1 00:00:03,870 --> 00:00:06,990 Jennifer Duke: Welcome to the Fear and Greed Business Interview. I'm Jennifer 2 00:00:06,990 --> 00:00:09,599 Jennifer Duke: Duke. Every Monday here on Fear and Greed, we like 3 00:00:09,599 --> 00:00:12,449 Jennifer Duke: to look at investing, and one of our regular guests 4 00:00:12,450 --> 00:00:15,599 Jennifer Duke: is Chris Brycki, the founder and CEO of online investment 5 00:00:15,599 --> 00:00:19,439 Jennifer Duke: advisor Stockspot. He often talks about exchange traded funds or 6 00:00:19,440 --> 00:00:23,279 Jennifer Duke: ETFs, what's popular and why they're appealing to investors. And 7 00:00:23,280 --> 00:00:26,280 Jennifer Duke: today I wanted to focus on one particular type, cash 8 00:00:26,280 --> 00:00:30,450 Jennifer Duke: ETFs. Firstly though, remember, this is general information only. You 9 00:00:30,450 --> 00:00:34,079 Jennifer Duke: should definitely seek professional advice before making any investment decisions. 10 00:00:34,469 --> 00:00:36,179 Jennifer Duke: Chris, welcome back to Fear and Greed. 11 00:00:36,900 --> 00:00:38,340 Chris Brycki: Thanks for having me back on, Jennifer. 12 00:00:39,510 --> 00:00:41,940 Jennifer Duke: Let's start with the very basics. What exactly is a 13 00:00:41,940 --> 00:00:42,780 Jennifer Duke: cash ETF? 14 00:00:43,860 --> 00:00:45,780 Chris Brycki: I think a lot of the listeners you have probably 15 00:00:45,780 --> 00:00:48,750 Chris Brycki: have heard of ETFs generally before, which are these listed 16 00:00:48,750 --> 00:00:51,450 Chris Brycki: funds that enable you to diversify and invest in a 17 00:00:51,450 --> 00:00:55,410 Chris Brycki: whole bunch of different companies or securities at once. Cash 18 00:00:55,410 --> 00:00:58,230 Chris Brycki: ETFs are a little bit more unusual, I don't think 19 00:00:58,230 --> 00:01:00,300 Chris Brycki: too many people have heard of them before, but they're 20 00:01:00,510 --> 00:01:03,990 Chris Brycki: a way of essentially earning a interest rate from the 21 00:01:03,990 --> 00:01:06,539 Chris Brycki: big banks, but rather than depositing your money with the 22 00:01:06,539 --> 00:01:10,109 Chris Brycki: banks, you're actually buying something off the stock exchange that 23 00:01:10,109 --> 00:01:13,110 Chris Brycki: gives you access to deposits. And these ETFs go and 24 00:01:13,110 --> 00:01:15,779 Chris Brycki: shop around for the best deposit rates. And they have 25 00:01:15,780 --> 00:01:18,420 Chris Brycki: a lot of buying power because they're investing billions of 26 00:01:18,420 --> 00:01:20,940 Chris Brycki: dollars, and then they pass on those better rates to 27 00:01:20,940 --> 00:01:24,690 Chris Brycki: everyone. So they're more of an alternative to savings accounts 28 00:01:24,690 --> 00:01:27,689 Chris Brycki: or high interest savings accounts compared to other ETFs that 29 00:01:27,690 --> 00:01:29,969 Chris Brycki: allow you to invest into, for instance, shares. 30 00:01:30,600 --> 00:01:32,520 Jennifer Duke: So you're finding that more people are looking at cash 31 00:01:32,520 --> 00:01:33,600 Jennifer Duke: ETFs at the moment? 32 00:01:34,560 --> 00:01:36,959 Chris Brycki: Definitely over the last year or two, there's been a 33 00:01:36,959 --> 00:01:39,839 Chris Brycki: huge explosion in interest, Jennifer. And the reason is that 34 00:01:39,840 --> 00:01:42,509 Chris Brycki: the interest rates have obviously gone up a lot, and 35 00:01:42,509 --> 00:01:46,709 Chris Brycki: so people are more interested in savings interest generally. There's 36 00:01:46,709 --> 00:01:49,650 Chris Brycki: also a little bit of reluctance to invest in shares 37 00:01:49,650 --> 00:01:52,350 Chris Brycki: at the moment because the economy is volatile, people are 38 00:01:52,350 --> 00:01:56,400 Chris Brycki: a bit worried about inflation and economic growth and unemployment 39 00:01:56,400 --> 00:01:58,320 Chris Brycki: and what could be happening in the future. So I 40 00:01:58,320 --> 00:02:00,359 Chris Brycki: think those two combined have led to quite a lot 41 00:02:00,360 --> 00:02:03,149 Chris Brycki: of interest in these products. The other big factor that's 42 00:02:03,150 --> 00:02:05,910 Chris Brycki: really driven interest is that the difference in the interest 43 00:02:05,910 --> 00:02:09,270 Chris Brycki: rate offered on these ETFs compared to what most people 44 00:02:09,270 --> 00:02:13,139 Chris Brycki: are getting in their bank savings accounts has really become 45 00:02:13,139 --> 00:02:15,960 Chris Brycki: a lot larger. So these ETFs now are paying a 46 00:02:15,960 --> 00:02:19,469 Chris Brycki: bit over the RBA cash rate, and listeners would know 47 00:02:19,469 --> 00:02:21,209 Chris Brycki: that the RBA cash rate at the moment is 4.1%. 48 00:02:22,559 --> 00:02:26,940 Chris Brycki: These ETFs are paying around 4.2% per year, whereas most 49 00:02:26,940 --> 00:02:30,450 Chris Brycki: bank accounts are only paying around 2% a year, unless, of 50 00:02:30,450 --> 00:02:32,759 Chris Brycki: course, you've found one of these high interest accounts, but 51 00:02:32,760 --> 00:02:35,790 Chris Brycki: often they have a lot of other strings attached. You 52 00:02:35,790 --> 00:02:37,440 Chris Brycki: might need to use a card a certain amount of 53 00:02:37,440 --> 00:02:40,410 Chris Brycki: times per month or you might need to not make 54 00:02:40,410 --> 00:02:43,140 Chris Brycki: withdrawals or other rules like that. 55 00:02:44,070 --> 00:02:46,350 Jennifer Duke: So can you take me through the different options available 56 00:02:46,350 --> 00:02:47,400 Jennifer Duke: with cash ETFs? 57 00:02:48,210 --> 00:02:50,579 Chris Brycki: Sure. So at the moment on the ASX, there are 58 00:02:50,580 --> 00:02:53,910 Chris Brycki: three different products listed. Now, in other markets like the US, 59 00:02:53,910 --> 00:02:57,480 Chris Brycki: there are dozens of them, so I would expect over 60 00:02:57,480 --> 00:03:00,060 Chris Brycki: the next couple of years, there'll be more options available. 61 00:03:00,299 --> 00:03:04,320 Chris Brycki: Right now there are three, their ASX codes are AAA, 62 00:03:04,380 --> 00:03:08,160 Chris Brycki: which is the BetaShares High Interest Cash ETF. That's the 63 00:03:08,160 --> 00:03:10,440 Chris Brycki: one that we recommend to our clients for cash that 64 00:03:10,440 --> 00:03:13,258 Chris Brycki: they have that they don't want to invest because they 65 00:03:13,258 --> 00:03:15,599 Chris Brycki: need it probably in the next three years, but they 66 00:03:15,599 --> 00:03:20,369 Chris Brycki: also want to earn a high return. And that's paying just around 4. 19% 67 00:03:20,430 --> 00:03:23,940 Chris Brycki: at the moment. And then the other two are iShares products. 68 00:03:23,940 --> 00:03:28,200 Chris Brycki: There's the iShares Core Cash ETF. BILL is the code. And 69 00:03:28,200 --> 00:03:31,859 Chris Brycki: the third one is the iShares Enhanced Cash ETF, ISEC. 70 00:03:32,820 --> 00:03:36,389 Chris Brycki: And they're all pretty similar. The big difference between them 71 00:03:36,389 --> 00:03:39,810 Chris Brycki: is that they're depositing in different banks. And what I 72 00:03:39,810 --> 00:03:43,290 Chris Brycki: would say is generally they're all in very low credit 73 00:03:43,290 --> 00:03:47,940 Chris Brycki: risk and highly regarded banks. And so from my perspective, 74 00:03:47,940 --> 00:03:50,280 Chris Brycki: in terms of the recommendation we're making to our clients, 75 00:03:50,670 --> 00:03:53,009 Chris Brycki: I would say the money is pretty safe. The only 76 00:03:53,010 --> 00:03:55,260 Chris Brycki: caveat I would say is unlike when you deposit your 77 00:03:55,260 --> 00:03:58,050 Chris Brycki: money in a bank, in a savings account, you don't 78 00:03:58,050 --> 00:04:02,520 Chris Brycki: actually benefit from the government guarantee. So that's the main difference. 79 00:04:03,360 --> 00:04:06,540 Jennifer Duke: There'll be investors of all different types of experience listening 80 00:04:06,540 --> 00:04:08,760 Jennifer Duke: to this. How would they access a cash ETF? 81 00:04:10,289 --> 00:04:12,510 Chris Brycki: Well, the most common way would be through a online 82 00:04:12,510 --> 00:04:15,900 Chris Brycki: stockbroker. And so if any of the listeners already have 83 00:04:15,900 --> 00:04:19,440 Chris Brycki: an online broking account, you can easily access them through 84 00:04:19,440 --> 00:04:22,920 Chris Brycki: those accounts. The only extra cost you have to be 85 00:04:23,190 --> 00:04:26,009 Chris Brycki: aware of, as well as the management fees that are 86 00:04:26,009 --> 00:04:29,789 Chris Brycki: built into these ETFs, is actually brokerage costs. And so 87 00:04:29,789 --> 00:04:33,120 Chris Brycki: you should be calculating what's the impact of brokerage costs 88 00:04:33,180 --> 00:04:36,150 Chris Brycki: on your transaction. And that's why for investments of less 89 00:04:36,150 --> 00:04:39,540 Chris Brycki: than three months, I'd still recommend to listeners that leaving 90 00:04:39,540 --> 00:04:41,219 Chris Brycki: the money in the bank is for most people the 91 00:04:41,219 --> 00:04:45,058 Chris Brycki: best option. But once you're looking to park that savings 92 00:04:45,059 --> 00:04:47,459 Chris Brycki: for three months to three years, and that might be 93 00:04:47,459 --> 00:04:49,560 Chris Brycki: to save up to a goal of going on a 94 00:04:49,560 --> 00:04:53,339 Chris Brycki: holiday or saving up for your kids' education or putting 95 00:04:53,339 --> 00:04:56,550 Chris Brycki: money aside for something like that, that's when these products 96 00:04:56,550 --> 00:04:57,690 Chris Brycki: tend to make good sense. 97 00:04:58,050 --> 00:05:00,210 Jennifer Duke: And how does it compare to, say, a term deposit 98 00:05:00,210 --> 00:05:01,139 Jennifer Duke: or something like that? 99 00:05:02,190 --> 00:05:04,980 Chris Brycki: Well, term deposits are really priced off the interest rate 100 00:05:04,980 --> 00:05:08,428 Chris Brycki: curve, which means where are interest rates priced in the 101 00:05:08,430 --> 00:05:11,820 Chris Brycki: futures market and the swap market, one month, three months 102 00:05:11,820 --> 00:05:14,580 Chris Brycki: or six months or 12 months into the future. Now 103 00:05:14,580 --> 00:05:16,770 Chris Brycki: at the moment in Australia, the interest rate curve is 104 00:05:16,770 --> 00:05:20,009 Chris Brycki: pretty flat, which means that the interest rate we have 105 00:05:20,009 --> 00:05:23,609 Chris Brycki: today, which is 4.1%, is very similar to the interest 106 00:05:23,609 --> 00:05:26,910 Chris Brycki: rates three months, six months, 12 months into the future. 107 00:05:27,180 --> 00:05:29,279 Chris Brycki: And so what we're seeing on term deposits at the 108 00:05:29,279 --> 00:05:32,130 Chris Brycki: moment is that the best rates out there that I've 109 00:05:32,130 --> 00:05:35,159 Chris Brycki: seen are around 5% at the moment. And that's for people 110 00:05:35,160 --> 00:05:38,039 Chris Brycki: if they're prepared to lock up their money for 12 111 00:05:38,040 --> 00:05:41,008 Chris Brycki: to 24 months. So certainly if you're prepared to lock 112 00:05:41,010 --> 00:05:43,800 Chris Brycki: up your money for a bit longer, the rates available 113 00:05:43,800 --> 00:05:45,990 Chris Brycki: are a little bit higher than these ETFs. The big 114 00:05:45,990 --> 00:05:48,419 Chris Brycki: downside to locking the money in obviously is that you 115 00:05:48,420 --> 00:05:50,339 Chris Brycki: don't have access to it in the short term. So 116 00:05:50,339 --> 00:05:52,980 Chris Brycki: if an opportunity comes up, for instance if there's a 117 00:05:52,980 --> 00:05:56,099 Chris Brycki: share market crash and you really wanted to invest, there 118 00:05:56,099 --> 00:05:57,899 Chris Brycki: are some penalties to pull your money out of the 119 00:05:57,900 --> 00:06:01,589 Chris Brycki: term deposit, whereas with cash ETFs, there's no penalties. So 120 00:06:01,589 --> 00:06:04,410 Chris Brycki: you're earning a little bit less but you have more flexibility. 121 00:06:04,740 --> 00:06:06,570 Jennifer Duke: Stay with me, Chris. We'll be back in a minute. 122 00:06:12,839 --> 00:06:16,678 Jennifer Duke: I'm speaking to Chris Brycki, CEO of Stockspot. How do you 123 00:06:16,680 --> 00:06:19,470 Jennifer Duke: say that cash ETS would fit into a broader portfolio, and 124 00:06:19,470 --> 00:06:21,960 Jennifer Duke: how should investors be thinking about them in that context? 125 00:06:23,040 --> 00:06:25,589 Chris Brycki: Well, the way that we explain it to our clients 126 00:06:25,589 --> 00:06:28,019 Chris Brycki: is that if you're planning to invest for more than 127 00:06:28,020 --> 00:06:30,029 Chris Brycki: three years, or for any money that you don't need 128 00:06:30,029 --> 00:06:33,119 Chris Brycki: for the next three years, we don't really see a 129 00:06:33,120 --> 00:06:35,998 Chris Brycki: place for having too much cash in your portfolio. Because 130 00:06:36,180 --> 00:06:39,990 Chris Brycki: over the medium and long run, cash historically has done 131 00:06:39,990 --> 00:06:43,140 Chris Brycki: pretty poorly as an investment asset class and has lagged 132 00:06:43,140 --> 00:06:46,229 Chris Brycki: even inflation. And so it's not a great place because 133 00:06:46,230 --> 00:06:48,990 Chris Brycki: you're going to lose purchasing power and lose value of 134 00:06:48,990 --> 00:06:52,469 Chris Brycki: money over time for longer periods. So for longer periods 135 00:06:52,469 --> 00:06:56,070 Chris Brycki: of time, the portfolios we're recommending to clients don't have 136 00:06:56,279 --> 00:06:59,640 Chris Brycki: much if any cash. They're mainly in other asset classes, 137 00:06:59,640 --> 00:07:03,928 Chris Brycki: like bonds and shares and property and infrastructure. However, for 138 00:07:03,928 --> 00:07:06,750 Chris Brycki: shorter term goals of up to three years, that's where 139 00:07:06,750 --> 00:07:09,360 Chris Brycki: cash has a great place in a portfolio. And that's 140 00:07:09,360 --> 00:07:12,569 Chris Brycki: because investing in the share market over shorter periods, and 141 00:07:12,600 --> 00:07:14,370 Chris Brycki: I think some listeners might think a short period is 142 00:07:14,370 --> 00:07:16,260 Chris Brycki: a week or two. The way that we would frame 143 00:07:16,260 --> 00:07:18,360 Chris Brycki: it to clients is actually anything up to three years 144 00:07:18,360 --> 00:07:21,510 Chris Brycki: is a short period in the share market. For that 145 00:07:21,510 --> 00:07:24,599 Chris Brycki: sort of period, your probability of actually earning a good 146 00:07:24,599 --> 00:07:28,110 Chris Brycki: return isn't good enough to justify investing, in my view, 147 00:07:28,770 --> 00:07:30,990 Chris Brycki: into the share market. And that's where a cash ETF 148 00:07:31,560 --> 00:07:34,140 Chris Brycki: would have a good place, I think, in a portfolio. 149 00:07:34,860 --> 00:07:37,410 Jennifer Duke: And given that sort of big boom in the popularity that 150 00:07:37,410 --> 00:07:39,929 Jennifer Duke: you mentioned in cash ETFs, where do you think the 151 00:07:39,929 --> 00:07:41,699 Jennifer Duke: market's going to be for these funds in the next 152 00:07:42,000 --> 00:07:42,960 Jennifer Duke: five to 10 years? 153 00:07:44,099 --> 00:07:47,579 Chris Brycki: Well, it's interesting. Historically, there was a huge explosion in 154 00:07:47,580 --> 00:07:49,500 Chris Brycki: these sorts of products, if you look back in history 155 00:07:49,500 --> 00:07:53,400 Chris Brycki: in the 1970s when there was a similar fast increase 156 00:07:53,400 --> 00:07:57,150 Chris Brycki: in interest rates and bout of inflation. And money market funds -- 157 00:07:57,150 --> 00:07:59,370 Chris Brycki: they were at that point in time not ETFs, because 158 00:07:59,370 --> 00:08:03,420 Chris Brycki: ETFs didn't exist -- absolutely skyrocketed in popularity and they stayed 159 00:08:03,420 --> 00:08:07,410 Chris Brycki: pretty popular for a whole decade because they were offering relatively 160 00:08:07,410 --> 00:08:09,660 Chris Brycki: good interest rates compared to what the banks were offering. 161 00:08:09,840 --> 00:08:11,820 Chris Brycki: And I think we're seeing a similar trend at the moment, 162 00:08:11,820 --> 00:08:14,880 Chris Brycki: that this is really the start of probably a trend 163 00:08:14,880 --> 00:08:18,390 Chris Brycki: that will continue for the next decade, which is that 164 00:08:18,929 --> 00:08:22,590 Chris Brycki: banks are relying on people being lazy and not shopping 165 00:08:22,590 --> 00:08:25,200 Chris Brycki: around for better interest rates. Sadly, like a lot of 166 00:08:25,200 --> 00:08:28,860 Chris Brycki: other service providers in Australia. But for anyone that's savvy 167 00:08:28,860 --> 00:08:31,980 Chris Brycki: and prepared to shop around, these products are actually giving 168 00:08:31,980 --> 00:08:35,069 Chris Brycki: a much better yield or interest rate compared to what 169 00:08:35,070 --> 00:08:38,309 Chris Brycki: you can get in the bank. And while that difference exists, 170 00:08:38,309 --> 00:08:42,059 Chris Brycki: and at the moment it's about 2%, the average cash 171 00:08:42,059 --> 00:08:45,510 Chris Brycki: ETF return versus the average savings account return is 2%. 172 00:08:46,170 --> 00:08:48,900 Chris Brycki: While you can earn that extra 2%, I think the 173 00:08:48,900 --> 00:08:52,588 Chris Brycki: popularity of these products will continue to increase. Worth noting, 174 00:08:52,590 --> 00:08:55,950 Chris Brycki: in the US that difference is even larger, it's around 3%. 175 00:08:56,730 --> 00:08:59,249 Chris Brycki: And there's been an even bigger level of growth in 176 00:08:59,250 --> 00:09:01,800 Chris Brycki: these products in the US, just because so many more 177 00:09:01,800 --> 00:09:05,190 Chris Brycki: people are realizing it's a better way to earn an 178 00:09:05,190 --> 00:09:05,760 Chris Brycki: interest rate. 179 00:09:06,480 --> 00:09:07,950 Jennifer Duke: Do you think it might actually give the banks a bit of 180 00:09:07,950 --> 00:09:10,920 Jennifer Duke: a kick to outplay game and pass through some better 181 00:09:10,920 --> 00:09:12,270 Jennifer Duke: interest rates to consumers? 182 00:09:12,990 --> 00:09:18,270 Chris Brycki: Look, you'd hope so, but unfortunately the Australian banking regime 183 00:09:18,300 --> 00:09:21,449 Chris Brycki: isn't particularly competitive when it comes to deposits because there's 184 00:09:21,450 --> 00:09:23,939 Chris Brycki: a lot of people that are, sadly, just prepared to 185 00:09:23,940 --> 00:09:26,760 Chris Brycki: leave their deposits in bank accounts and don't put a 186 00:09:26,760 --> 00:09:30,000 Chris Brycki: lot of thought into the interest they're receiving, especially for short- 187 00:09:30,000 --> 00:09:33,569 Chris Brycki: term goals and needs that they have. So in a 188 00:09:33,570 --> 00:09:37,650 Chris Brycki: perfectly competitive market environment, absolutely. You'd think that banks would 189 00:09:37,650 --> 00:09:40,830 Chris Brycki: be competing for those deposits. But we don't exist in 190 00:09:40,830 --> 00:09:44,639 Chris Brycki: that world and unfortunately there isn't enough competition to really 191 00:09:44,639 --> 00:09:48,208 Chris Brycki: drive banks to increase interest rates anywhere near that sort 192 00:09:48,210 --> 00:09:50,219 Chris Brycki: of four or four and a bit percent that we're 193 00:09:50,219 --> 00:09:53,549 Chris Brycki: seeing in these cash ETFs. So my guess would be 194 00:09:53,549 --> 00:09:54,090 Chris Brycki: probably not. 195 00:09:55,170 --> 00:09:58,770 Jennifer Duke: Moving away from cash ETFs quickly, what other trends are you seeing in the 196 00:09:58,860 --> 00:10:01,380 Jennifer Duke: ETF market right now? Is there still a fascination with 197 00:10:01,410 --> 00:10:04,078 Jennifer Duke: AI and technology like semiconductors? 198 00:10:05,219 --> 00:10:07,710 Chris Brycki: Look, at any point in time, Jennifer, there's always little 199 00:10:07,710 --> 00:10:11,159 Chris Brycki: trends that emerge in the investing landscape. And they tend 200 00:10:11,160 --> 00:10:14,640 Chris Brycki: to transpire now in the ETF world as well because not 201 00:10:14,640 --> 00:10:17,880 Chris Brycki: only can people buy direct shares to access a different 202 00:10:17,880 --> 00:10:20,460 Chris Brycki: thematic in the markets, but an ETF allows them to 203 00:10:20,460 --> 00:10:23,309 Chris Brycki: do that as well. So over the last year, for 204 00:10:23,309 --> 00:10:27,088 Chris Brycki: instance, yes, all the ETFs that are focused on AI have 205 00:10:27,089 --> 00:10:29,969 Chris Brycki: really seen a lot of money come into them because 206 00:10:29,969 --> 00:10:32,400 Chris Brycki: the stocks that are within those ETFs have performed very 207 00:10:32,400 --> 00:10:36,720 Chris Brycki: well. The NVIDIAs of the world have really seen huge increases 208 00:10:36,720 --> 00:10:39,660 Chris Brycki: in their share prices. The other theme that's done quite 209 00:10:39,660 --> 00:10:42,809 Chris Brycki: well in the ETF landscape, that mirrors what's happening underlying 210 00:10:42,809 --> 00:10:49,290 Chris Brycki: shares, is around lithium and the technologies around batteries. So 211 00:10:49,320 --> 00:10:52,590 Chris Brycki: those sorts of ETFs have also performed quite well. But 212 00:10:52,590 --> 00:10:55,650 Chris Brycki: these are very niche themes and I'd say to listeners, if 213 00:10:55,650 --> 00:10:58,200 Chris Brycki: you're investing into these, just be careful not to invest 214 00:10:58,200 --> 00:11:00,869 Chris Brycki: too much of your portfolio. Because just as they can 215 00:11:00,870 --> 00:11:04,049 Chris Brycki: go up 80 or 100% in a year, they can also fall 216 00:11:04,049 --> 00:11:06,630 Chris Brycki: by 50% in a year. And that's what we saw 217 00:11:06,630 --> 00:11:09,840 Chris Brycki: with some of these cryptocurrency ETFs over the last year that 218 00:11:09,840 --> 00:11:13,050 Chris Brycki: actually fell by 80%. So you can't have too much 219 00:11:13,050 --> 00:11:15,360 Chris Brycki: of your portfolio on these products, otherwise you're going to weather 220 00:11:15,360 --> 00:11:17,549 Chris Brycki: some pretty enormous ups and downs. 221 00:11:18,150 --> 00:11:20,399 Jennifer Duke: Chris, that was fabulous. Thank you very much for talking 222 00:11:20,400 --> 00:11:21,119 Jennifer Duke: to Fear and Greed. 223 00:11:21,929 --> 00:11:22,620 Chris Brycki: My pleasure. 224 00:11:22,980 --> 00:11:25,530 Jennifer Duke: That was Chris Brycki, the founder and CEO of online 225 00:11:25,530 --> 00:11:28,590 Jennifer Duke: investment advisor Stockspot. This is the Fear and Greed Business 226 00:11:28,590 --> 00:11:31,679 Jennifer Duke: Interview. Remember, this is general information only and you should 227 00:11:31,679 --> 00:11:35,458 Jennifer Duke: seek professional advice before making any investment decisions. Join us 228 00:11:35,460 --> 00:11:37,620 Jennifer Duke: every morning for the full episode of Fear and Greed, 229 00:11:37,620 --> 00:11:41,639 Jennifer Duke: Australia's best business podcast. I'm Jennifer Duke, economics correspondent at 230 00:11:41,639 --> 00:11:44,069 Jennifer Duke: Capital Brief. I'm filling in for Sean Aylmer. Have a 231 00:11:44,070 --> 00:11:44,608 Jennifer Duke: great day.