WEBVTT 00:00:00.000 --> 00:00:02.919 So it's no secret that on the back of the Magnificent 00:00:02.919 --> 00:00:05.740 Seven, all this hype around AI, the stock market 00:00:05.740 --> 00:00:08.259 has gotten pretty darn expensive. Now, of course, 00:00:08.259 --> 00:00:10.339 we can argue that point depending on whether 00:00:10.339 --> 00:00:12.779 you're a growth investor or a value investor. 00:00:13.119 --> 00:00:15.220 But just objectively, we're currently staring 00:00:15.220 --> 00:00:18.579 down the barrel of a Shiller PE of around 35. 00:00:18.739 --> 00:00:21.320 And that's roughly double what the historical 00:00:21.320 --> 00:00:24.179 average is. And what that means is that investors 00:00:24.179 --> 00:00:26.920 right now who are buying into the market are 00:00:26.920 --> 00:00:30.019 willing to pay 35 times the earnings of the stock 00:00:30.019 --> 00:00:32.939 market just to own it. If you rewind back to 00:00:32.939 --> 00:00:36.759 2009, for example, after the GFC, investors that 00:00:36.759 --> 00:00:39.060 were scared out of their wits were only willing 00:00:39.060 --> 00:00:42.740 to fork out 14 times the earnings. Now, there's 00:00:42.740 --> 00:00:45.539 probably an argument to be made that the historical 00:00:45.539 --> 00:00:48.380 average doesn't quite apply to modern times, 00:00:48.380 --> 00:00:51.179 but still having a look at the Shiller P, it 00:00:51.179 --> 00:00:54.719 seems reasonably obvious that 35 is still pretty 00:00:54.719 --> 00:00:57.520 high. In fact, it's the third highest point in 00:00:57.520 --> 00:01:02.710 history. three behind 2021 and 1999. And we all 00:01:02.710 --> 00:01:04.909 know what happened in both of those occasions, 00:01:04.909 --> 00:01:07.989 but this begs the question, if you're a passive 00:01:07.989 --> 00:01:11.189 investor, that being someone who just buys index 00:01:11.189 --> 00:01:14.909 funds, what do you do? Is it a wise idea to still 00:01:14.909 --> 00:01:16.989 be putting lots of money into the market when 00:01:16.989 --> 00:01:20.209 it's clearly quite high? Is it better to reduce 00:01:20.209 --> 00:01:22.349 the amount of money you're regularly investing 00:01:22.349 --> 00:01:25.450 or even stop until the market and the Shiller 00:01:25.450 --> 00:01:28.359 P normalizes a little bit? Well, that's what 00:01:28.359 --> 00:01:30.799 I want to cover in this video. And to help answer 00:01:30.799 --> 00:01:33.599 those questions, I want to introduce this guy. 00:01:33.939 --> 00:01:37.239 He's the grandfather of passive investing, Mr. 00:01:37.439 --> 00:01:40.400 Jack Bogle. And the reason why you might know 00:01:40.400 --> 00:01:43.420 him is because he is the founder of the Vanguard 00:01:43.420 --> 00:01:46.019 Group. It's kind of sad when we talk about great 00:01:46.019 --> 00:01:49.000 investors of history. We talk about Ben Graham 00:01:49.000 --> 00:01:51.719 and Warren Buffett and Charlie Munger and so 00:01:51.719 --> 00:01:55.219 on. But Jack Bogle rarely gets a mention. However, 00:01:55.480 --> 00:01:58.560 truth be told, he is probably responsible for 00:01:58.560 --> 00:02:01.340 more wealth generation around the world than 00:02:01.340 --> 00:02:05.000 any other investor. He sadly passed away in 2019, 00:02:05.099 --> 00:02:08.259 but all throughout his life, he was a huge ambassador 00:02:08.259 --> 00:02:12.189 for simply tracking the market. Market. And what's 00:02:12.189 --> 00:02:15.969 interesting is back in 1997, as the stock market 00:02:15.969 --> 00:02:19.389 was forming into one of its biggest ever bubbles, 00:02:20.090 --> 00:02:23.069 Jack actually gave a speech on investing during 00:02:23.069 --> 00:02:25.949 overvalued markets. And to be honest, it's kind 00:02:25.949 --> 00:02:29.330 of crazy how well that lines up to today's conditions. 00:02:29.729 --> 00:02:32.389 In short, it seems to me that speculation betting 00:02:32.389 --> 00:02:35.969 on higher and higher valuations is in the driver's 00:02:35.969 --> 00:02:38.180 seat. Investment betting on the fundamentals 00:02:38.180 --> 00:02:40.939 of dividend yields and earnings growth is in 00:02:40.939 --> 00:02:43.800 the back seat, probably even in the rumble seat. 00:02:44.080 --> 00:02:46.580 But when speculation drives stock returns in 00:02:46.580 --> 00:02:49.180 the short run, while it drives stocks returns 00:02:49.180 --> 00:02:55.259 in the short run, the crystal clear lesson of 00:02:55.259 --> 00:02:58.439 history, at least for the past 200 years, that 00:02:58.439 --> 00:03:02.039 in the long run, fundamentals drive returns. 00:03:02.439 --> 00:03:04.460 And just like you were seeing in the run -up 00:03:04.460 --> 00:03:07.860 to the tech bubble, we too face a situation today 00:03:07.860 --> 00:03:10.120 where a lot of the stock returns we're seeing 00:03:10.120 --> 00:03:13.659 are based on speculation as opposed to fundamentals. 00:03:13.919 --> 00:03:17.120 I mean... We've seen the Magnificent 7 rise to 00:03:17.120 --> 00:03:20.020 incredible valuations based on a future promise 00:03:20.020 --> 00:03:22.740 that we're unsure will eventuate. We're seeing 00:03:22.740 --> 00:03:27.419 Meta and Google at a PE of 27, Apple at 29, Microsoft 00:03:27.419 --> 00:03:32.240 at 37, Tesla at 45, Amazon at 50, and Nvidia 00:03:32.240 --> 00:03:36.169 at 62. But as Jack notes, in the long run, it's 00:03:36.169 --> 00:03:39.569 always the fundamentals that drive returns. So 00:03:39.569 --> 00:03:42.229 that leaves us with two possible outcomes. A 00:03:42.229 --> 00:03:44.770 world where AI lives up to the hype and earnings 00:03:44.770 --> 00:03:48.750 rise to justify the new valuations or situation 00:03:48.750 --> 00:03:51.990 where AI fails to deliver in which these big 00:03:51.990 --> 00:03:55.250 stocks that support the market. get repriced. 00:03:55.469 --> 00:03:57.229 And funnily enough, that's basically the exact 00:03:57.229 --> 00:03:59.610 point Jack talks about in this next clip. So 00:03:59.610 --> 00:04:01.729 that tension has to be resolved. Let me give 00:04:01.729 --> 00:04:08.750 you two extreme possibilities. One, a market 00:04:08.750 --> 00:04:12.689 drop of 35%. This would lower price earnings 00:04:12.689 --> 00:04:16.670 ratio to a more NOR ratios to a more NOR normal 00:04:16.670 --> 00:04:20.509 level of about 13 times. This is hardly a doomsday 00:04:20.509 --> 00:04:24.699 scenario. Two, we're in a new era in which stock 00:04:24.699 --> 00:04:30.060 returns average 15%. In short, a new era of boom 00:04:30.060 --> 00:04:33.220 times and high valuations that would justify 00:04:33.220 --> 00:04:36.000 today's price levels. Now, of course, it could 00:04:36.000 --> 00:04:39.040 happen, but I wouldn't bet the ranch on it. The 00:04:39.040 --> 00:04:41.939 US stock market, however, seems to be betting 00:04:41.939 --> 00:04:45.579 the ranch on it. It's priced, I think, for the 00:04:45.579 --> 00:04:48.779 best of times and only for the best of times. 00:04:49.259 --> 00:04:53.120 Is this speech actually from 1997? It's actually 00:04:53.120 --> 00:04:55.579 a little bit scary how well all of that lines 00:04:55.579 --> 00:04:58.899 up to what we see today. And I think many investors 00:04:58.899 --> 00:05:01.720 would agree with Jack's statement today. The 00:05:01.720 --> 00:05:04.160 stock market is pricing in the best of times 00:05:04.160 --> 00:05:07.240 and only the best of times. And while the best 00:05:07.240 --> 00:05:09.800 of times may eventuate, Jack certainly wouldn't 00:05:09.800 --> 00:05:11.939 go betting the ranch on it, but with that said, 00:05:12.279 --> 00:05:14.939 that obviously makes it a lot harder psychologically 00:05:14.939 --> 00:05:17.540 to put money into the market right now. Right. 00:05:17.779 --> 00:05:20.240 For example, I am in part a passive investor 00:05:20.240 --> 00:05:23.079 and in part an active investor. But when it comes 00:05:23.079 --> 00:05:26.240 time to add more money into my chosen ETFs or 00:05:26.240 --> 00:05:29.899 my dollar cost averaging plan, I can see I win 00:05:29.899 --> 00:05:33.180 on bike eat down. I always have this grimace 00:05:33.180 --> 00:05:36.339 when the market is at all time highs. There's 00:05:36.339 --> 00:05:39.120 just something about it. It just does. feel great 00:05:39.120 --> 00:05:42.319 sinking a lot of money into your long -term investments 00:05:42.319 --> 00:05:45.079 when you kind of know in the back of your mind 00:05:45.079 --> 00:05:47.759 that the market is pretty expensive. It's kind 00:05:47.759 --> 00:05:50.379 of like paying full price for a bit of furniture 00:05:50.379 --> 00:05:53.839 a few weeks before Black Friday. You feel bad 00:05:53.839 --> 00:05:56.540 paying full price knowing a sale will likely 00:05:56.540 --> 00:06:00.040 come along in the not too distant future. So 00:06:00.040 --> 00:06:03.180 with that set up that leads us to the question 00:06:03.180 --> 00:06:06.420 should we actually be buying our market tracking 00:06:06.420 --> 00:06:10.000 ETFs when the market is at all time highs. Should 00:06:10.000 --> 00:06:12.800 we try and time the market just a little bit 00:06:12.800 --> 00:06:15.319 in this case? Well, this is what Jack had to 00:06:15.319 --> 00:06:19.779 say all the way back in 2001. I don't know anybody 00:06:19.779 --> 00:06:23.720 who has ever been successful in timing the market. 00:06:23.839 --> 00:06:26.819 I don't even know anybody who knows anybody who 00:06:26.819 --> 00:06:30.379 has ever been successful in timing the market. 00:06:30.660 --> 00:06:34.319 So if you want the short answer, no. You should 00:06:34.319 --> 00:06:36.639 not at all deviate from your passive investing 00:06:36.639 --> 00:06:38.759 strategy just because market conditions have 00:06:38.759 --> 00:06:40.839 changed in the same way that you wouldn't sell 00:06:40.839 --> 00:06:43.399 your investments if, all of a sudden, the market 00:06:43.399 --> 00:06:46.660 fell 30 % tomorrow. As Buffett would say, our 00:06:46.660 --> 00:06:49.639 favorite holding period is forever. Forever. 00:06:49.959 --> 00:06:52.160 The more you start messing around with your market 00:06:52.160 --> 00:06:54.860 tracking investments, the higher the probability 00:06:54.860 --> 00:06:57.519 that you'll lose. And that's quite literal. A 00:06:57.519 --> 00:07:03.079 study way back in 2000 studied 66 ,565 households 00:07:03.079 --> 00:07:07.819 during 1991 to 1996 and found that those that 00:07:07.819 --> 00:07:11.839 trade most earned an annual return of 11 .4 % 00:07:11.839 --> 00:07:15.980 while the market returned 17 .9 % annually. The 00:07:15.980 --> 00:07:18.420 truth of the matter is if you start messing around 00:07:18.420 --> 00:07:22.319 with your portfolio you will likely lose out. 00:07:22.480 --> 00:07:26.860 Last month on Lewis Rukeyser, you summed up your 00:07:26.860 --> 00:07:31.480 investment philosophy as buy everything and hold 00:07:31.480 --> 00:07:35.879 it forever. Do you still subscribe to that in, 00:07:35.879 --> 00:07:38.720 in light of what the market has been doing or 00:07:38.720 --> 00:07:43.029 would you unload some things now? No, my theory 00:07:43.029 --> 00:07:47.029 is not subject to the ups and downs, the peregrinations 00:07:47.029 --> 00:07:52.269 of the stock market. It's painful to do, but 00:07:52.269 --> 00:07:54.629 I think the idea of owning the stock market is 00:07:54.629 --> 00:07:57.430 the best approach to equity investing. And perhaps 00:07:57.430 --> 00:07:59.949 I didn't make that thoroughly clear there. And 00:07:59.949 --> 00:08:01.850 while Jack is, of course, a little bit biased 00:08:01.850 --> 00:08:04.730 on the topic, He's not wrong. The idea of dollar 00:08:04.730 --> 00:08:07.790 cost averaging into low cost index funds that 00:08:07.790 --> 00:08:10.810 tracks, say, the S &P 500 and then consistently 00:08:10.810 --> 00:08:13.589 buying them and holding them over a long period 00:08:13.589 --> 00:08:16.870 of time and never selling. has proven to be an 00:08:16.870 --> 00:08:19.329 exceptionally successful strategy over recent 00:08:19.329 --> 00:08:22.610 history. I mean, since 1957, which is the year 00:08:22.610 --> 00:08:26.870 that the S &P 500 adopted its 500 stock structure, 00:08:27.449 --> 00:08:30.149 while that index has returned an average of 10 00:08:30.149 --> 00:08:33.990 % per annum, that's a phenomenal long -term return 00:08:33.990 --> 00:08:36.570 considering what you might get elsewhere in, 00:08:36.570 --> 00:08:39.610 say, savings accounts, gold or bonds. And I will 00:08:39.610 --> 00:08:42.309 say, despite it feeling painful to buy the market 00:08:42.309 --> 00:08:44.970 when it's visibly high, remember there is actually 00:08:44.970 --> 00:08:48.210 an inbuilt mechanism into the dollar cost averaging 00:08:48.210 --> 00:08:51.370 strategy that protects investors against really 00:08:51.370 --> 00:08:54.190 high prices. Remember the dollar cost averaging 00:08:54.190 --> 00:08:57.029 strategy, which is the approach implemented by 00:08:57.029 --> 00:09:03.000 almost all passive investors. is the process 00:09:03.000 --> 00:09:05.659 of buying a fixed dollar amount of shares in 00:09:05.659 --> 00:09:08.740 a low cost market tracking index fund and then 00:09:08.740 --> 00:09:11.580 repeating that purchase at fixed time intervals 00:09:11.580 --> 00:09:14.600 over the course of your investing career. For 00:09:14.600 --> 00:09:18.460 example, you might choose to invest $1 ,000 every 00:09:18.460 --> 00:09:21.559 three months and as the quarters go by, you just 00:09:21.559 --> 00:09:24.500 keep showing up. Well, as I said, this has an 00:09:24.500 --> 00:09:26.860 inbuilt mechanism to protect you when the market 00:09:26.860 --> 00:09:29.929 is high. Say the market crashes and the ETF shares 00:09:29.929 --> 00:09:32.950 you're looking at buying are now $100 each. Well, 00:09:32.970 --> 00:09:36.110 in that case, with your $1 ,000, you'll buy 10 00:09:36.110 --> 00:09:39.049 shares. But then what if the market goes on a 00:09:39.049 --> 00:09:42.490 rampage and the ETF shares are soon worth $200? 00:09:42.929 --> 00:09:46.360 Well, guess what? Now that the market is expensive, 00:09:46.679 --> 00:09:49.740 you're only gonna buy five shares. When the market 00:09:49.740 --> 00:09:52.659 is high, the strategy keeps your buying low, 00:09:52.960 --> 00:09:55.340 and when it's cheap, you're naturally going to 00:09:55.340 --> 00:09:58.080 load up the truck. It's genius. So no, at high 00:09:58.080 --> 00:10:00.600 prices, you should not abandon your tried and 00:10:00.600 --> 00:10:03.379 true passive investing strategy. It's much more 00:10:03.379 --> 00:10:05.379 important to stay in the habit of constantly 00:10:05.379 --> 00:10:08.740 investing, just showing up rain, hail, or shine. 00:10:11.850 --> 00:10:15.590 If you are not a speculative investor, if you're 00:10:15.590 --> 00:10:18.629 a long -term investor and yet there are these 00:10:18.629 --> 00:10:21.590 speculative investors buffeting your returns 00:10:21.590 --> 00:10:24.889 about, what should your reaction be? Should you 00:10:24.889 --> 00:10:27.710 be doing anything differently? I think basically 00:10:27.710 --> 00:10:30.029 you should not be doing anything differently. 00:10:30.169 --> 00:10:33.759 I mean investment is a pretty simple thing. Investment 00:10:33.759 --> 00:10:36.679 is owning businesses or I would say being an 00:10:36.679 --> 00:10:39.840 inveterate index fund person, owning all American 00:10:39.840 --> 00:10:43.159 business, owning every company in America, America 00:10:43.159 --> 00:10:46.340 letting capitalism do its work. Those companies 00:10:46.340 --> 00:10:48.919 will grow at probably around seven percent a 00:10:48.919 --> 00:10:51.159 year. They'll pay you at about a two and a half 00:10:51.159 --> 00:10:53.820 somewhat lower than history, but a two point 00:10:53.820 --> 00:10:56.399 five percent dividend yield. And that should 00:10:56.399 --> 00:10:59.019 over time bail you out of anything that happens 00:10:59.019 --> 00:11:02.840 because of the the wild swings. I mean, if you 00:11:02.840 --> 00:11:06.480 visualize investment as growing in kind of a 00:11:06.480 --> 00:11:10.620 steady line, which it does, and visualize the 00:11:10.620 --> 00:11:14.539 crazy market as being all these jags up and down 00:11:14.539 --> 00:11:18.100 around the steady line upward, upward, always 00:11:18.100 --> 00:11:21.139 upward, I think, then you've got to say, I know 00:11:21.139 --> 00:11:24.350 I'm not smart enough to get out the high. I know 00:11:24.350 --> 00:11:27.110 I'm not smart enough to get back in at the low, 00:11:27.149 --> 00:11:29.929 so I'm just going to stay the course as we would 00:11:29.929 --> 00:11:33.509 say at Vanguard and hang on through all that. 00:11:34.009 --> 00:11:36.950 And importantly, if I'm trying to accumulate 00:11:36.950 --> 00:11:41.169 money for retirement or to buy a home or to educate 00:11:41.169 --> 00:11:44.690 my children, what you want to do is keep investing. 00:11:45.100 --> 00:11:48.659 Keep investing rain, hail, or shine. Passive 00:11:48.659 --> 00:11:51.840 investors are better off if they just keep going 00:11:51.840 --> 00:11:54.779 without messing with their strategy. But there 00:11:54.779 --> 00:11:57.840 is one key to actually putting this theory into 00:11:57.840 --> 00:12:01.480 practice, and this gets glossed over a lot because 00:12:01.480 --> 00:12:04.519 it's not as glamorous as showing a compounding 00:12:04.519 --> 00:12:07.360 chart or talking about how soon you could be 00:12:07.360 --> 00:12:10.379 a millionaire. And the point is finding the right 00:12:10.379 --> 00:12:14.409 plan for you. You. While we know we buy the market 00:12:14.409 --> 00:12:17.470 and we buy it consistently, it's really important 00:12:17.470 --> 00:12:20.570 that you actually nail down your plan into hard 00:12:20.570 --> 00:12:23.669 numbers. What's your current savings rate? What 00:12:23.669 --> 00:12:26.149 percentage are you willing to devote to investing? 00:12:26.529 --> 00:12:29.029 How much money will that mean that you save each 00:12:29.029 --> 00:12:31.830 fortnight? How frequently are you going to invest 00:12:31.830 --> 00:12:34.330 that money? How do you make sure you won't fall 00:12:34.330 --> 00:12:38.110 off the train? As Jack is about to discuss, you 00:12:38.399 --> 00:12:41.559 We need to really nail down an achievable plan 00:12:41.559 --> 00:12:44.440 for you to ensure you can implement this strategy 00:12:44.440 --> 00:12:47.559 over the long term for yourself. But I think 00:12:47.559 --> 00:12:50.559 the idea of buying and holding forever and not 00:12:50.559 --> 00:12:53.019 trying to make adjustments requires that you 00:12:53.019 --> 00:12:55.840 buy. gotten it right in the first place. You 00:12:55.840 --> 00:12:58.500 can only hold tight if you bought right, if you 00:12:58.500 --> 00:13:01.779 will. And that is to say, have an asset allocation 00:13:01.779 --> 00:13:04.120 that has something to do with how many years 00:13:04.120 --> 00:13:07.100 you have to accumulate money, how much resources 00:13:07.100 --> 00:13:10.000 you have at stake, how much income you need, 00:13:10.059 --> 00:13:12.899 and how much courage you have to ride out the 00:13:12.899 --> 00:13:15.419 peregrinations of the market. So you've got to 00:13:15.419 --> 00:13:18.340 take all that into account from that simple statement. 00:13:18.799 --> 00:13:21.000 And I know it sounds boring, but in my experience, 00:13:21.230 --> 00:13:23.669 You really do have to come up with a plan that 00:13:23.669 --> 00:13:26.649 works for you specifically to be able to execute 00:13:26.649 --> 00:13:29.269 the strategy successfully over a long period 00:13:29.269 --> 00:13:32.059 of time. of time. As Jack spoke about in the 00:13:32.059 --> 00:13:34.299 clip, you have to understand how much you can 00:13:34.299 --> 00:13:37.460 comfortably set aside for investing without something 00:13:37.460 --> 00:13:40.039 coming up that could force you to sell your investments. 00:13:40.100 --> 00:13:42.480 You have to know how long you plan to be in the 00:13:42.480 --> 00:13:44.659 market. For example, you wouldn't be dumping 00:13:44.659 --> 00:13:47.120 large sums into an overvalued market if you're 00:13:47.120 --> 00:13:49.659 looking to retire in two years. And then from 00:13:49.659 --> 00:13:52.669 there, you also have to know yourself. How comfortable 00:13:52.669 --> 00:13:54.929 are you having money at stake? If you're someone 00:13:54.929 --> 00:13:57.330 who frequently stresses about your investments 00:13:57.330 --> 00:14:00.070 and has a tendency to make snap decisions, then 00:14:00.070 --> 00:14:02.230 maybe the stock market isn't for you. Maybe you 00:14:02.230 --> 00:14:04.669 might prefer government bonds or perhaps paying 00:14:04.669 --> 00:14:07.250 down your mortgage instead. A lot of times with 00:14:07.250 --> 00:14:09.830 passive investing, the investor is their own 00:14:09.830 --> 00:14:14.149 worst enemy. So I'm bum. Why? Dial from bar cell. 00:14:14.399 --> 00:14:17.299 I'm definitely big on setting up a plan that 00:14:17.299 --> 00:14:20.639 genuinely works for you that isn't stressful 00:14:20.639 --> 00:14:24.039 to continue with. Ultimately, for this strategy 00:14:24.039 --> 00:14:26.659 to work, you need to set aside money that you 00:14:26.659 --> 00:14:29.399 won't need to touch for decades. You need to 00:14:29.399 --> 00:14:32.370 invest often. And you mustn't be tempted into 00:14:32.370 --> 00:14:35.190 messing around with your portfolio. So you need 00:14:35.190 --> 00:14:38.090 to understand what amount you can easily set 00:14:38.090 --> 00:14:41.070 aside, what investing schedule you can stick 00:14:41.070 --> 00:14:44.450 to. And you need to mentally commit to the long 00:14:44.450 --> 00:14:47.529 term to ensure you don't end up as just another 00:14:47.529 --> 00:14:51.500 failed investor. Remember that stat from before. 00:14:51.940 --> 00:14:54.379 The study showed the more you mess around with 00:14:54.379 --> 00:14:56.600 your investments, the more likely you are to 00:14:56.600 --> 00:14:59.240 lose. But if you're relatively young, if you 00:14:59.240 --> 00:15:01.820 are investing money that you don't need, and 00:15:01.820 --> 00:15:04.200 you're properly spread across the market through 00:15:04.200 --> 00:15:06.620 something like a market tracking index fund, 00:15:06.940 --> 00:15:09.679 then you can be reasonably confident, as Jack 00:15:09.679 --> 00:15:12.299 says, that you've bought right. So that's the 00:15:12.299 --> 00:15:14.700 deal with index funds when the market is at all 00:15:14.700 --> 00:15:16.980 time highs. Now, if you're interested in getting 00:15:16.980 --> 00:15:19.620 the full breakdown and simple, step -by -step 00:15:19.620 --> 00:15:22.720 manner, definitely check out Stock Market Investing 00:15:22.720 --> 00:15:25.840 for Beginners over on New Money Education. That 00:15:25.840 --> 00:15:28.139 is a full, in -depth course that will get you 00:15:28.139 --> 00:15:30.759 up to speed on the passive investing strategy, 00:15:31.100 --> 00:15:34.200 no matter where you are in the world. So, big 00:15:34.200 --> 00:15:36.059 thanks to everyone as well who has supported 00:15:36.059 --> 00:15:38.720 the courses too, as they are the main way that 00:15:38.720 --> 00:15:41.159 we fund this YouTube channel. But apart from 00:15:41.159 --> 00:15:43.149 that, Please do leave a like if you enjoyed the 00:15:43.149 --> 00:15:45.190 video guys, subscribe if you've made it this 00:15:45.190 --> 00:15:46.769 far and you'd like to see more videos similar 00:15:46.769 --> 00:15:48.750 to this and I'll see you guys in the next one. 00:15:49.070 --> 00:15:51.090 This is Higanchi, see you block giants.