Hugh Podmore

ETA. 2x exits. Australian entrepreneur and investor.

[Hugh Podmore @HughPodmore]

@PaulSkallas My in-laws are big time (condo) property developers and basically said the same thing. They used to spend a lot on exterior and common areas and had to pull it right back and focus only on interior apartment finish quality.

[Hugh Podmore @HughPodmore]

@nikiscevak Don't forget to look at "real" declines given this is a period of high inflation. 20% nominal decrease over a few years = 30% real decline.

[Hugh Podmore @HughPodmore]

@jrockandrollt All the Enid Blyton books. My kids love them and now they talk like 1950s english country folk.

[Hugh Podmore @HughPodmore]

@IterIntellectus I recently researched my family history and write it up as a 300 page book, with records going back 400 years. So many archives have even digitised now and with search and AI more people can do this. It was very illuminating and I was amazed by how much I could find out.

[Hugh Podmore @HughPodmore]

@Potstirrer111 Plus the obvious point (also affecting childcare etc) that if wages get much higher the end customer simply can't afford to pay for the services. You can be sensible on migration while also recognising some industries would need time to adapt.

[Hugh Podmore @HughPodmore]

@Potstirrer111 Sorry but you're wrong on this one. I know Esha personally and she is a legend, sophisticated business owner (she has also built a separate mental health AI platform) and has a good heart. In her industry workers are on the SCHADS award which is much higher than min wage.

[Hugh Podmore @HughPodmore]

@SMB_Attorney @smblawgroup Awesome recognition, well done! Have been following you guys on X for a few years, really happy for you

[Hugh Podmore @HughPodmore]

@OneManLBO What did he do right?

[Hugh Podmore @HughPodmore]

@PaulSkallas Yes but leave a French king to his own devices and he invents bright red high heels...

[Hugh Podmore @HughPodmore]

@moseskagan Australia is in the process of banning this now for the same reason. I wonder if the solution isn't full automation?

[Hugh Podmore @HughPodmore]

@AvidCommentator But it's not "met by the Australian community"... It's met by the less than 50% of Australian who are net taxpayers, the same cohort of people paying for everything else.

[Hugh Podmore @HughPodmore]

@AvidCommentator Is this a twitter thing? Or a society thing?

[Hugh Podmore @HughPodmore]

@levelsio Yep my ancestor was one of the first ever stockbrokers in London in the 1700s trading govt bonds and shares. They all worked out of Jonathan's coffee house until the LSE opened in 1801.

[Hugh Podmore @HughPodmore]

@Nicolas_Colin @nytimes I've never experienced a more visceral hatred of Luis Fonsi than from my Spanish friends... They go to great pains to ensure I understand that Spain is European and has absolutely nothing to do with Latin America.

[Hugh Podmore @HughPodmore]

@DinoSawaya How do you think IS overcome the hurdles? I recall a very good guest on Minds Capital pod saying it's basically (1) track record, (2) speed, (3) sector expertise / depth. Has that been about right in your experience Dino?

[Hugh Podmore @HughPodmore]

@DinoSawaya In Australia the Finance/Law double undergrad degree at USyd/Melb as the only path into IB is so common it's a meme.

[Hugh Podmore @HughPodmore]

@Globalstats11 New Zealand would like a word...

[Lee Roach @leevalueroach]

I have read approximately 3,000 10-Ks in my life. I have read my wife’s emotional state correctly maybe 11 times. This is troubling because the skills should transfer. Both require you to look past the headline. Both require you to read the footnotes. Both require you to notice what was said last quarter that is not being said this quarter.

I can spot a goodwill impairment from 40 pages away. I cannot spot that my wife has been quietly furious since Tuesday. In a 10-K I notice when management changes the word “challenging” to “dynamic” and I correctly interpret this as a warning. In my marriage my wife changed the word “fine” to “fine.” and I did not notice the period. The period was the entire disclosure.

I missed it. I read a footnote last week in a packaging company’s annual report that disclosed a related-party transaction worth $400,000 and I caught it in 90 seconds. My wife told me three times this month that she was tired and I interpreted this as “tired” when in fact it was a Level 3 disclosure requiring immediate management response. I have a system for 10-Ks. I read the MD&A first, then the risk factors, then the cash flow statement, then the notes. I have no system for my wife. She is a company that does not file. She reports continuously and without warning and the format changes every quarter. Her risk factors are not enumerated.

Her MD&A is delivered through sighs of varying length and I have not yet developed the ear. Last week she said “do whatever you want” and I did whatever I wanted and it turns out the correct interpretation of “do whatever you want” was “do not do that specific thing” and I have no idea how I was supposed to know that, and yet, looking back, the signals were all there. The signals are always there. I have been trained to find signals. I find them in companies I will never meet. I miss them in the person I have lived with for nine years. My wife has started saying things like “you would notice this if I were a stock” and she is correct. She is correct. If she had a ticker I would have already built a 6,000-word model on her. I would know her seasonality.

I would know her capex cycle. I would know which quarters historically run hot. Instead I treat her like a private company and I am surprised every time the auditors arrive. I am going to bed now. She said good night in a tone. I do not know what the tone meant. I will find out in the morning. Or I will not. The 10-K of my marriage is filed in real time and I am, as always, three quarters behind.

[Hugh Podmore @HughPodmore]

@ChuckBaggett @gregisenberg Tom Ford but it was more of a pink stripe. Full suit not just jacket

[Hugh Podmore @HughPodmore]

@DanNeidle @AvidCommentator good thread given Aussie tax changes