a long-term buy-and-hold investor, I truly believe I can wait out any correction. I’ve done it before. We’ve both invested through multiple market downturns and I’m happy to do it again.
Albert: Well, maybe we’ve been lucky, Luke. In the 20 years that we’ve been investing, maybe that’s been an unusual time for the stock market, that’s been going up and up.
Luke: I agree and I’m not trying to say this time it’s different, but if you look at the rapid pace of innovation and the way that almost every technology is improving at faster and faster rates, I think we’re on the cusp of generating almost unlimited wealth, unlimited energy, unlimited resources. This is going to change the world for the better. If we want to focus on Anders’ concern of inflation, technology is creating efficiencies that are going to drive down costs in the long run and create a deflationary environment.
Albert: And when you think about it, when prices increase, who really benefits? Well, typically the companies that have pricing power, the companies that can pass on their increased costs to their customers.
Luke: Funnily enough, if we think about this topic, it’s not a market crash driven by inflation I’m concerned about, it’s actually a long period of stagnation. Corrections are actually quite healthy, they offer up stocks at bargain prices. The correction in 2020 was what helped us magnify our returns in that particular year.
Albert: Luke, if you want stagnation, you could invest in the UK stock market. I have a couple of UK stocks from way back and they barely move. They say investing is not entertainment, but it’s so boring. It’s like a savings account. did some digging and since the year 2000, the FTSE 100 is up 9%, not per year, in total. And this may not be as bad when you include dividends, but it’s pretty poor, considering that the S&P 500 is up over 200% in the same time frame.
Luke: Yeah. I struggle with UK investments as well. I’ve got a couple of domestic venture capital investments, but I feel that anything public market that has interesting growth potential gets snapped up by one of the US big tech companies anyway. So you’ve got this filter on good quality companies. They never really, with a few exceptions, grow beyond a series B valuation. They’re getting acquired by someone in the US and that’s where they’re seeing their magnified growth as they become a more mature company in the public markets.
Albert: There are some exceptions. For example, ARM, which I believe has been acquired by Nvidia, but those cases are few and far between.
Luke: Not to harp on about Jess’ portfolio, she’s holding Currys, the retailer. I think they merged with PC World. Like I use those stores as a customer, but they’re just not great stores. And if you look at some of the US equivalents, companies like Best Buy and Target even Walmart, it’s not really comparable.
Albert: Yeah, I believe they are doing quite well, but there are some chains in the US that are doing quite poorly, such as Sears and Macy’s.
Luke: I think if you walk into a Sears or a Macy’s, which I’m unlikely to do this week, it’s going to be fairly obvious why they’re on a downward spiral.
Albert: So I guess you’re going to Target then.
Luke: I’m off to Best Buy to pick up my laptop so I’m able to record next week’s episode while I’m on the road.
Albert: Oh, fantastic. Get a good one. Is it an Apple MacBook?
Luke: It is not an Apple MacBook, no. You can keep your Crapple to yourself!
Mid-ep promo
Luke: Hey Albert, speaking of Crapple, you know, Apple is the only podcasting platform where you can leave reviews and star ratings. None of the others support it. I see we’re still sitting on 11 star ratings only. I wonder if we could just remind our subscribers that if they’re enjoying our content, it’s really going to help us magnify our reach if they go and drop us a review on there.
Albert: Yeah. Please give us a review on Apple Podcasts or you could just subscribe on your podcast platform of choice. And if you could share this with a friend, that’ll be really helpful too. Just send them a link or simply point them on our website, telescopeinvesting.com.
Luke: I quite cheekily left a bit of a side reference to Telescope Investing on my goodbye email to a couple of hundred colleagues yesterday. So I’m hoping we pick up a couple of subscribers there. Maybe some folk are scratching their head and saying, how the hell did this guy get out of his job at that age?
Albert: They probably think you’re a lot younger than you are.
Luke: The grey hair is coming in.
Question – fund investing
Albert: So getting back to our questions, we got an email from DC and he said, “Your investment model appears to be at the medium to riskier end of the growth market. What are the benefits and risks of using that method, as opposed to using a partially leveraged position on lower-risk stocks, say an S&P 500 index? So he gave an example of a potential portfolio where he had 90% of his portfolio in a cheap world index tracker and 10% of the portfolio in a 5X leveraged S&P 500 index. And how does this compare to 100% of your portfolio in riskier growth stocks?”
Luke: That’s quite an interesting question that we probably want to avoid getting too technical on because you could go down a real rabbit hole with some of this stuff, but what are the key learnings do you think Alb?
Albert: I’ll start by saying that we do invest in index trackers, mostly in our pensions, that we treat as a kind of safety net, just in case our stock portfolios blow up.
Luke: Actually, I will say I’m so all-in on growth. I don’t have any index trackers in my pension. My SIPP is basically 100% Sea Limited.
Albert: Alright Luke, you’re going all-in on individual stocks, even in your pension.
Luke: Exactly.
Albert: Well, I think when we started investing, most of our investments were in index trackers. Over the years, as we’ve been buying individual stocks, that ratio has flipped. So for me now, it’s more like 10% indexes and 90% individual stocks.
Luke: Yeah. And I guess we do have though, a blend of value and growth stocks albeit perhaps me slightly more than Albert, definitely a much bigger leaning to the growth side. And actually, Alb and I post our portfolios to Twitter, I update it every month, if you’re interested in seeing what we actually have. We do believe that once you’ve got sufficient diversification in an individual stock portfolio, you can have a blend of riskier higher growth stocks and some of the more stable companies like say, Disney, Starbucks, companies like that.
Albert: And we don’t really talk about fund investing on a podcast much for the main reason that there’s really not much to say beyond choose low-cost index trackers and invest regularly, maybe diversify geographically and rebalance now and again, but that’s about it. And we have said many times that index trackers are probably the best choice for most people, especially people who have no interest in researching stocks, and it’s definitely better than not investing at all.
Question – using leverage
Luke: Yes, I guess DC, we’re definitely not dismissing index tracking. As Albert says, it’s actually the best answer for most people. Let’s get on to your question about leverage though, because that does open quite an interesting comment.
Albert: What DC meant by leverage was using margin to buy more of the index. While this may be suitable for some, we personally don’t use leverage as it introduces an unnecessary element of risk for us. It all sounds great when markets are rising, but when markets fall and you get a margin call, you are forced to sell your stocks or index to crystallize those losses.
Luke: Yeah, exactly. You don’t want your S&P declines on that 10% leveraged position suddenly causing you to get margin called and you have to start selling chunks of your 90% cheap index trackers. That’s a really horrible position to be in. Someone who faced that quite famously just a few months ago was a guy called Bill Hwang and his fund Archegos Capital Management. I think they were using leverage of around 5X and it allowed Bill to build up a fortune very quickly, but he lost it even more quickly. They lost $20 billion in just two days.
Albert: That’s not a risk I’m willing to take with my financial future because I think a big factor of successful investing is simply staying invested and allowing compounding to do its magic over years or even decades.
Luke: So there’s another little tweak on DC’s question and he asked us for our opinion on the alpha and beta of these two different investment variations: growth stocks versus the 90% plus 10% 5X leveraged tracker.
Albert: We’ll start with some definitions. Alpha is the additional return on an investment above a benchmark, for example for a portfolio of US stocks, the benchmark might be the S&P 500. The goal of stock-picking is to find alpha otherwise, you might as well just buy the index. It should be said that most stock-pickers do not beat the index, so it’s not easy. And beta is a measure of the volatility of a particular investment. How big are the swings compared to something like a benchmark index?
Luke: You could say you want to maximize alpha while minimizing beta, but they tend to go hand in hand and it’s quite hard to find a balance. You need something you can accept in terms of volatility, and lets you sleep at night. And you might find that your tolerance for volatility changes over time, depending on your financial circumstances.
In the example of using a world index fund and a leveraged S&P 500 fund, because the US stock market is such a large part of the global stock market, these indexes will correlate pretty closely. So if the S&P 500 is down, it’s more than likely the world index will be down by the same amount as well.
Albert: So if you have 90% in the world index and 10% in a 5X leveraged S&P, you’re essentially invested at 150% in one of those indexes, but does this blend have an equivalent risk-reward profile as 100% in growth stocks? That’s really hard to say without digging into those numbers, I haven’t done any deep modelling here, but as we said, leverage is not something that we want to use.
Luke: Yeah. Like the real benefit of investing in individual companies is you have this asymmetric payout. Basically, your money can only go to zero if a stock completely collapses as by the way Beyond Meat looks like it might be about to do, but the upside is unlimited when you’re long a stock. When you’re invested in a company, it could 5X, 10X. Hey, look, we’ve got investments that have 200X over the last 20 years.
Albert: And just to be clear Luke, Beyond Meat only dropped 18% after earnings. That’s a lot less than 100%, so I don’t think Beyond Meat is going down to zero anytime soon.
Luke: You need to take a look at their financial results. Their margin compression and their massive debt burden. They’re in big trouble honestly.
Albert: Aren’t these the reasons why we decided we should sell when we talked about this a few episodes ago?
Luke: Exactly right. Our prescient powers were at full display that day.
Albert: Okay. I guess your point about you can only lose 100% of your money when you own stocks is a good one because when you use leverage, you can lose more than that. You can end up losing all your money, plus end up owing money, and that’s gonna take you back past square one and you could be starting again with a negative balance, basically in debt.
Luke: Yeah, it’s just an ugly position. It’s a risk-reward profile we’re not willing to take on. But DC, you gotta know yourself and invest in something that makes sense for you. If you don’t have the inclination to do the research and invest in individual companies, then indexes are the right answer. And if you’re happy to stomach the volatility and you want the increased alpha that potentially comes with that, then maybe this position is right for you. It just doesn’t suit us.
Albert: Not financial advice!
Question – picking an index
Luke: Good reminder. So here’s another question from Kushvinder, and Kushvinder asked, “Is it good to invest in the Nifty 500 index in India or in the S&P 500 for a Canadian resident considering the dollar-rupee ratio.”
Albert: You can take this one, Luke! I don’t know much about the Indian stock market, except that it’s one of the best performing stock markets over the past 30 years. I believe it’s up over 10,000% in that time.
Luke: Hey, it’s a great market, right? It’s still a developing economy with an emerging middle class and a real passion for investing. It’s a good market to invest in. So let’s get stuck into Kushvinder’s question and there’s a ton of different aspects to this. I think he’s asking the wrong question, he’s comparing apples and oranges. The Nifty 500 and the S&P 500 are completely different beasts, they look nothing like each other. And Kushvinder’s comparing them and asking a question about FX and tax efficiency. So I would say, Kushvinder, put those tax questions in the back of your mind and focus on what it is you actually want to invest in, where you feel the best risk-weighted returns are going to be. The Nifty 500 is really dominated by financial services companies and the S&P 500 is dominated by tech stocks. So I think that’s going to be the primary driver of your decision, not which currency the index is denominated in.
Albert: But the most important thing is to actually invest and getting started is often the hardest step so well done with that. Our very general advice is to look at your home market and a major market like the US. For example, I mostly invest in Hong Kong and the US. And the reason is, you will have an advantage in your home market as you will know more about the companies there. And a major market like the US market will give you access to some of the best investment opportunities out there. And one advantage of the US stock market is that there’s so much information available for it.
Luke: Yeah, you’re right. It’s highly regulated and there are very strong policies around transparency of reporting and really the quality of reporting the companies put out.
Question – risk management and diversification
Albert: And Kushvinder continues by asking, what’s our risk management slash diversification strategy?
Luke: So I guess my current investments are a directionally say, 90% individual company equities, about 5 or 6% cash, maybe 3% venture capital, and about 1% cryptocurrency. And most of my stocks, they’re published on Twitter, are US tech stocks. High-quality companies that I feel have growth potential. I did have some property and actually, I’ve literally sold the last of my investment properties just last week. And so that might sound super risky, but I’m going to say I’m actually quite fortunate in that I’ve got something called a defined benefit pension behind me, and when it starts paying out in about 10 years’ time, it’s enough to keep me, I’m not going to starve to death and I think having this safety net is what’s allowed me to operate actually what, for most people, would be probably an unsustainable level of risk in their investment portfolio.
Albert: And as I mentioned earlier, I mostly invest in Hong Kong stocks and US stocks. So I do diversify geographically, but also within those portfolios, I diversify across different sectors and also different size companies. And I don’t feel overexposed to any particular industry or company.
Luke: I suppose when we do look at the stocks in our portfolio, we do try and diversify by different attributes. So we’ll look at maybe the megatrend that they’re invested in. So we’ll try and have companies that are perhaps driven by the work from anywhere economy, some companies that are in e-payments, some companies that are in climate. Trends that we think are going to support the company and maybe won’t correlate too strongly so not everything’s going to go up and down in lockstep.
Albert: And we have seen some people with much more concentrated portfolios that may have only say, 10 stocks. And for me, I don’t think I could sleep at night with that kind of portfolio because if one stock fails and anything can happen, one stock could completely fail, that’s 10% of your portfolio gone.
Luke: And then some other factors that we’ll try and look at when we build a bit of a diversified portfolio we’ll look at the region, the geographic region, where the company makes its revenues. Even though most of my companies trade on NYSE or NASDAQ, they’re US companies, many of them are global and some of them earn the majority of their income overseas. So that’s quite helpful to know that you have some diversification away from the US dollar.
Albert: So in our portfolios, we have companies of different sizes, large mega-caps like Amazon, but also smaller companies that offer higher growth, but are more risky. They are more likely to fail. Companies such as Nanox Imaging and CuriosityStream and from the looks of it, Beyond Meat.
Luke: Only you buddy. I got out.
Albert: Yeah. I’m quite upset about that because we discussed this together a few weeks ago and you were much more decisive and just got out immediately, whereas I said, oh, let’s wait for their earnings call and see what happens.
Luke: So hopefully that does sound like a decent diversification strategy. I know we sound like we’re the all-in on individual company guys, but we do try and balance that out to some extent so that we can sleep at night.
Albert: And unlike Luke, I do have some dividend stocks to provide a more stable foundation for my portfolio so it’s not all growth for me.
Luke: Yeah. I know I’ve been very anti dividend stocks pretty consistently, but maybe I’m going to feel differently about that once I internalize the fact that I’m no longer drawing a monthly salary.
Albert: I think more likely, you will start thinking about that as you age and realize there’s not as much time to wait for growth stocks to rebound.
Investing quote
Luke: Yeah, hopefully, death is a long time away for both of us. I’m very much hoping to have at least another 25 years of healthy life. I think you found a related investing quote to wrap up today’s episode, Alb.
Albert: Yeah, so I got a quote from Warren Buffet, the most successful investor of all time, and he said, “If you don’t find a way to make money while you sleep, you will work until you die.” Quite a morbid way to end the episode, Luke.
Luke: And that little picture of Warren that you’ve got in our show notes is looking particularly stern and lecturey in that one. I would definitely feel told off if I didn’t have my passive income working for me.
Wrap
Albert: Well, Luke, I believe you’re flying off to the US after we finish recording today.
Luke: I am. I’m off to New York. I’ll be sticking my head into Best Buy and I’ll be looking up two very close friends I haven’t seen for far too long because borders have been closed. Actually one of them’s not expecting me. I’m going to be surprising him at his birthday party on Saturday and I know he’s not a listener to the podcast, so I can say that safely.
Albert: And even if he was, it wouldn’t matter because we’re only releasing this next week anyway.
Luke: Ah, good point. Good point. Yes. So this is actually the beginning of life on the road for me, life as a digital nomad, a very exciting term that I stole off the kids. But I’ll be picking up the laptop and taking my mic with me on the road. And I think I’ll be more often than not recording our episodes while I’m travelling rather than sat at home in my office.
Albert: Well, that’s all for this week. Thanks for listening.
Luke: If there’s a future topic, you’d like us to cover or a question you’d like us to answer, you can message us on Twitter. I’m at @LukeTelescope.
Albert: I’m at @AlbertTelescope or you can email us at feedback@telescopeinvesting.com.
Luke: And we said it mid-episode, but one of the best ways you can show support for the podcast is to leave us one of those reviews on Apple Podcasts.
Albert: And if you have a friend who you think would also get value from Telescope Investing, we would love it if you just take a moment now to spread the word and send them a link.
Luke: Thanks, Albert.
Albert: Thanks, Luke and happy travels.
