Australian Investors Podcast

Welcome to the final instalment of the three-part Australian Investors Podcast mini-series on ethical investing in Australia, sponsored by Australian Ethical.I'm joined again by Mike Murray, Australian Ethical's Head of Domestic equities.In Part One of this series, I spoke with Dr Stuart Palmer about how Australian Ethical use their Charter to exclude about half of the companies on the ASX from the team's universe of investment ideas. In Part 2, Mike walked us through how he and the analyst team research companies and identify long-term compounders like Cochlear (ASX: COH) or Fisher & Paykal (ASX: FPH).You can go back to Parts One and Two by using the links in your podcast player. While you're there, don't forget to subscribe to The Australian Investors Podcast and, if you're really keen to help me out, leaving me an honest review.In this episode, the final part of our mini-series on ethical investing, Mike outlines his thesis for three Australian companies that are, at the time of recording, owned by the Australian Ethical High Conviction ETF.These companies are Healius Ltd (ASX: HLS), a laboratory testing and medical business formerly known as Primary Health Care; Pexa Ltd (ASX: PXA), which is by far Australia's most dominant property settlement and exchange platform; Downer Ltd (ASX: DOW), an industrials business working across many industries.As you'll hear from Mike, these companies have some wrinkles. But Mike does a great job of laying out his thesis.Watch the video version on the Rask Australia YouTube page.Take one of our intelligent & FREE investing courses (think ETFs, shares & valuation) on Rask Education and join our insightful FB community.Score $100 off Owen's high conviction ASX & US share research service, Rask Invest!If you want to thank us for putting this show together, please give The Australian Investors Podcast a 5-star review on Apple Podcasts - it’s a 5-second task that really helps support the show (and puts a big smile on Owen's face).Full individual disclosures for each guest are available via the show notes page. DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsgDate recorded: 8th Feb 2022 Learn more about your ad choices. Visit megaphone.fm/adchoices

Does a company's culture really matter to investors? In this Australian Investors Podcast episode, Rask analysts Raymond Jang & Owen Rask look at some of ASX's best-performing companies over the past 5 years and explain why company culture is vitally important.The analyst duo takes a look at Nearmap (ASX: NEA), ARB Corporation (ASX: ARB), Commonwealth Bank (ASX: CBA) and Xero Limited (ASX: XRO) amongst many others.Show notes & ASX HR ratings: https://www.raskmedia.com.au/2022/02/18/culture-killers-the-asx/ Watch the video version on the Rask Australia YouTube page.Take one of our intelligent & FREE investing courses (think ETFs, shares & valuation) on Rask Education and join our insightful FB community.Score $100 off Owen's high conviction ASX & US share research service, Rask Invest!If you want to thank us for putting this show together, please give The Australian Investors Podcast a 5-star review on Apple Podcasts - it’s a 5-second task that really helps support the show (and puts a big smile on Owen's face).Full individual disclosures for each guest are available via the show notes page. DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsgDate recorded: 18th Feb 2022 Learn more about your ad choices. Visit megaphone.fm/adchoices

Mike Murray, CFA is the Head of Domestic equities at Australian Ethical. In this conversation, Mike walks us through the investment pillar of Australian Ethical's process. We talk about business models, including repeatability, scaling, gross margins and capital intensity. Then we get a little nerdy and dive into valuation, expected returns and risk management.In this conversation, Mike shares the secrets behind companies like Cochlear Ltd (ASX: COH), Downer Ltd (ASX: DOW), Australian Ethical Investment Ltd (ASX: AEF) (the ASX-listed company) and Fisher & Paykel (ASX: FPH).Basically, if you want to know what makes great companies great investments, this is the episode for you.Before I ask Mike for his best-ever investment, a quick note. Please remember that this episode is part two of our three-part mini series, Ethical Investing in Australia.In part one I spoke with Dr Stuart Palmer, Head of Ethics Research, and we set the scene for this chat with Mike. So if you go thinking "I think I'm missing something?", just go back and listen to Part One first. Part One should be available in your podcast player and I've included a link in the show notes.Here's Mike Murray, Australian Ethical's Head of Domestic Equities, answering my question "what the best investment you've ever made?"...In part two and part three I'm joined by Australian Ethical's Head of Australian Equities, Mike Murray, who walks us through the investing pillar of Australian Ethical and then offers us 3 ethical investment ideas from Australian Ethical's Australian Shares High Conviction ETF (CBOE: AEAE).I hope you enjoy this conversation with Dr Stuart Parlmer of Australian Ethical.Watch the video version on the Rask Australia YouTube page.Take one of our intelligent & FREE investing courses (think ETFs, shares & valuation) on Rask Education and join our insightful FB community.Score $100 off Owen's high conviction ASX & US share research service, Rask Invest!If you want to thank us for putting this show together, please give The Australian Investors Podcast a 5-star review on Apple Podcasts - it’s a 5-second task that really helps support the show (and puts a big smile on Owen's face).Full individual disclosures for each guest are available via the show notes page. DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsgDate recorded: 8th Feb 2022 Learn more about your ad choices. Visit megaphone.fm/adchoices

On this episode of The Australian Investors Podcast, 7Investing's Dr Anirban Mahanti and Owen Rask tackle today's ASX news and results from Apple Inc (NASDAQ: AAPL), PlaySide Studios Ltd (ASX: PLY), Alphabet Inc (NASDAQ: GOOGL), Commonwealth Bank of Australia (ASX: CBA), Twilio Inc (NYSE: TWLO), Nanosonics Ltd (ASX: NAN), Meta Systems Inc (NASDAQ: FB) and Computershare Ltd (ASX: CPU).Dig into the SHOW NOTES: https://www.raskmedia.com.au/2022/02/12/aapl-ply-goog-cba-twlo-nan-fb-cpu/Owen's free investing courses: https://education.rask.com.auGet Owen's newsletter: https://www.rask.com.au/free-sign-upJoin us on Twitter: Say “g’day” to Owen: Twitter or Instagram Say “howdy!” to Anirban on Twitter ResourcesJoin 7Investing: https://www.7investing.com/subscribeAnirban's Twilio tweet: https://twitter.com/7amahanti/status/1491589875698913280 Join Rask Invest: https://www.rask.com.au/subscriptionsFull individual disclosures for each guest are available via the show notes page on https://www.raskmedia.com.au.DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsgDate recorded: 11th Feb 2022 Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to part one of our three-part Australian Investors Podcast mini-series on Ethical Investing in Australia, sponsored by Australian Ethical -- a leader in ethical managed funds and superannuation. In part one of this mini-series, Ethical Investing in Australia, you're going to hear from Australian Ethical's Dr Stuart Palmer. Stuart walks us through the evolution of ethical investing, the Australian Ethical Charter, the core tenants of the Australian Ethical investing process and how the ethical filter creates a universe of investible companies. Finally, I ask for Stuart's response to owning Westpac Banking Corp (ASX: WBC) and Facebook / Meta Systems Inc (NASDAQ: FB) stock -- then I run 5 ASX companies past him and his ethical filter: - Guzman y Gomez. A private company involved in Mexican fast food).- National Storage REIT (ASX: NSR). A self-storage REIT, offers a dividend. - Tyro Payments (ASX: TYR). A card terminals payments business. - ARB Corporation (ASX: ARB). The 4x4 accessories company. - Aussie Broadband (ASX: ABB). Provides low-cost NBN with good customer service.In part two and part three I'm joined by Australian Ethical's Head of Australian Equities, Mike Murray, who walks us through the investing pillar of Australian Ethical and then offers us 3 ethical investment ideas from Australian Ethical's Australian Shares High Conviction ETF (CBOE: AEAE).I hope you enjoy this conversation with Dr Stuart Palmer of Australian Ethical. Resources: Full show notes Learn about the AE Australian Shares High Conviction ETF Ethical Charter - Australian Ethical Mike's LinkedIn Stuart's LinkedIn Owen's ethical investing course DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser. Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsgDate recorded: 8th of February 2022. Learn more about your ad choices. Visit megaphone.fm/adchoices

Meta Platforms Inc (NASDAQ: FB) stock price crunched. Amazon.Com Inc (NASDAQ: AMZN) takes flight. Is this end of FANG stocks? Or...Are FANG stocks cheap?Show notes: https://bit.ly/fang22 In this episode of The Australian Investors Podcast analyst Owen Rask and ETF Securities' Kanish Chugh talk about FANG stocks, the FANG+ ETF and make the case for FANG stocks to stave off inflation.Resources: FANG+ ETF holdings GOLD: Owen & Kanish's chat Twitter thread: Facebook's Chess Move on Gaming US stocks mentioned in this Australian Investors Podcast episode include: Meta Platforms Inc (NASDAQ: FB) Alphabet Inc (NASDAQ: GOOGL) Apple Inc (NASDAQ: AAPL) Microsoft Corp (NASDAQ: MSFT) Tesla Inc (NASDAQ: TSLA) Amazon.com Inc (NASDAQ: AMZN) Baidu Inc Alibaba Holding (NYSE: BABA) ETFs discussed in this podcast include: ETF Securities GOLD ETF (ASX: GOLD) ETF Securities FANG ETF (ASX: FANG) Cryptocurrencies mentioned in this podcast: Bitcoin (BTC)ASX shares that get a mention: Redbubble Ltd (ASX: RBL) Cochlear Ltd (ASX: COH) Amcor Ltd (ASX: AMC) Slater & Gordon Ltd (ASX: SGH) The Australian Investors Podcast is one of Australia’s top investor podcasts, as ranked by Apple Podcasts & Spotify, focused on investing in ASX & global markets.Invest. better. With The Australian Investors Podcast. Subscribe on Apple.When you subscribe to the podcast on Apple Podcasts, Spotify, YouTube or Castbox you’ll get weekly insights on ASX & global shares, funds, ETFs and more. Let Owen be your field guide to investing profitably for decades to come.Show notesIn this episode, Owen and Kanish discuss: The rise of inflation across the world How the GOLD ETF has performed since inflation has become the talk of the town The FANG ETF and why it booted Twitter in favour of Microsoft Owen's four-point checklist for companies to avoid (see below) Microsoft's dominance and the takeover of Activision Blizzard Facebook/Meta Platforms' $300 billion wipe-out and what it means Why Apple & Google have gained at the expense of Facebook/Meta Platforms YouTube's dominance -- it's now bigger than Netflix Inc (NASDAQ: NFLX)! Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of The Australian Investors Podcast analyst Owen Rask and Wattle Partners financial adviser Drew Meredith, CFP discuss how to analyse a fund manager. Using Drew's experience as a financial adviser and Owen's experience interviewing fund managers and time spent being a fund analyst, the duo breaks down what it takes to analyse a fund manager before investing.SHOW NOTES: https://www.raskmedia.com.au/2022/02/02/how-to-analyse-any-fund-manager/When you subscribe to the podcast on Apple Podcasts, Spotify, YouTube or Castbox you’ll get weekly insights on ASX & global shares, funds, ETFs and more. Let Owen be your field guide to investing profitably for decades to come.~~~ Show notes ~~~In this episode, Owen and Drew cover: Is active funds management worth it, why? How do you measure the effectiveness of a fund? Tracking error is good for passive funds. For example, if a fund or ETF tracks the ASX 200 (ASX: XJO) the tracking error would tell you ‘how well has the fund followed the ASX 200’. For an active fund manager, the active share metric measures ‘how different is the fund’s positions compared to the index’? Obviously, for active fund managers it’s important they are more active and less passive (i.e. less closely matching the index). Low downside capture, higher upside capture. ‘Capture’ refers to how the return of a fund matches the return of the market. For example, if a fund returned 10% when the market went up 20%, the upside capture would be 50% (or 0.5). If the market fell 20% but the fund returned 1% (positive), its downside capture would be very low. Meaning, it doesn’t ‘follow’ the market down — which is a good thing. Correlation. Correlation measures how two investments behave around each other. For example, if there is a correlation of +1.0 between an Australian shares fund and your portfolio, we would say it does not have any risk benefits for the portfolio (because they’re both positively and perfectly correlated — meaning they move in the same direction at the same time). Gold prices can have a low or negative correlation to shares/equities, meaning they can move in opposite directions — so it could help lower the impact of a stock market crash. Sector diversification. Basically, how well are you diversified and how well is the fund or ETF diversified? “Style drift” and understanding why your fund manager has changed their strategy or focus. Do they do what they say and has that changed? Are some parts of a portfolio better reserved for active funds management? This really depends on the underlying index, as that is essentially what you are getting. Fixed income, in this environment, should be active, but if interest rates were at 7 per cent, I — Drew — would be passive all the way. For US equities the S&P 500 is 30 per cent invested in just five companies, so a combination of active and passive is likely warranted, just to gain real diversification into more parts of the market. When you study fund managers, Drew, is it top-down or bottom-up? Usually, we are looking at fund managers for a purpose, so it’s ‘top down’ (e.g. ‘we need some Australian shares for this client’) We think about it in terms of factor exposure, meaning how is the portfolio exposed value, income, size, and momentum (the four quantitative factors). Then, which factors are likely to perform better during the current market and what are we missing? We then go through the due diligence, getting a universe of options, before considering. Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of The Australian Investors Podcast analyst Owen Rask and Wattle Partners financial adviser Drew Meredith, CFP identify ASX investments to watch like a hawk, including Smartpay Holdings Ltd (ASX: SMP), Magellan Financial Group Ltd (ASX: MFG), VanEck MSCI International Quality ETF (ASX: QUAL) and ETF Securities Morningstar Global Technology ETF (ASX: TECH).SHOW NOTES: https://www.raskmedia.com.au/2022/01/29/smp-mfg-qual-tech/When you subscribe to the podcast on Apple Podcasts, Spotify, YouTube or Castbox you’ll get weekly insights on ASX & global shares, funds, ETFs and more. Let Owen be your field guide to investing profitably for decades to come.~~~ Show notes ~~~In this episode, Owen and Drew talk a good hard look at four investments on the ASX.In other, the duo cover:- VanEck QUAL ETF - Owen would put this as a Core or a Tactical holding- ETFS TECH ETF - Drew think this is a tactical holding- Smartpay Holdings Ltd (ASX: SMP) - Owen likes this a junior payments company growing rapidly- Magellan Financial Group (ASX: MFG) - Drew wonders if it is deep value... or value trap?Get in touch with Owen or Drew:Owen's Twitter: https://www.twitter.com/owenraskSend Drew an email via Wattle Partners: http://www.wattlepartners.com.au/contact-1Like it? Love it? Hate it? Tell me about it...If you like The Australian Investors Podcast, say g'day to Owen on Twitter. We'd like to get your suggestions for future episodes. Say “G’DAY” to Owen: Twitter or Instagram~~ A note for transparency: we receive nothing ~~Rask, the publisher of the podcast series, is a privately owned company. It's owned and run by Owen. But you should know that Drew is a shareholder in The Rask Group Pty Ltd, and Wattle Partners provides us with operational support (e.g. we share an office space). But to be clear: Rask does not receive anything from Drew or Wattle Partners appearing on the show, or if you decide to his/their services. Owen and Drew are just like-minded investors who want to help people invest better. You can find out more by reading Rask's Financial Services Guide -- or simply by asking Owen or Drew.Want more of Owen’s best investment ideas? Please, right this way...To get 6 months of Owen and the Rask analyst team's ASX research, join Rask Invest.Listeners who want access to high conviction ASX share research, plus ETF models can get $100 off a Rask Invest membership using the discount code "investpod". Join today and access exclusive insights.“The best part was the disclaimer” – said no-one everThis information warning is actually important (that’s why we write it in the same size font... unlike our competitors).This podcast contains general financial advice only, issued by The Rask Group Pty Ltd. This information does not take into account your needs, goals, or objectives. So please consult a licensed and trusted financial adviser before acting on the information. Investing is risky and can result in capital loss. Nothing in this podcast should be considered as a forecast or guarantee of future returns. Please read Rask Australia's Financial Services Guide (FSG) available on our website to learn more about us, what we offer and our podcasts.Date of recording: January 25th, 2022 Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode of The Australian Investors Podcast analyst Owen Rask and Wattle Partners financial adviser Drew Meredith, CFP walk you through what it takes to build an inflation-resistant portfolio.In this episode, Owen puts some hard questions to Drew about how he manages diversified portfolios for clients at Wattle Partners.The list of questions and talking points include: How are you dealing with inflation in client portfolios? How has your portfolio positioning changed between 2021 and 2022? Do you get worried by sell-offs, and how do you prepare for that? Instead of bonds, what are three things in your "defensive alternatives" bucket right now? With inflation rising, how can investors get protection? See below. Here are Drew's notes on his answer to question number-five: There is no perfect protection The threat is you put too much capital into one outcome and miss out on the alternatives Rules remain pretty simple Avoid junk, small, micro, non-profitable companies Stick with capital Remain diversified into multiple asset classes Have some hedges like Gold, silver Inflation-linked bonds Floating rate securities For shares: Buy cheaper, but quality companies Invest in companies exposed to key themes that are still occurring, regardless of inflation Get in touch with Owen or Drew: Owen's Twitter - say g'day! Send Drew an email via Wattle Partners Like it? Love it? Hate it? Tell me about it...If you like The Australian Investors Podcast, say g'day to Owen on Twitter. We'd like to get your suggestions for future episodes. Say “G’DAY” to Owen: Twitter or Instagram~~ A note for transparency: we receive nothing ~~Rask, the publisher of the podcast series, is a privately owned company. It's owned and run by Owen. But you should know that Drew is a shareholder in The Rask Group Pty Ltd, and Wattle Partners provides us with operational support (e.g. we share an office space). But to be clear: Rask does not receive anything from Drew or Wattle Partners appearing on the show, or if you decide to his/their services. Owen and Drew are just like-minded investors who want to help people invest better. You can find out more by reading Rask's Financial Services Guide -- or simply by asking Owen or Drew.Want more of Owen’s best investment ideas? Please, right this way...To get 6 months of Owen and the Rask analyst team's ASX research, join Rask Invest.Listeners who want access to high conviction ASX share research, plus ETF models can get $100 off a Rask Invest membership using the discount code "investpod". Join today and access exclusive insights.“The best part was the disclaimer” – said no-one everThis information warning is actually important (that’s why we write it in the same size font... unlike our competitors).This podcast contains general financial advice only, issued by The Rask Group Pty Ltd. This information does not take into account your needs, goals, or objectives. So please consult a licensed and trusted financial adviser before acting on the information. Investing in risky and can result in capital loss. Nothing in this podcast should be considered as a forecast or guarantee of future returns. Please read Rask Australia's Financial Services Guide (FSG) available on our website to learn more about us, what we offer and our podcasts.Date of recording: January 25nd, 2022 Learn more about your ad choices. Visit megaphone.fm/adchoices

John Garrett is a Portfolio Manager at MA Financial Group Ltd (ASX: MAF) (formerly Moelis Australia) and shares investing wisdom on his website, mastersinvest.com. He joins Raymond Jang on The Australian Investors Podcast to share his investing knowledge and lessons with our investing community.John's career in the financial markets has spanned across over nearly 25 years and currently manages three funds at MA Financial Group. His significant experience combined with an insatiable appetite for consuming books along with learning from the greats has helped him build an encyclopaedic knowledge of mental models to find great businesses, which can compound at high rates over long periods of time.Talking points- Which great investor resembles John the most. - Importance of understanding the qualitative factors that drive the financial output and taking a holistic view of the business.- Why companies that can 'fight the fade' are rare and can override a valuation model. Notable mentions include Meta Platforms Inc (NASDAQ: FB), Alphabet Inc (NASDAQ: GOOG) and REA Group Limited (ASX: REA).- Why John believes management and culture are the longest forms of potential competitive advantages.- How John devours so many books and retains knowledge to build his mental models. Book references include Let My People Go Surfing by the founder of Patagonia and Invention: A Life by James Dyson.- How a concept in Nassim Taleb's book, Skin in the Game led to an investment in Australian Ethical Investment.- Lessons about culture and incentive structures from reading Pride in Performance by Les Schwab along with further discussion about Johns Lyng Group.- Why I quickly bought, In Search Of Excellence: Lessons from America's Best-Run Companies by Tom Peters and Robert Waterman after my chat with John.- John shares a personal anecdote to highlight how great businesses find ways to get the best of their employees.- Why John has been devoting more time towards reading everything about technology.- John provides his views on the future of blockchain and cryptocurrency.- The emotional and psychological mindset required to be a great investor.- What John does to overcome biases and he discloses the two biggest ones for him.- John lets us know who has had the most influential impact on him as a person and investor.Watch the video version on the Rask Australia YouTube page.Take one of our intelligent & FREE investing courses (think ETFs, shares & valuation) on Rask Education and join our insightful FB community.Score $100 off Owen's high conviction ASX & US share research service, Rask Invest!If you want to thank us for putting this show together, please give The Australian Investors Podcast a 5-star review on Apple Podcasts - it’s a 5-second task that really helps support the show (and puts a big smile on Owen's face).Full individual disclosures for each guest are available via the show notes page. Owen and The Rask Group Pty Ltd do NOT receive anything for mentioning Super funds, products, shares, bank accounts, etc.DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.Access The Rask Group's Financial Services Guide (FSG): https://www.rask.com.au/fsgDate recorded:18th Jan 2022 Learn more about your ad choices. Visit megaphone.fm/adchoices