Here’s what you need to know today

• The impacts of the CrowdStrike global IT outage continue to be felt. Delta Air Lines continued to cancel flights yesterday because of IT issues and CrowdStrike’s share price is down 24% from where it closed last Thursday.
  
  

• Momentum continues to grow for Kamala Harris to be the Democratic nominee for President. Her campaign announced she raised $81 million in her first 24 hours as a candidate. Reports are she now has support of enough delegates to win the Democratic nomination.
  
  

• AI’s inevitable march took another step this week as Avenda Health unveiled AI that (they say) can detect prostate cancer better than human doctors. The company says the AI can detect cancer with nearly 85% accuracy.
  
  

• Australian oil and gas giant Woodside Energy announced a deal to buy Houston-based Tellurian for A$1.35 billion. Tellurian is constructing a liquified natural gas (LNG) terminal in Louisiana, Driftwood, which has approval to export 27.6 million tonnes a year.
  
  

• China’s central bank cut interest rates for the first time since August 2023. The country is still dealing with weak domestic consumption, a struggling export sector and a property sector in which millions of everyday Chinese investors have lost money.
  
  

• Ukraine reached a deal with creditors to restructure $20 billion of debt. Bondholders agreed to reduce the value of their debt by more than 30%, providing a lifeline for Ukraine’s war-ravaged economy. Ukraine’s GDP is almost 30% smaller than on the eve of Russia’s invasion.

What the…?

Do you answer the door when a stranger knocks? 35% of American adults surveyed said they would ignore it if someone they didn’t recognise was knocking on their door.

That answer was highest amongst Millennials (41% would ignore), followed by Gen Z (39%) and Gen X (37%).

Investing is a lifelong journey

Here’s what you can learn today.

This is an excerpt from our conversation with Professor Scott Galloway

Question: How did timing and starting businesses in recessions impact your success, and would you do anything different?

Timing plays a huge role in business success. 49% is talent, and 51% is factors outside your control.

Starting businesses during recessions worked to my advantage. Office space and hiring were cheaper, which allowed me to start companies on a shoestring budget. As the economy recovered, these businesses benefited from increasing consumer spending. Moreover, if your business works during a recession, it has solid fundamentals. This experience imprinted the importance of cost discipline and resilience.

In contrast, businesses I started during boom times often struggled due to higher costs and a tendency to mask average ideas with easy capital.

Entrepreneurship is inherently challenging, and while it's often romanticised, working for corporations is usually a more reliable path to wealth and career growth. In hindsight, I might have diversified earlier and taken money off the table when I had the chance. Being more mature and kinder, and perhaps focusing on relationships and enjoying the journey rather than just the destination, are things I would reconsider. Although I have regrets, they are part of the learning process and have brought me to where I am today.

You can listen to our full conversation with Professor Scott Galloway wherever you listen to podcasts (Apple | Spotify | YouTube)

This email is thanks to Australian Property Scout

Join Sammy Gordon, regular Equity Mates property expert in the studio with his co-host Jimmy Ibrahim as they dive into the most common mistakes they see advanced investors make in their journeys that hold them back from true success in their journeys.

After both building sizeable portfolio’s, they break down personal mistakes in their own journeys and what they see on the daily working with so many investors in building their portfolios. 

Bulletproof your property investing journey by tuning in to this episode of the Scouting Australia Podcast on your favourite listening platform.  

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