That seems like a long, looking at the bare facts, that looks like a long shot.

I think that they'll get support.

One of the reasons they'll get support is the lack of choice that you just explained.

But you've got to take into account lots of reasons why they are.

You just talked about an exit in the stages before.

It's about underlying growth in our economy.

And look, firmness will get supported.

Where would be the parts of the market traditionally when you have very high rates or high rates that will struggle?

What's the actual business case for spending big on an event like that?

It's twofold.

We bring in what we consider great speakers.

Last week, we had Peter Costello in Melbourne.

And a firm that we've got a really close relationship with in Madrid, they told me about this about a decade ago, about providing these events.

And they said, if you do it well...

And I know it was in sort of their English, but they said it turns into like a wedding because everyone gets to know each other over time.

What does that actually look like in a client meeting? What questions are you asking that you feel like most advisors aren't?

Okay

... on the bu- not on the building ones.

So it's, you know, some people aren't tra- treating it that way.

Some are treating it that way.

Some are treating it as real estate.

But, you know, I think that this is the, what I heard was a lot of concern because markets have run so well.

You're seeing, you know, a lot of CapEx.

So, Will, would you explain to listeners what maybe sh- they should have more of in this environment in terms of asset allocation and what they should be trimming off if they might have overdone it in some quarters?

Let's just put an idea out there."

Yeah, yeah, yeah.

And it's, it literally was...

And I, the first time I tested this was, like, a, a little over a decade ago, um, when I was way more novice, and I'm like, "There's no way this is gonna work." But it, all it takes is you just write an email describing this experience, and it just has to be ...

It was, the, the, the framework of the email was inspired by Dan Kennedy's No BS Guide to Marketing to the Affluent, which, uh, it, it said that affluent people want, um, experience, exclusivity, and convenience.

So I was like, "Okay, I'm gonna desc- I'm gonna put together an event that is that." But, um, I kinda wrote the email first before [laughs] the experience even exis- I, I was like, "I don't wanna do all this work if nobody wants it, so I'm just gonna write the email and see if people apply." And then, so I wrote it, and I made it sound super cool, and tons of people applied.

It was $10,000.

Yeah

Under this arrangement, wouldn't it make more sense not to buy the one that's focused on growth because the tax is much sharper on the gain than it is on the income?

income?Uh, well, I look at total return, and I think you've gotta focus the total after tax return.

And I think to complicate this, that you got the domestic side where you got franking credits, uh, on income, but you've also got the fact that, you know, when you look at our market from the lows during the Iran conflict to our market to where it is now versus the US market, you've gotta look at growth opportunities and offshore, and offshore markets don't pay dividends, and for an Australian taxpayer, they're not franked because there's no franking credits a- attached.

So I do think you've...

Just by buying something based on yield versus, I think in the equity markets versus, you know, growth and trying to split that up, I always think that's a dangerous game.

You've gotta buy something based on total return.

But now you've gotta look at after tax return.

W- would you explain to people what they were and what has happened?