Bryce

That's all you need

to do there's some sensible investors out there which is good to see and one thing that really annoys me is um there's this like idea in professional investing that like that everyday investors or retail investors as they call us we're dumb money dumb yeah um if people have seen the movie dumb money that was kind of the premise behind some of the game stop melt up but what we see in the data is that retail investors investing sensibly for the long term

And then in SMSFs in particular, gear alone was a bit over 4% of SMSF buying compared to a bit less than 2% for individuals.

So that is people with a long-term time horizon and an unconstrained investment menu in a self-managed super fund saying, give me all the leverage.

Let's not forget.

I know what you're saying, that there was like this massive bull run in gold and silver and people were probably jumping on the tail of that.

But some of this buying is definitely flight to safety and inflation hedge, particularly when Iran kicks off.

Yeah, it is like that's what gold – it's a textbook case for gold.

If you're not convinced that that is bears coming out, how about this?

1% of total buying on the platform –

were people buying inverse ETFs.

So if the market goes down, they make money.

If the market goes up, they lose money.

There's two notable ones, BBOZ and BBUS.

One is a bear Australian market.

One is a bear US market.

Together, they were 1% of buying on the platform.

So surely you agree that's bad.

Famously, BBOZ was owned by our shadow treasurer for a number of years.

Tim Wilson, he owned it for like five or six years.