Ethical Partners – Good investing Podcast

In this fascinating and wide-ranging discussion with branding and advertising guru, President and Regional CEO of TBWA, Paul Bradbury, we discuss recent developments in advertising markets and consumer trends. We use company examples such as Gatorade and Telstra to bring the branding process alive. Paul makes one of the biggest calls in the history of the Good Investing Podcast by saying social media has peaked and he explains why he thinks this is the case. He speaks of how people's media consumption patterns and behaviour have changed including the emergence of the "you only live once" mentality which is possibly contributing to stronger than expected discretionary consumption. We discuss two campaigns that are making a real change to the social landscape, signifying the potential social power of advertising, before we move into the ranking of the Greatest Five Ads in the history of Australian advertising. Will your ranking be the same as Paul's? 0 min 45 secs Summary of the episode 1:30 Paul Bio and who is TBWA 4:20 What is the disruption component of TBWA, what does that mean and the Gatorade example 8:20 Multi-media channels have changed the campaign approach 12:30 Current ad markets and media spend. The consumer “you only live once “ mentality leading to higher than expected discretionary spending 17:01 The way advertising is moving... away from the straight 30 second spot 20:20 The challenge in targeting consumers 22:05 The share of advertising the big platforms attract Meta, Google etc. Has social media peaked? 24:30 Case study - The Telstra account “+61” 29:00 Advertising making a real social difference. Mastercard ball kids and Classify "C” for Consent 36:30 How AI will impact the advertising industry... looking forward, not looking back 38:50 The greatest five ads in Australian advertising history quiz (using a very low tech approach...) Links to Mastercard ball kid campaign https://www.youtube.com/watch?v=GosY_5SPa_c Link to the Classify "C” for Consent campaign https://www.youtube.com/watch?v=ydrhk51SqFQ See omnystudio.com/listener for privacy information.

What has Shane Watson learnt on the cricket field that is applicable to business? A lot... and it is all in his new book, The Winner’s Mindset, released in January 2024. Yes there is some cricket talk on Ep#31 of the Good Investing Podcast, but the real focus is on what Shane has learnt over his career about how the mind works, the mistakes he has made and how to motivate and help people to perform at their best as often as possible. We read an earlier edition over summer and what struck us was Shane’s honesty and openness but also the applicability of a lot of what he wrote to the business world. Shane talks about the difference between Mindset and Skillset, how the conscious mind works vs the unconscious mind and the fact that confidence cannot be about results. Very true in sport, life and investing. Yes, we all strive for good results but we can’t control whether we achieve them. He talks about his performance equation, mental toughness – again equally applicable to the sporting field as the Boardroom and his ACT model. We even have for the very first time a Good Investing Podcast competition where listeners can win the book, personally signed by Shane. The first five people that correctly answer the question, “Who is the best slip fielder Shane has ever seen?” receive a signed copy of his new book. Entries are to be emailed to support@ethicalpartners.com.au. How good! Link to buy the book: https://shanewatson.au/ Link to BEON Performance: https://www.beonperformance.com/ Highlights 2 min 10 sec The great Good Investing Podcast competition – see the end of the show notes below for details 2.56 Shane’s book, “The Winner’s Mindset” and its relevance to both sport and business. Available 31 January 2024 here https://shanewatson.au/ 8.00 The meeting that changed Shane’s life and flying immediately to Charlotte, USA to learn a critical set of new mental skills 13.30 The difference between mindset and skillset… being able to access your skills more often 16.20 Conscious mind vs unconscious mind, what you have control of and when 19.20 The link through to “gut feel” – bringing together what has accumulated in your unconscious mind to make your best decision at that point in time 21.25 Confidence should not be about results… it needs to be based around different factors 25.00 Confidence needs to be about preparation and focus 27.50 Shane’s performance equation… A x B = Results. The “B” factors can’t be controlled so therefore you can’t control results 31.00 Being “results driven” but not be constantly focussed on results only because results can’t be controlled 35.16 How to deal with major disappointments 38.01 The ability to “switch on” and “switch off” and being able to perform for a longer period of time. Conserving your mental energy. 44.35 Social media and distractions 49.05 Mental toughness – what is it and how do you develop it? 54.20 Shane’s seven rules of mental toughness 58.10 The ACT Model… you at your best 1 hr 20 secs BEON Performance – the business. Bringing these skills to the workplace 1.05 40 secs Shane answers the cricket questions you always wanted to ask him See omnystudio.com/listener for privacy information.

This is just a short preview of the upcoming episode of the Good Investing Podcast featuring star cricketer and all round good guy, Shane Watson. And believe it or not we don’t talk much about cricket… well there is some cricket talk… but the real focus is on Shane’s book “The Winners Mindset “, which has just been released. We read an earlier edition over summer and what struck us was Shane’s honesty about his own struggles but also the applicability of a lot of what he wrote to the business world. Shane talks about the difference between Mindset and Skillset, how the conscious mind works vs the unconscious mind and the fact that confidence cannot be about results. Very true in sport, life and investing. Yes we all strive for good results but we often can’t control them. He talks about his performance equation, mental toughness – again equally applicable to the sporting field as the Boardroom and his ACT model. So don’t miss the Good Investing Podcast Ep#31 featuring Shane Watson out soon. See omnystudio.com/listener for privacy information.

Understanding who Mark Hutchinson is, goes a long way towards making an assessment on whether FFI will be successful in achieving its ambitious plans. Its plans of course are to become a green energy leader in transitioning away from fossil fuels, by first leading by example and operating its sites on a real zero carbon basis by 2030. Mark explains that while its goals may be good for the planet it is also most definitely good business (saving a billion litres of diesel each year for a start!). Be first mover and reap the rewards. We learn about what drives Mark and his views on what good (and bad) leadership looks like. Once we get a feel for this, it becomes clear why he took on one of Australia’s most challenging and potentially rewarding roles – CEO of FFI. Providing rare insight into the inner workings of FFI, Investment Director Nathan Parkin makes his long-awaited return behind the gold and green microphone to draw out the very best from Mark. Disclosure: The Fund has a position in Fortescue (ASX:FMG). 1 min 58 secs Who is Mark Hutchinson? 3.30 Mark – 24 years at GE and the GE culture and leadership including Jack Welsh stories and leadership thoughts 7.35 GE learnings and how that is relevant to FFI 8.20 Mark on what you learn from bad leaders 10.35 FFI and working with anybody 12.15 Taking your opportunities and taking risks 13.00 Motivation for taking the top job at FFI 16.01 How to adapt to a new culture – making the move to China and taking a leadership role there 21.05 Matching personal values to the role at FFI 25.10 Get the ethics wrong…and what’s the point? 26.27 Not-for-profit involvement and what it teaches you 32.20 What does success look like in 2030? 33.40 Final Investment Decision (FID) on green projects within FFI… the process 37.50 The main risks 43.20 “Humble” leadership is critical 46.40 Advice to your 21 year old self… “don’t worry!” See omnystudio.com/listener for privacy information.

The financial services industry can be one of jargon, complexity and sometimes more than a little bit of bluff. In this exciting episode, Matt Nacard interviews Investment Director, Nathan Parkin, and asks him the 15 questions you have always wanted to ask, but haven’t wanted to or haven’t been able to ask. We also include a bonus, “What’s a cap rate?” question which has been more than once quietly asked on sales desks around town. If you enjoy this episode, send us more questions to support@ethicalpartners.com.au and we will gather them up for a future episode. 15 Questions See omnystudio.com/listener for privacy information.

Sebastian Robertson recently stepped down from batyr - the organisation he founded 12 years ago. batyr is a preventative mental health charity which has reached over 355,000 young people through evidence-based programs. We talk about why and how Sebastian started batyr and what his plans are for the future. Where this podcast fits in to the broader Good Investing thematic is partly around mental health in the workplace (see Ethical Partners major report of March 2023 - “Promoting mental health and wellbeing in the workplace”), partly around leadership succession planning and also around how to manage a start up business. Not that many people have started a charity and a separate commercial business – and I’m referring to birdi – the aerial intelligence company, Sebastian’s latest venture. There is a lot to learn and absorb from this episode including insights into how parents can talk to their kids about these issues. Highlights 1.03 Longest introduction ever 8.40 Episode summary 9.45 Seb’s background (including rare facts not known by many) 14.35 Celebrating Seb stepping down from batyr 16.40 Seb’s story in his words 17.55 Leaving behind the support network 26.05 The link with peers 27.40 What can parents do and say? 30.01 Why a start up? 34.30 The hospital model vs prevention 37.05 Succession planning – The three stages 45.48 Top 5 batyr moments 57.00 Mental health in the workplace 59.02 The Report: Promoting mental health and wellbeing in the workplace 106.55 Establishing birdi - the aerial intelligence company Link to Promoting mental health and wellbeing in the workplace: https://www.ethicalpartners.com.au/post/mental-health-and-wellbeing-in-the-workplace See omnystudio.com/listener for privacy information.

In this special edition, Nathan Parkin, Investment Director, Andrew Wilson, Portfolio Manager and Matt Nacard, CEO and Analyst take a detailed look at six companies that are underneath the radar of many investors. Listeners may never have heard of some of these companies, or perhaps the company may have a macro theme seemingly against it or maybe they are out of favour for a company specific reason. These six companies – CSR, Nobleoak Life, Qualitas, Cleanaway, ASX Limited and Eureka Group Holdings – all make it through the Ethical Partners investment process and are all currently owned by Ethical Partners. We run through why we like their prospects which should give listeners an insight into how, utilising our investment process, we look at companies. Listeners also get to try their luck in the underneath the radar Quiz… The material within this podcast is not a recommendation to buy or sell any of the companies mentioned or any other company. The Podcast is also not designed to provide general or specific advice. For advice about investment decisions you should see your financial advisor. Highlights 2.20 What is an Underneath the Radar company? 3.00 The Quiz 4.00 The investment process 7.32 CSR plus Q&A 16.20 Nobleoak Life plus Q&A 25.44 Qualitas plus Q&A 35.40 Cleanaway plus Q&A 41.30 ASX Limited plus Q&A 50.15 Eureka Group plus Q&A See omnystudio.com/listener for privacy information.

Following on from a very popular and insightful Part A, in Part B of the discussion we focus on the outlook for residential markets and discuss Australia’s housing shortage. Yes, that is an issue but the more pressing concern is housing affordability. We talk government policy and get Tarun’s view on potential policy changes at both the state and federal level. Tarun gives his view on other asset classes such as retail, office and industrial. It sounds like he is quite pleased that Stockland made some early tough decisions on its retail portfolio and that it finds itself with limited office exposure. We get a sneak preview of some of the key elements of Stockland’s refreshed sustainability strategy and get a better understanding of Tarun’s focus on Return on Invested Capital (ROIC). We close on Tarun’s hexagon of happiness – a concept we all should be thinking about. 0.15 What is “land lease” and how does it work? 3.31 The scope and scale of the land lease business and how it can grow for Stockland 4.50 Tarun’s first big move and why Stockland has high conviction in the asset class 8.18 Australia’s housing shortage – how to address the housing supply issue 11.20 Currently the biggest issue is not a supply problem, but an affordability problem 13.30 Possible Government policy change – demand and supply side measures 17.30 How tough are office markets? 19.25 The main differences between the US office markets and Australia’s office markets 21.00 Retail – mixed outlook; sub sector specific 22.30 The four pillars of Stockland’s Sustainability Strategy – Decarbonisation, circularity, social impact and resilience 26.45 A Good Investing Podcast scoop? No, not really. 28.10 Focus on Return on Invested Capital (ROIC)…. A shift away from just Funds From Operations growth (FFO) 32.30 What Tarun is reading at the moment; how Tarun deals with stress and his hexagon of happiness; attributes of a good leader See omnystudio.com/listener for privacy information.

It is a long way from organising Rowdy Rabbit shows in Centre Court at Charlestown Square shopping centre to the CEO’s office at Stockland. It is even further from northern India to an MBA in Newcastle and Adelaide. The Tarun Gupta story is one based on strong values and hard work. We could add to that humility and the instinct to always saying “yes” to the right opportunities. We could add a love of cricket too… but that’s another story altogether. In Part A of this discussion we focus on Tarun’s upbringing, his early working life as a chef in an Indian restaurant in Newcastle and his decision making process leading him to work for Lend Lease in the early 1990s. We then delve into his approach to re-setting the overall strategy at Stockland, building on an already strong base at the group. “Matt, strategy is a process, not just an idea from the CEO” is something we took away from the discussion. We then talk through the actions that have resulted from the newly developed strategy: enhanced capital partnerships, altered asset allocation, an acceleration of the development pipeline and a refresh of the overall sustainability approach… something we will delve deeply into in Part B. 1.30 Reminiscing about the good old days 2.24 Tarun’s upbringing in India and the values instilled within him; honesty and integrity 6.40 The move to Australia and why Newcastle? 8.25 Tarun’s first jobs in Newcastle 10.45 The key to shopping centre marketing: Double sided (not handwritten) signs 12.00 Early thoughts about a funds management career 13.30 Message to graduates: Say “yes” and get different experiences. Enjoy what you do. 16.30 Key take aways from 26 years at Lend Lease 18.25 Getting the phone call for the Stockland CEO role (Tarun is the 5th CEO of Stockland in 70 years) to join a “strong platform” 20.35 Two early factors to address: 1) Access to capital and 2)Portfolio weighting to the right sectors 21.45 Tarun’s support network 23.00 “Strategy is a process”. The team comes along on the journey 24.40 “We believe there is a better way to live”. The clarity of purpose – authentic and permeates throughout the organisation 28.25 How the following areas work into the Stockland strategy: Urbanisation and reshaping the portfolio; institutional capital being allocated to real estate; technology/digitisation and ESG/sustainability 34.30 Asset allocation: When Stockland will get there 36.20 How has Stockland managed to accelerate its development pipeline so quickly and effectively 39.40 Capital Partner early wins 41.47 The key elements within Stockland that allow the Partnerships to work well… with thanks to Professor Gupta 45.00 Retail and Industrial lend themselves naturally to Partnerships See omnystudio.com/listener for privacy information.

This is just a short preview of an upcoming two part edition of the good investing podcast with the CEO of Stockland, Tarun Gupta. In Part A of this discussion we focus on Tarun’s upbringing, his early working life as a chef in an Indian restaurant in Newcastle and his decision making process leading him to work for Lend Lease in the early 1990s. We then delve into his approach to re-setting the overall strategy at Stockland, building on an already strong base at the group. “Matt, strategy is a process, not just an idea from the CEO” is something we took away from the discussion. We then talk through the actions that have resulted from the newly developed strategy: enhanced capital partnerships, altered asset allocation, an acceleration of the development pipeline. We focus on the outlook for residential markets and discuss Australia’s housing shortage. Yes, that is an issue but the more pressing concern is housing affordability. We talk government policy and get Tarun’s view on potential policy changes at both the state and federal level. Tarun gives his view on other asset classes such as retail, office and industrial. We also get a sneak preview of some of the key elements of Stockland’s refreshed sustainability strategy and get a better understanding of Tarun’s focus on Return on Invested Capital (ROIC). See omnystudio.com/listener for privacy information.

In a Good Investing Podcast world first we speak with both Investment Director, Nathan Parkin and Portfolio Manager, Andrew Wilson about all manner of market and company insights. Andrew digs deep into the commodities cycle and explains why we are now well past the peak. Andrew also gives a lithium-oriented wrap which simplifies the almost unsimplifiable! Nathan explains why M&A cycle is upon us and how the Fund’s investment process places it in a good position to benefit. Then under the pressure of the Ethical Partners 60 second Hourglass, each of Nathan and Andrew mentions one company that looks very interesting at the current time. Sometimes singles to fine leg are just fine on your way to building a good innings. See omnystudio.com/listener for privacy information.

See omnystudio.com/listener for privacy information.

Brent Sanders has spoken to almost one million people over the last 30 years on harassment, sexual crime and bullying in schools, universities and the workplace. In Ep#24 we speak about the differences between harassment and bullying and in what circumstances, and exactly how, the legislation applies. Do customers and clients come under the definition of workplace? Yes they do. Does the workplace include after work drinks at the pub? Yes it does. Brent talks about the strategies and approach managers can take to protect employees. He also talks about how sexual harassment can evolve into sexual assault. An assessment of human rights forms an important part of our investment process. A workplace free of harassment and bullying is a basic human right for everyone. But to recognise it and assess it, first you need to understand it. Brent Sanders helps us do just that. Highlights 1.30 An important part of the Ethical Partners Opportunity and Risk Assessment (EPORA) includes an assessment of human rights under which harassment and bullying forms an important part. But to recognise it and assess it, first you need to understand it. 1.59 Rio Tino's Everyday Respect Report finds harassment and bullying is widely suffered throughout the company (www.riotinto.com). Ethical Partners engages with a wide range of companies on the topic. 5.00 Most workplaces Brent speaks to recognise that sexual harassment remains the most problematic form of harassment. 6.10 Brent's background. After a long career in the police force Brent started his own consulting business and has connected with almost 1 million people (not quite that many but after this Podcast he may get from 900,000 to 1m... maybe). 10.10 Every person in the workplace is entitled to be offended, is entitled to raise a concern and is entitled to have that concern listened to and assessed. 13.15 Work policies that refer to the "workplace" but that definition is broad. The "workplace umbrella" should provide protection for employees from inappropriate behaviour by customers, clients and outside the office under certain circumstances. 23.00 The tests that can be used in how to assess the impact of behaviour outside of work on the workplace itself. 24.45 What is the moral and ethical obligation of managers and others to call out inappropriate behaviour? 25.55 In some circumstances there is a legal obligation to act. 27.00 How social media fits in and what is a "passive" post? The Israel Folau example. 32.01 The fascinating difference between bullying and harassment? 36.05 The definition of bullying. Why does the behaviour need to be "repeated"? If it is not repeated, the behaviour may still be inappropriate, even it doesn't fall under the actual definition of "bullying" 43.06 The David Jones case - organisational liability. The new proactive requirement for companies. 48.02 Going from civil to criminal offences. From bullying to assault. From sexual harassment to sexual assault. Examples. 52.52 Each State and Territory has legislation that deals with unlawful sexual assault. Consequences are criminal in nature and involve the possibility of imprisonment. Brent's podcast: "Consent and Consequences" https://podcasts.apple.com/au/podcast/consent-consequences-with-brent-sanders/id1562242401 Brent's website: https://www.brentsandersconsulting.com.au/ See omnystudio.com/listener for privacy information.

This is the incredible story of a leading Hollywood Producer trading in one lifestyle for a very different one. What motivated Scott Neeson to sell his LA house, boat and other possessions to start up a charity in one of the poorest and most under privileged countries in the world? What was the vision? Well, it turns out there wasn’t one. What there was though was a selfless drive to help others - to invest in the next generation of Cambodians. The first graduates of the Cambodian Children’s Fund (CCF) first school intake are now graduating from University. This is a story of leadership, resilience, passion and practical business building - a must-listen for all business leaders. Donate to CCF Watch the 'Fix You' Video Highlights 2.05 Throwing out the usual format 2.40 What is Cambodian Children’s Fund (CCF)? Scott goes from Hollywood to building schools for Cambodian children 3.45 Measurable outcomes. From the first 200 children…. to 2,000 kids in school now. Plus the model has grown to include healthcare and other programmes 6.00 The Neesons emigrate to Adelaide from Scotland in the 1960s. Scott talks about his upbringing 7.50 Working as a projectionist at a drive-in cinema. Then working for Greater Union… and the move to Sydney 8.50 Moving to Los Angeles with 20th Century Fox. Appointed President of International in 2000. Marketing was a key strength – understanding what type of movie would sell well to whom and where 10.50 Favourite movie: Braveheart. Working with Mel… 11.50 Having it all… and the “mid life review”. Listen to the outcome of that review… 14.30 Scott signs with Sony but has a break before starting the new job. He goes travelling… 15.45 Visiting Cambodia. Trying to help… but not knowing how 17.20 Visiting the Stung Manchay rubbish landfill for the first time 19.30 Trying to transition between Hollywood and Cambodia. Needing to go all in… 20.25 The “Great Garage Sale” 21.25 The sale of Scott’s LA house funds the start up of CCF. Then managing growth in the first five years 23.20 “No great vision” 25.00 Transitioning away from poverty and the historical context. 26.00 Trying to “not judge” 27.45 How Scott tries to deal with stress 29.00 Where does CCF go from here? Succession planning. Sustainability. Governance. Transparency. 30.00 Expansion. Replicating the model in other countries 32.45 Scott’s keys to leadership 34.45 Scott’s favourite book - The Snow Leopard by Peter Matthiessen 37.00 The “either/or” game 39.00 How you can help – link above 40.10 How many of Scott’s Hollywood mates visit? (not many…) 43.14 Mental note: Don’t wear white linen See omnystudio.com/listener for privacy information.

Dr Jason Kaplan is a cardiologist and physician who takes a holistic and preventative approach with his patients. Dr Jason Kaplan speaks with us on a broad range of topics relating to overall health and well being. This is an important area within the Ethical Partners Opportunity and Risk Assessment (EPORA) used in assessing companies as a part of our investment process. In the discussion we talk about heart disease and we take a deep(ish) dive into key risk factors (cholesterol, age, genetics and others). Jason alerts listeners to a very simple and easy to access test which is critical in detecting the early signs of heart disease. We delve into an area our Sustainability Team has done recent work on - Diet and Nutrition (including what to choose on that next corporate lunch...); obesity, and also the ideal exercise regime and which supplements are worth taking. Highlights 0.50 The link between health and wellness and good investing 1.50 Dr Jason Kaplan bio 2.36 Summary of this exciting episode 3.40 Why preventive cardiology? 5.30 Arterial disease - what is it and what is the impact 7.40 Unstable arterial plaque and inflammation and why that combination is so dangerous 11.00 Arterial disease is progressive and starts early... earlier than you may think 13.40 Start thinking about your cardiac health in your 30s... life's "simple seven" 16.16 The shortcomings of the ten year cardiovascular calculator 19.35 HDL, triglycerides, LDL cholesterol, ApoB, Lp(a) as risk factors 22.15 The folly of standard and acceptable "ranges" for certain blood components 31.55 The difference between men and women for heart disease 33.40 Coronary Calcium Scan test and why it is critical to get one earlier than you may think... and an opportunity for employees? 37.20 Diet and nutrition - relevant for employees, consumers and community health - building on some of the work done by Ethical Partners' Sustainability Team 41.10 Pesco Mediterranean diet and its benefits... and the Blue Zones 45.30 Ideal carbs, fat and protein mix... animal protein vs plant based protein 47.10 On the corporate lunch circuit.... what to order! 48.26 Obesity... 60-70% of Australian adults are overweight or obese... the role of diet and exercise and the right balance 50.40 The ideal exercise regime... time, type, frequency and the impact on longevity 56.30 Defining "stress" and looking at its impact 59.50 Supplements... Omega 3, plant sterols, vitamin D, magnesium... which can be useful and choosing "the plate" over "the bottle" For the work on obesity, health and wellness conducted by our Sustainability team pls see our website https://www.ethicalpartners.com.au/post/the-obesity-collective-and-pwc-ethical-partners-case-study and https://www.ethicalpartners.com.au/post/the-access-to-nutrition-initiative See omnystudio.com/listener for privacy information.

We complete 2022 with a special edition of the Good Investing Podcast featuring Investment Director Nathan Parkin. Nathan walks us through the Ethical Partners approach to investment in one of the most challenging macro environments for many years. We review the year, neatly broken into four very different quarters. Nathan speaks about how the second quarter threw up opportunities to own the very best companies in the market – opportunities that come around only once a decade. Nathan also gives us unique insights into the differences between investing in a rising inflation environment vs the low interest rate environment of 2018-2020. He also translates the macro environment to what it actually means for companies on the ground. We talk about excessive pessimism and why when that occurs it can actually be a good time to invest. We break down inflationary drivers and pinpoint why on balance of risks, the worst may be behind us. Nathan outlines key company positions and how the portfolio is positioned going into 2023 including 1) Why the portfolio is overweight consumer discretionary companies despite the consensus expectation being that consumer spending will slow next year and 2) Why the portfolio is underweight resources. Highlights 2 mins 33 secs Nathan makes sense of 2022 and talks about “being prepared” 2.57: The investment compass. Key company attributes that feed into the investment process 4.00: 1Q22. Market down substantially in January but recovery into quarter end 5.50: The market construct looks very different now. Resources have a much higher weighting 6.30: 2Q22 we looked at a number of quality factors. What does “quality” actually mean when assessing companies 7.30: Positioning at the start of CY22… overweight resources / materials. But have been down weighting and upgrading the quality of the portfolio over the course of CY22 8.03: New companies we now own that we didn’t own a share of at the start of the year – what are they? 9.15: A rare opportunity. You don’t get many chances to upgrade the quality of the portfolio at the right price 10.00: Digging deeper into “quality” attributes – management’s expertise, vertical integration, competitive advantage including company examples – Reece, Wesfarmers, Pinnacle, Breville, Goodman. 14.05: Being a “value-oriented investor” – what can that mean? It can mean buying assets at 50c in the dollar but it can also mean buying companies that can grow but paying a low price for that. 14.39 Company stock prices can fall on heavy volume and rise on much less volume… insights into how to get set in a position 17.20 Investing in a low interest rate environment vs investing in a rising interest rate environment – explaining the very different approach required 21.05: Companies that were disciplined when interest rates were lower are very well placed today given the optionality they have to grow 23.10 Why reporting seasons are important… the market’s (and fund manager’s) report card. August 22 reporting season was actually quite solid 25.49 Converting the macro to what companies are actually seeing on the ground… expectations of a recession but it is not being seen… yet 28.40 Extreme pessimism today... thinking back to 2012 as a comparable period, Markets are often too pessimistic… and too optimistic given human psychology... and therein lies the opportunity 34.03 USA visit in Oct 22 seeing companies… key takeaways and learnings. Generally we got the impression that many companies are in a better place than the market is giving them credit for… and while there will be a slowdown (we are sure of that) it is all about how companies are priced moving into that as to where the value lies 36.50 Components of inflation… where to from here? Consumer end demand softening, input prices growing at a lower rate, China exporting less inflation, supply chain pressures easing, wage inflation still coming through but the global population is becoming more mobile again… all...

This is just a short preview of a special edition of the Good Investing Podcast featuring Investment Director Nathan Parkin. Nathan walks us through Ethical Partners approach to investment in one of the most challenging macro environments in living memory. We review the year, neatly broken into four very different quarters. Nathan speaks about how the second quarter threw up opportunities to own the very best companies in the market – opportunities that come around only once a decade. Nathan also gives us unique insights into the differences between investing in a rising inflation environment vs the low interest rate environment of 2018-2020. He also translates the macro environment to what it actually means for companies on the ground. We talk about excessive pessimism and why when that occurs it can actually be a good time to invest. We break down inflationary drivers and pinpoint why on balance of risks, the worst may be behind us. Nathan outlines key company positions and how the portfolio is positioned going into 2023 including 1) why the portfolio is overweight consumer discretionary companies despite the consensus expectation being that consumer spending will slow next year and 2) why the portfolio is underweight resources. Full episode out soon. See omnystudio.com/listener for privacy information.

Bronwen is the highly respected leader of Zenith's Research team. Bronwen walks us through her upbringing and how she made her way into investment research, via being selected in the ballot to work in the USA. Bronwen talks to us about the research process, balancing the short and long term, common investment manager mistakes and how manager research has changed over time. One such change surrounds how a manager's ESG credentials are assessed - advisors and end clients are demanding more information and Zenith is providing it. Bronwen also speaks about how to keep an entrepreneurial focus, her passion for Guide Dogs and "Pawgust", The Sisters of Resistance and being ahead of her time in achieving work/life balance. Highlights 2 mins 18 secs Investment manager research and consulting 101 6.38 Investment research report evolution 7.27 Increasing importance of ESG in manager research 10.41 Science, teaching or a job in finance at National Mutual? 17.57 In the ballot to go to the USA 20.13 Leadership and the importance of having a good boss 25.00 Big picture changes to manager research over time 26.11 The review process in detail 33.10 Trends of the future 36.05 Greenwashing 42.00 Achieving the balance 44.10 Pawgust... August 47.40 Keeping the entrepreneurial approach 49.00 How to work out who to hire 51.57 Growth for growth's sake 53.30 The Sisters of Resistance 59.00 Either / or See omnystudio.com/listener for privacy information.

Dean is the Co-Founder of Ownership Matters. He is the author of numerous opinion pieces, regulatory submissions and speeches and is a well known media commentator on governance issues. Dean is known for his sharp intellect and insightful assessment of annual and remunerations reports. Dean gets behind the numbers and is not shy in pointing out when something doesn't look right. Nathan Parkin, the Investment Director and Co-Founder of Ethical Partners speaks to Dean about how capital raisings work - what is fair and what is not fair and why Australia has one of the most liberal regimes in the world. The Director's Club is discussed - Dean makes reference to his ground-breaking report, "Many are called, few are chosen". Dean and Nathan then discuss the level of CEO pay and the various machinations around short and long term incentives. This exciting episode is timed for Annual General Meeting (AGM) season which is underway in Australia. See omnystudio.com/listener for privacy information.

In Part B of our discussion with Andrew Schwartz, we dig a bit deeper into the emerging Built to Rent (BTR) sector in Australia. The BTR Impact Fund is an Australian first with a growing pipeline. Completed assets will have in-built sustainability objectives which will create better outcomes environmentally but will also appeal to certain segments of the market. Andrew also takes us through Qualitas' proprietary ESG scoring system and how it relates to project selection. We find out what keeps Andrew up at night, get answers to our "either/or" quiz and Andrew touches on a potential topic for a future episode...the parallels between flying a turbo prop twin engine Cessna and being CEO of a Funds Management company... Ethical Partners owns Qualitas shares. 2 min 00 secs Australian first - BTR Impact Fund 7.20 End consumer target market 8.55 ESG scoring system 13.00 Most important aspect of leadership overlooked 14.12 Keeping the entrepreneurial culture 20.56 What keeps Andrew up at night 26.25 Either / or? 26.55 Which Top Gun? See omnystudio.com/listener for privacy information.