Mailbag, incl: How should Australia’s Sovereign Wealth Fund invest? June 14, 2026

**Scott Phillips** (0:10)
Welcome to Motley Fool Money, yes, it's Sunday, yes, it's special, yes, it's super, and other things to start with S, because always, illiterate, absolutely. I'm Scott Phillips from the Motley Fool, he is, can I illiterate Andrew Page, strawman Ram, I've got nothing.
He is the rambunctious, no, I've got nothing. Ram, how are you?

**Andrew Page** (0:29)
Yeah, good mate, very good.

**Scott Phillips** (0:30)
I'm only better than that mate, but I just met with someone in a cold sack and couldn't get my, what would you have gone with?

**Andrew Page** (0:35)
Let's see where this goes.

**Scott Phillips** (0:38)
Watching this live, this is great, he's got a crush and burn, and I did, and I did. Made you well?

**Andrew Page** (0:44)
Probably too close to the sun, mate, you gotta reach, don't you, sometimes.

**Scott Phillips** (0:49)
The wax melted mate, it was always gonna be a problem. Yeah, yeah.

**Andrew Page** (0:52)
Yeah, I'm good, I'm very good.
What can I tell you? It's miserable and raining, but...

**Scott Phillips** (0:59)
Matching your regular sunny demeanor.

**Andrew Page** (1:01)
To my Dawa mood.

**Scott Phillips** (1:04)
You know what's interesting, mate, this is not an observation that's gonna shock anybody, but you know there's nothing new under the sun, as they say. Yes. And you were talking about flying close to the sun in Icarus, and it's just whether... Choose your particular religious text or mythology. It's kind of like it's all been...
Your Aesop fables, there's very little you can add. You know, the kind of the big issues, the big questions, the big watch outs, Aboriginal mythology, you know, don't swim in the water hole because there's spirits there means, actually the kangaroos wean and who get sick. You know, they're kind of...
It's all been done. It really has, like, and there's something about... We talk about history a lot, but...
Music's kind of the same, right? Oh, great new music, like, how can this be great? Now, I'm not saying it's not great new music, but it's like, we've been making music for decades and centuries, and so all of a sudden, someone's coming up with a song that actually we like. I just, there's something about novelty or about the need to put our own mark on the world or newness as its own. Again, novelty is newness, but novelty as opposed to, you know, we often think about novelty as something that's not particularly important. But that idea of newness is powerful, but it also is really not misleading. But I don't know, we spend a lot of time making our own mistakes. As I say, you learn from others because it's much quicker and much less painful. The mistakes have been made, the rules have been written, the lessons have been imparted. I don't know if more of us shouldn't study some of that history. And not only history, but the mythology and the kind of that stuff. Just, you know, Sisyphean tasks, or it goes flying too close to the sun, or, you know, Cain and Abel. Again, I'm no religious scholar, I'm not particularly a student of mythology either, but there's not many of those issues. You couldn't go, oh yeah, that thing was described by, insert, well-known story here.

**Andrew Page** (2:52)
Yeah, yeah. I very much resonate with Sisyphean and his plight. Let me just say that.
That's one that's always-

**Scott Phillips** (3:03)
Pushing the Bitcoin up the hill and rolls back down, is all you're going with this one, or?

**Andrew Page** (3:06)
Yeah, pretty much.
So, interesting angle on those. I mean, so yes, that's all true. And I think you're speaking more generally, but I mean, that is absolutely true when it comes to investing, right? Like the novelty is the dangerous thing.

**Scott Phillips** (3:23)
Give me the news, it's very exciting. Go on, go.

**Andrew Page** (3:25)
I read this recently.
So with all this AI stuff, I mean, you know, it's just scarily moving forward so fast. And they've noticed all of these sort of emergent personality traits, almost ethical moral alignments that are within these systems that aren't... I mean, I don't want to go too far down the rabbit hole, but these things aren't pro... They're not deterministically programmed kind of stuff. It's sort of like the people that build them understand the grand sort of how it works, but you never point to a single line of code or whatever. And so anyways, they're going through these things. You notice that there's certain... You can tweak certain things and associations that make them more evil or more compliant or all of these kinds of things.
And the interesting thing about it is that the big AI companies are hiring a lot of philosophers and religious scholars. The joke is that for the first time ever, a philosophy degree is useful. So sorry to the philosophy grads out there, but it's sort of like... It really resonates to that idea. It's just like some monk sitting under a tree 3,000 years ago in China was wrestling with some of these things that we are now applying to the latest frontier models in AI. It's kind of a mind-blow. It's kind of a mind-blow, in a way.