Mike Bird

speaker

74 appearances 1 recordings 1 series first heard Jun 2019 last heard Jun 2019

Mike Bird’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Millennials vs. Baby Boomers: The Investment Challenge · 7 Jun 2019 podcast

I think that's it.

I mean, you see that with something like with social media, actually.

So interestingly, people might not expect this, but we put Facebook in the portfolio for baby boomers.

And the reason that we did that is because it's the most popular social media among older people.

But also older people are far less fickle in that sense.

They'll stay on Facebook.

You know, this is one of the reasons that Facebook is very unlikely for them to have a MySpace type future.

It's not going to collapse forever.

because boomers tend to just use Facebook.

They don't use other social media outlets, so they're not going to shift to anything else anytime soon.

Millennials are much more fickle, and this is probably just a product of being younger, but they're much more likely to shift into something they don't like.

They're not going to be loyal to the brand.

It is not cheap at all.

So we do these things on something like a price to sales ratio.

And the price to sales ratio of the millennial portfolio is something like 24 times.

It's more like three or four times for the boomer portfolio.

It's essentially reflecting that these companies are priced for what people expect them to do in the future, not what they're doing now.

So they could be hugely successful, but you're also running significant risk that some of these companies in 20 years probably won't have made it.

I expect all of the stocks in the Boomer portfolio will be here in at least 10 years.

They might not be the most profitable stocks in the world, but they'll still be here.

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