1 00:00:03,960 --> 00:00:06,300 Sean Aylmer: Welcome to the Fear and Greed Business Interview. I'm Sean 2 00:00:06,540 --> 00:00:11,340 Sean Aylmer: Aylmer. Global share markets, including Australian equities are, I suppose, 3 00:00:11,340 --> 00:00:13,889 Sean Aylmer: in the doldrums is one way of putting it. Markets 4 00:00:13,889 --> 00:00:16,499 Sean Aylmer: in the US and locally are down 7 and 6% 5 00:00:16,799 --> 00:00:19,950 Sean Aylmer: respectively since their July highs, a little more perhaps, and 6 00:00:19,950 --> 00:00:21,720 Sean Aylmer: there's not a lot of confidence about the next few 7 00:00:21,720 --> 00:00:26,040 Sean Aylmer: months. Naturally, when some sectors seem relatively cheap within equities, 8 00:00:26,040 --> 00:00:29,069 Sean Aylmer: investors start looking for opportunities. So I wanted to talk 9 00:00:29,070 --> 00:00:31,200 Sean Aylmer: to one of our regular guests about what he's seeing 10 00:00:31,500 --> 00:00:34,529 Sean Aylmer: in the market right now. Remember, this information is general 11 00:00:34,529 --> 00:00:37,290 Sean Aylmer: in nature and you should seek professional advice before making 12 00:00:37,290 --> 00:00:41,190 Sean Aylmer: any investment decisions. Matthew Kidman is the principal at Centennial 13 00:00:41,190 --> 00:00:43,500 Sean Aylmer: Asset Management. Matthew, welcome back to Fear and Greed. 14 00:00:44,098 --> 00:00:44,909 Matthew Kidman: Hi, Sean, how are you? 15 00:00:45,598 --> 00:00:48,269 Sean Aylmer: Well, thank you. I went away for five weeks, Matthew, 16 00:00:48,269 --> 00:00:49,860 Sean Aylmer: or four and a half weeks, and I thought the 17 00:00:49,860 --> 00:00:53,369 Sean Aylmer: world was okay, get back this week and oh my. 18 00:00:53,910 --> 00:00:54,930 Sean Aylmer: What is going on? 19 00:00:55,260 --> 00:00:57,840 Matthew Kidman: Yeah, we're definitely blaming you. You were the catalyst for 20 00:00:57,840 --> 00:01:00,600 Matthew Kidman: markets to roll over, so can you stay put for 21 00:01:00,600 --> 00:01:02,220 Matthew Kidman: a few weeks? I know that's hard for you, but 22 00:01:02,490 --> 00:01:04,200 Matthew Kidman: that'd be nice if you could just stay at the 23 00:01:04,200 --> 00:01:07,469 Matthew Kidman: desk. Yeah, it's been tough, and I think the catalyst 24 00:01:07,469 --> 00:01:11,129 Matthew Kidman: for equity markets to be soft and Australia's probably done 25 00:01:11,129 --> 00:01:14,700 Matthew Kidman: worse than even the US where the problem really exists, 26 00:01:14,760 --> 00:01:17,490 Matthew Kidman: where we've got bond yields shooting up again in terms 27 00:01:17,490 --> 00:01:21,389 Matthew Kidman: of the yields and the actual bonds, the inverse correlation 28 00:01:21,389 --> 00:01:25,259 Matthew Kidman: with prices down, yields up. And it's not really about 29 00:01:25,259 --> 00:01:28,529 Matthew Kidman: inflation because the short interest rate or the short- term 30 00:01:28,529 --> 00:01:31,709 Matthew Kidman: rate that's set by the central banks is well above the 31 00:01:31,709 --> 00:01:34,980 Matthew Kidman: existing inflation rate now. It's more about the fact that the 32 00:01:34,980 --> 00:01:40,740 Matthew Kidman: US has seen its economic growth accelerate when it's defied 33 00:01:40,770 --> 00:01:43,949 Matthew Kidman: all logic and all forecasts. When rates have gone up, 34 00:01:43,950 --> 00:01:46,259 Matthew Kidman: it was supposed to slow, but for the moment, the 35 00:01:46,260 --> 00:01:49,230 Matthew Kidman: US economy's chugging along and rates have gone higher and equity markets 36 00:01:49,230 --> 00:01:49,919 Matthew Kidman: don't like that. 37 00:01:50,549 --> 00:01:53,580 Sean Aylmer: When we talk about bond yields being high, just explain why bond 38 00:01:53,580 --> 00:01:55,710 Sean Aylmer: yields matter so much because they kind of set the 39 00:01:55,710 --> 00:01:56,699 Sean Aylmer: benchmark, don't they? 40 00:01:57,540 --> 00:02:01,080 Matthew Kidman: Yeah, it's interesting. Two things set the valuation for the 41 00:02:01,080 --> 00:02:03,809 Matthew Kidman: stock market or equities as we call them. One is 42 00:02:03,809 --> 00:02:07,440 Matthew Kidman: earnings. How much can a company earn and how quickly 43 00:02:07,440 --> 00:02:09,480 Matthew Kidman: those earnings grow. So if you've got a fast- growing 44 00:02:09,480 --> 00:02:12,090 Matthew Kidman: company, that's earnings are going up every year, we'll pay 45 00:02:12,090 --> 00:02:14,070 Matthew Kidman: a lot for that. But the other side of it 46 00:02:14,130 --> 00:02:17,580 Matthew Kidman: is the bond yield and the 10- year bond yield's 47 00:02:17,580 --> 00:02:20,219 Matthew Kidman: important. Why do we always quote that part of it? 48 00:02:20,250 --> 00:02:24,360 Matthew Kidman: Because that's the standard that we use for discounting earnings 49 00:02:24,360 --> 00:02:27,419 Matthew Kidman: into the future. So the higher the yield, the quicker 50 00:02:27,419 --> 00:02:30,480 Matthew Kidman: we've got to discount it. So $ 100 in three years' 51 00:02:30,480 --> 00:02:31,889 Matthew Kidman: time, if you've got to discount it with a bigger 52 00:02:31,889 --> 00:02:34,860 Matthew Kidman: number, it's worth less today. If it's a smaller number, 53 00:02:34,860 --> 00:02:37,470 Matthew Kidman: say if the 10- year bond yield was 1%, we discount 54 00:02:37,470 --> 00:02:40,469 Matthew Kidman: it at a slower rate. So the valuation's higher today, if that 55 00:02:40,469 --> 00:02:44,160 Matthew Kidman: makes sense. So it's a critical element. It's 50% of 56 00:02:44,160 --> 00:02:44,760 Matthew Kidman: the equation. 57 00:02:45,330 --> 00:02:49,440 Sean Aylmer: Okay. So given what's happening in the market, and yesterday 58 00:02:49,440 --> 00:02:51,900 Sean Aylmer: was a bit of a horror date for the market, 59 00:02:52,590 --> 00:02:55,018 Sean Aylmer: is the market oversold, I'm talking about the local market, 60 00:02:55,049 --> 00:02:57,780 Sean Aylmer: do you think there are opportunities? What's your take on 61 00:02:57,780 --> 00:02:58,440 Sean Aylmer: the ASX? 62 00:02:59,010 --> 00:03:01,110 Matthew Kidman: I think we're getting to that stage. As I said, 63 00:03:01,200 --> 00:03:03,360 Matthew Kidman: keep a close eye on that US 10- year bond 64 00:03:03,360 --> 00:03:06,600 Matthew Kidman: yield. Back in October last year, it got to about 4.2, 4. 65 00:03:06,600 --> 00:03:13,409 Matthew Kidman: 25 and, this is a year ago, everyone saw a 66 00:03:13,410 --> 00:03:16,739 Matthew Kidman: slowdown coming in the economy and we saw inflation coming 67 00:03:16,740 --> 00:03:20,399 Matthew Kidman: down. So the bond yield actually started to go down. 68 00:03:20,520 --> 00:03:24,299 Matthew Kidman: It went back down into the threes and the equity market 69 00:03:24,330 --> 00:03:26,700 Matthew Kidman: rallied. And we thought, well, this is the beginning of 70 00:03:26,700 --> 00:03:30,930 Matthew Kidman: a rally, but more recently that growth spiked, economic growth, 71 00:03:30,960 --> 00:03:32,460 Matthew Kidman: and the bond yields have gone back up and they've 72 00:03:32,460 --> 00:03:35,009 Matthew Kidman: gone right past that 4. 25. It sat there for 73 00:03:35,010 --> 00:03:38,940 Matthew Kidman: a while and went to 4.7, 4. 75, around that 74 00:03:38,940 --> 00:03:41,910 Matthew Kidman: level. Equities have come off. But I get the feeling 75 00:03:41,910 --> 00:03:45,780 Matthew Kidman: that there's a little bit of a spike, a little 76 00:03:45,780 --> 00:03:49,740 Matthew Kidman: bit of adrenaline in that bond market. Everyone's selling it 77 00:03:49,740 --> 00:03:52,740 Matthew Kidman: off, and it might be just reaching a short- term 78 00:03:52,740 --> 00:03:54,540 Matthew Kidman: high. Just keep an eye on it, but I think 79 00:03:54,540 --> 00:03:57,990 Matthew Kidman: you're right. And once, if it does come back down, 80 00:03:57,990 --> 00:04:01,410 Matthew Kidman: if it drops away from, say it gets to 4.9 maybe in the next 81 00:04:01,410 --> 00:04:04,919 Matthew Kidman: week, then drops away, then you want to be back 82 00:04:04,920 --> 00:04:08,009 Matthew Kidman: in the equity market because as we said before, that 83 00:04:08,009 --> 00:04:10,650 Matthew Kidman: discount rate changes and it would turn around again like 84 00:04:10,650 --> 00:04:11,609 Matthew Kidman: it did last October. 85 00:04:12,150 --> 00:04:14,790 Sean Aylmer: Are there certain sectors that you're better, that have safer 86 00:04:14,790 --> 00:04:15,690 Sean Aylmer: plays at the moment? 87 00:04:16,920 --> 00:04:19,560 Matthew Kidman: Well, that's an interesting one. On a day where markets 88 00:04:19,560 --> 00:04:22,680 Matthew Kidman: are down, 1, 1.5% a bit earlier in the day, 89 00:04:23,160 --> 00:04:26,939 Matthew Kidman: then everything gets hit a bit. And so not really, 90 00:04:27,360 --> 00:04:30,990 Matthew Kidman: but over time, obviously you want defensive earnings. If interest 91 00:04:30,990 --> 00:04:34,830 Matthew Kidman: rates are going up, you want companies that are defensive 92 00:04:34,830 --> 00:04:37,529 Matthew Kidman: because higher rates in the long- term means that economies 93 00:04:37,529 --> 00:04:41,070 Matthew Kidman: slow down, earnings slow down, so you want those defensives. 94 00:04:41,070 --> 00:04:44,009 Matthew Kidman: But I would argue that that's not a great place 95 00:04:44,009 --> 00:04:47,039 Matthew Kidman: because a lot of the Australian defensive stocks, whether it 96 00:04:47,039 --> 00:04:51,750 Matthew Kidman: be in healthcare, whether it be in food or telcos, 97 00:04:51,750 --> 00:04:53,549 Matthew Kidman: those things that we've got to spend on day by 98 00:04:53,550 --> 00:04:57,749 Matthew Kidman: day have probably got a little bit expensive and not 99 00:04:57,750 --> 00:05:01,949 Matthew Kidman: that attractive. So I think the play is to maybe 100 00:05:02,040 --> 00:05:04,769 Matthew Kidman: go the other way and assume that once rates come 101 00:05:04,770 --> 00:05:08,940 Matthew Kidman: back down, buy those higher growth stocks and higher multiple 102 00:05:08,940 --> 00:05:11,940 Matthew Kidman: stocks that do better when rates are lower. What does 103 00:05:11,940 --> 00:05:14,879 Matthew Kidman: that mean? The technology stocks that have been sold off, 104 00:05:15,240 --> 00:05:18,629 Matthew Kidman: the quality end of the market, whether it be the 105 00:05:18,630 --> 00:05:23,910 Matthew Kidman: healthcare growth, things like a Cochlear or a tech platform 106 00:05:23,910 --> 00:05:27,930 Matthew Kidman: like an REA, stocks like that, when rates come back 107 00:05:27,930 --> 00:05:32,099 Matthew Kidman: down, they will rally because they are higher growth stocks 108 00:05:32,099 --> 00:05:33,810 Matthew Kidman: and they get hit harder when rates go up. 109 00:05:34,500 --> 00:05:36,329 Sean Aylmer: Stay with me, Matthew, we'll be back in a minute. 110 00:05:42,450 --> 00:05:45,150 Sean Aylmer: My guest this morning is Matthew Kidman, Principal at Centennial 111 00:05:45,150 --> 00:05:48,419 Sean Aylmer: Asset Management. Banks are such a big part of the 112 00:05:48,420 --> 00:05:50,550 Sean Aylmer: market. How's all this work with the banks? 113 00:05:51,120 --> 00:05:53,999 Matthew Kidman: I'm so glad you've asked me that, Sean, because every time 114 00:05:54,000 --> 00:05:56,820 Matthew Kidman: we've ever spoken, you've got to ring up the banks 115 00:05:56,820 --> 00:05:59,069 Matthew Kidman: and I know that's right in your wheelhouse. You've got 116 00:05:59,070 --> 00:06:03,659 Matthew Kidman: a long history following Australian banks. Look, I've said all 117 00:06:03,660 --> 00:06:06,450 Matthew Kidman: along that I don't think the banks represent great value, 118 00:06:06,720 --> 00:06:09,300 Matthew Kidman: and I stick by that. There's a number of ways 119 00:06:09,300 --> 00:06:13,380 Matthew Kidman: we can measure the valuations of banks, but typically professional 120 00:06:13,380 --> 00:06:16,169 Matthew Kidman: investors look at book value and that's all the loans 121 00:06:16,170 --> 00:06:18,870 Matthew Kidman: out there they lend out and what they've got to 122 00:06:18,870 --> 00:06:21,900 Matthew Kidman: pay to lend that money. And the difference is effectively 123 00:06:21,900 --> 00:06:27,210 Matthew Kidman: the book value. Typically, book values in Australia among the 124 00:06:27,270 --> 00:06:31,229 Matthew Kidman: big four banks should be 1.3, 1. 4, 1. 5 times. If 125 00:06:31,230 --> 00:06:33,659 Matthew Kidman: it gets down to one times, that's a buy. Typically, 126 00:06:33,660 --> 00:06:37,560 Matthew Kidman: if it gets above 1. 5, it's probably getting expensive. 127 00:06:37,740 --> 00:06:40,979 Matthew Kidman: CBAs a little bit different. It's the quality end. It gets 128 00:06:41,040 --> 00:06:43,109 Matthew Kidman: a better return than everyone else on the capital that 129 00:06:43,110 --> 00:06:45,928 Matthew Kidman: it deploys. So it sits closer to two times book. 130 00:06:46,469 --> 00:06:49,500 Matthew Kidman: And nothing screams cheap in that area at the moment. 131 00:06:49,500 --> 00:06:53,219 Matthew Kidman: And, of course, they've remodeled themselves over the years away 132 00:06:53,219 --> 00:06:57,480 Matthew Kidman: from business lending, much more towards home lending, and the 133 00:06:57,480 --> 00:07:01,260 Matthew Kidman: housing market's still in the midst of a slowdown. It 134 00:07:01,260 --> 00:07:03,388 Matthew Kidman: could turn around quite quickly, don't get me wrong, but 135 00:07:03,389 --> 00:07:05,790 Matthew Kidman: at the moment it doesn't stand out to me as 136 00:07:05,790 --> 00:07:07,199 Matthew Kidman: a great place to be in the market. 137 00:07:07,620 --> 00:07:09,960 Sean Aylmer: What about small caps? Now we have spoken about the 138 00:07:09,960 --> 00:07:13,199 Sean Aylmer: fact that small caps have been discounted against other sectors 139 00:07:13,199 --> 00:07:17,250 Sean Aylmer: of the market over time. Is that coming back? Where's 140 00:07:17,250 --> 00:07:19,920 Sean Aylmer: that up to? Would you buy small caps, particularly given 141 00:07:19,920 --> 00:07:22,289 Sean Aylmer: yields are so high and there is uncertainty about the economy? 142 00:07:22,860 --> 00:07:24,780 Matthew Kidman: I think it's the place to be, but you've got 143 00:07:24,780 --> 00:07:30,329 Matthew Kidman: to have a timeframe. It's definitely underperformed. The XSO, the small ordinaries 144 00:07:30,330 --> 00:07:32,670 Matthew Kidman: as we call them, which covers the whole sector, all 145 00:07:32,670 --> 00:07:38,970 Matthew Kidman: the different industries from industrials through to resources, has underperformed 146 00:07:38,970 --> 00:07:41,820 Matthew Kidman: dramatically over the last year and a half, two years. 147 00:07:41,849 --> 00:07:45,119 Matthew Kidman: I think underperformed by about 20%. There's definitely better value 148 00:07:45,120 --> 00:07:48,090 Matthew Kidman: there compared to the big end of the market, but at the 149 00:07:48,090 --> 00:07:51,570 Matthew Kidman: same time, it's more exposed to domestic conditions and we 150 00:07:51,570 --> 00:07:54,510 Matthew Kidman: know domestic conditions are slowing, not falling off the edge of the cliff, 151 00:07:54,510 --> 00:07:58,260 Matthew Kidman: but slowing. And of course there's still inflationary environment here. 152 00:07:58,260 --> 00:08:01,380 Matthew Kidman: So I think valuation wise, it's the place to be. 153 00:08:01,380 --> 00:08:04,529 Matthew Kidman: If you've got a two- year time horizon, start looking 154 00:08:04,529 --> 00:08:07,560 Matthew Kidman: over your small caps options that are out there because 155 00:08:07,560 --> 00:08:11,130 Matthew Kidman: I think you will win over that timeframe. In even 156 00:08:11,130 --> 00:08:13,110 Matthew Kidman: the last five weeks since you've been away and you've 157 00:08:13,110 --> 00:08:17,820 Matthew Kidman: come back, they've underperformed again. And that is mainly around 158 00:08:18,509 --> 00:08:23,369 Matthew Kidman: this fear about rates going higher, economies slowing, lack of 159 00:08:23,369 --> 00:08:27,600 Matthew Kidman: liquidity. It doesn't feel right to be there, but I 160 00:08:27,600 --> 00:08:30,240 Matthew Kidman: think over that broader timeframe, that's where the value sits. 161 00:08:30,570 --> 00:08:31,860 Sean Aylmer: Any that you particularly like? 162 00:08:32,970 --> 00:08:36,238 Matthew Kidman: There's lots of sectors that we keep looking at and 163 00:08:36,240 --> 00:08:38,520 Matthew Kidman: we'd love to buy, but we're lucky in the sense 164 00:08:38,520 --> 00:08:40,109 Matthew Kidman: that we haven't got a massive fund and we don't 165 00:08:40,109 --> 00:08:42,359 Matthew Kidman: have to move too early, but there's a lot of bombed- 166 00:08:42,360 --> 00:08:44,610 Matthew Kidman: out sectors and we will move in because that's where 167 00:08:44,610 --> 00:08:47,400 Matthew Kidman: we like to hunt. There's a handful of different retailers 168 00:08:47,400 --> 00:08:50,280 Matthew Kidman: that have been sold off. There's a handful of different 169 00:08:50,550 --> 00:08:54,420 Matthew Kidman: finance companies that have been sold off. There's media, there's 170 00:08:54,750 --> 00:08:58,439 Matthew Kidman: even car retailers and so on. So there's a whole 171 00:08:58,440 --> 00:09:01,440 Matthew Kidman: section of the community that, probably one way to sum 172 00:09:01,440 --> 00:09:05,098 Matthew Kidman: it up, is exposed to the consumer because we keep 173 00:09:05,100 --> 00:09:07,710 Matthew Kidman: hearing about the mortgage cliff, everyone's fearful of it. We're 174 00:09:07,710 --> 00:09:12,059 Matthew Kidman: going from fixed rates to variable rates, switching back, those 175 00:09:12,059 --> 00:09:14,250 Matthew Kidman: who have got a mortgage, and that's a lot higher 176 00:09:14,250 --> 00:09:17,008 Matthew Kidman: rate than you're going to pay on your house and it hits you overnight. We're a 177 00:09:17,010 --> 00:09:19,050 Matthew Kidman: fair way through that, so I'm not as fearful as 178 00:09:19,050 --> 00:09:22,290 Matthew Kidman: others, but that's what's keeping everyone away. But at some 179 00:09:22,290 --> 00:09:25,020 Matthew Kidman: stage there'll be a trigger. And when you can buy 180 00:09:25,500 --> 00:09:31,020 Matthew Kidman: companies that are decent operators for nine, 10 times earnings, 181 00:09:31,230 --> 00:09:33,599 Matthew Kidman: if those earnings can hold in there and then accelerate 182 00:09:33,599 --> 00:09:36,269 Matthew Kidman: over a two- year period, then they're the place to be. 183 00:09:36,840 --> 00:09:39,510 Sean Aylmer: Just one final question, a little removed. We have a 184 00:09:39,510 --> 00:09:43,380 Sean Aylmer: new Reserve Bank Governor, Michele Bullock, do you expect that 185 00:09:43,470 --> 00:09:45,510 Sean Aylmer: the fact that there is a new governor will make 186 00:09:45,510 --> 00:09:48,750 Sean Aylmer: much difference to how the bank operates then vis- a- 187 00:09:48,750 --> 00:09:50,910 Sean Aylmer: vis what that means for investors? 188 00:09:52,708 --> 00:09:56,070 Matthew Kidman: In one instance, no, she is cut from the same 189 00:09:56,070 --> 00:09:58,559 Matthew Kidman: cloth. She's worked with the old governor for a long 190 00:09:58,559 --> 00:10:04,740 Matthew Kidman: time, thinks a similar way, assesses the data and monetary 191 00:10:04,740 --> 00:10:07,439 Matthew Kidman: policy in a similar fashion. And that's the way you 192 00:10:07,440 --> 00:10:10,109 Matthew Kidman: would like it, because Phil Lowe was a very good 193 00:10:10,109 --> 00:10:14,040 Matthew Kidman: governor and she's cut from the same cloth. And so when 194 00:10:14,040 --> 00:10:17,340 Matthew Kidman: she gives these press conferences now post the results, you 195 00:10:17,340 --> 00:10:19,890 Matthew Kidman: would expect her to give a similar... Like she did 196 00:10:19,890 --> 00:10:21,810 Matthew Kidman: yesterday. She said, " We're on hold for the moment, but 197 00:10:21,929 --> 00:10:25,499 Matthew Kidman: expect higher rates if inflation doesn't come down. And we 198 00:10:25,500 --> 00:10:27,660 Matthew Kidman: reserve that right to lift rates." And that's what Phil 199 00:10:27,660 --> 00:10:29,789 Matthew Kidman: Lowe was saying. I think where it could be different 200 00:10:29,820 --> 00:10:33,150 Matthew Kidman: is the overhaul of the Reserve Bank, which has given 201 00:10:33,150 --> 00:10:35,550 Matthew Kidman: more power to the actual Reserve Bank Board and the 202 00:10:35,550 --> 00:10:38,070 Matthew Kidman: committees that are within that board where it has to 203 00:10:38,070 --> 00:10:41,759 Matthew Kidman: get consensus. I have no idea how they will be 204 00:10:41,759 --> 00:10:44,639 Matthew Kidman: thinking and what message they will be telling the governor 205 00:10:44,639 --> 00:10:47,159 Matthew Kidman: to go out and tell the public. Previously, as we 206 00:10:47,160 --> 00:10:50,610 Matthew Kidman: know, the governor and his team or her team would 207 00:10:50,610 --> 00:10:53,160 Matthew Kidman: present something to the board, they'd discuss it, but they 208 00:10:53,160 --> 00:10:56,520 Matthew Kidman: normally back the experts, the economist. That's been turned on 209 00:10:56,520 --> 00:10:58,738 Matthew Kidman: its head and now it's the committee who makes the 210 00:10:58,740 --> 00:11:00,840 Matthew Kidman: decision and the governor's got to sell that decision to 211 00:11:00,840 --> 00:11:03,809 Matthew Kidman: the public. And I don't know how that's going to 212 00:11:03,809 --> 00:11:05,999 Matthew Kidman: play out. It might be the same. I don't think 213 00:11:06,000 --> 00:11:09,090 Matthew Kidman: she's any different, but the process has changed, and so 214 00:11:09,390 --> 00:11:11,160 Matthew Kidman: we've just got to watch it carefully what it means 215 00:11:11,160 --> 00:11:11,728 Matthew Kidman: in the longer run. 216 00:11:12,270 --> 00:11:14,100 Sean Aylmer: Matthew, thank you for talking to Fear and Greed. 217 00:11:14,370 --> 00:11:15,210 Matthew Kidman: Thanks very much, Sean. 218 00:11:15,570 --> 00:11:19,199 Sean Aylmer: That was Matthew Kidman, Principal of Centennial Asset Management. This 219 00:11:19,200 --> 00:11:21,689 Sean Aylmer: is the Fear and Greed Business Interview. Remember, this information 220 00:11:21,690 --> 00:11:24,539 Sean Aylmer: is general in nature and you should seek professional advice 221 00:11:24,600 --> 00:11:27,690 Sean Aylmer: before making any investment decisions. Join us every morning for 222 00:11:27,690 --> 00:11:30,150 Sean Aylmer: the full episode of Fear and Greed, Australia's best business 223 00:11:30,150 --> 00:11:32,699 Sean Aylmer: podcast. I'm Sean Aylmer. Have a great day.