Podcast #30 - What we don't invest in

With interest rates of up to 5,000%, it's hard to argue that payday lenders are not exploitative, and more recently, 'buy now, pay later' businesses are emerging to lead consumers to live beyond their means

It's clear from what they wear that Luke and Albert know nothing about fashion. In an industry where consumer trends can change quickly, not knowing what’s in and what’s out can lead to bad investing decisions

We all like food, but the restaurant business is tough with low barriers to entry, high levels of competition, low margins and shifting consumer preferences. The industry is facing new challenges from national lockdowns and having to rapidly adapt to food delivery as the norm

'Middleman' businesses - estate agents, travel agents, recruitment agents, and their like - are being squeezed from both sides. Consumers are getting smarter, and companies are using technology to reach their customers directly

The best-performing stocks of the last century were tobacco stocks and it’s not even close. $1 invested in the tobacco sector in 1900 would be worth over $6M today. Even with returns like these, many investors stay away due to their distaste for businesses that actively kill their customers