Steve Waters

It's all crystal ball gazing and very dynamic, but it's exciting nonetheless.

Oh, this is really looking into the murky crystal ball.

Short answer is yes, I believe there will be some losers.

But in terms of what the parameters of how big a loser are they is yet to be seen.

An example might be that someone's just had 80% growth in a asset or a property over the last three years and they're going to give back 30%, which on the surface doesn't sound too attractive, but they've just still had over and above growth.

annualized growth in that short period of time, even after they've given some back.

I think the real inflection point will be what have they done with that growth in terms of, well, have they released equity and then gone and purchased non-productive toys, boats, caravans, cars, trips, whatever it may be, and they've squandered perhaps what was a very rich and large time for them over a short period of time because of COVID and the ramifications of it.

But nonetheless, I think there'll be true winners for quite some time yet.

A couple of reasons for that.

I believe everybody today and this crisis versus, say, the GFC are far more educated today thanks to technology, thanks to the internet.

Everybody's entrepreneurial to some degree as opposed to what they were 20 years ago.

So I think that form factor of education and smarts will hopefully hold people in good stead.

for many decades to come.

But unfortunately, there will be some losers over time, as there always is.

Yeah, I actually refer to that as the revenge spend.

People have been cooped up, as you say, and their household savings has exploded.

The war chests that the government have helped build weren't necessarily necessary, if that makes sense.

Plus, you overlay the cost of the savings.

There's no travel.

There's no fuel.