But how do you come at the question of how much is enough and whether these settings are going to be enough?

Yeah, I suppose there's two key, key ways to think about it, Catherine.

One is, um, in terms of averages, really difficult to look at averages and just try and solve for the average because everyone's circumstances is different.

So first of all, you need to think about someone coming into retirement, where are they at? Um, and it, it varies widely.

Um, so fifteen percent of people in retirement still have a mortgage, another fifteen percent are renting.

Um, and, you know, the Retirement Commission says forty percent in retirement have virtually no income beyond New Zealand Super.

So you've, you've got a, at one end, you've got people that need help and need assistance in retirement.

But the, th- let's just start at the six point six that National's put up, which is the higher of the two policies out of the two biggest parties, right? Uh, i-i- is that where things should be as far as you're concerned, or again, would you go even higher? What do you make of the six point six, the six plus six?

What have you seen in the ethical investing that could challenge that?

Yeah, no, good question.

And that's often where a lot of people go to straight away is, is there a compromise on returns? And, you know, let's be really clear with ethical investing, it is investing.

It's not philanthropy, it's not charity, it is investing.

And at Pathfinder, we're managing people's KiwiSaver money, it's their retirement money, huge responsibility to generate the best returns we possibly can for their retirement.

So around returns, firstly, I'd say, you know, go on Claude or ChatGPT or Google and ask that question and you will find universally the evidence globally, the academic evidence globally is that long-term returns are not impacted by ethical investing and you'll get at least a market return.

So first thing is that the data are showing that.

Yeah.

Well, you

know, sadly right now, a number of our wild bird species here on the islands are experiencing real threats.

And for our honeycreepers, which are small nectar gathering birds, they are facing the most serious threats and populations are crashing in the wild.

And it is not often where the State Department of Land and Natural Resources and the US Fish and Wildlife Service sort of declare an emergency and ask to bring in a wild population that could serve as an arc for the future if we lose the populations in the wild.

But both have done that now.

And at the Honolulu Zoo, along with our partner, the San Diego Zoo, working with many partners on the island, and just are right now focusing on a bird called the ani-aniao.

And it was protected and had survived all these years on the mountaintops of Kauai.

Yeah.

Are there sort of redemption risks that you've got to kind of account for with whoever's in there?

Absolutely.

Look, a diversified portfolio should have an allocation, a large allocation to listed markets, a small allocation to private markets.

At the moment, across all KiwiSaver, the number is about 2%.

It's very, very low.

It's only 20 in Australia, isn't it? Correct.

It's close to 20 in Australia.

Can you imagine what some of those KiwiSaver funds would look like if they'd bought SpaceX stock somehow 19 years ago, right? They'd be absolutely...

Are there sort of redemption risks that you've got to kind of account for with whoever's in there?

Absolutely.

Look, a diversified portfolio should have an allocation, a large allocation to listed markets, a small allocation to private markets.

At the moment, across all KiwiSaver, the number is about 2%.

It's very, very low.

It's more like 20 in Australia, isn't it? Correct.

It's close to 20 in Australia.

what some of those KiwiSaver funds would look like if they'd bought SpaceX stock somehow 19 years ago, right? They'd be absolutely...

If we do in fact see a total reopening of the Strait of Hormuz, as Donald Trump seems to be saying will be the case, how long do you think it'll be before trade gets back to normal?

Well, some time.

Uh, when it comes to energy, uh, it may never get back to a pre-conflict, uh, normal.

That's because once shippers start to return to sending their vessels through the strait, which could take some time because there'll still be some nerves around whether this agreement could collapse and there could be a return to fighting, or there could be an errant mine or something like that.

So already there's gonna be a fairly slow and cautious rebuilding of traffic, one would think.

But then the other question is just how much damage has been sustained to the oil and gas production and the fertilizer production and the other facilities in the Persian Gulf, many of which have been struck by drones and missiles during the fighting.

We just don't know whether some of that production is permanently damaged.

And which other commodities will analysts like yourself be watching closely to see how quickly the supply back into Australia improves?

We wanted to know why Hawaii?

First, my partner of 30 years is a local boy, my husband, Curtis Yee.

And he went to, let's see, Lincoln, Robert Louis Stevenson, and Roosevelt.

So, you know, he goes way back.

And we've been together 30 years.

And he'd followed me around everywhere.

And it got to be time for thinking about, well, maybe we're going to be near retirement, but let's go home.

Do you see things that you'd like maybe changed or improved on or, you know, I guess kind of what's your first reaction?