On the Couch
Marcus Padley and Henry Jennings sit down with fund managers, CEOs, investors, and industry professionals to discuss markets, strategy, risk, and decision-making.
Long-form conversations focused on how experienced investors think – through cycles, volatility, and changing conditions.
No sales pitch. Just insight.
On the Couch
On the Couch with Andrew Wielandt (DP Wealth): The ETF Whisperer's 2026 Playbook
Welcome to another episode of On the Couch, the podcast series where we chat with brokers, CEOs, and fund managers to bring you valuable insights from the investing world.
In this quickie episode, Henry Jennings is joined by his good friend Andrew Wielandt – also known as The ETF Whisperer.
Andrew shares his ETF picks for the year ahead… and not a QUAL in sight.
Chapter Markers
- 0:00 – Welcome And General Advice Reminder
- 2:03 – 2026 Outlook: Volatility And Passive Risks
- 5:20 – US Politics, Dollar Views And Silver Shock
- 7:10 – Theme 1: Diversifying Away From US With VEU
- 9:10 – Hedging The Currency And Core Adjustments
- 12:00 – Theme 2: Japan Exposure With IJP
- 15:00 – Theme 3: Long Short LICs And LITs Toolkit
- 22:30 – Why Long Short Now And Portfolio Weights
- 25:00 – Theme 4: Aussie Small Caps With Firetrail
- 28:00 – Theme 5: Resources Via Tribeca TGF Or VanEck MVR
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MT20 – Managed ETF Portfolio
A professionally managed portfolio run by Marcus Padley and the team, using ASX-listed ETFs with active market timing.
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Principles – How We Think About Investing
A short video series on timing, behaviour, and decision-making. No stock tips.
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Disclaimer
This podcast is general information only and does not consider your personal circumstances. It is not personal financial advice.
Well, hello and welcome to another episode of On the Couch. Myself Henry Jennings from Marcus Today. And today I'm delighted, well, I'm always delighted, but today I'm especially delighted to be talking to my good friend Andrew Wyland from DP Wealth, all the way up in Toowomba. He calls it God's Country, but everybody that lives anywhere always calls things God's country, so I think we have to take that with a pinch of salt. But what I do know about Andrew, apart from his Lego obsession, which we're all very familiar with, is he is the ETF whisperer. He is a font of all knowledge as far as ETFs go. And I thought it'd be a really good time, it being February, I don't know where this year's gone, but I thought it'd be a really good time to catch up with him and talk ETFs. Everyone knows how much I love ETFs. Um and talk ETFs and uh talk about ones that um he is looking at for 2026. So, Andrew, welcome. Thank you for coming on the show today.
SPEAKER_00:Henry, my friend, thank you very much. You and I always have uh a good time, both on air and off air. We're good mates off air as well. So uh really appreciate the uh opportunity to have a chat to you, of course. And of course, being a Marcus Today subscriber myself. Well, there you go. There you go. I've been there for a number of years and really enjoy all the work that you and and Marcus are doing together. Uh it's uh it's great. So thanks for the opportunity. Looking forward to adding some value to the members, as they do in the Facebook group. You know, it's a it's a great little community. What's your uh I it's probably family friendly, so we can't use the exact term that you use, but we have the no idiot rule, if I can put it politely. Um I think it it works really well, so happy to contribute. Thanks for having me on.
SPEAKER_01:Mate, it's an absolute pleasure. Now, just before we kick off this uh discussion, just to remind our listeners that it is general advice only. So please do your own research, contact your own financial advisor, and I would recommend a financial advisor uh all the way up in Toowoomba. Uh, please contact your your own financial advisor uh regarding any of the thoughts, ideas, or any insights, let's face it, uh that we get on this show. So, Andrew, 2026, 2025 was a pretty good year. Umes there that uh that stood out and uh a few new themes unraveling as we uh as we record this. How do you see 2026 panning out and uh and where are you looking in terms of themes?
SPEAKER_00:I certainly didn't have uh silver down 31% last Friday on my on my 2026 bingo card. Uh oh look, without being captain obvious, volatile. I know I and I don't mean to be cute in saying that, it just is literally going to be sort of all over the place. Uh I mean, as you know, I I I do love my ETFs, uh, but I am concerned about this weight of passive money that has really been pushing along some of these names. Uh and we're seeing it. I mean, we're recording this uh in a week where there's significant volatility, not only in US tech names, but in Australian tech names as well. And that passive money really has been pushing along the valuations of some of these names. And so I think that's going to sort of uh come home to roost to a degree. So probably about 18 months ago, and sorry, I should probably pause there for a second. We still like ETFs and we still like passive ETFs. This this is not sort of some change, but it's really just acknowledging that there really has been this big push along. So about 18 months ago, we've started using um these model portfolios, we'll probably close it to two years model portfolios, and other ETFs apart from just passive follow-the-market ETFs. And there's some of the things that we'll talk about today. But relating to the 2026 outlook, um, certainly tech, you need to be cautious. I think we're on the cusp of the next mining boom, and I know that again, that's not exactly Captain Obvious, but uh one of the ones we'll talk about today, there's an opportunity to continue taking advantage of that because I'm gonna talk about some um L I Ts and L I Cs. We're not just we're just not ETFing here, my friend. Um we're plot twist. What was that? What was that noise again? Plot twist. No, no, there was a noise before the plot twist.
SPEAKER_01:Oh, that was the ooh.
SPEAKER_00:Thank you, thank you very much. And if people can sort of cut that and they could turn that into their uh phone uh messaging thing, you know, so instead of it being I I have um Darth Vader, you know, when the oh we could have Henry with the ooh as your as your message tone. Um but yeah, certainly uh I think this is the year that you need to be paying for active management. Uh certainly having some passive tools in the toolbox, without a shadow of a doubt, that's your core, but you're absolutely needing to be having some active management because it's going to be tricky. That's my 2026 outlook. Tricky.
SPEAKER_01:I th I think that that corresponds to my 2026 outlook. The the one thing that I think is going to be the standout of 2026 is the US midterms. Trump is going to do absolutely everything to win and retain control because the alternate is that he could be impeached by the Democrats, and he has to be a popular president, so he has to ride the tax stimulus and the tax cuts, and he also has to get interest rates down. And I suspect the US dollar will fall as well. It was interesting when you were talking about passive ETFs and silver. I mean the silver market is not a very big spot market, it's not like gold, it is quite a thin illiquid market. And and I think it was last Friday when the silver market collapsed. They traded$40 billion worth of ETFs on the big US silver ETF. It usually trades$2 billion. You know, that is that is extraordinary. Talk about crowded trades, and you can see what happens when they unwind quite quickly. And these are, you know, some of these uh silver trades were very highly leveraged, especially coming out of China. So interesting. Anyway, enough from me because no one wants to hear from me about all this rubbish. They want to hear from you, they want to hear from the ETF whisperer. So let's talk ETFs. What do you like?
SPEAKER_00:Okay, general advice only here for entertainment and educational purposes only. Uh, the first one, which feeds into the thematic relating to uh not being exposed to the US is VEU from Vanguard. And in fact, uh on the call a little bit earlier, we spoke about a beta shares equivalent, uh, XUS. Yeah. So the broad thematic, Henry, is around the concern around that US economy and briefly on the midterms, you're right, like Trump needs to have things humming along. He said, I, when he was being elected, I'm going to keep inflation down, I'm going to have all the good times, slippy joe, all that sort of stuff. US is not buying it. We saw that election in Texas rather over the uh over last week where the Republicans got rolled in a Senate seat in the state legislature in Texas. They are concerned. So but we we we as a firm um firmly have the view that certainly uh being underweight US is uh is not a bad place to be. We we hold IHVV bonus pick. We hold IHVV, the hedge version, the SP 500, for core US exposure, but our predominant international exposure would have previously been like VGAD, which is the Vanguard uh hedged exposure or VGS for the unhedged exposure, global exposure, which also includes the US, uh, whereas today it's VEU. VEU over the last 12 months has returned about 20% per annum, and over the last five years has returned about 11% per annum, and it's basically everything XUS. Uh it's also got some China in there, which we didn't mention on the call. No. Uh interestingly, XUS has no China. Yeah.
SPEAKER_01:There you go. No bull, no bull in a China shop.
SPEAKER_00:Like a bull in a China shop. So VEU would be the first one whereby we're concerned about the fall of US exceptionalism, concerned about the valuation of US tech. You still need to have offshore exposure. How do you do it? One of the ways would be VEU.
SPEAKER_01:And can I ask you this as well? Would you be looking at um currency hedged ETFs this year or or just um no hedge? Is a hedge a better way to go, do you think?
SPEAKER_00:No, I I would certainly be uh going down the the hedge path, the 40-year average for the A dollar is 74 cents.
SPEAKER_01:Right.
SPEAKER_00:Where are we at the moment? 70 rather than 10.
SPEAKER_01:70 70.2 or something, yeah.
SPEAKER_00:Just tipped over 70. And you're right, like again, one of Trump's strategies is going to be sort of a weakened US dollar. Uh, if I'm right around the mining boom piece, then certainly there's going to be demand for Aussie dollars. We're in a rising interest rate environment here in Australia. All the moons are aligning relating to strengthening in the Aussie dollar. So if you've got your overseas holiday planned, you know, maybe now, maybe this is the year subject to where in the world you want to go. Um, but yeah, I would certainly be thinking hedged. So if there's an opportunity to be doing hedged, I would be looking at doing that. And equally, if you're holding unhedged investments, um, then you might be wanting to look at those as well. And even like a 50-50 saying, well, I'll sell off half and move into some hedged investments. That might be something to consider as well. So uh you'll be surprised to know that qual does not get a mention today. Oh my god. Um I know I I I sort of have brought out the surprise too early.
SPEAKER_01:It did. Rabbit out the hat time.
SPEAKER_00:Jeez. I still like I still like qual, just to be clear. But you know, you might consider reducing your qual exposure by half and buying QHAL, which is the hedge version. Or if you've got IVV, you'd sell half and buy IHVV. Right. There's some opportunities there as a bare minimum to be doing that with your existing holdings, but high level, you should be thinking about hedged uh investments.
SPEAKER_01:Right. It's it's funny because I actually booked an overseas holiday this this week.
SPEAKER_00:So you're off to Stradbroke Island? That's a Queensland joke.
SPEAKER_01:Is it?
SPEAKER_00:That's a Queensland joke. You know, you go overseas because you said Straty and you look back over uh to the west and you can see a big island called Australia.
SPEAKER_01:I thought a Queensland joke was Pauline Handsome, but um clearly I'm I'm in the minority these days on that one.
SPEAKER_00:And a special hello to all of our political listeners.
SPEAKER_01:Sorry, I shouldn't get political. I'm bound to get emails and God knows what about that. But anyway.
SPEAKER_00:That's why I didn't comment because I'm trying to stop that for more than a little bit of a little bit of a little bit of a little bit of a little bit.
SPEAKER_01:You're doing very well. All right, let's let's move on. And hopefully no one's heard that. Let's move let's move on swiftly.
SPEAKER_00:Uh, what have you got up your sleeve next time? So continuing on our international thematic and again trying to sort of move away from the US or diversify away from the US. Uh, we still are quite keen on Japan. Uh and again, there's a number of new ones out there. I think we uh had J100 pop up um on the call recently. Uh I still prefer the the the original, which is IJP from BlackRock or iShares. Yeah. Um it is, I'm trying to see what the funds under management is. Very hard to find the funds under management on this website.$1.2 billion.
SPEAKER_01:Yeah, I got it here, 1.16. Yep, you're right.
SPEAKER_00:Yeah, the MER is about half a percent. I should mention the MER, that that cost of running the fund for the Vanguard fund I just mentioned before, 0.04 of 1%. Wow.
SPEAKER_01:They're doing it for free, aren't they? Basically. Four bips. Four bips.
SPEAKER_00:They are doing it for free. Cheap as chips. Um, so whereas IJP, 50 basis points, probably a little bit more pointy-ended. Why do we like IJP? Uh, we still think Japan's got a fair way to go as yet. They have a new prime minister, and if I'd done my due diligence correctly, I'd have her name to hand. She's called a snap election. Her approval rating just for the average Japanese person is 70%. Amongst the youth, uh, of which you and I are not in that category anymore. Sadly, sadly not. Sadly not, it's over 90%. Wow. So she's got she's gonna romp it in. And uh she's basically threatening to unleash a whole range of fiscal stimulus, which is interesting in the light of what's going on there with their inflation and therefore interest rates. I mean, that's a whole other story. But certainly uh Japan has been pretty kind to us uh in our portfolios again over the last 12, 18 months. It's up 16% over the last 12 months, and over the last five years, it's up around 10% per annum. Sorry, 9.3% per annum rather. So uh we are still very keen on Japan. Again, it's a satellite holding, so something like VU would be a core holding, you'd have more of that. Something like IJP, you would have uh a lesser holding, that might be a three or a four percent position, but certainly you do need to have some Japanese exposure. And if we're running on the hedged train, then you'd think about something like HJPN. I think from memory that's uh beta shares, but uh we we're happy to be unhedged with this one, so it's IJP.
SPEAKER_01:Wow, turning Japanese. Turning Japanese. I really think so. I was about to say it if you didn't, so one of us had to. It's like um it's like Morgan Wise or or or little and large, really. Perhaps I'm showing my Britishness. Um, okay, well, that's two. It's hard to keep count. Uh next up, let's go.
SPEAKER_00:Okay, um, so next one is uh I'm going to sort of use this this um subset uh of uh long short ETFs, L I Cs, and LITs listed investment trusts. So I'm going to give four. So we may end up with more than five. I I I can't count, numbers aren't my strong point. But the first one we're gonna start with, it which is of no surprise, is um, and I'm not gonna run through all the performance numbers and stuff, we're just gonna talk more broadly about the thematic. Uh, is our friends at Plato. Yep. So PGA1, you and I have been quite keen on that one for at least the last six months. Uh super smart guys and girls. Uh, performance has been super strong uh over the last 12 months. I think from memory it's well over 30%. Again, if I was prepared, I'd have that to hand. Uh, but it is performance over the last 12 months, even despite the recent falls, it's still up 25%. Uh so uh basically, what do these long short funds do? They're basically taking positions on things they like, they're long, or if the things they don't like, they borrow and sell, and so they can take advantage of rising or falling markets. So certainly PGA1 would be one of those. Uh, another one which I think you either had in your super fund or were considering in your super fund was from Munro. Yep. Um uh Nick uh Griffin and uh Mate. Mate. Mate. M-A-E-T. Uh so again, same sort of complex, probably not as aggressive as PGA one. Uh, and if even just looking at uh because um Munro have got a couple of listed other ETFs and they've been going through a bit of pain the last few days. Mate has actually been holding up relatively well, uh, in part because their number one uh mantra is more around that capital preservation or capital protection piece, not capital guaranteed, but you know, taking less aggressive bets. So certainly M A M A E T is another one. Uh I hold PGA1 in my self-managed super fund. I hold MADE in my self-managed super fund. And the next two I'm about to mention I also hold. So I hold um L1 Capital, which is um LSF, and that strategy's been excellent. Last 12 months it's returned high 30s, low 40% per annum. Uh it is 70% Australia, 30% international, and you put me on to GLS, uh, which was the old platinum, which recently uh has converted to GLS, and GLS is the 100% international non-geographically constrained long short exposure. So you can put um GLS in there as well. And then the final one, and it's probably the one I'm most interested in at the moment. I own GLS too, myself own a super fund, is RF1.
SPEAKER_01:Old Friends at Regal.
SPEAKER_00:Old Friends at Regal. One of the few that are trading under, as in in this area, trading under asset backing. Like GLS is trading above asset backing. Uh LSF with that recent fall might be back at asset backing, but for a period of time there, when it was in the high 440s, it was above asset backing. RF1 is trading under asset backing. I think uh Phil and the team were in the SIN bin because they blew up some money on what was that? Top the blew up some money there, so they're spending some time in the SIN bin. But again, their water strategy is going super well, their small company strategies doing super well. So in this type of tricky environment where there's money to be made when there's things are falling, uh, you need to have exposure, in my view, to this long, short thematic. If you look at the future fund, so you know, managing the Australian government's uh liabilities relating to long-term superannuation, I think from memory there are about 15% hedge funds in the future fund. In the famous Sarand, Andrew and Sarah uh superannuation, and Izzy, I guess, but she's too young, she's only 13. Uh in our super fund, I'm about 21-22% long short.
SPEAKER_02:Right.
SPEAKER_00:Because I just think in this environment you need to be fleet of foot. So long short, they're the five names. See, I gave you five in just a thematic. I know, I know, I can't believe it. Value to be had, ladies and gentlemen.
SPEAKER_01:Value to be had. Two to go, two to go. Two to go. And for those of you that I guess aren't familiar uh with long short strategies, and I uh you know I'm sure everyone is, but in case you're not, I mean, the the whole basis of long short is is a comparative trade. So you're selling something and you're buying something else, and you're hoping to some extent that you're taking some of the market exposure out of that, and you're trying to gain the outperformance of one asset over the other asset. Um, it's never a kind of a zero-sum game. Uh, it's not like you have uh 100% short in woolies and and 100% short in cut uh and long in coals. Uh there is a certain amount of leverage uh on either side depending on your overall view. But the idea is to take out some of that market exposure and just to get the alpha of the one that you prefer over the other one. Um so it's um it's a pretty good strategy, and and the and the guys at uh L1 Capital have done it very well. All right, moving swiftly along.
SPEAKER_00:Swiftly along, because I'm mindful of time as well. Um not only yours, but our dear listeners as well. So um next one is small caps. I still think there's opportunities in small caps and in Aussie small caps, uh team from Fire Trail. Yep, uh FSFSML, uh, we're we're quite keen on. Uh it is not in the um the model portfolio. In the model portfolio, there's actually a managed fund that we use, uh, but given the remit of what we're talking about today is listed stuff. Uh I have this one fire trail in my self-managed super fund. Um so as the name suggests, it's buying um small companies. Last 12 months it's uh returned 35%. Uh, and over the last five years it's returned about 15% per annum. And if you look at its return relative to its benchmark on an annualized basis, it's been beating its benchmark, and its benchmark being the small laws has beaten it by somewhere between 8 and 10% per annum. Right. So again, if you're concerned about banks, albeit they have pulled back a little bit, but if you're concerned that resources are running too hard, as you know, we've got a heavily concentrated top 20. Um so if you're sort of trying to find where there's some alpha, some opportunity, and in particular in that gold space, um, they've been playing that quite nicely. Um, so certainly, and in fact, I'm just looking at some research they've got out. Uh, these small auds returns over over 2025, 142% from gold. So uh some exposure in that in that space. So uh Great Land Resources and Genesis Minerals were uh certainly good for them up until recently. Life 360 was pretty popular for them, but as we know, life 360 going through a little bit of a hard time. If I give them a cross, probably the only one would be corporate travel management. Uh but they but not they weren't Robinson Crusoe in that regard, and it was probably more so they needed to have some in of that in there because that's it's it's universe. Me personally didn't have any interest in corporate travel and no exposure there, but certainly back to high trail smart guys and girls. Um, and then the last one, and I'm just making sure I get the pronounced. Right, because as you know, Henry, I'm very good at pronouncing names.
SPEAKER_01:Fortescu.
SPEAKER_00:Fortescu immediately comes to mind.
SPEAKER_01:You are the only one in the market that I've ever heard pronounce it Fortescue.
SPEAKER_00:A very special hello to Andrew Forrest as well. He saves his love too. So uh, and I think you were on this one early, very early, I might add. We were on it too early in that it when it floated, we were on it that early, it fell in a heap. Is uh the guys and girls uh from Tribeca. So Tribeca Global Natural Resources. Uh we paid$2 on the float, and then it languished and languished and languished and languished a little bit more, and then I think in the small cap strategy you paid$140. Uh so you've played that like a strat of errors, my friend. Uh so they their asset backing, and I haven't checked it this week, their their asset backing last week was$3.40 and it's about three bucks at the moment. So again, as the name suggests, they're investing in a whole range of sort of resources. I'm not a resource guru as opposed to you. So for my clients, again, it's not in our model portfolio, but just for my direct equities clients, they're saying, hey, you know, what active management can I look at? Then certainly the Tribeca guys and girls, their return over the last 12 months has been spectacular. Uh last 12 months they've returned 106%. And certainly, if I'm right around the mining boom, if you don't want to sort of uh play that game, then the the index exposure I would suggest uh would be through VanEck MVR. So it basically is buying the uh resource indice. Interestingly, though, it maxes out its exposure in any name at 8%. So if you look at other ETFs, you know, they might be a third BHP or something like that. Nothing wrong with BHP. But if you've already got VAS or IOZ or STW, you're sort of doubling up on your BHP, whereas MVR maxes its exposure, and you know, you've got your Portescu's and you've got your uh your Rios and you've got your wood sides, etc., maxes it out at 8%. So if you're if you're a believer the mining boom is on, then my view TGF would be the way to play it actively, passively, you play it through MVR. I don't know how many ETFs I just gave you there, but if you haven't got your money's worth, I can't help you. I just can't help.
SPEAKER_01:I think everyone's got their money's worth, and you're right, I did pay a dollar forty for Tribeca. Um and and I had lunch, um, I had a lunch with uh Guy Teller, who's one of the uh portfolio managers around there on the uranium uh situation, and uh he he certainly filled me in on a huge amount of uh backstory in terms of uranium, and it was a big help. And we did a podcast with him as well, so um can't say you don't get value uh seeing as these things are free.
SPEAKER_00:So I yeah, if if it it it is certainly a real and again one of the few ones where you can be in a hot sector where you can actually be buying it at a substantial discount to asset backing.
SPEAKER_01:Um I I love buying people's expertise and brains and their investment knowledge at 20% discount. Yeah, it's just like you know, it may still stay at 20% discount, but these guys are smart, you know, and you know the Tribeca guys are made an absolute mozzar.
SPEAKER_00:Um even you look at like LSF, like L1 Capital, they traded um at a significant discount there for a period of time, and eventually the market does have the epiphany, or even if it doesn't, they just wind it up and you get paid out at tours.
SPEAKER_01:So either way, I haven't seen a sunset wind up for a long, long time. I remember when I first started trading in Australia uh back in the uh the late 80s, early 90s, buying up licks with uh sunset clauses was just a great game, and uh then you'd got agitated and try and get them to sell off the assets and send you the money. But they all got wise to that little game because they like the fee structure and they like the never-ending gravy train. It didn't really matter to them how much the discount was because they still got their fees, which is after all, that pays for your harbourside mansion. You don't you can't you can't buy a a place in Vaucluse or Bondo Beach on uh on Sunset Clause.
SPEAKER_00:Uh no, no, I'm just thinking most recently about like Steve Johnson with his forager fund, where he basically just went, This is a nonsense, you know. Why am I paying these ASX listing fees? Uh, but to your point for every Steve Johnson, and we won't name them, but there are a whole range of them that go, but I have a lifestyle need. Oh, yeah, exactly. Uh I'll continue to charge uh 1% despite my uh my asset backing. But in this particular case, uh TGF, smart guys and girls, uh, and you're literally getting it on sale. And it's like Regal, you're getting it on sale. There is a trigger, I can't tell you what the trigger is, but whilst you're waiting, smarts, active management, so yeah, certainly those are the two. So Andrew's high-level thematic, volatile, how to play it, active management. Certainly you still need your core, core ETFs, cheap, but we've given you it, I don't know, eight, ten different things to think about to sort of play the uh the volatility game.
SPEAKER_01:It's been a smorgasbord. It's like buffet breakfast at the uh the intercontinental. It's a buffet. A buffet.
SPEAKER_00:Oh it's a buffet at the Noosa Head Surf Club. I mean, we can't we can't do anymore.
SPEAKER_01:You can't get any better than that. You just gotta watch out for the dodgy prawns that have been there for too long. Never at Noosa.
SPEAKER_00:Never, never, never at Noosa.
SPEAKER_01:Really? Okay.
SPEAKER_00:Uh Noosa is a very close second. Of course, we stay at Noosaville. I'm married to a fiscally responsible accountant. Right. So we don't pay a thousand dollars a day to stay on Hastings Street. Um, but yeah, Noosa is a very nice part of the world.
SPEAKER_01:Out of my price range, I'm afraid. I haven't been to Noosa for um 20 years. It's probably changing. You're missing out, my friend. Actually, it's a bit yeah, I am missing out because there's a mining conference in Noosa in July.
SPEAKER_00:That's what I was just about to say. There's a mining conference. Surely you get Marcus to stump up.
SPEAKER_01:Surely I wish you'd stop calling me surely. Um, but um, yeah, it's uh it's a nice thought. It's a nice I'll advocate. I'll advocate for you. You'll go Andrew. Send him an email. There's only flights and accommodation, it's not much.
SPEAKER_00:Minor details details.
SPEAKER_01:Andrew, it's it's been an absolute joy and a pleasure. Thank you so much for your time today. Thank you so much for your your knowledge and your wisdom and your ideas. And I asked, you know, in the prelim to this, I said, you know, shoot me five ETFs ideas. You have given us oh my head's spinning. Uh to be honest, I'm still reeling. I am reeling over the qual thing. That that is that is extraordinary. Um, I never thought I'd hear those words come out of your mouth. Um it would be it's it's it's similar to saying I'm not buying another Lego kit.
SPEAKER_00:Oh no, that that is a bridge too far. There is no need. Maybe a bridge. There is no need. But this this was going so well, and then you you have to end on the downer. You end on a downer, Henry. You're killing me.
SPEAKER_01:You know what's weird is you know, when I travel around the place and I travel around the country or the world, and there's a Lego shop, I take a picture and I send it to you. And my and my wife looks at me and says, What are you doing? And I say, Oh, I'm just sending a picture of this Lego kit to my friend Andrew, it's a woomba. And she just looks at me as if I'm some sort of complete and utter boson.
SPEAKER_00:If it's any solace, my my beautiful wife Sarah, when I get these texts, and sometimes when you're traveling internationally, you are mindful of the time, but they do come in sort of outside of business hours. And Sarah's like, Who's that from?
SPEAKER_01:And now they're now they're doing um Lego with AI, aren't they? Or technology implanted in the Yeah, Smart Bricks, Smart Bricks, Smart Bricks.
SPEAKER_00:Yeah, they've got three sets at the moment, but uh have you got any? We should do a whole separate show because I know we're running long. We should do a whole separate show on Lego as an investment. Now, again, we're not giving investment advice, but some of the numbers are just mind-blowing as to how these things uh how these things go. There's one for uh maybe the Christmas break, you know.
SPEAKER_01:Maybe the Christmas special. That is our Christmas special. Maybe the Christmas special. We're we'll wear hats and talk about Lego for Christmas presents.
SPEAKER_02:Indeed.
SPEAKER_01:Okay, Andrew, so happy to have had you on today. Really delighted. Thank you so much as again for all your uh contributions to uh to Marcus today and to this uh podcast. So delighted to have you on. Thanks so much, mate.
SPEAKER_00:It's been thank you for the community, and I appreciate you all listening, and I appreciate your friendship too, Henry. Have a fun rest of the day.
SPEAKER_01:Thanks, mate. Take care. Brilliant.