Ethical Partners – Good investing Podcast

Hosted by Ethical Partners Funds Management

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Mar 2024

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EN-AU

About the show

The Good Investing Podcast connects you with successful investors and business leaders who invest in, or are experts in, a range of industries… but do it with a difference. These leaders of industry are the best at what they do in their chosen field but all have one thing in common - they are passionate about doing things the right way. They are not-for-profit pioneers; they are good governance experts; they are social entrepreneurs; they consider financial and social investments thoughtfully for the long term. They are people that inspire us all to make a bigger difference in the things that matter in the lives we lead.

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38 recent

March 26, 202455 min

Ep #32: Paul Bradbury of TBWA on branding/advertising markets; the peak of social media and campaigns that make a social difference

In this fascinating and wide-ranging discussion with branding and advertising guru, President and Regional CEO of TBWA, Paul Bradbury, we discuss recent developments in advertising markets and consumer trends. We use company examples such as Gatorade and Telstra to bring the branding process alive. Paul makes one of the biggest calls in the history of the Good Investing Podcast by saying social media has peaked and he explains why he thinks this is the case. He speaks of how people's media consumption patterns and behaviour have changed including the emergence of the "you only live once" mentality which is possibly contributing to stronger than expected discretionary consumption. We discuss two campaigns that are making a real change to the social landscape, signifying the potential social power of advertising, before we move into the ranking of the Greatest Five Ads in the history of Australian advertising. Will your ranking be the same as Paul's?0 min 45 secs Summary of the episode1:30 Paul Bio and who is TBWA4:20 What is the disruption component of TBWA, what does that mean and the Gatorade example8:20 Multi-media channels have changed the campaign approach12:30 Current ad markets and media spend. The consumer “you only live once “ mentality leading to higher than expected discretionary spending17:01 The way advertising is moving... away from the straight 30 second spot20:20 The challenge in targeting consumers22:05 The share of advertising the big platforms attract Meta, Google etc. Has social media peaked?24:30 Case study - The Telstra account “+61”29:00 Advertising making a real social difference. Mastercard ball kids and Classify "C” for Consent36:30 How AI will impact the advertising industry... looking forward, not looking back38:50 The greatest five ads in Australian advertising history quiz (using a very low tech approach...)Links to Mastercard ball kid campaign https://www.youtube.com/watch?v=GosY_5SPa_cLink to the Classify "C” for Consent campaign https://www.youtube.com/watch?v=ydrhk51SqFQSee omnystudio.com/listener for privacy information.

February 7, 20241 hr 13 min

Ep#31: Shane Watson; Why results can’t determine confidence; mental toughness and switching on/off, lessons learnt and The Winner’s Mindset

What has Shane Watson learnt on the cricket field that is applicable to business? A lot... and it is all in his new book, The Winner’s Mindset, released in January 2024. Yes there is some cricket talk on Ep#31 of the Good Investing Podcast, but the real focus is on what Shane has learnt over his career about how the mind works, the mistakes he has made and how to motivate and help people to perform at their best as often as possible. We read an earlier edition over summer and what struck us was Shane’s honesty and openness but also the applicability of a lot of what he wrote to the business world. Shane talks about the difference between Mindset and Skillset, how the conscious mind works vs the unconscious mind and the fact that confidence cannot be about results. Very true in sport, life and investing. Yes, we all strive for good results but we can’t control whether we achieve them. He talks about his performance equation, mental toughness – again equally applicable to the sporting field as the Boardroom and his ACT model. We even have for the very first time a Good Investing Podcast competition where listeners can win the book, personally signed by Shane. The first five people that correctly answer the question, “Who is the best slip fielder Shane has ever seen?” receive a signed copy of his new book. Entries are to be emailed to support@ethicalpartners.com.au. How good! Link to buy the book: https://shanewatson.au/ Link to BEON Performance: https://www.beonperformance.com/ Highlights 2 min 10 sec The great Good Investing Podcast competition – see the end of the show notes below for details 2.56 Shane’s book, “The Winner’s Mindset” and its relevance to both sport and business. Available 31 January 2024 here https://shanewatson.au/ 8.00 The meeting that changed Shane’s life and flying immediately to Charlotte, USA to learn a critical set of new mental skills 13.30 The difference between mindset and skillset… being able to access your skills more often 16.20 Conscious mind vs unconscious mind, what you have control of and when 19.20 The link through to “gut feel” – bringing together what has accumulated in your unconscious mind to make your best decision at that point in time 21.25 Confidence should not be about results… it needs to be based around different factors 25.00 Confidence needs to be about preparation and focus 27.50 Shane’s performance equation… A x B = Results. The “B” factors can’t be controlled so therefore you can’t control results 31.00 Being “results driven” but not be constantly focussed on results only because results can’t be controlled 35.16 How to deal with major disappointments 38.01 The ability to “switch on” and “switch off” and being able to perform for a longer period of time. Conserving your mental energy. 44.35 Social media and distractions 49.05 Mental toughness – what is it and how do you develop it? 54.20 Shane’s seven rules of mental toughness 58.10 The ACT Model… you at your best 1 hr 20 secs BEON Performance – the business. Bringing these skills to the workplace 1.05 40 secs Shane answers the cricket questions you always wanted to ask himSee omnystudio.com/listener for privacy information.

February 5, 20241 min

Ep#31: Preview - Shane Watson; "The Winner's Mindset"

This is just a short preview of the upcoming episode of the Good Investing Podcast featuring star cricketer and all round good guy, Shane Watson. And believe it or not we don’t talk much about cricket… well there is some cricket talk… but the real focus is on Shane’s book “The Winners Mindset “, which has just been released. We read an earlier edition over summer and what struck us was Shane’s honesty about his own struggles but also the applicability of a lot of what he wrote to the business world.Shane talks about the difference between Mindset and Skillset, how the conscious mind works vs the unconscious mind and the fact that confidence cannot be about results. Very true in sport, life and investing. Yes we all strive for good results but we often can’t control them. He talks about his performance equation, mental toughness – again equally applicable to the sporting field as the Boardroom and his ACT model. So don’t miss the Good Investing Podcast Ep#31 featuring Shane Watson out soon.See omnystudio.com/listener for privacy information.

December 20, 202350 min

Episode #30: Mark Hutchinson, CEO of Fortescue Future Industries (FFI); the energy transition; leadership; and what he learnt from Jack Welch

Understanding who Mark Hutchinson is, goes a long way towards making an assessment on whether FFI will be successful in achieving its ambitious plans. Its plans of course are to become a green energy leader in transitioning away from fossil fuels, by first leading by example and operating its sites on a real zero carbon basis by 2030. Mark explains that while its goals may be good for the planet it is also most definitely good business (saving a billion litres of diesel each year for a start!). Be first mover and reap the rewards. We learn about what drives Mark and his views on what good (and bad) leadership looks like. Once we get a feel for this, it becomes clear why he took on one of Australia’s most challenging and potentially rewarding roles – CEO of FFI. Providing rare insight into the inner workings of FFI, Investment Director Nathan Parkin makes his long-awaited return behind the gold and green microphone to draw out the very best from Mark. Disclosure: The Fund has a position in Fortescue (ASX:FMG). 1 min 58 secs Who is Mark Hutchinson? 3.30 Mark – 24 years at GE and the GE culture and leadership including Jack Welsh stories and leadership thoughts 7.35 GE learnings and how that is relevant to FFI 8.20 Mark on what you learn from bad leaders 10.35 FFI and working with anybody 12.15 Taking your opportunities and taking risks 13.00 Motivation for taking the top job at FFI 16.01 How to adapt to a new culture – making the move to China and taking a leadership role there 21.05 Matching personal values to the role at FFI 25.10 Get the ethics wrong…and what’s the point? 26.27 Not-for-profit involvement and what it teaches you 32.20 What does success look like in 2030? 33.40 Final Investment Decision (FID) on green projects within FFI… the process 37.50 The main risks 43.20 “Humble” leadership is critical 46.40 Advice to your 21 year old self… “don’t worry!”See omnystudio.com/listener for privacy information.

September 27, 202335 min

Ep #29: 15 questions you’ve always wanted to ask but haven’t

The financial services industry can be one of jargon, complexity and sometimes more than a little bit of bluff. In this exciting episode, Matt Nacard interviews Investment Director, Nathan Parkin, and asks him the 15 questions you have always wanted to ask, but haven’t wanted to or haven’t been able to ask. We also include a bonus, “What’s a cap rate?” question which has been more than once quietly asked on sales desks around town. If you enjoy this episode, send us more questions to support@ethicalpartners.com.au and we will gather them up for a future episode. 15 Questions Ethical Partners is a quality value manager – what does that actually mean? You say that you try to buy companies cheaply but if these companies are actually good quality, then why do they sell at a discount? How do you “limit the downside” when investing Is risk best managed in a computer model or is there a better way? Why shouldn’t I put my money in a passive index tracker or etf because the fees are so much lower. Do you like a stock more or less if it falls? Your investment process of - low debt, profitable companies, good management and ESG - looks a bit simple – how can they work when markets are so complicated? What are the advantages of a company having a good balance sheet? Or the downside of having a poor balance sheet? Why is it the case that when companies make big acquisitions they are likely to be stinkers not stonkers? What does the term “trimming the flowers and watering the weeds” refer to in investment circles? What is the number one thing that drives a CEO? (Incentives - can talk about STI and LTI etc) What is the biggest mistake made by investment analysts? Why do most IPO’s fail. What goes wrong? When a stock in your portfolio falls and continues to underperform, when do you decide you’ve made a mistake and sell out? When you're talking to companies about sustainability topics what do you ask them? See omnystudio.com/listener for privacy information.

August 31, 20231 hr 17 min

Ep#28: The Sebastian Robertson Story

Sebastian Robertson recently stepped down from batyr - the organisation he founded 12 years ago. batyr is a preventative mental health charity which has reached over 355,000 young people through evidence-based programs. We talk about why and how Sebastian started batyr and what his plans are for the future. Where this podcast fits in to the broader Good Investing thematic is partly around mental health in the workplace (see Ethical Partners major report of March 2023 - “Promoting mental health and wellbeing in the workplace”), partly around leadership succession planning and also around how to manage a start up business. Not that many people have started a charity and a separate commercial business – and I’m referring to birdi – the aerial intelligence company, Sebastian’s latest venture. There is a lot to learn and absorb from this episode including insights into how parents can talk to their kids about these issues. Highlights 1.03 Longest introduction ever 8.40 Episode summary 9.45 Seb’s background (including rare facts not known by many) 14.35 Celebrating Seb stepping down from batyr 16.40 Seb’s story in his words 17.55 Leaving behind the support network 26.05 The link with peers 27.40 What can parents do and say? 30.01 Why a start up? 34.30 The hospital model vs prevention 37.05 Succession planning – The three stages 45.48 Top 5 batyr moments 57.00 Mental health in the workplace 59.02 The Report: Promoting mental health and wellbeing in the workplace 106.55 Establishing birdi - the aerial intelligence company Link to Promoting mental health and wellbeing in the workplace: https://www.ethicalpartners.com.au/post/mental-health-and-wellbeing-in-the-workplaceSee omnystudio.com/listener for privacy information.

July 27, 202357 min

Ep#27: Underneath the Radar; six companies underneath or not on your radar

In this special edition, Nathan Parkin, Investment Director, Andrew Wilson, Portfolio Manager and Matt Nacard, CEO and Analyst take a detailed look at six companies that are underneath the radar of many investors. Listeners may never have heard of some of these companies, or perhaps the company may have a macro theme seemingly against it or maybe they are out of favour for a company specific reason. These six companies – CSR, Nobleoak Life, Qualitas, Cleanaway, ASX Limited and Eureka Group Holdings – all make it through the Ethical Partners investment process and are all currently owned by Ethical Partners. We run through why we like their prospects which should give listeners an insight into how, utilising our investment process, we look at companies. Listeners also get to try their luck in the underneath the radar Quiz… The material within this podcast is not a recommendation to buy or sell any of the companies mentioned or any other company. The Podcast is also not designed to provide general or specific advice. For advice about investment decisions you should see your financial advisor. Highlights 2.20 What is an Underneath the Radar company? 3.00 The Quiz 4.00 The investment process 7.32 CSR plus Q&A 16.20 Nobleoak Life plus Q&A 25.44 Qualitas plus Q&A 35.40 Cleanaway plus Q&A 41.30 ASX Limited plus Q&A 50.15 Eureka Group plus Q&ASee omnystudio.com/listener for privacy information.

June 29, 202336 min

Ep#26: Tarun Gupta (Part B) – Not a housing shortage but an affordability problem; land lease; office, retail, industrial; the four pillars of sustainability; the hexagon of happiness

Following on from a very popular and insightful Part A, in Part B of the discussion we focus on the outlook for residential markets and discuss Australia’s housing shortage. Yes, that is an issue but the more pressing concern is housing affordability. We talk government policy and get Tarun’s view on potential policy changes at both the state and federal level. Tarun gives his view on other asset classes such as retail, office and industrial. It sounds like he is quite pleased that Stockland made some early tough decisions on its retail portfolio and that it finds itself with limited office exposure. We get a sneak preview of some of the key elements of Stockland’s refreshed sustainability strategy and get a better understanding of Tarun’s focus on Return on Invested Capital (ROIC). We close on Tarun’s hexagon of happiness – a concept we all should be thinking about. 0.15 What is “land lease” and how does it work? 3.31 The scope and scale of the land lease business and how it can grow for Stockland 4.50 Tarun’s first big move and why Stockland has high conviction in the asset class 8.18 Australia’s housing shortage – how to address the housing supply issue 11.20 Currently the biggest issue is not a supply problem, but an affordability problem 13.30 Possible Government policy change – demand and supply side measures 17.30 How tough are office markets? 19.25 The main differences between the US office markets and Australia’s office markets 21.00 Retail – mixed outlook; sub sector specific 22.30 The four pillars of Stockland’s Sustainability Strategy – Decarbonisation, circularity, social impact and resilience 26.45 A Good Investing Podcast scoop? No, not really. 28.10 Focus on Return on Invested Capital (ROIC)…. A shift away from just Funds From Operations growth (FFO) 32.30 What Tarun is reading at the moment; how Tarun deals with stress and his hexagon of happiness; attributes of a good leaderSee omnystudio.com/listener for privacy information.

June 15, 202347 min

Ep#26: Tarun Gupta (Part A) – Setting Stockland’s strategic direction; accelerating development, reshaping the portfolio & the key to capital partnerships

It is a long way from organising Rowdy Rabbit shows in Centre Court at Charlestown Square shopping centre to the CEO’s office at Stockland. It is even further from northern India to an MBA in Newcastle and Adelaide. The Tarun Gupta story is one based on strong values and hard work. We could add to that humility and the instinct to always saying “yes” to the right opportunities. We could add a love of cricket too… but that’s another story altogether. In Part A of this discussion we focus on Tarun’s upbringing, his early working life as a chef in an Indian restaurant in Newcastle and his decision making process leading him to work for Lend Lease in the early 1990s. We then delve into his approach to re-setting the overall strategy at Stockland, building on an already strong base at the group. “Matt, strategy is a process, not just an idea from the CEO” is something we took away from the discussion. We then talk through the actions that have resulted from the newly developed strategy: enhanced capital partnerships, altered asset allocation, an acceleration of the development pipeline and a refresh of the overall sustainability approach… something we will delve deeply into in Part B. 1.30 Reminiscing about the good old days 2.24 Tarun’s upbringing in India and the values instilled within him; honesty and integrity 6.40 The move to Australia and why Newcastle? 8.25 Tarun’s first jobs in Newcastle 10.45 The key to shopping centre marketing: Double sided (not handwritten) signs 12.00 Early thoughts about a funds management career 13.30 Message to graduates: Say “yes” and get different experiences. Enjoy what you do. 16.30 Key take aways from 26 years at Lend Lease 18.25 Getting the phone call for the Stockland CEO role (Tarun is the 5th CEO of Stockland in 70 years) to join a “strong platform” 20.35 Two early factors to address: 1) Access to capital and 2)Portfolio weighting to the right sectors 21.45 Tarun’s support network 23.00 “Strategy is a process”. The team comes along on the journey 24.40 “We believe there is a better way to live”. The clarity of purpose – authentic and permeates throughout the organisation 28.25 How the following areas work into the Stockland strategy: Urbanisation and reshaping the portfolio; institutional capital being allocated to real estate; technology/digitisation and ESG/sustainability 34.30 Asset allocation: When Stockland will get there 36.20 How has Stockland managed to accelerate its development pipeline so quickly and effectively 39.40 Capital Partner early wins 41.47 The key elements within Stockland that allow the Partnerships to work well… with thanks to Professor Gupta 45.00 Retail and Industrial lend themselves naturally to PartnershipsSee omnystudio.com/listener for privacy information.

June 14, 20231 min

Ep#26 Preview: Tarun Gupta - Setting Stockland’s strategic direction; accelerating development, reshaping the portfolio & the key to capital partnerships; Not a housing shortage but an affordability problem

This is just a short preview of an upcoming two part edition of the good investing podcast with the CEO of Stockland, Tarun Gupta. In Part A of this discussion we focus on Tarun’s upbringing, his early working life as a chef in an Indian restaurant in Newcastle and his decision making process leading him to work for Lend Lease in the early 1990s. We then delve into his approach to re-setting the overall strategy at Stockland, building on an already strong base at the group. “Matt, strategy is a process, not just an idea from the CEO” is something we took away from the discussion. We then talk through the actions that have resulted from the newly developed strategy: enhanced capital partnerships, altered asset allocation, an acceleration of the development pipeline. We focus on the outlook for residential markets and discuss Australia’s housing shortage. Yes, that is an issue but the more pressing concern is housing affordability. We talk government policy and get Tarun’s view on potential policy changes at both the state and federal level. Tarun gives his view on other asset classes such as retail, office and industrial. We also get a sneak preview of some of the key elements of Stockland’s refreshed sustainability strategy and get a better understanding of Tarun’s focus on Return on Invested Capital (ROIC).See omnystudio.com/listener for privacy information.