1 00:00:04,080 --> 00:00:06,689 Sean Aylmer: Welcome to The Fear and Greed Daily Interview. I'm Sean 2 00:00:06,780 --> 00:00:09,420 Sean Aylmer: Aylmer. The last 12 months have been a pretty volatile 3 00:00:09,420 --> 00:00:12,360 Sean Aylmer: time for equity investors. Today, I wanted to look at 4 00:00:12,360 --> 00:00:15,450 Sean Aylmer: how a fund manager picks international stocks that can weather 5 00:00:15,450 --> 00:00:18,450 Sean Aylmer: a storm. Remember this information is general in nature and 6 00:00:18,450 --> 00:00:22,290 Sean Aylmer: you should seek professional advice before making investment decisions. Stephen 7 00:00:22,290 --> 00:00:25,829 Sean Aylmer: Arnold is the Founder and Chief Investment Officer at Aoris 8 00:00:25,829 --> 00:00:28,740 Sean Aylmer: Investment Management, a supporter of this podcast. Stephen, welcome to 9 00:00:28,740 --> 00:00:29,430 Sean Aylmer: Fear and Greed. 10 00:00:30,030 --> 00:00:30,900 Stephen Arnold: Thanks for having me, Sean. 11 00:00:31,410 --> 00:00:33,659 Sean Aylmer: So where are we up to, particularly on Wall Street, 12 00:00:33,659 --> 00:00:39,030 Sean Aylmer: given the earning season? It's wrapped up now, but things 13 00:00:39,030 --> 00:00:41,280 Sean Aylmer: aren't as bad as some people predicted. 14 00:00:41,580 --> 00:00:44,729 Stephen Arnold: Oh, it's a good observation. There's been no corporate disasters. 15 00:00:45,060 --> 00:00:49,020 Stephen Arnold: You haven't had the bankruptcies or massive downgrades, so I 16 00:00:49,020 --> 00:00:50,850 Stephen Arnold: think it's a complex picture. On the one hand, you've 17 00:00:50,850 --> 00:00:53,940 Stephen Arnold: got an employment picture that in most places in the 18 00:00:53,940 --> 00:00:57,000 Stephen Arnold: world, including Australia and the U. S., is pretty healthy. 19 00:00:57,420 --> 00:01:00,420 Stephen Arnold: The unemployment rate in the U. S. is back around 20 00:01:00,420 --> 00:01:02,940 Stephen Arnold: where it was in 2019 and the number of jobs being 21 00:01:02,940 --> 00:01:06,300 Stephen Arnold: created is at historically high levels. On the other hand, 22 00:01:06,300 --> 00:01:09,990 Stephen Arnold: there's plenty of challenges associated with inflation. So complex picture, 23 00:01:09,990 --> 00:01:13,709 Stephen Arnold: but most businesses are still progressing and it's in most 24 00:01:13,709 --> 00:01:16,320 Stephen Arnold: regards surpassed most people's expectations. 25 00:01:16,709 --> 00:01:18,660 Sean Aylmer: Now, I want to go through some of the companies 26 00:01:18,780 --> 00:01:21,180 Sean Aylmer: that you do invest in. But before we get to 27 00:01:21,180 --> 00:01:23,640 Sean Aylmer: that, what is it that you are looking at? How 28 00:01:23,640 --> 00:01:26,790 Sean Aylmer: do you think about investing in overseas stocks? 29 00:01:27,480 --> 00:01:30,480 Stephen Arnold: Well, Sean, we look for businesses that become more valuable 30 00:01:30,480 --> 00:01:33,569 Stephen Arnold: over time. And we want businesses that are competitively winning 31 00:01:33,810 --> 00:01:36,810 Stephen Arnold: that grow faster than their peers. Businesses that are consistently 32 00:01:36,810 --> 00:01:40,800 Stephen Arnold: profitable. So all- weather rather than fair- weather businesses and 33 00:01:40,800 --> 00:01:43,680 Stephen Arnold: businesses that are proved to be very durable that have 34 00:01:43,680 --> 00:01:45,630 Stephen Arnold: been around a long time. And I think if you 35 00:01:45,630 --> 00:01:49,860 Stephen Arnold: think about those three aspects, resilient, durable, and competitively winning, 36 00:01:49,950 --> 00:01:52,800 Stephen Arnold: and put them together along with price, then I think 37 00:01:52,800 --> 00:01:54,870 Stephen Arnold: you've got a good combination of the sort of businesses 38 00:01:54,930 --> 00:01:56,670 Stephen Arnold: that you want to be owning in today's environment. 39 00:01:57,930 --> 00:01:59,790 Sean Aylmer: Okay. And diversification matters? 40 00:02:00,180 --> 00:02:04,470 Stephen Arnold: Well, we own just 15 businesses, which sounds concentrated, but 41 00:02:04,470 --> 00:02:08,760 Stephen Arnold: we also like businesses that are by themselves quite internally 42 00:02:08,760 --> 00:02:11,400 Stephen Arnold: diversified. We can touch on that as we go through, 43 00:02:11,400 --> 00:02:15,870 Stephen Arnold: but we shy away from very narrow businesses perhaps biotechnology 44 00:02:15,870 --> 00:02:18,540 Stephen Arnold: businesses that do one thing in one place. We like 45 00:02:18,540 --> 00:02:23,669 Stephen Arnold: businesses that do multiple things, serve markets that straddle the 46 00:02:23,669 --> 00:02:25,680 Stephen Arnold: breadth of the economy and that provides a lot of 47 00:02:25,680 --> 00:02:28,620 Stephen Arnold: that resilience and durability I spoke of. 48 00:02:28,980 --> 00:02:33,389 Sean Aylmer: Now, one of my favorite companies is definitely diversified. You'd 49 00:02:33,389 --> 00:02:38,010 Sean Aylmer: almost call it the conglomerate, I reckon. LVMH. You like LVMH? 50 00:02:38,580 --> 00:02:41,040 Stephen Arnold: Yeah. Look, it has all those attributes to have some of the brands 51 00:02:41,040 --> 00:02:44,160 Stephen Arnold: that they have within the LVMH. Stable. Have been around 52 00:02:44,160 --> 00:02:47,130 Stephen Arnold: for more than 100 years. It's a business that proves 53 00:02:47,580 --> 00:02:51,720 Stephen Arnold: surprisingly profitable throughout the pandemic and through the pandemic. It's 54 00:02:51,720 --> 00:02:55,170 Stephen Arnold: absolutely proved to be competitively winning. In fact, just to 55 00:02:55,470 --> 00:02:58,050 Stephen Arnold: wrap some numbers around it, the sales in the first 56 00:02:58,050 --> 00:03:01,320 Stephen Arnold: half of the year, despite the lockdowns in China, grew 57 00:03:01,320 --> 00:03:07,080 Stephen Arnold: by 19%. 19%, a very impressive number. So that's a 58 00:03:07,080 --> 00:03:10,500 Stephen Arnold: lot of the fine qualities the business around some of 59 00:03:10,500 --> 00:03:12,930 Stephen Arnold: the world's most desirable brands that have contributed to that. 60 00:03:13,350 --> 00:03:15,930 Stephen Arnold: But you can see that those attributes that we're looking 61 00:03:15,930 --> 00:03:19,470 Stephen Arnold: for, very resilient in times of distress and being able 62 00:03:19,470 --> 00:03:22,139 Stephen Arnold: to grow significantly faster than the broader luxury market. 63 00:03:22,740 --> 00:03:24,900 Sean Aylmer: With the luxury market, how important is China? Because you 64 00:03:24,900 --> 00:03:28,619 Sean Aylmer: mentioned that up front. Longer term, I'm sure it's critically 65 00:03:28,620 --> 00:03:30,329 Sean Aylmer: important, but what about the medium term? 66 00:03:31,230 --> 00:03:34,590 Stephen Arnold: Yeah. Look, I think, yes, it's a business that serves 67 00:03:34,590 --> 00:03:37,140 Stephen Arnold: consumers in many parts of the world across many brands 68 00:03:37,140 --> 00:03:40,350 Stephen Arnold: and many price points. And while China might be around 69 00:03:40,350 --> 00:03:43,260 Stephen Arnold: a third of their sales, that hasn't gone away and 70 00:03:43,260 --> 00:03:47,550 Stephen Arnold: as countries like Australia start reopening, the tourism will provide 71 00:03:47,550 --> 00:03:50,640 Stephen Arnold: a big boost. People tend to buy these luxury products 72 00:03:50,640 --> 00:03:53,250 Stephen Arnold: when they're traveling and they like to treat themselves. And 73 00:03:53,250 --> 00:03:56,850 Stephen Arnold: while China's been a bit suppressed with lockdowns in the 74 00:03:56,850 --> 00:03:59,970 Stephen Arnold: first half of the year, demand in places like Europe 75 00:03:59,970 --> 00:04:03,510 Stephen Arnold: and, particularly, North America has been very, very strong so 76 00:04:03,510 --> 00:04:08,610 Stephen Arnold: that it goes back to those attributes of diversification. Many 77 00:04:08,610 --> 00:04:13,530 Stephen Arnold: brands, many price points, many consumer types, and geographies, but 78 00:04:13,530 --> 00:04:16,440 Stephen Arnold: it's all within a business. It's very, very well run 79 00:04:16,770 --> 00:04:19,979 Stephen Arnold: and it's proven to be so over many, many years, 80 00:04:20,100 --> 00:04:22,890 Stephen Arnold: going back to those characteristics of durability that we spoke of. 81 00:04:23,400 --> 00:04:25,200 Sean Aylmer: Stay with me, Stephen. We'll be back in a minute. 82 00:04:31,470 --> 00:04:34,410 Sean Aylmer: My guest this morning is Steven Arnold, chief investment officer 83 00:04:34,410 --> 00:04:38,849 Sean Aylmer: at Aoris Investment Management. Okay. What about Costco, the retailer? 84 00:04:38,970 --> 00:04:39,960 Sean Aylmer: Why do you like Costco? 85 00:04:40,410 --> 00:04:44,640 Stephen Arnold: Oh, look. Costco's such a wonderful business. Some of the 86 00:04:44,640 --> 00:04:47,520 Stephen Arnold: attributes, it's an unusual business. You have to pay an 87 00:04:47,550 --> 00:04:50,880 Stephen Arnold: annual fee of around a hundred Australian dollars for the 88 00:04:50,880 --> 00:04:53,219 Stephen Arnold: right to shop there. But when you do, people prove 89 00:04:53,220 --> 00:04:56,160 Stephen Arnold: to be very loyal. And when they walk through those 90 00:04:56,160 --> 00:04:58,920 Stephen Arnold: doors having paid a membership fee, they expect good value. 91 00:04:59,520 --> 00:05:03,029 Stephen Arnold: Now, it's been a competitively winning business right through the 92 00:05:03,029 --> 00:05:05,880 Stephen Arnold: pandemic, including the first half of this year. And you 93 00:05:05,880 --> 00:05:08,730 Stephen Arnold: may have heard of some retailers in America with particular 94 00:05:08,730 --> 00:05:11,820 Stephen Arnold: difficulties around too much inventory, which they then have to 95 00:05:11,820 --> 00:05:16,169 Stephen Arnold: mark down, which really hurts their profitability. Retailers that might 96 00:05:16,170 --> 00:05:19,979 Stephen Arnold: be selling less because consumers are just pulling their horns 97 00:05:19,980 --> 00:05:22,020 Stephen Arnold: in a bit. But through all that, Costco has grown 98 00:05:22,020 --> 00:05:26,099 Stephen Arnold: very strongly. In fact, about 15 to 20% consistently through 99 00:05:26,100 --> 00:05:29,190 Stephen Arnold: the first half of this year at profit margins that 100 00:05:29,190 --> 00:05:31,620 Stephen Arnold: are in line or above last year. It's a retail 101 00:05:31,620 --> 00:05:35,580 Stephen Arnold: concept that's been resonant in pretty much every city in 102 00:05:35,580 --> 00:05:37,170 Stephen Arnold: the world that has been taken to. I think they've 103 00:05:37,170 --> 00:05:39,839 Stephen Arnold: got about a dozen shops in Australia, or warehouses as 104 00:05:39,839 --> 00:05:42,360 Stephen Arnold: they call them, that have worked very, very well. I 105 00:05:42,360 --> 00:05:44,880 Stephen Arnold: think people just love that combination of quality and value 106 00:05:45,300 --> 00:05:48,089 Stephen Arnold: and through the pandemic and into the first half of 107 00:05:48,089 --> 00:05:51,450 Stephen Arnold: this year, the business has grown at a really, really, really strong rate. 108 00:05:52,589 --> 00:05:54,330 Sean Aylmer: As far away from Costco as you can get, I 109 00:05:54,330 --> 00:05:58,140 Sean Aylmer: reckon, is Accenture, which is another one. The consulting group, 110 00:05:58,320 --> 00:06:02,970 Sean Aylmer: which really has done... From afar, it looks like it's 111 00:06:02,970 --> 00:06:04,980 Sean Aylmer: done really well in recent years, Accenture. 112 00:06:05,730 --> 00:06:07,740 Stephen Arnold: It has. Look, I think another way to think about 113 00:06:07,740 --> 00:06:11,070 Stephen Arnold: the attributes that we are looking for in a portfolio of international 114 00:06:11,070 --> 00:06:13,920 Stephen Arnold: businesses that will serve as well through a stress period 115 00:06:13,920 --> 00:06:17,130 Stephen Arnold: is relevance. We like businesses that are more relevant to 116 00:06:17,130 --> 00:06:20,460 Stephen Arnold: more consumers, more users, more customers than they were a 117 00:06:20,460 --> 00:06:23,969 Stephen Arnold: year ago. And Accenture really embodies that. They help the 118 00:06:23,970 --> 00:06:27,750 Stephen Arnold: world's largest organizations deal with change and there's no shortage 119 00:06:27,750 --> 00:06:30,660 Stephen Arnold: of change. It might be helping very large banks to 120 00:06:30,900 --> 00:06:33,690 Stephen Arnold: protect their data. It might be helping retailers to create 121 00:06:33,870 --> 00:06:37,500 Stephen Arnold: strong E- commerce propositions. It might be helping insurance companies 122 00:06:37,500 --> 00:06:42,960 Stephen Arnold: or government departments process transactions more efficiently, and Accenture's more 123 00:06:42,960 --> 00:06:45,479 Stephen Arnold: and more relevant to more and more people than they 124 00:06:45,480 --> 00:06:47,370 Stephen Arnold: were a year ago. And the first half of this 125 00:06:47,370 --> 00:06:51,570 Stephen Arnold: year, their revenue grew at 20% in an economy that, 126 00:06:51,570 --> 00:06:54,810 Stephen Arnold: of course, is slowing down. Business confidence is not what 127 00:06:54,810 --> 00:06:57,029 Stephen Arnold: it was a year or so ago. So that growth 128 00:06:57,029 --> 00:07:01,469 Stephen Arnold: rate really speaks to them being more relevant to more 129 00:07:01,470 --> 00:07:05,789 Stephen Arnold: of these large organizations. And despite what we hear about 130 00:07:05,790 --> 00:07:11,250 Stephen Arnold: wage inflation and cost pressure, their profit margins were higher 131 00:07:11,250 --> 00:07:12,300 Stephen Arnold: than they were a year ago. 132 00:07:12,540 --> 00:07:12,840 Sean Aylmer: Wow. 133 00:07:13,110 --> 00:07:17,880 Stephen Arnold: And lastly, it's a very diversified business. It serves customers, large 134 00:07:17,880 --> 00:07:21,450 Stephen Arnold: organizations from pretty much every part of the economy and pretty 135 00:07:21,450 --> 00:07:23,070 Stephen Arnold: much every economy in the world. So there's a lot 136 00:07:23,070 --> 00:07:27,570 Stephen Arnold: of breadth and resilience and robustness that come with that diversification. 137 00:07:28,140 --> 00:07:33,240 Sean Aylmer: You talk about relevance. A company, which I am continually 138 00:07:33,660 --> 00:07:37,920 Sean Aylmer: surprised by and admire is Nike because it's as relevant 139 00:07:38,370 --> 00:07:41,610 Sean Aylmer: to my 13- year- old daughter as it is to 140 00:07:41,610 --> 00:07:44,010 Sean Aylmer: me. And I think that that is quite an achievement. 141 00:07:44,820 --> 00:07:47,580 Stephen Arnold: Yeah. Look, much like my two teenage sons, there's a 142 00:07:47,580 --> 00:07:50,731 Stephen Arnold: lot of Nike product. If you open up their- 143 00:07:50,731 --> 00:07:50,732 Sean Aylmer: Yep. 144 00:07:50,732 --> 00:07:54,360 Stephen Arnold: Their clothing drawers and they really connect and love the 145 00:07:54,360 --> 00:07:57,870 Stephen Arnold: brand. They love the sports that Nike gets behind. Look, 146 00:07:57,870 --> 00:08:01,680 Stephen Arnold: it's a business that likes their athletes. Has been... It's 147 00:08:01,680 --> 00:08:03,840 Stephen Arnold: a very competitive business. They just want to grow. They 148 00:08:03,840 --> 00:08:05,700 Stephen Arnold: want to win. They want to create more customers. They 149 00:08:05,700 --> 00:08:09,840 Stephen Arnold: want to create more connections with big sporting events. Even 150 00:08:09,840 --> 00:08:12,900 Stephen Arnold: during the last year where there's been challenges of getting 151 00:08:12,900 --> 00:08:16,500 Stephen Arnold: product to market, shipping costs, parts of the world, including 152 00:08:16,500 --> 00:08:18,420 Stephen Arnold: Australia and China that have been locked down. What we 153 00:08:18,420 --> 00:08:21,240 Stephen Arnold: like about the way the business has been run is 154 00:08:21,330 --> 00:08:24,060 Stephen Arnold: the foot's always on the accelerator. They just want to 155 00:08:24,210 --> 00:08:28,170 Stephen Arnold: continue to create great product, create great messaging and connections 156 00:08:28,170 --> 00:08:32,220 Stephen Arnold: with consumers and invest behind their stores and the customer 157 00:08:32,220 --> 00:08:36,329 Stephen Arnold: experience and make the business long- term healthy rather than 158 00:08:36,330 --> 00:08:40,559 Stephen Arnold: trying to manage for... Optimize a particular quarter, which might 159 00:08:40,559 --> 00:08:43,500 Stephen Arnold: be pulling back on those investments rather than having the 160 00:08:43,500 --> 00:08:45,929 Stephen Arnold: foot to the floor and making the best long- term 161 00:08:46,440 --> 00:08:47,819 Stephen Arnold: great wealth- creating business. 162 00:08:48,870 --> 00:08:52,439 Sean Aylmer: There are others that... L'Oreal, Microsoft, tractor supply company. I 163 00:08:52,440 --> 00:08:55,170 Sean Aylmer: remember you talking about them last time you were on 164 00:08:55,170 --> 00:08:57,480 Sean Aylmer: what a good business that is. When you own all 165 00:08:57,480 --> 00:09:00,660 Sean Aylmer: these stocks, is it something... Do you trade them regularly 166 00:09:00,690 --> 00:09:03,810 Sean Aylmer: or is it more a process of getting great stocks 167 00:09:03,900 --> 00:09:04,800 Sean Aylmer: and sticking with them? 168 00:09:05,400 --> 00:09:07,439 Stephen Arnold: Oh, look. It's much... Sean, it's much more the latter. We 169 00:09:07,440 --> 00:09:10,469 Stephen Arnold: want to let the companies do the hard work for 170 00:09:10,470 --> 00:09:14,490 Stephen Arnold: us in growing profitably and becoming more valuable with participants 171 00:09:14,490 --> 00:09:17,699 Stephen Arnold: in that wealth creation. On the other hand, prices change, 172 00:09:17,700 --> 00:09:22,290 Stephen Arnold: opportunities change. And so we would expect about four of those 15 businesses 173 00:09:22,290 --> 00:09:25,170 Stephen Arnold: that we own to be replaced every year. Would like 174 00:09:25,170 --> 00:09:28,230 Stephen Arnold: to own businesses for four or five years on average. 175 00:09:28,470 --> 00:09:31,140 Stephen Arnold: Some are longer, some are shorter, but it means by 176 00:09:31,170 --> 00:09:33,450 Stephen Arnold: replacing only four a year, we can put a lot 177 00:09:33,450 --> 00:09:37,110 Stephen Arnold: of thought behind each portfolio chains that we make. We 178 00:09:37,110 --> 00:09:39,390 Stephen Arnold: can know the businesses very, very well, which I think 179 00:09:39,390 --> 00:09:43,410 Stephen Arnold: becomes hard if you're a fund that owns 40, 50, 60, 80 businesses- 180 00:09:43,410 --> 00:09:43,411 Sean Aylmer: Yeah, yeah. 181 00:09:43,411 --> 00:09:46,290 Stephen Arnold: How well do you really know them? For us, we like to know 182 00:09:46,290 --> 00:09:50,430 Stephen Arnold: them well and make relatively few but very considered decisions. 183 00:09:51,120 --> 00:09:54,330 Sean Aylmer: How do you bring your ESG principles into it? Because 184 00:09:54,330 --> 00:09:59,189 Sean Aylmer: I know that you fundamentally follow an ESG framework. So 185 00:09:59,190 --> 00:10:01,470 Sean Aylmer: there's a bunch of companies and sectors that you won't 186 00:10:01,470 --> 00:10:06,630 Sean Aylmer: invest in. Some fairly obvious. Mining companies, energy companies, gaming 187 00:10:06,630 --> 00:10:09,690 Sean Aylmer: companies, tobacco companies. Others, less obvious to many of us. 188 00:10:09,690 --> 00:10:12,689 Sean Aylmer: Banks, insurers. Is that a hard and fast rule or 189 00:10:12,690 --> 00:10:14,880 Sean Aylmer: does it evolve over time? How do you think about 190 00:10:15,179 --> 00:10:17,010 Sean Aylmer: ESG in your portfolio? 191 00:10:17,670 --> 00:10:20,130 Stephen Arnold: Well, Sean, great questions. We think about it a lot and 192 00:10:20,130 --> 00:10:23,790 Stephen Arnold: I think to businesses as well as to investors, it 193 00:10:23,790 --> 00:10:26,880 Stephen Arnold: matters more and more. I think we're speaking about being long- 194 00:10:26,880 --> 00:10:28,890 Stephen Arnold: term investors. And I think the longer term you are 195 00:10:28,890 --> 00:10:31,050 Stephen Arnold: as an investor, the more it matters because it affects 196 00:10:31,050 --> 00:10:35,610 Stephen Arnold: how a business connects with its customers, its reputation in 197 00:10:35,610 --> 00:10:39,809 Stephen Arnold: the marketplace, which is more and more transparent today in 198 00:10:39,809 --> 00:10:42,150 Stephen Arnold: a way that it wasn't the case 10 years ago. 199 00:10:42,570 --> 00:10:45,689 Stephen Arnold: So we have these hard exclusions we won't own. Gaming 200 00:10:45,690 --> 00:10:51,030 Stephen Arnold: companies, tobacco companies, utilities, energy, mining companies, banks. But then 201 00:10:51,240 --> 00:10:55,380 Stephen Arnold: once we've moved past those exclusions and we look very hard 202 00:10:55,380 --> 00:10:58,679 Stephen Arnold: at how businesses behave... And one thing I'd really highlight 203 00:10:58,679 --> 00:11:02,130 Stephen Arnold: is the choices that businesses have made during the pandemic 204 00:11:02,790 --> 00:11:06,780 Stephen Arnold: have mattered more than we would've anticipated. We hear time 205 00:11:06,780 --> 00:11:10,800 Stephen Arnold: and time again from companies that we own how good long- 206 00:11:10,800 --> 00:11:15,600 Stephen Arnold: term, sometimes costly, decisions to support their customers, to support 207 00:11:15,600 --> 00:11:19,770 Stephen Arnold: their employees has led to improved reputations, improved good will 208 00:11:19,770 --> 00:11:22,590 Stephen Arnold: with their customers and employees in ways that are long- term 209 00:11:22,590 --> 00:11:26,280 Stephen Arnold: beneficial for their businesses. So it matters more and more. 210 00:11:26,910 --> 00:11:30,750 Stephen Arnold: Sometimes those decisions don't show up in an ESG scorecard 211 00:11:30,750 --> 00:11:33,450 Stephen Arnold: if you like, but we pay attention to them and 212 00:11:33,510 --> 00:11:35,970 Stephen Arnold: yeah, through the pandemic, it's mattered a great deal. 213 00:11:36,179 --> 00:11:38,370 Sean Aylmer: Fantastic. Stephen, thank you very much for talking to Fear 214 00:11:38,370 --> 00:11:38,790 Sean Aylmer: and Greed. 215 00:11:39,240 --> 00:11:39,870 Stephen Arnold: Thank you, Sean. 216 00:11:40,320 --> 00:11:43,500 Sean Aylmer: That was Stephen Arnold, chief investment officer at Aoris Investment 217 00:11:43,500 --> 00:11:46,229 Sean Aylmer: Management and a supporter of this podcast. This is a Fear 218 00:11:46,230 --> 00:11:48,870 Sean Aylmer: and Greed Daily Interview. Remember this information is general in 219 00:11:48,870 --> 00:11:51,720 Sean Aylmer: nature and you should seek professional advice before making any 220 00:11:51,720 --> 00:11:54,660 Sean Aylmer: investment decisions. Join us every morning for the full episode 221 00:11:54,660 --> 00:11:57,900 Sean Aylmer: of Fear and Greed, Australia's most popular business podcast. I'm 222 00:11:57,900 --> 00:11:59,130 Sean Aylmer: Sean Aylmer. Enjoy your day.