James Kirby

Hey, which takes us, the perfect segue to the original Benjamin Graham episode.

intelligent investor line about it's not a voting machine in the long term.

It's a weighing machine.

You see, it's starting to make sense now.

You can see how it makes sense.

OK, now, Jack, on serious matters, here's the thing I sent to you earlier.

Jonathan Kearns is the chief economist at the Challenger Group, and he had a quick look at CGT.

and how it might affect the CGT changes that are going to come into effect in a few days.

That is, they're going to be announced in a few days.

And folks, if you are familiar with the leaks, basically they're saying the 50% discount you get on an asset held for more than a year is going to be replaced with the original indexation system, which where basically it's inflation adjusted every year.

Now, before we talk about shares in particular, what Karen said,

Jack, you are skeptical that this is so bad.

So would it be fair to say the CGT change, as you understand, will really hit property flippers and traders rather than investors?

Yeah, okay.

So it hits the traders.

All right.

And so is the corollary of that then we should all invest for longer?

Assuming you picked it.

You've got to get the investment right in the first place, don't you?

OK, OK.