Paul Schroder

That's the whole definition of it.

And so we spend a lot of time thinking about, well,

Has geopolitics changed?

Is the way society works changed?

Where will earnings be in the future?

So, Alan, I'm really happy to talk about any and all of those things, but I think the most important thing is we feel very weighted.

So different cohorts and also different wealth levels.

So if you haven't got very much money, you're underpinned by the government age pension.

which is indexed, and it's a pretty solid proposition.

So if you're a security guard on $48,000, by the time the system's mature, you'll be able to retire on about $47,000.

And basically, you're in really good order.

If you're very wealthy, then you've got the flexibility, and you've got the time, and you've got the options to move around.

Really,

The group that I worry about the most and think the most about are people, as they're getting older, who've got somewhere between $200,000 and $800,000 where there's going to be an interplay between their super balance and the age pension.

And as you say, they want to spend their money.

Oh, for sure, because Australia only represents about 2% of global markets.

And so the central idea, I mean, there's only a couple of things that are absolutely proven bulletproof.

One of them is that compound interest and staying invested is absolutely essential.

And the second is that a properly globally diversified portfolio will always put you in better stead than a concentrated portfolio, always.

And so if Australia is only 2% of global markets, it makes very strong and good sense for us to be a global investor for domestic beneficiaries.