1 00:00:06,160 --> 00:00:08,680 Speaker 1: This is the weekend edition of Fear and Greed, daily 2 00:00:08,720 --> 00:00:11,000 Speaker 1: business news for people who make their own decisions. I'm 3 00:00:11,039 --> 00:00:13,320 Speaker 1: Michael Thompson, and good morning Sean Aylmer. 4 00:00:13,800 --> 00:00:15,560 Speaker 2: Good morning Michael, Sean. 5 00:00:15,600 --> 00:00:17,240 Speaker 1: Our weekend show is all about the two of us, 6 00:00:17,239 --> 00:00:20,759 Speaker 1: each nominating what we think is the biggest business news 7 00:00:20,920 --> 00:00:23,919 Speaker 1: story of the week, the most remarkable business story, a 8 00:00:24,120 --> 00:00:26,480 Speaker 1: sleeper story, one that's kind of flying under the radar 9 00:00:26,520 --> 00:00:31,000 Speaker 1: a little bit, and our favorite business adjacent story. It 10 00:00:31,080 --> 00:00:34,800 Speaker 1: is a fierce competition, so every week we are joined 11 00:00:34,840 --> 00:00:37,560 Speaker 1: by a judge to pick a winner, and that judges 12 00:00:37,560 --> 00:00:40,920 Speaker 1: our Fear and Greed colleague Adam Lang Adam, good morning. 13 00:00:41,040 --> 00:00:43,400 Speaker 3: Good morning Michael, and good morning Sean. And I understand 14 00:00:43,400 --> 00:00:46,240 Speaker 3: we're going for a record today in the post Olympic 15 00:00:46,320 --> 00:00:50,000 Speaker 3: spirit pre Paralympics. We're going for speed today. A very 16 00:00:50,040 --> 00:00:51,800 Speaker 3: condensed version of the weekend edition. 17 00:00:52,280 --> 00:00:55,040 Speaker 2: So I have an idea. I have an idea, Adam, 18 00:00:55,440 --> 00:01:01,280 Speaker 2: I am prepared to concede one point to Michael. If 19 00:01:01,280 --> 00:01:05,480 Speaker 2: he doesn't crap on, you don't get the point to 20 00:01:05,520 --> 00:01:07,440 Speaker 2: the end. Michael, you don't get the point to the end. 21 00:01:07,720 --> 00:01:10,240 Speaker 3: And Sean, is this in your discretion or mine? 22 00:01:10,360 --> 00:01:12,319 Speaker 2: Ah I think to our discretion. 23 00:01:12,440 --> 00:01:16,200 Speaker 1: Okay, you know, I think I think I might have 24 00:01:16,319 --> 00:01:20,120 Speaker 1: that point all wrapped up today because I actually want to. 25 00:01:20,360 --> 00:01:24,400 Speaker 1: I want to start today with an apology. An apology 26 00:01:24,959 --> 00:01:30,080 Speaker 1: to listeners who come here for the melodrama. We know 27 00:01:30,160 --> 00:01:32,479 Speaker 1: they come here for the melodrama. It's just a fact 28 00:01:33,040 --> 00:01:35,880 Speaker 1: I'm a little under the weather this morning. And so 29 00:01:36,040 --> 00:01:40,240 Speaker 1: if you have come here expecting theater, expecting the melodrama 30 00:01:40,480 --> 00:01:43,640 Speaker 1: to be at its maximum level, I just don't know 31 00:01:43,680 --> 00:01:45,399 Speaker 1: if I'm going to be able to deliver. But I 32 00:01:45,440 --> 00:01:47,280 Speaker 1: will do my best. And you know what, I don't 33 00:01:47,280 --> 00:01:48,040 Speaker 1: need melodrama. 34 00:01:48,040 --> 00:01:48,840 Speaker 2: Start on the brevity. 35 00:01:48,880 --> 00:01:52,560 Speaker 1: I don't need melodrama because I have got some stellar stories. 36 00:01:52,680 --> 00:01:55,440 Speaker 1: Just the strength and weight of my stories alone will 37 00:01:55,480 --> 00:01:58,120 Speaker 1: carry me through. Let's get into the bigger story. 38 00:01:58,360 --> 00:02:01,440 Speaker 2: Let's get into the bigger story. But as I generously 39 00:02:01,680 --> 00:02:04,000 Speaker 2: seeded last week, I'm not doing an economic story for 40 00:02:04,040 --> 00:02:07,080 Speaker 2: the rest of the year. Just to give you a help, 41 00:02:07,160 --> 00:02:09,000 Speaker 2: and I'm giving you a plus one point. I'm going 42 00:02:09,040 --> 00:02:10,360 Speaker 2: to tell you the biggest story of the week. Though 43 00:02:10,760 --> 00:02:14,880 Speaker 2: ready it's been a really big week in politics, and 44 00:02:14,919 --> 00:02:17,120 Speaker 2: because there's so much going on in the business world, 45 00:02:17,960 --> 00:02:20,960 Speaker 2: maybe it just hasn't got the attention it deserves. 46 00:02:21,000 --> 00:02:24,560 Speaker 1: Sounds like a sleeper story, then, Seanlet's. 47 00:02:23,560 --> 00:02:27,320 Speaker 2: Start with the National Disability Insurance Scheme. Minister Bill Shorten 48 00:02:27,360 --> 00:02:29,040 Speaker 2: has struck a deal with the States and terror or 49 00:02:29,120 --> 00:02:32,040 Speaker 2: TWES to pass labors overhaul of the scheme, bringing to 50 00:02:32,080 --> 00:02:35,200 Speaker 2: an end a month's long standoff over legislation designed to 51 00:02:35,200 --> 00:02:37,440 Speaker 2: slow the balloon and cost of the program. Basically, they're 52 00:02:37,480 --> 00:02:39,799 Speaker 2: trying to cut costs by about fourteen billion dollars over 53 00:02:39,840 --> 00:02:43,480 Speaker 2: four years. The main change is that shift some responsibilities 54 00:02:43,480 --> 00:02:47,240 Speaker 2: of the scheme's functions to the States. This is a 55 00:02:47,280 --> 00:02:50,280 Speaker 2: massive story to pushing the decision over to the States 56 00:02:50,360 --> 00:02:52,520 Speaker 2: will totally change things. I reckon this is going to 57 00:02:52,520 --> 00:02:54,200 Speaker 2: be one of the biggest election issues. So it's a 58 00:02:54,200 --> 00:02:56,880 Speaker 2: sleeper story as well, Michael, but for this week it's 59 00:02:56,880 --> 00:02:59,560 Speaker 2: the biggest story. There was also the debate over gards 60 00:02:59,600 --> 00:03:02,680 Speaker 2: and refuge gs coming into Australia starting to impact the government. 61 00:03:02,680 --> 00:03:04,679 Speaker 2: Prime Minister to Anthony Alberanzi had to confirm that a 62 00:03:04,760 --> 00:03:08,720 Speaker 2: number of visitor visas granted to Palestinian refugees fleeing Gaza 63 00:03:09,360 --> 00:03:13,560 Speaker 2: have been canceled. Now Labour's granted some three thousand visitor 64 00:03:13,680 --> 00:03:17,800 Speaker 2: visas rather than refugee visas and visit of visas have 65 00:03:17,919 --> 00:03:21,440 Speaker 2: less stringent security checks. Under fire on that one, a 66 00:03:21,520 --> 00:03:24,079 Speaker 2: deal was done between this government the coalition, meaning every 67 00:03:24,120 --> 00:03:27,359 Speaker 2: state and territory Construction division of the CFMEU will soon 68 00:03:27,400 --> 00:03:30,840 Speaker 2: be in administration. The PM, Anthony Alberesi said the government's 69 00:03:30,880 --> 00:03:34,160 Speaker 2: working to get gambling reforms right. He's under pressure on 70 00:03:34,200 --> 00:03:37,200 Speaker 2: that issue as well. There were changes to pornography rules. 71 00:03:37,200 --> 00:03:41,440 Speaker 2: Proposed laws to ban the non consensual creation and dissemination 72 00:03:41,600 --> 00:03:44,920 Speaker 2: of deep fake pornography, a real AI issue. They've passed 73 00:03:44,920 --> 00:03:47,119 Speaker 2: the Senate. There was a pay hike for nearly two 74 00:03:47,120 --> 00:03:50,600 Speaker 2: thousand federal politicians. They'll receive an eleven percent increase. Also 75 00:03:50,600 --> 00:03:53,600 Speaker 2: gets stuff like forty thousand dollars in travel allowance. There 76 00:03:53,640 --> 00:03:57,000 Speaker 2: was also the approval of a big renewables project. Massive 77 00:03:57,040 --> 00:04:00,400 Speaker 2: week in politics that by far is the biggest story 78 00:04:00,440 --> 00:04:03,920 Speaker 2: of the week. Michael, over to you bit of melodrama. 79 00:04:04,040 --> 00:04:09,000 Speaker 1: Please well, Sean, it was a big week in politics, 80 00:04:09,000 --> 00:04:11,120 Speaker 1: and I appreciate the fact that you were doing politics 81 00:04:11,560 --> 00:04:13,840 Speaker 1: for once, because usually you leave that for me, which 82 00:04:13,880 --> 00:04:16,840 Speaker 1: means that I will instead be doing economics as I 83 00:04:17,160 --> 00:04:22,000 Speaker 1: enjoy now now. The biggest story this week actually came, 84 00:04:22,040 --> 00:04:27,039 Speaker 1: I would argue, from an unexpected source. Interesting, the Reserve 85 00:04:27,200 --> 00:04:31,919 Speaker 1: Bank Board minutes. We haven't spoken about them before, have we. 86 00:04:31,960 --> 00:04:37,920 Speaker 1: You're right, yes, unexpected. Let me explain why? 87 00:04:38,279 --> 00:04:39,160 Speaker 2: Yes, please do. 88 00:04:40,120 --> 00:04:46,279 Speaker 1: There shouldn't be any surprises anymore with the RBA. There 89 00:04:46,360 --> 00:04:50,440 Speaker 1: is more transparency than there has ever been, largely thanks 90 00:04:50,440 --> 00:04:53,960 Speaker 1: to the media grilling that Governor Michelle Bullock gets after 91 00:04:54,200 --> 00:04:57,719 Speaker 1: the meetings. The Reserve Bank Board minutes should just be 92 00:04:57,760 --> 00:05:03,880 Speaker 1: a formality. Well, well, well, the Reserve Bank shocked us 93 00:05:04,360 --> 00:05:07,840 Speaker 1: all this week delivering a set of minutes for the ages. 94 00:05:08,480 --> 00:05:12,000 Speaker 1: It told us what they really think, and that is 95 00:05:12,279 --> 00:05:16,719 Speaker 1: that they are seriously, seriously worried. 96 00:05:16,760 --> 00:05:19,560 Speaker 2: God, I'm loving the emphasis on some of the words. 97 00:05:19,600 --> 00:05:20,320 Speaker 2: He keep it going. 98 00:05:20,920 --> 00:05:23,679 Speaker 1: We're all worried than we had been led to believe 99 00:05:24,520 --> 00:05:27,880 Speaker 1: about inflation and about the strength of the economy. They 100 00:05:27,920 --> 00:05:30,159 Speaker 1: considered lifting the cash rate to four point six percent 101 00:05:30,200 --> 00:05:32,320 Speaker 1: from four point three five percent because the economy is 102 00:05:32,360 --> 00:05:35,719 Speaker 1: too hot, inflation isn't falling as quickly as before. In fact, 103 00:05:35,760 --> 00:05:37,839 Speaker 1: they are only able to keep rates on hold by 104 00:05:37,839 --> 00:05:41,080 Speaker 1: committing to holding them there until next year. The RBA 105 00:05:41,200 --> 00:05:44,039 Speaker 1: is worried about a looming increase in economic growth and 106 00:05:44,120 --> 00:05:46,720 Speaker 1: expected rise in household spending because of the Stage three 107 00:05:46,760 --> 00:05:49,680 Speaker 1: tax cuts and the outlook for government spending. But in 108 00:05:49,720 --> 00:05:54,400 Speaker 1: the end, uncertainty. Uncertainty reigns supreme. Right now, How do 109 00:05:54,480 --> 00:05:57,040 Speaker 1: we know that? The Reserve Bank Board minutes because the 110 00:05:57,080 --> 00:06:04,320 Speaker 1: word uncertain was used the teen times forteen times. 111 00:06:04,040 --> 00:06:05,600 Speaker 3: As he holds back the melodrama. 112 00:06:05,680 --> 00:06:08,360 Speaker 1: Nobody really knows what's going to happen if he was healthy. 113 00:06:09,279 --> 00:06:12,400 Speaker 1: But one thing is looking likely. We're going to have 114 00:06:12,520 --> 00:06:15,440 Speaker 1: higher rates for a lot longer than previously thought. The 115 00:06:15,480 --> 00:06:20,200 Speaker 1: economic impact of this story, the economic impact. Wow, the 116 00:06:20,240 --> 00:06:24,360 Speaker 1: economic impact of this story is so large it's impossible 117 00:06:24,640 --> 00:06:28,839 Speaker 1: for me to even attempt to quantify it. It is unquantifiable, 118 00:06:29,000 --> 00:06:32,599 Speaker 1: an impact so significant it's unable to be perceived with 119 00:06:32,680 --> 00:06:34,880 Speaker 1: the naked eye. That's how big this story is, the 120 00:06:34,880 --> 00:06:35,680 Speaker 1: biggest of the week. 121 00:06:36,440 --> 00:06:38,680 Speaker 2: I reckon, you should stay out of economics, Michael. Just 122 00:06:39,320 --> 00:06:42,800 Speaker 2: a bit of advice to the future, go on, Adam Well. 123 00:06:42,760 --> 00:06:46,599 Speaker 3: In the Quest to be Brief, Sean wins. Yeah, very good, Michael. 124 00:06:46,880 --> 00:06:49,040 Speaker 3: I really do applaud how you've just brought up, You've 125 00:06:49,080 --> 00:06:53,479 Speaker 3: summoned up the melodrama despite your health challenges. Well done. 126 00:06:53,720 --> 00:06:56,720 Speaker 3: But this week I think Shawn's nailed it with. 127 00:06:56,720 --> 00:06:58,640 Speaker 2: Politics, nailed it. 128 00:07:00,000 --> 00:07:02,960 Speaker 3: I'm Shuran too. A couple of other sort of items 129 00:07:02,960 --> 00:07:06,600 Speaker 3: on the political agenda. One the news media Bargaining Code 130 00:07:07,000 --> 00:07:10,640 Speaker 3: is also fiercely being debated, and meta pulling out of 131 00:07:11,080 --> 00:07:14,120 Speaker 3: funding journalism in this country, and also the tax on 132 00:07:14,160 --> 00:07:17,080 Speaker 3: those international companies that are still so low. There's so 133 00:07:17,200 --> 00:07:19,440 Speaker 3: much in politics that can have great impact on our 134 00:07:19,480 --> 00:07:21,360 Speaker 3: business community. So Sean, you win. 135 00:07:22,040 --> 00:07:23,120 Speaker 2: Nice reading between the lines. 136 00:07:24,000 --> 00:07:27,640 Speaker 1: What a rot? You only one because he added more stories. 137 00:07:27,240 --> 00:07:30,760 Speaker 2: In Okay, Michael, move on, move on. Don't be like that. 138 00:07:30,760 --> 00:07:33,800 Speaker 1: That was just a token protest. Really, I agree, it 139 00:07:33,880 --> 00:07:36,320 Speaker 1: was actually a good story. Mark. 140 00:07:36,680 --> 00:07:38,480 Speaker 2: You start with the remarkable story. Michael. 141 00:07:38,840 --> 00:07:41,920 Speaker 1: There is just one remarkable story this week. There are 142 00:07:42,000 --> 00:07:45,880 Speaker 1: lesser remarkable stories, but one supreme remarkable story this week, 143 00:07:45,920 --> 00:07:56,560 Speaker 1: and that is the sheer weight of celebrities between go on, 144 00:07:57,560 --> 00:08:02,480 Speaker 1: the sheer weight of celebrity behind Kamala Harris at the 145 00:08:02,560 --> 00:08:06,320 Speaker 1: Democratic National Convention this week in the US. On paper, 146 00:08:06,760 --> 00:08:10,720 Speaker 1: this whole convention is really there to officially award her 147 00:08:11,240 --> 00:08:14,440 Speaker 1: the nomination, but really it is just a giant pep 148 00:08:14,520 --> 00:08:19,120 Speaker 1: rally because they busted out the star power Busy busted 149 00:08:19,120 --> 00:08:22,440 Speaker 1: it out every single night at Barack Obama. They had 150 00:08:22,520 --> 00:08:25,400 Speaker 1: Michelle Obama, they had Hillary Clinton, they had Bill Clinton, 151 00:08:25,440 --> 00:08:28,800 Speaker 1: they had Stevie Wonder, Mindy Kaling, John Legend. I know, Adam, 152 00:08:28,800 --> 00:08:30,760 Speaker 1: you would appreciate kind of musical guests. 153 00:08:31,000 --> 00:08:32,600 Speaker 2: I do. He's Mindy Kaling. 154 00:08:32,920 --> 00:08:36,120 Speaker 1: She's a comedian, an actress. She's from the office a 155 00:08:36,120 --> 00:08:36,959 Speaker 1: bunch of other things. 156 00:08:38,000 --> 00:08:40,680 Speaker 2: Was she in the office Kelly? 157 00:08:41,160 --> 00:08:44,040 Speaker 1: Remember the girlfriend of Ryan. 158 00:08:45,080 --> 00:08:45,280 Speaker 3: Oh? 159 00:08:45,400 --> 00:08:50,720 Speaker 2: Yeah, she's very funny. Yes, right away. She's the star. 160 00:08:50,760 --> 00:08:51,480 Speaker 2: We all know about her. 161 00:08:51,640 --> 00:08:55,439 Speaker 1: Clearly, she's one of the most recognizable people I reckon 162 00:08:55,480 --> 00:09:01,319 Speaker 1: in Hollywood. I'm not you know what. She even kind 163 00:09:01,360 --> 00:09:05,360 Speaker 1: of hosted one whole part of this. Kamala Harris spoke, 164 00:09:05,720 --> 00:09:09,439 Speaker 1: of course, Oh that's good. This is you would expect that. 165 00:09:09,480 --> 00:09:12,480 Speaker 1: Wouldn't you turn up for the books, as did her 166 00:09:12,559 --> 00:09:15,439 Speaker 1: running mate Tim Wolls. Did she accept the nomination and 167 00:09:15,520 --> 00:09:21,600 Speaker 1: they rolled out the big guns indeed with Oprah what. 168 00:09:25,040 --> 00:09:25,439 Speaker 2: Indeed? 169 00:09:25,800 --> 00:09:28,960 Speaker 1: Yeah, because she's a registered independent, she has very broad appeal. 170 00:09:29,000 --> 00:09:31,240 Speaker 1: And the thing is she knows how to get people 171 00:09:31,240 --> 00:09:33,640 Speaker 1: fired up. She knows how to get people passionate, you 172 00:09:33,679 --> 00:09:36,520 Speaker 1: get a car. My favorite quote from her, and there 173 00:09:36,520 --> 00:09:41,079 Speaker 1: were plenty to choose from a veritable Smaugus board of quotes. 174 00:09:41,880 --> 00:09:44,840 Speaker 1: She said, there are people who want you to see 175 00:09:44,880 --> 00:09:47,640 Speaker 1: our country as a nation of us against them, people 176 00:09:47,720 --> 00:09:50,439 Speaker 1: who want to scare you, people who want to rule you, 177 00:09:50,840 --> 00:09:53,679 Speaker 1: people who'd have you believe the books are dangerous and 178 00:09:53,760 --> 00:09:56,480 Speaker 1: assault rifles are safe. She went on to say some 179 00:09:56,520 --> 00:09:59,280 Speaker 1: other things. I'm like, that's kind of powerful, and she's 180 00:09:59,320 --> 00:10:02,600 Speaker 1: a very im speaker. She's certainly got some attention, certainly 181 00:10:02,600 --> 00:10:04,760 Speaker 1: got my attention. I watched a lot more of this 182 00:10:04,840 --> 00:10:07,800 Speaker 1: convention this week than I have ever watched in the past. 183 00:10:08,200 --> 00:10:10,800 Speaker 1: By the end of the week, though, it's almost possible 184 00:10:11,320 --> 00:10:14,640 Speaker 1: to forget that the week actually started with Joe Biden, 185 00:10:14,800 --> 00:10:17,720 Speaker 1: that he was the big celebrity on Night one, delivering 186 00:10:18,080 --> 00:10:20,280 Speaker 1: arguably a more powerful address than we've seen from him 187 00:10:20,280 --> 00:10:23,960 Speaker 1: in a while. He did lose his way during it 188 00:10:24,160 --> 00:10:26,920 Speaker 1: on one occasion and just kind of completely just just 189 00:10:27,080 --> 00:10:30,600 Speaker 1: kind of drifted off, confirming you suspect that the right 190 00:10:30,640 --> 00:10:33,840 Speaker 1: decision has been made here in the end, the stage 191 00:10:33,880 --> 00:10:38,280 Speaker 1: is now set officially officially, because she accepted the nomination 192 00:10:38,840 --> 00:10:42,160 Speaker 1: for Harris v. Trump. It was the curtain raiser for 193 00:10:42,200 --> 00:10:44,720 Speaker 1: that battle. And it has to be said, the Democrats 194 00:10:44,720 --> 00:10:47,239 Speaker 1: know how to put on a show. It was remarkable 195 00:10:47,400 --> 00:10:48,760 Speaker 1: in every sense. 196 00:10:48,920 --> 00:10:53,240 Speaker 2: The conventions, the Democratic and the Republican conventions are just fantastic, 197 00:10:53,280 --> 00:10:56,680 Speaker 2: aren't they so much fun to watch? Yeah, showbies at 198 00:10:56,720 --> 00:10:58,079 Speaker 2: their finest. 199 00:10:58,400 --> 00:11:01,840 Speaker 1: Well with Mindy Kaling and all of Mindy Kalos. 200 00:11:01,920 --> 00:11:07,240 Speaker 2: Good on you. Well, well, well, well, I think that 201 00:11:07,520 --> 00:11:12,560 Speaker 2: is quite a remarkable story. However, irrelevant to most of 202 00:11:12,559 --> 00:11:18,920 Speaker 2: the people listening. What has really been really, really been written, 203 00:11:19,520 --> 00:11:23,959 Speaker 2: really been relevant to our listeners, has been the best 204 00:11:23,960 --> 00:11:27,840 Speaker 2: investment class over the past thirty years. Some figures were 205 00:11:27,880 --> 00:11:32,920 Speaker 2: done by Vanguard Australia reporting in the AFR and it 206 00:11:33,000 --> 00:11:37,760 Speaker 2: went through the last thirty years of asset classes local shares, 207 00:11:37,800 --> 00:11:42,840 Speaker 2: international shares, bonds the absolute best of thirty years. Wall 208 00:11:42,880 --> 00:11:45,199 Speaker 2: Street and Investor who put in ten thousand dollars in 209 00:11:45,200 --> 00:11:47,120 Speaker 2: the S and P five hundred and July one, ninety 210 00:11:47,200 --> 00:11:49,520 Speaker 2: ninety four would have earned two hundred and thirty seven 211 00:11:49,559 --> 00:11:53,120 Speaker 2: thousand by June thirty this year. That's an annual rate 212 00:11:53,480 --> 00:11:57,040 Speaker 2: of return of eleven point one percent compound, more than 213 00:11:57,200 --> 00:12:00,680 Speaker 2: twenty two hundred percent the same ten thousand invested in 214 00:12:00,720 --> 00:12:02,640 Speaker 2: the local market would have grown to one hundred and 215 00:12:02,679 --> 00:12:05,560 Speaker 2: thirty five thousand dollars, making Australian shares the second best 216 00:12:05,559 --> 00:12:09,440 Speaker 2: performer over thirty years. Plenty has gone on in that time, 217 00:12:09,600 --> 00:12:15,040 Speaker 2: asianeconomic crisis, dot com, bluhminbas, terror attacks. I mean ignoring you, Michael. 218 00:12:15,400 --> 00:12:18,240 Speaker 2: We've had the GFC dead crisis, the collapse of Lehman Brothers, 219 00:12:18,240 --> 00:12:23,040 Speaker 2: COVID nineteen, inflation recessions, unemployment spikes, etc. Next best on 220 00:12:23,080 --> 00:12:26,800 Speaker 2: the list was international shares, then Aussie property, bonds and cash. 221 00:12:26,920 --> 00:12:29,960 Speaker 2: All of these asset classes outperformed inflation. What's remarkable, Well, 222 00:12:30,080 --> 00:12:33,480 Speaker 2: the run of Wall Street is truly remarkable. We're not 223 00:12:33,520 --> 00:12:35,199 Speaker 2: just talking about what's happened in the last couple of 224 00:12:35,280 --> 00:12:39,240 Speaker 2: years with the big Magnificent seven tech stocks. Throughout thirty years, 225 00:12:39,520 --> 00:12:43,439 Speaker 2: it has outperformed everything. It's also remarkable because it shows 226 00:12:43,440 --> 00:12:46,199 Speaker 2: that the rules of investing work. They show that the 227 00:12:46,280 --> 00:12:49,400 Speaker 2: risk reward scenario for investors does play out. You take 228 00:12:49,480 --> 00:12:51,920 Speaker 2: higher risk over the longer term, you get a higher reward. 229 00:12:52,760 --> 00:12:54,960 Speaker 2: Kind of Wall Street might be slightly the exception, because 230 00:12:54,960 --> 00:12:58,240 Speaker 2: you'd say international shares generally, but Wall Street I suppose 231 00:12:58,240 --> 00:13:00,680 Speaker 2: it is part of international shares Lily in all of 232 00:13:00,679 --> 00:13:04,520 Speaker 2: this data when I saw it, truly remarkable, Adam. 233 00:13:04,840 --> 00:13:09,320 Speaker 3: It is remarkable, absolutely, So I'm going to have to 234 00:13:09,360 --> 00:13:12,520 Speaker 3: give this one to Michael. I think it's an example 235 00:13:12,800 --> 00:13:18,120 Speaker 3: of looking back at osset classes versus looking forward to 236 00:13:18,200 --> 00:13:20,920 Speaker 3: the leadership of the world's biggest economy. I think that 237 00:13:20,960 --> 00:13:24,480 Speaker 3: one this week, and just the spectacle of the Democratic Convention, 238 00:13:24,640 --> 00:13:26,280 Speaker 3: I think that just has to win this week. 239 00:13:27,440 --> 00:13:31,600 Speaker 2: Also, Adam, his story was much more remarkable than mine. 240 00:13:33,640 --> 00:13:34,480 Speaker 3: There's also that. 241 00:13:36,440 --> 00:13:39,440 Speaker 1: Wow. All right, what all a quick break and we'll 242 00:13:39,480 --> 00:13:48,080 Speaker 1: be back with a sleeper story, Sean. We're looking for 243 00:13:48,120 --> 00:13:50,599 Speaker 1: a sleeper story of the week now. A sleeper is 244 00:13:50,600 --> 00:13:52,880 Speaker 1: a story that's not getting the attention that it deserves. 245 00:13:52,880 --> 00:13:56,320 Speaker 1: It's flying under the radar, or or it's going to 246 00:13:56,320 --> 00:13:58,280 Speaker 1: be a bigger story further down the track, which might 247 00:13:58,360 --> 00:13:59,720 Speaker 1: perhaps relate to my story. 248 00:14:00,080 --> 00:14:04,760 Speaker 2: What's yours. It's been a while since there's been good 249 00:14:04,760 --> 00:14:07,960 Speaker 2: news from the shopping mall owners, buffeted by COVID nineteen, 250 00:14:08,120 --> 00:14:11,000 Speaker 2: the surgeon online retailing, more recently, higher interest rates, cost 251 00:14:11,040 --> 00:14:13,680 Speaker 2: of living crisis. But this week two of the biggest 252 00:14:13,720 --> 00:14:17,400 Speaker 2: mall owners have provided some really good news. Vicinity, which 253 00:14:17,440 --> 00:14:20,640 Speaker 2: owns Chadston in Melbourne Queen Victoria Building in Sydney, said 254 00:14:20,720 --> 00:14:24,040 Speaker 2: occupancy rates are back to their highest level since before 255 00:14:24,080 --> 00:14:28,280 Speaker 2: the pandemic. In some CBD malls, including Impooria Melbourne, rates 256 00:14:28,280 --> 00:14:32,040 Speaker 2: are ninety nine point six percent. That's actually better than 257 00:14:32,080 --> 00:14:34,960 Speaker 2: pre pandemic rates. Same with the QVB in Sydney. The 258 00:14:35,000 --> 00:14:37,440 Speaker 2: Melbourne CBD was among the most affected by COVID, so 259 00:14:37,480 --> 00:14:40,160 Speaker 2: the news is very encouraging, not just for Vicinity, but 260 00:14:40,200 --> 00:14:42,560 Speaker 2: all the smaller retailers and coffee shops in the city 261 00:14:43,080 --> 00:14:45,440 Speaker 2: Center Group then came out it owns the Westfield malls 262 00:14:45,480 --> 00:14:48,400 Speaker 2: in Australia forty two of those. Its occupancy rate is 263 00:14:48,440 --> 00:14:52,280 Speaker 2: now up to ninety nine point three percent. The property 264 00:14:52,280 --> 00:14:55,160 Speaker 2: giants are also now able to increase rents sign longer 265 00:14:55,240 --> 00:14:59,240 Speaker 2: term leases, both important variables for the bottom line. Revaluations 266 00:14:59,240 --> 00:15:02,880 Speaker 2: of property are still hurting earnings, though nowhere near as 267 00:15:02,960 --> 00:15:05,280 Speaker 2: much as some of the other commercial property players. It 268 00:15:05,440 --> 00:15:09,120 Speaker 2: just seems the sleeper part the shopping mall is back. 269 00:15:09,640 --> 00:15:13,840 Speaker 2: It's fought off all those other nasties like online shopping 270 00:15:13,840 --> 00:15:17,200 Speaker 2: and things like that, and it's back now. Having said 271 00:15:17,200 --> 00:15:20,360 Speaker 2: that the results from some of the retailers have been 272 00:15:20,400 --> 00:15:23,040 Speaker 2: mixed at best. A bunch like Beacon Lighting, Reject Shop, 273 00:15:23,080 --> 00:15:26,640 Speaker 2: Collin's Food, super Retail Group, babcor km D Brands, Baby Bunting. 274 00:15:27,080 --> 00:15:30,000 Speaker 2: They've been hit by inflation in operating costs and earnings 275 00:15:30,000 --> 00:15:34,680 Speaker 2: have been just a bit disappointing. However, some Baby Bunting 276 00:15:34,720 --> 00:15:37,760 Speaker 2: is a good example of super retail have actually said 277 00:15:37,840 --> 00:15:40,840 Speaker 2: things this financial year are better now. Maybe it's the 278 00:15:40,920 --> 00:15:43,360 Speaker 2: July one tax cuts. I mean, we all got that 279 00:15:43,400 --> 00:15:45,240 Speaker 2: extra money. Maybe we just went out and spent it, 280 00:15:45,320 --> 00:15:47,840 Speaker 2: even though there were those reports a few months back 281 00:15:47,880 --> 00:15:51,000 Speaker 2: that eighty percent would be saved. Not so sure. It's 282 00:15:51,040 --> 00:15:54,760 Speaker 2: difficult to tell exactly what's going on, but the gist 283 00:15:54,800 --> 00:15:57,360 Speaker 2: of this thing being a sleeper story is that bricks 284 00:15:57,520 --> 00:16:02,520 Speaker 2: and mortar shopping is back. Michael, I love the passion 285 00:16:02,720 --> 00:16:06,200 Speaker 2: in back. Just then, I also think I got like 286 00:16:06,280 --> 00:16:07,600 Speaker 2: thirteen stories into one. 287 00:16:08,080 --> 00:16:11,880 Speaker 1: I was. I did start counting and I lost lost. Yeah, 288 00:16:11,920 --> 00:16:14,000 Speaker 1: I lost count might have been around the same time 289 00:16:14,040 --> 00:16:19,000 Speaker 1: that I knotted off briefly. It was sorry that seems 290 00:16:19,440 --> 00:16:22,000 Speaker 1: unkind It's a good story. It is a good story. 291 00:16:23,520 --> 00:16:27,600 Speaker 1: My sleeper story, though, is on a whole other level. 292 00:16:27,880 --> 00:16:30,640 Speaker 3: It is. It is arguable feeling stretching. 293 00:16:30,680 --> 00:16:34,640 Speaker 1: Can't you flexing, limbering up just a bit? It is 294 00:16:34,720 --> 00:16:38,760 Speaker 1: hard to believe, arguably that a forty billion dollar project 295 00:16:39,080 --> 00:16:42,480 Speaker 1: could be a sleeper story. True, true, I know I've 296 00:16:42,480 --> 00:16:44,680 Speaker 1: got form in this space of trying to pass off 297 00:16:44,680 --> 00:16:48,320 Speaker 1: really big stories as sleepers. On occasion, I've also been 298 00:16:48,360 --> 00:16:51,840 Speaker 1: known just to pick the wrong story altogether. But today, 299 00:16:52,320 --> 00:16:56,600 Speaker 1: today is different. Today is a sleeper story for the 300 00:16:56,640 --> 00:17:00,440 Speaker 1: future because yes, while it is a forty billion dollar project, 301 00:17:01,000 --> 00:17:05,240 Speaker 1: it's more what it represents for the future of our exports, 302 00:17:05,400 --> 00:17:08,600 Speaker 1: for the future of our economy. That's what makes this 303 00:17:08,680 --> 00:17:13,080 Speaker 1: a prime sleeper story. Sun Cable is Australia's biggest renewables project. 304 00:17:13,480 --> 00:17:16,959 Speaker 1: It has now won environmental approvals from the Albanese government, 305 00:17:17,080 --> 00:17:20,639 Speaker 1: from the Northern Territory government, and it is big. It 306 00:17:20,720 --> 00:17:25,920 Speaker 1: is slated to produce enough power for three million homes, 307 00:17:26,280 --> 00:17:33,640 Speaker 1: three million homes. It'll be how many homes, three million homes, homes, homes. 308 00:17:34,080 --> 00:17:40,040 Speaker 1: It'll be the biggest solar farm in Australia, twelve thousand 309 00:17:40,200 --> 00:17:43,560 Speaker 1: hectares in the Northern Territory. But get this, but get this, 310 00:17:44,080 --> 00:17:47,679 Speaker 1: there will be an eight hundred kilometer transmission line to 311 00:17:47,760 --> 00:17:52,440 Speaker 1: Darwin and an undersea cable stretching more than four thousand 312 00:17:52,520 --> 00:17:53,800 Speaker 1: kilometers to Singapore. 313 00:17:53,960 --> 00:17:58,400 Speaker 2: Bring it home, big fellow, bring it home four thousand kilometers. 314 00:17:58,520 --> 00:18:04,879 Speaker 1: That is staggering. Now, now you are feigning enthusiasm here, Sean, 315 00:18:05,119 --> 00:18:06,240 Speaker 1: but I can see. 316 00:18:06,280 --> 00:18:10,560 Speaker 2: No, no, I'm not even fanning. I'm asking category relevancy. 317 00:18:10,960 --> 00:18:12,320 Speaker 2: What sleeper first? Remarkable? 318 00:18:12,359 --> 00:18:15,200 Speaker 1: But go on in why is this a sleeper story? 319 00:18:15,560 --> 00:18:20,160 Speaker 1: Tell us, Michael, I will This is a big story. 320 00:18:20,320 --> 00:18:23,359 Speaker 1: It is a huge story. It is remarkable all of 321 00:18:23,400 --> 00:18:27,560 Speaker 1: those things. But that four thousand kilometers of undersea cable 322 00:18:27,680 --> 00:18:30,600 Speaker 1: is the key here, because what we are seeing right 323 00:18:30,640 --> 00:18:36,800 Speaker 1: now is the genesis of a major new export industry 324 00:18:37,080 --> 00:18:41,800 Speaker 1: for Australia. We've got plenty of sun, we've got plenty 325 00:18:41,800 --> 00:18:45,679 Speaker 1: of space for solar farms connect us up to the 326 00:18:45,720 --> 00:18:48,639 Speaker 1: rest of the world, and we are sitting on a 327 00:18:48,880 --> 00:18:52,920 Speaker 1: gold mine of renewable energy as an export and that 328 00:18:53,400 --> 00:18:56,360 Speaker 1: and that is the sleeper part here, because this will 329 00:18:56,359 --> 00:19:00,240 Speaker 1: become a much, much, much bigger story further down the track. 330 00:19:00,320 --> 00:19:03,480 Speaker 1: And it's very very exciting, not just the possibilities, not 331 00:19:03,800 --> 00:19:06,560 Speaker 1: just the impact on the economy, not just the fact 332 00:19:06,640 --> 00:19:09,919 Speaker 1: that this is private money building vital infrastructure for our 333 00:19:10,040 --> 00:19:13,520 Speaker 1: energy transition, but because for once, for once, I have 334 00:19:13,720 --> 00:19:14,879 Speaker 1: nailed the sleeper story. 335 00:19:15,000 --> 00:19:17,959 Speaker 2: I've got an exhausted listening. I am exhausted listening. 336 00:19:18,280 --> 00:19:21,399 Speaker 1: Oh godness, I'm really giving it something today. 337 00:19:21,840 --> 00:19:24,520 Speaker 2: You are really and look, it's a shame that you're 338 00:19:24,520 --> 00:19:27,760 Speaker 2: not being melodramatic, because if you could bring that into 339 00:19:27,800 --> 00:19:29,240 Speaker 2: it and really bring it home. 340 00:19:29,520 --> 00:19:30,680 Speaker 1: Yeah, this is a bit. 341 00:19:30,600 --> 00:19:38,199 Speaker 3: Dialed back positively sullen Michael. Yeah, Sean wins on sleeper 342 00:19:38,280 --> 00:19:43,400 Speaker 3: story of the week, shopping what shopping, shopping, mall's centers 343 00:19:43,440 --> 00:19:48,679 Speaker 3: on category shopping, mall centers doing a good job while 344 00:19:48,760 --> 00:19:52,840 Speaker 3: retailers in these levels of challenge, I think is really 345 00:19:53,000 --> 00:19:57,560 Speaker 3: really interesting and a sleeper story, Michael, Yours is absolutely remarkable. 346 00:19:57,600 --> 00:20:00,399 Speaker 3: As you said, it's a big story. Just don't know 347 00:20:00,440 --> 00:20:03,520 Speaker 3: that it qualify as as sleeper. So I'm giving this 348 00:20:03,560 --> 00:20:04,200 Speaker 3: one to short. 349 00:20:04,119 --> 00:20:07,280 Speaker 1: But it's the beginning of a new era. It's going 350 00:20:07,359 --> 00:20:09,720 Speaker 1: to become a bigger story further down the track. That's 351 00:20:09,760 --> 00:20:13,840 Speaker 1: why I mentioned that criteria multiple times a few times. 352 00:20:15,359 --> 00:20:16,480 Speaker 3: Never to labor a point. 353 00:20:16,520 --> 00:20:16,760 Speaker 2: Though. 354 00:20:19,880 --> 00:20:22,359 Speaker 1: Let's get onto our favorite story, right, you go first 355 00:20:22,400 --> 00:20:25,960 Speaker 1: on this one, right, I need to lick my wounds 356 00:20:25,960 --> 00:20:26,919 Speaker 1: for a moment, Lunce. 357 00:20:27,600 --> 00:20:29,760 Speaker 2: As you are licking your hands, let me tell you 358 00:20:29,840 --> 00:20:33,720 Speaker 2: about my favorite story. Now, it does totally show my bias, 359 00:20:33,720 --> 00:20:36,560 Speaker 2: perhaps dull bias, but Adam, that could work towards you 360 00:20:37,400 --> 00:20:42,920 Speaker 2: in terms of business being interesting. Right, my favorite story 361 00:20:43,040 --> 00:20:47,080 Speaker 2: came from the insurers, from Sun Corp in particular. Read 362 00:20:47,080 --> 00:20:50,080 Speaker 2: an insurer's earnings report and you actually find out what's 363 00:20:50,119 --> 00:20:53,200 Speaker 2: going on in the world. So often business is kind 364 00:20:53,200 --> 00:20:55,800 Speaker 2: of up their ivory tower stuff. Well, you read a 365 00:20:55,840 --> 00:20:58,800 Speaker 2: Sun Court report, you really understand and it's cool at 366 00:20:58,840 --> 00:21:02,280 Speaker 2: some Court owns brands Amy and Goio, among others. It 367 00:21:02,400 --> 00:21:04,920 Speaker 2: basically came out more than the premiums are on the rise, 368 00:21:05,000 --> 00:21:09,119 Speaker 2: especially in the housing sector. What I really enjoyed was 369 00:21:09,200 --> 00:21:13,320 Speaker 2: reading the reasons why premiums are going to rise and 370 00:21:13,359 --> 00:21:16,680 Speaker 2: how they reflect society. For example, the abundance of water 371 00:21:16,760 --> 00:21:21,920 Speaker 2: pipes in homes nowadays is causing many problems. People now 372 00:21:21,960 --> 00:21:25,640 Speaker 2: have three or four bathrooms rather than one or two. 373 00:21:25,920 --> 00:21:29,600 Speaker 2: Households love fridges that dispense ice and chilled water. Now, 374 00:21:29,640 --> 00:21:33,440 Speaker 2: we did a renovation. My absolute favorite thing in our 375 00:21:33,440 --> 00:21:36,280 Speaker 2: renovated house is our fridge because I've got the chilled water, 376 00:21:36,320 --> 00:21:39,560 Speaker 2: the chill dice. It's fantastic. Anyway, I'm part of the 377 00:21:39,600 --> 00:21:42,680 Speaker 2: problem here because lower quality piping used in construction isn't 378 00:21:42,760 --> 00:21:44,760 Speaker 2: lasting as long. Put that with the fact that you've 379 00:21:44,800 --> 00:21:47,359 Speaker 2: got so many more bathrooms you've got the fridge, Suddenly 380 00:21:47,400 --> 00:21:51,040 Speaker 2: they're leaking more. Also, the houses we build a much 381 00:21:51,040 --> 00:21:53,840 Speaker 2: more open plan, so a leak in the kitchen quickly 382 00:21:53,840 --> 00:21:56,400 Speaker 2: flows to other rooms. Then there's the issue of how 383 00:21:56,600 --> 00:21:59,439 Speaker 2: close homes are being built to each other, so damage 384 00:21:59,480 --> 00:22:01,359 Speaker 2: in one house more likely to result in damage to 385 00:22:01,400 --> 00:22:05,080 Speaker 2: the neighbors. Then there's households nowadays are more likely to 386 00:22:05,119 --> 00:22:09,560 Speaker 2: own lithium batteries. That has increased the fire risk. So 387 00:22:09,760 --> 00:22:12,320 Speaker 2: same deal that IAG it came out said premiums would rise. 388 00:22:12,359 --> 00:22:15,359 Speaker 2: Its surging costs of tradees to repair homes, along with 389 00:22:15,440 --> 00:22:18,240 Speaker 2: car parts and mechanics pushing up prices. That's why premus 390 00:22:18,280 --> 00:22:23,480 Speaker 2: arising at IAG. When customers make claims to fix houses, 391 00:22:24,000 --> 00:22:26,960 Speaker 2: IAG has to pay out a lot more for subcontractors. 392 00:22:27,200 --> 00:22:29,119 Speaker 2: There's a whole issue in Victoria, where much of the 393 00:22:29,160 --> 00:22:32,560 Speaker 2: construction workforce has unionized under the CFMU Labor costs in 394 00:22:32,600 --> 00:22:35,000 Speaker 2: that state rose by eighteen percent in the past year, 395 00:22:35,040 --> 00:22:38,320 Speaker 2: while costs of building materials like paint and plaster we're 396 00:22:38,400 --> 00:22:41,040 Speaker 2: much higher as well. All these costs are going to 397 00:22:41,119 --> 00:22:43,920 Speaker 2: be passed through over the next twelve months as insurance 398 00:22:43,960 --> 00:22:47,960 Speaker 2: contracts are renewed. Why it's my favorite story is this 399 00:22:48,000 --> 00:22:51,320 Speaker 2: is business explaining what's going on in the world and 400 00:22:51,359 --> 00:22:54,000 Speaker 2: how all these little changes made at a council level 401 00:22:54,040 --> 00:22:56,920 Speaker 2: or an individual level about having the cool of fridge, 402 00:22:57,600 --> 00:23:01,639 Speaker 2: or at a state level, how that's actually impacting in 403 00:23:01,680 --> 00:23:04,879 Speaker 2: this case big business and that's been passed back to us. 404 00:23:05,080 --> 00:23:08,159 Speaker 2: It's just a great case study. My favorite story of 405 00:23:08,200 --> 00:23:10,359 Speaker 2: the week not borrowing at all? Was it, Adam? 406 00:23:10,720 --> 00:23:11,159 Speaker 3: Not for me? 407 00:23:12,280 --> 00:23:17,920 Speaker 2: No, it was fantastic. Muckham, what your favorite story? 408 00:23:18,040 --> 00:23:21,200 Speaker 3: It was a whail of a story, whal of the story. 409 00:23:21,240 --> 00:23:23,879 Speaker 2: And can I just say at this point, because the 410 00:23:23,920 --> 00:23:27,639 Speaker 2: brevity has been so good, I know it sounds like 411 00:23:27,640 --> 00:23:31,720 Speaker 2: it's too one to me, but you get that brevity point, Michael, So. 412 00:23:31,800 --> 00:23:33,880 Speaker 3: You're not even going to keep it in hand until 413 00:23:33,880 --> 00:23:35,919 Speaker 3: he says this one because he's not finished yet, all right, 414 00:23:35,960 --> 00:23:38,920 Speaker 3: Michael Bonus. 415 00:23:38,040 --> 00:23:41,800 Speaker 2: That's true to too. Coming down to this Michael. 416 00:23:42,000 --> 00:23:44,240 Speaker 1: Bring it home, big fella. Here we come on. You 417 00:23:44,240 --> 00:23:45,280 Speaker 1: can do it that self. 418 00:23:45,440 --> 00:23:48,240 Speaker 2: Get out of bed to your sick person. 419 00:23:49,760 --> 00:23:53,679 Speaker 1: Did I say that out loud? The fever's got to me. 420 00:23:54,320 --> 00:23:55,800 Speaker 2: It would have been would have been worse if he 421 00:23:55,800 --> 00:23:57,640 Speaker 2: said bring it home, squirrel. 422 00:23:58,920 --> 00:24:02,680 Speaker 1: I do. Actually, this could be one of my favorite 423 00:24:02,800 --> 00:24:06,560 Speaker 1: stories of all time because it is just so controversial 424 00:24:06,560 --> 00:24:08,960 Speaker 1: and everyone has an opinion on it. And Sean, you 425 00:24:09,080 --> 00:24:11,160 Speaker 1: told us about this one this week, so well done 426 00:24:11,280 --> 00:24:14,280 Speaker 1: to you for finding it. The new money saving trend 427 00:24:14,600 --> 00:24:18,800 Speaker 1: out of the US is charging guests to attend your wedding. 428 00:24:19,080 --> 00:24:22,359 Speaker 1: And look, I get it. I understand weddings are expensive. 429 00:24:22,560 --> 00:24:25,320 Speaker 1: The average cost of a wedding and the ceremony and 430 00:24:25,320 --> 00:24:27,760 Speaker 1: the reception, et cetera in the US last year was 431 00:24:27,800 --> 00:24:31,399 Speaker 1: thirty five thousand US, up five thousand dollars from the 432 00:24:31,400 --> 00:24:34,720 Speaker 1: previous year. It's pretty pricey, yeah, when you consider that 433 00:24:34,760 --> 00:24:37,040 Speaker 1: the average annual income in the US is fifty nine 434 00:24:37,080 --> 00:24:40,880 Speaker 1: thousand dollars. But everything about this particular story this week 435 00:24:40,960 --> 00:24:43,720 Speaker 1: was just extraordinary. It is no wonder that this made 436 00:24:43,720 --> 00:24:47,719 Speaker 1: the headlines. For one thing. This couple, Nova and Remo 437 00:24:48,000 --> 00:24:52,399 Speaker 1: are their names. Weren't just having an ordinary wedding. It 438 00:24:52,560 --> 00:24:55,360 Speaker 1: was none of this thirty five thousand dollars rubbish for them, 439 00:24:55,400 --> 00:24:59,720 Speaker 1: that is peasants stuff. Nova and Remo were quoted a 440 00:24:59,760 --> 00:25:04,080 Speaker 1: minut them of one hundred and fifty thousand US dollars 441 00:25:04,119 --> 00:25:07,359 Speaker 1: for their wedding, and so they did what any normal 442 00:25:07,400 --> 00:25:10,160 Speaker 1: person would do in this situation. They decided to kind 443 00:25:10,200 --> 00:25:12,640 Speaker 1: of just scale things back and just do the essentials. 444 00:25:12,800 --> 00:25:17,640 Speaker 1: No wrong. They decided to charge their guests to come 445 00:25:17,680 --> 00:25:20,960 Speaker 1: to the wedding. Nova's reasoning this is what she said. 446 00:25:21,080 --> 00:25:24,400 Speaker 1: She said, people choose to go to a Beyonce concert 447 00:25:24,640 --> 00:25:27,440 Speaker 1: because they know they're going to have an experience. Let's 448 00:25:27,480 --> 00:25:30,400 Speaker 1: put the stress on the guests and let's sell tickets 449 00:25:30,560 --> 00:25:31,159 Speaker 1: for a wedding. 450 00:25:32,920 --> 00:25:33,680 Speaker 2: Excellent option. 451 00:25:34,160 --> 00:25:37,360 Speaker 1: Yep, some of the guests just flat out refused. One 452 00:25:37,359 --> 00:25:40,400 Speaker 1: of them actually told her who do you guys think 453 00:25:40,400 --> 00:25:44,080 Speaker 1: you are? Jay Z and Beyonce? So that kind of backfired, 454 00:25:44,400 --> 00:25:48,320 Speaker 1: but people still came. There were sixty tickets sold out 455 00:25:48,320 --> 00:25:51,000 Speaker 1: of a potential guest list of three hundred and fifty people. 456 00:25:51,080 --> 00:25:54,280 Speaker 1: Each guest paid three hundred and thirty three US dollars, 457 00:25:54,600 --> 00:25:57,600 Speaker 1: which secured them a place on a double decker bus, 458 00:25:57,680 --> 00:26:00,239 Speaker 1: which took them on a twelve hour adventure in New 459 00:26:00,320 --> 00:26:04,679 Speaker 1: York City. Now, because I value investigative journalism in the 460 00:26:04,720 --> 00:26:08,359 Speaker 1: name of Fear and Greed, you went, yes, yes, I've 461 00:26:08,440 --> 00:26:11,760 Speaker 1: expensed a ticket back to fear and Greed. Adam. I 462 00:26:11,760 --> 00:26:15,240 Speaker 1: hope you didn't mind. I did a little digging to 463 00:26:15,240 --> 00:26:17,080 Speaker 1: see what they got for the one hundred and fifty K. 464 00:26:19,760 --> 00:26:23,920 Speaker 1: It's quite extraordinary. It's they have set up a TikTok 465 00:26:24,520 --> 00:26:28,280 Speaker 1: account to highlight all of these things. As you can imagine, 466 00:26:28,840 --> 00:26:33,600 Speaker 1: that double decker bus was fully customized for them. It 467 00:26:33,680 --> 00:26:38,160 Speaker 1: is fully wrapped in their pictures over and Remo's faces 468 00:26:38,200 --> 00:26:41,240 Speaker 1: all over the side. It has QR codes on the 469 00:26:41,320 --> 00:26:44,040 Speaker 1: side so that anyone seeing the bus can go past, 470 00:26:44,119 --> 00:26:48,240 Speaker 1: can scan and follow them and just keep in touch 471 00:26:48,320 --> 00:26:49,639 Speaker 1: with all of the wedding up there. 472 00:26:50,200 --> 00:26:51,879 Speaker 2: It's like an OnlyFans page. 473 00:26:52,240 --> 00:26:56,119 Speaker 1: It is a sure right, sure, I'll take your word 474 00:26:56,160 --> 00:26:58,800 Speaker 1: for that. There's an odd thing to drop in there. 475 00:26:58,880 --> 00:27:02,160 Speaker 1: What are you thinking about? They had. They had sound 476 00:27:02,280 --> 00:27:04,760 Speaker 1: meditation on the bus for their guests. That was on 477 00:27:04,880 --> 00:27:08,960 Speaker 1: video update number seven. They had all kinds of other treats, 478 00:27:09,119 --> 00:27:12,160 Speaker 1: a lot of different little special experiences. They shut down 479 00:27:12,480 --> 00:27:15,960 Speaker 1: Fifth Avenue in Manhattan, so they could have their first 480 00:27:16,080 --> 00:27:17,800 Speaker 1: dance in the middle of the street. 481 00:27:18,280 --> 00:27:18,800 Speaker 2: That's cool. 482 00:27:19,320 --> 00:27:22,280 Speaker 1: No wonder this thing cost a bomb. 483 00:27:22,119 --> 00:27:24,720 Speaker 2: Three hundred and thirty three bucks. I'd pay You would 484 00:27:24,760 --> 00:27:26,760 Speaker 2: pay for that? Yeah, Titally, I. 485 00:27:26,720 --> 00:27:29,320 Speaker 1: See, I wouldn't. It may be the new trend treating 486 00:27:29,359 --> 00:27:32,080 Speaker 1: your wedding as an experience selling tickets to it. Personally, 487 00:27:32,119 --> 00:27:33,800 Speaker 1: I think it's a little bit tacky. I think it's 488 00:27:33,840 --> 00:27:37,240 Speaker 1: a bit gross. I wouldn't go a little Sean, would 489 00:27:37,400 --> 00:27:39,520 Speaker 1: you would? Adam? Do you land on this one? 490 00:27:39,640 --> 00:27:40,840 Speaker 3: No way? 491 00:27:41,320 --> 00:27:44,080 Speaker 1: See, everyone has an opinion. This is why it's such 492 00:27:44,080 --> 00:27:46,760 Speaker 1: a good story. Weddings. Just I'll mention this, Adam, wedding's 493 00:27:46,760 --> 00:27:48,680 Speaker 1: a big business in Australia. It's a four billion dollar 494 00:27:48,720 --> 00:27:49,400 Speaker 1: industry here. 495 00:27:49,920 --> 00:27:52,080 Speaker 2: Bringing back to the criteria, that's right. 496 00:27:52,160 --> 00:27:55,359 Speaker 1: So this story has everything economic impact and all that 497 00:27:55,440 --> 00:27:59,479 Speaker 1: other stuff. Favorite story of the week okay, and all 498 00:27:59,520 --> 00:28:00,320 Speaker 1: that others up. 499 00:28:02,800 --> 00:28:04,920 Speaker 3: Look, Michael, you've got your bonus point. So we came 500 00:28:04,960 --> 00:28:09,560 Speaker 3: into this too too, even Yeah, Sean wins. 501 00:28:13,720 --> 00:28:14,880 Speaker 2: That's made my day. 502 00:28:14,880 --> 00:28:18,919 Speaker 3: That I look, and this is very much my subjective bias, right, 503 00:28:19,000 --> 00:28:21,840 Speaker 3: but I just think that's awful charging people to have 504 00:28:21,880 --> 00:28:24,359 Speaker 3: a wedding. I guess I should applaud the innovation of it, 505 00:28:24,359 --> 00:28:26,199 Speaker 3: you know, test the market. So who wants to do 506 00:28:26,240 --> 00:28:26,840 Speaker 3: this sort of stuff? 507 00:28:26,920 --> 00:28:27,680 Speaker 2: Peneurialism? 508 00:28:27,920 --> 00:28:29,840 Speaker 1: You know what it is, Adam, It's wedding reform. 509 00:28:32,200 --> 00:28:36,159 Speaker 2: Reform, that's it. You should have used that word. 510 00:28:37,680 --> 00:28:39,920 Speaker 3: Maybe I should do a countback wedding reform. 511 00:28:39,960 --> 00:28:42,000 Speaker 2: No decision's final. 512 00:28:42,840 --> 00:28:45,000 Speaker 1: It's been to the bunker, all right, So where do 513 00:28:45,080 --> 00:28:45,480 Speaker 1: we end up? 514 00:28:45,600 --> 00:28:48,160 Speaker 2: Three two, three, two out of four? 515 00:28:48,440 --> 00:28:52,160 Speaker 3: Yeah, okay, so three two and on the scores Sean 516 00:28:52,360 --> 00:28:53,719 Speaker 3: ninety two, Michael eighty eight. 517 00:28:55,040 --> 00:28:59,280 Speaker 2: It's lacking leanslide landslide. 518 00:29:00,120 --> 00:29:03,280 Speaker 1: Honest, it's actually closer than I was expecting. I thought 519 00:29:03,320 --> 00:29:05,400 Speaker 1: I was going to be in the seventies. So you 520 00:29:05,480 --> 00:29:07,160 Speaker 1: know what, I'm going to claim that as a win. 521 00:29:07,560 --> 00:29:09,040 Speaker 1: Thank you very much, Adam. 522 00:29:09,000 --> 00:29:10,680 Speaker 3: Well, thank you, Sewan, and thank you Michael. 523 00:29:11,000 --> 00:29:13,959 Speaker 2: Thank you, Sean, thank you, Adam, thank you Michael. 524 00:29:14,120 --> 00:29:16,400 Speaker 1: Make sure you're following the podcast, and please join us 525 00:29:16,440 --> 00:29:20,480 Speaker 1: online on LinkedIn, Instagram, TikTok, Facebook, and X. I'm Michael Thompson. 526 00:29:20,600 --> 00:29:22,760 Speaker 1: And that was Fear and Greed. Have a great weekend.