Cameron Gleeson

And then 10% in emerging markets, BEMG.

I did think about that and it's a great point to bring up.

I think it depends on a few things.

Firstly,

you know, what is your risk tolerance and what is your sort of appreciation or fear of the use of gearing?

So I wanted to make this almost your no-brainer.

What is your, you know, simple core exposure?

That was my view.

You did talk a little bit about, you know, cost pressures and the like.

So, I mean, I assume that this investor has a long-term time horizon, is unlikely to need to draw down that money.

But if situations change, that can change what we call your investment time horizon.

Yeah.

So gearing with a very, very low interest cost tends to work best when markets are generally rising, rising by more than the cost of debt and over the longer term.

So if you can outperform that cost of gearing, the compounding kind of takes care of a lot of that.

And so best outcomes over a longer term time horizon.

If they were to need this money on a short-term basis, then you probably are looking for less gearing.

So that was sort of the premise there.

It was really something which is simple.

I want to think of this as a no-brainer because the most important decision you can make is really basically ensuring that you're invested at all, right, rather than sitting in cash.

And that's probably the most important someone can do.