Philipp: Welcome to another episode of In Your Best Interest, your personal finance podcast. I'm your host Philipp Muedder, and I’m here with Adam, who has more than 30 years of experience in the financial markets. He’s worked as a macro trader and managed several teams, including for sales and portfolio management. And if you’re not yet familiar with Saxo Capital Markets, it’s a leading digital platform that gives you access to professional tools to save, invest, and trade. Adam, it's so good to have you on the show today.
Adam: Thanks very much for having me Philipp, it's great to be here.
Philipp: Yes, we're really looking forward to that. There's a lot of experience, and this being a personal finance podcast, our listeners are always super excited to learn about how the pros manage their own finances. So I think this will be a super fruitful discussion for all the listeners. With that being said, Adam, in the beginning of the podcast, we always like to ask some questions from when Adam was younger. And kind of get people to get to know you a little bit better before we go into the deep space of investments. What was it like for you growing up? Any particular money memories maybe, when was the first time you really had to think about money when you were growing up?
Adam: Well, interestingly, I didn't come from a wealthy background. So I grew up in England; I was born there and then moved to Australia when I was about 7 years old. And yes, [02:00] my father was an employee in computers in the early days, and we had a comfortable but certainly not wealthy living. I really didn't think too much about money, I guess, until I was going to high school. And I got a scholarship and went into one of the nice private schools in Sydney.
And we probably decided that I wasn't going to do that because we didn't really have enough money, even though I had a full scholarship for me to be going there. And that was like OK, well that's kind of interesting. We don't have to pay the school fees, yet we still don't have enough for me to be attending there. And that got me thinking probably more about money than I had prior to going to high school.
Philipp: Great. From high school then, right? Then you go to high school; you go to university. Why did you study finance? Or I don't even know if you study finance, but you obviously went into the finance space out of university. So what was kind of like that thought process or, in general, that process between high school and your first job? Like a real job, so to speak?
Adam: Well Philipp, it's a great question, and I actually did not go and do an undergraduate degree. I studied finance in university later and got a Masters only in the 2000s when I was already in my 30s. So I left school, I planned to go to university, and worked in a bank for a year because I need to earn some money to be able to go to university. And whilst I was working for the bank, one of my friends told me that he'd been to a party at the Commonwealth Bank to celebrate one year after the float of the Aussie dollar.
And that, yes, he was hanging out partying with all the foreign exchange traders. And I'm like, well, what is a foreign exchange trader? I work in a bank - what do they do? And he said, well, they trade currencies. I said, what do they get paid? And I think I was earning 11,000 Aussie dollars a year at the time.
And he said, oh, they get [04:00] 50 or 60,000 Aussie dollars a year, and I thought, wow, that's what I want to be doing. That sounds a lot better than sitting here, counting people's cash in a branch and being a teller. So I spoke to my manager at the branch, and he said, well, I can transfer you into international operations, and from there you can make your own way and see if you can get into foreign exchange, which he did.
And so, I kept deferring university and ultimately got into the FX market in around 1987-1986. And I have been a trader pretty much ever since, mostly in the foreign exchange markets, and then more recently fixed income, and now running a trading platform. I'm very active across all of the different asset classes.
Philipp: Super interesting background then. Do you think that could still happen nowadays? Because you hear that, a lot of times, back in the days, it was kind of like you didn't have to go to university to do this and study in order to do this. Now, do you think that could still happen if you were younger now?
Adam: I think it's very difficult now. Many more people go to university, so you're competing with a much bigger pool. Also, back then, yes, the Aussie dollar had, as I said, been floated in 1984, I think, and so the market was abuzz with needing new people with skill sets that didn't exist to be trained.
And also, the government had opened up Australia to foreign banks. So all these foreign banks are coming in and looking for people, and so it was less difficult to perhaps get into it then than it would be now. Now it'd be very difficult to get into any finance role, I think, without a university degree. But I got pretty lucky.
Philipp: That's a super-cool story definitely, makes for an interesting background. So, Adam, you've - as I mentioned in my intro, you've been in the financial space for 30 years plus. What still keeps you interested in being in that financial space on a day-to-day basis? Or what excites you still about it?
Adam: [06:00] Well, Philipp, I've got the greatest job in the world. I love my job; I've got a great bunch of people I work with. I just fundamentally enjoy markets, thinking about markets being challenged, trying to work out what is moving them, and being able to trade that, and to generate some returns from doing that.
So having a job that puts me at the forefront of that, and allows me to pursue my passion and work at the same time, is a pretty good lifestyle. So that's what keeps me getting up every day, and not necessarily heading into the office at the moment, but at least heading to my desk, and sitting down and working.
Philipp: Would you say to people that maybe, this has always been your passion after you got into FX trading? Or has it developed over time? Because I think a lot of people are always struggling with that, right? Like how do you make your passion a job, or how do you create income from your passion? You obviously have done this now over long periods of time, and that keeps you going. I think for everyone, that should be something that you aspire to, right?
Adam: Yes. I mean I think it's difficult to choose when you're a young person what is going to keep you interested over your whole career. I mean, I kind of fell into this role because I was shucked to a guy at a party, and he was telling me about a party he'd been to, and I didn't even know what foreign exchange was at that time.
But as I got into it, as I learned more, I found that there was just so much more to know and so much more to learn. I guess I'd say that having a thirst for knowledge will make any job interesting for you. And if you find that your job is something where you can continue to learn, and it's appropriate for you to learn, and that's something that makes you feel good about yourself, then I think you're heading on the right track.
Philipp: Thank you, Adam, for that. Moving on or moving actually into the more personal finance space, right? This podcast obviously covers anything from, [08:00] we have asset class specialists, we had people from Blackrock, State Street on here, private equity, venture capital, right?
And we always try to take it back to what they do for themselves, right? It might be a blueprint; some people can take something away from it, some people don't, right? But before we do that, I have one more question that goes a little bit further back. Do you still remember what you did with your first real paycheck when you started at the bank?
Adam: What did I do with my first real paycheck? Oh my goodness, no, I mean, I started at the bank in 1984, so that's 37 years ago. So yes, maybe I'll pay mum and dad back some money that I owed them or something like that. I really can't remember. I remember buying a car relatively soon afterwards, and it was a very old Leyland Marina which no one will have heard of; that's any of the listener's age group here, I'd have thought. But probably paid my mum and dad back some money that I had owed.
Philipp: It's always good to ask that question because we get all kinds of answers, right? Some people paid their parents' mortgage off, or like started helping on the mortgage, some people bought gold bars, we had all kinds of answers already, so that's awesome. Moving on then, how do you think about your own personal investments? Like what's your thinking behind financial planning, investment planning for you and your family?
Adam: Yes. So because I have a lot of experience in the markets, I feel that I have a good understanding of risk and reward, and that I can create a portfolio that is suitably diversified and useful for my, ultimately, my retirement needs. I'm 55 years old, so I'm going to start thinking about what I'm going to do with my retirement.
And in that respect, I'm probably in a better position than most, who don't necessarily have that degree of knowledge. [10:00] And so they tend to do it themselves. Notwithstanding that, I still rely on financial advisors and other people like StashAway to create portfolios for me to invest in.
Because it takes away from the emotion that you have when you're trading. And as a trader, I like to do it, and I generate some pretty good returns, but I don't like to deal with a substantial part of my money. Because I'd rather put that with someone else who is going to be more dispassionate about it, and more rational about it and so I'm not going to get carried away, and use that money which I shouldn't be.
Philipp: What percentage then do you decide to allocate towards more active trading versus the long-term outsourced kind of approach?
Adam: Well, probably no more than 20%. But it varies depending on what my risk is at any one time. At the moment, we're in a kind of risk-on environment and have been for some time. So I've had decent amounts of risk in long positions, especially in inflationary type hedges. But with the Fed starting to turn a little bit more hawkish, I'm just trying to turn a little bit more cautious.
Philipp: Yes, and that's a good point. You mentioned quite a few things, risk-on and inflationary environment. I think for the listeners, do you mind explaining a little bit when you talk about risk-on and the inflationary environment? Like what do you see there? What's your outlook there on that?
Adam: Yes. So I think we've been in a tremendous risk-on environment since March last year. When the Fed and all of the other central banks around the world started printing large amounts of money, they started doing huge quantitative easing, buying their own bonds, [12:00] financing the deficits of their governments, and building their own balance sheets.
So what they're doing each time they buy a bond is they're putting cash out to the system, and they're making people have that cash that can't invest in the bond themselves. Typically, there's a certain amount of investment in bonds that is going on from the general investing public, but if the government buys all the bonds, the general invested public gets all the cashback, and they've got to invest it somewhere else.
So that is driving cryptocurrency, that is driving commodities up, and that is driving equity prices up, as the governments all sort of get a monopoly on all of the bond holdings. And that's what I mean when I'm talking about a risk-on environment, and that's why you're seeing new highs even today, or you stay in the S&P 500 and in the NASDAQ, and everything is looking very well supported.
Philipp: Yes. It's just a lot of cash in the system in general, right? I also see this on the venture capital and private equity side; they don't even know right now where to actually put their money because there's so much money there, right?
So I have some friends in private equity, and they're starting fund after fund, but there's just so much money and less companies to invest in. So picking the right ones on that side, again, the cash is just there in the system.
Adam: Yes. And it comes with a lot of risks as well Philipp, I mean, what tends to happen in that environment is you get some misallocation of funds to less viable projects, and that's what fuels a subsequent bust. But for the busts to occur, we've got to have interest rates rising. With this level of liquidity, you're not going to see, in my view, a significant bust of the ongoing bull run at the moment. But it does pay to be cautious.
Philipp: Absolutely. So you mentioned that that's what you do with around 20% of your funds, where you do the trading. The other 80%, what's the strategy behind that? Are you investing?
You mentioned StashAway before; [14:00] that's obviously a robo advisory kind of digital wealth management firm that spreads out the funds we obviously are affiliated with StashAway; most people know that. So what about the rest? Like how do you decide where to put your long-term funds?
Adam: Yes, I mean some of it is related to what is available for different pension and tax-efficient savings needs. So in Singapore, we have the SRS, and all of my SRS money is sitting in StashAway.
In Australia, I have a superannuation scheme from when I used to live there that is managed by an advisor down there. And both of those portfolios are fairly standard portfolios, probably slightly more growth-orientated, and definitely more at the moment inflation-orientated.
So looking at inflation assets, which may be miners or people who dig stuff out of the ground, where the price of the raw materials that they are mining is likely to continue to go higher. Outside of that, I've got some property, this place in New Zealand that I'm at the moment, and another place that I live in Malaysia.
And then some sort of private equity-type bits and pieces related to my work as well. That's kind of the overall portfolio. And I think it's very important to have both a geographic diversification and an asset class diversification in your portfolio.
Philipp: Super important, we always stress the importance of diversification, absolutely. So with that being said, I wanted to get a little bit into your retirement planning then. You said you're 55, right? You're doing your passion job, so I assume you're actually quite happy you're still working because if you do something that you're passionate about, it doesn't feel like a job, right?
Philipp: A lot of people sometimes misunderstand retirement. They think, oh, [16:00] I should only be then in a dividend investing stocks and in bonds because I need a paycheck replacement for my job.
Personally, I'm a big fan of looking at it more as a total return approach, right? And hey, this is the money I need to spend every year; I can also just sell stocks; I don't need to be just in dividend-paying stock or like an income portfolio, so to speak. What's your thinking about this? And how are you planning to do that later on in life? When you don't have income anymore from work, right?
Adam: Yes. I don't think that I'm going to retire at a particularly young age. Even if I go out of full-time employment into other sort of types of work, where I'm into sort of professional director or other consulting-type things, as well as trading for myself, yes, they're all things which I think I will continue to do for many years yet.
So I'm not in any rush to retire, and yet, my youngest two kids are going to be finishing probably school, the last one in 4 years' time, and then off to university. And whilst they're still getting educated, I probably want to still be earning some money to help pay for their university and stuff like that. So that's going to keep me going for a while.
As you say, when you've got a job that you're passionate about, there's no rush to leave it. But when I think about sort of income versus growth, I kind of think about it more in terms of what the macrocycle is going through. And do I think that the income side of the portfolio is going to be better in a downturn, right?
So if we do start to see inflation becoming problematic and rates heading up because of it, other growth stocks are going to get hammered. And it's probably going to be a difficult time for growth stocks when that occurs.
But people have been anticipating that for a long time, [18:00] and it's still not occurring. So even after the most recent Federal Market Open Committee (FOMC), and the most recent, very high inflation numbers, the market has still come back strongly. Fixed income bonds sold off really very briefly and bounced back strongly as well because there's just still so much cash out there, and the Fed continues to buy a huge amount of bonds each month.
Philipp: Great. The next topic I wanted to discuss is, you mentioned you have children, right? So they're still in school; they're off to universities soon. How do you teach them the concept of money and investing? Or have you ever done this, right? Like how are you? Because a lot of times we get those questions: how do you help prepare the kids for this? Also, if you have a good job and you start having significant net worth, how do you tell them about it right? And how to make them still feel like: I have to go to university and work, right? The whole mentality around money mindsets. How do you handle that and you and your wife probably together?
Adam: It's a great question, Philipp, and it's something which I think about a lot. So I've got two older kids, I've got a 31-year-old and a 29-year-old, and then I've got a 16-year-old and a 14-year-old. So the older ones, they're out working, and they've both got full-time jobs. And I talked to them about trading quite a bit.
One of them is a risk manager at one of the big Aussie banks, so he knows that stuff inside out anyway. And we'll just talk about what's interesting and so on. We talk quite a bit about crypto as well because we see sort of opportunities there.
For my younger kids, it's definitely a bit more challenging. So it's hard for a kid to get their own trading account, even though I think it would be a good thing for them to be able to do that. To be able to learn about trading and investment and so on and so forth. Yes, that's not really available to them in the regulated space.
So actually, you know for my younger boy, [20:00] he's got an account with Binance, and he's learning to trade by trading crypto, which is a kind of an interesting place to learn to trade. Now not with very big amounts, of course, but it's certainly a good place for him to get an understanding of markets and how things move, and how you think about different types of orders.
And how you think about what sort of market psychology is being expressed in a chart, or that sort of thing. So because I talk about a lot, and because I'm passionate about it, they kind of get the bug a little bit. And yes, it's certainly something that he's very interested in for the future. For my daughter, probably a bit less so, but yes, she's got many other skills that she will be pursuing in her career.
Philipp: Absolutely. It's always just great to understand because different parents start teaching different things and getting people to expose them to what's ahead. Because I think that's the one thing that is still sadly under-educated in schools, right?
The whole personal financial planning and things like that. I think it should be almost like a mandatory course at some point for everyone, not before university. It's just something that I'm always very passionate about because there are too many people that I did financial planning in my life for that are very successful in their roles.
And they've never really thought about it, right? They have no plan; it's just yes, we work hard, we have good jobs, right? We have a business to run, but on the personal financial planning side, the investment side, it's a lot lacking even with very smart people, right?
Just because they're not exposed like you and me to that industry from whenever I left school, and I was immediately in finance as well. So that's why it's always interesting how people in this industry teach their kids about it.
Adam: Yes, for sure. I think it is hard because I do think that you're right, the schools do not put enough emphasis on teaching those sorts of life skills which are important [22:00] for kids to learn. And I think that you would do your kids; anyone would do their kids a great service by teaching them to invest in extremely low-cost portfolios, ETF-type portfolios, to put some of their money away as soon as they start earning.
I think that there's a lot to be said for that. And certainly with my grandchildren, I started putting all their gifts into some Vanguard ETFs, which will hopefully grow for them over time, and they'll at least walk away as an 18-year-old with a wow, granddad did this for me, what a great thing.
Philipp: Yes, I know. I'm actually doing the same for my godchildren in Germany. As soon as they were born, every month, I put some money into actually a robo advisor in Germany.
And say hey look, this is for them. But over time, you can actually start teaching them, look, that ETF actually has your favourite company Disney or something, right? So you can slowly get them to like, get excited a little bit about the topic and how money works; it's super important.
Adam: Absolutely. I think that as people understand the market, they understand what investing is. It gives them sort of a broader view on why companies do things and become probably a bit more balanced in their overall worldview because of it.
Philipp: Absolutely. I always tell people even if you don't want to manage your own money and you outsource most of it, have a small account even. Even if you buy some shares, maybe 5% of your net worth or something, because what that does is actually expose you to the news, it exposes you to a little bit of research and interest in it, I think it's a great eye-opener to the world, 100%.
What I wanted to go into next is because I heard you speak about this before in a different interview that I read, and you mentioned a couple of times today as well, right? And obviously, the topic is crypto, [24:00] and you mentioned Bitcoin, Ethereum - you mentioned a couple of things.
It's a hot topic again, started at the end of last year, right? The price has obviously risen again to new all-time highs earlier this year in 2021. And again, a lot of people are interested again. When I know my dad asks me about it, he did it in 2017 and 2016-2017 as well. Then I usually know something is wrong, because in Germany, my dad is into real estate, and has his own business, he doesn't care about stocks at all, right?
But when he speaks about it, I usually know it's like, oh, we're getting to the top, or there's something going on, but something bigger is going on, right? So you mentioned that you talk with your kids about it, right? Especially older ones who are already working and investing themselves.
So what's your overall thought of the space in general, right? And then, if you do allocate any money towards crypto, what's the thinking behind it, right? Like, what's kind of like your overall thoughts?
Adam: Yes, it's a good question. So I'm cautiously enthusiastic, I would say, about the space overall. I think that the technology has an entirely different capital structure potential for organisations and for technology development going forward. So when I say that you think about a typical company, a startup company, you and I start a company, we go and put our own money into it. Then when we've got our business plan together, we go to a venture capitalist.
He gives us some money to develop the business plan and get a proof of concept working. And then once the proof of concept is up and running, and we start making money out of it, we start doing A, B and C rounds and then ultimately, we IPO. That whole process has its mirror within the Blockchain world. But the governance is entirely different, and the capital structure of those organisations is entirely different.
So if you and I start a company, and we go through that whole process, and we retain control, [26:00] we can dilute the other shareholders by issuing as many shares as we want at any time. And we can be a little bit, I guess, self-serving in how we tend to do that. And typically, that's what companies and owners do, which is why they do A shares and B shares, so they can retain control whilst getting the economic benefits of having minority shareholders.
The cryptocurrencies don't really allow that; they're pretty well defined about how much dilution we're going to have. How many new coins are we going to issue each year? Or are we going to have a fixed amount for all time and so on and so forth, which means that you've got a very strong underpinning to know that the value of your asset over time is not going to be diluted by other people's self-serving nature.
And the governance is usually done by a vote of the people in the community, whether it's the miners or the validators in a proof-of-stake concept. That is a very different model. And typically, people are motivated to be in that model because they get the coins as part of their dividend for doing the work.
Whether it's a miner, a validator or someone developing the IT around that, and then those coins are used to pay for the service by the providers of the service. And so the providers are always buying the coins to use that service, and that pushes the price of the coins up at a certain pace, which makes everybody happy.
So that is an entirely different thing than owning a company where someone gives you dollars, and you get no economic value from the dollar going up or down because you just spend the dollars going forward. So it gets away from the problem of self-serving owners of a company, diluting out minority shareholders.
And exactly the same, it gets away from the problem of governments doing exactly the same by monetising their debt and debasing their currencies, which is virtually the same thing. [28:00] So I think that with those positives, there's a huge potential in the technology and in the structure of the financial incentives. And so I'm very keen on it. Although I'm not sure that Bitcoin is the end game, I think that there are other better technologies that are being developed that I'm looking at to see which ones are going to be the winners.
Philipp: You mentioned at the end that you don't think Bitcoin is the be-all end-all, right? Whereas a lot of other people are saying that Bitcoin is actually the store value, right? They see it more as a store value. They see it. Maybe can it topple Gold at some point in people's portfolios; what's your thought on that? Or do you completely write that part off?
Adam: I wouldn't say that I write off the concept of it being a store of value. I think over time; the volatility will decline as we have more users. Which means it's attraction as a store of value will go up. But my reason for thinking that Bitcoin is not the be all and end-all is really the technology is for Bitcoin is, the original technology, it hasn't got the same degree of development as some of the more recent Cryptos that have been built on top of the same concepts.
So obviously, Ethereum was built after Bitcoin, and it's got the whole smart contracts layer built on top of it. But Ethereum has a proof of work validation mechanism, right? Which uses a lot of power. So Bitcoin uses a lot of power because it does proof of work, so yes, you may have 200,000 different people validating each block, doing exactly the same work 200,000 times over to make sure it's safe.
It's super safe, but when you've got 200,000 people using power to work out stuff, it uses a lot of power. Ethereum has that same proof of work methodology for validating the blockchain. And so it also uses a lot of power. You come to some [30:00] more recent ones like, say Cardano, I think it's one of the bigger ones which I'm very interested in, which is probably the number five in terms of market cap at the moment.
Philipp: It's right up there right now, yes.
Adam: So it has a proof of stake mechanism, which is a very different mechanism for validating the blockchain. And it basically makes the validator have an economic interest in the coin when they are doing their validation. So that they are incentivised to make sure that the validation is correct. So rather than having 200,000 people mining, you may have 200 people validating, they're still cross-checking, and that's still easy enough to make sure that there's no fraud in there.
And each of those people has a substantial stake in the crypto. So they don't want to make errors and make the thing lose value. So that uses about 1/1000 of the power of the proof of work mechanism. And so I think that that's going to become much more important. And that's why Ethereum itself is going to migrate to proof of stake later this year.
Philipp: And the 2.0 version of it, exactly. From a Saxo standpoint, right? I know you guys launched earlier this year, also trading pairs between Bitcoin, Litecoin and Ethereum, I think, right?
Philipp: So what was the thinking behind that? Or is this because the market is getting bigger? Obviously, you're interested in it as well on a personal level, but how are you guys adapting the business to that crypto opportunity?
Adam: So even before we launched that, we had a huge number of different exchange-traded notes, exchange-traded products available listed in Canada, Sweden, Switzerland, France where people could invest in different products which had crypto underlying. So I think we've got 40 plus of them on the platform at the moment.
And they were seeing a huge inflow of [32:00] assets from our clients. The problem with those is that they only trade during the open hours of the exchange that they're listed on. So in a market like crypto, which is moving pretty rapidly, if you want to be a little bit more active, they're not really appropriate for active traders. So we thought, OK, well, let's look at having an active trader contract, very much like our FX contract.
And so we decided to do that, and do it with those which are the most liquid, and which have the longest history and which we can hedge through different venues like the futures, as well as through different liquidity providers.
So that's why we started with those three. We've got them trading against the Dollar, the Euro and the Yen. I'd like to expand that out, too, so that we can start trading against the Singapore Dollar, against the Aussie Dollar, against the Pound as well, and a few other currencies. And of course, I'd like to extend the number of cryptos that we have to include things like Cardano, and perhaps Polkadot and a few of the other ones. As they get liquid, and they get to the sort of level of interest where we think that the volatility is not going to be so much that it kills our clients.
Philipp: Oh, that's awesome, that's a super great overview. Thank you so much, Adam; on the whole crypto topic, I think that there's more to come from you guys. So for listeners who are already clients of Saxo and for new ones that would like to get more exposure to those spaces, they can keep an eye out on your website and everything like that to find out more.
So then, to wrap it up, Adam, I did want to ask you two more questions, maybe. The first one is, what's the best money advice you've ever received? And what's something that you would want to leave the listeners with as advice for investing in the future?
Adam: Well, I think the best money advice I've ever sort of heard, which wasn't given directly to me, [34:00] but was really Warren Buffet having the bet about active versus passive. And over the long-time frame, he'd put all his money into a whole lot of passive managers, and they would outperform virtually any sort of active managers.
That to me was like, OK, well, this makes a lot of sense. And the sense there is that if you pay a lot of fees, in the long run, it's probably not going to be worth it for the active managers. Very few active managers have the skill, in my view, to maintain performance over a longer period of time, over different macroeconomic environments, and different liquidity environments.
So I would probably leave to the listeners my piece of advice: when you're thinking about portfolios that are going to be surviving for a long time for your investment, you really do have to look at the cost of maintaining those portfolios.
And that cost is not only the cost of having an advisor create a portfolio for you but also the cost that's embedded in the instruments within that portfolio. So you've got to think about the total cost of ownership of your portfolio. And if your total cost of ownership is heading towards 2%, you're probably paying too much. In the long run, that's not the sort of numbers that you want to be looking at. You really want to be thinking: sub 1%, including the cost of the funds, including the cost of the advice. And to me, that is why I really like the digital wealth space, because it can achieve those sorts of costs and create a good product for clients.
Philipp: Absolutely, that's great advice. So thank you for sharing that with our listeners. And last thing that I would like to ask you is what are you most excited about in the next 5 years when it comes to the investment space? Is there any particular area? [36:00] Any particular topic that you would say that you're super excited about?
Adam: I mean, really, within the traditional space, it's all about the new energy and new electric cars, electric vehicles and how they're going to be powered by rare earth metals and battery power that sort of thing. That as a segment is something that super interests me, and I think that there's access to be able to look at different ETFs around that sort of area.
Which I’ve spent quite a bit of time investigating and investing, I think that's interesting. And then, of course, this whole new crypto business model, which is a much earlier stage. But to me, it's something that's really worth investing some time to understand and having small allocations too.
Philipp: Awesome, thank you so much, Adam; this is super fun to chat with you here today. We really appreciate that there was lots of awesome advice for people. So I hope they will take that away and take it to better their personal financial side as well. So thank you again for spending this time with us. I know you're a busy man; enjoy the remaining summer in your home in New Zealand, and hopefully, we'll run into each other back in Singapore at some time.
In this episode, Adam Reynolds shares how he invests as he nears retirement, the crypto-space, and how he’s teaching his children about investing.
For past guests, visit stashaway.com/podcast
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Also, our lawyers would want us to tell you that the opinions of our guests are not necessarily shared by StashAway, that past performance is no guarantee of future results, and that what you heard is not investment advice.