1 00:00:03,870 --> 00:00:06,330 Sean Aylmer: Welcome to the Fear and Greed Business Interview. I'm Sean 2 00:00:06,330 --> 00:00:09,059 Sean Aylmer: Aylmer. Every few months we check in with Elise Kennedy 3 00:00:09,059 --> 00:00:11,760 Sean Aylmer: on the local tech sector to see what she likes, 4 00:00:11,880 --> 00:00:14,099 Sean Aylmer: what she doesn't like, and what investors should be thinking 5 00:00:14,099 --> 00:00:16,829 Sean Aylmer: about. Remember, this is general information only and you should 6 00:00:16,829 --> 00:00:20,280 Sean Aylmer: speak to a professional advisor before making investment decisions. Elise 7 00:00:20,280 --> 00:00:23,070 Sean Aylmer: Kennedy is head of technology research and director of equity 8 00:00:23,070 --> 00:00:25,860 Sean Aylmer: research at Jarden. Elise, welcome back to Fear and Greed. 9 00:00:26,220 --> 00:00:27,630 Elise Kennedy: Thanks as always for having me, Sean. 10 00:00:28,170 --> 00:00:30,929 Sean Aylmer: Now I will get onto the local sector shortly, but 11 00:00:30,929 --> 00:00:32,939 Sean Aylmer: I went away for four or five weeks. I went 12 00:00:32,940 --> 00:00:34,830 Sean Aylmer: away and I thought the US tech stocks were doing 13 00:00:34,830 --> 00:00:37,200 Sean Aylmer: pretty well. I come back and they're like, where the F 14 00:00:37,979 --> 00:00:40,318 Sean Aylmer: 10% less. What's been going on there? 15 00:00:41,100 --> 00:00:43,470 Elise Kennedy: I think whilst you're getting the volatility in rates, which 16 00:00:43,470 --> 00:00:46,290 Elise Kennedy: is where you see movements across the board and tech 17 00:00:46,290 --> 00:00:50,339 Elise Kennedy: stocks being most vulnerable to some of those movements, you're 18 00:00:50,340 --> 00:00:53,608 Elise Kennedy: going expect the volatility of up and down at least 19 00:00:53,609 --> 00:00:56,550 Elise Kennedy: 10%. It's especially as well, if you add to that 20 00:00:56,550 --> 00:00:59,280 Elise Kennedy: the earning seasons, which was August, which feels like a 21 00:00:59,280 --> 00:01:02,279 Elise Kennedy: lifetime ago as we head into AGM season. But that also 22 00:01:02,280 --> 00:01:05,099 Elise Kennedy: created a bit of volatility to the up and the downside, and 23 00:01:05,099 --> 00:01:07,410 Elise Kennedy: then people start to think about where their positions is, 24 00:01:07,559 --> 00:01:10,559 Elise Kennedy: some of our clients from the superannuation funds, and that's 25 00:01:10,559 --> 00:01:12,658 Elise Kennedy: where I think you again see some of those larger moves. 26 00:01:13,590 --> 00:01:15,660 Sean Aylmer: Okay, so let's just think, how should we be thinking 27 00:01:15,660 --> 00:01:18,839 Sean Aylmer: about tech stocks at the moment? They're growth stocks, so 28 00:01:18,840 --> 00:01:22,949 Sean Aylmer: given the current economic climate and we're kind of at 29 00:01:22,950 --> 00:01:26,190 Sean Aylmer: or near the top of the interest rate cycle, how 30 00:01:26,190 --> 00:01:28,469 Sean Aylmer: do we frame up tech stocks over the next six 31 00:01:28,469 --> 00:01:30,479 Sean Aylmer: to 12 months? And this is generally and in a 32 00:01:30,480 --> 00:01:32,190 Sean Aylmer: moment we'll get into some specifics. 33 00:01:32,790 --> 00:01:36,390 Elise Kennedy: I think from that overarching standpoint, there's a few moving 34 00:01:36,390 --> 00:01:39,090 Elise Kennedy: parts that go in hand there, but I think that you're 35 00:01:39,090 --> 00:01:41,639 Elise Kennedy: probably not going to see as much of the swings 36 00:01:41,639 --> 00:01:45,149 Elise Kennedy: to which you saw some of those lower buying opportunities, 37 00:01:45,150 --> 00:01:48,210 Elise Kennedy: unless of course we see some inflation print go back 38 00:01:48,240 --> 00:01:52,080 Elise Kennedy: to a level that rises rates further than what we 39 00:01:52,080 --> 00:01:56,160 Elise Kennedy: forecast. Whereas we, like you, have just said, think that we are 40 00:01:56,670 --> 00:01:59,639 Elise Kennedy: going to start to see a bit more stabilization and 41 00:01:59,639 --> 00:02:01,830 Elise Kennedy: that'll really just enable those tech stocks to find the 42 00:02:01,830 --> 00:02:04,020 Elise Kennedy: level base and then to start to just deliver on 43 00:02:04,020 --> 00:02:07,500 Elise Kennedy: what those fundamentals are within their businesses that create that 44 00:02:07,500 --> 00:02:11,370 Elise Kennedy: organic drivers rather than being so macro orientated. Which is 45 00:02:11,400 --> 00:02:13,889 Elise Kennedy: great news for me because that's the part of the job that I 46 00:02:13,889 --> 00:02:16,138 Elise Kennedy: enjoy a lot more picking those preferred stocks. 47 00:02:17,070 --> 00:02:20,370 Sean Aylmer: So let's get into that. WiseTech Global, what's happened? Everyone 48 00:02:20,370 --> 00:02:22,019 Sean Aylmer: loved WiseTech Global 12 months ago. 49 00:02:22,980 --> 00:02:25,830 Elise Kennedy: Look, it's still a very well loved stock in some 50 00:02:25,830 --> 00:02:30,000 Elise Kennedy: ways, but they probably didn't guide as well as they 51 00:02:30,060 --> 00:02:33,450 Elise Kennedy: could have when it came to the margin pressure, which 52 00:02:33,450 --> 00:02:36,210 Elise Kennedy: was going to come from the acquisitions. We wrote a 53 00:02:36,210 --> 00:02:39,030 Elise Kennedy: piece back in January, I think it was, that said, " 54 00:02:39,030 --> 00:02:43,109 Elise Kennedy: About acquisition deja vu in that we should expect margins 55 00:02:43,200 --> 00:02:46,740 Elise Kennedy: to compress because that's generally what happens." They made two 56 00:02:46,740 --> 00:02:49,828 Elise Kennedy: of the biggest acquisitions ever that they've made since listing 57 00:02:49,950 --> 00:02:54,328 Elise Kennedy: with Bloom (inaudible) , yet all of the consensus numbers 58 00:02:54,330 --> 00:02:58,020 Elise Kennedy: didn't pull back where those EBITDA margins sat, and so 59 00:02:58,020 --> 00:03:01,530 Elise Kennedy: they're disappointed in the result. Looking forward, we still think there's 60 00:03:01,530 --> 00:03:03,540 Elise Kennedy: probably a little bit of short- term risk, but the long- 61 00:03:03,540 --> 00:03:06,840 Elise Kennedy: term story of this being one of our new Australian 62 00:03:06,840 --> 00:03:10,830 Elise Kennedy: market darlings, I think that's still there. Richard White, the 63 00:03:10,830 --> 00:03:13,200 Elise Kennedy: founder in there, is still just as great as ever 64 00:03:13,200 --> 00:03:16,619 Elise Kennedy: in making those M& A transactions, taking out costs within 65 00:03:16,619 --> 00:03:19,740 Elise Kennedy: the business, integrating them, and then driving that global growth 66 00:03:19,919 --> 00:03:20,518 Elise Kennedy: and delivery. 67 00:03:21,240 --> 00:03:23,520 Sean Aylmer: You just mentioned something there, so for people not as 68 00:03:23,520 --> 00:03:29,130 Sean Aylmer: familiar with markets. Guidance, share prices move a lot on 69 00:03:29,130 --> 00:03:32,370 Sean Aylmer: guidance. Just explain how important it is for a company 70 00:03:32,520 --> 00:03:36,539 Sean Aylmer: to actually keep professional investors like yourself informed about what 71 00:03:36,539 --> 00:03:37,079 Sean Aylmer: they're thinking. 72 00:03:37,079 --> 00:03:40,320 Elise Kennedy: It's a really great point to raise there because it's something 73 00:03:40,320 --> 00:03:43,050 Elise Kennedy: I didn't understand when I first started in markets either. 74 00:03:43,050 --> 00:03:46,679 Elise Kennedy: I thought, " Oh, this stock, it's beat by 20%," and 75 00:03:46,679 --> 00:03:48,359 Elise Kennedy: then I thought, " The share price is down. I don't 76 00:03:48,360 --> 00:03:52,439 Elise Kennedy: understand." So effectively what happens is if we are told 77 00:03:52,440 --> 00:03:58,080 Elise Kennedy: from the management, so CEO, CFOs, investor relations, that expectation 78 00:03:58,080 --> 00:04:01,710 Elise Kennedy: is that guidance in their presentation will say, " We think 79 00:04:01,710 --> 00:04:04,440 Elise Kennedy: next year this company is going to grow say 20%," 80 00:04:05,099 --> 00:04:08,820 Elise Kennedy: and then they deliver 19 or anything less than 20%. 81 00:04:09,299 --> 00:04:13,260 Elise Kennedy: Or even if us as the investment community think that 82 00:04:13,260 --> 00:04:15,780 Elise Kennedy: it's going to grow 25%, if it still grows that 83 00:04:15,780 --> 00:04:18,570 Elise Kennedy: 20%, if that's our expectation, then we're going to be 84 00:04:18,570 --> 00:04:21,688 Elise Kennedy: disappointed. That's generally when you start to sell the shares, 85 00:04:21,960 --> 00:04:24,299 Elise Kennedy: even if it has actually delivered on what even was 86 00:04:24,300 --> 00:04:27,659 Elise Kennedy: said. It's kind of around the management of our expectations 87 00:04:27,660 --> 00:04:28,919 Elise Kennedy: as funny as that sounds. 88 00:04:29,909 --> 00:04:35,760 Sean Aylmer: But it is very important that managers manage investors expectations. 89 00:04:35,760 --> 00:04:37,950 Sean Aylmer: Obviously they can't say too much, so it's kind of 90 00:04:37,950 --> 00:04:39,180 Sean Aylmer: a fine line that they're treading. 91 00:04:42,480 --> 00:04:44,969 Elise Kennedy: It's a very fine line and it's a really hard kind of component to decide what 92 00:04:44,969 --> 00:04:45,900 Elise Kennedy: is right on that front. 93 00:04:46,589 --> 00:04:48,270 Sean Aylmer: Stay with me, Elise. We'll be back in a minute. 94 00:04:54,630 --> 00:04:57,420 Sean Aylmer: My guest today is Elise Kennedy, head of technology research 95 00:04:57,420 --> 00:05:02,759 Sean Aylmer: and director of equity research at Jarden. Okay, so that's WiseTech Global, 96 00:05:02,759 --> 00:05:05,009 Sean Aylmer: let's flip to the other side. REA, it's having a 97 00:05:05,010 --> 00:05:05,460 Sean Aylmer: good run. 98 00:05:05,460 --> 00:05:11,339 Elise Kennedy: REA and Domain are at the benefit of listings volume 99 00:05:11,339 --> 00:05:14,730 Elise Kennedy: starting to return. So financial year to date, listings when 100 00:05:14,730 --> 00:05:16,618 Elise Kennedy: we talk about that's the number of properties that are 101 00:05:16,620 --> 00:05:19,109 Elise Kennedy: on the side and that's how they make a clip 102 00:05:19,110 --> 00:05:22,410 Elise Kennedy: of a ticket or a dollar. They're down nationally still 103 00:05:22,410 --> 00:05:25,560 Elise Kennedy: around 3%, but what we're seeing is Sydney listings up 104 00:05:25,560 --> 00:05:30,089 Elise Kennedy: 12% financial year to date, and Melbourne also strong, up 8%. The key thing is 105 00:05:30,089 --> 00:05:32,879 Elise Kennedy: those two capital cities, you spend a lot more on 106 00:05:32,880 --> 00:05:36,389 Elise Kennedy: the house price listing there. So as they start to 107 00:05:36,389 --> 00:05:39,389 Elise Kennedy: recover, it's actually much better than say somewhere like Adelaide 108 00:05:39,389 --> 00:05:44,490 Elise Kennedy: or Perth recovering. Even though they're still good markets, it's 109 00:05:44,490 --> 00:05:46,860 Elise Kennedy: just a matter of those guys in those two capital 110 00:05:46,860 --> 00:05:49,320 Elise Kennedy: cities have a very strong return and so that's where 111 00:05:49,320 --> 00:05:52,380 Elise Kennedy: you're seeing REA benefit from that. They've put through double 112 00:05:52,380 --> 00:05:56,159 Elise Kennedy: digit price increases. They've got some new depth products, so 113 00:05:56,160 --> 00:06:01,410 Elise Kennedy: depth products are kind of new, higher, glossier photos or 114 00:06:01,470 --> 00:06:04,350 Elise Kennedy: higher up listings. So all of that together is getting 115 00:06:04,350 --> 00:06:06,960 Elise Kennedy: really, really strong growth. So we're really in a sweet spot at 116 00:06:06,960 --> 00:06:07,380 Elise Kennedy: the moment. 117 00:06:08,130 --> 00:06:10,529 Sean Aylmer: Another market darling, which sort of seemed to come off 118 00:06:10,529 --> 00:06:13,919 Sean Aylmer: but is doing okay again is Xero, the accounting software group. 119 00:06:14,730 --> 00:06:18,389 Elise Kennedy: So they're under new leadership and Sukhinder's doing a fantastic 120 00:06:18,389 --> 00:06:22,170 Elise Kennedy: job in terms of communicating with the investment community around 121 00:06:22,500 --> 00:06:26,819 Elise Kennedy: the cost side of the business and delivering profitable growth 122 00:06:27,178 --> 00:06:29,580 Elise Kennedy: as opposed to just growth at the top line. That's 123 00:06:29,580 --> 00:06:32,669 Elise Kennedy: really what the market overall is actually seeking in a 124 00:06:32,670 --> 00:06:36,210 Elise Kennedy: environment where rates are or the cost of debt is 125 00:06:36,210 --> 00:06:38,490 Elise Kennedy: increasingly high. That you don't want to have too much 126 00:06:38,490 --> 00:06:40,440 Elise Kennedy: of that on your balance sheet and then funds from 127 00:06:40,440 --> 00:06:44,010 Elise Kennedy: another standpoint of equity markets are also largely dried up. 128 00:06:44,400 --> 00:06:47,188 Elise Kennedy: So she's really maximizing the opportunity there. They've got their 129 00:06:47,190 --> 00:06:50,880 Elise Kennedy: result coming up in November too. So it'll be interesting 130 00:06:50,880 --> 00:06:52,799 Elise Kennedy: to see whether or not she speaks to the US 131 00:06:52,799 --> 00:06:55,589 Elise Kennedy: opportunity in the TAM. I'm still skeptical having just got 132 00:06:55,589 --> 00:06:58,320 Elise Kennedy: back from the US about that opportunity, but I know 133 00:06:58,320 --> 00:07:00,390 Elise Kennedy: that investors will probably get behind it, at least at 134 00:07:00,390 --> 00:07:03,210 Elise Kennedy: first glance, given it is a large market over there. 135 00:07:03,839 --> 00:07:05,460 Sean Aylmer: Okay, so talking about the US, we seem to have 136 00:07:05,460 --> 00:07:07,049 Sean Aylmer: a button, well, you did, not so much now, a 137 00:07:07,049 --> 00:07:10,109 Sean Aylmer: bunch of buy now pay later groups that listed here, 138 00:07:10,109 --> 00:07:12,359 Sean Aylmer: but seemed to operate more in the US. What about 139 00:07:12,359 --> 00:07:15,390 Sean Aylmer: the buy now pay later plays here? I mean, Zip 140 00:07:15,390 --> 00:07:17,100 Sean Aylmer: Co, Sezzle, that crowd. 141 00:07:17,460 --> 00:07:20,070 Elise Kennedy: It's a really, really hard space for them at the 142 00:07:20,070 --> 00:07:22,829 Elise Kennedy: moment. The consumer, as you've seen with the retail names, 143 00:07:23,130 --> 00:07:26,579 Elise Kennedy: has started to dry up. It'll be hard into Christmas 144 00:07:26,580 --> 00:07:29,520 Elise Kennedy: and there is some favorable dynamics that work at play 145 00:07:29,520 --> 00:07:32,580 Elise Kennedy: with regards to sometimes you might need to have that 146 00:07:32,580 --> 00:07:35,190 Elise Kennedy: buy now pay later as an option, and this is 147 00:07:35,190 --> 00:07:37,770 Elise Kennedy: the time of year that they are most used. But 148 00:07:37,830 --> 00:07:41,219 Elise Kennedy: in saying that your, again, cost of capital to fund 149 00:07:41,219 --> 00:07:45,900 Elise Kennedy: that is increasingly hard and these are riskier stocks that 150 00:07:45,900 --> 00:07:48,090 Elise Kennedy: I think probably aren't getting as much interest as they 151 00:07:48,090 --> 00:07:50,280 Elise Kennedy: used to. And you've seen something similar when it comes 152 00:07:50,280 --> 00:07:51,000 Elise Kennedy: to even Block. 153 00:07:52,800 --> 00:07:55,380 Sean Aylmer: Block of course, being the owner of Afterpay nowadays. The other one I 154 00:07:55,380 --> 00:07:57,059 Sean Aylmer: just wanted to ask you about, and I love this 155 00:07:57,059 --> 00:07:59,069 Sean Aylmer: Elise, every time we talk we just run through stocks. 156 00:07:59,790 --> 00:08:02,729 Sean Aylmer: SEEK, that seemed to me a pretty volatile stock really. 157 00:08:02,730 --> 00:08:03,870 Sean Aylmer: It goes up and down quite a bit. 158 00:08:04,529 --> 00:08:08,130 Elise Kennedy: I was pushing SEEK as a long- term buy for 159 00:08:08,130 --> 00:08:10,290 Elise Kennedy: a long period of time, and I still see a 160 00:08:10,290 --> 00:08:13,980 Elise Kennedy: lot of favorable characteristics in this business. The challenge is 161 00:08:13,980 --> 00:08:17,940 Elise Kennedy: the jobs market has started to slow, but even beyond 162 00:08:17,940 --> 00:08:20,399 Elise Kennedy: that, I've always said, " If the job market's slows, it's 163 00:08:20,400 --> 00:08:23,549 Elise Kennedy: about let's manage our cost base." What we've seen is that they 164 00:08:23,549 --> 00:08:25,710 Elise Kennedy: haven't managed perhaps some of the cost base as I 165 00:08:25,710 --> 00:08:28,290 Elise Kennedy: would've liked and the market would've liked to have seen, 166 00:08:28,650 --> 00:08:31,770 Elise Kennedy: because they put in a lot of investment through their 167 00:08:31,770 --> 00:08:36,210 Elise Kennedy: favorable cycle of the jobs being so in favor of 168 00:08:36,210 --> 00:08:39,630 Elise Kennedy: them through Covid. But now as we're starting to go 169 00:08:39,630 --> 00:08:43,679 Elise Kennedy: into a subdued jobs market, those costs aren't necessarily coming 170 00:08:43,679 --> 00:08:46,650 Elise Kennedy: out as aggressively or they're not realizing some of the 171 00:08:46,650 --> 00:08:51,328 Elise Kennedy: synergy benefits, which should come from investment that we would've 172 00:08:51,330 --> 00:08:54,210 Elise Kennedy: expected. So hopefully we see that later on throughout the 173 00:08:54,210 --> 00:08:57,089 Elise Kennedy: year and it's just conservative guidance, but it's one that 174 00:08:57,089 --> 00:08:58,319 Elise Kennedy: we're watching very closely. 175 00:09:00,000 --> 00:09:02,910 Sean Aylmer: Okay. So we've talked about WiseTech Global, we've talked about Xero, we've talked about the buy now pay 176 00:09:02,910 --> 00:09:05,189 Sean Aylmer: later groups. REA and Domain, we'll put them in the 177 00:09:05,190 --> 00:09:10,020 Sean Aylmer: same boat, SEEK. Any that you particularly prefer over others? 178 00:09:10,500 --> 00:09:12,718 Elise Kennedy: At the moment, we've got a buy on SEEK. I just see there's a 179 00:09:12,719 --> 00:09:14,819 Elise Kennedy: lot more value there and it hasn't really had that 180 00:09:14,820 --> 00:09:19,650 Elise Kennedy: opportunity. We're still positive on WiseTech and Xero, to see a bit of 181 00:09:19,650 --> 00:09:22,470 Elise Kennedy: near term risk and valuation is a bit more challenging 182 00:09:22,470 --> 00:09:24,600 Elise Kennedy: but who knows, we might get another opportunity if they 183 00:09:24,600 --> 00:09:27,599 Elise Kennedy: do sell down. That's probably where you start to get 184 00:09:27,599 --> 00:09:31,590 Elise Kennedy: more interesting levels, but they're pretty high at the moment. 185 00:09:32,040 --> 00:09:34,559 Sean Aylmer: Okay. I said I wasn't going to ask about another 186 00:09:34,559 --> 00:09:38,880 Sean Aylmer: one, but I am, because I'm interested in car sales. I find 187 00:09:38,880 --> 00:09:41,760 Sean Aylmer: the car market really fascinating at the moment, particularly with 188 00:09:41,760 --> 00:09:44,400 Sean Aylmer: the EV market coming in. Where's that one sit? 189 00:09:45,420 --> 00:09:47,639 Elise Kennedy: It's an absolutely great point on that EV market and what 190 00:09:47,730 --> 00:09:49,650 Elise Kennedy: that's going to do as a disruptor, but I think 191 00:09:49,650 --> 00:09:53,429 Elise Kennedy: we're still relatively early stage, particularly in Australia. Cars has 192 00:09:53,429 --> 00:09:56,670 Elise Kennedy: just had their investor day over in San Francisco, and 193 00:09:56,670 --> 00:10:00,420 Elise Kennedy: a lot of us, including myself, investors went over for 194 00:10:00,420 --> 00:10:03,150 Elise Kennedy: that. I think the bigger delta now interestingly, is the 195 00:10:03,150 --> 00:10:06,389 Elise Kennedy: US market. So even though the Australian market's doing well, 196 00:10:06,389 --> 00:10:08,969 Elise Kennedy: it's kind of hard to change the dynamics there, unless, 197 00:10:08,969 --> 00:10:12,270 Elise Kennedy: as you've rightly put the EV market comes and disrupts the 198 00:10:12,300 --> 00:10:14,730 Elise Kennedy: business model to which they operate. But I think that's 199 00:10:14,730 --> 00:10:16,650 Elise Kennedy: going to be a slow burn and they'll probably try 200 00:10:16,650 --> 00:10:20,130 Elise Kennedy: and jump on that trade in whatever way they can. I. 201 00:10:20,130 --> 00:10:22,290 Elise Kennedy: e., if you're just going to be trading exactly the same 202 00:10:22,290 --> 00:10:26,759 Elise Kennedy: way privately in the market, your own EV cars, it's 203 00:10:26,759 --> 00:10:29,100 Elise Kennedy: probably going to be a different length of time that 204 00:10:29,100 --> 00:10:32,130 Elise Kennedy: you turn over the cars. But still those dynamics be 205 00:10:32,130 --> 00:10:34,679 Elise Kennedy: at play in the near term is going to be 206 00:10:34,679 --> 00:10:37,350 Elise Kennedy: what happens with the business trader Interactive that they bought 207 00:10:37,350 --> 00:10:41,040 Elise Kennedy: last year, which doesn't sell cars, but it does sell 208 00:10:41,340 --> 00:10:45,179 Elise Kennedy: motorbikes, RVs, your camper vans, a few of those. It 209 00:10:45,570 --> 00:10:48,088 Elise Kennedy: kind of turns over some of that. I think they're doing some 210 00:10:48,090 --> 00:10:51,240 Elise Kennedy: really interesting things over in that market at the moment. 211 00:10:51,480 --> 00:10:54,210 Elise Kennedy: A lot of that again, though, is priced into the 212 00:10:54,210 --> 00:10:56,849 Elise Kennedy: share price, so it's got to really deliver, but I 213 00:10:56,849 --> 00:10:59,880 Elise Kennedy: think management is very good at doing that. I know 214 00:10:59,880 --> 00:11:02,549 Elise Kennedy: we spoke earlier just around management and the guidance, I 215 00:11:02,549 --> 00:11:06,060 Elise Kennedy: think that they're very good at kind of tempering expectations 216 00:11:06,330 --> 00:11:09,929 Elise Kennedy: and guiding us to where the share price is going 217 00:11:09,929 --> 00:11:10,410 Elise Kennedy: to go. 218 00:11:11,069 --> 00:11:14,429 Sean Aylmer: I have to ask you, Elise, "An investor day in San Francisco that I went to," 219 00:11:14,760 --> 00:11:16,440 Sean Aylmer: is that great fun or is it just work? 220 00:11:18,480 --> 00:11:20,670 Elise Kennedy: It is actually a bit of fun. I do love our 221 00:11:20,670 --> 00:11:23,730 Elise Kennedy: job. I feel fortunate to be able to balance the 222 00:11:23,730 --> 00:11:26,580 Elise Kennedy: two of them. But look, there was a lot of product that came 223 00:11:26,580 --> 00:11:28,949 Elise Kennedy: out of that, and a lot of insights and a lot of sitting in a 224 00:11:28,950 --> 00:11:31,980 Elise Kennedy: room and hearing about the different products. But no, there 225 00:11:31,980 --> 00:11:34,228 Elise Kennedy: was some fun times and a great group of people 226 00:11:34,230 --> 00:11:34,800 Elise Kennedy: over there too. 227 00:11:35,370 --> 00:11:37,920 Sean Aylmer: Nicely answered, Elise. Thank you for talking to Fear and Greed. 228 00:11:38,190 --> 00:11:39,570 Elise Kennedy: Thanks as always for having me, Sean. 229 00:11:39,839 --> 00:11:42,630 Sean Aylmer: That was Elise Kennedy, head of technology research and director 230 00:11:42,630 --> 00:11:45,330 Sean Aylmer: of equity research at Jarden. This is the Fear and 231 00:11:45,330 --> 00:11:48,480 Sean Aylmer: Greed Business Interview. Remember, this is general information only and 232 00:11:48,480 --> 00:11:51,510 Sean Aylmer: you should always seek professional advice before making investment decisions. 233 00:11:51,510 --> 00:11:53,580 Sean Aylmer: Join us every morning for the full episode of Fear 234 00:11:53,580 --> 00:11:57,240 Sean Aylmer: and Greed, Australia's best business podcast. I'm Sean Aylmer, enjoy 235 00:11:57,240 --> 00:11:57,420 Sean Aylmer: your day.