Here’s what you need to know today

• The Australian share market rose 0.14% in what seemed like a quiet day, but there were some big moves under the surface. Plumbing supply company Reece fell 14%, WiseTech Global fell 24% and Iress fell 18%. Meanwhile health insurer NIB rose 15%, oOh!media rose 13%, and entertainment group EVT was up 11%. (AFR)
  
  

• The WiseTech Global saga will be one that is remembered for a long time in Australian corporate history. With multiple personal allegations surrounding founder Richard White, he stepped down as CEO last year but remained the largest shareholder in the company (holding about one-third of shares). Now 3 of the 5 independent directors have resigned from the board citing “differing views around the ongoing role of the founder”. (Capital Brief)
  
  

• Ukrainian President Zelensky has offered to step down as President if his country secures NATO membership or a lasting peace. The US have ruled out NATO membership, so that appears unlikely at this stage. Meanwhile, Britain and France are reportedly preparing a plan to deploy 30,000 peacekeepers to Ukraine once a ceasefire is reached. (SMH)
  
  

• Australia’s Silicon Quantum Computing, the startup led by 2018 Australian of the Year Michelle Simmons, has set a new record in a key quantum computing benchmark. SQC’s chips solved Grover’s Algorithm - a test only quantum computers can complete - with a record-breaking 98.9% accuracy. (Capital Brief)
  
  

• Over the weekend, Labor announced what they hoped would be a signature policy leading into the 2025 Federal Election: an $8.5 billion package for Medicare that would get bulk-billing to 90% of GP appointments by 2030. When the wind got taken out of their sails when just one day later, Peter Dutton said he would match the funding. (ABC News)
  
  

• Tensions between Australia and China were heightened last week after three Chinese warships conducted live-fire drills in waters off Australia’s coast. Over the weekend Australian Defence Minister Richard Marles claimed Beijing failed to give sufficient notice for these drills. China has now responded, claiming “Australia has unjustly criticised China and deliberately exaggerated the issue.” (SMH)

What the…?

In a news story that truly lives up to the title ‘What the…"?’ former Liberal staffer Bruce Lehrmann has been accused of stealing a car in Tasmania. Police allege Lehrmann stole a Toyota Prado at the rural town of Mountain River in Tasmania in November last year.

Lehrmann came to public attention during his trial for the alleged rape of Brittany Higgins and is currently also facing charges over an alleged rape in the Queensland town of Toowoomba. (ABC News)

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Investing is a lifelong journey

Here’s what you can learn today.

Ask an Adviser: Best and worst pieces of advice

This is an excerpt from our podcast episode with Jelena Koncar, Senior Private Wealth Adviser at Shaw and Partners (Apple | Spotify | YouTube)

Question: What is the worst and best piece of financial advice you’ve heard?

The worst thing that I've heard and that bothers me the most, especially at the moment, is when people are certain about the future. You should avoid people that have certain predictions about the future.

When people are so adamant about a particular outcome, that irks me the most, and it applies to many professionals in the industry. And it's so transparent when they're trying to push their own product, and many clients can fall for it.

Let's say a defensive value-based global equity fund, they’re typically more in favour when times are tough. So that bears naturally to them trying to promote their own funds, ‘predicting’ the markets will be down 30% next year. That's a typical example of a bear and pushing their own product. And they're very adamant on the fact that it's going to be down. And and I'm like, hang on a second.

So you need to ask yourself ‘why are you the expert?' How do you know what's going to happen?’ Buyer beware.

The best piece is from one of my idols, Suze Orman. She's a financial expert from the U.S. Her main saying is people first, then money, then things. And that's the point of it - you should put your relationships first. Money is the next most important thing, having financial security. And things are last. So really, when you go to buy that thing, you don't really need to impress the person you don't really care about. Think twice about that.

Remember, all Equity Mates episodes are now available to watch on YouTube. You can watch our interview with Jelana (and relive our Movember mo’s) here:

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