1 00:00:05,559 --> 00:00:07,920 Speaker 1: Welcome to the Fear and Greed Business Interview. I'm sure 2 00:00:07,920 --> 00:00:10,480 Speaker 1: and Alma financial markets are on edge ahead of the 3 00:00:10,600 --> 00:00:12,720 Speaker 1: US selection this week, with the outcome of the poll 4 00:00:12,800 --> 00:00:16,400 Speaker 1: set to have a major impact on the world's largest economy. 5 00:00:16,480 --> 00:00:20,480 Speaker 1: But of course US politics isn't the only factor affecting markets. 6 00:00:20,480 --> 00:00:23,479 Speaker 1: There's the ongoing AI boom for one thing. Also, in 7 00:00:23,520 --> 00:00:26,320 Speaker 1: the last couple of weeks, the International Monetary Funds signaled 8 00:00:26,400 --> 00:00:28,720 Speaker 1: out the conflict in the Middle East as one of 9 00:00:28,760 --> 00:00:31,920 Speaker 1: the biggest challenges for economic growth, so to did our 10 00:00:31,960 --> 00:00:34,720 Speaker 1: own Treasure at Jim Chalmers. And with many central banks 11 00:00:34,720 --> 00:00:38,080 Speaker 1: now cutting rates as inflation comes back under control, it 12 00:00:38,120 --> 00:00:41,080 Speaker 1: all makes for a volatile time for markets. My guest 13 00:00:41,120 --> 00:00:43,240 Speaker 1: this morning has to be across all of this. Joe 14 00:00:43,320 --> 00:00:47,760 Speaker 1: Davis is global chief economist at investment giant Vanguard. He's 15 00:00:47,760 --> 00:00:49,640 Speaker 1: in Australia at the moment, so we've grabbed him for 16 00:00:49,680 --> 00:00:51,320 Speaker 1: a chat. Joe, Welcome to Fear and Greed. 17 00:00:51,640 --> 00:00:52,640 Speaker 2: Oh thanks for having me. 18 00:00:53,080 --> 00:00:54,920 Speaker 1: US election. We've been talking about it for weeks. In 19 00:00:54,960 --> 00:00:56,520 Speaker 1: the next couple of days we'll find out who the 20 00:00:56,560 --> 00:00:59,360 Speaker 1: next the forty seventh president of the US is. What 21 00:00:59,480 --> 00:01:02,320 Speaker 1: does it mean for the US economy. 22 00:01:02,720 --> 00:01:04,560 Speaker 2: Well, I think you know, again, I like to focus 23 00:01:04,600 --> 00:01:08,920 Speaker 2: on policy and party rather than the person, right, so 24 00:01:09,080 --> 00:01:12,200 Speaker 2: I think there's similarities regardless of who wins in the 25 00:01:12,240 --> 00:01:15,000 Speaker 2: sense of from the fiscal side, I think regardless of 26 00:01:15,000 --> 00:01:18,120 Speaker 2: who wins the election, sean, we're going to continue to 27 00:01:18,160 --> 00:01:22,560 Speaker 2: see you know, deficits expand the United States, which you know, 28 00:01:22,680 --> 00:01:25,679 Speaker 2: necessarily a bad news in the near term, but obviously 29 00:01:25,760 --> 00:01:28,119 Speaker 2: that'll be a headwind for the United States longer term 30 00:01:28,160 --> 00:01:30,480 Speaker 2: in terms of how we fund them. And then other 31 00:01:30,760 --> 00:01:33,720 Speaker 2: you know, other sort of policy implications really are up 32 00:01:33,760 --> 00:01:36,240 Speaker 2: in the air. I think that's when you know, we 33 00:01:36,280 --> 00:01:38,600 Speaker 2: haven't revised our forecast. I can tell you regards of 34 00:01:38,600 --> 00:01:41,800 Speaker 2: who wins, it'll be really dependent upon as we would 35 00:01:41,840 --> 00:01:44,920 Speaker 2: move through next year, what sort of policy initiatives, whether 36 00:01:44,920 --> 00:01:49,520 Speaker 2: it's around trade, tax policy, that would I think ultimately matter. 37 00:01:49,560 --> 00:01:51,720 Speaker 2: I can tell you from an investment standpoint, it can 38 00:01:51,760 --> 00:01:55,560 Speaker 2: create volatility in the near term, but history shows on average, 39 00:01:56,120 --> 00:01:58,120 Speaker 2: stock returns at least in the United States have been 40 00:01:58,160 --> 00:02:02,320 Speaker 2: the same on the Republican and Democrats attic presidencies, which 41 00:02:02,400 --> 00:02:05,240 Speaker 2: may surprise some. I'm not saying politics don't matter, it's 42 00:02:05,280 --> 00:02:07,520 Speaker 2: just that a lot of other factors can drive markets. 43 00:02:07,880 --> 00:02:10,240 Speaker 1: So what do you think the US economy will do 44 00:02:10,440 --> 00:02:12,960 Speaker 1: over the next twelve months, couple of years. What are 45 00:02:13,000 --> 00:02:14,360 Speaker 1: your forecasts for growth? 46 00:02:14,880 --> 00:02:17,280 Speaker 2: Well, again, a lot of the focus as everyone would 47 00:02:17,280 --> 00:02:20,200 Speaker 2: probably hear the phrase soft landing right where we've had 48 00:02:20,240 --> 00:02:24,520 Speaker 2: in the United States, you know, rather exceptional performance financial markets, 49 00:02:24,600 --> 00:02:27,440 Speaker 2: growth has held up, and inflation has come down. The 50 00:02:27,480 --> 00:02:30,040 Speaker 2: inflation hasn't been a surprise. I think what's called many 51 00:02:30,120 --> 00:02:34,040 Speaker 2: including myself, has been a growth that has continued to 52 00:02:34,040 --> 00:02:36,360 Speaker 2: hold up. In fact, I would argue there hasn't been 53 00:02:36,360 --> 00:02:40,160 Speaker 2: a landing at all from growth. Growth is roughly three 54 00:02:40,240 --> 00:02:44,880 Speaker 2: percent year over year. That's above a trend pace, and 55 00:02:44,960 --> 00:02:48,360 Speaker 2: it's still growing at that pace. So part of that 56 00:02:48,360 --> 00:02:50,480 Speaker 2: hasn't been our surprise. We didn't think the federal Reserve 57 00:02:50,840 --> 00:02:54,000 Speaker 2: was as restrictive as some thought. That thesis has proven 58 00:02:54,080 --> 00:02:57,440 Speaker 2: to be correct, and so I think we'll continue to 59 00:02:57,480 --> 00:03:01,280 Speaker 2: see some exceptional performance in the United States. Immigration has 60 00:03:01,320 --> 00:03:05,679 Speaker 2: helped boosted growth, Fiscal spending at the margin sewn, and 61 00:03:05,960 --> 00:03:08,440 Speaker 2: you know, a labor market that has cool but has 62 00:03:08,520 --> 00:03:11,200 Speaker 2: not broken. And so I think you have all those 63 00:03:11,240 --> 00:03:15,760 Speaker 2: three together really points to some pretty strong performance. So again, 64 00:03:15,800 --> 00:03:18,920 Speaker 2: I think the financial markets, the stock market assumes that 65 00:03:18,960 --> 00:03:21,520 Speaker 2: will continue. There's the debate in the financial markets. The 66 00:03:21,560 --> 00:03:25,000 Speaker 2: bond market thinks we have I think more weakness ahead 67 00:03:25,040 --> 00:03:27,720 Speaker 2: and FED easying. The surprise will be if growth growth 68 00:03:27,760 --> 00:03:30,600 Speaker 2: helds up, the Thuder Reserve won't cut interest rates nearly 69 00:03:30,639 --> 00:03:31,680 Speaker 2: as much as people think. 70 00:03:32,080 --> 00:03:34,239 Speaker 1: What about the Middle East? How much of a worry 71 00:03:34,480 --> 00:03:36,720 Speaker 1: is that in the short to medium term outlook? 72 00:03:37,440 --> 00:03:39,440 Speaker 2: Well, you know, I think you know, it's unfortunate to 73 00:03:39,440 --> 00:03:42,640 Speaker 2: see these events occurring. I think how you think about it, 74 00:03:42,720 --> 00:03:45,680 Speaker 2: how how we think about it is regardless of the 75 00:03:45,760 --> 00:03:49,720 Speaker 2: unfortunate human toll that you see in parts of the world. 76 00:03:50,360 --> 00:03:53,200 Speaker 2: When it has an economic impact is when that sort 77 00:03:53,200 --> 00:03:56,720 Speaker 2: of volatility, which is co word for unfortunate events that 78 00:03:56,760 --> 00:04:01,640 Speaker 2: could be doing damage to commodity markets, trade flows. When 79 00:04:01,680 --> 00:04:05,000 Speaker 2: that persists at a high level and stays there, so 80 00:04:05,080 --> 00:04:08,560 Speaker 2: there's a trauma that's extended. That's when you can see 81 00:04:08,640 --> 00:04:12,280 Speaker 2: you know, economic effects because businesses and consumers they may 82 00:04:12,320 --> 00:04:15,080 Speaker 2: see it in the cost of petrol or they will 83 00:04:15,080 --> 00:04:18,599 Speaker 2: delay investment. We haven't seen that to date broadly speaking, 84 00:04:18,640 --> 00:04:20,960 Speaker 2: in the Middle East, but that's probably one of the 85 00:04:21,000 --> 00:04:23,840 Speaker 2: biggest wildcards to the market. You know, we've even had 86 00:04:23,880 --> 00:04:27,040 Speaker 2: recessions globally in part because of what's happened to the 87 00:04:27,040 --> 00:04:30,920 Speaker 2: petrol prices, as everyone knows. So that's something we monitor closely. 88 00:04:31,000 --> 00:04:34,080 Speaker 2: But it would have to extend beyond any week or month. 89 00:04:34,120 --> 00:04:37,240 Speaker 2: It would have to be an extended period of what 90 00:04:37,320 --> 00:04:40,640 Speaker 2: I will call trauma on the geopolitical sphere for US 91 00:04:40,720 --> 00:04:43,240 Speaker 2: to have significant economic damage. 92 00:04:43,800 --> 00:04:46,839 Speaker 1: Stay with me, Joe, we'll be back in a minute. 93 00:04:52,000 --> 00:04:57,360 Speaker 1: I'm speaking to Joe Davis, Global chief Economist at Vanguard. Okay, 94 00:04:57,360 --> 00:04:59,120 Speaker 1: so we've talked about the election, We've talked about the 95 00:04:59,120 --> 00:05:01,599 Speaker 1: middle aged You've given and it's your prognosis for the 96 00:05:01,760 --> 00:05:03,600 Speaker 1: US market, or at least where it's out at the moment, 97 00:05:03,640 --> 00:05:05,839 Speaker 1: which is the economy, which is actually very similar to 98 00:05:06,080 --> 00:05:08,640 Speaker 1: the Australian economy. What are the other things that you 99 00:05:08,760 --> 00:05:11,560 Speaker 1: just worried about, meaning that you know, economists the dismal 100 00:05:11,600 --> 00:05:15,440 Speaker 1: science never always happy. What are the things that you 101 00:05:15,520 --> 00:05:16,359 Speaker 1: are worried about? 102 00:05:16,520 --> 00:05:18,960 Speaker 2: Well, I think there's two. I mean I think one 103 00:05:19,040 --> 00:05:21,039 Speaker 2: I'm not so much worried about. I'll give you some 104 00:05:21,120 --> 00:05:23,960 Speaker 2: positive on the positive side is technology. We're in the 105 00:05:24,080 --> 00:05:29,360 Speaker 2: very early stages of artificial intelligence, from a broad macroeconomic perspective, 106 00:05:29,400 --> 00:05:32,560 Speaker 2: I think it'll be the most transformative technology. It'll surpass 107 00:05:32,720 --> 00:05:36,960 Speaker 2: the personal computer and the internet for sure by our analysis, 108 00:05:37,040 --> 00:05:40,400 Speaker 2: and we've quantified these potential effects, and I think what 109 00:05:41,240 --> 00:05:44,159 Speaker 2: offsetting some of that is. On the global perspective, I 110 00:05:44,240 --> 00:05:47,359 Speaker 2: still worry about China. We have been generally bearish in 111 00:05:47,400 --> 00:05:51,440 Speaker 2: an economic growth perspective for some time, and I think, 112 00:05:51,560 --> 00:05:53,560 Speaker 2: you know, we're seeing evidence of that. They have a 113 00:05:53,640 --> 00:05:58,279 Speaker 2: housing and real estate overhang similar in some respects to 114 00:05:58,320 --> 00:06:02,120 Speaker 2: what the United States and other markets faced after the 115 00:06:02,160 --> 00:06:06,480 Speaker 2: global financial crisis, and so I think whatever growth they 116 00:06:06,520 --> 00:06:09,960 Speaker 2: will see will will disappoint. And so that's something I 117 00:06:10,040 --> 00:06:14,440 Speaker 2: worry about if that would have extended multiplier effects on Australia, 118 00:06:15,080 --> 00:06:17,279 Speaker 2: on the United States and others. And it's less on 119 00:06:17,320 --> 00:06:21,360 Speaker 2: the global trade tensions and more just the internal deleveraging 120 00:06:21,400 --> 00:06:24,960 Speaker 2: that China has to contend with for the next five years. 121 00:06:25,040 --> 00:06:27,839 Speaker 2: I think. I think policy makers in China are still 122 00:06:27,839 --> 00:06:31,560 Speaker 2: behind the curve. They fired that Bazouka in terms of 123 00:06:31,600 --> 00:06:35,120 Speaker 2: policy response, so it's a stepinoid direction, but they still 124 00:06:35,120 --> 00:06:37,760 Speaker 2: have some economic that The economic headwinds China faces are 125 00:06:37,760 --> 00:06:38,400 Speaker 2: pretty severe. 126 00:06:38,800 --> 00:06:41,880 Speaker 1: Yeah, Okay, let's get onto AI. Then you said you 127 00:06:41,960 --> 00:06:44,040 Speaker 1: quantified it. Tell me about that. 128 00:06:44,680 --> 00:06:46,960 Speaker 2: Well, I think you know, if you're if we're bold 129 00:06:47,080 --> 00:06:50,200 Speaker 2: enough to ask about the next year, right, and that's 130 00:06:50,200 --> 00:06:53,080 Speaker 2: a tough enough exercise to think about the future Sean. 131 00:06:53,120 --> 00:06:55,240 Speaker 2: But you know, if we think about what does the 132 00:06:55,279 --> 00:06:58,159 Speaker 2: world economy, what holds in store for it for the 133 00:06:58,200 --> 00:07:01,560 Speaker 2: next five or ten years, you start thinking about what 134 00:07:01,600 --> 00:07:04,440 Speaker 2: we call mega trends or things that are just more enduring, 135 00:07:04,839 --> 00:07:07,800 Speaker 2: so it's not just fun of reserve policy or what 136 00:07:07,960 --> 00:07:09,600 Speaker 2: may be going on in the Middle East. You start 137 00:07:09,640 --> 00:07:12,880 Speaker 2: thinking about things such as technology, the aging of society, 138 00:07:13,440 --> 00:07:17,720 Speaker 2: debt levels in general rising or falling, globalization, is the 139 00:07:17,760 --> 00:07:21,000 Speaker 2: world becoming closer together or more fragmented? These when you 140 00:07:21,120 --> 00:07:25,600 Speaker 2: zoom out, these determine ninety percent of growth and inflation 141 00:07:25,760 --> 00:07:28,360 Speaker 2: stock returns over a five or ten year periods, Which 142 00:07:28,360 --> 00:07:29,920 Speaker 2: is why we spend a lot of time and why 143 00:07:29,960 --> 00:07:32,920 Speaker 2: I say we've quantified it. We believe we're the first 144 00:07:32,960 --> 00:07:36,000 Speaker 2: research institution to look at all these trends in one 145 00:07:36,040 --> 00:07:39,960 Speaker 2: cohesive system. And when you do that, it gives you 146 00:07:40,000 --> 00:07:42,520 Speaker 2: some unique insights and so we're able to We've been 147 00:07:42,560 --> 00:07:47,680 Speaker 2: able to model effectively anticipate to some extent technological change. 148 00:07:48,360 --> 00:07:51,880 Speaker 2: So we've assembled new data over one hundred years, we're 149 00:07:51,880 --> 00:07:55,080 Speaker 2: able to pick up signals that led to the diffusion 150 00:07:55,080 --> 00:07:58,320 Speaker 2: of electricity. We're able to do this in nineteen eighties. 151 00:07:58,360 --> 00:08:01,000 Speaker 2: It starts to anticipate a run up and growth on 152 00:08:01,080 --> 00:08:03,800 Speaker 2: the personal computer. And this is not like magic. We're 153 00:08:03,800 --> 00:08:07,760 Speaker 2: actually looking at the decisions businesses make. It's what venture 154 00:08:07,800 --> 00:08:10,120 Speaker 2: capitalists call a J curve when they start to invest 155 00:08:10,240 --> 00:08:14,360 Speaker 2: new capital and labor for new technologies is emerging. It 156 00:08:14,440 --> 00:08:18,280 Speaker 2: takes time for those technologies to impact society in terms 157 00:08:18,320 --> 00:08:21,440 Speaker 2: of greater profitability and productivity and all those things that 158 00:08:21,480 --> 00:08:25,520 Speaker 2: we care about. So our signals today pick up the 159 00:08:25,560 --> 00:08:28,880 Speaker 2: early stages that AI is actually for real more likely 160 00:08:28,920 --> 00:08:32,480 Speaker 2: than not, and so that gives us a prognostication that 161 00:08:32,520 --> 00:08:34,800 Speaker 2: the consensus view of the world, which is one of 162 00:08:34,840 --> 00:08:40,160 Speaker 2: status quo for Australia, Europe and the United States, that 163 00:08:40,640 --> 00:08:43,800 Speaker 2: consensus view of the IMF of the Federal Reserve has 164 00:08:43,840 --> 00:08:47,080 Speaker 2: a very low probability of happening. That it's actually that 165 00:08:47,120 --> 00:08:51,760 Speaker 2: there's upside risk to growth for the United States and Australia, 166 00:08:51,760 --> 00:08:54,319 Speaker 2: which Australia would share some of those dynamics, but it'll 167 00:08:54,360 --> 00:08:56,160 Speaker 2: take some time. We're going to take about five years 168 00:08:56,240 --> 00:08:58,640 Speaker 2: before we see some of that lift, and it's going 169 00:08:58,720 --> 00:09:01,120 Speaker 2: to be automation that tech going to help give us 170 00:09:01,120 --> 00:09:03,480 Speaker 2: some of this lift, because that's what's holding back growth 171 00:09:04,520 --> 00:09:07,640 Speaker 2: in a broad sense across the developed markets. 172 00:09:08,280 --> 00:09:10,959 Speaker 1: So we're talking about productivity here, are we talking about 173 00:09:10,960 --> 00:09:13,640 Speaker 1: the ability to get more output per unit of input? 174 00:09:13,760 --> 00:09:15,520 Speaker 1: Is that the big jump that we're going to see 175 00:09:15,520 --> 00:09:16,800 Speaker 1: in the next five to ten years. 176 00:09:17,040 --> 00:09:18,720 Speaker 2: Yeah, I mean the first thing that we'll see is 177 00:09:18,760 --> 00:09:21,920 Speaker 2: actually augmentation. What that means is there's three types of 178 00:09:21,960 --> 00:09:25,200 Speaker 2: technological change. So one is Sean, you and I are workers, 179 00:09:25,200 --> 00:09:27,160 Speaker 2: but we use a power tool I think of it. 180 00:09:27,360 --> 00:09:29,680 Speaker 2: Personal computer has been that, right, I can't do my 181 00:09:29,760 --> 00:09:33,120 Speaker 2: job without a personal computer, so you get faster and 182 00:09:33,160 --> 00:09:36,240 Speaker 2: the human benefits from that. The second one is automation. Now, 183 00:09:36,240 --> 00:09:38,920 Speaker 2: automation gets a bad name, and that's true. Some jobs 184 00:09:38,960 --> 00:09:42,000 Speaker 2: are lost because of automation. But the fact is in 185 00:09:42,040 --> 00:09:44,040 Speaker 2: the United States, for example, eight percent of jobs are 186 00:09:44,040 --> 00:09:46,800 Speaker 2: in the service sector. That's why we've had generally low 187 00:09:46,880 --> 00:09:50,120 Speaker 2: growth and full employment. And so we actually need a 188 00:09:50,160 --> 00:09:53,160 Speaker 2: little automation with the asient of societies across the world. 189 00:09:53,800 --> 00:09:56,400 Speaker 2: That's what we'll see by proply three to five years 190 00:09:56,440 --> 00:09:58,440 Speaker 2: from now. And I spent a lot of time in 191 00:09:58,440 --> 00:10:03,079 Speaker 2: Silicon Valley stress testing. In our simulations, they seem on point. 192 00:10:03,400 --> 00:10:05,520 Speaker 2: And then the third one, which is more of the wildcard, 193 00:10:05,559 --> 00:10:07,560 Speaker 2: and that's where you can get an additional lift. And 194 00:10:07,600 --> 00:10:11,040 Speaker 2: this is where electricity and personal computer really we're transformative, 195 00:10:11,040 --> 00:10:14,880 Speaker 2: and that is new industries or products emerge where AI 196 00:10:15,040 --> 00:10:17,800 Speaker 2: is a platform, but it's not AI per se doing 197 00:10:17,840 --> 00:10:21,480 Speaker 2: it right, But you couldn't have it without AI. We 198 00:10:21,559 --> 00:10:23,880 Speaker 2: didn't have we would not have the entertainment industry. In fact, 199 00:10:23,880 --> 00:10:27,080 Speaker 2: you wouldn't have the podcast without electricity, right. It's enabler 200 00:10:27,280 --> 00:10:29,480 Speaker 2: that's not creating your podcast, but you can't do it 201 00:10:29,520 --> 00:10:31,880 Speaker 2: without it. And so there's the sort of things that's 202 00:10:32,000 --> 00:10:35,600 Speaker 2: more where I can't tell you where what part of 203 00:10:35,640 --> 00:10:38,360 Speaker 2: the of the global economy those will come from. And 204 00:10:38,360 --> 00:10:40,880 Speaker 2: that's more of the to be determined part of AI. 205 00:10:41,679 --> 00:10:43,720 Speaker 1: Okay, we are around of time. But you mentioned before 206 00:10:44,360 --> 00:10:46,400 Speaker 1: I'm going to say globalization, but you actually call it 207 00:10:46,440 --> 00:10:50,800 Speaker 1: fragmentization or the potential for fragmentization. What are the prospects 208 00:10:50,800 --> 00:10:53,320 Speaker 1: of that? Pix An economy like Australia, where we rely 209 00:10:53,440 --> 00:10:59,080 Speaker 1: heavily on exports, particularly of resources. Globalization really matters to us. 210 00:10:59,400 --> 00:11:01,840 Speaker 1: What are the what's the prognosis for globalization? 211 00:11:02,360 --> 00:11:04,160 Speaker 2: Well, I think when you study history and what our 212 00:11:04,200 --> 00:11:07,120 Speaker 2: baseline is Sean, is that you actually see greater change 213 00:11:07,120 --> 00:11:10,199 Speaker 2: in trade partners even though globalization as a pattern will 214 00:11:10,200 --> 00:11:12,800 Speaker 2: still go up. So we're seeing this already and you 215 00:11:12,840 --> 00:11:16,520 Speaker 2: see some of the to be blunt, the picking of sides, 216 00:11:16,600 --> 00:11:18,560 Speaker 2: not that I make it one of sides, but so 217 00:11:18,640 --> 00:11:20,520 Speaker 2: I think you definitely we've seen this through our course 218 00:11:20,559 --> 00:11:24,640 Speaker 2: of history, that trade patterns change, but the absolute pattern 219 00:11:24,679 --> 00:11:27,160 Speaker 2: of growth of trade can go up, and I think 220 00:11:27,160 --> 00:11:29,720 Speaker 2: that's what more likely we will see. And you see 221 00:11:29,720 --> 00:11:32,079 Speaker 2: that in supply chain dynamics. But that does not mean 222 00:11:32,120 --> 00:11:34,199 Speaker 2: that trade is going to take a step back. I 223 00:11:34,200 --> 00:11:37,640 Speaker 2: think that's unrealistic to expect, given the depth of supply 224 00:11:37,720 --> 00:11:38,480 Speaker 2: chains around the world. 225 00:11:39,160 --> 00:11:41,320 Speaker 1: I thank you for talking to Fear and Greed. Thanks 226 00:11:41,320 --> 00:11:45,040 Speaker 1: for having me as Joe Davis, Global Chief Economist at Vanguard. 227 00:11:45,080 --> 00:11:47,360 Speaker 1: This is the Fear and Great Business Interview. Join us 228 00:11:47,400 --> 00:11:49,560 Speaker 1: every morning for the full episode of Fear and Greed 229 00:11:49,920 --> 00:11:52,360 Speaker 1: Daily Business DearS for people who make their own decisions. 230 00:11:52,400 --> 00:11:58,640 Speaker 1: I'm Sean Elmer. I'm enjoying your day.