1 00:00:05,600 --> 00:00:07,800 Speaker 1: Welcome to the Fear and Greed Business Interview. I'm sure 2 00:00:07,800 --> 00:00:10,360 Speaker 1: and Alma, how does one of Australia's top fund managers 3 00:00:10,360 --> 00:00:14,640 Speaker 1: find opportunities in an extremely volatile market? Remember this is 4 00:00:14,680 --> 00:00:17,520 Speaker 1: general information only and you should seek professional advice before 5 00:00:17,520 --> 00:00:21,439 Speaker 1: making investment decisions. June Bailu is co founder and lead 6 00:00:21,480 --> 00:00:24,680 Speaker 1: portfolio manager at investment firm ten Cap. Ten Cap launched 7 00:00:24,680 --> 00:00:28,280 Speaker 1: earlier this year when jew and Bay moved across from Tribeca, 8 00:00:28,320 --> 00:00:30,880 Speaker 1: where she had still a run managing TriBeCa's Alpha plus 9 00:00:30,880 --> 00:00:34,080 Speaker 1: strategy when she launched. When she launched ten Cap, she 10 00:00:34,280 --> 00:00:36,560 Speaker 1: migrated around one and a half billion dollars in funds 11 00:00:36,640 --> 00:00:38,640 Speaker 1: under management to the new business. She joins me in 12 00:00:38,640 --> 00:00:41,240 Speaker 1: the studio today. Good morning, welcome to Fear and Greed. 13 00:00:41,240 --> 00:00:42,800 Speaker 2: Good morning, Thank you very much for having me. 14 00:00:42,960 --> 00:00:45,040 Speaker 1: So. You officially started in February and here we are 15 00:00:45,280 --> 00:00:49,400 Speaker 1: two months later and perhaps the most volatile market we've seen, 16 00:00:49,440 --> 00:00:52,959 Speaker 1: certainly since COVID. Did you anticipate any of this? Oh? 17 00:00:53,000 --> 00:00:56,000 Speaker 3: Look, clearly not and then nothing like launcher hedge fund 18 00:00:56,000 --> 00:00:57,480 Speaker 3: straight into a marcrovolatility. 19 00:00:58,280 --> 00:00:58,760 Speaker 2: That's right. 20 00:00:58,800 --> 00:01:01,920 Speaker 3: Look at atter the year in January thinking look what 21 00:01:01,960 --> 00:01:03,760 Speaker 3: can go wrong with the share market. So we are 22 00:01:03,800 --> 00:01:06,080 Speaker 3: seeing the you know, bit of tariff talk here and there, 23 00:01:06,080 --> 00:01:08,440 Speaker 3: but based on what we saw last time, she couldn't 24 00:01:08,440 --> 00:01:10,520 Speaker 3: be too bad. So we had a very very strong 25 00:01:10,560 --> 00:01:13,360 Speaker 3: month in January. We saw the Australian market hitting for 26 00:01:13,400 --> 00:01:16,000 Speaker 3: an half cent and you know, everyone was doing well. 27 00:01:16,480 --> 00:01:20,760 Speaker 3: And then clearly when the tariff discussion happened, you know, 28 00:01:20,800 --> 00:01:23,600 Speaker 3: this is when we realized and as investors, that we 29 00:01:23,680 --> 00:01:26,440 Speaker 3: didn't know where this was going. There was so much uncertainty. 30 00:01:26,680 --> 00:01:29,640 Speaker 3: What was even worse is there because of all this 31 00:01:29,880 --> 00:01:33,120 Speaker 3: uncertainty and the negative headline every single day there in 32 00:01:33,160 --> 00:01:36,000 Speaker 3: the US, we are actually seeing some of the real 33 00:01:36,040 --> 00:01:40,000 Speaker 3: impact coming through for their economy, not so much in Australia, 34 00:01:40,000 --> 00:01:42,960 Speaker 3: but over there in America. So we're seeing the consumer 35 00:01:43,040 --> 00:01:46,199 Speaker 3: confidence has been hit. We're seeing the corporates are sort 36 00:01:46,200 --> 00:01:49,160 Speaker 3: of putting a hold whatever they are going to spend 37 00:01:49,360 --> 00:01:51,600 Speaker 3: because they don't know what the policy look like. So 38 00:01:51,880 --> 00:01:56,000 Speaker 3: it is something that was really just sentiment shipped from 39 00:01:56,200 --> 00:01:58,640 Speaker 3: a shift from just sentiment into something that's a little 40 00:01:58,680 --> 00:02:01,040 Speaker 3: bit more real. So this is what the market is 41 00:02:01,080 --> 00:02:04,320 Speaker 3: trying to grappling with. Is essentially is the US heading 42 00:02:04,360 --> 00:02:06,480 Speaker 3: for a recession. I think that's why you're seeing the 43 00:02:06,480 --> 00:02:07,120 Speaker 3: big cell off. 44 00:02:07,560 --> 00:02:09,520 Speaker 1: So is the US heading for a session? And what 45 00:02:09,560 --> 00:02:11,280 Speaker 1: does that mean for Australia. I want to come to 46 00:02:11,360 --> 00:02:13,040 Speaker 1: China and talk a little bit about China, but just 47 00:02:13,120 --> 00:02:16,640 Speaker 1: park China for a moment. The US drives the global economy. 48 00:02:16,760 --> 00:02:17,760 Speaker 1: Is it heading for a session? 49 00:02:18,000 --> 00:02:21,480 Speaker 3: Look, it's not heading for well in ari, it's not 50 00:02:21,520 --> 00:02:25,200 Speaker 3: heading for a recession. However, if it continues on this path, 51 00:02:25,520 --> 00:02:29,240 Speaker 3: and assuming that FED doesn't come through with radcuts and others, 52 00:02:29,520 --> 00:02:32,000 Speaker 3: then that it is well have that chance to be 53 00:02:32,000 --> 00:02:34,240 Speaker 3: on the path to be the recession. So we see 54 00:02:34,320 --> 00:02:37,160 Speaker 3: so many possibilities that it will get off that path, 55 00:02:37,280 --> 00:02:40,680 Speaker 3: as in we have stability, and we have outcome of 56 00:02:40,720 --> 00:02:43,280 Speaker 3: what happens to tariff and so the business can deal 57 00:02:43,320 --> 00:02:46,040 Speaker 3: with it. We have the FED step opinion. If there's 58 00:02:46,120 --> 00:02:48,799 Speaker 3: real weaknesses in the consumer in there in the US, 59 00:02:48,880 --> 00:02:52,200 Speaker 3: remember the consumer was doing very very well. It's now 60 00:02:52,280 --> 00:02:55,079 Speaker 3: sort of just paused somewhat. So you the FED will 61 00:02:55,120 --> 00:02:57,320 Speaker 3: come through. So with all of that combined, we think 62 00:02:57,320 --> 00:02:59,959 Speaker 3: the probability for a recession is very very small. 63 00:03:00,080 --> 00:03:02,480 Speaker 1: Hard is it then to manage money when you have 64 00:03:02,800 --> 00:03:06,840 Speaker 1: such uncertainty? I hear what you're saying, it's a small 65 00:03:06,919 --> 00:03:09,720 Speaker 1: chance of oversasion in the US, but we don't actually 66 00:03:09,720 --> 00:03:12,400 Speaker 1: know what Donald Trump's going to do, and you've got 67 00:03:12,400 --> 00:03:14,360 Speaker 1: to manage money for your clients. How hard is it 68 00:03:14,639 --> 00:03:15,799 Speaker 1: with all that uncertainty. 69 00:03:16,000 --> 00:03:19,480 Speaker 3: Yeah, I think with that uncertainty, essentially at portfolio level, 70 00:03:19,720 --> 00:03:22,639 Speaker 3: we are seeing opportunity. You have to separate out what 71 00:03:22,680 --> 00:03:24,560 Speaker 3: we do know and what we don't know. You know, 72 00:03:24,639 --> 00:03:27,360 Speaker 3: with tariff outcome, it's something we don't know and it 73 00:03:27,400 --> 00:03:29,840 Speaker 3: can be binary. Yes, maybe it hasn't, maybe it doesn't 74 00:03:29,880 --> 00:03:32,080 Speaker 3: have it. So whereas the things that we do know 75 00:03:32,280 --> 00:03:35,720 Speaker 3: is that some company have become significantly cheaper and some 76 00:03:35,800 --> 00:03:38,800 Speaker 3: of those businesses the earnings who are not impacted. Maybe 77 00:03:38,800 --> 00:03:43,080 Speaker 3: they're Australia focused businesses, maybe their growth businesses with structural 78 00:03:43,440 --> 00:03:47,440 Speaker 3: growth driver that's not sort of linked to economic activity. 79 00:03:47,640 --> 00:03:50,720 Speaker 3: And these companies have become so much cheaper, and this 80 00:03:50,920 --> 00:03:53,520 Speaker 3: where we see the opportunity. So as a portfolio manager, 81 00:03:53,720 --> 00:03:56,360 Speaker 3: this really reminded me of the COVID period when the 82 00:03:56,400 --> 00:03:59,280 Speaker 3: share price fell. But back then we had a health crisis. 83 00:03:59,600 --> 00:04:02,080 Speaker 3: Right now don't have frouth crisis, or we have Donald Trump. 84 00:04:02,400 --> 00:04:05,120 Speaker 3: But just separate out what companies might have down grad 85 00:04:05,320 --> 00:04:07,720 Speaker 3: and what other companies don't, they just become a lot cheaper. 86 00:04:07,920 --> 00:04:10,840 Speaker 3: And that's where were actually putting our money into. 87 00:04:11,080 --> 00:04:15,160 Speaker 1: So the US facing companies and not suggesting that you 88 00:04:15,200 --> 00:04:16,600 Speaker 1: invest in any of these, but it's kind of the 89 00:04:16,680 --> 00:04:18,680 Speaker 1: Rebels and the James Hardies and some of those sorts 90 00:04:18,720 --> 00:04:21,960 Speaker 1: of things. Are they stocked where you probably a bit 91 00:04:22,120 --> 00:04:25,520 Speaker 1: more you shy away from a little compared to the 92 00:04:25,560 --> 00:04:28,640 Speaker 1: really domestic focus. They might be industrials, they might be 93 00:04:28,920 --> 00:04:30,040 Speaker 1: retailers that type of thing. 94 00:04:30,320 --> 00:04:31,040 Speaker 2: Yeah, definitely. 95 00:04:31,400 --> 00:04:33,400 Speaker 3: Look, I do think that the James Hardy is really 96 00:04:33,440 --> 00:04:36,880 Speaker 3: hard because the company itself is actually trying to buy 97 00:04:36,880 --> 00:04:38,520 Speaker 3: another business the top of the market and. 98 00:04:38,480 --> 00:04:40,840 Speaker 2: No one likes it. So that is the issue at 99 00:04:40,839 --> 00:04:41,240 Speaker 2: the moment. 100 00:04:41,400 --> 00:04:44,400 Speaker 3: Brevel is very very hard because if you just assume 101 00:04:44,480 --> 00:04:48,320 Speaker 3: not even the latest one hundred and forty percentage during 102 00:04:48,320 --> 00:04:52,960 Speaker 3: the during the first discussion about the tariff I spoke 103 00:04:53,000 --> 00:04:56,240 Speaker 3: to the company, the impact on the business is enormous 104 00:04:56,400 --> 00:04:58,599 Speaker 3: and they have to put through so much price increase 105 00:04:58,680 --> 00:05:02,560 Speaker 3: through just to recover cost, and then clearly their clients 106 00:05:02,600 --> 00:05:04,400 Speaker 3: are not going to do that. Some of the biggest 107 00:05:04,440 --> 00:05:06,919 Speaker 3: retailers there in the US, so you know this, The 108 00:05:07,000 --> 00:05:09,280 Speaker 3: hits to them will be enormous if it comes through 109 00:05:09,480 --> 00:05:12,760 Speaker 3: as whatever it's been discussed. So and they're just uncertainty. 110 00:05:12,800 --> 00:05:14,960 Speaker 3: It's not even the sort of place where you want 111 00:05:15,000 --> 00:05:17,400 Speaker 3: to be sure selling. Remember we can short sale as. 112 00:05:17,279 --> 00:05:18,600 Speaker 2: Well because it's risk. 113 00:05:18,760 --> 00:05:21,599 Speaker 3: Tomorrow China and the US do a deal, these share 114 00:05:21,640 --> 00:05:23,680 Speaker 3: prices will rise significantly. 115 00:05:23,800 --> 00:05:26,479 Speaker 1: Absolutely, stay with me, Jian Bay, We'll be back in 116 00:05:26,480 --> 00:05:37,200 Speaker 1: a minute. I'm speaking to Jinbailu from ten Cap. What 117 00:05:37,320 --> 00:05:41,520 Speaker 1: about China? Oh, how do you invest in China now? 118 00:05:41,760 --> 00:05:44,760 Speaker 1: And I'm even talking about investing in BHP because they 119 00:05:44,760 --> 00:05:46,640 Speaker 1: say a lot of our in order China right through 120 00:05:46,680 --> 00:05:50,080 Speaker 1: to investing literally in China. How do you see China? 121 00:05:50,200 --> 00:05:53,480 Speaker 3: Look, I think China is going to become more inward 122 00:05:53,520 --> 00:05:56,440 Speaker 3: facing in terms of where they are spending their money 123 00:05:56,520 --> 00:05:59,280 Speaker 3: or where they're stimulating their economy. They don't want to 124 00:05:59,320 --> 00:06:03,800 Speaker 3: become a remain to be a very export oriented economy. 125 00:06:03,960 --> 00:06:07,080 Speaker 3: They want it to be more like Australia and the US. Eventually, 126 00:06:07,279 --> 00:06:10,120 Speaker 3: consumer drive becomes a big part of the GDP. I 127 00:06:10,120 --> 00:06:12,680 Speaker 3: think their consumer sector is still something only like less 128 00:06:12,680 --> 00:06:15,600 Speaker 3: than thirty percent, whereas Australia sixty. In US is more. 129 00:06:15,800 --> 00:06:18,640 Speaker 3: So that's what they're trying to do. When we invest 130 00:06:18,680 --> 00:06:21,320 Speaker 3: in China, we want to invest in businesses that's exposed 131 00:06:21,360 --> 00:06:24,240 Speaker 3: to that thematic. You know, in China, it's very important 132 00:06:24,320 --> 00:06:26,720 Speaker 3: whatever investing, you want to be going the same way 133 00:06:26,760 --> 00:06:28,719 Speaker 3: as the government. You don't want to go against it 134 00:06:28,760 --> 00:06:32,239 Speaker 3: because things can turn so right now, any Chinese consumer 135 00:06:32,720 --> 00:06:35,680 Speaker 3: company or facing company is doing quite well. If you 136 00:06:35,720 --> 00:06:38,080 Speaker 3: look at the A to milk for example, it's doing 137 00:06:38,080 --> 00:06:41,640 Speaker 3: incredibly well now, very good business. They're gaining share, their 138 00:06:41,680 --> 00:06:45,320 Speaker 3: products actually is penetrating into all different tiers of cities, 139 00:06:45,480 --> 00:06:47,760 Speaker 3: so it's doing really well. And then the government's throwing 140 00:06:47,800 --> 00:06:51,720 Speaker 3: money at household to stimulate birth rates, so that's doing well. 141 00:06:52,160 --> 00:06:55,080 Speaker 3: The iron ore is a little bit harder, but I 142 00:06:55,279 --> 00:06:58,440 Speaker 3: have heard that there is now China is going to 143 00:06:58,560 --> 00:07:01,880 Speaker 3: come up with more packages simulate its only economy to 144 00:07:01,920 --> 00:07:04,480 Speaker 3: deal with the tariff impact. So I know or perhaps 145 00:07:04,480 --> 00:07:06,679 Speaker 3: will have a pot but it is much harder to call. 146 00:07:06,760 --> 00:07:09,560 Speaker 1: Okay, And do you invest directly overseas or you only 147 00:07:09,600 --> 00:07:10,160 Speaker 1: invest in. 148 00:07:10,160 --> 00:07:12,760 Speaker 3: Local Yeah, I only invest in Australia, so we can 149 00:07:12,800 --> 00:07:14,800 Speaker 3: play it through whatever the exposure that we have. 150 00:07:15,280 --> 00:07:16,840 Speaker 2: The Australian companies. 151 00:07:16,440 --> 00:07:18,520 Speaker 1: Okay, so you mentioned a to Milk. There is a 152 00:07:18,520 --> 00:07:21,160 Speaker 1: great example they're selling, I mean a company which has 153 00:07:21,240 --> 00:07:24,960 Speaker 1: really written a bit of a roller coaster since COVID. 154 00:07:25,000 --> 00:07:29,000 Speaker 1: Particularly what other companies are do you think have interesting 155 00:07:29,040 --> 00:07:31,600 Speaker 1: exposure to China that worth looking at. You're not necessarily 156 00:07:31,680 --> 00:07:33,800 Speaker 1: recommending them, but worth looking at. Look. 157 00:07:33,840 --> 00:07:36,760 Speaker 3: I think HM Milk is really good. Treasury Wine is 158 00:07:36,800 --> 00:07:37,760 Speaker 3: actually really good. 159 00:07:37,800 --> 00:07:40,240 Speaker 1: To get my head around Treasury Wine, like every time 160 00:07:40,240 --> 00:07:42,160 Speaker 1: I like it goes bad, it goes I think much 161 00:07:42,160 --> 00:07:42,920 Speaker 1: of it it goes well. 162 00:07:43,200 --> 00:07:45,960 Speaker 3: I think the challenge for Treasury Wine is that while 163 00:07:46,000 --> 00:07:48,040 Speaker 3: so China is doing really well, it's going to drive 164 00:07:48,120 --> 00:07:50,960 Speaker 3: pricing and pain Fold is doing really well, it's everything 165 00:07:50,960 --> 00:07:53,520 Speaker 3: else in that portfolio is not going well. And the 166 00:07:53,640 --> 00:07:56,600 Speaker 3: challenge is that in the Western economy in Australia, US 167 00:07:56,600 --> 00:08:00,200 Speaker 3: and Europe, people are drinking less alcohol. I think that's 168 00:08:00,240 --> 00:08:02,880 Speaker 3: the big trend. So we're seeing later data even here 169 00:08:02,880 --> 00:08:06,680 Speaker 3: in Australia. Any company exposed to alcohol sale is down 170 00:08:06,720 --> 00:08:09,200 Speaker 3: materially there in the US as well, So we don't 171 00:08:09,240 --> 00:08:11,840 Speaker 3: know if it's structural or if it's you know, just 172 00:08:11,840 --> 00:08:15,000 Speaker 3: young people don't drink alcohol anymore. But the hard to imagine. 173 00:08:15,000 --> 00:08:17,480 Speaker 3: But anyway, that's hard to imagine. I don't know what 174 00:08:17,560 --> 00:08:20,280 Speaker 3: they drink, but it's but it is what it is. 175 00:08:20,520 --> 00:08:21,920 Speaker 2: But it's certainly it is a company. 176 00:08:21,960 --> 00:08:25,080 Speaker 3: Remember, has a very strong you know, portfolio brands, so 177 00:08:25,120 --> 00:08:27,600 Speaker 3: Panmfall is the biggest one. It has a very strong 178 00:08:27,640 --> 00:08:29,600 Speaker 3: asset backing. So if you look at the you know, 179 00:08:29,600 --> 00:08:31,240 Speaker 3: all the pan fole that they have in the vault 180 00:08:31,360 --> 00:08:33,520 Speaker 3: a plus or the farm they own, it's probably about 181 00:08:33,559 --> 00:08:35,400 Speaker 3: nine dollars and that's not very far from where the 182 00:08:35,400 --> 00:08:38,320 Speaker 3: share price is. So look, it has a natural natural 183 00:08:38,360 --> 00:08:40,920 Speaker 3: flaw to the share price. But it just seems like 184 00:08:40,960 --> 00:08:43,000 Speaker 3: the alcohol needs a fire for it to go higher. 185 00:08:43,160 --> 00:08:45,439 Speaker 1: Yeah, okay, what about away from Chita? What are other 186 00:08:45,559 --> 00:08:48,800 Speaker 1: stocks on the market? And remember, listeners, this is not 187 00:08:48,840 --> 00:08:51,520 Speaker 1: an investment podcast, so please see your own advice before 188 00:08:51,559 --> 00:08:54,040 Speaker 1: making an investment decision. What other stocks do you like 189 00:08:54,120 --> 00:08:54,840 Speaker 1: or a stock you like? 190 00:08:54,960 --> 00:08:57,080 Speaker 3: Sure, Look, there's plenty of stocks at the moment because 191 00:08:57,120 --> 00:08:59,920 Speaker 3: it becomes so much cheaper. Remember the area talked by 192 00:09:00,280 --> 00:09:03,360 Speaker 3: are the growth companies that's not impacted and much cheaper. Well, 193 00:09:03,440 --> 00:09:06,880 Speaker 3: the things like Promedicus, the imaging business that you know, 194 00:09:06,960 --> 00:09:10,480 Speaker 3: really ruling dominating the world doing really well, twenty percent cheaper, 195 00:09:10,920 --> 00:09:14,200 Speaker 3: you've got Cochlear not impacted by tariff and share price 196 00:09:14,320 --> 00:09:17,880 Speaker 3: much cheaper now, and you've got the likes of Aria 197 00:09:18,000 --> 00:09:20,920 Speaker 3: dot Com. Share prices come off, you know, on the 198 00:09:20,960 --> 00:09:24,120 Speaker 3: back of you know, people selling all expensive companies. Of course, 199 00:09:24,200 --> 00:09:26,120 Speaker 3: there was a bit of threat of whether co Star 200 00:09:26,240 --> 00:09:28,520 Speaker 3: coming into buy DeMay and now seems like that plan 201 00:09:28,640 --> 00:09:30,640 Speaker 3: is a little bit ice, but we don't know. Regardless, 202 00:09:30,640 --> 00:09:32,320 Speaker 3: for the next few years, this company is going to 203 00:09:32,360 --> 00:09:34,360 Speaker 3: do really well, much cheaper than it is. 204 00:09:34,840 --> 00:09:36,560 Speaker 2: I can keep going. There's plenty well. 205 00:09:36,520 --> 00:09:40,080 Speaker 1: I mean stread through this when you think of Promedicus 206 00:09:40,080 --> 00:09:43,400 Speaker 1: and Arii. The fact that they've sold off gives an opportunity. 207 00:09:43,679 --> 00:09:46,600 Speaker 1: And what is happening now may or may not be 208 00:09:46,640 --> 00:09:48,719 Speaker 1: long term, we don't know, But like an investing is 209 00:09:48,720 --> 00:09:50,439 Speaker 1: actually long term exercise, isn't it. 210 00:09:50,520 --> 00:09:52,760 Speaker 2: That's very important to remind everyone that's right. 211 00:09:52,840 --> 00:09:52,920 Speaker 1: You. 212 00:09:53,520 --> 00:09:55,960 Speaker 3: Short term fear sometimes makes you feel like that's going 213 00:09:56,000 --> 00:09:58,400 Speaker 3: to see the world collapse, but it doesn't. We always 214 00:09:58,400 --> 00:10:00,640 Speaker 3: come through it. Whenever we see sh for like this, 215 00:10:00,840 --> 00:10:03,280 Speaker 3: which is very rare. Once every you know, I don't know, 216 00:10:03,440 --> 00:10:07,680 Speaker 3: five eight years, that's your greatest buying opportunity, particularly for 217 00:10:07,760 --> 00:10:11,080 Speaker 3: companies who's earning are not impacted, because if a company 218 00:10:11,120 --> 00:10:13,120 Speaker 3: is going to downgrade their earnings, then it becomes a problem. 219 00:10:13,240 --> 00:10:16,240 Speaker 1: Yeah. Yeah, I've got to ask you, do you really 220 00:10:16,240 --> 00:10:18,160 Speaker 1: wake up at two am every morning and take the 221 00:10:18,240 --> 00:10:18,880 Speaker 1: US market? 222 00:10:18,920 --> 00:10:19,280 Speaker 2: I do? 223 00:10:19,559 --> 00:10:21,600 Speaker 3: I do, And these days a bit harder to go 224 00:10:21,679 --> 00:10:24,319 Speaker 3: back to sleep when it's so look. 225 00:10:24,520 --> 00:10:26,640 Speaker 2: I think I think I do get used to. 226 00:10:27,240 --> 00:10:30,600 Speaker 3: You know, this morning, I got up looking at the 227 00:10:30,600 --> 00:10:33,040 Speaker 3: market and they started just going around cleaning my house. 228 00:10:33,559 --> 00:10:36,400 Speaker 3: But it's just something that I do. I get quite 229 00:10:36,440 --> 00:10:39,080 Speaker 3: excited looking at the market and looking at what sectors, 230 00:10:39,080 --> 00:10:42,959 Speaker 3: start thinking about what it is. And yeah, maybe I 231 00:10:43,000 --> 00:10:43,480 Speaker 3: think you'd. 232 00:10:43,320 --> 00:10:45,520 Speaker 1: Be irritating mother because your children will get up and 233 00:10:45,520 --> 00:10:48,080 Speaker 1: you've already been up for three hours full of beans, 234 00:10:48,120 --> 00:10:49,280 Speaker 1: and they're not that's right. 235 00:10:49,320 --> 00:10:50,800 Speaker 2: I start telling them that they have to get their 236 00:10:50,840 --> 00:10:51,400 Speaker 2: self ready. 237 00:10:51,559 --> 00:10:53,760 Speaker 1: Yeah, jin Bey, thank you very much for talking to 238 00:10:53,800 --> 00:10:54,360 Speaker 1: Fear and Greed. 239 00:10:54,559 --> 00:10:55,800 Speaker 2: Thank you very much for having me. 240 00:10:56,160 --> 00:10:59,439 Speaker 1: Jean bay Lou, co founder and lead portfolio manager at 241 00:10:59,520 --> 00:11:01,959 Speaker 1: ten Cap. This is a Fear and Greed business interview. 242 00:11:02,160 --> 00:11:04,400 Speaker 1: Remember this is general information only, and you should always 243 00:11:04,400 --> 00:11:07,680 Speaker 1: seek professional advice before making investment decisions. Join us every 244 00:11:07,679 --> 00:11:09,920 Speaker 1: morning for the full episode our Fear and Greed daily 245 00:11:09,920 --> 00:11:12,199 Speaker 1: business use with people who make their own decisions. I'm 246 00:11:12,240 --> 00:11:15,120 Speaker 1: sure I Al must enjoy your day.