Greg Smith

Yeah, you'd be, you would have missed out, you know, if you'd change your fund to conservative or you're a direct investor and you're sold out, you know, this and P500 went on to have a, it was up 15%, even more from the down.

So this was like, look, history, there's a cliche that so many people use, history doesn't repeat, but it rhymes or something like that.

I actually really like that.

It's terrible because so many people use it, but yeah.

History does repeat in financial markets in terms of the outcomes.

There was a message, don't panic, stay the course.

There's lots of noise.

KiwiSaver is a long-term proposition.

If your circumstances haven't changed in the last few weeks, don't react because you're turning on the TV or going online.

And then our second message, which as things wore on, was, hey, we're active investors.

You can get in a room and have a debate for eight hours about active versus passive.

But what you get with an active investor is the ability to react.

Passive, you are going with the flow.

Active, you can react if you so choose, and it depends on how you react.

You may be getting to your shelves.

We didn't.

We didn't sit on our hands.

And as that roadshow wore on throughout March and our communications declined, we said, we've been really active.

We've made hundreds of changes across our portfolios.

Most cases, we weren't just buying.