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Speaker 1: Today on Fear and Greed. It's just two weeks until

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Speaker 1: the US election, and it's a toss up who will

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Speaker 1: win Donald Trump or Karmala Harris. A massive week of

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Speaker 1: house sales ends with clear and freates solid but not spectacular,

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Speaker 1: and Wistech founder Richard White's messy personal life all at

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Speaker 1: plus markets and plenty more. Welcome to Fear and Greed,

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Speaker 1: daily business news for people who make their own decisions.

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Speaker 1: It is Monday, the twenty first of October twenty twenty four.

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Speaker 1: I'm Michael Thompson and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: The main story this morning. The US election will be

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Speaker 1: held two weeks tomorrow, with no one yet confidently calling

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Speaker 1: a winner. Both Donald Trump and Karmala Harris have been

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Speaker 1: focusing on critical swing states and they will keep doing

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Speaker 1: that right up to polling day.

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Speaker 2: Yes, so strip aside all the noise and the entertainment

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Speaker 2: plenty of that, it's just too close to call. Quite incredible.

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Speaker 2: There are nine critical states. According to the New York Times,

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Speaker 2: Harris will win Minnesota, Trump will win Texas. That takes

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Speaker 2: it back to seven. Harris is in front in Wisconsin, Michigan,

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Speaker 2: Nevada and Pennsylvania, but by less than one percent. Trump

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Speaker 2: is in front in Arizona and North Caroina by less

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Speaker 2: than one percent and Georgia by about two percent. Now

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Speaker 2: that is the margin of EA. It is way way

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Speaker 2: too close to call. A bunch of things will decide

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Speaker 2: the selection. The economy, Trump said he'll lower interest rates,

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Speaker 2: He'll end inflation. Didn't tell us how, but that's what

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Speaker 2: he said he'll do. Harris is focusing on reducing costs, food,

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Speaker 2: housing costs. She also wants to banned price gouging guy supermarkets.

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Speaker 2: Sounds familiar. The next big issue abortion Harris, abortion writes

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Speaker 2: very central to her campaign. Trump, who put three justices

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Speaker 2: that allowed the Roe v. Wade to be wound back somewhat,

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Speaker 2: he is somewhat winding back or backtracking on his view

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Speaker 2: on Roe v. Wade and on abortion. He's certainly softening

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Speaker 2: his stance on it. But that's Harris's big winners, particularly

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Speaker 2: among women. On immigration, Harris is talking tougher, but she's

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Speaker 2: seen as a failing for her. Trump sealed the border

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Speaker 2: constructor wall. We know that one. Then there's taxes, higher

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Speaker 2: taxes on business, high income Americans. We charged more According

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Speaker 2: to Harris, Trump he wants big tax cuts and that'll

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Speaker 2: be paid for via high growth and tariffs. Whichever one wins,

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Speaker 2: the deficit will balloon, especially if it's Trump. On trade,

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Speaker 2: Trump wants more tarists, bad for Australia. Harris is expected

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Speaker 2: to be much more targeted on that. Foreign policy is

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Speaker 2: a big one, Harris. She supports Ukraine in a two

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Speaker 2: state solution in the Middle East. Trump wants the US

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Speaker 2: to withdraw from all conflicts. He actually said he'd end

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Speaker 2: the war in Ukraine in twenty four hours, didn't give

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Speaker 2: too many details about how he'd do that.

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Speaker 1: Sean, you've lived in the US and you have reported

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Speaker 1: in the US and been a correspondent over there. What

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Speaker 1: have these issues and you've listed a bunch of them. Economy,

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Speaker 1: women's rights, immigration, taxes, foreign policy. What is the most

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Speaker 1: important one to voters will what do you think will

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Speaker 1: be the critical issue that people will be paying attention

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Speaker 1: to much? Is it the economy?

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Speaker 2: Yeah, it's hip pocket. It's always hip pocket, will be

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Speaker 2: in Australia, it is over there in most developed nations.

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Speaker 2: That's what it's about. That's why the Fed's decision to

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Speaker 2: cut interest rates recently was such a I mean very

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Speaker 2: fortunate for the Harris camp. Definitely the fact that inflation

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Speaker 2: is heading in the right direction. But the flip side

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Speaker 2: of that, people like in Australia, people are finding the

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Speaker 2: cost of living a real challenge. That works to Trump.

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Speaker 2: But economy is definitely the big one. The two this

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Speaker 2: time around abortion rights and immigration. I mean immigration has

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Speaker 2: always been a big one. Abortion rights hasn't, but abortion

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Speaker 2: Harris has brought abortion to the front and center, which

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Speaker 2: is really interesting. Immigration. I don't know how much of

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Speaker 2: a vote when or it is. I think the economy

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Speaker 2: always trumps immigration, but certainly they're the big three this

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Speaker 2: time around economy which is the biggest, abortion rights and immigration.

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Speaker 1: Now the wind will really kind of come based on impressions,

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Speaker 1: won't it. And Donald Trump said he'll tell Rupert Murdoch

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Speaker 1: to stop allowing negative ads about him running on Fox channels,

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Speaker 1: adding that the one time Australian should help deliver victory

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Speaker 1: in the election next month.

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Speaker 2: So much for the Independent Press. It's extrawdinary right actually,

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Speaker 2: Speaking on Fox and Friends out of the weekend, Trump

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Speaker 2: said he'd tell Murdock to keep horrible people off here

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Speaker 2: to help his campaign. In fact, I'm going to quote

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Speaker 2: what he said, because we're talking about independent free press here.

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Speaker 2: This is what Donald Trump said. I'm going to tell

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Speaker 2: him a Murdoch, I'm going to tell him something very

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Speaker 2: simple because I can't talk to anybody else about it.

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Speaker 2: Don't put on negative commercials for twenty one days. It

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Speaker 2: don't put on their horrible people that come and lie.

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Speaker 2: I'm going to say, Rupert, please do it this way,

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Speaker 2: and then we're going to have a victory, because I

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Speaker 2: think everybody wants that. Well, even if you were in

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Speaker 2: bed with the media, you'd kind of pretend you weren't.

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Speaker 1: Ah extraordinary at least is upfront about what he is

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Speaker 1: going to do.

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Speaker 2: Right, you know what you're getting.

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Speaker 1: It's good transparency there, all right, Moving away from US

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Speaker 1: politics now, Sean definitely back at home this one. It

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Speaker 1: has been a massive week for auctions, with more than

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Speaker 1: two thousand dwellings up for sale across the nation and

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Speaker 1: the result solid but not spectacular. It feels like I've

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Speaker 1: said that a few times now.

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Speaker 2: Yeah, there's a bit more to this week though, mostly

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Speaker 2: because there were two thousand places up for sale, but

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Speaker 2: the numbers, the priminary clearance trate of six point four percent.

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Speaker 2: That's solid. What's interesting though, according to different media reports,

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Speaker 2: the number of agents providing information on the clearance rates

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Speaker 2: that sales is actually much lower. Now we've discussed this before,

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Speaker 2: the final clearance trait is always much lower than the

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Speaker 2: preliminary clearance rate because the final clearance rate includes everything,

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Speaker 2: whereas if you're a real estate agent, it's not really

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Speaker 2: in your interest necessarily to throw it to the media

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Speaker 2: until places like core Logic what hasn't been sold, and

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Speaker 2: so the actual numbers that have gone in to the

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Speaker 2: core Logics of the world are lower, So that sixty

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Speaker 2: seven point four percent could well be downgraded quite a bit.

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Speaker 2: Be really interesting to watch that. Melbourne came in about

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Speaker 2: sixty nine percent, Sydney seventy and a half. It was okay.

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Speaker 2: The sixty nine for Melbourne is pretty good. Brisbane less

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Speaker 2: than forty eight percent. Very week, Adelaide seventy two percent,

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Speaker 2: Camera fifty six percent, big big week coming up. We're

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Speaker 2: in the middle of the spring selling season. Well that's

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Speaker 2: probably a bit unfair week. Kind of no, I think

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Speaker 2: we're in the middle of the spring selling season. I

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Speaker 2: reckon it's just a bit lap. Last day, it'd be

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Speaker 2: really interesting to see what these final clearance rates are.

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Speaker 2: But there's just a sense, just a sense which we've

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Speaker 2: been saying for a few weeks, and I think the

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Speaker 2: last seven days has added to it that the market

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Speaker 2: is coming off the boil.

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Speaker 1: Yeah, it does seem that way. All right, We've got

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Speaker 1: a bit to get through today. Sean will be back

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Speaker 1: in a moment with the rest of the day's business

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Speaker 1: news Sean. BHP and fellow iron all major valet have

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Speaker 1: offered forty five billion dollars to end ongoing legal fights

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Speaker 1: over the twenty fifteen Somaco Damn disaster.

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Speaker 2: Yeah, so this is thirty three percent more than an

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Speaker 2: offer may back in April. The idea is that there

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Speaker 2: are set amount for individuals and for businesses whose lives

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Speaker 2: were upended by the disaster. Brazilian authorities haven't accepted the offer,

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Speaker 2: certainly the Brazilian court system hasn't ratified it yet. So

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Speaker 2: we've still got a ways to go, but it just

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Speaker 2: it's getting towards a better number now. Plenty of class

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Speaker 2: actions going on on this one. There's a UK class

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Speaker 2: action starting this week against BHP. Claimants are seeking seventy

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Speaker 2: billion Aussie dollars there's also class actions here in Australia

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Speaker 2: and the Netherlands. It all goes back to that twenty

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Speaker 2: to fifteen disaster in the Fundaw tailings dam at Somaco's

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Speaker 2: iron ore mining complex killed nineteen people, displaced thousands of

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Speaker 2: absolute environmental carnage still going on. I don't know whether

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Speaker 2: this gets it across the board for BHP in Valet,

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Speaker 2: but I'm sure the CEOs of both would like to

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Speaker 2: get it done and dusted.

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Speaker 1: Yeah, indeed, it certainly has gone on for some time now.

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Speaker 1: Supergrowth Fund returned over the first nine months of this year,

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Speaker 1: SEAN have returned eight point six percent on the back

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Speaker 1: of a strong share market.

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Speaker 2: Yes, that includes one point two percent in September. According

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Speaker 2: to chant West, the median growth fund, which is sixty

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Speaker 2: one to eighty percent in growth assets seems like local equities,

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Speaker 2: international equities, things like that. That's eight point six percent.

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Speaker 2: That's pretty good result. Now growth has been driven very

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Speaker 2: much by the AX and those international shares. In the

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Speaker 2: super long term mostly we take out superannuation. We want

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Speaker 2: to think about the very long term here, fifteen years

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Speaker 2: those growth ass the growth funds, we've got sixty one

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Speaker 2: to eighty percent in growth assets returns about seven point

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Speaker 2: six percent a year compound. I reckon that's pretty good.

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Speaker 2: The high growth eighty one to ninety five that comes

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Speaker 2: in at eight and a half percent compound a year.

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Speaker 2: Even conservative investors are getting five percent a year. Super

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Speaker 2: annuation system in Australia works.

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Speaker 1: Yeah, it certainly does, and Sean, it's a perfectly good

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Speaker 1: time actually to mention our interview. It's coming up speaking

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Speaker 1: about investing after the show. Stick around. You're talking to

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Speaker 1: Ron Hodge from Investmart.

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Speaker 2: We are all about ETF performance exchange toated funds. Investment

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Speaker 2: has a five star rating system. We talk about how

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Speaker 2: that works. We also ask him the best and the worst.

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Speaker 2: Great chat with Ron.

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Speaker 1: I love that he actually names them. He actually goes

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Speaker 1: through and says this is the best, this was the worst,

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Speaker 1: all and everything in between. So stick around for that

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Speaker 1: one is coming up after the show. The big story

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Speaker 1: in terms of markets on Friday, Sean Flight Center's share

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Speaker 1: price fell more than twenty percent, near twelve month low.

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Speaker 1: Now after seemingly outlining a profit downgrade.

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Speaker 2: Yeah, so I didn't say it was a profit down grade,

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Speaker 2: but if you read between the lines, that's what it sounded.

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Speaker 2: Like the company noted airfare price deflation is impacting short

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Speaker 2: term total transaction revenues. Gosh, there's a lot of jargon

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Speaker 2: in that one. It was easily the biggest full for

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Speaker 2: flight Center since the COVID slum and definitely the most

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Speaker 2: notable mover on the AX on Friday. Other Trouble companies

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Speaker 2: like Corporate Trable Management Web Trouble Group suffered as a result.

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Speaker 2: Among the large caps, it was the iron Ore minors,

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Speaker 2: bench Pe and Fortescue that led the way down. That

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Speaker 2: was in the back of lower iron all prices. By

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Speaker 2: the end of the day this in PA six two

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Speaker 2: hundred was down almost one percent to two and eighty

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Speaker 2: three points, but for the week it closed up zero

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Speaker 2: point eight percent, of course, having hit a new record

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Speaker 2: high last Thursday.

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Speaker 1: So airfare price deflation impacting short term total transaction values?

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Speaker 1: Does that just mean cheaper flights mean less money?

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Speaker 2: Yeah, that's you could have put it that way. You

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Speaker 2: could have put it that way.

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Speaker 1: That's what I'm here for. Cut through the jargon. Short

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Speaker 1: that's right. ASX listed, Tlex Pharmaceuticals wants to also list

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Speaker 1: on Wall Street to boost access to global investors.

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Speaker 2: So Tilix is products targeted radiation to better inform treatment

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Speaker 2: decisions and hopefully deliver more personalized therapy, particularly around cancer.

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Speaker 2: It's a boom company along with many other healthcare stocks.

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Speaker 2: It's up one hundred and ten percent this year alone.

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Speaker 2: It's pushing to North America now. Finding investors for high

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Speaker 2: growth companies might be easier on Wall Street. Telix have

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Speaker 2: thought about it before this time they seem to be

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Speaker 2: going ahead with it once lists there as well. It's

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Speaker 2: interesting these dual listings. Last week we talked about Woodside

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Speaker 2: leaving the London Stock Exchange. There was just wasn't enough

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Speaker 2: interest in trading shares in Woodside on the LC. In

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Speaker 2: Australia there are a bunch of companies who trade here

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Speaker 2: and elsewhere plenty with New Zealand with a New Zealand

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Speaker 2: Stock Exchange, Fleature building and New Zealand a two milk.

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Speaker 2: There's US Ones Resmes an example. News Corp of course

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Speaker 2: is another example. The HP and Row have listings in

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Speaker 2: the UK. Due listings are good, stronger liquidity, longer trading hours,

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Speaker 2: reduced sovereign risk. So if you put all your eggs

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Speaker 2: in one basket, that's potentially more risky than if you

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Speaker 2: cross a couple of exchange which however, they're also more expensive.

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Speaker 2: There's plenty of compliance issues and a bunch of arbitrage risks,

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Speaker 2: so people try and get arbitrage on the two different

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Speaker 2: share prices if it's traded, for example, on the London

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Speaker 2: Sock Exchange in the AX. Anyway, Telix wants to list

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Speaker 2: on Wall Street, it's a bit of a It's well,

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Speaker 2: I was going to say it's a bit of a

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Speaker 2: trend dual listings, but Woodside went against that last week

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Speaker 2: when it decided to drop it. To just be interesting

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Speaker 2: to see how teleic scares sewn.

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Speaker 1: The Federal Court has ruled against Harvey Norman in a

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Speaker 1: case brought by ASEK involving the promotion of interest free

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Speaker 1: payment periods.

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Speaker 2: The Australian Securities Investments Commission late in twenty twenty two

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Speaker 2: alleged that Harvey Norman misled customers promoting interest free and

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Speaker 2: no deposit payment methods. Now to actually access it you

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Speaker 2: had to have a Latitude Go master card. That triggered

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Speaker 2: a case against Harvey Norman and they've lost the appeal

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Speaker 2: on that. The penalty hearing will be next year. As

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Speaker 2: a result, Harvey Norman's share price on Friday filled two percent.

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Speaker 1: Another stock having a few regulatory challenges at the moment,

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Speaker 1: Shawn Regal Fund Management.

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Speaker 2: Sure Is, local investors love this stock, but not Carea's

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Speaker 2: financial regulator. It's indicted Regal and one of its former

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Speaker 2: employees over breaches of the nation's short selling laws. Regal

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Speaker 2: denies the allegations, which relate to training on a single

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Speaker 2: day in twenty nineteen, though the news sent its share

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Speaker 2: price down three percent on Friday.

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Speaker 1: Now I mentioned this next one at the top of

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Speaker 1: the show, Sean, this is really quite extraordinary whyse tech

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Speaker 1: Global founder and CEO Richard White is reportedly considering stepping

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Speaker 1: down for a period as revelations around his personal life

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Speaker 1: just continue to grab the headlines every day. It seems

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Speaker 1: we're reading about him.

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Speaker 2: Yeah, we try not to go into these stories, but

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Speaker 2: when it actually starts to hit the share price then

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Speaker 2: minutes lost seven percent wise tech Global in the last

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Speaker 2: two sessions. So therefore we do need to get into

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Speaker 2: it plenty. In it it began in a dispute between

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Speaker 2: mister White and a wellness entrepreneur called Linda Rogan. The

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Speaker 2: latter claims that mister White wanted to have a sexual

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Speaker 2: relationship with her in exchange for investing her company. Unproven,

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Speaker 2: that's the allegation. There was a thirteen million dollar All

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Speaker 2: Clues home in Sydney involved allegedly bought by mister White

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Speaker 2: for Miss Rogan, but then sold at a loss. Then

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Speaker 2: The Australian reveal claims from another Sydney woman who again

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Speaker 2: alleged a mentoring relationship with mister White evolved into a

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Speaker 2: romantic relationship until it was discovered by mister White's now wife,

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Speaker 2: lawyer Zena Nasa. In the meantime, as Nasa and mister

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Speaker 2: White have married, they've had a baby. So farther board

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Speaker 2: has backed mister White. Now there've been soundings about him

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Speaker 2: taking a leave of absence. Shareholders are worried.

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Speaker 1: Now.

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Speaker 2: Mister White came out in the Finn Review last week

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Speaker 2: and said it ain't going to happen. But there's a

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Speaker 2: bit of smoke around this one. Weister is one of

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Speaker 2: the best performing stocks on the ASEX over the last year.

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Speaker 2: It is an absolute darling of the mark, but it

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Speaker 2: did lose seven percent in those last two sessions. Now,

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Speaker 2: she'll wear this one lands, Michael.

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Speaker 1: No, no, but I'm sure, we'll be reading about it

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Speaker 1: every day for some time. Last one sean Before we

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Speaker 1: get to international news, just a quick one act. Chief

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Speaker 1: Minister Andrew Barr called his election victory over the weekend extraordinary.

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Speaker 2: That means that the Labor Party will rule the national

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Speaker 2: capital for twenty seven years. It's on track to win

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Speaker 2: ten seats lives with the Liberals will win eight and

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Speaker 2: the Greens will win two.

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Speaker 1: Turning to international news now in Israel's government said a

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Speaker 1: drone targeted Prime Minister Benjamin Ettnio, whose house over the weekend,

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Speaker 1: helping ensure no pause in fighting between the Jewish State

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Speaker 1: and Hesbalah and Hamas.

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Speaker 2: The drone targeted the PM's house in the Mediterranean coastal

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Speaker 2: town of Casaria. Mister Netanyah, who wasn't there nor was

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Speaker 2: his wife, unclear on what sort of damage was done.

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Speaker 2: Hezlood didn't claim responsibility, but it has carried out other

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Speaker 2: attacks on Israel in recent days. Israel has also hit

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Speaker 2: Beiruts southern suburbs with airstrikes, So the hopes that we

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Speaker 2: might be edging closer to some sort of ceasefire doesn't

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Speaker 2: seem to be the case.

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Speaker 1: Now. Wall Street sean hit a new record over the weekend,

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Speaker 1: helped by strong earnings from Netflix.

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Speaker 2: Yeah, above expectations there. Netflix has two hundred and eighty

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Speaker 2: two point seven two million subscribers around the world. I

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Speaker 2: just find that extraordinary.

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Speaker 1: That's a lot. I'll slightly be understating it a little bit.

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Speaker 1: That is a heck of a lot of Yeah, that

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Speaker 1: is a huge number of remarkable. That was better.

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Speaker 2: Netflix's share price jumped eleven SAand oil price was down

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Speaker 2: a bit. Oil prices were down a bit Michael. Over

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Speaker 2: the weekend for petrol prices, the dollars about sixty seven usns.

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Speaker 2: Bitcoins up a bit this trading around sixty eight thousand

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Speaker 2: US dollars a unit.

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Speaker 1: Sean Meta, the owner of Facebook, has sacked more than

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Speaker 1: twenty staff for using their twenty five dollar meal credits

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Speaker 1: to buy household items, including things like acneice pads and

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Speaker 1: wine glasses and even laundry detergent. They got sacked.

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Speaker 2: Before we scoff, and I did scoff a little context.

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Speaker 2: Meta offers free food out of the Headquarters building Headquarters

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Speaker 2: building in Silicon Valley and the smaller offices, the ones

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Speaker 2: without a canteen, you can get Uber Eats or grub

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Speaker 2: Hub credits. Now there is an allowance twenty dollars for breakfast,

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Speaker 2: twenty five dollars for lunch, twenty five dollars for dinner,

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Speaker 2: but apparently people have been abusing it. It's been going

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Speaker 2: on for a long time, according to Financial Times, the

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Speaker 2: bit I like best. In one post on an anonymous

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Speaker 2: person who's on the messaging platform Blind, he is a

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Speaker 2: former Meta staffer, wrote they'd used twenty five dollar credits

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Speaker 2: on items such as toothpaste and tea adding. And I

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Speaker 2: quit on days where I would not be eating at

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Speaker 2: the office, like if my husband was cooking, or if

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Speaker 2: I was grabbing dinner with friends. I figured I ought

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Speaker 2: not to waste the dinner credit. Maybe it's a woman.

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Speaker 2: I don't know a woman man, but basically just didn't

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Speaker 2: want to waste the dinner credit. Now the person, though,

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Speaker 2: had a salary of about four hundred thousand US dollars

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Speaker 2: at Meta, now sacked for using the twenty five dollars

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Speaker 2: out you Oh no.

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Speaker 1: Oh, the four hundred thousand dollars. That is just a punchline,

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Speaker 1: isn't it, Like that's just oh And then they were

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Speaker 1: quibbling over kind of making sure they bought their toothpaste

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Speaker 1: with their twenty five dollar credit. Oh, that's uncomfortable. And

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Speaker 1: they lost their job yeap, and that is a good story, Sean.

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Speaker 1: Up next is Fear and Greed The Weak Ahead, featuring

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Speaker 1: our resident economist Stephen could coolas everything you need to

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Speaker 1: know about the economy for the Weak Ahead. And after

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Speaker 1: that you will hear Ron Hodge from Investment all about

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Speaker 1: ratings on ETF the best and the worst and everything

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Speaker 1: in between. Coming up in the Fear and Greed playlist

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Speaker 1: on your podcast platform or at Fearangreed dot com. Today

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Speaker 1: you thank you, Sean.

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Speaker 2: Thank you. Michael.

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Speaker 1: It's Monday, the twenty first of October twenty twenty four.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael

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Speaker 1: Thompson and that was Fear and Greed. Have a great day.