1 00:00:06,040 --> 00:00:08,760 Speaker 1: Welcome to the Fear and Greed Business Interview. I'm Sean ailmart. 2 00:00:08,760 --> 00:00:11,680 Speaker 1: Today it's all about commercial property, from office towers and 3 00:00:11,760 --> 00:00:16,640 Speaker 1: retail properties through to industrial warehouses, student accommodation, data centers. 4 00:00:16,720 --> 00:00:20,160 Speaker 1: There's plenty going on in the commercial market. It's arguably 5 00:00:20,200 --> 00:00:23,920 Speaker 1: more exposed to international forces than the residential market, arguably, 6 00:00:24,000 --> 00:00:27,760 Speaker 1: which leads me to today's guest. Chris betting Field is the 7 00:00:27,840 --> 00:00:31,120 Speaker 1: co port following and manager of Key Global Investors, investing 8 00:00:31,120 --> 00:00:33,720 Speaker 1: in real estate securities around the world. As always, this 9 00:00:33,800 --> 00:00:36,560 Speaker 1: is general information only. You should aways seek professional advice 10 00:00:36,560 --> 00:00:40,040 Speaker 1: before making investment decisions. Chris joins me in the studio. 11 00:00:40,120 --> 00:00:41,360 Speaker 1: Welcome back to Fear and Greed. 12 00:00:41,440 --> 00:00:43,800 Speaker 2: Chris, thanks for having me, Sean. Great to be here again. 13 00:00:44,000 --> 00:00:48,600 Speaker 1: So we'll come to the normal commercial types, industrial and 14 00:00:49,040 --> 00:00:53,639 Speaker 1: office and retail. Before we get there, though we hear 15 00:00:53,720 --> 00:00:58,480 Speaker 1: lots about data centers, we're increasingly hearing stuff about student accommodation. 16 00:00:59,040 --> 00:01:04,120 Speaker 1: What are some of the lesser known opportunities in investing? 17 00:01:04,160 --> 00:01:05,880 Speaker 1: Maybe not less than known to you, Chris, but to 18 00:01:05,959 --> 00:01:09,240 Speaker 1: people like me a little bit outside the square. So 19 00:01:09,480 --> 00:01:11,319 Speaker 1: can we start with data centers because we hear so 20 00:01:11,440 --> 00:01:16,040 Speaker 1: much about it what's the outlook in Australia like then globally? 21 00:01:16,560 --> 00:01:19,920 Speaker 2: Yeah, I mean, you know, real estate commercial estate is very, 22 00:01:20,000 --> 00:01:22,720 Speaker 2: very broad and it includes those other sectors as you mentioned, 23 00:01:22,760 --> 00:01:25,399 Speaker 2: and data centers right now is having its day in 24 00:01:25,440 --> 00:01:28,080 Speaker 2: the sun. If we went back three or four years ago, 25 00:01:28,160 --> 00:01:31,039 Speaker 2: it was logistics and industrial when Amazon was going to 26 00:01:31,080 --> 00:01:32,959 Speaker 2: take over the world, and shopping centers we're going to 27 00:01:32,959 --> 00:01:35,560 Speaker 2: be known more. And now it's the data centers and 28 00:01:36,080 --> 00:01:39,080 Speaker 2: the driver there. There's two big secular drivers. Everyone talks 29 00:01:39,080 --> 00:01:42,480 Speaker 2: about artificial intelligence and the need for data center capacity 30 00:01:42,480 --> 00:01:45,240 Speaker 2: there and that's true, but there is also an underlying 31 00:01:45,680 --> 00:01:48,840 Speaker 2: need for data centers for everyday businesses and commercial use 32 00:01:48,960 --> 00:01:53,720 Speaker 2: and just general sort of business needs. And so those 33 00:01:53,840 --> 00:01:56,720 Speaker 2: huge tailwinds are coming through at the same time that 34 00:01:56,760 --> 00:01:59,840 Speaker 2: there is a lack of supply. And what you result 35 00:01:59,880 --> 00:02:02,160 Speaker 2: of that is you're getting a nice squeeze between the 36 00:02:02,240 --> 00:02:05,240 Speaker 2: landlord and the tenant. And as a landlord, that's what 37 00:02:05,280 --> 00:02:07,960 Speaker 2: you want. And we're seeing some pretty strong rent growth 38 00:02:08,160 --> 00:02:11,519 Speaker 2: pretty much everywhere. I think, you know, when it comes 39 00:02:11,560 --> 00:02:13,960 Speaker 2: to data centers, though, like most forms of real estate, 40 00:02:14,320 --> 00:02:16,160 Speaker 2: it's easy to say, you know, we should be in 41 00:02:16,240 --> 00:02:19,079 Speaker 2: data centers, but it's a location thing as well. And 42 00:02:19,120 --> 00:02:21,480 Speaker 2: what we're hearing more and more from, particularly from the 43 00:02:21,520 --> 00:02:25,280 Speaker 2: big data center uses, you know, the big Amazons of 44 00:02:25,320 --> 00:02:27,639 Speaker 2: the world and the Microsoft's the world, or Microsoft in particular, 45 00:02:28,200 --> 00:02:32,480 Speaker 2: is they're choosing their partners pretty carefully and they're choosing 46 00:02:32,480 --> 00:02:35,360 Speaker 2: their locations pretty carefully as well. So it's a strong 47 00:02:35,400 --> 00:02:39,080 Speaker 2: sector right now. But you know, like always in real estate, 48 00:02:39,360 --> 00:02:42,079 Speaker 2: location and care does need to be taking into account. 49 00:02:42,200 --> 00:02:43,880 Speaker 1: I was talking to someone about data centers the other 50 00:02:43,960 --> 00:02:45,880 Speaker 1: day and they said, the two reasons why some of 51 00:02:46,320 --> 00:02:50,000 Speaker 1: the local listed guys haven't done so well recently one 52 00:02:50,680 --> 00:02:53,440 Speaker 1: valuation and particularly last year when they raise the money. 53 00:02:53,760 --> 00:02:56,240 Speaker 1: But the second one was deep seek. Now, is that 54 00:02:56,360 --> 00:03:00,320 Speaker 1: actually an issue that AI being part of the reason 55 00:03:00,360 --> 00:03:03,600 Speaker 1: that we need data centers. Is there a possibility that 56 00:03:03,720 --> 00:03:07,519 Speaker 1: you know, cheaper options come out less need for energy 57 00:03:07,600 --> 00:03:08,480 Speaker 1: for data centers. 58 00:03:08,680 --> 00:03:11,240 Speaker 2: Is that a risk? You know, I would be lying 59 00:03:11,320 --> 00:03:14,000 Speaker 2: if I said, you know, we know exactly what's going 60 00:03:14,040 --> 00:03:16,800 Speaker 2: on across the other across the other side of the world. 61 00:03:17,360 --> 00:03:19,760 Speaker 2: But it raises a good point, and that is that 62 00:03:20,200 --> 00:03:22,480 Speaker 2: you know, in real estate in particular, there's always the 63 00:03:22,600 --> 00:03:26,919 Speaker 2: risk of obsolescence and as exciting and as interesting and 64 00:03:27,080 --> 00:03:29,680 Speaker 2: you know, as good as story data centers is. It's 65 00:03:29,720 --> 00:03:33,040 Speaker 2: a highly technical space and you know, and I think 66 00:03:33,080 --> 00:03:35,000 Speaker 2: along with that comes a little bit of caution. You 67 00:03:35,000 --> 00:03:38,920 Speaker 2: can compare that to something as boring as residential. I 68 00:03:38,960 --> 00:03:41,480 Speaker 2: don't think that, you know, ten fifteen years from now, 69 00:03:41,480 --> 00:03:43,400 Speaker 2: we're not going to need a house or a home 70 00:03:43,480 --> 00:03:46,480 Speaker 2: or apartment. But yeah, the question is, you know, for 71 00:03:46,520 --> 00:03:49,680 Speaker 2: something like data storage, is you know what are those risks? 72 00:03:49,680 --> 00:03:51,760 Speaker 2: Those sort of left field risks And you have to 73 00:03:51,760 --> 00:03:54,600 Speaker 2: be mindful of that. And I think anyone, you know, 74 00:03:55,560 --> 00:03:57,680 Speaker 2: they're geniuses if they know where it's not going to 75 00:03:57,720 --> 00:04:00,000 Speaker 2: be in three or four years time. What we are 76 00:04:00,120 --> 00:04:03,760 Speaker 2: doing as an industry as we're watching the big hyperscalers 77 00:04:04,040 --> 00:04:07,960 Speaker 2: very closely, reading their transcripts very closely. Are they still investing, 78 00:04:08,000 --> 00:04:11,080 Speaker 2: Where are they investing? When do they pivot? Because that'll 79 00:04:11,120 --> 00:04:11,560 Speaker 2: be the tell. 80 00:04:12,200 --> 00:04:16,760 Speaker 1: What about residential broadly, but let's go specific on student accommodation, 81 00:04:17,080 --> 00:04:19,040 Speaker 1: what's happening in that sect? Again? We hear a lot 82 00:04:19,080 --> 00:04:19,640 Speaker 1: more about that. 83 00:04:20,200 --> 00:04:23,520 Speaker 2: Yeah, it's a it's a favored asset class for private equity. 84 00:04:23,560 --> 00:04:25,560 Speaker 2: If you go back three or four years ago, there 85 00:04:25,680 --> 00:04:29,159 Speaker 2: was you know, probably six or seven studentcommodation companies listed 86 00:04:29,200 --> 00:04:33,720 Speaker 2: around the world. There's now two and soon to be one, 87 00:04:34,120 --> 00:04:37,320 Speaker 2: so they've all been taken private. There's one left, one 88 00:04:37,960 --> 00:04:41,080 Speaker 2: main size that's left and that's a company in this 89 00:04:41,120 --> 00:04:44,000 Speaker 2: is in the listed space. It's a company called Unite. 90 00:04:44,279 --> 00:04:47,640 Speaker 2: It's the largest student accommodation provider in the UK. And 91 00:04:47,880 --> 00:04:50,560 Speaker 2: one of the big stories there is there's there's two 92 00:04:50,560 --> 00:04:53,200 Speaker 2: big themes. One's been there for a while. One is 93 00:04:53,680 --> 00:04:56,719 Speaker 2: that people need, you know, there's a greater percentage of 94 00:04:56,800 --> 00:05:00,560 Speaker 2: students finishing high school going to university. The UK has 95 00:05:00,560 --> 00:05:03,799 Speaker 2: some of the best well known universities globally, and now 96 00:05:04,080 --> 00:05:07,120 Speaker 2: with a second big theme that's emerged is given the 97 00:05:07,160 --> 00:05:10,120 Speaker 2: hostility I guess lack of a better term of what's 98 00:05:10,120 --> 00:05:12,480 Speaker 2: happening in the United States to some of the universities 99 00:05:12,480 --> 00:05:15,479 Speaker 2: there and particularly to foreign students, there is going to 100 00:05:15,520 --> 00:05:18,479 Speaker 2: be we expect to demand surch a real demand surge 101 00:05:18,520 --> 00:05:21,640 Speaker 2: back into the UK. So a pretty good story there. 102 00:05:21,720 --> 00:05:25,360 Speaker 2: And yeah, it's one of those asset classes that does 103 00:05:25,400 --> 00:05:31,599 Speaker 2: extremely well in recessions because in fact demand incrementally goes 104 00:05:31,680 --> 00:05:34,680 Speaker 2: up because people defer going to back to work and 105 00:05:34,720 --> 00:05:38,160 Speaker 2: they continue their studies and the like. So, yeah, it's 106 00:05:38,160 --> 00:05:39,440 Speaker 2: an interesting little asset class. 107 00:05:39,520 --> 00:05:45,360 Speaker 1: Yeah, stay with me, Chris, we'll be back in a minute. 108 00:05:48,400 --> 00:05:51,600 Speaker 1: My guest this morning is Chris Beddingfield, co port folio 109 00:05:51,839 --> 00:05:56,000 Speaker 1: manager of Key Global Investors. Chris, before the break, we 110 00:05:56,000 --> 00:05:59,920 Speaker 1: were talking about student accommodation. What about residential more general? 111 00:06:00,600 --> 00:06:04,360 Speaker 2: Yeah, So, I mean residential is extremely broad. I mean 112 00:06:05,120 --> 00:06:07,279 Speaker 2: you can put it into a couple of buckets. There's 113 00:06:07,440 --> 00:06:10,680 Speaker 2: what's called standalone housing, which you can buy on listed 114 00:06:10,720 --> 00:06:14,400 Speaker 2: exchanges around the world. So think of your house with 115 00:06:15,040 --> 00:06:17,479 Speaker 2: pick at white picket fence out the front and yard. 116 00:06:18,120 --> 00:06:21,159 Speaker 2: Then you've got apartments, so think of anything from a 117 00:06:21,160 --> 00:06:26,279 Speaker 2: two story, three story garden style apartment in suburban Atlanta 118 00:06:26,760 --> 00:06:29,200 Speaker 2: up to high rise towers in New York. So you've 119 00:06:29,200 --> 00:06:31,640 Speaker 2: got that. Then you've got manufactured housing or what we 120 00:06:31,640 --> 00:06:35,000 Speaker 2: would call land lease. And then a sector that doesn't 121 00:06:35,040 --> 00:06:38,400 Speaker 2: get that much airplay but is really exciting is senior 122 00:06:38,400 --> 00:06:43,400 Speaker 2: housing and senior housing caters for anyone you have really 123 00:06:43,440 --> 00:06:47,159 Speaker 2: anywhere between the seventies and the mid eighties. Senior housing 124 00:06:47,200 --> 00:06:50,320 Speaker 2: with assistance with assistance is very exciting right now because 125 00:06:51,160 --> 00:06:53,600 Speaker 2: at the end of the World War Two finished about 126 00:06:53,640 --> 00:06:55,560 Speaker 2: eighty years ago. So the first of the baby Burmas 127 00:06:55,640 --> 00:06:59,039 Speaker 2: is now turning eighty and that's a great demographic. I 128 00:06:59,120 --> 00:07:01,280 Speaker 2: quite often say a lot of our investors who want 129 00:07:01,320 --> 00:07:04,200 Speaker 2: to hear about data centers, it's like you're missing a big, 130 00:07:04,279 --> 00:07:07,600 Speaker 2: really really good story here, because senior housing has as 131 00:07:07,600 --> 00:07:10,400 Speaker 2: good a demand story as data centers. But the big 132 00:07:10,400 --> 00:07:14,160 Speaker 2: difference is that in data centers, everyone's trying to build 133 00:07:14,680 --> 00:07:18,160 Speaker 2: to meet supply or meet the demand. But in senior housing, 134 00:07:18,320 --> 00:07:21,640 Speaker 2: starts are at fifteen sixteen year lows and no one's 135 00:07:21,720 --> 00:07:24,080 Speaker 2: really building, and so there's a huge squeeze going on. 136 00:07:24,160 --> 00:07:27,360 Speaker 2: And some senior housing listed senior housing real estate companies 137 00:07:27,360 --> 00:07:30,400 Speaker 2: are up one hundred percent in the last twelve eighteen months, 138 00:07:30,440 --> 00:07:35,320 Speaker 2: massively outperforming data centers. And so you know, it's you 139 00:07:35,360 --> 00:07:38,720 Speaker 2: can find these stories in global real estate more than 140 00:07:38,720 --> 00:07:40,640 Speaker 2: you can in the domestic market because we don't have 141 00:07:40,680 --> 00:07:44,280 Speaker 2: it here. But oh so, I mean there's a couple 142 00:07:44,320 --> 00:07:48,000 Speaker 2: of really big companies in the US Canada. I would 143 00:07:48,080 --> 00:07:51,119 Speaker 2: caution people to look. I wouldn't look at Europe just yet. 144 00:07:51,760 --> 00:07:54,320 Speaker 2: Europe didn't quite have the same baby boom straight after 145 00:07:54,320 --> 00:07:56,880 Speaker 2: the war as the United States or Australia or Canada 146 00:07:57,160 --> 00:07:59,640 Speaker 2: for obvious reasons, there was a big rebuilding that needed 147 00:07:59,640 --> 00:08:03,880 Speaker 2: to do so. European demographic story is probably seven to 148 00:08:03,920 --> 00:08:06,120 Speaker 2: eight years behind the US. But the US is happening 149 00:08:06,200 --> 00:08:09,200 Speaker 2: right now, and the reason that no one's building them 150 00:08:09,240 --> 00:08:11,640 Speaker 2: right now is the maths just doesn't work. The cost 151 00:08:11,640 --> 00:08:13,560 Speaker 2: of build has gone up forty fifty percent the last 152 00:08:13,600 --> 00:08:17,480 Speaker 2: few years, and you know, interest rates have gone up, 153 00:08:17,720 --> 00:08:20,320 Speaker 2: and so developers are saying, well, unless I can get 154 00:08:20,320 --> 00:08:22,520 Speaker 2: rents thirty forty percent higher than they are now, we're 155 00:08:22,560 --> 00:08:24,840 Speaker 2: just not going to build. And the demand story is 156 00:08:24,880 --> 00:08:27,240 Speaker 2: great and the total returns have been very solid and 157 00:08:27,640 --> 00:08:30,720 Speaker 2: probably likely to continue. So when you talk residential, it's 158 00:08:30,840 --> 00:08:33,959 Speaker 2: very broad and there are some really interesting pockets in there. 159 00:08:34,360 --> 00:08:38,040 Speaker 1: Okay, So moving on from residential, you mentioned retail, and 160 00:08:38,160 --> 00:08:40,800 Speaker 1: the death of retail was supposed to happen at some 161 00:08:40,800 --> 00:08:45,079 Speaker 1: point about now. It certainly hasn't. No, what's happening there. 162 00:08:45,200 --> 00:08:48,080 Speaker 2: No, it's a bit of a phoenix rising from the ashes, 163 00:08:48,120 --> 00:08:51,400 Speaker 2: isn't it. It's interesting, isn't it. I think you know 164 00:08:51,840 --> 00:08:56,200 Speaker 2: what's happened. We had this thesis well before COVID, and 165 00:08:56,360 --> 00:08:58,880 Speaker 2: no one agreed with us, and at least of all 166 00:08:58,880 --> 00:09:02,280 Speaker 2: the retailers BRD to COVID. The retailers thought, you know what, 167 00:09:02,360 --> 00:09:04,960 Speaker 2: we probably don't need as many stores and we'll just 168 00:09:05,000 --> 00:09:07,640 Speaker 2: go online and life will be great. And that strategy 169 00:09:07,640 --> 00:09:10,880 Speaker 2: looked really, really clever, particularly during COVID, and then coming 170 00:09:10,880 --> 00:09:13,800 Speaker 2: out of COVID, it seemed like everyone just got a 171 00:09:13,840 --> 00:09:16,240 Speaker 2: little bit sick of staying at home and buying online 172 00:09:16,240 --> 00:09:18,280 Speaker 2: and we all wanted to go back into shopping centers again. 173 00:09:18,960 --> 00:09:22,679 Speaker 2: And what also retailers discovered was that if you're going 174 00:09:22,720 --> 00:09:25,600 Speaker 2: to be one on one online, you're basically taking on 175 00:09:25,679 --> 00:09:27,840 Speaker 2: the pure online guys, you know, the really big guys 176 00:09:27,880 --> 00:09:29,840 Speaker 2: like Amazon, and they're going to beat you on price, 177 00:09:30,080 --> 00:09:31,800 Speaker 2: they're going to beach on distribution, they're going to beach 178 00:09:31,840 --> 00:09:34,000 Speaker 2: on service, and they'll probably throw in a streaming service 179 00:09:34,040 --> 00:09:36,960 Speaker 2: for free on top of everything else, right as well. 180 00:09:37,080 --> 00:09:39,200 Speaker 2: So if you're a retailer, you go, Okay, well I 181 00:09:39,240 --> 00:09:41,480 Speaker 2: need to be online, but how do I differentiate myself? 182 00:09:41,679 --> 00:09:44,160 Speaker 2: And the way to differentiate yourself is you need to 183 00:09:44,200 --> 00:09:47,320 Speaker 2: be in shopping centers. But what's changed is, you know, 184 00:09:47,320 --> 00:09:48,920 Speaker 2: if you go back twenty years, you needed to be 185 00:09:48,920 --> 00:09:51,440 Speaker 2: in every major shopping center and probably every medium sized 186 00:09:51,440 --> 00:09:53,199 Speaker 2: shopping center across the country. You get one hundred and 187 00:09:53,200 --> 00:09:56,280 Speaker 2: fifty stores rolled out across the country. What's changing is 188 00:09:56,320 --> 00:09:58,520 Speaker 2: that retailers are now saying, you know, I just need 189 00:09:58,559 --> 00:10:01,880 Speaker 2: to be in the top thirty shopping centers in the country, 190 00:10:02,200 --> 00:10:06,079 Speaker 2: but my stores will be bigger, and there'll be a 191 00:10:06,120 --> 00:10:08,280 Speaker 2: point of contact for my customers who want to bring 192 00:10:08,320 --> 00:10:11,240 Speaker 2: things back from online. I can showcase my new products, 193 00:10:11,240 --> 00:10:14,320 Speaker 2: and I can have less staff, but more skilled staff 194 00:10:14,320 --> 00:10:16,679 Speaker 2: in the stores and helping. And if you think about that, 195 00:10:16,679 --> 00:10:18,679 Speaker 2: that's kind of like what Apple's been doing for the 196 00:10:18,760 --> 00:10:20,840 Speaker 2: last twenty years with the Apple Store. I mean, here's 197 00:10:20,880 --> 00:10:24,480 Speaker 2: the quintessential tech company showing retailers how to do physical 198 00:10:24,520 --> 00:10:27,000 Speaker 2: retail and they've been doing it right for ages. And 199 00:10:27,640 --> 00:10:31,600 Speaker 2: it's interesting that that's starting to happen now and retailers 200 00:10:31,640 --> 00:10:34,520 Speaker 2: who sort of jettison their stores are scrambling to get 201 00:10:34,559 --> 00:10:37,320 Speaker 2: their stores back. And if you look at Australia and 202 00:10:37,400 --> 00:10:40,000 Speaker 2: around the world, occupancies and shopping centers are back to 203 00:10:40,520 --> 00:10:43,520 Speaker 2: well above where they were pre COVID, and there's no 204 00:10:43,559 --> 00:10:46,360 Speaker 2: space and they're not building any more space, and so 205 00:10:46,800 --> 00:10:51,120 Speaker 2: it's becoming quite difficult for retailers to get their space, 206 00:10:51,200 --> 00:10:55,640 Speaker 2: and that gives landlords an enormous advantage, and not just 207 00:10:55,679 --> 00:10:58,040 Speaker 2: a pricing advantage. It gives them a mixed advantage. And 208 00:10:58,040 --> 00:11:00,720 Speaker 2: what do I mean by that. It means that retailers 209 00:11:00,720 --> 00:11:03,280 Speaker 2: who are really interesting, really exciting that can draw more 210 00:11:03,320 --> 00:11:06,760 Speaker 2: people through that they'll prioritize them over and above just 211 00:11:06,760 --> 00:11:08,560 Speaker 2: trying to get anyone to fill the space. And so 212 00:11:08,600 --> 00:11:13,079 Speaker 2: the shopping centers are becoming more they're driving traffic better, 213 00:11:13,320 --> 00:11:15,440 Speaker 2: and that traffic, of course drives the sales, and so 214 00:11:15,480 --> 00:11:19,040 Speaker 2: that whole cycles working. So retail's good. I would caution that, 215 00:11:19,800 --> 00:11:22,559 Speaker 2: going back to my point that I made before, retailers 216 00:11:22,600 --> 00:11:24,079 Speaker 2: want to be in the top twenty twenty five to 217 00:11:24,160 --> 00:11:26,600 Speaker 2: thirty stores, you really want to be careful about those 218 00:11:26,679 --> 00:11:29,800 Speaker 2: mid market shopping centers, those shopping centers that are not, 219 00:11:29,920 --> 00:11:32,880 Speaker 2: you know, the big sort of dominant ones. So those 220 00:11:32,880 --> 00:11:34,840 Speaker 2: are the guys that I think might be a little 221 00:11:34,840 --> 00:11:35,520 Speaker 2: bit more at risk. 222 00:11:35,640 --> 00:11:37,600 Speaker 1: Chris, thank you for talking to Fear and Greed. Thanks 223 00:11:37,600 --> 00:11:41,040 Speaker 1: for having me as Chris Weddingfield, co portfolio manager of 224 00:11:41,160 --> 00:11:43,960 Speaker 1: Key Global Investors. This is the Fear and Greed Business Interview. 225 00:11:44,200 --> 00:11:46,760 Speaker 1: Remember this is general information only, and you should seek 226 00:11:46,760 --> 00:11:50,079 Speaker 1: professional advice before making investment decisions. Join us every morning 227 00:11:50,080 --> 00:11:52,480 Speaker 1: for the full episode of Fear and Greed business news 228 00:11:52,600 --> 00:12:00,120 Speaker 1: you can use. I'm choinielma Enjoy your day.