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Speaker 1: The Reserve Bank has worried that a pickup in economic

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Speaker 1: growth could undermine efforts to reduce inflation. Joe Biden and

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Speaker 1: Kamala Harris get hero receptions at the Democratic National Convention,

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Speaker 1: and the vintage car market crashes. 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 is Wednesday, the twenty first of August twenty twenty four.

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Speaker 1: I'm Michael Thompson, and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Seawan.

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Speaker 1: The main story this morning, a forecast pickup in economic

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Speaker 1: growth has increased the risk that inflation could become entrenched,

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Speaker 1: meaning that interest rates will need to stay higher for longer.

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Speaker 1: This is all according to, of course, the minutes of

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Speaker 1: the Reserve Bank's latest board meeting.

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Speaker 2: Yes, so the minutes weren't supposed to surprise anyone, but

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Speaker 2: they came out yesterday and people really were a little

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Speaker 2: shocked about how serious the Reserve Bank is taking the

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Speaker 2: threat of this longer growth. The minutes say the Central

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Speaker 2: Bank Board considered lifting the cash rate to four point

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Speaker 2: six percent from four point three five percent at its

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Speaker 2: August five to six meeting, fearing the economy is still

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Speaker 2: too hot and inflation is no longer falling as rapidly

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Speaker 2: as before and only said. The minutes show that the

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Speaker 2: Reserve Bank is even more concerned about higher inflation than

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Speaker 2: previously thought. While the Reserve Bank Board ultimately kept the

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Speaker 2: cash rate on hold at four point three five percent

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Speaker 2: in August, the minutes show the board judged this would

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Speaker 2: only be possible if the Central Bank committed to keeping

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Speaker 2: higher interest rates in place until next year. Now remember

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Speaker 2: after the decision that Governor Michelle Bullock effectively ruled out

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Speaker 2: cutting rates before Christmas at the post board meeting press conference.

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Speaker 2: The comments were very much in contrast to bond market

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Speaker 2: pricing that had a rate cut embedded for later this year.

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Speaker 2: The Reserve Bank said it is concerned about the enduring

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Speaker 2: strength of the economy and a looming increase in economic growth,

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Speaker 2: which it expects to hit an anual rate of two

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Speaker 2: point six percent by the middle of the next year,

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Speaker 2: up justable one percent presently. According to a report in

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Speaker 2: the Financial Review, the Bank's saying that while household spending

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Speaker 2: growth has these sharply since the Bank started raising rates

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Speaker 2: back in May twenty twenty two, the Central Bank staff

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Speaker 2: expect household spending to pick up thanks to the Stage

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Speaker 2: three tax cuts. The outlook for government spending has also strengthened.

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Speaker 1: The minutes said, so Sean, we knew the Reserve Bank

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Speaker 1: was serious about inflation because it comes up after every meeting,

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Speaker 1: But the minutes suggests they are are really serious or

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Speaker 1: even perhaps worried that not enough has been done to

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Speaker 1: push the pace of price rises lower.

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Speaker 2: Yeah, that was really the surprise out of yesterday. A

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Speaker 2: few things came out of the minutes and sort of

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Speaker 2: you put them together with comments over the recent weeks,

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Speaker 2: you start to get the picture of what's going on

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Speaker 2: inside Martin Place. The Reserve just isn't sure of what's

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Speaker 2: going on. I suppose that's what's clear. The minutes yesterday

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Speaker 2: used the word uncertain thirteen times, and the Reserve being

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Speaker 2: bored to stress its decisions would evolve in line with data. Also,

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Speaker 2: the post board meeting announcement two weeks ago triggered a

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Speaker 2: bit of a fuerl al between the Central Bank and

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Speaker 2: the government, with commentators saying the Reserve Bank had inferred

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Speaker 2: that government spending was too strong to get inflation LOWA

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Speaker 2: Now on Friday, as Bullock said, public demand isn't the

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Speaker 2: main game at the moment. Having said that, there's plenty

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Speaker 2: else in those minutes and other commentary during the last

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Speaker 2: Fortnite or so to suggest that it's still part of

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Speaker 2: the game. The commentary in Board Minutes has helped the

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Speaker 2: Aussie dollar, which is training back above sixty seven US scents.

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Speaker 2: If you really want to watch what people think is

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Speaker 2: going to happen to interest rates relative to other economies,

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Speaker 2: watch the currency, and the Aussie dollar is back above

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Speaker 2: sixty seven YUS cents. Apart from brief periods in July

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Speaker 2: and around Christmas, the currency hasn't been at this level

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Speaker 2: in a couple of years.

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Speaker 1: Seaw, it's interesting you add into that then as well.

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Speaker 1: The comment by Deputy Governor Andrew Howser last week whereas

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Speaker 1: criticizing certain economic commentators for being too certain really or

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Speaker 1: too specific in their forecasts and this general theme of

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Speaker 1: uncertainty really just feels like that is what the Reserve

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Speaker 1: Bank is trying to ram home at the moment.

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Speaker 2: Yeah, one thing I would say, which is a little ironic,

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Speaker 2: Andrew Howse was talking about how uncertain it is and

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Speaker 2: the Reserve Bank's talking about it. Yet the bank then

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Speaker 2: comes out and says, so we're not going to do

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Speaker 2: anything till next year. Now, it got itself into all

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Speaker 2: sorts of trouble. When phil Those said interest rates won't

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Speaker 2: rise until twenty twenty four, this was early twenty twenty two,

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Speaker 2: and later that year they actually started lifting interest rates.

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Speaker 2: So the fact that they're now putting a time frame

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Speaker 2: on it is a little surprising. You would have thought

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Speaker 2: that they had their fingers burnt previously, but clearly they're

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Speaker 2: jumping back into the fire.

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Speaker 1: Yeah, we'd seem that way, wouldn't it all? Right? Local markets,

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Speaker 1: how do they perform? Yesterday?

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Speaker 2: Yes, and PASX two hundred finished up slightly to seven

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Speaker 2: nine hundred and ninety eight points, having earlier in the

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Speaker 2: day pushed through the eight thousand point barrier. Broadly, the

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Speaker 2: techtocs did well and the real estate companies did poorly,

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Speaker 2: though most of the big moves were earnings for a

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Speaker 2: Weistet Global, BHP, Force FU Medals were among the best performers.

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Speaker 2: Goodman Group, Aristocrat Leisure laggards. The big banks were mixed,

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Speaker 2: so too the big retailers plenty. Oh, look, I'd run

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Speaker 2: through a few of these smaller results will go through

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Speaker 2: some of the large ones. Later in the show, Rick

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Speaker 2: Call and Catman Do owner KMD Brands reported a slight

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Speaker 2: improvement in recent months, but sales for the full year

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Speaker 2: to July thirty one fell eleven percent across its brands.

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Speaker 2: Its share price they jumped seven percent on the news

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Speaker 2: that more recently sales have been a bit stronger. Plumbing

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Speaker 2: supplies group Reliance Worldwide Corporation was among the best on

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Speaker 2: the day, up nine percent after posting better than expected

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Speaker 2: results from its US operations. Retailer Baby Bunting jump nine

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Speaker 2: percent after saying sales at the start of this financial

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Speaker 2: year we're improving, and lender Judo Banks had small and

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Speaker 2: medium sized businesses, once resilient to high interest rates, are

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Speaker 2: starting to buckle as lower consumer and demand begins to bite.

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Speaker 2: Its share price jump more than ten percent yesterday. Finally,

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Speaker 2: tech company Appen came out and told the Stock Exchange

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Speaker 2: it has no explanation for its shares jumping fifty percent

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Speaker 2: in the past few sessions. Now Appened closed eight percent

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Speaker 2: high yesterday, more than fifty percent over the last five sessions,

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Speaker 2: one hundred and sixty percent since late last month. Appens

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Speaker 2: not sure why.

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Speaker 1: Very curious quick mention, Sean before we get to international

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Speaker 1: markets of the Fear and Greed newsletter just comes out

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Speaker 1: to I've got no idea why I'm mentioning it now?

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Speaker 2: Why not? Why not?

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Speaker 1: Indeed, you're excited about it. We ah, we get very

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Speaker 1: excited about this on a Wednesday, because the Fear and

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Speaker 1: Greed newsletter are some of your finest work. It is

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Speaker 1: some of the kind of the inner workings of the

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Speaker 1: mind of Sean Aylmer, which is a dark and dangerous

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Speaker 1: place at times. If you're head along to Fearangreed dot

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Speaker 1: com dot au, you can pop your email address in.

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Speaker 1: You will get the weekly newsletter when it comes out

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Speaker 1: mid morning. It's in a couple of hours time, mid

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Speaker 1: Wednesday morning, every week. Email address entirely free. There you go.

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Speaker 1: Just really went to dot points there, didn't I Sean,

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Speaker 1: We did go to dot points.

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Speaker 2: That's right. Plenty of interesting stuff. Talk a bit about

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Speaker 2: earnings today, a bit about the economy today, you know,

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Speaker 2: the US. We've had some really quirky stories in the

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Speaker 2: last week too. W should we talk about them too?

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Speaker 1: I look forward to this. Anyway, Back on track international markets,

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Speaker 1: what's happening?

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Speaker 2: Gold remains around twenty five hundred US dollars an ounce.

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Speaker 2: Now US Federal Reserve chair is your Own Power is

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Speaker 2: due to speak later in the week at the fed's

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Speaker 2: annual Jackson Hole Symposium. Much of the focus will be

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Speaker 2: on not just whether the Federal cut rates, because they will,

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Speaker 2: but how many times they might cut. Expectations of several

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Speaker 2: cuts has helped gold, Hence it's staying around that twenty

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Speaker 2: five hundred US dollars an ounce level. A little aside here, Michael,

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Speaker 2: A gold bar typically weighs about four hundred ounces, So

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Speaker 2: at twenty five hundred US dollars an ounce, a gold

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Speaker 2: bar is now worth a million dollars. There you go.

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Speaker 1: I'm glad you told me. I was there just trying

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Speaker 1: to figure this out quickly. For four hundred times two

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Speaker 1: and a half thousand, I wouldn't have hit million. You

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Speaker 1: would have, Michael, the things I should not admit in public,

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Speaker 1: please save me.

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Speaker 2: Go on oil prices, they remain relatively low at around

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Speaker 2: seventy eight US dollars a barrel. After there was some

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Speaker 2: promising signs that the Middle East crisis was de escalating.

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Speaker 2: Fingers crossed there.

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Speaker 1: And after the show Sean stick around, who got an

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Speaker 1: interview coming up with Rachel Wastell, personal finance expert at

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Speaker 1: financial comparison site MOSO.

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Speaker 2: Yes, it's a fascinating chat about what's happening in the

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Speaker 2: credit card industry and how the buy now, pay later

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Speaker 2: sector is kind of changing the dynamics of it. So

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Speaker 2: Mojoso has done some work. I think she was almost

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Speaker 2: two hundred credit cards they've looked at, and she talks

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Speaker 2: about fees and interest rates, kind of the best ones

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Speaker 2: to use for different people. But then also this role

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Speaker 2: that buy now, pay later is playing in the market.

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Speaker 2: It's a really interesting chat.

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Speaker 1: Yeah, sure is. It is coming up after the show,

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Speaker 1: so stick around for that one. We will be back

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Speaker 1: in a moment with the rest of the day's business news. Shawn.

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Speaker 1: Australian and Indonesian troops will be able to operate from

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Speaker 1: each other's countries under a new defense cooperation pact that's

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Speaker 1: been billed as the most significant agreement ever to be

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Speaker 1: reached between the two neighbors.

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Speaker 2: Not that we want I read it here. The treaty

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Speaker 2: level agreement final lies between Indonesia's Presidents elect Sibianto and

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Speaker 2: Defense Minister Richard Miles yesterday, will allow reciprocal access by

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Speaker 2: each country to the other's military facilities, delivering unprecedented joint

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Speaker 2: training opportunities. Hailed the very good agreement. That's what he

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Speaker 2: called it, very good, as he urged further Australian support

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Speaker 2: to boltstter the nation's economic security, develop its agricultural sector,

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Speaker 2: and fight Indo's serious problem with drugs and narcotics. According

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Speaker 2: to a report in The Australian Prime Minister Anthony Albernezi,

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Speaker 2: who hosted be soon to be counterpart at a meeting

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Speaker 2: with senior Australian ministers, said the agreement was a breakthrough

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Speaker 2: in the nation's lateral relationship.

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Speaker 1: I'm there calling it the most significant agreement ever, all

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Speaker 1: of the hyperbole in the world, and he describes it

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Speaker 1: as a very good agreement. It feels like he dialed

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Speaker 1: it back a little bit there, Sean. The share of

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Speaker 1: Australians enrolled to vote has reached a near record, with

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Speaker 1: pre election enrollment now at its highest level of all time.

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Speaker 2: This is good news. Official figures released by the Australian

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Speaker 2: Electoral Commission show ninety seven point nine percent of all

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Speaker 2: eligible Australians are enrolled to vote. That figure is higher

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Speaker 2: than the proportion leading into the previous federal election back

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Speaker 2: in twenty twenty two, it was ninety six point two percent.

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Speaker 2: Then an estimated ninety two point nine percent of Indigenous

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Speaker 2: Australians are now enrolled to vote, significantly higher than the

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Speaker 2: seventy nine point three percent leading into the last federal poll.

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Speaker 1: Property investor, developer and fund manager Dexis posted a one

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Speaker 1: point five to eight billion dollar loss for its twenty

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Speaker 1: twenty four financial year, deepening the previous year's loss after

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Speaker 1: recording huge devaluations across its portfolio.

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Speaker 2: Yes, some very big numbers in this one. In twenty

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Speaker 2: twenty three, Dexas's loss was seven hundred and fifty three

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Speaker 2: million dollars. The significant worsening in twenty twenty four reflects

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Speaker 2: higher interest rates triggering a reduction in the future value

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Speaker 2: of properties. The results sent Dexas's share price down nine percent.

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Speaker 2: If you exclude the changes in valuations. Dexas's funds from

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Speaker 2: operations was five hundred and sixteen million dollars, which was

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Speaker 2: about in line with guidance. The group warned that next

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Speaker 2: year's earnings would fall. Like many of the property groups,

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Speaker 2: Dexas has been transforming, trying to diversify its assets space,

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Speaker 2: pushing into other types of property, student housing, healthcare infrastructure.

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Speaker 2: It's also boosted its funds at management business, with co

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Speaker 2: investment with partners now a key strategy. For example, Dexas

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Speaker 2: is co investing with Atlasian for the technology group's new

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Speaker 2: headquarters in Sydney and so on.

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Speaker 1: There were some good news in the property sector. Vicinity,

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Speaker 1: which owns shopping centers including Chadsen in Melbourne and the

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Speaker 1: QVB in Sydney, said that occupancy rates are back to

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Speaker 1: their highest level since before the pandemic.

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Speaker 2: We should celebrate this, don't you reckon that.

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Speaker 1: Is actually that is significantly good news.

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Speaker 2: Surely it is, and it's coming Despite slowing sales amid

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Speaker 2: the cost of living crisis. The group's statutory profit more

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Speaker 2: than double to five hundred and forty seven million dollars,

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Speaker 2: and its share price ended up one percent yesterday. Chief

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Speaker 2: executive Peter Huddle said Vicinity was writing longer leasing deals

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Speaker 2: averaging three point six years, up from three point three years.

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Speaker 2: On the property front, capitalization rates, which a bit like

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Speaker 2: investment yields, we're showing signs of stabilizing, not falling anymore.

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Speaker 2: This strong leasing activity lifted Occupancy rates across Vicinity's fifty

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Speaker 2: seven assets worth twenty three point two billion to ninety

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Speaker 2: nine point three percent. That's the highest level since before

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Speaker 2: the pandemic. Occupancy at its CBD malls, including Imporium Melbourne

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Speaker 2: and the Queen Victoria Building in Sydney hit ninety nine

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Speaker 2: point six percent, which is actually higher than before the pandemic.

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Speaker 1: Sean medical glove and protective surgical suits maker Ansel, a

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Speaker 1: COVID nineteen favorite among investors, has cut almost ten percent

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Speaker 1: of its global workforce as many of its factories step

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Speaker 1: up the use of automation.

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Speaker 2: Chief executive Neil Salmon said there had been some cuts

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Speaker 2: from each one of its fourteen factories and there was

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Speaker 2: more cost cutting to come beyond the thirteen to thirty

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Speaker 2: people who were made redundant. The reductions are ninety percent complete,

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Speaker 2: he told the Australian Financial Review. Chairs in the Ansel

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Speaker 2: climbed nine percent, though it is more than twenty five

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Speaker 2: percent off its peak during the pandemic. Mister Salmon also

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Speaker 2: outlined that a glut of medical gloves and other ppe

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Speaker 2: that occurred in the COVID nineteen pandemic had been all

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Speaker 2: but whittled away except in small pockets of the market.

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Speaker 2: Mister Salmon said the job shedding, in part was the

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Speaker 2: result of the company playing catch up in bringing more

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Speaker 2: automation and robotics into its factories.

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Speaker 1: And one more Sean before we get to international news.

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Speaker 1: Coal miner Yan Coal is cashed up ready to buy

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Speaker 1: assets such as Anglo Americans Queensland coal mines.

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Speaker 2: The group made a half year profit of file one

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Speaker 2: hundred and twenty million dollars, but rather than pay out

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Speaker 2: a dividend as per usual, the board decided to hold

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Speaker 2: onto the money, lifting the group's cash balance to one

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Speaker 2: point five five billion dollars with no debt. Quite incredible.

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Speaker 2: The board made it clear it's looking for high quality

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Speaker 2: acquisition opportunities and alongside the lack of dividend, was the

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Speaker 2: main reason the Encol's share price tumbled fifteen percent yesterday.

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Speaker 2: Now jen Cole's constitution says that fifty percent of net

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Speaker 2: profit must be returned to shareholders as dividends every year,

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Speaker 2: but the directors have the right to rescind a dividend

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Speaker 2: if they feel the company's financial position no longer justifies it.

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Speaker 2: En Cole chief executive David malt has previously said he

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Speaker 2: wants to buy Asstes particularly high quality cocin coal mines

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Speaker 2: for steel making in Queensland. But it is quite drastic

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Speaker 2: to just dump the dividend totally, particularly when you have

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Speaker 2: so much cash on your balance sheet.

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Speaker 1: Indeed, now International News Sean. US President Joe Biden defended

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Speaker 1: his legacy in a really quite a lengthy valedictory speech

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Speaker 1: to the Democratic National Convention yesterday, saying his presidency reunited

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Speaker 1: the country after the divisiveness of the Trump years.

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Speaker 2: And mister Biden called on the convention to support Carmla

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Speaker 2: Harris as his successor, saying choosing her as his vice

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Speaker 2: president was and I quote the best decision I made

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Speaker 2: in my whole career end quote. According to report in

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Speaker 2: The Financial Times, mister Biden argued he had set the

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Speaker 2: country on a solid economic course and touted foreign policy successes,

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Speaker 2: especially the expansion of NATO and helped Ukraine against Russia's invasion.

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Speaker 2: His remarks came shortly after Miss Harris made a surprise

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Speaker 2: appearance at the convention hailing Biden's lifetime of service. The

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Speaker 2: convention came against a backdrop of protests in Chicago against

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Speaker 2: Biden's support for Israel in Gaza, with thousands of police

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Speaker 2: deployed on the streets and a white security court and

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Speaker 2: erected around the confident and spend you. Biden was due

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Speaker 2: to fly out of Chicago after his speech. He's going

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Speaker 2: to skip the rest of the convention. Very unusual for

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Speaker 2: that to happen for a sitting president. It will culminate

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Speaker 2: on Thursday, US time with Harris's formal nomination as the

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Speaker 2: Democratic presidential candidate. The big name speakers this week will

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Speaker 2: include former Presidents Barack Obama and Bill Clinton, and Harris's

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Speaker 2: running mate, Minnesota Governor Tim Walls.

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Speaker 1: Sean, I was watching the speeches yesterday, the live stream

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Speaker 1: of the convention, and I saw Joe Biden's daughter introduce him,

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Speaker 1: and she introduced him very well, and then the president

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Speaker 1: came out and they embraced and there was a lot

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Speaker 1: of tears. It was quite an emotional moment, really, and

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Speaker 1: then the standing ovation started and stop and on. Once

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Speaker 1: it got to two and a half minutes, I'm like, reckon,

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Speaker 1: I've got time to make a cup of tea. I

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Speaker 1: ducked out, came back and forgotten that I had turned

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Speaker 1: on the stream and so I was somedthing. I to

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Speaker 1: hear this voice coming out of my office. What's going on?

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Speaker 1: Someone's in there. It was Joe Biden in full flight,

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Speaker 1: and he was really he was really getting stuck in

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Speaker 1: he was, And you.

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Speaker 2: Know, you wonder. I think the fact that they've shifted

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Speaker 2: gears and gone for Krma Harris is a good thing.

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Speaker 2: But when you see Joe Biden yesterday, you kind of

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Speaker 2: understand what a forceful speaker he can be.

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Speaker 1: Yeah, yeah, indeed, So now it was a really interesting

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Speaker 1: speech watch. But my goodness, that was a very long Indeed, Sean,

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Speaker 1: I've been looking forward to this one. Higher interest rates

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Speaker 1: and the cost of living crisis is hitting one attractive

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Speaker 1: but somewhat expensive hobby vintage car collection.

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Speaker 2: Yes, we're in the middle of the vintage auction season

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Speaker 2: in the US and for the week ending Saturday, auction

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Speaker 2: sales were down eight percent from last year to three

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Speaker 2: hundred and thirty one million dollars. However, they were way

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Speaker 2: by the twenty twenty two bump, a year where sales

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Speaker 2: were four hundred and sixty nine million dollars. According to

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Speaker 2: Haggarty Ink. Now, I've got to tell you, I had

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Speaker 2: no idea It was auction season for vintage cars, but

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Speaker 2: actually gets quite interesting. Half of the vehicles failed to

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Speaker 2: realize their low price estimate. Not helping is there the

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Speaker 2: large number of vintage cars on the market at the moment.

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Speaker 2: The good news is that after auction deals are pushing

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Speaker 2: final sales higher. Now it just seems, according to report

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Speaker 2: on Bloomberg, that people aren't rushing to buy vintage cars anymore.

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Speaker 2: Of the top ten sales of the week six were

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Speaker 2: Ferraris that is undoubtedly number one brand. The top seller

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Speaker 2: among five auction houses was a nineteen sixty Ferrari two

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Speaker 2: fifty spider seventeen million US dollars including the buyer's premium.

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Speaker 2: South he sold that one. Not bad. It was better

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Speaker 2: than its low estimate of sixteen million dollars, so that

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Speaker 2: was good. The next best was a nine point thirty

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Speaker 2: eight Alpha Romeo that had actually been stolen and then recovered.

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Speaker 2: I think it was a spider as well. Well. No,

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Speaker 2: I don't know much about mintage cars, but why why

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Speaker 2: is Alpha Romeo and Ferro both got spiders. It went

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Speaker 2: for fourteen million dollars including foos Oh.

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Speaker 1: What a story. Fourteen million dollars for an Alpha gosh,

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Speaker 1: Alpha's nice cars, aren't they.

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Speaker 2: You just but you feel like you need to be

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Speaker 2: on a movie set to drive one. Yeah yeah, otherwise

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Speaker 2: everyone's just going to drive rang out. What a wanker,

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Speaker 2: And I'm like, yeah, that's me.

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Speaker 1: I've had two Alphas, Sean, thank you for that.

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Speaker 2: Oh was one of them in nineteen thirty eight.

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Speaker 1: No, no, no, but.

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Speaker 2: You'll find that. So I've driven Alphas, but the only

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Speaker 2: think about Alphas that I found really difficult was that

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Speaker 2: the pedals are always so close together. And if you've

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Speaker 2: got big clumsy feet like me, yeah, they're actually.

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Speaker 1: Quite hard to drive, Sean, clubfoot Alma, and that's it

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Speaker 1: bashing everything. Yeah, goodness, you've hurt my feelings now, Sean.

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Speaker 1: You effectively called me a wanker, which is actually fairly

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Speaker 1: consistent with what you do off air as well. Up

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Speaker 1: next is the Fear and Greed Daily interview with Rachel Wastell,

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Speaker 1: personal finance expert at financial comparison site MOSO. That is

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Speaker 1: quite a mouthful, Sean.

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Speaker 2: It sure is all about credit cards. They've looked at

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Speaker 2: almost two hundred credit cards, compared interest rates, fees, how

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Speaker 2: the buy now pay the latest sector impacts the credit

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Speaker 2: card sector. It's a great trip.

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Speaker 1: Yeah, it really is. It is up next to the

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Speaker 1: Fear and Greed playlist on your podcast platform or at

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Speaker 1: fearanngreed dot com dot au and also worth a listening.

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Speaker 1: Today is the new episode of How Do They Afford That,

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Speaker 1: which is out every Wednesday. Today's episode, Sean, it's all

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Speaker 1: about six side hustles that you may not have considered,

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Speaker 1: which is interesting, especially because I disagree with Canna on

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Speaker 1: one of them.

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Speaker 2: I disagree podcasting.

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Speaker 1: Oh the side hustle shot of things that you make

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Speaker 1: money from.

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Speaker 2: Good.

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Speaker 1: There you go anyway, check it out. It does get

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Speaker 1: a little bit heated in the studio. It's worth listeners

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Speaker 1: for that reason. Thank you very much, Sean.

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Speaker 2: Thank you, Michael.

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Speaker 1: It is Wednesday, the twenty first of August twenty twenty four.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael

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Speaker 1: Thompson and that was Fear and Greed. Have a great day.