1 00:00:03,890 --> 00:00:06,330 Sean Aylmer: Welcome to the Fear and Greed daily interview, I'm Sean 2 00:00:06,350 --> 00:00:10,500 Sean Aylmer: Aylmer. Tech stocks have been, well hammered in recent weeks 3 00:00:10,500 --> 00:00:13,270 Sean Aylmer: and months, both here and on Wall Street. They've bounced 4 00:00:13,270 --> 00:00:15,590 Sean Aylmer: around a bit, but generally the trend has been down. 5 00:00:15,900 --> 00:00:18,239 Sean Aylmer: I wanted to get an idea of what's ahead for investors 6 00:00:18,239 --> 00:00:20,620 Sean Aylmer: and how some of our biggest tech companies are faring. 7 00:00:21,000 --> 00:00:23,500 Sean Aylmer: Remember, this is general information only, and you should speak 8 00:00:23,500 --> 00:00:27,610 Sean Aylmer: to a professional advisor before making any investment decision. Elise 9 00:00:27,610 --> 00:00:30,570 Sean Aylmer: Kennedy is the Vice President of Equity Research at Jarden 10 00:00:30,990 --> 00:00:33,630 Sean Aylmer: and something of a tech specialist. I nearly called you 11 00:00:33,630 --> 00:00:36,110 Sean Aylmer: a tech head Elise, but then I pulled back and 12 00:00:36,110 --> 00:00:38,409 Sean Aylmer: thought I better not say that. Thank you for joining 13 00:00:38,409 --> 00:00:38,820 Sean Aylmer: us again. 14 00:00:39,170 --> 00:00:40,879 Elise Kennedy: Thank you for having me on the show again, Sean, 15 00:00:40,880 --> 00:00:41,739 Elise Kennedy: it's great to be here. 16 00:00:42,080 --> 00:00:46,220 Sean Aylmer: So kind of the elevator pitch, why have tech docs been so 17 00:00:46,330 --> 00:00:48,610 Sean Aylmer: volatile slash poor recently? 18 00:00:49,720 --> 00:00:52,699 Elise Kennedy: There's multiple factors, but it really stems down to an 19 00:00:52,700 --> 00:00:58,520 Elise Kennedy: environment where we are seeing rising yields and inflation, which 20 00:00:58,520 --> 00:01:02,110 Elise Kennedy: tends to put pressure again further on rate rises. And 21 00:01:02,110 --> 00:01:04,840 Elise Kennedy: the key thing is the way that we value those 22 00:01:04,840 --> 00:01:08,270 Elise Kennedy: tech stocks is around a DCF analysis is one point 23 00:01:08,480 --> 00:01:11,060 Elise Kennedy: in case and these guys aren't making money. So a 24 00:01:11,060 --> 00:01:14,910 Elise Kennedy: lot of that valuation stems and has sensitivity to what 25 00:01:14,910 --> 00:01:18,410 Elise Kennedy: those rates are doing. And there's also a preference towards 26 00:01:18,410 --> 00:01:21,600 Elise Kennedy: moving towards those that are generating cash today. Is the 27 00:01:21,600 --> 00:01:25,230 Elise Kennedy: economy going to be fiscally challenged in the later years 28 00:01:25,230 --> 00:01:27,550 Elise Kennedy: if we do fall into recession? So in those times, 29 00:01:27,550 --> 00:01:30,929 Elise Kennedy: people tend to flock towards your safer names that have 30 00:01:30,930 --> 00:01:34,110 Elise Kennedy: probably more cash on the balance sheet, as well as 31 00:01:34,370 --> 00:01:36,950 Elise Kennedy: those that are generating a lot of free cash flow 32 00:01:36,950 --> 00:01:40,140 Elise Kennedy: versus the tech guys that have quite a way of spending it. 33 00:01:42,050 --> 00:01:44,319 Sean Aylmer: I think I'm probably reiterating what you just said. So 34 00:01:44,319 --> 00:01:48,020 Sean Aylmer: it's basically companies that make money, so the tech stock is 35 00:01:48,020 --> 00:01:51,370 Sean Aylmer: being discounted because of higher yields, but companies that make 36 00:01:51,370 --> 00:01:55,380 Sean Aylmer: money look better. What about those that are more diversified? So 37 00:01:55,380 --> 00:01:58,820 Sean Aylmer: not just in one area, but I'm thinking of some of the 38 00:01:58,820 --> 00:02:02,210 Sean Aylmer: Wall Street guys, the Cloud computing guys have done reasonably 39 00:02:02,210 --> 00:02:04,010 Sean Aylmer: well, for example, well, relatively well. 40 00:02:04,930 --> 00:02:08,130 Elise Kennedy: You still see on a relative basis versus say an 41 00:02:08,130 --> 00:02:12,150 Elise Kennedy: industrial or something that's paying a dividend, they tend to 42 00:02:12,150 --> 00:02:16,869 Elise Kennedy: still underperform the main type of index there. But in 43 00:02:16,870 --> 00:02:20,209 Elise Kennedy: the tech universe as a whole, we've tended to see 44 00:02:20,550 --> 00:02:24,530 Elise Kennedy: some of those that perhaps are already free cash flow positive and/ 45 00:02:25,160 --> 00:02:28,550 Elise Kennedy: or larger names tend to lean towards that way or 46 00:02:28,550 --> 00:02:31,240 Elise Kennedy: have cash on the balance sheet. So for example, a 47 00:02:31,240 --> 00:02:34,600 Elise Kennedy: Wise Tag, that's got a net cash position it's spinning 48 00:02:34,600 --> 00:02:37,430 Elise Kennedy: off free cash flow. If you look at their performance 49 00:02:38,020 --> 00:02:40,820 Elise Kennedy: versus say some of the other tech names like Xero 50 00:02:40,820 --> 00:02:43,830 Elise Kennedy: or an ELMO, they just have done a much better 51 00:02:43,830 --> 00:02:46,930 Elise Kennedy: job. Despite being down it's still though has held up 52 00:02:46,930 --> 00:02:48,859 Elise Kennedy: a bit better. And some of those names you speak to 53 00:02:48,860 --> 00:02:50,989 Elise Kennedy: have probably got some of the dynamics at play as well. 54 00:02:51,470 --> 00:02:53,790 Sean Aylmer: You mentioned Xero, but Xero makes money, doesn't it? 55 00:02:54,310 --> 00:02:57,230 Elise Kennedy: Well, they made $ 2 million down from over $ 10 million 56 00:02:57,310 --> 00:03:00,390 Elise Kennedy: in their free cash flow. So you define whether or not 57 00:03:00,430 --> 00:03:04,220 Elise Kennedy: that's making significant money on a top line. It's nearly 58 00:03:04,220 --> 00:03:06,820 Elise Kennedy: a billion. So they spend a lot as well as 59 00:03:06,820 --> 00:03:09,269 Elise Kennedy: making a lot of revenue, but it's really about the 60 00:03:09,270 --> 00:03:12,169 Elise Kennedy: profit and where are those dollars going? And I think 61 00:03:12,580 --> 00:03:15,770 Elise Kennedy: in this environment, it's a matter of is that $ 2 62 00:03:15,770 --> 00:03:18,660 Elise Kennedy: million that you delivered in free cash flow, when is 63 00:03:18,660 --> 00:03:20,530 Elise Kennedy: that going to be $ 50 mil? When is that going 64 00:03:20,530 --> 00:03:22,250 Elise Kennedy: to be a $ 100? "When are we actually going to see 65 00:03:22,250 --> 00:03:25,100 Elise Kennedy: that?" is what investors are asking in this type of environment. 66 00:03:25,740 --> 00:03:28,480 Sean Aylmer: And let's use Xero as example, but it's only an 67 00:03:28,480 --> 00:03:32,720 Sean Aylmer: example. The bosses of Xero, Steve Vamos is the CEO. 68 00:03:32,780 --> 00:03:35,070 Sean Aylmer: And I think last time he spoke, he came out 69 00:03:35,070 --> 00:03:37,760 Sean Aylmer: and said, " Look, we don't have a lot of money 70 00:03:37,760 --> 00:03:40,200 Sean Aylmer: to give back to shareholders here, but we are investing 71 00:03:40,200 --> 00:03:42,280 Sean Aylmer: for the future. And that's what it's about." And so 72 00:03:42,440 --> 00:03:46,330 Sean Aylmer: pain now for gain in the future. Does that wash 73 00:03:46,410 --> 00:03:49,680 Sean Aylmer: well, that sort of commentary when things are so down trodden? 74 00:03:51,160 --> 00:03:55,790 Elise Kennedy: It should be what, from a strategic standpoint, if you 75 00:03:55,790 --> 00:03:58,840 Elise Kennedy: have such a large addressable term, I've always mentioned a $ 76 00:03:58,840 --> 00:04:03,100 Elise Kennedy: 74 or a billion dollar term with adoption of accounting 77 00:04:03,100 --> 00:04:06,930 Elise Kennedy: software less than 20 percent, you should be investing. But 78 00:04:07,170 --> 00:04:10,120 Elise Kennedy: funnily enough, in this environment though, a lot of companies 79 00:04:10,200 --> 00:04:13,020 Elise Kennedy: and even some of their competitors like Intuit reported the 80 00:04:13,020 --> 00:04:15,900 Elise Kennedy: other day, and they're doing a buyback opposite to what 81 00:04:15,900 --> 00:04:20,580 Elise Kennedy: say, Xero is doing. I think it's hard to do 82 00:04:21,400 --> 00:04:23,370 Elise Kennedy: that in this state of mind. And it's kind of the " 83 00:04:23,370 --> 00:04:25,700 Elise Kennedy: Trust me, I'm going to put this money to work 84 00:04:25,700 --> 00:04:28,640 Elise Kennedy: and we're going to reap the rewards later." But investors 85 00:04:28,870 --> 00:04:31,480 Elise Kennedy: sometimes suffer from a bit of short termism, perhaps that's 86 00:04:31,480 --> 00:04:36,270 Elise Kennedy: what's at play. Or they've been losing money, that's the 87 00:04:36,270 --> 00:04:38,950 Elise Kennedy: way that you put it, or investing money is the 88 00:04:38,950 --> 00:04:41,220 Elise Kennedy: way that I see it, for a period of time that 89 00:04:41,220 --> 00:04:43,510 Elise Kennedy: I think investors want to start to really see that 90 00:04:43,510 --> 00:04:45,990 Elise Kennedy: free cash flow or at least some proof points that 91 00:04:45,990 --> 00:04:48,950 Elise Kennedy: give them confidence on their trajectory of their future earnings. 92 00:04:49,490 --> 00:04:51,589 Sean Aylmer: Stay with me, Elise, we'll be back in a minute. 93 00:04:57,770 --> 00:05:00,560 Sean Aylmer: My guest today is Elise Kennedy, Vice President of Equity 94 00:05:00,560 --> 00:05:03,690 Sean Aylmer: Research at Jarden. Another thing about tech stocks today, which 95 00:05:03,950 --> 00:05:07,610 Sean Aylmer: I sometimes kind of wonder where the line is. You've 96 00:05:07,610 --> 00:05:10,300 Sean Aylmer: got Seek, which is all about the recruitment market. You've 97 00:05:10,300 --> 00:05:13,839 Sean Aylmer: got REA, which is all about property. Xero, which is Cloud 98 00:05:13,839 --> 00:05:16,900 Sean Aylmer: accounting software. They're all tech companies, but they're in very, 99 00:05:16,900 --> 00:05:20,400 Sean Aylmer: very different sectors. But they all seem to get tarred 100 00:05:20,400 --> 00:05:23,860 Sean Aylmer: with the tech brush. And maybe that's being a bit nasty 101 00:05:23,860 --> 00:05:26,510 Sean Aylmer: on the tech companies there, but when tech stocks are being 102 00:05:26,510 --> 00:05:29,360 Sean Aylmer: sold off, they're all sold off. It doesn't matter what sectors they're in. 103 00:05:30,170 --> 00:05:34,340 Elise Kennedy: That's what I think is a really good opportunity, and 104 00:05:34,400 --> 00:05:37,529 Elise Kennedy: we saw this back in 2000. I've done a lot 105 00:05:37,529 --> 00:05:41,550 Elise Kennedy: of work around looking at what happened back in '94 106 00:05:41,550 --> 00:05:44,660 Elise Kennedy: to 2000 in that tech bubble period of time. And then again, 107 00:05:44,660 --> 00:05:47,909 Elise Kennedy: when we also had a rate hike environment, 2004 to 108 00:05:47,920 --> 00:05:51,169 Elise Kennedy: 2007. Most of the stocks there were in the U. 109 00:05:51,170 --> 00:05:54,710 Elise Kennedy: S. And you started to have actually still a massive 110 00:05:54,710 --> 00:05:59,350 Elise Kennedy: amount of players that were still coming to market today. 111 00:05:59,350 --> 00:06:01,839 Elise Kennedy: So a Square would've been like 20 cents back there 112 00:06:01,839 --> 00:06:04,789 Elise Kennedy: or something like that. And that got slammed at the 113 00:06:04,790 --> 00:06:08,440 Elise Kennedy: time in terms of the share price. It wasn't listed, 114 00:06:08,440 --> 00:06:11,510 Elise Kennedy: but it was again in the private markets. That's just 115 00:06:11,510 --> 00:06:14,830 Elise Kennedy: one of several examples where it creates opportunities for investors. 116 00:06:14,980 --> 00:06:17,790 Elise Kennedy: And that's where I always say, do your due diligence now. For 117 00:06:17,790 --> 00:06:20,730 Elise Kennedy: so many years, the last two years, those tech valuations 118 00:06:20,730 --> 00:06:22,810 Elise Kennedy: kept on going higher and higher. And everyone said, " Hey, 119 00:06:22,810 --> 00:06:26,610 Elise Kennedy: they're too expensive," but some jumped on the momentum trade. 120 00:06:26,610 --> 00:06:28,450 Elise Kennedy: Now we don't have to jump on the momentum trade. 121 00:06:28,540 --> 00:06:30,969 Elise Kennedy: We can step back, breathe easy for a moment and 122 00:06:30,970 --> 00:06:32,979 Elise Kennedy: look at, " Hey, which of these companies do I want 123 00:06:32,980 --> 00:06:35,849 Elise Kennedy: to own?" Some aren't going to be as profitable, longer 124 00:06:35,850 --> 00:06:38,440 Elise Kennedy: term as the others. But there are stocks like Xero I 125 00:06:38,440 --> 00:06:41,040 Elise Kennedy: still think has a long trajectory, has a lot of 126 00:06:41,040 --> 00:06:44,490 Elise Kennedy: the unit economics. Those are the names that should and 127 00:06:44,490 --> 00:06:45,969 Elise Kennedy: will likely survive. 128 00:06:47,520 --> 00:06:49,390 Sean Aylmer: Part of that point there is that it's a long 129 00:06:49,390 --> 00:06:52,690 Sean Aylmer: term investing frame work. What about when you think of 130 00:06:52,690 --> 00:06:56,320 Sean Aylmer: REA or Domain Holdings Group is another one, how much 131 00:06:56,520 --> 00:07:00,679 Sean Aylmer: of the sector do you put towards the company, the 132 00:07:00,680 --> 00:07:04,440 Sean Aylmer: technology company? And in that instance, the property sector is coming 133 00:07:04,440 --> 00:07:07,170 Sean Aylmer: off somewhat. So how do you think about those sorts of companies? 134 00:07:07,430 --> 00:07:10,150 Elise Kennedy: I think there's an element of them being tech, but 135 00:07:10,150 --> 00:07:12,970 Elise Kennedy: I think really what's at play with their share prices 136 00:07:13,490 --> 00:07:16,690 Elise Kennedy: is around the economy and the cycle and where we're 137 00:07:16,690 --> 00:07:19,030 Elise Kennedy: at in that. And the same goes for our car sales, 138 00:07:19,030 --> 00:07:22,100 Elise Kennedy: the same goes for a (inaudible) actually a beneficiary. 139 00:07:22,100 --> 00:07:23,860 Elise Kennedy: But again, at the same time, there's a lot of 140 00:07:24,000 --> 00:07:27,150 Elise Kennedy: challenges in the mobility and getting and attracting and retaining 141 00:07:27,530 --> 00:07:31,460 Elise Kennedy: employees with that environment. So yeah, I would say a smaller 142 00:07:31,460 --> 00:07:34,060 Elise Kennedy: element, but more at play is around the cycle. 143 00:07:34,060 --> 00:07:36,870 Sean Aylmer: Now I have to ask you about Apen and what happened last 144 00:07:36,870 --> 00:07:40,720 Sean Aylmer: week to Apen Group? It was, it had a takeover 145 00:07:40,720 --> 00:07:44,500 Sean Aylmer: bid $ 1. 2 billion from a Canadian group, probably 12 hours 146 00:07:44,500 --> 00:07:48,060 Sean Aylmer: later, they pulled the bid. It seems, reading between the 147 00:07:48,060 --> 00:07:50,190 Sean Aylmer: lines, so they certainly didn't say this, that maybe they 148 00:07:50,190 --> 00:07:54,560 Sean Aylmer: got spooked because it was leaked to the media. If 149 00:07:54,560 --> 00:07:56,580 Sean Aylmer: I'm a shareholder that I think happens, share price, went 150 00:07:56,580 --> 00:07:59,300 Sean Aylmer: up 29 percent then it dropped 23 percent. If I was sort 151 00:07:59,300 --> 00:08:01,290 Sean Aylmer: of buying at those top levels, I wouldn't be real 152 00:08:01,290 --> 00:08:04,170 Sean Aylmer: happy. How often does that happen? 153 00:08:04,440 --> 00:08:09,560 Elise Kennedy: Well what is a part within that is around the trading update. 154 00:08:09,610 --> 00:08:13,870 Elise Kennedy: So there was a bid and Telus for context as 155 00:08:13,870 --> 00:08:16,710 Elise Kennedy: well on one of the key competitors in that space 156 00:08:17,100 --> 00:08:21,430 Elise Kennedy: acquired them several years ago. And the market disclosure is 157 00:08:21,430 --> 00:08:23,900 Elise Kennedy: such that you have to update, if you are known 158 00:08:24,970 --> 00:08:26,830 Elise Kennedy: that you're probably not going to meet the guidance or where 159 00:08:27,090 --> 00:08:31,260 Elise Kennedy: the consensus is. And so, in conjunction with providing the 160 00:08:31,260 --> 00:08:33,790 Elise Kennedy: news of the bid was a trading update that versus 161 00:08:33,790 --> 00:08:38,510 Elise Kennedy: consensus icon numbers look to be down 20 percent on 162 00:08:38,570 --> 00:08:40,910 Elise Kennedy: what they said that they're going to deliver in their 163 00:08:40,910 --> 00:08:44,890 Elise Kennedy: upcoming fiscal year. And so I think the stock, if 164 00:08:44,890 --> 00:08:47,900 Elise Kennedy: it didn't have a beard, would've been materially impacted on 165 00:08:47,900 --> 00:08:51,040 Elise Kennedy: the downside. So right now, if you think about the 166 00:08:51,040 --> 00:08:54,520 Elise Kennedy: fall and the rise, how much of that is actually 167 00:08:54,520 --> 00:08:59,170 Elise Kennedy: just normalizing what that impact is versus these guys. But 168 00:08:59,550 --> 00:09:03,620 Elise Kennedy: specifically with walking away, I think it might be opportunistic. 169 00:09:03,820 --> 00:09:05,500 Elise Kennedy: If a stock falls that much and you see their 170 00:09:05,500 --> 00:09:08,209 Elise Kennedy: trading update, perhaps you could come back at it at 171 00:09:08,210 --> 00:09:09,900 Elise Kennedy: a cheaper price. So whether or not... 172 00:09:09,900 --> 00:09:11,560 Sean Aylmer: That's sounds like Elon Musk- esque. 173 00:09:13,070 --> 00:09:15,890 Elise Kennedy: Yes, it is an interesting, the Elon Musk. I've heard 174 00:09:15,890 --> 00:09:19,060 Elise Kennedy: a few interesting conspiracy stories as to whether or not 175 00:09:19,160 --> 00:09:22,330 Elise Kennedy: he will actually come in or is a smart way 176 00:09:22,330 --> 00:09:25,240 Elise Kennedy: to go and sell his stock without any investors punishing 177 00:09:25,240 --> 00:09:26,810 Elise Kennedy: him for it. I don't know if you've heard that one. 178 00:09:27,220 --> 00:09:30,010 Sean Aylmer: Ah, no, I haven't heard that. But, it is kind 179 00:09:30,010 --> 00:09:33,090 Sean Aylmer: of a strategy really for the potential acquirer when they 180 00:09:33,090 --> 00:09:35,390 Sean Aylmer: get more information and they think, " Mm, actually I don't want 181 00:09:35,390 --> 00:09:37,240 Sean Aylmer: to pay quite as much as I thought." 182 00:09:38,240 --> 00:09:40,859 Elise Kennedy: I mean, you think about you going anywhere and you go 183 00:09:40,860 --> 00:09:42,929 Elise Kennedy: to a car dealer and you see that actually it 184 00:09:42,929 --> 00:09:45,250 Elise Kennedy: hasn't got everything that I thought it was. Am I 185 00:09:45,250 --> 00:09:47,790 Elise Kennedy: going to continue to give the exact same offer? Probably 186 00:09:47,790 --> 00:09:49,980 Elise Kennedy: not. I might even walk away. I might come back 187 00:09:49,980 --> 00:09:52,490 Elise Kennedy: and look, if I look around. So I try and 188 00:09:52,490 --> 00:09:55,380 Elise Kennedy: contextualize, it's definitely a lot bigger than just buying a 189 00:09:55,380 --> 00:09:59,000 Elise Kennedy: car. It's just a thing that if there is that trading update 190 00:09:59,000 --> 00:10:01,130 Elise Kennedy: on the flip side, if it's on the upside, you 191 00:10:01,130 --> 00:10:02,470 Elise Kennedy: could have seen it go the other way. 192 00:10:03,710 --> 00:10:07,800 Sean Aylmer: So the big question for everyone who invests is when 193 00:10:07,800 --> 00:10:11,290 Sean Aylmer: do we start thinking about investing in tech again? Is 194 00:10:11,290 --> 00:10:13,590 Sean Aylmer: there some sort of sign that you are looking for 195 00:10:13,590 --> 00:10:18,030 Sean Aylmer: to think that the tech stocks have bottomed notwithstanding they're very, 196 00:10:18,030 --> 00:10:20,099 Sean Aylmer: very volatile. So you do have days where they jump. 197 00:10:21,050 --> 00:10:24,380 Elise Kennedy: It's a great question. And probably my most asked question 198 00:10:24,380 --> 00:10:27,280 Elise Kennedy: in this environment. What I do think is that it's 199 00:10:27,280 --> 00:10:30,280 Elise Kennedy: probably going to still remain challenging over the next six 200 00:10:30,290 --> 00:10:32,589 Elise Kennedy: months. And why I say that is there's still a 201 00:10:32,590 --> 00:10:37,069 Elise Kennedy: huge expectations in the market and volatility around where inflation 202 00:10:37,070 --> 00:10:39,150 Elise Kennedy: will end up going. So I think we kind of 203 00:10:39,150 --> 00:10:41,280 Elise Kennedy: got to get through some of those rate hikes and 204 00:10:41,280 --> 00:10:45,150 Elise Kennedy: see how they settle, but they're onwards. I think the 205 00:10:45,220 --> 00:10:49,760 Elise Kennedy: way that the market is pricing in historical rapidness of 206 00:10:49,760 --> 00:10:54,209 Elise Kennedy: rate hikes, but then next year, a rate decline. I 207 00:10:54,210 --> 00:10:59,030 Elise Kennedy: think that's signals that perhaps with environment still fragile, and 208 00:10:59,030 --> 00:11:01,569 Elise Kennedy: I think it is, and that's where you start to 209 00:11:01,570 --> 00:11:04,809 Elise Kennedy: get the businesses that are generating normal cash flow. You're 210 00:11:04,809 --> 00:11:07,839 Elise Kennedy: not just going to keep on rising your weighted average 211 00:11:07,840 --> 00:11:10,440 Elise Kennedy: cost to capital and your risk free rates within that, 212 00:11:10,630 --> 00:11:13,170 Elise Kennedy: on the back of yields to drive those share prices 213 00:11:13,170 --> 00:11:15,020 Elise Kennedy: lower. You're going to think, " Oh no, we've reached more 214 00:11:15,020 --> 00:11:16,870 Elise Kennedy: of a steady state. Perhaps it's not going to be 215 00:11:16,870 --> 00:11:20,030 Elise Kennedy: as high." So it will come a time. And again, 216 00:11:20,030 --> 00:11:22,990 Elise Kennedy: it's just picking those quality companies that have the capability 217 00:11:22,990 --> 00:11:25,110 Elise Kennedy: be able to weather the storm and don't necessarily have 218 00:11:25,110 --> 00:11:29,010 Elise Kennedy: to come to market and raise capital at a diluted price 219 00:11:29,010 --> 00:11:30,510 Elise Kennedy: that should pose well. 220 00:11:30,840 --> 00:11:32,720 Sean Aylmer: Elise, thank you for talking to Fear and Greed. 221 00:11:33,309 --> 00:11:34,740 Elise Kennedy: Thanks for having me on the show, Sean. 222 00:11:35,120 --> 00:11:37,940 Sean Aylmer: That was Elise Kennedy, Vice President of Equity Research at 223 00:11:37,970 --> 00:11:40,550 Sean Aylmer: Jarden. This is a Fear and Greed daily interview. Join 224 00:11:40,550 --> 00:11:42,760 Sean Aylmer: us every morning for the full episode of Fear and 225 00:11:42,760 --> 00:11:46,510 Sean Aylmer: Greed, Australia's most popular business podcast. I'm Sean Aylmer. Enjoy 226 00:11:46,510 --> 00:11:46,900 Sean Aylmer: your day.