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Speaker 1: The Commonwealth Bank's valuation hits a quarter of a trillion

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Speaker 1: dollars for the first time. Bitcoin and other cryptocurrencies have

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Speaker 1: their moment in the sun and pubs and bottle store

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Speaker 1: owner Endeavor warns of soft sales. Plus the latest on markets,

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Speaker 1: in politics and the US election. Welcome to Fear and Greed.

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

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Speaker 1: It's Tuesday, the twelfth of November twenty twenty four. I'm

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Speaker 1: Adam Lang and good morning Sean Almer.

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Speaker 2: Good morning Adam Sewan.

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Speaker 1: The main story this morning, and it is a doozy.

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Speaker 1: Commonwealth Banks share price hit one hundred and fifty dollars yesterday,

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Speaker 1: albeit briefly, but for a few minutes. The lender became

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Speaker 1: the first Australian company to top the quarter of a

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Speaker 1: trillion dollar mark.

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Speaker 2: Not bad at all. Just after eleven am it hit

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Speaker 2: one hundred and fifty dollars and thirty four cents the share,

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Speaker 2: pushing the group's market capitalization to just over two hundred

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Speaker 2: and fifty billion dollars. No local company has ever hit

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Speaker 2: that level. In the end, comme Wealth Bank closed at

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Speaker 2: one hundred and forty nine dollars and seventy nine cents.

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Speaker 2: That gives it a market capitalization of two hundred and

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Speaker 2: forty nine point eight nine billion dollars. Despite most professional

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Speaker 2: investors having a cell recommendation on the stock. It's risen

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Speaker 2: twenty five percent in the past six months, not far

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Speaker 2: off fifty percent over the past year. It's not even

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Speaker 2: the best bank of the past twelve months. In fact,

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Speaker 2: Westpac has that one at fifty percent or is more

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Speaker 2: than fifty percent. Westpak National Australia Banks up about forty percent,

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Speaker 2: as as up about twenty seven percent. You might as

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Speaker 2: well throw an acquary group in that's more of an

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Speaker 2: investment bank than a retail bank. But it's up about

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Speaker 2: forty percent. Now. I don't want to rain on the

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Speaker 2: parade of Commonwealth Bank here because it is quite the

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Speaker 2: milestone hit the court of a trillion dollar mark. But Adam,

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Speaker 2: if it was in the SMP five hundred, it would

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Speaker 2: be ranked about the sixtieth largest company, and it's about

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Speaker 2: five percent. It's about four and a half percent the

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Speaker 2: size of the Wall Street's largest company, which is Nvidia.

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Speaker 1: Well, that puts things nicely back into perspective.

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Speaker 2: Sean it does, it does, Sean the.

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Speaker 1: Market seems to be a story of over and underperformance

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Speaker 1: highlights and low lights, at least among the largest companies,

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Speaker 1: with not too many hovering in between.

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Speaker 2: Yeah, I think that's exactly right. So the S and

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Speaker 2: PAX two hundred is up eighteen percent over the past year,

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Speaker 2: very very strong twelve months now a huge amount of

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Speaker 2: that about half that actually came in the past in

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Speaker 2: the final couple of months of last year. But that aside.

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Speaker 2: If you take the top thirty stocks, the only companies

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Speaker 2: to be up about eighteen percent or thereabout even within

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Speaker 2: that range csl QB, Coles and Cochlear. So that means

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Speaker 2: you've got twenty six other stocks. Thirteen of those twenty

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Speaker 2: six fifty percent of them have done much much better,

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Speaker 2: and thirteen percent thirteen or fifty percent of them, thirteen

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Speaker 2: of the twenty six have done much much worse. Best

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Speaker 2: of the top thirty is imaging group pro Medicus. It's

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Speaker 2: up nearly one hundred and forty percent over the past year.

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Speaker 2: A year ago was nowhere near a top thirty stock.

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Speaker 2: It is well and truly there now. Others that have

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Speaker 2: returned more than fifty percent in the past twelve months

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Speaker 2: include Wistik Global, Goodman Group, Aristocrat, Leisure, ResMed and Fisher

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Speaker 2: and Pacal Healthcare. The other side, the worst of the

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Speaker 2: top thirty woodside it's off twenty five percent, as in

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Speaker 2: its down twenty five percent over the past year. Other

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Speaker 2: companies to be worth less now than a year ago

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Speaker 2: BHP Fourty, Skew, Medals, Telstra down about two percent, Rio, Tinto,

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Speaker 2: Woolworth's and Santos. So there's a word there which I

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Speaker 2: can't think of how to say it is that by

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Speaker 2: by located, bifurcated. It's a bifurcated market. Lots of winners,

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Speaker 2: lots of losers, are not much in between.

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Speaker 1: I love that one hundred and forty percent growth at

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Speaker 1: the top. You got minus twenty five at the bottom,

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Speaker 1: eighteen in between, eighteen average in between.

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Speaker 2: Yeah, what a spread. Yeah, might start sort of up there.

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Speaker 2: I don't think I've ever seen a market where there

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Speaker 2: are so many overperformers, so many underperformers, and so few

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Speaker 2: kind of medians.

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Speaker 1: Yeah. So Sean, amongst all of that, how did the

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Speaker 1: local markets perform? Yesterday?

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Speaker 2: Well S and p ASX two hundred ended up down

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Speaker 2: about a thirty percent to eight thousand, two hundred and

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Speaker 2: sixty six points. Basic was about the miners yesterday. A

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Speaker 2: fairly underwhelming response to Chinese stimuli over the weekends and

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Speaker 2: the price of iron all lower. That didn't help the

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Speaker 2: minus sports Your Medals finish down more than seven percent.

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Speaker 2: BHP was off four percent. Rio was down three percent.

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Speaker 2: The best of the last caps yesterday, Goodman Group just

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Speaker 2: keeps going. That company wis Tech Global and Area a

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Speaker 2: little bit of corporate news around Interitect Pivots share price

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Speaker 2: jumped slightly despite recording a three hundred and eleven million

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Speaker 2: dollar loss in the year to the end of Timber Now.

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Speaker 2: The loss was due to the impairment of the group's

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Speaker 2: fertilizer business, which it's been trying itself for quite some

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Speaker 2: time now. DP World Australia made a bid for small

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Speaker 2: caps business Silk Logistics It's share price. That's Silk Logistics

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Speaker 2: share price jump forty percent and pe Group Genesis Capital

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Speaker 2: it has been trying to buy one of the best

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Speaker 2: named companies ever, the dental company Pacific Smiles. It up

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Speaker 2: to its offer again yesterday. Don't know that we'll get

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Speaker 2: there yet, but I just like talking about Pacific Smiles

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Speaker 2: as a dental company.

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Speaker 1: Out of and Sean's speaking of. On the up, bitcoin

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Speaker 1: has risen to more than US eighty one thousand dollars

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Speaker 1: a unit, highlighting the excitement about the Trump era among

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Speaker 1: crypto traders.

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Speaker 2: Yes, a golden era for cryptos. I reckon. The digital

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Speaker 2: asset industry spent an estimated one hundred million US dollars

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Speaker 2: backing crypto friendly candidates across the US during the elections

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Speaker 2: last week. I reckon they've already made their money back.

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Speaker 2: Doage coin, a mean crowd favorite promoted by Elon Musk.

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Speaker 2: It's done particularly well also now Donald Trump has vowed

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Speaker 2: to make the US the center of the digital asset industry,

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Speaker 2: and bitcoins up ninety three percent this year, way better

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Speaker 2: than equities and way better than gold. Bitcoins ets, which

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Speaker 2: were introduced earlier in the year are surging black rocks.

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Speaker 2: I share Bitcoin Trust, which I think is the biggest,

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Speaker 2: certainly among the biggest. It is posting inflows daily, inflows

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Speaker 2: of almost one point four billion US dollars according to Bloomberg.

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Speaker 2: Huge flows of money for bitcoin at the moment.

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Speaker 1: Is that a crypto plunge, Sean.

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Speaker 2: Well, is it the opposite, isn't it?

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Speaker 1: Well?

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Speaker 2: You could be a crypto plunge.

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Speaker 1: Yeah, you plunge your money in.

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Speaker 2: Yes, yeah, yeah, yeah, maybe yes.

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Speaker 1: It's not a good term for it, is that.

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Speaker 2: No, A crypto A plunge that makes a sare I

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Speaker 2: don't know what rush like a gold rush? That's better.

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Speaker 2: A crypto rush. Yeah, crypto rush. Okay, good, good.

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Speaker 1: We'll settle on that. Immediately after the show, listening for

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Speaker 1: Sean's chat with one of the country's best known investors,

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Speaker 1: mister Chris Cuff, Sean tell us about Yes.

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Speaker 2: Well, he was chief executive of Colonial First State. He

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Speaker 2: also is Chief Executive Challenger and chair of UNI. Super

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Speaker 2: great believer in philanthropy. Chris he founded the Australian Philanthropic

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Speaker 2: Services and Third Link Investment Managers. Both of those have

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Speaker 2: raised millions of dollars for charities, So we ask him

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Speaker 2: about those, what motivates him to do it, how they're performing.

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Speaker 2: It's just a great chat with Chris, who anyone who

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Speaker 2: has taken a close interest in the investment community in

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Speaker 2: Australia knows that he's kind of one of the best

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Speaker 2: of his generation.

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Speaker 1: Brilliant. We'll be back in a moment with the rest

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Speaker 1: of the day's business news. Sean Treasurer Jim Chalmers has

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Speaker 1: warned that Australia will suffer from lower economic growth and

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Speaker 1: higher prices because of the Donald Trump policy suite.

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Speaker 2: That's right, Australia won't escape the impact of a US

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Speaker 2: China trade war if Trump goes ahead with it, particularly

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Speaker 2: if he imposts big tariffs on Chinese good Dr Chalmers

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Speaker 2: said that the floating exchange rate and independent Central Bank

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Speaker 2: will mitigate some effects of the trade war locally, and

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Speaker 2: the impact globally will be much greater rather than here

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Speaker 2: in Australia. The fear is that the trade war between

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Speaker 2: the US and China will basically slay the Chinese economy.

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Speaker 2: That's where we will get hit hardest. Lower demand for

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Speaker 2: Australian goods. Analysis from Federal Treasury done in the lead

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Speaker 2: up to the US pole suggests a small reduction in output.

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Speaker 2: That's in growth here in Australia and additional price pressures.

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Speaker 2: Now inflation Australia might be coming down, but prices are

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Speaker 2: considered too high. It's a complaint heard in the US

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Speaker 2: as well, and on Sunday Australia's Health Minister Mark but

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Speaker 2: less than a lesson for labor out of the US

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Speaker 2: election was that voters want to see their government's focus

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Speaker 2: on cost of living.

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Speaker 1: Sean And speaking of that political focus, the latest News

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Speaker 1: poll shows the primary support for the Coalition is rising

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Speaker 1: and Opposition leader Peter Dutton is getting closer but still

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Speaker 1: remains behind Anthony Alberzi as preferred prime minister.

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Speaker 2: The poll, which was in the Australian newspaper Shasey, coalition's

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Speaker 2: primary vote has risen two percentage points to forty percent.

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Speaker 2: That means that coalition can be competitive in the next

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Speaker 2: lection election due by the middle of May. Aop's primary

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Speaker 2: vote was also up two percent to thirty three percent.

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Speaker 2: The losers in this where the Independence and some of

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Speaker 2: the minor parties like One Nation. Now it may seem

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Speaker 2: unusual that the coalition's primary votes forty percent and ALP's

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Speaker 2: thirty three percent, and we're now talking about the coalition

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Speaker 2: being competitive. It's just that many of the Greens get

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Speaker 2: a lot of primary votes, for example, and their preferences

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Speaker 2: flow to Laban's. That's all about on a two party

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Speaker 2: preferred basis fifty one to forty nine percent to the Coalition.

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Speaker 2: In terms of preferred Prime Minister, Anthony Albanize, he still

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Speaker 2: got quite a gap there. He's forty five percent, Peter

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Speaker 2: Dutton's at forty one percent.

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Speaker 1: Sean, the owner of dan Ian, Murphy's and BWS Slicker stores,

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Speaker 1: has warned profits will be lower in the final six

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Speaker 1: months of this year with promotional offerings hitting their margins.

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Speaker 2: DVOR Group, which owns Oney seven hundred and twenty five stores,

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Speaker 2: warned profits are lower as increasing promotional as the group's

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Speaker 2: increasing promotions to lureing customers, that's hitting those margins. Also,

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Speaker 2: consumer spending this week, we know that and high costs

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Speaker 2: are hurting the company as well. Outgoing chief executive officer

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Speaker 2: Steve Donaho said it's challenging to record sales growth in

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Speaker 2: the current environment now. Endeavor's share price was down five

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Speaker 2: percent Yesterday's dound fourteen percent this year and Deva owns

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Speaker 2: bottle shops plus pubs and hotels around the country. It

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Speaker 2: would spun out art of Woolies in twenty twenty one.

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Speaker 2: The good news from yesterday the pubs are looking okay.

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Speaker 2: In fact, Christmas bookings are already at fifty four percent

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Speaker 2: of capacity.

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Speaker 1: Sean. More details have emerged over this really dramatic detention

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Speaker 1: of resolute mining CEO in Mali.

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Speaker 2: His name is Terry Hollahan. He and two executives were

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Speaker 2: arrested on Friday and detained by the country's Anti corruption

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Speaker 2: and Financial Crimes Unit. In a statement, Resolute Mining yesterday

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Speaker 2: said the executives were in Marli to i quote whole

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Speaker 2: discussions with the mining and tax authorities regarding general activities

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Speaker 2: related to the company's business practices in Marli, in addition

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Speaker 2: to progressing open claims which have been made against Resolute

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Speaker 2: and which the company maintains are unsubstantiated. The Australian is

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Speaker 2: reporting that the Marley government may want between seventy five

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Speaker 2: million and two hundred and fifty million dollars from Resolute Mining.

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Speaker 2: Marley and President Asmi Gouiter, who has just promoted himself

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Speaker 2: to be a five star general, has introduced a new

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Speaker 2: mining code that allows the state to acquire up to

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Speaker 2: thirty percent on projects, requires all foreign companies to renegotiate

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Speaker 2: existing contracts. It sounds like Terry Hollahan and the other

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Speaker 2: executives have been caught up in.

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Speaker 1: That sun shadow. Infrastructure Minister Bridget mackenzie said Prime Minister

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Speaker 1: Anthony Albanizi has been influenced by his personal and financial

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Speaker 1: relationship with Quantus.

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Speaker 2: She was speaking out of conference yesterday. Ms McKenzie suggested

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Speaker 2: that some of the things that have gone wrong in

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Speaker 2: the industry, higher prices, cancelations, delays are the government's fault.

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Speaker 2: The prior Minister, Anthony Alberizi, in recent weeks has been

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Speaker 2: accused of being too close to allen Joyce's claims that

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Speaker 2: he sought upgrades. So he said that actually never happened.

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Speaker 2: Having said that, Bridgard McKenzie, she can say that, but

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Speaker 2: she's actually under fire herself. She failed to the clear

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Speaker 2: sixteen free business class flight upgrades from Quantus and Virgin

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Speaker 2: Australia over recent years.

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Speaker 1: Sean struggling battery minerals group Linetown Resources is scaling back

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Speaker 1: production plans at its Kathleen Valley lithian mind and that's

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Speaker 1: just three months after opening the operation.

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Speaker 2: The company has cut its production plans and in two

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Speaker 2: years time will be producing about two thirds the amount

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Speaker 2: of lithium it had forecast. That's on the back of

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Speaker 2: tumbling lithium price. As CEO Tony Ottaviano said, when market

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Speaker 2: conditions change, companies need to change as well. They need

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Speaker 2: to adapt and That's basically what's happened here with him.

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Speaker 2: Price has fallen out of bed, hence Line Town is

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Speaker 2: scaling back a bit. He said he wants the company

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Speaker 2: to focus on higher margin litium. Lion Town is backed

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Speaker 2: by Gina Ryan Hart. It does have some pretty good

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Speaker 2: off take deals with Ford and Tesla and South kres

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Speaker 2: LG Energy, but it really has struggled. While the share

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Speaker 2: price was that one percent on the news yesterday, it's

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Speaker 2: off about fifty percent this year, Sean.

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Speaker 1: In international news, the Washington Post is reporting that Donald

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Speaker 1: Trump has spoken to Vladimir Putin and urged the Russian

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Speaker 1: president not to escalate the war in Ukraine.

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Speaker 2: How do you reckon it? Starts adham Is. It's like Vlad,

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Speaker 2: it's the don here.

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Speaker 1: The red phone rings, Yeah, Flad, Donald Donald bladd here

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Speaker 1: you going?

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Speaker 2: It comes up on Flad's mobile phone. It's got Donald

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Speaker 2: Trump and Vlad Flake picture. I knew this was going

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Speaker 2: to happen at some point.

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Speaker 1: Oh, we Gore, I better pick up.

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Speaker 2: Yeah, it's the first call between the two men since

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Speaker 2: the US presidential poll. The Washington Post there's Trump reminded

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Speaker 2: Pertin of the US's sizeable military presidence in Europe. I

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Speaker 2: wonder how that threat goes. Knows apparently apparently that it's.

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Speaker 1: Just an fyiah.

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Speaker 2: That's right. We've got a few hundred thousand people there

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Speaker 2: PEPD in mind. Apparently they discussed the goal of peace

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Speaker 2: on the European continent and they expressed an interest in

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Speaker 2: follow up conversations. It will be interesting to see how

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Speaker 2: that goes. The other thing about this story, which I

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Speaker 2: don't understand, so Donald Trump also spoke to Ukrainian President

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Speaker 2: Vladimir Zelenski. Apparently Elon Musk was on that call. What

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Speaker 2: would Elon Musk be on a call between the President

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Speaker 2: of the US and vladimirs Lensky from the Ukraine. I

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Speaker 2: don't think it's about selling Tesla.

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Speaker 1: I've only got one idea on that, and that is

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Speaker 1: starlink in o Elon Musk's satellite link for communications that

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Speaker 1: has been in really important through some parts of this war.

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Speaker 2: Fair enough, that might be the thing from that.

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Speaker 1: Sean don't know.

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Speaker 2: I'm not sure that the president elect with a business leader.

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Speaker 2: I just don't know whether that's actually a good look anyway.

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Speaker 2: A final story, Adam lead us Off, I like this story.

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Speaker 1: Okay, Sean Bhutan, the Himalayan kingdom that brought the world

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Speaker 1: the concept of gross national happiness is set to build.

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Speaker 1: Get this a mindfulness city?

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Speaker 2: Yes, I have, I've got the pronunciation right here, the

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Speaker 2: Gleffu mind The Gleffu Mindfulness City will lie in a

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Speaker 2: special administrative region with separate rules and laws that will

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Speaker 2: aim to be in economic corrador, linking South Asia to

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Speaker 2: Southeast Asia. According to officials, the city will promote walking

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Speaker 2: and cycling to reduce the missions this is according to Ruters,

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Speaker 2: You'll promote green spaces for meditation, relaxation, It'll it will

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Speaker 2: promote mindfulness based education, public community activities, healthcare and wellness centers,

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Speaker 2: and eco tourism. I just feel better talking about it.

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Speaker 1: Do you reckon? It'll have its own currency, sean, like

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Speaker 1: a mindfulness currency, Yeah, we're.

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Speaker 2: Not, sort of like the Yeah, like a happiness dollar

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Speaker 2: or something like that.

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Speaker 1: How do you buy stuff in mindfulness land?

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Speaker 2: And does the whole concept of greed and fear close

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Speaker 2: to us our hearts here? Does that run in the

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Speaker 2: city or not?

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Speaker 1: Would we be allowed in No?

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Speaker 2: No, I think that's what that means. We're not getting

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Speaker 2: a run?

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Speaker 1: Makes me want to do it?

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Speaker 2: True?

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Speaker 1: Moving on, from Mindfulness Kingdom Sean. Up next is the

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Speaker 1: Fear and Greed Daily Interview with investor Chris Cuff, and

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Speaker 1: then at noon today get ready for the latest release

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Speaker 1: of another episode of Ask Fear and Greed that's up

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Speaker 1: next in the playlist on your favorite podcast platform or

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Speaker 1: at Fearangreed dot com dot au.

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Speaker 2: Thank you, Sean, Thank you very much, Adam.

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Speaker 1: It's Tuesday, the twelfth of November twenty twenty four. Make

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Speaker 1: sure you're following the podcast, Join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook and have a great day.