The Richards Report

Scott Galloway is a professor of marketing at the New York University Stern School of Business. He’s also a public speaker and co-host of the popular podcast Pivot. In this podcast episode Scott and Ted discuss; - Lessons learned from the failed WeWork IPO - His new best selling book The Algebra of Happiness - Why Scott thinks he was blessed to not be a professional athlete - The benefits of taking a certain level of risk in life as to achieve a return - How billionairs and other people of note often incorrectly tell students to follow their passions - How there’s an inverse relationship between the sex appeal of a business and the level of return - It’s not about what you earn, it’s what you spend. The benefits of passive income. - Big tech getting into the business of content on tv - The failed WeWork IPO - Comparing WeWork to Uber This episode is brought to you by Six Park. Australia's leading online investment service www.sixpark.com.au

This episode I'm speaking with returning guest, friend of the show, co-CEO and co-founder of Six Park, Pat Garrett. We discuss; - The levels of noise in the market right now - Points in history with heightened negativity can sometimes lead to the best buying opportunities - What it was like to be working in New York on Wall St in the lead up to the tech crash of early 2000s. - Similarities between picking stocks and picking new recruits for sporting teams This episode is brought to you by Six Park, Australia's leading online investment service www.sixpark.com.au

Nick is a partner at Blackbird Ventures. A venture capital fund that seeks to invest in world-class founders who are setting out to make a difference in the world. Investors in Blackbird’s fund include the Australian Government Future Fund, Host Plus, and Mike Cannon Brookes. Nick originally studied law and political science at UQ. After a short period of time working in the legal world he pivoted across into the world of startups. He co-founded, and was CEO of, Sessions (which used technology to help people stay healthy, and Sessions was later acquired by MyFitnessPal in December, 2013). Nick also co-founded We Are Hunted which was acquired by Twitter. Nick said he would come into contact with approximately 1000 companies a year, of which he meets face to face with around 100. He would probably consider around 10 but ultimately invests in around 2 or 3 a year. However, at the time of recording in late September he still had not made an investment this year. One thing which I wasn’t aware is that he measures every minute of his day and he takes us through how he does this. As on average as he invests in 1 in every 500 companies he comes across he knows how important time management is. We discuss valuation which is always difficult, let alone investing in a startup company that’s probably loss making at the time with not many true comparable comapnies. Nick describes how important a well articulated mission and vision are. However, so often they’re nothing more than buzzwords which are often stuck on the wall and then forgotten about. It’s important though, the mission and vision reverberates throughout the company as it attracts the best talent, which can attract investors, which can help in the process to attract customers. This episode is brought to you by Six Park - Australia's leading online investment manager www.sixpark.com.au

Good to Great by Jim Collins This book changed my football career, well even more than that, it’s so special it pretty much changed my life. I read it for the first time back in 2010. At the time my football career wasn’t panning out the way I had hoped. That’s saying it lightly, to be honest I thought I was just about to be sacked. I discuss the ways this book helped me get my career back on track. The book is all about why some companies make the leap to become great companies, and why others don’t. However, I’m going to kind of review the book by touching on the real life examples of how these lessons helped me. Hopefully this is a bit more of an interesting way to do it as opposed to simply going through the book chapter by chapter. This episode is bought to you by Six Park, Australia's leading online investment manager www.sixpark.com.au

Nick grew up in Melbourne and was recruited to play Australian football at Collingwood at the end of 1999 when he was in year 12. He also had time at Hawthorn and the St Kilda which culminated in a 6 year AFL career. This is an incredible achievement in itself, and Nick says during those years he learned a lot. He mentions that as there’s no segmentation in AFL like there is in a lot of American sports (where it’s common to have separate offensive and defensive teams) you have to get used to working and communicating with different people. It also taught him about dealing with pressure and scrutiny and the importance of self belief and hard work. As he studied whilst he played AFL, it gave him the opportunity to move straight into his next career, investment banking. After a period of working in Australia Nick moved to New York with his partner Alexandra (now wife) to finish his MBA at Fordham Business School. It was during this time that he first identified the opportunity in New York to provide an improved coffee experience than what cafes currently provided. He studied Starbucks and was fascinated with the brand that they had built. Whether you like their coffee or not I think it’s still an incredible business. However, he had noticed that their average customer was getting older and the Starbucks brand wasn’t resonating with younger customers. Nick identified the gap in the market he wanted to serve… he wanted to have a coffee brand that resonated with younger customers. Nick was working full time in investment banking so this cafe venture would be managed on the side as a kind of side hustle. He and his partners put up $170,000 and he opened up his first cafe in 2013, a small location that was cheap as it was hidden underground so people could only really find it through word of mouth. The location of this first cafe was quite strategic though with Australian banks NAB, ANZ and Westpac New York offices all nearby. At the time most Americans didn’t really know what a ‘flat white’ coffee was so on the first day sold $1 flat whites. They sold over 1000 that day. Not long after, he opened up another cafe that was equally popular. However, when they opened up their third cafe (which had a food menu) it was that Nick really knew he was onto something. Over the years Nick continued to work full time in banking and be CEO of the growing Bluestone Lane business. However, in mid 2016 when he had 14 cafes (12 in New York and 2 in Philadelphia) he made the call to go all in with Bluestone Lane and step away from banking. Bluestone Lane has now been going for 6 years and now up to 44 stores. In the next six months they’re opening up a further 13 stores which will take them to 57. Nick always focused on the power of branding with Bluestone and took the coffee culture from Australia to the US, with uniformity and consistency. The name Bluestone is in fact an honour of the cobbled bluestone laneways of Melbourne which are littered with great cafes. Nick takes us through some of the stories that have happened over the six years, including the times when Taylor Swift and Victoria's Secret models put them on the map when they’d come in for their coffees. Nick has steered the business through different stages of a startup and transitioning it to the growth stage it’s now in. He currently employs 700 staff which comes with stress, and as hard as the process has been but he says that football gave him an introduction to opening yourself up to pressure and mass scrutiny. This episode is brought to you by Six Park, Australia's leading robo-adviser. www.sixpark.com.au

Preview of the next podcast episode where I speak with Nick Stone, the founder and CEO of the Bluestone Lane coffee empire in North America.

This episode of the podcast Ted speaks with Sophie Elsworth. Sophie is a personal finance writer for News Corp, so you may be familiar with her articles in the Daily Telegraph and Herald Sun, or other News Corp mastheads around the country. Sophie specialises in personal finance with real, actionable tips for Australians to improve their financial situation with achievable changes that can be made right now. They touch on; - the winners and losers from interest rates going down - how to get a better deal with your mortgage 1) Ask to speak to your mortgage providers home loan retention team (it may take a few days to speak to someone) 2) Educate yourself and be armed with some better rates in the market 3) Speak with confidence and talk tough to your bank. You can threaten to leave if they don’t come to the party and drop your rate on the spot. 4) Remember this is no time to worry about loyalty - Who are the losers - How to lower your insurance premiums - Tips for your tax returns - Links where you can find out more This episode is brought to you by Six Park, providing online investment management to clients all over Australia www.sixpark.com.au

For this episode of the podcast I’m speaking with Andrew Pridham. Andrew and I first met when I joined the Swans back at the end of in 2005 when he was then a director of the club. He is also the Chairman of the Sydney Swans Football Club, and also the founder and CEO of investment bank Moelis Australia. People may be familiar with AFL but unsure of what investment banking entails, so we breakdown some investment banking terminology right from the start (e.g. what is M&A, IPO, etc). We discuss what it was like starting an investment bank in Australia, growing it year after year, and taking it public with an IPO so it’s now traded on the stock market. We talk about how that journey has been for him on a personal level to where it is today. Andrew has experience working in investment management in different continents around the world, and different stages of the business cycle. This is interesting to note as in Australia we are having such a econimc great run (27 years since our last recession). Listeners in their 20’s and 30’s don’t know what a recession is like or may never have been invested in the market so interesting to learn how Andrew thinks about these events. We also touch on planning in both professional sport and investment management. Andrew mentions the importance of planning for the long term, but the reality that you need to go well over the short term too. There’s many similarities between business and football as they’re both competitive industries, but there’s many also differences which we discuss. Other topics we touch on; Disruption in wealth management The importance of culture to growing a business Giving back Favourite books/podcasts This episode is brought to you by Six Park, providing online investment management to clients all over Australia www.sixpark.com.au

Discussing NFL Quarterback Aaron Rodgers new venture capital fund called Rx3 Ventures which is focused on consumer brands. Also a preview of my upcoming conversation with Andrew Pridham, the Chairman of Sydney Swans and the founder/CEO of Moelis Australia.

Nick is the founder of Nutmeg, the biggest robo-adviser in Europe and the 5th biggest wealth manager in the UK. He is also a digital ambassador for the UK Department of International Trade, a member of the European Power 50 and recipient of Spears Entrepreneur of the year award. We discuss the challenges of being an entrepreneur, to raising money and growing a business, and even talk about where Nutmeg are at today. In a relatively short period of time Nutmeg has completely changed the way people in the UK invest, so much so that Goldman Sachs just invested in a $60million funding round. For someone who has achieved so much in such a short period of time Nick is incredibly humble and open about what he has learnt along the way. He has since stepped away from Nutmeg and is involved in a venture capital fund in Singapore called Portage. This episode is brought to you by Six Park, Australia's leading online investment wealth provider. www.sixpark.com.au

Observations from the recent election and what could have influenced voters decision making when it came to vote on election day. Also a preview of my upcoming episode where I speak with Nick Hungerford, the founder of Nutmeg, Europe's largest robo-adviser.

My guest for this episode is Cade Massey, a professor at The Wharton School at the University of Pennsylvania and a consultant to NFL teams. We discuss the latest in decision making in sport, people management and investing. In particular we discuss; - Two of his papers on ‘algorithm aversion’. How people can incorrectly trust humans more than a rules based algorithm. - His research with Richard Thaler(Nobel Prize 2017) around the value of draft picks in the NFL. ‘The Losers curse’ and why it pays to trade down and not up for higher picks? - What we can learn from the Patriots sustained success in the US - The dangers of the overconfidence effect - Why it’s actually easier to pick a great footballer than a great CEO This episode is bought to you by Six Park, Australia's leading online investment manager www.sixpark.com.au Twitter: @tedrichards25 Facebook: @richardsreport

Here is a preview for an upcoming episode I have with Cade Massey, a professor at the Wharton school at the University of Pennsylvania in the US. Cade teaches on decision making, influence and negotiation. I came across some of his research a few months ago and found his work fascinating. We discuss the two research papers Cade has completed on ‘algorithm aversion’ and how professional sporting teams are improving in their decision making in the US. This episode is bought to you by Six Park, Australia's leading online investment manager www.sixpark.com.au

This episode I'm speaking with Erika Jonsson (Head of Communications at Six Park) to answer questions from listeners. Questions have came in over twitter, Instagram, Facebook and email too. We discuss why an April fools joke with bitcoin could have been an incredible trade, and the benefits of using Six Park portfolios compared to a multi asset ETF from Vanguard. We also discuss topics including what have been the most popular guests on the podcast, and ultimate guests I’d like to have on the show. This episode is brought to you by Six Park, Australia's leading online investment management service. www.sixpark.com.au

Mark has lived in New York and Washington managing billions of dollars over multiple asset classes. He has experience investing in both bull and bear markets and shares with listeners some of the lessons/advice he has learnt over the years. After prestigious positions with Tudor Investment Company and The World Bank Mark now sits on the investment advisory committee of Six Park. www.sixpark.com.au