When ideology replaces analysis, the locusts arrive.

From sparrow eradication to interest rate shocks, Nick draws parallels between Mao’s disastrous Four Pests Campaign and modern Kiwi property investing. Rising interest rates, disappearing equity, and the danger of doubling down on beliefs instead of data. If you own property or plan to, this conversation matters.

Time stamps:

(00:00:00) Intro: From sparrows to mortgages, setting up the investing analogy

(00:00:58) Crusades, history and modern parallels

(00:02:19) Confidence over competence, modern Kiwi investing mistakes

(00:02:39) The New Zealand property mantra, safe as houses under scrutiny

(00:04:49) Falling equity, negative equity and why mobility disappears

(00:05:39) Mao’s Four Pests Campaign and the war on sparrows

(00:06:38) The unintended consequences, sparrows gone and locusts arrive

(00:07:35) Doubling down on bad ideas, ideology replacing science

(00:08:30) Soviet science, Lysenko and the dangers of false fundamentals

(00:09:34) Debt serviceability and stress testing interest rates

(00:09:36) Yield versus cost and Minsky’s concept of Ponzi finance

(00:10:45) Supply, demand and zoning changes impacting property values

(00:11:55) Demographic shifts, migration and changing buyer demand

(00:13:05) How to avoid being the sparrow killer, testing assumptions

(00:13:45) Wise counsel, ignoring hype and keeping investing grounded

(00:14:10) Closing reflections, fundamentals always win

Nick's book recommendation: Crusades by Dan Jones

Music: One Country – Midnight Oil

The Adviser Talk is available on all major streaming platforms, including Spotify and Apple Music.

• Nick Stewart (Ngāi Tahu, Ngāti Huirapa, Ngāti Māmoe, Ngāti Waitaha) is a Financial Adviser and CEO at Stewart Group, a Hawke's Bay and Wellington-based CEFEX-certified financial planning and advisory firm. Stewart Group provides personal fiduciary services, Wealth Management, Risk Insurance and KiwiSaver solutions.
• The information provided, or any opinions expressed in this show, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visit our website, www.stewartgroup.co.nz

The information provided, or any opinions expressed in this show, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visiting our website, www.stewartgroup.co.nz

Hosted on Acast. See acast.com/privacy for more information.

From bright fishing lures to bold financial claims, this episode reveals why some private offers look irresistible and how retail investors get pulled into high-risk waters without realising it. Tim and Nick shed light on wholesale certifications, liquidity traps, and explore how behavioural biases like greed and familiarity are exploited. Find out the questions every investor should ask before they sign and the simple due diligence habits that protect everyday investors.

(00:01:46) Identifying modern investment lures

(00:02:01) Moving up the risk curve without realising

(00:03:00) Regulator warnings and real-world examples

(00:03:19) Liquidity traps and investor misconceptions

(00:04:54) Behavioural biases in investing

(00:05:39) Return chasing and historical lessons

(00:06:22) Wholesale investor certifications

(00:08:53) Private equity risks and lack of recourse

(00:09:16) Due diligence essentials for private offers

(00:10:41) Recognising too good to be true offers

(00:10:54) Fiduciary standards like Cefex

(00:13:11) Ignoring environmental and insurance risk

(00:13:25) Boringly effective investing habits

Nick's book recommendation: Jerusalem by Simon Sebag Montefiore | Paper Plus

Music: No Telling When The Muttonbirds

The Adviser Talk is available on all major streaming platforms, including Spotify and Apple Music.

• Nick Stewart (Ngāi Tahu, Ngāti Huirapa, Ngāti Māmoe, Ngāti Waitaha) is a Financial Adviser and CEO at Stewart Group, a Hawke's Bay and Wellington-based CEFEX-certified financial planning and advisory firm. Stewart Group provides personal fiduciary services, Wealth Management, Risk Insurance and KiwiSaver solutions.
• The information provided, or any opinions expressed in this show, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visit our website, www.stewartgroup.co.nz

The information provided, or any opinions expressed in this show, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visiting our website, www.stewartgroup.co.nz

Hosted on Acast. See acast.com/privacy for more information.

Life never follows a straight financial line. In this episode, Tim and Rory explore why real money decisions zigzag, how emotion shapes financial choices, and why unexpected twists are a normal part of building long-term resilience. From market dips to surprise expenses at home, they unpack how to create a financial plan that bends with real life rather than breaking under pressure.

(00:00:17) Episode intro, the myth of the straight financial line and why real life never behaves like a tidy plan

(00:02:05) Welcome to guest Rory O'Neill and opening question about unexpected life events that reshape financial direction

(00:03:42) Why plans change, income fluctuations, illness, bonuses and why deviation from a plan is not failure

(00:03:54) How emotional decision making during COVID affected financial plans and why sticking to the plan matters

(00:05:11) Why people confuse unexpected events with poor planning and the importance of resilience in a budget

(00:06:17) The human element in financial decisions such as selling a business or home and adjusting expectations

(00:07:57) The value of the tangled financial line and why ups and downs are normal on the journey to long term goals

The Adviser Talk is available on all major streaming platforms, including Spotify and Apple Music.

• Rory O'Neill is a Financial Adviser as well as the Director and General Manager at Stewart Group, a Hawke's Bay and Wellington-based CEFEX-certified financial planning and advisory firm. Stewart Group provides personal fiduciary services, Wealth Management, Risk Insurance & KiwiSaver solutions.
• The information provided, or any opinions expressed in this show, are of a general nature only and should not be construed or relied on as a recommendation to invest in a financial product or class of financial products. You should seek financial advice specific to your circumstances from an Authorised Financial Adviser before making any financial decisions. A disclosure statement can be obtained free of charge by calling 0800 878 961 or visit our website, www.stewartgroup.co.nz

Hosted on Acast. See acast.com/privacy for more information.