1 00:00:06,240 --> 00:00:08,639 Speaker 1: This is the weekend edition of Fear and Greed, daily 2 00:00:08,680 --> 00:00:11,120 Speaker 1: business news for people who make their own decisions. I'm 3 00:00:11,160 --> 00:00:13,119 Speaker 1: Michael Thompson, and good morning Sean. 4 00:00:13,280 --> 00:00:14,960 Speaker 2: Alma, Good morning Michael. 5 00:00:15,080 --> 00:00:18,599 Speaker 1: Now Sean. Our weekend show is a competition. It is 6 00:00:18,600 --> 00:00:21,040 Speaker 1: about the two of us each nominating. It is a 7 00:00:21,079 --> 00:00:24,720 Speaker 1: debarcle sometimes, isn't it. It's a competition though, first and 8 00:00:24,720 --> 00:00:28,160 Speaker 1: foremost it's a debarcle. Second, it is about the two 9 00:00:28,200 --> 00:00:30,160 Speaker 1: of us nominating what we think is the biggest business 10 00:00:30,160 --> 00:00:34,440 Speaker 1: story of the week, the most remarkable business story, a 11 00:00:34,479 --> 00:00:37,520 Speaker 1: mystery category that changes each week, and then our favorite story. 12 00:00:37,560 --> 00:00:39,800 Speaker 1: And we need a judge. Our judge every week is 13 00:00:39,840 --> 00:00:43,720 Speaker 1: our Fear and Greed colleague, Adam Lang Adam, good morning. 14 00:00:43,440 --> 00:00:45,160 Speaker 3: Good morning Michael, Good morning Sean. 15 00:00:45,600 --> 00:00:47,239 Speaker 2: I often wonder why you wear a suitor on a 16 00:00:47,240 --> 00:00:47,880 Speaker 2: Saturday morning. 17 00:00:47,920 --> 00:00:49,320 Speaker 3: On a Saturday suit, you. 18 00:00:49,240 --> 00:00:50,879 Speaker 2: Look like the real estate agent man. 19 00:00:51,000 --> 00:00:53,239 Speaker 3: Well, does it look a little more relaxed, casual. I'm 20 00:00:53,240 --> 00:00:53,800 Speaker 3: not wearing a. 21 00:00:53,760 --> 00:00:56,520 Speaker 1: Tie straight from here to a three bedroom showing. 22 00:00:58,280 --> 00:01:00,200 Speaker 2: Do you reckon we wear a suit on Thursday night? 23 00:01:00,400 --> 00:01:02,240 Speaker 1: Well, this is the thing. I suppose you probably will, 24 00:01:02,280 --> 00:01:06,640 Speaker 1: won't you? Because the weekend edition next week will be 25 00:01:06,720 --> 00:01:08,640 Speaker 1: recorded on a Thursday night. So if anything happens on 26 00:01:09,080 --> 00:01:12,280 Speaker 1: the Friday, we're in trouble, right, nothing happens on a Friday. 27 00:01:12,120 --> 00:01:13,479 Speaker 3: Nothing could possibly go off. 28 00:01:13,600 --> 00:01:16,200 Speaker 1: Yeah, but look next Thursday, if you are in Sydney, 29 00:01:16,200 --> 00:01:19,199 Speaker 1: then please join us for the first ever live recording 30 00:01:19,720 --> 00:01:23,559 Speaker 1: of Fear and Greed. You forgot the name of what's 31 00:01:23,600 --> 00:01:26,160 Speaker 1: this podcast? Called? The weekend Edition. We are doing it 32 00:01:26,760 --> 00:01:30,360 Speaker 1: Thursday night. There are tickets available, they are free. There's 33 00:01:30,400 --> 00:01:31,920 Speaker 1: not many tickets left though. 34 00:01:31,880 --> 00:01:35,959 Speaker 3: No, look that we're reaching capacity. So for anyone, if 35 00:01:35,959 --> 00:01:38,200 Speaker 3: you can't make it, and you've always been Peeden, something's changed, 36 00:01:38,240 --> 00:01:40,959 Speaker 3: please let us know on event Brighton. Let those tickets 37 00:01:40,959 --> 00:01:42,960 Speaker 3: go back so that people who can make it will 38 00:01:42,959 --> 00:01:45,080 Speaker 3: be in the room. We want to pack it. It 39 00:01:45,160 --> 00:01:49,280 Speaker 3: will be Michael, I think full contact Weekend Edition. Don't 40 00:01:49,320 --> 00:01:51,200 Speaker 3: you that there could be heckling? 41 00:01:51,760 --> 00:01:53,040 Speaker 2: Oh yeah, definitely heckling. 42 00:01:53,120 --> 00:01:55,559 Speaker 1: Yes, yeah, that that style of full contact. It sounded 43 00:01:55,560 --> 00:01:58,440 Speaker 1: like you were promoting something entirely different. It's like we 44 00:01:58,960 --> 00:02:03,200 Speaker 1: only to you Weekend Edition after dark, that kind of anyway, 45 00:02:03,280 --> 00:02:04,520 Speaker 1: it is a family event. 46 00:02:05,760 --> 00:02:07,520 Speaker 2: Just make sure you're over eighteen because there will be 47 00:02:07,560 --> 00:02:08,280 Speaker 2: alcohol served. 48 00:02:08,360 --> 00:02:12,280 Speaker 1: That's right, Yeah, so it's not entirely family friendly friends. Yes, 49 00:02:12,320 --> 00:02:14,400 Speaker 1: and we are also launching my new novel called All 50 00:02:14,400 --> 00:02:16,519 Speaker 1: the Perfect Days. We're just happening at the same time, 51 00:02:17,120 --> 00:02:19,359 Speaker 1: very excited, which is very very cool. All right, let's 52 00:02:19,360 --> 00:02:23,200 Speaker 1: get on with the show, shall we? Biggest story of 53 00:02:23,240 --> 00:02:26,360 Speaker 1: the week before we do? Adam what you're looking for? 54 00:02:26,480 --> 00:02:29,880 Speaker 1: I know you're looking for timeliness and some other rubbish. 55 00:02:29,760 --> 00:02:33,600 Speaker 3: Yes, topicality, economic impact obviously, and I think the ones 56 00:02:33,639 --> 00:02:37,040 Speaker 3: that more interest you, Michael and my subjective bias and 57 00:02:37,480 --> 00:02:38,720 Speaker 3: of course drama. 58 00:02:39,040 --> 00:02:41,400 Speaker 2: Do you reckon that we could cut the timing of 59 00:02:41,480 --> 00:02:46,040 Speaker 2: the show by just not having Adam tell us this arbitrary. 60 00:02:45,600 --> 00:02:48,360 Speaker 1: I take up the most time, about eight minutes. 61 00:02:49,240 --> 00:02:53,120 Speaker 2: Yeah, would you like me to tell you the biggest 62 00:02:53,120 --> 00:02:56,799 Speaker 2: story of the week. Yeah, I've got to say it's 63 00:02:56,919 --> 00:03:00,200 Speaker 2: your entry. Just to be clear, it's not this week. 64 00:03:01,000 --> 00:03:04,080 Speaker 2: It's not like there was one standout. So this is 65 00:03:04,160 --> 00:03:08,240 Speaker 2: actually a little bit more competitive, Okay, I think I 66 00:03:08,280 --> 00:03:10,359 Speaker 2: mean because Michael co oh, yeah, there's only one big 67 00:03:10,400 --> 00:03:12,360 Speaker 2: story of the week. Yeah, there wasn't. There was a 68 00:03:12,400 --> 00:03:16,520 Speaker 2: bunch of stories this week which are big and I 69 00:03:16,560 --> 00:03:18,919 Speaker 2: want to talk about. So I've decided the biggest story 70 00:03:18,919 --> 00:03:20,600 Speaker 2: of the week is one that actually affects us, all 71 00:03:21,240 --> 00:03:24,680 Speaker 2: that's relevant to us, universal, that really makes a difference 72 00:03:24,680 --> 00:03:28,080 Speaker 2: to how we live, okay, And that's the economy, Adam, 73 00:03:28,520 --> 00:03:32,760 Speaker 2: that's the economy. Couple of big, big, big data points 74 00:03:32,760 --> 00:03:33,360 Speaker 2: out this week. 75 00:03:33,600 --> 00:03:33,880 Speaker 3: God. 76 00:03:34,639 --> 00:03:39,200 Speaker 2: Number one, we had monthly inflation April figures, underline coming 77 00:03:39,240 --> 00:03:42,240 Speaker 2: in at two point four percent. No, I say that again. 78 00:03:42,280 --> 00:03:44,480 Speaker 2: I'll say that again. Headline coming at two point four percent, 79 00:03:44,560 --> 00:03:47,760 Speaker 2: underlying at two point eight percent litl higher than last 80 00:03:47,800 --> 00:03:50,200 Speaker 2: month two point seven percent. But the trend is, your friend, 81 00:03:50,600 --> 00:03:55,760 Speaker 2: we are heading lower. Number two, business investment. That's a 82 00:03:55,800 --> 00:03:58,240 Speaker 2: bit of a problem. You know, ten years ago, a 83 00:03:58,280 --> 00:04:00,880 Speaker 2: little more than ten years ago, business investment was twenty 84 00:04:00,920 --> 00:04:03,400 Speaker 2: percent of the economy during the mining boom. It's now 85 00:04:03,600 --> 00:04:06,680 Speaker 2: just eleven percent of the economy. Now, allow me to 86 00:04:06,680 --> 00:04:08,480 Speaker 2: give you a little lesson here before. 87 00:04:08,200 --> 00:04:10,000 Speaker 1: You do that, Can I just point out just how 88 00:04:10,080 --> 00:04:12,640 Speaker 1: much Adam was writing during that entire thing. He didn't 89 00:04:12,680 --> 00:04:15,280 Speaker 1: he did not, He did not look at you once. 90 00:04:15,360 --> 00:04:17,800 Speaker 1: He just spent the entire time taking notes. And I 91 00:04:17,880 --> 00:04:22,120 Speaker 1: object because it means that he's very serious. 92 00:04:22,600 --> 00:04:26,440 Speaker 2: So the economy made up of households consumption. What we 93 00:04:26,480 --> 00:04:30,560 Speaker 2: all spend government, Well, they spent investment. Now a business 94 00:04:30,920 --> 00:04:36,640 Speaker 2: investment C plus I plus G equals why yeah, that's it. 95 00:04:37,120 --> 00:04:39,920 Speaker 2: So we have had consumption. It's just been treamilling on 96 00:04:39,960 --> 00:04:42,000 Speaker 2: that sort of sixty five seventy percent of the economy. 97 00:04:42,360 --> 00:04:45,600 Speaker 2: We had a pound of dollars drumped. We have had 98 00:04:45,960 --> 00:04:50,360 Speaker 2: getting It's a very fair point, his mate. Government spending, well, 99 00:04:50,360 --> 00:04:52,960 Speaker 2: that's been that's been boom times for government spending every 100 00:04:52,960 --> 00:04:55,960 Speaker 2: since COVID. Business investment is actually the one that's really 101 00:04:55,960 --> 00:04:59,280 Speaker 2: fallen behind. And you will find with business investment it 102 00:04:59,360 --> 00:05:02,440 Speaker 2: often actually determines how the economy is going, because household 103 00:05:02,440 --> 00:05:06,200 Speaker 2: spending is pretty stable, so too government. I digress point 104 00:05:06,400 --> 00:05:09,240 Speaker 2: is two weeks ago Michelle Bullock, Reserve Bank governor, stopped 105 00:05:09,720 --> 00:05:12,040 Speaker 2: crapping on about inflation all the time and started doing 106 00:05:12,080 --> 00:05:14,599 Speaker 2: a little bit of crapping on about economic growth. She 107 00:05:14,720 --> 00:05:17,720 Speaker 2: shifted the bias economic growth matters. Now we found out 108 00:05:17,800 --> 00:05:21,479 Speaker 2: this week inflation trend is down and economic growth we 109 00:05:21,600 --> 00:05:24,719 Speaker 2: may only hit a one and a half one point 110 00:05:24,720 --> 00:05:27,840 Speaker 2: seven for annualized for the March quarter. We get those 111 00:05:27,839 --> 00:05:31,240 Speaker 2: figures next week. On the back of thoze business investment data. 112 00:05:31,520 --> 00:05:33,520 Speaker 2: We're going to get another rate cut, Adam. We are 113 00:05:33,640 --> 00:05:36,560 Speaker 2: going to get another rake up. Might not happen to August, 114 00:05:36,680 --> 00:05:39,360 Speaker 2: but we're going to get one big, big, big, big 115 00:05:39,360 --> 00:05:41,800 Speaker 2: effect and big story for that matter. 116 00:05:41,960 --> 00:05:44,800 Speaker 1: A certain amount of hypocrisy in you criticizing someone else 117 00:05:44,800 --> 00:05:46,040 Speaker 1: for crapping on sho. 118 00:05:46,920 --> 00:05:48,000 Speaker 2: I didn't criticize. 119 00:05:49,320 --> 00:05:53,800 Speaker 1: You noted that it took place. You said that the 120 00:05:53,839 --> 00:05:56,760 Speaker 1: Reserve Bank governor has been crapping on about what you 121 00:05:56,839 --> 00:05:59,560 Speaker 1: actually did, and then I forgot about it. You promptly forgot. 122 00:05:59,640 --> 00:06:01,640 Speaker 2: But there is the thing that they never crap on. 123 00:06:04,640 --> 00:06:05,880 Speaker 3: Words and everyone. 124 00:06:05,960 --> 00:06:08,960 Speaker 1: Yeah, much like that entry that was good three stories 125 00:06:08,960 --> 00:06:12,000 Speaker 1: in one, here's one single story for you, Adam. It 126 00:06:12,080 --> 00:06:15,360 Speaker 1: is the biggest have an effect on people, every single 127 00:06:15,400 --> 00:06:21,960 Speaker 1: person in the entire world. It has universal impact, Adam. 128 00:06:22,080 --> 00:06:22,520 Speaker 3: It is. 129 00:06:24,320 --> 00:06:27,440 Speaker 1: It is about Donald Trump. It is don't laugh, it 130 00:06:27,560 --> 00:06:33,279 Speaker 1: is about tariffs. It is about uncertainty, right. It is 131 00:06:33,320 --> 00:06:35,839 Speaker 1: the fact I haven't thought about this until yeah, big 132 00:06:36,160 --> 00:06:38,600 Speaker 1: big and you know what. You know what. You can 133 00:06:38,680 --> 00:06:42,159 Speaker 1: criticize it as being Yes, it's the continuation of a story, 134 00:06:42,160 --> 00:06:46,279 Speaker 1: but there were several specific events that took place that 135 00:06:46,279 --> 00:06:48,840 Speaker 1: were part of one story. Just to clarify that that 136 00:06:49,120 --> 00:06:53,000 Speaker 1: took place this week. That just said this week has 137 00:06:53,080 --> 00:06:55,680 Speaker 1: been plagued by uncertainty. 138 00:06:56,320 --> 00:06:58,920 Speaker 2: The week before, no, that was less of a plague 139 00:06:58,960 --> 00:07:04,840 Speaker 2: and more of just a minor in the week before. 140 00:07:04,920 --> 00:07:11,200 Speaker 1: But this week the uncertainty is rife. It started with. 141 00:07:13,880 --> 00:07:16,120 Speaker 3: High points for melodrama, so I don't. 142 00:07:15,920 --> 00:07:20,520 Speaker 1: Even know how to take myself seriously. It started with 143 00:07:20,680 --> 00:07:24,800 Speaker 1: fifty percent tariff on imports from Europe starting next week. 144 00:07:24,840 --> 00:07:26,840 Speaker 1: That was the announcement from Donald Trump. At the beginning 145 00:07:26,880 --> 00:07:29,560 Speaker 1: of the week, markets were rattled, the Aussie dollar surged. 146 00:07:29,760 --> 00:07:32,120 Speaker 1: Middle of the week, we had the Court of International 147 00:07:32,160 --> 00:07:37,440 Speaker 1: Trade finding that many of Donald Trump's reciprocal tariffs really 148 00:07:37,440 --> 00:07:41,280 Speaker 1: were not actually allowed because he had overstepped his legal 149 00:07:41,320 --> 00:07:44,760 Speaker 1: authority by using emergency powers. Less than twenty four hours later, 150 00:07:44,800 --> 00:07:47,160 Speaker 1: a federal judge in Washington made the same finding in 151 00:07:47,200 --> 00:07:49,400 Speaker 1: a separate case. That was the middle of the week. 152 00:07:49,760 --> 00:07:52,440 Speaker 1: End of the week is back on again because a 153 00:07:52,440 --> 00:07:55,520 Speaker 1: federal appeals court agreed to temporarily keep the tariffs while 154 00:07:55,520 --> 00:07:57,520 Speaker 1: the appeal was being lodged. This is all going to 155 00:07:57,560 --> 00:07:59,960 Speaker 1: the Supreme Court. It's all ending up in a giant kafuffle, 156 00:08:00,040 --> 00:08:03,360 Speaker 1: And you know what, that kerfuffle is it is chaos 157 00:08:03,560 --> 00:08:06,640 Speaker 1: for markets. No one knows what is going on. You 158 00:08:06,720 --> 00:08:10,400 Speaker 1: have this the Taco memes going around. The Trump always 159 00:08:10,480 --> 00:08:13,280 Speaker 1: chickens out, so this expectation that he announces these things 160 00:08:13,280 --> 00:08:16,720 Speaker 1: then always backs out of any kind of meaningful decisions. 161 00:08:16,880 --> 00:08:19,760 Speaker 1: He is essentially playing chicken with other countries. He's playing 162 00:08:19,840 --> 00:08:23,760 Speaker 1: chicken with trade, international trade, and that is damaging for markets. 163 00:08:23,760 --> 00:08:26,960 Speaker 1: It is damaging for certainty and stability. And it is 164 00:08:27,040 --> 00:08:29,640 Speaker 1: the biggest story of the week because this week has 165 00:08:29,680 --> 00:08:35,160 Speaker 1: typified that in the greatest way since Liberation Day, right, 166 00:08:35,360 --> 00:08:39,400 Speaker 1: this has been the biggest week for international trade. Really 167 00:08:39,840 --> 00:08:42,719 Speaker 1: second biggest week since liberation David was also the time 168 00:08:42,760 --> 00:08:45,320 Speaker 1: when it was just you know what, just objectively, this 169 00:08:45,360 --> 00:08:48,360 Speaker 1: is a massive, massive week number one. 170 00:08:48,440 --> 00:08:51,640 Speaker 2: You know what I loved about what happened when the 171 00:08:52,120 --> 00:08:57,120 Speaker 2: first when the first international Court overturned the tariffs, the 172 00:08:57,120 --> 00:09:04,200 Speaker 2: Australian market did nothing are fatigue, They said, taco. 173 00:09:04,320 --> 00:09:05,240 Speaker 1: It's funny, isn't it. 174 00:09:05,240 --> 00:09:08,200 Speaker 2: Trump always chickens out. The point about Trump at the 175 00:09:08,200 --> 00:09:10,640 Speaker 2: moment is that no one knows what's going on, no 176 00:09:10,640 --> 00:09:14,000 Speaker 2: one believes him. 177 00:09:14,040 --> 00:09:18,080 Speaker 3: So Tarco it's like an indictment isn't it when something 178 00:09:18,120 --> 00:09:21,400 Speaker 3: gets described like that with just this sort of. 179 00:09:21,800 --> 00:09:26,480 Speaker 1: Mexican So Sean, you win. 180 00:09:28,280 --> 00:09:32,080 Speaker 3: Business investment is a long term issue, and we've we've 181 00:09:32,080 --> 00:09:35,240 Speaker 3: talked about productivity or at least my passion for it 182 00:09:35,720 --> 00:09:38,600 Speaker 3: here for some time. Business investment is so low. If 183 00:09:38,640 --> 00:09:43,600 Speaker 3: we hadn't had COVID and then probably NDIS in terms 184 00:09:43,640 --> 00:09:46,960 Speaker 3: of the amount of spending and jobs investment by government, 185 00:09:47,800 --> 00:09:50,320 Speaker 3: it would be even more exposed even earlier. But we've 186 00:09:50,320 --> 00:09:52,559 Speaker 3: had this long standing problem for a long long time. 187 00:09:52,640 --> 00:09:55,680 Speaker 3: It's actually dire. I think so. I think it is 188 00:09:55,720 --> 00:10:01,440 Speaker 3: actually the biggest story of the years. Close, right, yeah, close. 189 00:10:01,679 --> 00:10:04,280 Speaker 2: I mean it's a massive win by one point. 190 00:10:04,559 --> 00:10:07,760 Speaker 3: Well, but Shawn you said during the week too, Bruce Wolpe, 191 00:10:07,880 --> 00:10:11,560 Speaker 3: when he pointed out that if the President challenges this 192 00:10:11,640 --> 00:10:15,360 Speaker 3: and basically ignores the court, the democracy is. 193 00:10:16,000 --> 00:10:18,360 Speaker 1: I actually meant to mention that, Sorry, well, go back, 194 00:10:18,720 --> 00:10:22,000 Speaker 1: go back slightly, go back slightly, because forget that you 195 00:10:22,040 --> 00:10:24,800 Speaker 1: have made your judgment. I actually meant to mention this 196 00:10:24,960 --> 00:10:27,880 Speaker 1: because there were really really alarming comments that came out 197 00:10:27,920 --> 00:10:30,960 Speaker 1: of the White House on Friday, right, and this was 198 00:10:31,040 --> 00:10:32,920 Speaker 1: this was a direct quote from the White House Press 199 00:10:32,920 --> 00:10:36,320 Speaker 1: secretary where she said the courts, the court should And 200 00:10:36,360 --> 00:10:38,720 Speaker 1: the worst part is she is the president. She is 201 00:10:38,760 --> 00:10:42,960 Speaker 1: the president's mouthpiece. Right, the court genius should have no 202 00:10:43,160 --> 00:10:46,200 Speaker 1: role here. There is a troubling and dangerous trend of 203 00:10:46,320 --> 00:10:50,920 Speaker 1: unelected judges inserting themselves into the presidential decision making process. 204 00:10:51,240 --> 00:10:55,480 Speaker 1: America cannot function if President Trump or any other president 205 00:10:55,480 --> 00:10:58,600 Speaker 1: for that matter, has their sensitive diplomatic or trade negotiations 206 00:10:58,679 --> 00:11:03,040 Speaker 1: rail roaded by active judges. These judges are threatening to 207 00:11:03,120 --> 00:11:06,840 Speaker 1: undermine the credibility of the United States on the world stage. 208 00:11:07,160 --> 00:11:11,000 Speaker 1: If that is not setting and you know what, absolutely, 209 00:11:11,040 --> 00:11:13,319 Speaker 1: I've now won because if that is. 210 00:11:13,320 --> 00:11:16,600 Speaker 2: Not, Sorry Michael, if that is normally Adam adds to 211 00:11:16,679 --> 00:11:18,280 Speaker 2: your story to give it some credibility. 212 00:11:18,440 --> 00:11:21,319 Speaker 1: After the judgment, I completely forgot. I forgot where I 213 00:11:21,360 --> 00:11:24,680 Speaker 1: was going. But if that is not setting up right 214 00:11:25,080 --> 00:11:28,920 Speaker 1: the White House for a conflict with the judicial system 215 00:11:29,200 --> 00:11:36,880 Speaker 1: in the US, I don't know what is. Absolutely, yeah, bonus. 216 00:11:35,000 --> 00:11:38,640 Speaker 3: You still don't win. I'm afraid Productivity Australia. 217 00:11:38,640 --> 00:11:41,800 Speaker 2: The most remarkable story over to you, Michael, Well, okay, 218 00:11:42,280 --> 00:11:45,080 Speaker 2: most remarkable story is. 219 00:11:46,080 --> 00:11:46,440 Speaker 1: Telstra. 220 00:11:48,559 --> 00:11:50,240 Speaker 3: Did you surprise yourself. 221 00:11:50,840 --> 00:11:52,600 Speaker 2: So hard with the notes on in front of you. 222 00:11:52,640 --> 00:11:56,680 Speaker 1: No, I was, I was. I was too busy reading 223 00:11:56,679 --> 00:11:59,760 Speaker 1: more about the White House because I just find that 224 00:12:00,679 --> 00:12:04,920 Speaker 1: and I was still reeling from the decision judgment. Anyway, 225 00:12:05,120 --> 00:12:11,720 Speaker 1: Telstras are remarkable about face in strategy, right, and this matters, Okay, 226 00:12:11,920 --> 00:12:15,319 Speaker 1: it really really matters. One point two million shareholders. It's 227 00:12:15,400 --> 00:12:21,079 Speaker 1: most widely held company. Sorry, I just kind. 228 00:12:20,920 --> 00:12:23,400 Speaker 3: Of held, you know, in a warm embrace, and we share. 229 00:12:23,840 --> 00:12:25,520 Speaker 1: Everyone loves loves to hold it. 230 00:12:26,480 --> 00:12:26,600 Speaker 2: Uh. 231 00:12:29,080 --> 00:12:36,240 Speaker 1: Telstra is going all in on AI, all in on connectivity, right. 232 00:12:36,480 --> 00:12:40,079 Speaker 1: This isn't about mobile phones, this isn't about landlines, This 233 00:12:40,240 --> 00:12:43,400 Speaker 1: certainly isn't about any kind of enterprise. 234 00:12:43,040 --> 00:12:46,960 Speaker 2: Solution communications company. They're going all in on connectivity. Yeah, 235 00:12:47,120 --> 00:12:48,120 Speaker 2: crazy stuff. 236 00:12:47,840 --> 00:12:50,040 Speaker 1: Which is. But I mean the thing is that you expect. 237 00:12:50,160 --> 00:12:53,400 Speaker 1: No connectivity in its in the modern sense, is not 238 00:12:53,920 --> 00:12:56,040 Speaker 1: picking up your phone and talking to your auntie with 239 00:12:56,080 --> 00:12:58,640 Speaker 1: any other city. No connectivity in a modern sense is 240 00:12:58,679 --> 00:13:03,440 Speaker 1: the connectivity of every thing of every single day. It 241 00:13:03,520 --> 00:13:04,160 Speaker 1: probably does. 242 00:13:05,920 --> 00:13:08,640 Speaker 2: You are going to getting a bit feisty next day night, 243 00:13:08,840 --> 00:13:13,040 Speaker 2: do you know. I don't see Michael because he's so calm, 244 00:13:13,160 --> 00:13:16,920 Speaker 2: loves all the time. He is just getting a bit 245 00:13:17,120 --> 00:13:18,640 Speaker 2: angro good I've. 246 00:13:18,559 --> 00:13:22,400 Speaker 1: Just I've just had it good with the two of you, 247 00:13:23,200 --> 00:13:25,600 Speaker 1: and even the way we stand in the studio right, 248 00:13:26,000 --> 00:13:28,480 Speaker 1: just to paint the picture. I'm on one side of 249 00:13:28,520 --> 00:13:31,079 Speaker 1: the desk and the two of you are standing side 250 00:13:31,080 --> 00:13:33,520 Speaker 1: by side on the other side of the desk. It 251 00:13:33,720 --> 00:13:36,520 Speaker 1: feels like it is two against one. 252 00:13:36,559 --> 00:13:39,200 Speaker 2: Except for the fact that you are paneling. You are 253 00:13:39,200 --> 00:13:43,280 Speaker 2: controlling everything. So Adam and I rely on you to 254 00:13:43,360 --> 00:13:47,199 Speaker 2: not hit mute the mute. 255 00:13:49,760 --> 00:13:51,880 Speaker 1: I did. I turned you off because you needed to 256 00:13:51,920 --> 00:13:56,400 Speaker 1: be I needed to exercise authority. Sorry, So what we 257 00:13:56,480 --> 00:14:03,000 Speaker 1: were saying, It's not about mobiles anymore. It's not about 258 00:14:03,040 --> 00:14:05,480 Speaker 1: landlines anymore. It's not about enterprise solutions. This is about 259 00:14:05,480 --> 00:14:08,760 Speaker 1: the network. This is about engaging customers right as part 260 00:14:08,800 --> 00:14:11,760 Speaker 1: of Telstra's connectivity. It is about the digital infrastructure that 261 00:14:11,760 --> 00:14:13,680 Speaker 1: can connect us all. It is not about running a 262 00:14:13,720 --> 00:14:18,400 Speaker 1: landline from here to Perth. It is about the digital age. 263 00:14:18,720 --> 00:14:20,320 Speaker 1: Now is keep been mining. 264 00:14:19,960 --> 00:14:22,080 Speaker 2: A fiber optic cable from here to Perth. 265 00:14:26,440 --> 00:14:32,240 Speaker 3: Stop quibbling with the truth using facts. 266 00:14:32,280 --> 00:14:35,960 Speaker 1: Again, there is this that wasn't a fact, I mean 267 00:14:36,040 --> 00:14:42,200 Speaker 1: technically true. Okay, all right. The other remarkable part of 268 00:14:42,240 --> 00:14:47,040 Speaker 1: here is that suddenly Infraco. Telstra's infrastructure business is front 269 00:14:47,040 --> 00:14:49,560 Speaker 1: and center. It is it has pride of place in 270 00:14:49,600 --> 00:14:53,520 Speaker 1: this new strategy that's going to take Telstra into the 271 00:14:53,560 --> 00:14:55,400 Speaker 1: next five years. 272 00:14:55,680 --> 00:14:55,960 Speaker 3: Right. 273 00:14:57,080 --> 00:15:00,280 Speaker 1: This is the same infrastructure business that the previous of 274 00:15:00,280 --> 00:15:03,360 Speaker 1: Telstra was going to sell. Can you not see that? 275 00:15:03,440 --> 00:15:07,560 Speaker 1: How much of a dramatic about face, a massive, massive 276 00:15:07,640 --> 00:15:12,800 Speaker 1: shift in strategy. This is for one of the most 277 00:15:13,320 --> 00:15:22,800 Speaker 1: widely held, you respected, most, most loudest, important, important, significant, 278 00:15:23,280 --> 00:15:27,520 Speaker 1: vibish significant as well to the Australian national identity. Because 279 00:15:27,600 --> 00:15:29,480 Speaker 1: this was you know. 280 00:15:29,520 --> 00:15:33,400 Speaker 2: What I'm done actually is a big five year story. 281 00:15:33,560 --> 00:15:35,160 Speaker 3: I just got it. 282 00:15:35,280 --> 00:15:38,320 Speaker 2: I got a thirty five year story the gone. What's 283 00:15:38,400 --> 00:15:42,560 Speaker 2: remarkable is the government signing off on Woodside Energy's bid 284 00:15:43,120 --> 00:15:47,520 Speaker 2: to extend the life of the north Welles West Shelf 285 00:15:47,600 --> 00:15:52,000 Speaker 2: gas development in your home state, Adam, of Western Australia. 286 00:15:53,120 --> 00:15:54,840 Speaker 2: It was space to end in twenty thirty. It's going 287 00:15:54,840 --> 00:15:58,720 Speaker 2: to twenty seventy, twenty seventy. Did you know that Woodsides 288 00:15:59,080 --> 00:16:02,880 Speaker 2: for Bears actually bought this land or brought the rights 289 00:16:02,880 --> 00:16:05,400 Speaker 2: to explore on this land in the mid sixties for 290 00:16:05,440 --> 00:16:06,200 Speaker 2: one hundred pounds? 291 00:16:07,200 --> 00:16:08,720 Speaker 3: Oh wow, that's cool. 292 00:16:09,160 --> 00:16:11,120 Speaker 1: No, but it sounds like a bargain. 293 00:16:11,400 --> 00:16:13,520 Speaker 2: It does sound like a bargain. There is discussion about, 294 00:16:13,520 --> 00:16:14,400 Speaker 2: well that is too much of it? 295 00:16:14,440 --> 00:16:15,120 Speaker 3: How for it? 296 00:16:15,200 --> 00:16:19,800 Speaker 2: So three hundred and seventy thousand square kilometers off Western 297 00:16:19,840 --> 00:16:22,840 Speaker 2: Australia's northwest coach and it cost them a coast and 298 00:16:22,880 --> 00:16:26,200 Speaker 2: it cost them one hundred pounds to do in the 299 00:16:26,240 --> 00:16:30,080 Speaker 2: mid sixties. This is what they're exploring. Now there's a 300 00:16:30,120 --> 00:16:35,120 Speaker 2: lot in this. Federal Labor has okayed it. Now alban 301 00:16:35,200 --> 00:16:38,880 Speaker 2: Easy is getting a lot of kickback on that because 302 00:16:38,880 --> 00:16:40,960 Speaker 2: they're trying to get eighty two percent of renewables by 303 00:16:40,960 --> 00:16:44,760 Speaker 2: twenty thirty net zero by twenty fifty. Tenny Plebi six 304 00:16:44,800 --> 00:16:46,960 Speaker 2: probably the happiest politician around because she didn't actually have 305 00:16:47,040 --> 00:16:50,520 Speaker 2: to murray what did there was? I think it was 306 00:16:50,520 --> 00:16:53,600 Speaker 2: your turn to advocate made the comment that Albo really 307 00:16:53,640 --> 00:16:56,400 Speaker 2: does like Tenia Plebi sick because he took her out 308 00:16:56,400 --> 00:16:58,320 Speaker 2: of this portfolio before the decision was made. 309 00:16:58,760 --> 00:17:00,400 Speaker 1: Fair call good. 310 00:17:00,560 --> 00:17:04,560 Speaker 2: Environmentalists are upset about it. Some Indigenous leaders are upset 311 00:17:04,560 --> 00:17:07,400 Speaker 2: about it because it is close to Indigenous rock cart. 312 00:17:07,480 --> 00:17:10,840 Speaker 2: Not all indigenous leaders, but some. This has been going 313 00:17:10,880 --> 00:17:14,920 Speaker 2: seven years in the process of getting okayed At the 314 00:17:15,000 --> 00:17:17,520 Speaker 2: end of the day, though, this is the development of 315 00:17:17,840 --> 00:17:22,040 Speaker 2: a huge amount of gas which will be used, if 316 00:17:22,040 --> 00:17:23,840 Speaker 2: it continues to be used in the same way, will 317 00:17:23,840 --> 00:17:26,159 Speaker 2: be exported a lot of income there and used in 318 00:17:26,160 --> 00:17:28,800 Speaker 2: Western Australia. At this point they don't bring it over 319 00:17:28,920 --> 00:17:30,760 Speaker 2: to the East coast, which is where we need gas, 320 00:17:30,760 --> 00:17:33,560 Speaker 2: but that may end up happening. Just the fact that 321 00:17:33,560 --> 00:17:36,040 Speaker 2: that there, I mean, it is actually remarkable that labor 322 00:17:36,440 --> 00:17:42,520 Speaker 2: of all people have approved this massive, massive, thirty five 323 00:17:42,640 --> 00:17:44,920 Speaker 2: year play in gas. 324 00:17:45,480 --> 00:17:48,320 Speaker 1: This is a tough one. That's such a big play 325 00:17:48,359 --> 00:17:50,959 Speaker 1: into AI and connectivity. 326 00:17:50,760 --> 00:17:52,119 Speaker 3: But hardly surprising. 327 00:17:52,440 --> 00:17:54,840 Speaker 1: Well, it is a surprise that it isn't about it's 328 00:17:54,880 --> 00:17:56,520 Speaker 1: a complete shift in strategy. 329 00:17:57,359 --> 00:18:01,120 Speaker 2: Company badget don't. I'm not a complete shifted They're. 330 00:18:01,000 --> 00:18:03,080 Speaker 1: Going to sell it now, They're going to keep it 331 00:18:03,119 --> 00:18:05,679 Speaker 1: and do wonderful things with it. 332 00:18:05,200 --> 00:18:07,520 Speaker 2: So I don't badge the judges. All I was trying 333 00:18:07,520 --> 00:18:08,000 Speaker 2: to say. 334 00:18:08,240 --> 00:18:13,600 Speaker 1: All I wanted to say. Decision is one that impacts 335 00:18:13,640 --> 00:18:16,040 Speaker 1: not only millions of customers. They have got twenty two 336 00:18:16,119 --> 00:18:19,200 Speaker 1: and a half million kind of mobile accounts in Australia. 337 00:18:19,240 --> 00:18:22,840 Speaker 1: That is just extraordinary, but a huge number of shareholders. 338 00:18:22,920 --> 00:18:25,840 Speaker 2: I've never seen Michael quite so antsy in a show. 339 00:18:26,800 --> 00:18:28,040 Speaker 3: I think he's cross with me. 340 00:18:28,280 --> 00:18:30,520 Speaker 2: I think he is, definitely and he's cross with me. 341 00:18:30,600 --> 00:18:32,920 Speaker 2: I mean I was late this morning, which never helps. 342 00:18:33,119 --> 00:18:36,200 Speaker 2: And I think he's worried about next Thursday night. I 343 00:18:36,200 --> 00:18:37,240 Speaker 2: think there's a lot going on. 344 00:18:37,320 --> 00:18:40,280 Speaker 1: There is no no, no, I'm fine what I want. 345 00:18:41,600 --> 00:18:42,680 Speaker 1: I'm not angry. 346 00:18:43,320 --> 00:18:45,840 Speaker 2: God is getting here right. 347 00:18:46,200 --> 00:18:47,840 Speaker 3: I like the way you point when you say that 348 00:18:48,560 --> 00:18:49,600 Speaker 3: I'm not angry. 349 00:18:50,440 --> 00:18:53,800 Speaker 1: Can you please tell me how large was my victory? 350 00:18:54,800 --> 00:18:57,520 Speaker 3: Sorry, well, only if you're counting that in the negative, 351 00:18:57,520 --> 00:18:58,320 Speaker 3: because Sean won. 352 00:19:02,000 --> 00:19:04,280 Speaker 1: Look both of these things, I'm not counting it in 353 00:19:04,320 --> 00:19:04,600 Speaker 1: the next. 354 00:19:06,640 --> 00:19:09,360 Speaker 3: Both of these things have something in common that they 355 00:19:09,359 --> 00:19:13,199 Speaker 3: are the logical decision, right, But they are both a 356 00:19:13,240 --> 00:19:15,800 Speaker 3: bit contentious. But I think that the Woodside one is 357 00:19:15,960 --> 00:19:19,800 Speaker 3: far more contentious for the reason Sean outlined than the 358 00:19:19,920 --> 00:19:22,600 Speaker 3: tel Stroke one is. So yeah, I think more remarkable 359 00:19:22,640 --> 00:19:23,760 Speaker 3: is the Woodside. 360 00:19:23,280 --> 00:19:29,399 Speaker 1: Decision this week. Okay, that is a decision one that 361 00:19:29,480 --> 00:19:32,120 Speaker 1: I respectfully. 362 00:19:31,000 --> 00:19:33,240 Speaker 2: Disagree with to nil. 363 00:19:33,560 --> 00:19:36,760 Speaker 1: Yes, I'm aware of that, Sean. Thank you. Let's take 364 00:19:36,760 --> 00:19:42,359 Speaker 1: a quick break and we'll come back with the mystery category. 365 00:19:46,880 --> 00:19:51,320 Speaker 1: All right, our mystery category this week Sean, can. 366 00:19:51,200 --> 00:19:53,679 Speaker 2: I just before you tell Adam what the mystery category is, 367 00:19:54,440 --> 00:19:59,040 Speaker 2: because I think Adam should rule on this this category. 368 00:19:59,400 --> 00:20:01,760 Speaker 2: I think it's a last time we should allow this 369 00:20:02,640 --> 00:20:04,680 Speaker 2: miss genre of category. 370 00:20:04,840 --> 00:20:07,639 Speaker 1: Okay, as in about this particular individual. 371 00:20:07,720 --> 00:20:11,080 Speaker 2: Yes, okay, because he's given it so much, but I 372 00:20:11,080 --> 00:20:13,280 Speaker 2: feel like there is going to be less from him 373 00:20:13,400 --> 00:20:15,000 Speaker 2: coming moving forward. 374 00:20:15,600 --> 00:20:17,919 Speaker 3: Oh good luck. If it's I think it is. 375 00:20:18,320 --> 00:20:21,119 Speaker 2: Do you think it is musk? Okay? 376 00:20:21,200 --> 00:20:27,080 Speaker 1: That is lost the element of surprise here, Sean. Okay, So, Adam, 377 00:20:27,119 --> 00:20:30,000 Speaker 1: you are now judging a category which is the musk 378 00:20:30,160 --> 00:20:31,080 Speaker 1: story of the week. 379 00:20:32,760 --> 00:20:36,119 Speaker 2: You know when you're growing up, did you ever are 380 00:20:36,240 --> 00:20:40,000 Speaker 2: not the best? And I used to smell I love Yeah, 381 00:20:40,040 --> 00:20:40,760 Speaker 2: and you put. 382 00:20:40,560 --> 00:20:42,560 Speaker 3: Them in all day. 383 00:20:42,640 --> 00:20:47,040 Speaker 1: Pretend you're a walrus all those things. I still do that. 384 00:20:48,320 --> 00:20:53,080 Speaker 2: Look I'm a wall fine, must as much must sticks 385 00:20:53,400 --> 00:20:56,320 Speaker 2: around anymore. Well, I haven't actually looked for wouldn't. 386 00:20:58,880 --> 00:21:03,840 Speaker 1: Great anyway, They're delicious. I'm sure they're nutritious. Please go on, Sean. 387 00:21:05,200 --> 00:21:09,560 Speaker 2: So the category being favorite musk story of the week, well, 388 00:21:09,600 --> 00:21:13,200 Speaker 2: it has to be stepping down from Doge, the man 389 00:21:13,240 --> 00:21:18,320 Speaker 2: who came in to cut two trillion US dollars from 390 00:21:18,400 --> 00:21:22,120 Speaker 2: the federal budget, a third of the federal budget, all 391 00:21:22,200 --> 00:21:28,560 Speaker 2: that confidence, those press conferences Donald Trump with his son 392 00:21:28,640 --> 00:21:31,840 Speaker 2: climbing Libry's back and abusing Donald Trump, that was a highlight. 393 00:21:31,880 --> 00:21:34,280 Speaker 2: I thought, well, didn't the man that came in to 394 00:21:34,320 --> 00:21:37,679 Speaker 2: cut two one hundred trillion, sorry two trillion US dollars 395 00:21:38,040 --> 00:21:40,480 Speaker 2: He ended up doing about one hundred and seventy five billion, 396 00:21:40,840 --> 00:21:43,160 Speaker 2: so it's about eight percent or thereabouts, and a bunch 397 00:21:43,200 --> 00:21:45,680 Speaker 2: of that's not verified, so we're not even sure whether 398 00:21:45,720 --> 00:21:46,359 Speaker 2: that's the case. 399 00:21:46,680 --> 00:21:48,600 Speaker 1: It made a bit of noise though, as he did 400 00:21:49,160 --> 00:21:50,560 Speaker 1: he did he. 401 00:21:50,560 --> 00:21:52,440 Speaker 2: Said that he'd like to thank Donald Trump for the 402 00:21:52,480 --> 00:21:56,800 Speaker 2: opportunity to reduce wasteful spending, not that he actually did that. 403 00:21:57,520 --> 00:21:59,920 Speaker 2: And then the White House said, yes, he's been off boarded. 404 00:22:00,840 --> 00:22:01,840 Speaker 2: What is off boarded? 405 00:22:03,080 --> 00:22:04,360 Speaker 3: Is that like sacked? 406 00:22:04,720 --> 00:22:06,320 Speaker 2: Can I have your past? Please? 407 00:22:06,560 --> 00:22:07,160 Speaker 3: And yeah? 408 00:22:07,240 --> 00:22:09,720 Speaker 1: Yeah, isn't that when that goes towel over your head 409 00:22:09,720 --> 00:22:13,680 Speaker 1: and pour water on you? It's water boarding? 410 00:22:13,840 --> 00:22:17,960 Speaker 2: Sorry? Not quiet? Not quiet? Donald Trump came out and 411 00:22:17,960 --> 00:22:19,639 Speaker 2: he said this will be his last day, but not 412 00:22:19,680 --> 00:22:23,040 Speaker 2: really because he will always be with us helping all 413 00:22:23,040 --> 00:22:28,359 Speaker 2: the way. Elon is terrific. Now, I think Elon Musk 414 00:22:28,920 --> 00:22:33,320 Speaker 2: in the wide the Trump administration has been the absolute 415 00:22:33,960 --> 00:22:41,520 Speaker 2: standout bureaucrat. No one has given journalists more fodder, more fun. 416 00:22:41,960 --> 00:22:43,440 Speaker 3: Is that stand out in a good way? 417 00:22:43,640 --> 00:22:47,480 Speaker 2: Irrelevant? He is the man. I mean, I think so 418 00:22:47,640 --> 00:22:50,520 Speaker 2: far the press conference I remember most is Elon's son 419 00:22:50,880 --> 00:22:53,200 Speaker 2: on his head. What was it he said? Called said 420 00:22:53,200 --> 00:22:56,440 Speaker 2: to Donald Trump? Do you remember Michael? He said, you're 421 00:22:57,600 --> 00:22:59,840 Speaker 2: I don't remember you be quiet or something like that, 422 00:23:00,000 --> 00:23:02,679 Speaker 2: And when his father was talking, he wasn't quite that, 423 00:23:02,680 --> 00:23:05,800 Speaker 2: but it was something along those lines. Elon's out of there. Obviously, 424 00:23:05,880 --> 00:23:09,679 Speaker 2: Tesla's having all sorts of problems, but not just in 425 00:23:09,760 --> 00:23:12,199 Speaker 2: terms of people attacking their cars because they don't like 426 00:23:12,240 --> 00:23:15,520 Speaker 2: Elon Musk, but also sales are falling by d The 427 00:23:15,640 --> 00:23:18,919 Speaker 2: Chinese group is taking market share without a doubt. So 428 00:23:19,720 --> 00:23:24,000 Speaker 2: Elon's left. He's left the building. In fact, Elon has 429 00:23:24,080 --> 00:23:26,680 Speaker 2: left the building. I like that the. 430 00:23:28,800 --> 00:23:32,399 Speaker 1: I love that quote from Trump that you mentioned that 431 00:23:33,760 --> 00:23:35,760 Speaker 1: his last day, but not really because he will always 432 00:23:35,840 --> 00:23:39,120 Speaker 1: be with us, all right. He sounds like he's either 433 00:23:39,119 --> 00:23:43,080 Speaker 1: a gone back to his home planet or has. 434 00:23:42,200 --> 00:23:45,439 Speaker 3: He's in the sky. Here's always on the ground. 435 00:23:45,880 --> 00:23:49,359 Speaker 2: He's also still owing one hundred million dollars which he 436 00:23:49,400 --> 00:23:53,040 Speaker 2: has pledged to the Republicans, which he hasn't paid. It 437 00:23:53,160 --> 00:23:57,200 Speaker 2: interesting to see if he pays it. Really Wow, Elon 438 00:23:57,280 --> 00:23:58,080 Speaker 2: has left the building. 439 00:23:58,280 --> 00:24:00,359 Speaker 1: Okay, you know one of the places where he's going. 440 00:24:01,080 --> 00:24:06,800 Speaker 1: He's heading off to SpaceX, which needs it needs him, 441 00:24:06,880 --> 00:24:11,160 Speaker 1: it needs emergently because this week there was another SpaceX explosion, 442 00:24:11,760 --> 00:24:15,000 Speaker 1: the third in a row, right, and this was a 443 00:24:15,000 --> 00:24:18,640 Speaker 1: pretty bad one because first, this was the first. Again, 444 00:24:18,680 --> 00:24:20,959 Speaker 1: I get very excited about this, and so I apologize 445 00:24:21,000 --> 00:24:22,080 Speaker 1: if I go on for too long. 446 00:24:22,680 --> 00:24:24,680 Speaker 2: No no, no, no, no, you don't. 447 00:24:24,320 --> 00:24:27,960 Speaker 1: Wrap yourself in no. So the first that this was 448 00:24:28,000 --> 00:24:31,919 Speaker 1: the first one using one of the recycled boosters. You 449 00:24:31,960 --> 00:24:34,080 Speaker 1: know how they've been catching the catching them out of 450 00:24:34,080 --> 00:24:36,440 Speaker 1: the out of the sky with the big robotic arms. 451 00:24:36,480 --> 00:24:40,200 Speaker 1: This was the first one using one of those recycled boosters, right, 452 00:24:40,640 --> 00:24:44,080 Speaker 1: and it worked to a degree. It got the starship 453 00:24:44,320 --> 00:24:47,119 Speaker 1: into the sky right, and then it disconnected as it's 454 00:24:47,119 --> 00:24:48,879 Speaker 1: supposed to be. But then they lost contact and it 455 00:24:48,880 --> 00:24:51,720 Speaker 1: didn't end so well from there. Then the starship failed 456 00:24:51,760 --> 00:24:55,639 Speaker 1: to achieve its next mission, which was releasing the test 457 00:24:55,680 --> 00:24:58,560 Speaker 1: satellites because the door wouldn't open. It's a bit of 458 00:24:58,560 --> 00:25:01,439 Speaker 1: a bit of a bummer. Then it spun out of 459 00:25:01,480 --> 00:25:04,880 Speaker 1: control and experienced what SpaceX called, which is what's still 460 00:25:04,880 --> 00:25:06,720 Speaker 1: one of my favorite euphemisms, and we've heard it a 461 00:25:06,720 --> 00:25:11,040 Speaker 1: few times now, a rapid, unscheduled disassembly, so it blew up. 462 00:25:11,880 --> 00:25:14,920 Speaker 1: The thing I love most about this is the optimism 463 00:25:15,320 --> 00:25:19,920 Speaker 1: of Elon Musk. He wrote on X that this mission 464 00:25:20,080 --> 00:25:22,760 Speaker 1: was a big improvement on the last couple because the 465 00:25:22,800 --> 00:25:25,080 Speaker 1: others didn't actually make it past the Caribbean before they 466 00:25:25,080 --> 00:25:28,239 Speaker 1: blew up. This one actually made it into space and 467 00:25:28,320 --> 00:25:32,439 Speaker 1: then blew up, so relative to those previous ones, it 468 00:25:32,560 --> 00:25:36,920 Speaker 1: was in fact a big improvement. They always talk about 469 00:25:36,920 --> 00:25:38,639 Speaker 1: the fact that they will learn from this and they 470 00:25:38,680 --> 00:25:41,199 Speaker 1: will keep going, and you actually believe it in this 471 00:25:41,359 --> 00:25:45,760 Speaker 1: case because Elon actually then went on to say that 472 00:25:45,840 --> 00:25:47,920 Speaker 1: we are going to pick up the pace of these 473 00:25:47,960 --> 00:25:50,640 Speaker 1: They are going to be doing new launchers and new 474 00:25:50,680 --> 00:25:55,960 Speaker 1: tests of space the same spacecraft every three to four 475 00:25:56,000 --> 00:25:59,480 Speaker 1: weeks from now. They're going to be doing this, which 476 00:25:59,520 --> 00:26:02,080 Speaker 1: is quite a extraordinary, And especially now that he's back 477 00:26:02,080 --> 00:26:03,960 Speaker 1: in the building and paying a lot more attention to 478 00:26:04,000 --> 00:26:06,359 Speaker 1: what is going on at SpaceX, you can imagine the 479 00:26:06,800 --> 00:26:09,560 Speaker 1: attention is going to be fully on that company, and 480 00:26:09,560 --> 00:26:12,000 Speaker 1: probably also on Tesla and some other bits and pieces. 481 00:26:12,200 --> 00:26:19,960 Speaker 1: But big week for SpaceX explosive week for SpaceX space explosion. 482 00:26:21,200 --> 00:26:21,680 Speaker 1: Good one. 483 00:26:21,800 --> 00:26:23,440 Speaker 3: Thanks, What did I think it was there? 484 00:26:23,720 --> 00:26:26,879 Speaker 1: It was actually yeah anyway, Michael wins. 485 00:26:27,920 --> 00:26:29,080 Speaker 3: No, he doesn't. 486 00:26:31,600 --> 00:26:31,840 Speaker 2: Look. 487 00:26:31,960 --> 00:26:34,880 Speaker 3: I love this story and I so wanted to give 488 00:26:35,240 --> 00:26:36,080 Speaker 3: a win to you, Mike. 489 00:26:36,200 --> 00:26:38,000 Speaker 1: I don't know whether you did. He didn't write down 490 00:26:38,000 --> 00:26:40,479 Speaker 1: a single thing as I was talking. You looked at 491 00:26:40,520 --> 00:26:41,160 Speaker 1: me the whole time. 492 00:26:41,160 --> 00:26:42,879 Speaker 2: I can see because I'm on his side. There are 493 00:26:42,880 --> 00:26:45,879 Speaker 2: two words next. There's about thirty next to mine, but 494 00:26:46,080 --> 00:26:47,520 Speaker 2: two for you. 495 00:26:49,680 --> 00:26:52,560 Speaker 3: Well, look, it's just because it's not a great positive 496 00:26:52,600 --> 00:26:55,080 Speaker 3: thing that there's been another explosion, right, So I get 497 00:26:55,080 --> 00:26:57,159 Speaker 3: it's a must story, and I get it. 498 00:26:57,480 --> 00:27:00,960 Speaker 1: It's because it's an improvement on the previo to it, certainly, 499 00:27:01,440 --> 00:27:02,919 Speaker 1: and they have learned from it. I think you need 500 00:27:02,960 --> 00:27:03,920 Speaker 1: to reframe your thinking. 501 00:27:03,960 --> 00:27:05,760 Speaker 3: It's less bad than the other. 502 00:27:05,640 --> 00:27:10,240 Speaker 2: Two, even in your jaundiced kind of negative viewpoint. Michael 503 00:27:11,280 --> 00:27:14,040 Speaker 2: Elon leaving the building is pretty big. 504 00:27:14,119 --> 00:27:17,480 Speaker 3: That's the biggest story inside five months, and he's declaring 505 00:27:17,640 --> 00:27:18,200 Speaker 3: job done. 506 00:27:18,400 --> 00:27:21,080 Speaker 1: No one has seen him around the White House for 507 00:27:21,119 --> 00:27:22,560 Speaker 1: the last what five or six. 508 00:27:22,440 --> 00:27:24,360 Speaker 2: Weeks had he was being off boarded. 509 00:27:24,480 --> 00:27:27,919 Speaker 1: He unofficially left a long, long time ago. This was 510 00:27:28,000 --> 00:27:29,119 Speaker 1: just the formalities. 511 00:27:30,080 --> 00:27:31,600 Speaker 2: I think weeks off board. 512 00:27:31,680 --> 00:27:35,040 Speaker 3: I think we all said, I don't know whether this 513 00:27:35,080 --> 00:27:37,720 Speaker 3: income lasts now when they announced they were working together, 514 00:27:37,760 --> 00:27:41,280 Speaker 3: Trump and Mask, right, such big personalities, and I think 515 00:27:41,280 --> 00:27:43,320 Speaker 3: we all agreed, let's give it six months. Well it 516 00:27:43,400 --> 00:27:43,920 Speaker 3: got to five. 517 00:27:43,960 --> 00:27:46,440 Speaker 1: We didn't get there, no, but it got to five. 518 00:27:46,560 --> 00:27:49,760 Speaker 3: Right, and probably longer than I thought. 519 00:27:50,119 --> 00:27:52,199 Speaker 1: All Right, well, I can still snatch a victory on 520 00:27:52,320 --> 00:27:54,400 Speaker 1: points three nil. 521 00:27:54,520 --> 00:27:55,000 Speaker 2: Good luck. 522 00:27:55,440 --> 00:28:00,800 Speaker 1: It's going to be tough unless favorite story. 523 00:28:00,880 --> 00:28:03,800 Speaker 3: I think they might be a riot next week in 524 00:28:03,840 --> 00:28:06,960 Speaker 3: the live version of the weekend edition. I'm feeling a 525 00:28:07,040 --> 00:28:08,960 Speaker 3: little bit ware scoring. 526 00:28:09,080 --> 00:28:12,120 Speaker 1: Yes, would you like me to go first? And soon 527 00:28:12,520 --> 00:28:12,840 Speaker 1: go on? 528 00:28:13,720 --> 00:28:17,199 Speaker 2: So I think truly one of the great stories of 529 00:28:17,280 --> 00:28:20,960 Speaker 2: the year, not the biggest story, one of the great stories. 530 00:28:21,119 --> 00:28:27,000 Speaker 2: It involves Justice Michael Lee, the man who is looking 531 00:28:27,080 --> 00:28:32,560 Speaker 2: into Star Entertainment, and he made comments this week about 532 00:28:32,600 --> 00:28:35,240 Speaker 2: the behavior of directors. Now it's you know the case. 533 00:28:35,320 --> 00:28:38,560 Speaker 2: The allegations are against the directors not doing enough to 534 00:28:38,640 --> 00:28:41,680 Speaker 2: prevent money laundering at Star Entertainment. Let me just hand 535 00:28:41,720 --> 00:28:46,200 Speaker 2: it over to Justice League. During the wrap up, he said, 536 00:28:47,080 --> 00:28:49,920 Speaker 2: and I quit, I'm quoting until I un quote, so 537 00:28:50,320 --> 00:28:53,560 Speaker 2: they're all his words. People just can't keep on saying that, 538 00:28:54,200 --> 00:28:56,600 Speaker 2: Oh well, it's all too difficult for us to read 539 00:28:56,640 --> 00:28:59,640 Speaker 2: the material that presented. That's presented to a board, these 540 00:28:59,720 --> 00:29:03,040 Speaker 2: not executive directors say well, don't give me all the 541 00:29:03,080 --> 00:29:05,720 Speaker 2: directors pease, please don't give me all the director's fees 542 00:29:05,760 --> 00:29:07,880 Speaker 2: because I can't get through the work. I don't think 543 00:29:07,920 --> 00:29:12,280 Speaker 2: that happens. End quote. He's pointing out that if you're 544 00:29:12,320 --> 00:29:17,440 Speaker 2: a director, you should actually do your job. In Australian 545 00:29:17,480 --> 00:29:20,120 Speaker 2: corporate I mean crazy in Australian corporate history. The most 546 00:29:20,200 --> 00:29:22,920 Speaker 2: famous case, of course is won Tell and that was 547 00:29:22,960 --> 00:29:26,920 Speaker 2: the rich fourth largest telco at the time two thousand 548 00:29:26,960 --> 00:29:32,200 Speaker 2: and one it collapsed. James Packer and Lochlan Murdock were 549 00:29:32,720 --> 00:29:35,000 Speaker 2: on the board of it and they basically said, oh, 550 00:29:35,040 --> 00:29:39,760 Speaker 2: we were misled. Now allegations only mister Murdock, mister Packer, 551 00:29:40,080 --> 00:29:41,840 Speaker 2: they probably didn't read the board papers. That was kind 552 00:29:41,840 --> 00:29:46,000 Speaker 2: of the gist of that. And that's exactly what Michael 553 00:29:46,080 --> 00:29:49,680 Speaker 2: Lee is saying in a very colorful way that if 554 00:29:49,760 --> 00:29:53,520 Speaker 2: you're a director read the board papers. Take it seriously 555 00:29:54,280 --> 00:29:55,440 Speaker 2: my favorite story of the week. 556 00:29:56,480 --> 00:30:00,360 Speaker 1: It's a very good story, particularly for someone who is 557 00:30:00,400 --> 00:30:02,160 Speaker 1: interested in directors. 558 00:30:02,560 --> 00:30:06,600 Speaker 2: We're going here, Michael, you've lost three Neil year can attack. 559 00:30:06,720 --> 00:30:11,160 Speaker 1: It feels like I've given up, but that's not the reality. 560 00:30:13,280 --> 00:30:17,520 Speaker 2: And before before Michael does his thing, you don't have 561 00:30:17,600 --> 00:30:18,960 Speaker 2: to give him a pity win. 562 00:30:19,200 --> 00:30:22,000 Speaker 3: Yeah, that's true. That would be wrong also, wouldn't it. 563 00:30:22,440 --> 00:30:25,200 Speaker 1: No, you know what mine is. Mine is a mine 564 00:30:25,240 --> 00:30:28,480 Speaker 1: is a humble success story. It is a rags to 565 00:30:28,720 --> 00:30:32,480 Speaker 1: riches story. Okay, right, And that's what I feel like 566 00:30:32,520 --> 00:30:34,360 Speaker 1: we need to finish with. We've had a lot of 567 00:30:34,480 --> 00:30:38,120 Speaker 1: kind of tedious stories today about companies and governance and 568 00:30:38,120 --> 00:30:40,000 Speaker 1: all this kind of stuff. You know, we have here. 569 00:30:40,280 --> 00:30:43,400 Speaker 1: We just have a good, old fashioned success story that 570 00:30:43,440 --> 00:30:45,800 Speaker 1: tells you that if you want to make it rich, 571 00:30:45,840 --> 00:30:47,560 Speaker 1: if you want to succeed in this world, if you 572 00:30:47,600 --> 00:30:51,200 Speaker 1: want to make a billion dollars, you can have just 573 00:30:51,280 --> 00:30:55,080 Speaker 1: an idea and fifty five million Instagram followers and you 574 00:30:55,120 --> 00:30:59,720 Speaker 1: are set right fifteen million TikTok followers. Hailey Bieber, the 575 00:31:00,000 --> 00:31:03,959 Speaker 1: model and wife of Justin, sold her makeup and skincare 576 00:31:04,040 --> 00:31:07,840 Speaker 1: brand road r H Ode to elf Beauty for about 577 00:31:07,840 --> 00:31:12,280 Speaker 1: a billing microphone. It does, doesn't it. I mean, it's 578 00:31:12,360 --> 00:31:15,440 Speaker 1: it's these road These are not road mikes that we 579 00:31:15,480 --> 00:31:17,840 Speaker 1: are using, but road mikes are very good, and we 580 00:31:17,960 --> 00:31:21,040 Speaker 1: have spoken in the past to the founder of Road 581 00:31:21,520 --> 00:31:22,320 Speaker 1: we have I'm. 582 00:31:22,120 --> 00:31:27,640 Speaker 3: Just putting you off story, beautiful Noyman microphones. You're in 583 00:31:27,640 --> 00:31:28,280 Speaker 3: their studios. 584 00:31:28,520 --> 00:31:30,400 Speaker 1: Thank you for that. 585 00:31:30,920 --> 00:31:31,760 Speaker 2: But we digress. 586 00:31:31,920 --> 00:31:36,800 Speaker 1: We do digress from this success story anyway. Selling Road 587 00:31:36,960 --> 00:31:40,440 Speaker 1: Rhode to elf Beauty for about a billion US dollars, 588 00:31:40,480 --> 00:31:44,600 Speaker 1: the buyer as a budget cosmetic retailer who really just 589 00:31:44,640 --> 00:31:48,360 Speaker 1: wanted a way into this kind of world of celebrity 590 00:31:48,440 --> 00:31:53,120 Speaker 1: endorsed products, really popular with gen Z, really popular with millennials. 591 00:31:53,240 --> 00:31:57,120 Speaker 1: The most remarkable thing about this is that Road only 592 00:31:57,240 --> 00:32:01,400 Speaker 1: launched in twenty twenty two, So that means it is 593 00:32:01,400 --> 00:32:04,480 Speaker 1: in fact younger than Fear and Greed. So if that, 594 00:32:04,640 --> 00:32:08,000 Speaker 1: if all you need in order to be successful is longevity, 595 00:32:08,080 --> 00:32:10,840 Speaker 1: then we should be worth what most. 596 00:32:10,600 --> 00:32:13,680 Speaker 2: As much well, you know, one point seven bill easy 597 00:32:14,000 --> 00:32:16,920 Speaker 2: US US were doing three billion. 598 00:32:17,360 --> 00:32:21,520 Speaker 1: Yeah, that's right, because I mean, in the end, these 599 00:32:21,520 --> 00:32:24,920 Speaker 1: are treatments like the peptide lip treatment that it is 600 00:32:25,000 --> 00:32:25,520 Speaker 1: nice isn't it. 601 00:32:25,600 --> 00:32:26,160 Speaker 3: What is it? 602 00:32:26,400 --> 00:32:27,440 Speaker 1: Peptide lip treatment? 603 00:32:27,520 --> 00:32:28,440 Speaker 3: Yeah, bro, does it? Do it? 604 00:32:29,840 --> 00:32:31,160 Speaker 1: The pep in your lips. 605 00:32:31,680 --> 00:32:33,840 Speaker 2: It's like a tidal thing coming for your lips. 606 00:32:33,920 --> 00:32:34,120 Speaker 1: Yep. 607 00:32:34,200 --> 00:32:35,000 Speaker 2: Where there's PEPs. 608 00:32:35,080 --> 00:32:37,520 Speaker 1: It just hold your mouth there and it just there's. 609 00:32:37,360 --> 00:32:39,520 Speaker 2: A treatment washes over you. 610 00:32:39,960 --> 00:32:42,920 Speaker 1: Anyway, company made two hundred and twelve million dollars in 611 00:32:43,000 --> 00:32:46,440 Speaker 1: sales for the year ended March thirty one. We've had 612 00:32:46,480 --> 00:32:49,080 Speaker 1: all these expansion plans for forest stores, all this kind 613 00:32:49,120 --> 00:32:54,000 Speaker 1: of stuff extraordinary now sold for a billion US dollars. 614 00:32:54,120 --> 00:32:59,440 Speaker 1: Justin Bieber's worth is around three hundred million US. But 615 00:33:00,040 --> 00:33:02,640 Speaker 1: and the thing is he's actually quite a successful businessman 616 00:33:02,680 --> 00:33:05,520 Speaker 1: as well, because he struck a very very good deal 617 00:33:05,560 --> 00:33:08,320 Speaker 1: a couple of years ago he sold his music rights 618 00:33:08,440 --> 00:33:15,120 Speaker 1: Adam music rights sold to the full catalog two hundred 619 00:33:15,160 --> 00:33:17,680 Speaker 1: million dollars. He sold that for which. 620 00:33:17,560 --> 00:33:19,160 Speaker 2: He's been working for twenty years to get to that. 621 00:33:19,240 --> 00:33:21,800 Speaker 1: Now he's only what thirty, and he started when he 622 00:33:21,840 --> 00:33:24,680 Speaker 1: was what fourteen or something, for yes, fifteen. 623 00:33:24,360 --> 00:33:29,440 Speaker 2: Years to get that right. Whereas Hale's well three years. 624 00:33:29,000 --> 00:33:33,600 Speaker 2: She's introduced this fantastic peptide lip treatment which hydrates and 625 00:33:33,600 --> 00:33:37,160 Speaker 2: moisturizers with five essential fatty acids in vitamins at eed 626 00:33:37,480 --> 00:33:42,120 Speaker 2: a and are you really the label sure visibly bought 627 00:33:42,280 --> 00:33:46,400 Speaker 2: it visibly plumps, reduces the look of fine lines. 628 00:33:46,440 --> 00:33:46,920 Speaker 3: He agreed. 629 00:33:47,000 --> 00:33:51,440 Speaker 1: Now brought to you by yeah, peptid lip treatments. Anyway, 630 00:33:51,800 --> 00:33:55,760 Speaker 1: just extraordinary, great success story and really, I mean it's 631 00:33:55,800 --> 00:33:58,040 Speaker 1: come about because of the social media following. Shows the 632 00:33:58,120 --> 00:34:01,640 Speaker 1: power of social media and the idea that that that 633 00:34:01,680 --> 00:34:04,760 Speaker 1: if you build this following, then fabulous wealth can follow. 634 00:34:05,480 --> 00:34:09,959 Speaker 1: How many followers have you got, adam less than less 635 00:34:09,960 --> 00:34:12,000 Speaker 1: than fifty five million? Me too? 636 00:34:12,239 --> 00:34:12,640 Speaker 3: Me too? 637 00:34:13,320 --> 00:34:20,560 Speaker 1: Anyway, what's the follower what? All right, let's. 638 00:34:20,280 --> 00:34:26,960 Speaker 3: Do this It okay, so Sean, I'm sorry, but Michael wins. 639 00:34:26,960 --> 00:34:28,480 Speaker 3: It was almost a clean sweep. 640 00:34:28,600 --> 00:34:30,880 Speaker 2: That's just a poor and you look. 641 00:34:30,719 --> 00:34:33,839 Speaker 1: At this is one of the only one of your 642 00:34:33,840 --> 00:34:38,319 Speaker 1: decisions that I disagree with. Oh come on, actually no, 643 00:34:38,360 --> 00:34:39,480 Speaker 1: I disagree with all the others. 644 00:34:39,640 --> 00:34:43,920 Speaker 3: Three years, she's turned this from zero to a billion, 645 00:34:44,400 --> 00:34:46,600 Speaker 3: that is in terms of fear and greed. 646 00:34:47,239 --> 00:34:50,720 Speaker 2: Well played, Yeah, director is not doing their jobs. 647 00:34:50,920 --> 00:34:53,960 Speaker 3: Well I know, look, but yeah, I do love Michael 648 00:34:54,200 --> 00:34:55,520 Speaker 3: and he's turn of phrase. 649 00:34:55,719 --> 00:34:59,080 Speaker 2: How good isy Canadians. 650 00:34:59,440 --> 00:35:01,480 Speaker 1: She's not the only one that's done it, and like 651 00:35:01,480 --> 00:35:06,319 Speaker 1: in terms of those no no, like of the the 652 00:35:06,360 --> 00:35:08,800 Speaker 1: starletts kind of that have done it, like Selena Gomez 653 00:35:08,920 --> 00:35:15,440 Speaker 1: as well, around one point three billion dollars from a 654 00:35:15,760 --> 00:35:16,600 Speaker 1: makeup company. 655 00:35:16,760 --> 00:35:26,600 Speaker 2: Again similar Chloe Kardashian incredible wealth and did products. 656 00:35:26,600 --> 00:35:29,840 Speaker 1: Maybe that was that was the full extent of Adams 657 00:35:29,840 --> 00:35:34,240 Speaker 1: actually a knowledge that Albert Jessica Alba same same. 658 00:35:34,160 --> 00:35:34,400 Speaker 2: Kind of. 659 00:35:35,920 --> 00:35:38,879 Speaker 3: Yeah, what about the men and the perfume things like that, 660 00:35:40,239 --> 00:35:42,640 Speaker 3: non championing the point. 661 00:35:42,680 --> 00:35:45,520 Speaker 2: The point is that there's a fear ingredients, Holy Biber diamond. 662 00:35:45,560 --> 00:35:47,080 Speaker 3: Do you ingreed skincare? 663 00:35:47,120 --> 00:35:50,920 Speaker 1: Do you think any of us are and its for 664 00:35:51,000 --> 00:35:51,759 Speaker 1: a skincare? 665 00:35:52,960 --> 00:35:53,200 Speaker 3: Think? 666 00:35:53,440 --> 00:35:56,320 Speaker 2: Possibly, if it works, definitely, only if it works. 667 00:35:56,800 --> 00:35:59,400 Speaker 1: We'll test that one in quite in private. Then okay, 668 00:35:59,440 --> 00:36:02,640 Speaker 1: So what's that three one? And overall score three one? 669 00:36:02,920 --> 00:36:08,640 Speaker 3: Okay, Michael actually really good score ninety two, solid power 670 00:36:08,760 --> 00:36:10,440 Speaker 3: sean ninety four. 671 00:36:11,880 --> 00:36:13,960 Speaker 2: So do you know what that means is that there 672 00:36:14,000 --> 00:36:16,760 Speaker 2: was nothing but there was one point in each. 673 00:36:16,840 --> 00:36:19,640 Speaker 3: There was two in one of the categories. We will 674 00:36:19,680 --> 00:36:21,680 Speaker 3: have to post which one that last one. 675 00:36:21,880 --> 00:36:24,279 Speaker 2: So I lost by two points on Michael Lee. That 676 00:36:24,440 --> 00:36:28,640 Speaker 2: is just sympathy. That is them that is I'm gonna 677 00:36:28,680 --> 00:36:30,759 Speaker 2: be angry next Thursday night, Michaels tonight. 678 00:36:30,960 --> 00:36:33,160 Speaker 3: Good, bring the show. 679 00:36:33,160 --> 00:36:35,920 Speaker 1: Yes the theater. All right, thank you very much. 680 00:36:35,760 --> 00:36:37,480 Speaker 3: Adam, thank you, Michael, thank you, Sean. 681 00:36:37,560 --> 00:36:39,600 Speaker 2: Thank you Adam, thank you, Michael. 682 00:36:39,160 --> 00:36:39,800 Speaker 3: Thank you, Sean. 683 00:36:39,960 --> 00:36:42,400 Speaker 1: All right, make sure you're following the podcast. Join us 684 00:36:42,400 --> 00:36:46,080 Speaker 1: online on LinkedIn, Instagram, TikTok, Facebook, and X Michael Thompson. 685 00:36:46,080 --> 00:36:46,959 Speaker 1: And that was Fear and Greed. 686 00:36:47,200 --> 00:36:47,920 Speaker 3: Have a great weekend.