New portfolios, same investing journey | Monthly Portfolio Update

This is an EquityMate's media podcast. Everything you're about to hear is for education and entertainment purposes only. Whilst we are licensed we're not aware of your personal financial circumstances. Any advice is general advice. EquityMates operates under Australian Financial Services License 540-697. EquityMates is all about the journey of investing. In today's episode we're going to share with you the big changes that we've made to our portfolios over summer. Our core portfolio, what we've been investing in in our satellite and how we're thinking about 2026. Welcome to EquityMates a show where we explore what is possible in the world of investing. If you've just joined us for the very first time my name is Bryce and as always I'm joined by an EquityBuddy Ren. How are you? I'm very good Bryce, very excited for this episode. How could I not be? How lucky are we that we get to do this for a job? We get to learn about investing all day, talk about it, on the podcast, share it with the world. Hopefully makes some money. I was going to say hopefully get more and more people excited about investing as excited as we are. Today we're going to spend the whole episode talking about what we're learning and how that is translating to our portfolios. This is part of our monthly portfolio update that we're going to commit to throughout 2026. The start of every month we're going to go through what has changed in our portfolios. Perhaps nothing's changed but we will review the positions. Do we like what we're investing in? Do we want to get rid of any of these? Some of them if we've got no changes. We'll find ways for that. We're planning to talk about planning to talk about before we jump into it Ren. People might be wondering why on earth. I was going to say planning to talk about one non-finance thing to talk about for people watching on YouTube. What's going on? You've got a big blue cast on yourself. Well, it's actually quite a svelts and demula, a blue cast on my thumb. But yes, over summer I went skiing. The first time ever went skiing. My wife, she said she was an okay skier, turns out she's a very good skier. Classic. And I fractured my thumb. So yes, came back and didn't think I needed cast but now unfortunately I needed a cast. But since I've come back and said I fractured my thumb, like every man in his dog is like yeah, I've done that or yeah, yeah, I've done. It's just so common. All right, one other piece of housekeeping. The community survey is still live. It's your opportunity to provide us with all of the feedback that you have for what we're doing here at equity mates. It is a short one this year. There's only five compulsory questions. But we would really encourage you to fill out all of them because we do take all of your feedback seriously. And if you do complete it in full, you're going the running to win 500 bucks. Yeah, yeah. It really does help us shape what we do here at equity mates. To make your voice heard, help us build the next chapter and fill out survey. Link is in the podcast show notes or YouTube description or on our website, equitymates.com. So we're going to break today's episode into three parts. Firstly, we're going to go through the key changes that we've made to our portfolios over summer and January. We're then going to have a look at our core portfolios specifically. And then open the Pandora's box on our satellites and have a chat about everything else we've been investing in to varying degrees of detail. So yes, yes. Let's crack into the key changes. Ren, why don't you start? Okay, so I guess to pick up a conversation that I started last year while you actually weren't off and Simon was filling in, I was looking at changing my core. So I have changed my core portfolio again. And so I'll talk to that in a bit more detail, but that's probably a big change. But I'm much happier with it now. That's a lot of sleepless nights over summer. No, no, just whenever I thought about it, I just didn't seem right. Yeah, it didn't feel like it was quite there. So I feel like it is now, which is good. Another big change, I've sold all my active managers and thematic ETS, except for one. And the reason that I've sold them is because I've closed my knob equity builder loan. So for people unfamiliar with this product, it's a loan where you can borrow money, invest in stocks. But rather than a margin loan, it's a principal interest loan, similar structure to a mortgage. And the reason that that's preferable is if the market drops, you don't get a call from the bank saying you need to put more collateral in, which is a margin call, which is what you could get with a margin loan. And so, in our opinion, it's a better structure of product for long term investing. But the reason I'm closing it down is I'm in the process of redrawing equity from our apartment as a loan. And Alice and I are going to use that to invest. And that is enough leverage for me. And so, I don't need the knob equity builder as well. And obviously, the interest rate redrawing from your mortgage is better than the interest rate that knob charge. Yeah, I was just going to give a call out on the knob equity builder as to keep an eye on that interest rate because that is the, I would say the one not downside. Definitely downside. Well, yeah. It is quite a high interest rate. Yeah, it's what, like, I think it's now mid-sevens or height. And if you know, if you say like your long term expected return in the share market is between 8 and 10%, and you're paying 8% interest, you know, like there's not a huge differential there. Obviously, you do get the tax benefit of that interest being tax deductible, but it is a watch. Once I do that, what I'm going to do with active managers, because I still do want some active management and thematic ETFs, I'm going to do that through Hub24. And we've recently both gone through the process of getting advice, financial advice. Not together, we don't do everything together. It just so happened that we got it at a similar time. That would be interesting without wives. What are your goals? Yeah, all four of us. Although if we did combine our money, imagine what we could invest in. Wow. Anyway, so Hub24 is a platform that is available through financial advisors. Yeah. And it's pretty good because it gives you access to a whole range of unlisted funds through the platform with no minimum investment. And so I'll do my active managers through there. The only active manager that I'll do outside of that is Luke Larative, who we've had on the show recently. And the only reason I'm doing him separately is because he's not available on all these well-slapped loops. Yeah, sure. So the first update is change my core. Second update is I'm in the process of changing active managers. And then finally, the third change is I'm adding an income sleeve to my portfolio. Okay. The rationale in thinking there is I want to build kind of like I think of it as like an all-weather income portfolio. Like regardless of what the market is doing, I would like to build something that pays consistent income that I can then reinvest back into the market. So I'm investing when the market's up. And I can invest even more, I'll buy even more when the market's down and on sale. So that's the sleeve I'm building out. I'll talk to the specifics of it in a bit. But yeah, I guess that's a new element to my portfolio. And it opens up a whole new world of income products that I'm sure we'll speak about throughout the year. But at a high level, there are three changes over summer. What about you? What big changes for you? So as I spoke about, I think it was last week or the week before, the biggest change was to sold everything, which was I think a surprise to a lot of people seeing the title. But I didn't sell everything and then walk away from investing completely. What I did was sold everything as did my wife Harriet, sold everything. I used the proceeds from that and some external cash to pay down chunk of the mortgage. And then similar to you have then redrawn in an investment line to then go on and invest in the stock market. So that was the sort of the first process. And the reason for that was to get it all into the mortgage environment. So it's turning non-deductible debt into deductible debt. And also we needed to get it into our into a trust structure so that Harriet and I have flexibility long term. Yeah, now there's a bit of jargon there but the important thing for people understanding why that structure makes sense when you say non-deductible debt is if you just an owner occupy a paying off your mortgage, the interest payments are not tax deductible. But as soon as it is for an income producing purpose. So if you've got an investment property or if you redraw equity from your own occupied home and use it for an investment purpose, then that interest is tax deductible. So then January has been spent redeploying that back into the market and also building out what I went through a couple of weeks ago which was like my target portfolio. And if people haven't seen that episode, we'll include a link in the show notes but you're going to go through it a bit later here. So started building out the portfolio focusing firstly on the core. And similar to you have been redeploying into different brokers based on the strategies. So my core is now through Beatash As Direct. All of my thematics are through Beatash As Direct and I'm going to be using them for my Aussie stocks. The reason for all of this is because they have an easy simple trust setup which is what is the what is the barrier for a lot of these brokers at the moment is to set up in a trust account. So Beatash As make that very easy. Okay. So yeah, the obvious question then is are you not going to be buying US stocks? I have my fingers crossed that Beatash As will eventually get US stocks. But in the meantime, I'm doing US through stake. Okay. And I'll just do a broker transfer. Hopefully if Beatash As Direct get US. And so US through stake. Yeah. Are you just going to do that in your personal name? No, still through a trust structure. They're the only one that allows me to set up in this trust structure that I have, which is an ABN. I can't not trust me. No, that's not true. But if you're going to set it up through stake. Yeah. If you're going to go through the rigmarole of getting a trust set up there, then you've got it set up. So why don't you just do Aussie and US in the same environment? Because I'm backing in that Beatash As will also do zero dollar brokerage. Oh, okay, it's a brokerage cost player. Three dollars brokerage, three dollars US. Exactly. It's just that stake gives us access to the US. Yes, it does not allow me. Fingers crossed. Fingers crossed. And then finally similar to you, Ren, using Hub24 for active managers and private equity. It is a gripe of ours that not everyone gets access to these platforms. You do have to get an advisor to get access. I mean, to pull the curtain back on the equity makes journey at one stage, we designed a platform that would give access to retail investors. And we tried to convince people that we could build it. Unfortunately, not many people thought we could build it. That's true. But it is, it is a problem with Australian finance that the more money you have, the more access to opportunity you get. Yeah. At lot of minimum investments. Yeah. But anyway, we will do what we can. It is what it is. The good news is for everyone, regardless of how much money you have, there's never been more opportunity. All right, let's turn to our cause. You've probably had the biggest change to yours. So again, maybe I'll start with you. Sure. So when you went on leave last year, my core portfolio was set up across four ETFs. One that tracked the US, one that tracked Australia, one that tracked Europe and one that tracked Asia. And every fortnight, I would put an equal amount into each four of those ETFs. That was my core. Simple, elegant, understated. Yeah. But then there were two things that I wanted to change. So one was I wanted to add some leverage to my core portfolio. And that was just, you know, it obviously enhances the risk. It enhances the downside if the market falls. But we know that over the very long term markets trend upwards driven by new companies, new ways of doing business, a new innovation. And so I wanted to increase my exposure just to the overall market. And you can do that with leveraged ETFs. Yeah. So that was point one. And the second thing was I put my brokerage costs into a compound interest calculator and just did the maths on eight bucks of fortnight over 30 or 40 years compounding. I think I did compounding at 13% a year. You got to be ambitious. Yes. And it was something like, you know, 200 grand. And I was like, it even though $2 a trade, which was the platform I was using doesn't feel like a lot, it feels like 200 grand in 30 or 40 years is a lot. Yeah. And it's a pretty easy change. So I also was like, I'm as, if I'm changing it, I may as well change to zero brokerage. Yeah. So when I worked through it a bit on the podcast last year, he was changing his core portfolio. He also wanted a bit of leverage. And I worked through it. Where I ended up was a two ETF portfolio, 60% in GHHF, a leveraged or world portfolio. But it is quite heavily weighted to America and Australia. And then I wanted to supplement it up. Yeah, that leverage, yeah. And then I supplemented that with another ETF, XUS, EXUS. It was basically the developed world, X, the US. So right now we know that the US dominate global markets in an all-world ETF. If you just track the global index, the US is more than 70% of that index. So this just gives you some non-US exposure. Obviously, you know, like China's turning around, there's a lot of conversation about Japan. But there's a lot of exciting stories happening in Asia. Obviously India gets a lot of people excited. So I wanted to make sure I had some exposure to that in my core portfolio. So long story short. Nice. Where I have landed is my core portfolio that I've deployed my money into, that I'm dollar cost averaging into is made up of three ETFs. 70% goes into GHF, the leverage diversified global ETF. 15% is going into XUS, which is developed markets outside the US. And then 15% goes into an emerging markets ETF, which is predominantly Asian dominated at the moment, but it has, you know, South America and the like as well. And so when I looked through that portfolio at the underlying holdings and accounting for the leverage, I'm basically 125% exposed to the market because of the leverage. And the numbers work out this way. So 34% Australia, 40% the US, 30% developed world XUS. So, you know, Europe, Canada, the like and then 21% emerging markets, which is dominated by China, Taiwan, South Korea. And then from there the rest of Asia and some South America. Nice. So yeah, that's for me gives me global exposure in relatively equal weights. I'm okay with a bit more weight towards the US. Just to, I guess, tie off the two reasons for which you changed, which was leveraged. That's ticked by GHHF. The second component was zero brokerage. Why does the change to these three ETFs give you that? So I'm on beta shares direct and they offer zero brokerage and the ability to automate your investments as long as they're beta shares ETFs. Yeah. And so these three are all beta shares ETFs. So yeah. Because yeah, as you said, the zero brokerage is the key component. The key reason for change was leverage. Zero brokerage was a nice to have if I could get it and I can't get it. Nice. Yeah. Do you think about leverage on leverage given that you're borrowing against the house and investing that way? I think about it, but I'm not worried about it. As long as I can afford the interest payments on the mortgage. Yeah. And because it's interest only, the repayments are lower than if you're also trying to pay off the principle. So I'm comfortable with the repayments. I know the power of getting as much money into the market as soon as possible and giving it time to grow and compound over time. And even if things fall in the short term, like I'm comfortable and confident with that level of risk. I'm confident that things will turn around and keep growing over time. That's what centuries of stock market history tell us. And I don't see any reason why I should think that will change. And the gearing on GHHF, I think is 30 to 40%, which as you said, gives a total, you know, about 120 to 130% or thereabouts. Yeah. So the gearing on GHHF is between 30 and 40%. Yeah. But because that's 70% of my portfolio when I factor in the others. And then I assumed the midpoint of that gearing range. So I assumed 35% on 70%. Overall, my whole portfolio is 125%. A lot of percentages there, but I guess the point is the non-leveraged ATFs just dilute the level of gearing in the portfolio. Now, if you've just joined us for the very first time, a lot of that might sound a little overwhelming and complicated. The key takeaway here is that if you wanted to just have a one-stop-shop core portfolio, GHHF or its sister, DHHF is definitely a place for you to start your research because that is an all-in-one, as Ren said, ETF. They'll give you global exposure. You don't have to worry about all the other bells and whistles. All right. I've spoken enough. Why didn't I hand it over to you? You introduced us to your core portfolio a couple of episodes ago on what he made. So why don't you give us a quick update? But I guess more importantly, how has it actually gone? Yeah. Putting some of that money to work. Yeah. So the big changes, firstly, are the total weighting of my core portfolio. I'm going from about 70% now to a target weight of 50% of the portfolio. The other big change is I'm actually moving away from the two geared ETFs that I had in my previous portfolio. So for U.S., I had GGUS, which was a geared U.S., and then for Australia, I had a gear, GEAR. The difference with those two versus some of the other geared options that Betash has now have was that they were quite heavily geared versus alternatives, which I was very comfortable with at the time. But for how I'm using borrowing now in the portfolio, I think for me it was probably a bit too much gearing to a part of overlay on top. Now for people who aren't in our Facebook discussion group, you missed a big debate about prices opinion there. Some people believe that debt recycling isn't adding leverage. You think it is. I think the important takeaway is that everyone builds their own portfolio based on their own goals and time horizon, and risk tolerance, and prices perfectly entitled to do whatever they like. But go and join our Facebook discussion group if you want to see the debate. It all ended amicable. Yeah, absolutely. I appreciate that there were bus discussions. Yeah, it was good. It was good. Did it make you change your mind about anything? No, not at all. Stubborn as a viewer. Probably should have borrowed more. What this leads to is a change in the underlying portfolio. What doesn't change, though, is I'm still doing four ETFs to give global exposure. To get US exposure, I'm going IVV, which is the I shares S&P 500 Asia. I'm sticking with VAE, the Vanguard Asia-X Japan Europe. I'm going VEQ, which is the Vanguard FTSE Europe, and then Australia. I am actually doing a geared for Australia. It's the G200. It's the Betishez Wealth Builder A200. The reason for that is the gearing as far more moderate than what I was in before. So the question that comes out of that is you're doing it on Betishez, direct? Yeah. It's not automated? Not at the moment. So what's your plan long term? Obviously, we've spent a lot of time on the show. We've even written a book about the power of automating your investments in dollar cost averaging regularly. You're right, Ren. We did write a book about the power of automation. Still strongly believe in that, absolutely. Everything in the process is automated at the moment, transfer of cash to the brokerage accounts. But at the moment, I'm going to be doing the purchase on a monthly basis manually to avoid the brokerage. I think given that we're doing this manually every month that I work in a finance media podcast. Yeah, okay. My attention is solely focused on this portfolio. Right, okay. And who knows what will change over time, but for now, that's how I'm approaching it. There's a lot of great brokers out there in Australia. I think there's a list of more than 30 online brokers, and they all compete on different things. And some are definitely better than others. But in terms of a unicorn that takes every box, we're yet to quite find that. We're getting closer. Yeah, yeah, yeah. A lot of pushing hard towards unicorn status. So keep investing and keep building. Yes. We'll celebrate you when that is the case. Yes. But yeah, it's not quite there. No. So those are my four underlying ETFs. I want to keep them as four because I have a little bit more control. I mean, even if we look at how they've performed this month, I mean, S&P 500 down to a half percent, but the Asia one is up seven percent. So that's the point around having control over, I guess, individual ETF positions. You asked how am I going actually deploying that of all funds going towards the core. I've deployed about 20 percent. And so that's just going to be a process over the coming month or so. I would imagine by this time next month, it'll be 100 percent deployed. Nice. All right. Well, let's take a quick break here. I think we've covered our cause enough. Yeah. On the other side of the break, let's talk about some of our satellite investments in individual stocks and fund managers and thematic ETFs. Welcome back to equity mates. Today we are kicking off our monthly portfolio reviews. This is something we're going to keep doing every month where we unveil what we own, what we're buying, what we're selling. And most importantly, the reasons why come with us on the journey. A reminder though, as you do come with us on the journey, these portfolios make sense for us, our personal circumstances and our goals. So don't just blindly follow what you hear today. Do your own research and decide what is right for you. But hopefully this gives you some ideas to research some rabbit holes to go down. Now, by speaking of rabbit holes, we've covered our core portfolios, but now we're going to get to the satellite. And I'm interested to know what rabbit holes you've been going down as you think about fund managers and stocks and different assets you want to complement your core portfolio. As I said, if you've just joined us, I did a bit of a discussion on the target investments that I'm going to be looking at a couple of weeks ago. So go back and review that. I haven't fully deployed 100% of the satellite. So what I'll do today is just go through some of the positions that are fully deployed. And then as I build out direct stocks and the like, we'll talk about that in more days. We've got to do one of these every month. So, you know, we've got to talk about it. We've got plenty to talk about in coming months. So what I have fully deployed into are my small cap active managers. Okay. I'm outsourcing to the experts to go out and find the small and mid cap companies that I've never heard of and unlikely to invest in myself. So, for the Australian exposure, similar to you, Ren, I've gone with Seneca, small cap fund or small companies fund that's look larydive. And then I've got two small cap managers for global exposure. I've gone with Orphea, the fund is the Orphea Global Opportunities Fund, and then also the Munro Global Growth Small and Mid cap fund. Now, if you want to learn more about any of those three funds, we've actually spoken to the Chief Investment Officers or their equivalents. At each of those funds. So, look larydive, you can listen to him on equity mates. Nick Griffin from Munro, we've spoken to a number of times. And then Andrew Mitchell from Orphea, I actually spoke to recently in December last year. So, if you want to know why Bryce loves those funds, I'm sure your research started and ended with the equity mates interview. Always, Ren, always. That's all you need. Maybe you didn't end them. Definitely, you know. Definitely started, yeah. So, between the three of them, I'm going to get pretty good global exposure in small and mid caps. I did the work as well to ensure that between Orphea and Munro, they're both global. And they don't have huge overlap in underlying positions, which I think is important. You don't want to be choosing asset managers that are really all investing in the same thing. Yeah. So, they obviously have different approaches as to what they're investing in. In terms of the track record as well, Munro, it's only been around since 2023, but they've been doing 38% per annum. Orphea has been around a little longer. The fund started in 2018, and they've been doing about 20% per annum. Luke, as well, has had pretty strong returns over the last 18 months. I think he's over 30% per annum. Yeah, yeah, yeah. So, some of them are quite short track records, but Munro and Orphea have other funds that have longer track records as well that you can look at. I guess, generally, reminded the purpose of the satellite is to try and beat the core. Yeah. And so, I'm expecting some pretty solid returns from these guys over the coming years. Yeah, yeah, yeah. Otherwise they're getting the flu. Otherwise they're absolutely getting the flu. That's the beauty of being an investor. There's always more opportunity than what you can invest in. That's it. Yeah. Now, two other positions that I probably won't be adding to anymore in the short term is Bitcoin. I'm fully deployed into Bitcoin, and that is like actual currency. I've done it through SwiftEx. How much of your portfolio is in Bitcoin? Only 2%. Okay. Which is lower than what it was before for you. As a percentage, it is. Yeah. Yeah. Far lower. My original portfolio grew to 14%. Yeah. But I think that was way too risky. Yeah. Yeah. So, 2% of the portfolio is Bitcoin, and about 2.5%, 2.7% of the portfolio has also been invested in gold. Okay. You're chasing the latest meme stock chase. You're seeing the latest meme stock. You didn't go silver? No, I didn't go silver. And that is through Betish's QAU is the ticker, and it's the hedged version. Yeah. So, you can't be hedged. You removed the US dollar AU Aussie dollar movement from the returns. That's right. Yeah. Those positions are fully deployed. I'm happy with them. And from here, I'll start looking at the private equity positions. This is my thematic ETFs and direct stocks. Nice. Love that. Just a side note on gold. We shared a chart on our Instagram. Since 2000, the US S&P 500, up 700%, I think, including dividends, gold, up 1500%. Wow. It's nuts. It's nuts. Remember when early equanimates days, we were talking to Felder and he was just hard on gold. Yeah. Yeah. Yeah. That's why you listen to equanimates. All right. So, if we turn to U-Ren and pick up where we started at the top of the episode, which was a portion of your satellite was building out an all-weather income sleeve. Yeah. Well, just before we get there, I just want to acknowledge that I have an individual stock portfolio. It's currently 20 stocks. And I think maybe in the next one of these monthly portfolio updates, we can do a deep dive on the names, some of the recent additions. I think, for this first one, I'd flagged at the top that income is now a goal for part of the portfolio, for a particular sleeve of the portfolio. And so I think that's worth us spending the time talking about because it's new. Yeah. It's unusual. Like, I think me in particular, but both of us have traditionally been off the passive income chase. We've always said building passive income is a two-step process, build your assets, and then invest in our assets that can produce income rather than trying to invest in things that pay income when you don't have a lot of money. Yeah. Yeah. It's the boomer sleeve of your portfolio. It is the boomer sleeve. Some call it risk management. As a total percentage of portfolio, what are you hoping this to sort of represent? This and my core ETFs are going to sit together in our trust. Alice and I have a trust together. So adding up everything, including the money that I'm going to borrow from the mortgage and invest, it'll be between 5 and 10 percent, probably close to 10 percent. Okay, nice. So not a huge amount. Don't worry. I'm not going full income. 64. But yeah, the goal is it's kind of like obviously Alice and I are going to take a portion of our salary every four at night and invest it. But what I'm hoping is that this can also contribute to that dollar cost averaging. Yeah. Well, obviously connect the, like there's the tax saving on the interest that we pay on the mortgage and that can kind of net off this income to make it a bit more tax efficient. And then what I'm really thinking is over the long term markets will be up, markets will be down. If this can pay consistent income, then it will be able to consistently dollar cost average more than just what we can from our salaries. And are you targeting a particular return from the income? Yeah. I guess it's sort of like you could sit that in four and a half percent, five, five percent of the account. Yeah. But then you know, interest rates that get cut and all of a sudden four and a half percent is three. Yeah. So are you, yeah, do you have like a target or are you just going for the products that can maximize? I'm going for products that are high yielding products. Why don't I just talk to the products? They don't get a sense of what I'm going for. So, and I should say that this sleeve isn't fully formed. Like this is a work in progress. I'm figuring out like I've been exploring different income products. And so if you have ideas of income products that you like, let me know in the comments on YouTube on Spotify because I would love to hear them. But so far there's three holdings in this. So the first one is a private credit fund. Yeah. The aims to yield between eight and nine percent. It's not an Aussie fund. It's a US fund. The second is E-Cred, which is an ETF that buys investment grade corporate bonds and the junior debt of the big four banks in Australia. But then leverage is it? Nice. And so that, that pays sort of a seven to eight percent yield. And then the third holding is royalty. ROIL is the ticker and it's an ETF that owns companies that get paid royalties, that own royalty streams and it pays out as a yield, sort of between five and six percent. Nice. Yeah. And is it all targeting monthly? Monthly or quarterly? Nice. You're missing out on the premier bond investor of the Australian financial world. What's he going to do? No, I don't know. I have to go and have a look. I think he's yield. I think it's YLDX or something along those lines. He has, it's a good shot. I actually haven't thought of that. That's why we do this podcast together. He has a leveraged bond ETF. I'm pretty sure it's only on SIBO from memory, but we can look into that for sure. The other one that I looked at is I'm considering is some of these covered call ETFs, but I just what I haven't done the work on is thinking about how they will move in different markets relative to some of these other products. So obviously when markets are good, royalty, has a consistent income stream, but it obviously has capital growth as investors are willing to pay more and more, like higher multiples. But then it will be more volatile on the downside. What I'm hoping is that some of this investment grade debt, particularly the big four banks, that'll be more resilient on the downside. Private credit, you would hope would be uncorrelated. There's obviously concern about private credit, but the manager I'm with, I feel relatively confident in. So yeah, for me, it's like what I would like is different things to work best at different times, to kind of be that all-weather income stream. And so then did you just set it up with a sort of dollar figure in mind of what you thought would be your sort of target? Yeah, I think we'll just top it up as we go. Yeah, so to work in progress, still trying to figure out exactly what should be in there. But I think for me, it's just I want a dollar cost averaging machine that will keep working away. You know, if equity mates falls over, if Alice takes time off maternity leave, like whatever life throws at us, hopefully the dollar cost averaging can continue and that's kind of the thinking behind it. Nice. Well, those are some of the positions in the satellite for both of us, plenty more to unpack. That's why we're going to do this every month. We'll also continue to talk about it on segments throughout equity mates. There's some stocks for us to go through. There's more managers to talk about. There's plenty. There's so much to talk about. There's plenty happening. Luckily, we do two of these episodes a week. So wherever you're listening, make sure you're subscribed so you don't miss it. But that does bring us to the end of today's episode. A reminder to please fill in the community survey. We love hearing from you. Good or bad so that we can continue to improve what we're doing here at equity mates and bring you on the journey. Let us know what you think of our portfolios as well in the comments. This is a journey that we're all on together and the feedback is welcomed, you know, if you think we're missing things or if you think there are products that we could add to our portfolios, let us know because it is actually really helpful. It is. It is. Well, that does it. Thanks for listening and watching, as always, we'll be back next episode. You have been listening to an equity mates media production. In the spirit of reconciliation, equity mates media acknowledges the traditional custodians of country throughout Australia and their connections to land, sea, and community. Repay our respects to their elders past and present and extend that respect to all Aboriginal and Torres Strait Islander peoples today. This podcast is intended for education and entertainment purposes. Any advice is general advice only and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant product disclosure statement and if you're unsure, please speak to a financial professional. The hosts of this podcast and their guests may have positions in the companies mentioned. Equity mates media operates under an Australian financial services license 540-697.