1 00:00:03,930 --> 00:00:07,560 Sean Aylmer: Welcome to the Fear and Greed daily interview. I'm Sean Aylmer. Earnings 2 00:00:07,620 --> 00:00:10,110 Sean Aylmer: season in the US is always an exciting time for 3 00:00:10,110 --> 00:00:13,049 Sean Aylmer: investors. Some of the biggest companies in the world report 4 00:00:13,050 --> 00:00:15,720 Sean Aylmer: their results. And often, there are quite a few surprises. 5 00:00:16,079 --> 00:00:17,670 Sean Aylmer: I wanted to get an update on where we're up 6 00:00:17,670 --> 00:00:20,400 Sean Aylmer: to and what's still to come. Remember, this is general 7 00:00:20,400 --> 00:00:23,940 Sean Aylmer: information only, and you should get professional advice before making 8 00:00:23,940 --> 00:00:27,000 Sean Aylmer: an investment decision. Josh Gilbert is a market analyst at 9 00:00:27,000 --> 00:00:30,630 Sean Aylmer: social investment network, eToro. Josh, welcome to fear and greed. 10 00:00:30,870 --> 00:00:32,339 Josh Gilbert: Thanks for having me, Sean. Pleasure to be here. 11 00:00:32,490 --> 00:00:34,979 Sean Aylmer: One thing about the last couple of years, Australians can 12 00:00:34,979 --> 00:00:38,880 Sean Aylmer: now invest overseas and particularly into Wall Street, much easier 13 00:00:38,880 --> 00:00:41,460 Sean Aylmer: than ever before. And I remember a couple of months 14 00:00:41,460 --> 00:00:44,130 Sean Aylmer: ago there was a report that went through the companies 15 00:00:44,130 --> 00:00:46,890 Sean Aylmer: that Australians invest in. And the two that really stood out, 16 00:00:46,890 --> 00:00:50,460 Sean Aylmer: which I'd like to start with were Apple and Tesla. 17 00:00:50,880 --> 00:00:52,890 Sean Aylmer: How are those two going? Let's start with Apple. 18 00:00:53,190 --> 00:00:56,340 Josh Gilbert: Yeah, well, Apple look, I mean, given everything that happened in the 19 00:00:56,340 --> 00:00:58,260 Josh Gilbert: last two and a half years, you've got to take 20 00:00:58,470 --> 00:01:02,400 Josh Gilbert: your hat off to Apple and Tim Cook. Especially the 21 00:01:02,400 --> 00:01:04,830 Josh Gilbert: earnings that have just come out. I was heading into this 22 00:01:04,830 --> 00:01:07,470 Josh Gilbert: report pretty pessimistic, given the lockdowns that we've had in 23 00:01:07,470 --> 00:01:10,169 Josh Gilbert: China, but Apple have showed me that you shouldn't do 24 00:01:10,170 --> 00:01:13,500 Josh Gilbert: that. It was a healthy earnings report in a challenging 25 00:01:13,500 --> 00:01:16,650 Josh Gilbert: environment. Especially as I say, when China was in lockdown 26 00:01:16,650 --> 00:01:19,980 Josh Gilbert: for pretty much most of Q2, iPhone revenue came in 27 00:01:20,160 --> 00:01:23,010 Josh Gilbert: better than expected. And this was coming after they had 28 00:01:23,010 --> 00:01:25,710 Josh Gilbert: said that they would expect some softness in this quarter. 29 00:01:26,010 --> 00:01:29,459 Josh Gilbert: But again, they continue to deliver, they see revenues accelerating 30 00:01:29,459 --> 00:01:31,680 Josh Gilbert: next quarter. I think that says to me that we're 31 00:01:31,680 --> 00:01:35,039 Josh Gilbert: likely to see some new releases in the short term, 32 00:01:35,040 --> 00:01:38,339 Josh Gilbert: probably a new iPhone and products in the next couple 33 00:01:38,340 --> 00:01:42,000 Josh Gilbert: of months. The only real effect that China actually had 34 00:01:42,060 --> 00:01:44,130 Josh Gilbert: on Apple was on its Mac. It meant that it 35 00:01:44,130 --> 00:01:46,770 Josh Gilbert: can produce new units. And that actually, that's where we 36 00:01:47,100 --> 00:01:49,530 Josh Gilbert: saw a bit of revenue growth. But ultimately, Apple just 37 00:01:49,530 --> 00:01:51,420 Josh Gilbert: continues to show us why it's one of the most 38 00:01:51,420 --> 00:01:56,610 Josh Gilbert: popular stocks amongst retail investors, because they continued to deliver amid 39 00:01:57,060 --> 00:01:59,430 Josh Gilbert: all the adversity its faced. And I guess you could 40 00:01:59,430 --> 00:02:02,550 Josh Gilbert: say the exact same for Tesla really. Both had the 41 00:02:02,790 --> 00:02:06,330 Josh Gilbert: issues with China. I think it affected Tesla more in 42 00:02:06,330 --> 00:02:09,630 Josh Gilbert: terms of deliveries. It was their first drop in deliveries 43 00:02:09,630 --> 00:02:12,630 Josh Gilbert: for a number of years. And that was all due 44 00:02:12,630 --> 00:02:16,230 Josh Gilbert: to ultimately, the lockdowns in China. And something that was ultimately 45 00:02:16,320 --> 00:02:18,630 Josh Gilbert: out of Elon Musk's hands. He couldn't really do a 46 00:02:18,630 --> 00:02:21,450 Josh Gilbert: lot about those shutdowns in China, but ultimately, he's come 47 00:02:21,450 --> 00:02:25,170 Josh Gilbert: out fighting. He announced in the latest earnings report, June 48 00:02:25,230 --> 00:02:28,080 Josh Gilbert: was the highest month for production they've ever had. And 49 00:02:28,080 --> 00:02:29,940 Josh Gilbert: I think Tesla and Musk, I think he just seems 50 00:02:29,940 --> 00:02:31,710 Josh Gilbert: to thrive in the face of adversity. 51 00:02:31,740 --> 00:02:32,220 Sean Aylmer: He does. 52 00:02:32,550 --> 00:02:35,730 Josh Gilbert: Yeah. You give him a challenge and he'll almost certainly 53 00:02:36,000 --> 00:02:39,419 Josh Gilbert: conquer it. For me, I think that they kept profits. 54 00:02:39,419 --> 00:02:42,780 Josh Gilbert: They kept margins up. They were both above expectations and 55 00:02:42,780 --> 00:02:45,600 Josh Gilbert: that's only impressive mid a quarter, when we had weaker 56 00:02:45,600 --> 00:02:47,730 Josh Gilbert: deliveries. I think the second half of the year is 57 00:02:47,730 --> 00:02:50,760 Josh Gilbert: going to be really interesting. Musk's obviously facing the difficulties 58 00:02:51,000 --> 00:02:52,770 Josh Gilbert: that he's got with Twitter at the moment as well 59 00:02:52,770 --> 00:02:55,590 Josh Gilbert: with the court case. And he's also said that Tesla 60 00:02:55,590 --> 00:02:58,020 Josh Gilbert: deliveries, they're going to be up by 50%. He's stuck 61 00:02:58,020 --> 00:03:00,030 Josh Gilbert: to that. He's not changed from it. And that could 62 00:03:00,030 --> 00:03:01,860 Josh Gilbert: see us a record second half of the year for 63 00:03:01,860 --> 00:03:05,220 Josh Gilbert: Tesla. It's definitely going to be an interesting second half. 64 00:03:05,220 --> 00:03:08,910 Josh Gilbert: But ultimately, I think Musk saying that we're going to 65 00:03:08,910 --> 00:03:12,840 Josh Gilbert: stay at 50%, that speaks to the accelerating transition that 66 00:03:12,840 --> 00:03:15,810 Josh Gilbert: we're seeing towards electric vehicles. And ultimately, the long term 67 00:03:15,810 --> 00:03:17,190 Josh Gilbert: opportunity that it represents. 68 00:03:17,460 --> 00:03:19,230 Sean Aylmer: Okay. They're the two big ones for a lot of Australian 69 00:03:19,620 --> 00:03:21,780 Sean Aylmer: investors. Going into the season, there was a lot of 70 00:03:21,780 --> 00:03:24,210 Sean Aylmer: talk about digital advertising and whether that was coming off 71 00:03:24,210 --> 00:03:27,900 Sean Aylmer: the boil and how that would affect companies from Snap 72 00:03:27,900 --> 00:03:31,200 Sean Aylmer: through to Meta, et cetera. What's happened there? Has digital 73 00:03:31,200 --> 00:03:33,030 Sean Aylmer: advertising come off the boil for those guys. 74 00:03:33,780 --> 00:03:37,140 Josh Gilbert: Absolutely. Yeah. And it's affected them across the board a 75 00:03:37,140 --> 00:03:40,170 Josh Gilbert: bit differently, but the smaller names, especially Snap and Twitter, 76 00:03:40,500 --> 00:03:43,560 Josh Gilbert: they've really felt that full effect. And I think we're 77 00:03:43,560 --> 00:03:47,520 Josh Gilbert: in this environment where they're all competing for marketing dollars. 78 00:03:47,730 --> 00:03:51,210 Josh Gilbert: Especially when you've got TikTok, that's probably flying at the 79 00:03:51,210 --> 00:03:54,480 Josh Gilbert: moment. It's where all the younger users are going. I 80 00:03:54,480 --> 00:03:58,170 Josh Gilbert: think YouTube and Google are probably in behind that, competing. 81 00:03:58,170 --> 00:04:00,810 Josh Gilbert: And then obviously, Facebook is probably in there as well. 82 00:04:00,810 --> 00:04:03,600 Josh Gilbert: But ultimately, Twitter and Snapchat have felt the full effect. 83 00:04:03,600 --> 00:04:07,650 Josh Gilbert: And I was disappointed with Twitter, mainly because they blamed 84 00:04:07,650 --> 00:04:11,340 Josh Gilbert: a lot of what their results on was Musk. That 85 00:04:11,340 --> 00:04:13,500 Josh Gilbert: the whole saga around that. But for me, that's no 86 00:04:13,500 --> 00:04:15,750 Josh Gilbert: real excuse to deliver. If anything, I felt it should 87 00:04:15,750 --> 00:04:18,270 Josh Gilbert: have brought the spotlight on the platform. We actually saw 88 00:04:18,270 --> 00:04:21,000 Josh Gilbert: an increase from retail investors in Q2. It was the 89 00:04:21,000 --> 00:04:26,550 Josh Gilbert: biggest increase amongst eToro investors, jump about 197% in Q2 90 00:04:26,550 --> 00:04:27,210 Josh Gilbert: in ownership. 91 00:04:27,960 --> 00:04:28,020 Sean Aylmer: Wow. 92 00:04:28,020 --> 00:04:29,880 Josh Gilbert: There was a lot of retail interest behind it as 93 00:04:29,880 --> 00:04:32,729 Josh Gilbert: well. I felt that they could have delivered a bit more. 94 00:04:33,000 --> 00:04:36,750 Josh Gilbert: Snap, look, for me, they really haven't got much direction 95 00:04:36,750 --> 00:04:39,659 Josh Gilbert: at the moment, listening to the earnings call that was. 96 00:04:40,140 --> 00:04:42,180 Josh Gilbert: They said that they're going to improve when the macro 97 00:04:42,240 --> 00:04:45,270 Josh Gilbert: picture picks up, but that just tells me that they 98 00:04:45,270 --> 00:04:48,690 Josh Gilbert: haven't got an answer in the short term when other 99 00:04:48,690 --> 00:04:52,049 Josh Gilbert: business are seemingly managing the environment well. And when I 100 00:04:52,050 --> 00:04:56,010 Josh Gilbert: say that, I point towards Alphabet, their revenue was really 101 00:04:56,010 --> 00:04:59,430 Josh Gilbert: strong. But I guess the biggest disappointment was obviously Meta. 102 00:04:59,760 --> 00:05:02,640 Josh Gilbert: It just doesn't seem to be getting much better for investors. 103 00:05:02,640 --> 00:05:06,270 Sean Aylmer: Right. Meta being the owner of Facebook, of course. Alphabet 104 00:05:06,270 --> 00:05:07,409 Sean Aylmer: being the owner of Google. 105 00:05:07,920 --> 00:05:12,300 Josh Gilbert: Absolutely. Year over year, revenue growth was negative. And that's the first 106 00:05:12,300 --> 00:05:13,590 Josh Gilbert: time it's ever seen that. 107 00:05:13,890 --> 00:05:14,370 Sean Aylmer: In Meta. 108 00:05:14,850 --> 00:05:18,150 Josh Gilbert: Yeah, yeah. For Meta. Yeah. It just shows the struggles 109 00:05:18,150 --> 00:05:22,440 Josh Gilbert: that they're really facing. And amid time when it's revenue 110 00:05:22,440 --> 00:05:26,400 Josh Gilbert: stream is struggling, which is obviously advertising. It's really obviously 111 00:05:26,400 --> 00:05:29,490 Josh Gilbert: trying to push itself into the Metaverse. It launched that 112 00:05:29,490 --> 00:05:31,679 Josh Gilbert: big push, obviously with the name change as well to 113 00:05:31,680 --> 00:05:34,770 Josh Gilbert: Meta. That segment of the business, which is called Reality 114 00:05:34,770 --> 00:05:38,820 Josh Gilbert: Labs, lost around $ 3 billion in the quarter. And then 115 00:05:38,820 --> 00:05:42,299 Josh Gilbert: we had total operating expenses grew by about 35%. Look, 116 00:05:42,300 --> 00:05:46,440 Josh Gilbert: I mean, the Metaverse push is great. And it's innovative, 117 00:05:46,440 --> 00:05:48,479 Josh Gilbert: it speaks to the future, but it's going to take 118 00:05:48,480 --> 00:05:50,909 Josh Gilbert: years to pay off. It already tried to launch its 119 00:05:50,910 --> 00:05:53,940 Josh Gilbert: own currency with when crypto took off a couple of 120 00:05:53,940 --> 00:05:56,880 Josh Gilbert: years ago. That didn't work. I just think they've got 121 00:05:56,880 --> 00:05:59,729 Josh Gilbert: to focus on user attention in the short term. And 122 00:05:59,760 --> 00:06:02,520 Josh Gilbert: it just doesn't seem like they're doing that. And until 123 00:06:02,520 --> 00:06:05,820 Josh Gilbert: they really get back to growing numbers again and seeing 124 00:06:05,820 --> 00:06:08,460 Josh Gilbert: advertising budgets come back through, I think it's going to 125 00:06:08,460 --> 00:06:10,170 Josh Gilbert: be a struggle, and an uphill struggle at that. 126 00:06:10,770 --> 00:06:12,779 Sean Aylmer: Stay with me, Josh. We'll be back in a minute. 127 00:06:19,350 --> 00:06:23,130 Sean Aylmer: I'm speaking to Josh Gilbert market analyst at social investment network, 128 00:06:23,190 --> 00:06:27,330 Sean Aylmer: eToro. Do you think, it's interesting we talk about the 129 00:06:27,330 --> 00:06:31,679 Sean Aylmer: maturation, I suppose, of Snapchat and Facebook and some of 130 00:06:31,680 --> 00:06:35,070 Sean Aylmer: those platforms. You still have Apple and Microsoft, we should 131 00:06:35,070 --> 00:06:40,110 Sean Aylmer: have thrown in there. Their behemoths and they're very solid, but there 132 00:06:40,680 --> 00:06:45,270 Sean Aylmer: just seems to be so much competition amongst that next 133 00:06:45,270 --> 00:06:48,870 Sean Aylmer: group. Is that fair to say that some of those 134 00:06:48,870 --> 00:06:51,900 Sean Aylmer: names that we've lived with for so long are just 135 00:06:52,470 --> 00:06:53,430 Sean Aylmer: showing their age? 136 00:06:54,390 --> 00:06:57,810 Josh Gilbert: Yeah. I mean, look, as you said, they're behemoths. And 137 00:06:58,050 --> 00:07:01,290 Josh Gilbert: if we look towards Microsoft, you look towards Alphabet and Google. 138 00:07:01,529 --> 00:07:05,040 Josh Gilbert: These guys are sitting on over $ 120 billion worth of 139 00:07:05,040 --> 00:07:08,700 Josh Gilbert: cash at this moment in time. And so, if you're going 140 00:07:08,700 --> 00:07:11,160 Josh Gilbert: to be adding tech to your portfolio, or if you 141 00:07:11,160 --> 00:07:14,970 Josh Gilbert: already own tech, you're going to want to see those 142 00:07:14,970 --> 00:07:18,420 Josh Gilbert: names on that list. Especially in an environment where investor, 143 00:07:18,570 --> 00:07:21,930 Josh Gilbert: as they're adding defensive assets to their portfolio right now. 144 00:07:22,080 --> 00:07:23,760 Josh Gilbert: They're probably not going to be adding tech, but if 145 00:07:23,760 --> 00:07:26,310 Josh Gilbert: you already own it and you might want to, those 146 00:07:26,310 --> 00:07:27,480 Josh Gilbert: are the names you're going to be looking at. But 147 00:07:27,480 --> 00:07:31,050 Josh Gilbert: I just think Amazon, they've reported obviously in the last 148 00:07:31,320 --> 00:07:34,110 Josh Gilbert: few days. And I think ultimately with that, you look at 149 00:07:34,740 --> 00:07:38,400 Josh Gilbert: just the sheer size of their business, everything from healthcare, 150 00:07:38,400 --> 00:07:42,000 Josh Gilbert: to sales, to TV. Everything that they're offering at the 151 00:07:42,000 --> 00:07:44,760 Josh Gilbert: moment, it just shows the sheer power that they have 152 00:07:45,060 --> 00:07:48,150 Josh Gilbert: over just anything in the US. And Apple have slowed 153 00:07:48,150 --> 00:07:50,790 Josh Gilbert: down a little bit of their M& A activity, but 154 00:07:50,790 --> 00:07:52,800 Josh Gilbert: they expect that to pick up in the second half 155 00:07:52,800 --> 00:07:55,470 Josh Gilbert: of the year as well. It's just a struggle for 156 00:07:55,470 --> 00:07:58,830 Josh Gilbert: those smaller names in this environment. When you've got names 157 00:07:58,830 --> 00:08:01,410 Josh Gilbert: that work, we talk about Alphabet, Google, I don't know 158 00:08:01,410 --> 00:08:05,070 Josh Gilbert: anyone that doesn't use Google. As an advertiser, if you're 159 00:08:05,070 --> 00:08:07,050 Josh Gilbert: going to be prudent with your budget, you're going to 160 00:08:07,050 --> 00:08:08,610 Josh Gilbert: go to a name that you know that works. 161 00:08:08,760 --> 00:08:11,490 Sean Aylmer: Yeah. I just quickly want to mention Netflix too, because it 162 00:08:11,490 --> 00:08:14,760 Sean Aylmer: has had a horror run. Though it's earnings this time 163 00:08:14,760 --> 00:08:17,280 Sean Aylmer: round, there was some signs of light at the end 164 00:08:17,280 --> 00:08:17,730 Sean Aylmer: of the tunnel. 165 00:08:17,940 --> 00:08:21,480 Josh Gilbert: Exactly that. It was pretty much damaged limitations. And yeah, 166 00:08:21,480 --> 00:08:23,820 Josh Gilbert: as you say, it's been a tough run. It's actually 167 00:08:23,820 --> 00:08:27,420 Josh Gilbert: the worst performing stock in the SMP 500 this year. And as 168 00:08:27,420 --> 00:08:30,000 Josh Gilbert: I say, it was bad, but it was damaged limitations. 169 00:08:30,000 --> 00:08:32,370 Josh Gilbert: It was better than feared. It was expected to lose 170 00:08:32,370 --> 00:08:36,510 Josh Gilbert: 2 million subscribers. It only lost 970,000 subscribers. 171 00:08:37,140 --> 00:08:38,820 Sean Aylmer: Whew. Only 970, 000. Thank God. 172 00:08:38,820 --> 00:08:43,590 Josh Gilbert: Exactly. Yeah. And I just don't think in this environment, consumers are 173 00:08:43,679 --> 00:08:45,840 Josh Gilbert: going to be looking at Netflix and going, " Right. I 174 00:08:45,840 --> 00:08:48,510 Josh Gilbert: think that's what we need to add right now." Especially 175 00:08:48,510 --> 00:08:51,630 Josh Gilbert: with the cost of living, inflation going up, I just don't 176 00:08:51,630 --> 00:08:54,270 Josh Gilbert: think it's on the list of necessities right now. But 177 00:08:54,270 --> 00:08:55,890 Josh Gilbert: as you say, that there was a glimmer of hope. 178 00:08:56,370 --> 00:09:00,570 Josh Gilbert: They did project that they would add subscribers in Q3 and 179 00:09:00,570 --> 00:09:04,559 Josh Gilbert: Q4. It's obviously cracking down on password sharing. It's hoping 180 00:09:04,559 --> 00:09:07,559 Josh Gilbert: to obviously bring through advertising models, which should hopefully start 181 00:09:07,559 --> 00:09:11,280 Josh Gilbert: to sign through. Look, I'm not 100% convinced it will 182 00:09:11,670 --> 00:09:15,569 Josh Gilbert: be enough, but it's certainly possible to turn its fortunes 183 00:09:15,570 --> 00:09:18,600 Josh Gilbert: around. I mean, Asia- Pacific was actually Netflix's bright spot. 184 00:09:18,660 --> 00:09:22,109 Josh Gilbert: It gained over a million subscribers in the quarter and 185 00:09:22,110 --> 00:09:25,440 Josh Gilbert: it was the highest region by growth, by an absolute 186 00:09:25,440 --> 00:09:27,929 Josh Gilbert: clear margin. And I think what that tells me is 187 00:09:27,929 --> 00:09:30,480 Josh Gilbert: that actually, one hit can be a big turning point. 188 00:09:30,690 --> 00:09:34,230 Josh Gilbert: Squid Game was one of the biggest shows that Netflix 189 00:09:34,230 --> 00:09:38,280 Josh Gilbert: has ever had. And that's only attracted a huge number 190 00:09:38,280 --> 00:09:41,220 Josh Gilbert: of users from this Asia- Pacific region. They had Stranger 191 00:09:41,220 --> 00:09:44,490 Josh Gilbert: Things within the last quarter that actually was the reason 192 00:09:44,490 --> 00:09:47,550 Josh Gilbert: they beat expectations as well. Content is going to be 193 00:09:47,550 --> 00:09:49,469 Josh Gilbert: key, but that's only going to come at a cost. 194 00:09:49,470 --> 00:09:52,229 Josh Gilbert: And when you're going up against the likes of Disney 195 00:09:52,230 --> 00:09:54,480 Josh Gilbert: and Amazon, it's going to be a real battle. 196 00:09:55,110 --> 00:09:57,510 Sean Aylmer: We're running out of time, but I can't let you go without 197 00:09:57,510 --> 00:09:59,550 Sean Aylmer: discussing cryptos because I know you're a bit of an 198 00:09:59,550 --> 00:10:04,260 Sean Aylmer: expert, Josh, in crypto investing. Pretty rough run for the 199 00:10:04,260 --> 00:10:04,980 Sean Aylmer: last few months. 200 00:10:05,760 --> 00:10:09,689 Josh Gilbert: Yeah, absolutely. It's been a really difficult time. And unfortunately 201 00:10:09,690 --> 00:10:14,429 Josh Gilbert: in that instance, Bitcoin and crypto assets have been the victim 202 00:10:14,429 --> 00:10:18,449 Josh Gilbert: of their own success. They've had this huge institutionalization, a 203 00:10:18,450 --> 00:10:21,750 Josh Gilbert: huge interest from institutions. And ultimately, what that's meant is that 204 00:10:21,990 --> 00:10:26,160 Josh Gilbert: the asset classes has ultimately become very highly correlated with 205 00:10:26,160 --> 00:10:30,329 Josh Gilbert: equity. When we are seeing institutions sell tech stocks or 206 00:10:30,330 --> 00:10:34,530 Josh Gilbert: sell the NASDAQ, ultimately they're selling Bitcoin and other crypto 207 00:10:34,530 --> 00:10:37,350 Josh Gilbert: assets as they would any other risk assets. And that's 208 00:10:37,350 --> 00:10:40,709 Josh Gilbert: why we've ultimately seen it move in tandem. And that's 209 00:10:40,710 --> 00:10:42,450 Josh Gilbert: also why we've seen a bit of relief over the 210 00:10:42,450 --> 00:10:45,480 Josh Gilbert: last few days as well. Again, we've had a bit 211 00:10:45,480 --> 00:10:47,370 Josh Gilbert: of relief from equities. We've had a little bit of 212 00:10:47,370 --> 00:10:50,550 Josh Gilbert: relief from crypto. My view is that we are probably not 213 00:10:50,550 --> 00:10:53,610 Josh Gilbert: out of the woods just yet. I think that right 214 00:10:53,610 --> 00:10:57,150 Josh Gilbert: now, sentiment is better. We're starting to see volumes coming 215 00:10:57,150 --> 00:11:00,390 Josh Gilbert: back in. We obviously need to wait and see to 216 00:11:00,780 --> 00:11:04,230 Josh Gilbert: how inflation comes through, especially in the US. It's the 217 00:11:04,230 --> 00:11:08,250 Josh Gilbert: most important number in markets right now. Jerome Powell alluded 218 00:11:08,250 --> 00:11:12,569 Josh Gilbert: to the fact that inflation is potentially peaking. It has 219 00:11:12,570 --> 00:11:14,819 Josh Gilbert: peaked potentially, but we're going to have to wait to 220 00:11:14,820 --> 00:11:17,880 Josh Gilbert: see how that plays out. Risks are still there. Obviously, 221 00:11:17,880 --> 00:11:20,910 Josh Gilbert: we had us GDP data as well, which was negative 222 00:11:20,910 --> 00:11:23,640 Josh Gilbert: again. Markets have had plenty of surprises this year. I 223 00:11:23,640 --> 00:11:27,720 Josh Gilbert: don't expect that we've seen them all, but fundamentally, we 224 00:11:27,720 --> 00:11:31,200 Josh Gilbert: are still continuing to move forward with the space. Developments 225 00:11:31,200 --> 00:11:35,309 Josh Gilbert: are still happening, whether that's use cases, regulations, that's all 226 00:11:35,309 --> 00:11:38,220 Josh Gilbert: still moving forward. And I think this is ultimately going 227 00:11:38,220 --> 00:11:40,380 Josh Gilbert: to be one of the major reasons that we are 228 00:11:40,380 --> 00:11:43,200 Josh Gilbert: in a better place with crypto when the next upturn does 229 00:11:43,890 --> 00:11:44,370 Josh Gilbert: come through. 230 00:11:44,790 --> 00:11:46,560 Sean Aylmer: Josh, thank you for talking to Fear and Greed. 231 00:11:47,070 --> 00:11:48,090 Josh Gilbert: No, thank you for having me, Sean. 232 00:11:48,480 --> 00:11:51,689 Sean Aylmer: That was Josh Gilbert, market analyst at social investment network, 233 00:11:51,720 --> 00:11:54,780 Sean Aylmer: eToro. This is the Fear and Greed daily interview. Remember, 234 00:11:54,780 --> 00:11:57,420 Sean Aylmer: this information is general in nature, and you should seek 235 00:11:57,420 --> 00:12:01,260 Sean Aylmer: professional advice before making any investment decisions. Join us every 236 00:12:01,260 --> 00:12:04,320 Sean Aylmer: morning for a full episode of Fear and Greed, Australia's most popular 237 00:12:04,320 --> 00:12:06,960 Sean Aylmer: business podcast. I'm Sean Aylmer. Enjoy your day.