1 00:00:03,840 --> 00:00:06,780 Sean Aylmer: Welcome to the Fear & Greed Business Interview. I'm Sean Aylmer. 2 00:00:06,960 --> 00:00:10,889 Sean Aylmer: Reporting season is upon us again. It's an opportunity to 3 00:00:10,889 --> 00:00:14,069 Sean Aylmer: find out not just how companies have performed, but probably 4 00:00:14,070 --> 00:00:17,699 Sean Aylmer: more importantly what the outlook is as well. I wanted 5 00:00:17,699 --> 00:00:19,440 Sean Aylmer: to talk to one of our regular guests about the 6 00:00:19,440 --> 00:00:21,720 Sean Aylmer: companies and trends he's keeping an eye on this earnings 7 00:00:21,720 --> 00:00:25,200 Sean Aylmer: season. Remember, this information is general in nature, and you 8 00:00:25,200 --> 00:00:29,490 Sean Aylmer: should always seek professional advice before making investment decisions. Matthew 9 00:00:29,490 --> 00:00:34,260 Sean Aylmer: Kidman is the Principal of Centennial Asset Management. Matthew, welcome 10 00:00:34,260 --> 00:00:37,140 Sean Aylmer: back to Fear & Greed. First time in 2024, first of 11 00:00:37,170 --> 00:00:37,920 Sean Aylmer: many I'm hoping. 12 00:00:38,310 --> 00:00:40,740 Matthew Kidman: Happy new year Sean, yep, looking forward to it. 13 00:00:41,250 --> 00:00:43,800 Sean Aylmer: Righto. Reporting season, do you like reporting season? You have 14 00:00:43,800 --> 00:00:45,809 Sean Aylmer: been following the markets for as long as I've known 15 00:00:45,809 --> 00:00:51,179 Sean Aylmer: you, and I've probably known you for 25 years. I 16 00:00:51,179 --> 00:00:52,889 Sean Aylmer: think late nineties is when we first met. 17 00:00:53,190 --> 00:00:53,460 Matthew Kidman: Yeah. 18 00:00:53,519 --> 00:00:55,230 Sean Aylmer: Do you like reporting season? 19 00:00:55,470 --> 00:01:00,660 Matthew Kidman: You know the answer to that. Probably not. Because reporting 20 00:01:00,660 --> 00:01:03,809 Matthew Kidman: season has changed over times I think, in the sense 21 00:01:03,809 --> 00:01:08,339 Matthew Kidman: the reaction to the reports, and so the volatility around 22 00:01:08,340 --> 00:01:12,298 Matthew Kidman: the stocks on the individual reports is what seems like 23 00:01:12,299 --> 00:01:15,959 Matthew Kidman: it's got worse and worse, and reactions. And so you've 24 00:01:15,959 --> 00:01:19,020 Matthew Kidman: got to spend some time stepping aside and just watching 25 00:01:19,020 --> 00:01:20,670 Matthew Kidman: how they react and then moving a lot of the 26 00:01:20,670 --> 00:01:25,380 Matthew Kidman: time, so it tests your patience. The market's a volatile 27 00:01:25,380 --> 00:01:28,289 Matthew Kidman: creature, but it's all part of the tapestry Sean, and 28 00:01:28,289 --> 00:01:29,999 Matthew Kidman: we look forward to it twice a year. 29 00:01:30,000 --> 00:01:33,419 Sean Aylmer: Nice, that rich tapestry, righto. So what do you expect over 30 00:01:33,420 --> 00:01:36,180 Sean Aylmer: the next four weeks or so? What are some of 31 00:01:36,180 --> 00:01:37,830 Sean Aylmer: the themes you're looking for? 32 00:01:38,490 --> 00:01:42,179 Matthew Kidman: So if we just took calendar year, because we run 33 00:01:42,179 --> 00:01:44,730 Matthew Kidman: in financial years of course, but this is the end 34 00:01:44,730 --> 00:01:46,830 Matthew Kidman: of the calendar year. Last calendar year, I only delivered 35 00:01:46,830 --> 00:01:51,750 Matthew Kidman: about, a bit over three and a half percent EPS growth across 36 00:01:51,750 --> 00:01:57,270 Matthew Kidman: the board in the ASX 200, really dragged down by energy 37 00:01:57,270 --> 00:02:00,450 Matthew Kidman: stocks, and to a lesser extent property stocks, where we 38 00:02:00,450 --> 00:02:05,190 Matthew Kidman: saw energy obviously, all prices were down. And property stocks, 39 00:02:05,639 --> 00:02:08,220 Matthew Kidman: their interest bills are up because of the rise in 40 00:02:08,550 --> 00:02:11,310 Matthew Kidman: official rates, and that meant their bottom lines were hit, 41 00:02:11,340 --> 00:02:14,070 Matthew Kidman: so that dragged it down. The underlying rest of the 42 00:02:14,070 --> 00:02:17,639 Matthew Kidman: market, or X those sectors was okay, but it is 43 00:02:17,639 --> 00:02:20,040 Matthew Kidman: slowing. And so we're in this funny position. If you 44 00:02:20,040 --> 00:02:22,559 Matthew Kidman: ask me what do I expect, markets want to go 45 00:02:22,559 --> 00:02:24,449 Matthew Kidman: higher because we're at the end of the interest rate 46 00:02:24,480 --> 00:02:26,760 Matthew Kidman: cycle. Bit choppy at the moment as we know, but 47 00:02:26,760 --> 00:02:29,638 Matthew Kidman: they generally want to go higher, led by the Americans. 48 00:02:29,880 --> 00:02:33,240 Matthew Kidman: The problem for Australia is that we're in a slowdown 49 00:02:33,240 --> 00:02:36,780 Matthew Kidman: mode. We're almost six to nine months behind the US 50 00:02:36,780 --> 00:02:40,109 Matthew Kidman: it seems like, so our earnings aren't showing signs of 51 00:02:40,109 --> 00:02:43,049 Matthew Kidman: growing at an accelerating rate. So the markets want to 52 00:02:43,049 --> 00:02:46,410 Matthew Kidman: go higher, but we're going to have to take the fact 53 00:02:46,680 --> 00:02:50,160 Matthew Kidman: that reporting season's going to deliver choppy results, because the 54 00:02:50,160 --> 00:02:52,829 Matthew Kidman: economy's slowed from all those interest rate rises. 55 00:02:53,820 --> 00:02:56,999 Sean Aylmer: Okay, so that's kind of the macroeconomic view. 56 00:02:57,030 --> 00:02:58,320 Matthew Kidman: That's the conundrum I would say. 57 00:02:58,320 --> 00:03:03,240 Sean Aylmer: The conundrum, yeah. What about things, I guess specific things 58 00:03:03,240 --> 00:03:05,880 Sean Aylmer: that you would like to see, be that on the 59 00:03:05,880 --> 00:03:09,510 Sean Aylmer: cost side, be that around labor, be that around AI, 60 00:03:09,660 --> 00:03:10,500 Sean Aylmer: anything like that? 61 00:03:10,860 --> 00:03:12,719 Matthew Kidman: Yeah, definitely. So a couple of things we want to 62 00:03:12,719 --> 00:03:16,440 Matthew Kidman: see. We don't expect the outlooks to be too encouraging 63 00:03:16,440 --> 00:03:18,570 Matthew Kidman: in the sense that, a lot of top line growth. 64 00:03:19,020 --> 00:03:21,900 Matthew Kidman: So I think that 3, 4, 5% top line growth 65 00:03:22,110 --> 00:03:25,860 Matthew Kidman: will stay in this half. That's okay. What you would 66 00:03:25,860 --> 00:03:28,679 Matthew Kidman: like to see is a couple of things. One is 67 00:03:28,679 --> 00:03:32,099 Matthew Kidman: that wage growth, which is a big part of everyone's 68 00:03:32,099 --> 00:03:35,730 Matthew Kidman: cost base, is moderating. That the peak in wage growth 69 00:03:36,300 --> 00:03:41,670 Matthew Kidman: and wage supply or labor supply was, the tightness around 70 00:03:41,670 --> 00:03:45,090 Matthew Kidman: that, the peak was probably the middle or early part 71 00:03:45,090 --> 00:03:48,719 Matthew Kidman: of 2023 when we had those wage rises 5, 6, 72 00:03:48,719 --> 00:03:51,449 Matthew Kidman: 7, 8%, we'd like to see them moderate. That's a 73 00:03:51,450 --> 00:03:54,389 Matthew Kidman: good sign both for future interest rates and for margins 74 00:03:54,389 --> 00:03:57,119 Matthew Kidman: for companies. The other thing we would like to see 75 00:03:57,120 --> 00:04:02,280 Matthew Kidman: is that companies have materially lowered their cost base over the 76 00:04:02,280 --> 00:04:06,660 Matthew Kidman: last six or so months, and so they will keep costs flat for a 77 00:04:06,660 --> 00:04:09,929 Matthew Kidman: while. Because that's the environment we're in, that the top line's not 78 00:04:09,929 --> 00:04:13,530 Matthew Kidman: growing, so good companies will keep a control over their 79 00:04:13,530 --> 00:04:16,740 Matthew Kidman: cost base. Now, one of those big costs that stung 80 00:04:16,740 --> 00:04:19,440 Matthew Kidman: everyone last year was the interest bill, because the interest 81 00:04:19,440 --> 00:04:21,450 Matthew Kidman: rates went up, you had any debt, and you got stung. 82 00:04:21,750 --> 00:04:26,130 Matthew Kidman: So paying down debt, keeping a lid on wages, maybe 83 00:04:26,130 --> 00:04:29,039 Matthew Kidman: even having to lose a few people or restructure your 84 00:04:29,039 --> 00:04:33,270 Matthew Kidman: workforce so the cost isn't as big, and things like 85 00:04:33,270 --> 00:04:35,970 Matthew Kidman: that that are working in their favor, definitely. 86 00:04:36,600 --> 00:04:39,120 Sean Aylmer: Okay. What about sectors? I know you keep a close eye on a lot 87 00:04:39,120 --> 00:04:41,700 Sean Aylmer: of retailers for example. What can you expect, particularly given 88 00:04:41,969 --> 00:04:44,909 Sean Aylmer: the official Bureau of Statistics figures aren't great for that sector? 89 00:04:45,150 --> 00:04:49,229 Matthew Kidman: Well they're pretty good up until December, so everyone's latched 90 00:04:49,230 --> 00:04:52,169 Matthew Kidman: onto that idea that December was weak, and obviously December's 91 00:04:52,170 --> 00:04:54,720 Matthew Kidman: important because it's got Christmas in it. But I think 92 00:04:54,720 --> 00:04:57,299 Matthew Kidman: that's partly the trend over the last little while for 93 00:04:57,300 --> 00:05:01,500 Matthew Kidman: retailers, where it's no longer just Christmas. It's Black Friday, 94 00:05:01,500 --> 00:05:04,409 Matthew Kidman: Cyber Monday, and there are a few events now in 95 00:05:04,410 --> 00:05:06,959 Matthew Kidman: October, so it's smoothed out. I think what you'll get 96 00:05:06,960 --> 00:05:10,650 Matthew Kidman: with retail is a mixed bag. There will be some 97 00:05:10,950 --> 00:05:14,280 Matthew Kidman: that do very poorly that have struggled in this environment, 98 00:05:14,580 --> 00:05:18,178 Matthew Kidman: and there'll be others that do quite well. So if 99 00:05:18,178 --> 00:05:20,850 Matthew Kidman: you just broke it down into sectors, I think anyone 100 00:05:20,910 --> 00:05:25,560 Matthew Kidman: that is around apparel and footwear is going to struggle 101 00:05:25,560 --> 00:05:28,590 Matthew Kidman: a bit. That seems to us to have struggled. Strangely, 102 00:05:29,370 --> 00:05:33,690 Matthew Kidman: electronics and home wares have seemed to have done okay, 103 00:05:33,870 --> 00:05:35,400 Matthew Kidman: so I think you're going to get a mixed bag, 104 00:05:35,580 --> 00:05:37,649 Matthew Kidman: and yes, there will be stuff you can buy and 105 00:05:37,650 --> 00:05:40,889 Matthew Kidman: stuff you can sell. But I don't think retail, we've 106 00:05:40,889 --> 00:05:44,279 Matthew Kidman: talked about before, is that cheap. So I think industrials 107 00:05:44,339 --> 00:05:47,430 Matthew Kidman: will do quite well because of that cost based issue 108 00:05:48,000 --> 00:05:50,700 Matthew Kidman: we talked about. I think they've really worked at that. 109 00:05:50,940 --> 00:05:55,139 Matthew Kidman: I think technology companies will do quite well, because technology 110 00:05:55,139 --> 00:05:58,260 Matthew Kidman: spend has kept going along, but they've cut their costs over 111 00:05:58,410 --> 00:06:00,300 Matthew Kidman: the last two years as we've seen in the US, so 112 00:06:00,600 --> 00:06:03,690 Matthew Kidman: I think that's all right. The mining sector, they do 113 00:06:03,690 --> 00:06:07,500 Matthew Kidman: their quarterly so it's not as important, but I think 114 00:06:07,560 --> 00:06:10,620 Matthew Kidman: the mining sectors and energy is still going to struggle, 115 00:06:10,620 --> 00:06:12,599 Matthew Kidman: because commodity prices are weak, so a bit of a 116 00:06:12,599 --> 00:06:13,200 Matthew Kidman: mixed bag. 117 00:06:13,559 --> 00:06:15,389 Sean Aylmer: Stay with me. Matthew, we'll be back in a minute. 118 00:06:15,389 --> 00:06:25,050 Sean Aylmer: My guest this morning is Matthew Kidman, principal at Centennial Asset 119 00:06:25,080 --> 00:06:29,370 Sean Aylmer: Management. What about financials? We're saying the big banks particularly 120 00:06:29,370 --> 00:06:32,609 Sean Aylmer: run really hard, but financials are a lot bigger than 121 00:06:32,610 --> 00:06:34,589 Sean Aylmer: just the big banks. What do you expect from that sector? 122 00:06:34,709 --> 00:06:37,529 Matthew Kidman: Yeah, so I keep getting that wrong. And I know you're 123 00:06:37,529 --> 00:06:40,260 Matthew Kidman: very close to your financials, you ask me every time 124 00:06:40,589 --> 00:06:43,770 Matthew Kidman: that I come on. Whichever way you cut it the 125 00:06:43,770 --> 00:06:46,740 Matthew Kidman: big banks are expensive now. That doesn't mean they can't 126 00:06:46,889 --> 00:06:49,678 Matthew Kidman: keep running, because I think what was interesting, and I 127 00:06:49,678 --> 00:06:51,750 Matthew Kidman: think what might be really good for the non- bank 128 00:06:51,750 --> 00:06:56,070 Matthew Kidman: financials is that the all- important housing market, two things 129 00:06:56,070 --> 00:07:00,210 Matthew Kidman: are happening there that have encouraged people. One is that 130 00:07:00,210 --> 00:07:03,150 Matthew Kidman: the net interest margin that everyone's concentrated on the last 131 00:07:03,150 --> 00:07:06,420 Matthew Kidman: couple of years, I think it's stabilized and could improve 132 00:07:06,630 --> 00:07:11,099 Matthew Kidman: in the outlook. It kept getting crunched, because margins weren't 133 00:07:11,100 --> 00:07:13,020 Matthew Kidman: as good as what they were say, two or three 134 00:07:13,020 --> 00:07:15,330 Matthew Kidman: years ago, so the margin was coming down. Think they're 135 00:07:15,330 --> 00:07:18,990 Matthew Kidman: starting to stabilize, good sign. But more importantly, what makes 136 00:07:18,990 --> 00:07:21,719 Matthew Kidman: these banks run, and other lenders, and there are a 137 00:07:21,719 --> 00:07:24,779 Matthew Kidman: lot of non- bank lenders out there these days, is 138 00:07:24,840 --> 00:07:28,199 Matthew Kidman: the actual housing market, which is the biggest market in 139 00:07:28,199 --> 00:07:31,800 Matthew Kidman: Australia for lending as everyone would know, is showing some 140 00:07:31,800 --> 00:07:36,120 Matthew Kidman: more growth. So bottom of the cycle, it might grow 3%, top 141 00:07:36,120 --> 00:07:37,920 Matthew Kidman: of a cycle where things are going well, 7 or 142 00:07:37,920 --> 00:07:42,389 Matthew Kidman: 8%. We were heading towards 3%, but recently data showed 143 00:07:42,389 --> 00:07:45,839 Matthew Kidman: it's probably growing at 5- 6%. That's pretty healthy, and 144 00:07:45,839 --> 00:07:49,710 Matthew Kidman: that's kicked along those banks. And I think if that 145 00:07:49,710 --> 00:07:52,110 Matthew Kidman: can maintain, that will be a really good sign for 146 00:07:52,110 --> 00:07:54,239 Matthew Kidman: those financials going through the rest of the year. 147 00:07:55,230 --> 00:07:57,270 Sean Aylmer: I just want to talk about AI, because I think it was last 148 00:07:57,270 --> 00:08:01,230 Sean Aylmer: time around 60% of companies said that they had doing 149 00:08:01,230 --> 00:08:03,809 Sean Aylmer: something with AI. Now that's just a sentence, whether or 150 00:08:03,809 --> 00:08:05,639 Sean Aylmer: not they're actually doing anything or just sitting in a 151 00:08:05,639 --> 00:08:09,030 Sean Aylmer: room chatting about it, or actually using ChatGPT is a 152 00:08:09,030 --> 00:08:12,060 Sean Aylmer: huge spectrum there. Do you want to see companies talking 153 00:08:12,060 --> 00:08:12,990 Sean Aylmer: about that sort of stuff? 154 00:08:13,560 --> 00:08:17,700 Matthew Kidman: Not really, unless it's substantive, unless they can show us 155 00:08:17,700 --> 00:08:22,020 Matthew Kidman: the tangible benefits of it. I think what they can 156 00:08:22,020 --> 00:08:25,470 Matthew Kidman: tell you is that, look, we're spending money on development 157 00:08:25,710 --> 00:08:29,610 Matthew Kidman: and using technology to our advantage. But people that just 158 00:08:29,610 --> 00:08:32,490 Matthew Kidman: come to us and say, " Look, we've got this great 159 00:08:32,790 --> 00:08:35,969 Matthew Kidman: investment AI, it's going to save all this money," it 160 00:08:35,969 --> 00:08:38,099 Matthew Kidman: probably will over the goodness of time, but it's probably 161 00:08:38,099 --> 00:08:42,238 Matthew Kidman: going to have false starts. So AI is something that's 162 00:08:42,240 --> 00:08:45,510 Matthew Kidman: gone from maybe somewhere in a pitch deck to front 163 00:08:45,510 --> 00:08:49,860 Matthew Kidman: part of a pitch deck, because ChatGPT just forced everyone 164 00:08:49,860 --> 00:08:52,889 Matthew Kidman: to look at it, and everyone in the public, and 165 00:08:52,889 --> 00:08:54,990 Matthew Kidman: fund managers, and people like me know about it, so 166 00:08:54,990 --> 00:08:57,480 Matthew Kidman: they get questioned about it. But I think the reality 167 00:08:57,480 --> 00:09:01,020 Matthew Kidman: is, not many companies at this point will be big 168 00:09:01,020 --> 00:09:05,819 Matthew Kidman: winners at that overnight. Some started their programs years ago 169 00:09:05,820 --> 00:09:08,370 Matthew Kidman: and have been benefiting, and others will find a way 170 00:09:08,370 --> 00:09:11,909 Matthew Kidman: in the future. So I'm not a bear on AI, but the 171 00:09:11,910 --> 00:09:15,299 Matthew Kidman: reality is it takes a while, and most companies don't 172 00:09:15,299 --> 00:09:18,720 Matthew Kidman: know how to use it properly yet, and in reality, 173 00:09:19,740 --> 00:09:22,680 Matthew Kidman: they are most likely to be using it to their 174 00:09:22,800 --> 00:09:26,130 Matthew Kidman: disadvantage at the moment, where they're spending money on trying 175 00:09:26,130 --> 00:09:29,730 Matthew Kidman: to implement systems without getting any noticeable returns. 176 00:09:30,450 --> 00:09:33,240 Sean Aylmer: Okay, now I can't let you go Matthew without asking 177 00:09:33,240 --> 00:09:36,088 Sean Aylmer: about a couple of specific stocks. Which ones are you 178 00:09:36,090 --> 00:09:38,940 Sean Aylmer: just going to keep a particularly close eye on? Whether 179 00:09:38,940 --> 00:09:41,458 Sean Aylmer: you hold those or not, I'm just interested whether there's 180 00:09:41,460 --> 00:09:44,340 Sean Aylmer: two or three small caps that you're particularly interested in. 181 00:09:45,150 --> 00:09:51,360 Matthew Kidman: Yeah, we're always interested in everything, especially the ones we own. I think 182 00:09:51,870 --> 00:09:55,590 Matthew Kidman: you're 100% right, I think in terms of retail, there's 183 00:09:55,590 --> 00:09:58,559 Matthew Kidman: been a bit of a resurgence in retail, but retail 184 00:09:58,559 --> 00:10:04,349 Matthew Kidman: is really important to the overall economy, because consumers, about 185 00:10:04,349 --> 00:10:07,170 Matthew Kidman: 60% of our economy as you know. And one I'd 186 00:10:07,170 --> 00:10:09,900 Matthew Kidman: like to keep an eye on that's struggled is Harvey 187 00:10:09,900 --> 00:10:13,230 Matthew Kidman: Norman, because they cover a lot of different areas. They're 188 00:10:13,260 --> 00:10:18,840 Matthew Kidman: obviously electronics, home wares, kitchens and bathrooms and carpets, they're 189 00:10:18,840 --> 00:10:21,238 Matthew Kidman: just about everywhere. They will give you a good read, 190 00:10:21,240 --> 00:10:24,509 Matthew Kidman: because they've struggled since COVID ended, and I think they're 191 00:10:24,509 --> 00:10:28,050 Matthew Kidman: a good bellwether. JB Hi- Fi, their kind of rival, 192 00:10:28,350 --> 00:10:30,809 Matthew Kidman: seems to tick most boxes, and doesn't give you a 193 00:10:30,809 --> 00:10:33,088 Matthew Kidman: good idea in the general economy like Harvey Norman, who 194 00:10:33,090 --> 00:10:35,550 Matthew Kidman: are a bit more mature. So I think that's really 195 00:10:35,550 --> 00:10:38,730 Matthew Kidman: important. I think the other area, and you've already touched 196 00:10:38,730 --> 00:10:41,490 Matthew Kidman: on it, is the non- bank financials. So a lot 197 00:10:41,490 --> 00:10:44,160 Matthew Kidman: of them are trading at big discounts to their book, 198 00:10:44,160 --> 00:10:48,029 Matthew Kidman: or decent discounts. So one that I like, and I like the management 199 00:10:48,059 --> 00:10:50,460 Matthew Kidman: of, and who's quite a big player in the mortgage 200 00:10:50,460 --> 00:10:53,910 Matthew Kidman: market, is a little company called Resimac, and it taps 201 00:10:53,910 --> 00:10:58,380 Matthew Kidman: the wholesale market. It doesn't use deposits to fund its 202 00:10:58,380 --> 00:11:02,009 Matthew Kidman: loans, and I think they are a really interesting company in 203 00:11:02,009 --> 00:11:05,160 Matthew Kidman: the sense that they've got scale, but those issues that 204 00:11:05,160 --> 00:11:08,550 Matthew Kidman: we talked about before, net interest margin and home loan 205 00:11:08,550 --> 00:11:11,730 Matthew Kidman: growth, will start to show up in their books if 206 00:11:11,730 --> 00:11:15,240 Matthew Kidman: we're right. Now, that will be a real bellwether for 207 00:11:15,240 --> 00:11:18,330 Matthew Kidman: the Australian economy, because the consumer and the housing market 208 00:11:18,480 --> 00:11:22,740 Matthew Kidman: is the domestic driver, while mining and agriculture is the 209 00:11:22,740 --> 00:11:26,070 Matthew Kidman: external, the exports, and e know they're going pretty well. So 210 00:11:26,070 --> 00:11:29,160 Matthew Kidman: I'd like to see the internal engine telling us it's 211 00:11:29,160 --> 00:11:33,750 Matthew Kidman: hit bottom and they're going okay, because the lead indicator for all 212 00:11:33,750 --> 00:11:37,259 Matthew Kidman: recoveries out of an interest rate cycle is the consumer. 213 00:11:37,259 --> 00:11:41,160 Matthew Kidman: They switch on first. They switch on six months before 214 00:11:41,429 --> 00:11:44,850 Matthew Kidman: corporates do, who then start to spend capex, or governments, 215 00:11:44,850 --> 00:11:47,760 Matthew Kidman: or whoever. So I'd like to see that running, so 216 00:11:47,760 --> 00:11:48,570 Matthew Kidman: there's a couple of stocks. 217 00:11:48,960 --> 00:11:51,210 Sean Aylmer: Fantastic. Matthew, thank you for talking to Fear & Greed. 218 00:11:51,480 --> 00:11:52,350 Matthew Kidman: Thank you Sean. 219 00:11:52,889 --> 00:11:56,040 Sean Aylmer: That was Matthew Kidman from Centennial Asset Management. This is 220 00:11:56,040 --> 00:11:59,129 Sean Aylmer: the Fear & Greed Business Interview. Remember, this information is general 221 00:11:59,129 --> 00:12:01,740 Sean Aylmer: in nature, and you should always seek professional advice before 222 00:12:01,740 --> 00:12:04,679 Sean Aylmer: making any investment decisions. Join us every morning for the 223 00:12:04,679 --> 00:12:07,800 Sean Aylmer: full episode of Fear & Greed, Australia's best business podcast. I'm 224 00:12:07,800 --> 00:12:09,480 Sean Aylmer: Sean Aylmer. Have a great day.