1
00:00:05,960 --> 00:00:08,000
Speaker 1: Welcome to Fear and Greed Q and A, where we

2
00:00:08,039 --> 00:00:11,600
Speaker 1: ask an answer questions about business, investing, economics, politics and more.

3
00:00:11,640 --> 00:00:14,080
Speaker 1: I'm Michael Thompson and every Monday morning we are joined

4
00:00:14,120 --> 00:00:17,200
Speaker 1: by economist Stephen Cooculis to look at the week ahead.

5
00:00:17,480 --> 00:00:19,640
Speaker 1: You'll find him at the kook dot com that's t

6
00:00:19,920 --> 00:00:22,759
Speaker 1: h e k o uk dot com and sharing his

7
00:00:22,880 --> 00:00:25,400
Speaker 1: views on LinkedIn as well under Stephen cock Cooler.

8
00:00:25,480 --> 00:00:27,760
Speaker 2: Stephen, good morning, Very good morning. Michael.

9
00:00:28,360 --> 00:00:30,680
Speaker 1: Got to say, it doesn't get much bigger than this week,

10
00:00:30,920 --> 00:00:33,200
Speaker 1: does it. I mean, we've got the Reserve Bank board

11
00:00:33,240 --> 00:00:37,480
Speaker 1: meeting today and tomorrow there'll be a decision tomorrow afternoon

12
00:00:37,680 --> 00:00:40,760
Speaker 1: on interest rates, and then on Thursday we get the

13
00:00:40,840 --> 00:00:44,600
Speaker 1: latest labor force figures. We will start with the main

14
00:00:44,680 --> 00:00:50,199
Speaker 1: game though, the Reserve Bank and the potential for a

15
00:00:50,320 --> 00:00:53,640
Speaker 1: rate hike, which actually is now a live option. Last

16
00:00:53,640 --> 00:00:57,600
Speaker 1: week we had Deputy Governor Andrew Houser and his commentary

17
00:00:57,600 --> 00:01:00,520
Speaker 1: that really didn't require that much reading between the lines,

18
00:01:00,560 --> 00:01:00,800
Speaker 1: did it?

19
00:01:00,840 --> 00:01:01,200
Speaker 2: He said?

20
00:01:01,360 --> 00:01:03,440
Speaker 1: I think the quote was failing to raise rates to

21
00:01:03,480 --> 00:01:05,959
Speaker 1: the level they need to be and allowing inflation to

22
00:01:06,000 --> 00:01:08,480
Speaker 1: get out of control is a clear problem. We've got

23
00:01:08,480 --> 00:01:11,000
Speaker 1: the big banks tipping a rate hike tomorrow. We've got

24
00:01:11,080 --> 00:01:14,760
Speaker 1: Andrew Howser suggesting that it's going to happen. Are we

25
00:01:14,800 --> 00:01:17,240
Speaker 1: going to get one.

26
00:01:17,319 --> 00:01:23,200
Speaker 2: The RBA board members, the two people that's the governor

27
00:01:23,200 --> 00:01:26,760
Speaker 2: and the Deputy Governor, Michelle Bulk. Andrew Houser himself will

28
00:01:26,800 --> 00:01:31,039
Speaker 2: probably be arguing for a rate hike. Now we've learnt

29
00:01:31,080 --> 00:01:33,319
Speaker 2: from this new Monetary Policy Board that their is not

30
00:01:33,920 --> 00:01:35,760
Speaker 2: like in the olden days, a rubber stamp on what

31
00:01:35,800 --> 00:01:39,840
Speaker 2: the RBA is thinking. Okay, that these independent members of

32
00:01:39,920 --> 00:01:45,360
Speaker 2: the board do have monetary policy expertise. They do have

33
00:01:45,440 --> 00:01:48,000
Speaker 2: their finger on the pulse of the economy, perhaps in

34
00:01:48,000 --> 00:01:50,200
Speaker 2: a slightly different way to the RBA. That's not to

35
00:01:50,240 --> 00:01:53,240
Speaker 2: say that they're in any way politically compromised. They high

36
00:01:53,280 --> 00:01:56,920
Speaker 2: great last month, for example, But it does mean that

37
00:01:57,520 --> 00:02:00,280
Speaker 2: there's a lot of US economists a debating right now,

38
00:02:00,320 --> 00:02:04,400
Speaker 2: that it is a contestable decision, and that until Andrew

39
00:02:04,400 --> 00:02:07,080
Speaker 2: Howser came out early last week with his very very

40
00:02:07,080 --> 00:02:11,240
Speaker 2: hawkish comments, the big banks were sort of probably not.

41
00:02:11,919 --> 00:02:17,040
Speaker 2: Market pricing for the meeting announcement tomorrow was probably not

42
00:02:17,720 --> 00:02:22,880
Speaker 2: and it was really only his hawkish comments that fueled

43
00:02:22,880 --> 00:02:25,560
Speaker 2: this move to the other side of the ship where

44
00:02:25,720 --> 00:02:31,280
Speaker 2: maybe they won't, they probably will. So the RBA obviously

45
00:02:31,800 --> 00:02:35,920
Speaker 2: looking at the global issues, the high oil price, the

46
00:02:36,000 --> 00:02:39,800
Speaker 2: direct effect of higher oil prices on inflation, thinking that

47
00:02:40,280 --> 00:02:43,040
Speaker 2: in any event, inflation to begin with is already a

48
00:02:43,040 --> 00:02:47,519
Speaker 2: little too high or their liking, and hence the high

49
00:02:47,600 --> 00:02:51,920
Speaker 2: probability that yep, we'll see the rate tomorrow afternoon.

50
00:02:51,680 --> 00:02:54,920
Speaker 1: Okay, because I mean the inflation position hasn't changed in

51
00:02:54,919 --> 00:02:57,440
Speaker 1: the last couple of weeks. They really the big variable

52
00:02:57,520 --> 00:03:01,520
Speaker 1: last week that seems to have made tip the balance

53
00:03:01,560 --> 00:03:05,000
Speaker 1: here is the global situation. And if we just take

54
00:03:05,040 --> 00:03:08,680
Speaker 1: a step back and look at oil for a second,

55
00:03:09,200 --> 00:03:11,359
Speaker 1: and I want to ask you about the volatility in

56
00:03:11,480 --> 00:03:14,679
Speaker 1: the price of oil and what that means for the

57
00:03:15,120 --> 00:03:19,400
Speaker 1: risk for inflation. But first, why does oil matter so

58
00:03:19,560 --> 00:03:20,840
Speaker 1: much to the global economy?

59
00:03:21,639 --> 00:03:27,680
Speaker 2: Oil is still an important part of the transport logistics,

60
00:03:28,440 --> 00:03:31,800
Speaker 2: household consumption expenditure, and it goes into plastics and things

61
00:03:31,840 --> 00:03:34,720
Speaker 2: like that. So it's a very very important part of

62
00:03:34,880 --> 00:03:37,920
Speaker 2: the cost of production for a lot of manufactured and

63
00:03:37,920 --> 00:03:41,120
Speaker 2: other goods. It's a very big ticket item and a

64
00:03:41,200 --> 00:03:44,119
Speaker 2: high weighting in the consumer pricing. Next, about three point

65
00:03:44,200 --> 00:03:46,800
Speaker 2: three percent of the basket, which is actually quite a

66
00:03:46,880 --> 00:03:50,080
Speaker 2: high weighting. It goes into the CPISO. For example, a

67
00:03:50,160 --> 00:03:53,360
Speaker 2: ten percent move on petrol prices because it's petrol, not

68
00:03:53,400 --> 00:03:56,280
Speaker 2: global oil, but same difference. A ten percent move on

69
00:03:56,320 --> 00:03:58,840
Speaker 2: petrol prices is at about point three to the inflation rate.

70
00:03:59,040 --> 00:04:01,320
Speaker 2: So we've have a twenty percent increase in petrol prices.

71
00:04:01,880 --> 00:04:05,040
Speaker 2: It adds zero point six to the inflation rang. Wow,

72
00:04:05,080 --> 00:04:06,840
Speaker 2: So that's why it matters. And when you've already got

73
00:04:06,840 --> 00:04:10,280
Speaker 2: inflation at three points something using trimmed or headline whatever,

74
00:04:10,760 --> 00:04:14,280
Speaker 2: you're getting a number very close to four percent, if

75
00:04:14,320 --> 00:04:17,120
Speaker 2: not above four percent for the headline figure. And I

76
00:04:17,320 --> 00:04:19,479
Speaker 2: see my good friend Sally old at Mad was saying

77
00:04:19,520 --> 00:04:22,000
Speaker 2: something close at scenario it's not a central forecast, as

78
00:04:22,000 --> 00:04:24,480
Speaker 2: I understand it, was saying something close to five percent

79
00:04:25,040 --> 00:04:28,280
Speaker 2: if the oil price sustains it's moving above one hundred

80
00:04:28,360 --> 00:04:30,839
Speaker 2: US dollars a barrel, which again we don't know. And

81
00:04:30,880 --> 00:04:34,800
Speaker 2: that volatility that you mentioned, that's the thing. It's extraordinary

82
00:04:34,920 --> 00:04:38,680
Speaker 2: watching it. It's sort of quite incredible to see these

83
00:04:39,160 --> 00:04:44,120
Speaker 2: five and ten percent swings in the oil price in minutes,

84
00:04:44,880 --> 00:04:47,400
Speaker 2: let alone a few hours. And so if you're trying

85
00:04:47,480 --> 00:04:50,640
Speaker 2: to frame economic policy and you think, oh, it's going

86
00:04:50,680 --> 00:04:52,120
Speaker 2: to be one hundred oh no, it's ninety. Oh no,

87
00:04:52,160 --> 00:04:54,120
Speaker 2: it's eighty. Oh no, it's one hundred and twenty dollars

88
00:04:54,120 --> 00:04:57,160
Speaker 2: a barrel. Well, of course that's difficult to do. Let alone.

89
00:04:57,160 --> 00:04:59,760
Speaker 2: If you're a business person heavily reliant on oil is

90
00:04:59,760 --> 00:05:05,040
Speaker 2: an think airlines. You've got a real dilemma about what

91
00:05:05,080 --> 00:05:07,279
Speaker 2: you do when you see this incredible volatility.

92
00:05:07,440 --> 00:05:09,520
Speaker 1: So is there a risk in that case? And because

93
00:05:09,520 --> 00:05:12,680
Speaker 1: the volatile volatility has been extreme and it has been

94
00:05:12,760 --> 00:05:15,000
Speaker 1: quick as well, as you say that this is happening

95
00:05:15,040 --> 00:05:17,680
Speaker 1: in minutes, that it happens on the decisions that are

96
00:05:17,720 --> 00:05:22,000
Speaker 1: made about oil reserves, it has made on military events

97
00:05:22,000 --> 00:05:25,000
Speaker 1: that are happening in the Middle East, and that price

98
00:05:25,080 --> 00:05:29,599
Speaker 1: is fluctuating day by day, hour by hour. Right, how

99
00:05:29,640 --> 00:05:33,880
Speaker 1: does the RBA then take that into account? Is it

100
00:05:34,000 --> 00:05:37,039
Speaker 1: a case of it it's better to wait and see

101
00:05:37,160 --> 00:05:40,679
Speaker 1: what happens or to try and preempt it and say, look,

102
00:05:41,480 --> 00:05:44,040
Speaker 1: this situation in the Middle East doesn't look like it's

103
00:05:44,080 --> 00:05:47,159
Speaker 1: going to be resolved anytime soon. We're better to be

104
00:05:47,200 --> 00:05:50,000
Speaker 1: safe than sorry and take some preemptive action in terms

105
00:05:50,000 --> 00:05:50,480
Speaker 1: of rates.

106
00:05:50,760 --> 00:05:52,760
Speaker 2: Yeah, well, if they did say that, I'd say, well,

107
00:05:52,800 --> 00:05:55,800
Speaker 2: how do they know? And that's not being rude. It's

108
00:05:55,839 --> 00:05:58,560
Speaker 2: sort of this question about when we see these extreme

109
00:06:00,560 --> 00:06:03,400
Speaker 2: market moves, this extreme volatility. And yes, there will be

110
00:06:03,440 --> 00:06:06,320
Speaker 2: an inflation effect from oil where it is, it will be,

111
00:06:06,360 --> 00:06:09,400
Speaker 2: there's no doubt about that. But as the other parts

112
00:06:09,440 --> 00:06:12,320
Speaker 2: of Andrew Howser's speech last week, which tended to be

113
00:06:12,320 --> 00:06:15,200
Speaker 2: glossed over given that hawkishness, was we do need to

114
00:06:15,200 --> 00:06:18,480
Speaker 2: see the duration of this oil price shock, and by that,

115
00:06:18,600 --> 00:06:20,640
Speaker 2: how long does it last. So think of a scenario,

116
00:06:20,680 --> 00:06:24,000
Speaker 2: and this is just a scenario, Michael, that in a

117
00:06:24,000 --> 00:06:27,120
Speaker 2: week's time, ten days time, two weeks time, there's a

118
00:06:27,200 --> 00:06:31,440
Speaker 2: resolution to the conflict in the sense of allowing the

119
00:06:31,480 --> 00:06:35,480
Speaker 2: oil production pumps to go pumping again. The ships are

120
00:06:35,520 --> 00:06:39,240
Speaker 2: able to the tankers sail around the Straits of Humors

121
00:06:39,240 --> 00:06:41,400
Speaker 2: and around the rest of the world. So in a

122
00:06:41,520 --> 00:06:44,200
Speaker 2: very short period of time, the oil price reverts back

123
00:06:44,240 --> 00:06:47,680
Speaker 2: to say, seventy odd US dollars a barrel, sort of

124
00:06:47,680 --> 00:06:50,200
Speaker 2: where it was sixty five to seventy before before the

125
00:06:50,240 --> 00:06:55,520
Speaker 2: war started. And if you've hiked interestrates with a high

126
00:06:55,640 --> 00:06:58,719
Speaker 2: waiting given to the effect of inflation on inflation, of

127
00:06:58,720 --> 00:07:00,880
Speaker 2: this oil price shock, all of a sudden, Oh, did

128
00:07:00,880 --> 00:07:02,599
Speaker 2: we jump the gun a little bit too much? So

129
00:07:03,520 --> 00:07:06,160
Speaker 2: in a way, a cautious approach would be And again

130
00:07:06,279 --> 00:07:09,240
Speaker 2: it could be this, this is just a scenario. They

131
00:07:09,320 --> 00:07:13,240
Speaker 2: hold rate steady. But the conversation from Michelle Bullock aint

132
00:07:13,240 --> 00:07:17,520
Speaker 2: a press conference and in the written press releases, if

133
00:07:17,880 --> 00:07:21,840
Speaker 2: the oil price remains elevated or continues to increase further,

134
00:07:22,560 --> 00:07:26,000
Speaker 2: if we do get confirmation through the data on you know,

135
00:07:26,040 --> 00:07:28,440
Speaker 2: on the actual inflation numbers that are coming through that

136
00:07:28,480 --> 00:07:30,400
Speaker 2: we do have that spike by the time we meet

137
00:07:30,480 --> 00:07:33,920
Speaker 2: in May not that far away, then we will hike.

138
00:07:34,400 --> 00:07:36,840
Speaker 2: But so it just gives them, it buys them five

139
00:07:36,920 --> 00:07:39,200
Speaker 2: or six weeks in the scheme of monetary policy is nothing.

140
00:07:39,280 --> 00:07:42,120
Speaker 2: You know, it doesn't really matter if if they hike

141
00:07:42,200 --> 00:07:45,240
Speaker 2: in maybe and don't hike in March, for example, But

142
00:07:45,360 --> 00:07:48,040
Speaker 2: it might be prudent just to sit tight. You know,

143
00:07:48,080 --> 00:07:51,600
Speaker 2: there wasn't only been going for two in a bit weeks,

144
00:07:51,720 --> 00:07:54,560
Speaker 2: and yes there's huge headlines and volatility, but you'd be

145
00:07:55,640 --> 00:07:57,360
Speaker 2: you might be playing with fire if you were to

146
00:07:57,400 --> 00:07:59,160
Speaker 2: hike and then all of a sudden you find that

147
00:08:00,480 --> 00:08:06,120
Speaker 2: the oil effect sort of washes through the financial markets.

148
00:08:06,440 --> 00:08:10,360
Speaker 1: Just quickly before we leave the RBA. Last month, we

149
00:08:10,360 --> 00:08:13,480
Speaker 1: were talking about the RBA Statement on Monetary Policy, which

150
00:08:13,520 --> 00:08:16,160
Speaker 1: has a lot of forecasts and predictions for the economy,

151
00:08:16,160 --> 00:08:20,400
Speaker 1: including the outlook for inflation. How much does an event

152
00:08:20,720 --> 00:08:23,560
Speaker 1: like the Middle East just throw all of those forecasts

153
00:08:23,680 --> 00:08:27,040
Speaker 1: out the window and is there any kind of leeway

154
00:08:27,200 --> 00:08:29,200
Speaker 1: built in for the unexpected?

155
00:08:30,320 --> 00:08:35,199
Speaker 2: Look, As the governor says, that is our central case quote.

156
00:08:35,480 --> 00:08:37,400
Speaker 2: And if you look at the back of the Statement

157
00:08:37,400 --> 00:08:41,040
Speaker 2: of Monetary Policy, which comes out every third every second meeting,

158
00:08:41,080 --> 00:08:45,319
Speaker 2: every third month, there's these wonderful charts called fan charts.

159
00:08:45,760 --> 00:08:50,400
Speaker 2: It has say GDP, and it has the percentage probabilities

160
00:08:50,400 --> 00:08:53,080
Speaker 2: that GDP is within a particular range. And so while

161
00:08:53,120 --> 00:08:56,600
Speaker 2: that central forecast might be for GDP to be two percent,

162
00:08:56,840 --> 00:08:59,880
Speaker 2: for example, they say there's a seventy percent chance that'll

163
00:08:59,880 --> 00:09:04,480
Speaker 2: be within a range of one to three percent. So

164
00:09:04,520 --> 00:09:06,680
Speaker 2: they do put in buffers, they do put in caveats.

165
00:09:06,720 --> 00:09:09,640
Speaker 2: They do note that when they're preparing the forecast, they

166
00:09:09,640 --> 00:09:11,960
Speaker 2: do assume an oil price, which I think last time

167
00:09:12,000 --> 00:09:14,320
Speaker 2: was in the mid sixties. So, gosh, you know this

168
00:09:14,440 --> 00:09:18,080
Speaker 2: is going to change things dramatically, But again it's not

169
00:09:18,120 --> 00:09:20,840
Speaker 2: their fault. I don't think. Well, the conflict was always

170
00:09:20,840 --> 00:09:26,360
Speaker 2: there or thereabouts. You don't forecast a left field event,

171
00:09:27,040 --> 00:09:28,840
Speaker 2: or you don't put that into your forecast in case

172
00:09:28,880 --> 00:09:31,440
Speaker 2: it doesn't happen just now, like you can't put into

173
00:09:31,480 --> 00:09:33,719
Speaker 2: your forecast. Oh, it's resolved next week. So therefore we've

174
00:09:33,720 --> 00:09:36,040
Speaker 2: got all back at seventy dollars a barrel even if

175
00:09:36,040 --> 00:09:36,760
Speaker 2: it does happen.

176
00:09:37,120 --> 00:09:40,840
Speaker 1: Yeah, Okay. The other big event this week employment numbers.

177
00:09:41,280 --> 00:09:43,439
Speaker 1: We'll get the labor force figures this Thursday.

178
00:09:43,640 --> 00:09:46,600
Speaker 2: What are we expecting, Well, don't think at that last

179
00:09:46,640 --> 00:09:49,440
Speaker 2: time last month, when the unemployment rate stayed at four

180
00:09:49,440 --> 00:09:51,640
Speaker 2: point one percent, that was one of the reasons why

181
00:09:51,679 --> 00:09:54,040
Speaker 2: the everyone got a little bit hawkish on RBA rate hikes,

182
00:09:54,040 --> 00:09:56,840
Speaker 2: that the judgment of spare capacity in the labor market

183
00:09:56,960 --> 00:09:59,719
Speaker 2: was compressed, as in, there's not a lot of spare capacity.

184
00:10:00,120 --> 00:10:03,280
Speaker 2: So this is a really important number. If we get

185
00:10:03,280 --> 00:10:05,559
Speaker 2: an unemployment rate staying at four point one or four

186
00:10:05,600 --> 00:10:08,880
Speaker 2: point two percent, if we get another let's say, thirty

187
00:10:08,920 --> 00:10:11,880
Speaker 2: thousand increase in employment, which is a little bit above

188
00:10:11,960 --> 00:10:16,200
Speaker 2: the population and labor force growth, that would reinforce the

189
00:10:16,280 --> 00:10:18,520
Speaker 2: hawkishness of the RBA, even though the numbers come out

190
00:10:18,520 --> 00:10:22,320
Speaker 2: two days after the RBA announcement, But at reinforcement, the

191
00:10:22,440 --> 00:10:25,280
Speaker 2: risk is that with some indicators of the economy a

192
00:10:25,280 --> 00:10:28,400
Speaker 2: little bit softer, if we get a four point three

193
00:10:29,320 --> 00:10:32,720
Speaker 2: unemployment rates four point three percent or a softer employment

194
00:10:32,840 --> 00:10:36,120
Speaker 2: number and the RBA is already hiked, there's just another

195
00:10:36,240 --> 00:10:40,160
Speaker 2: question mark going over that decision. So really important numbers.

196
00:10:40,280 --> 00:10:43,199
Speaker 2: Remembering that the RBA has a dual mandate. Inflation yep,

197
00:10:43,280 --> 00:10:45,840
Speaker 2: we know that's high and too high and heading higher,

198
00:10:46,120 --> 00:10:48,360
Speaker 2: but they've also got to keep unemployment low and that

199
00:10:48,480 --> 00:10:50,720
Speaker 2: is low for the moment. Can we lock that in?

200
00:10:51,040 --> 00:10:54,199
Speaker 1: Are we likely to get a shock or a surprise

201
00:10:54,679 --> 00:10:58,079
Speaker 1: with these because it's starting to feel as though the

202
00:10:58,400 --> 00:11:01,680
Speaker 1: labor market has been very strong for a long time now,

203
00:11:02,080 --> 00:11:05,000
Speaker 1: and it is feeling like it is being very very consistent.

204
00:11:05,080 --> 00:11:08,400
Speaker 1: So how much is it a variable anymore? And how

205
00:11:08,480 --> 00:11:10,840
Speaker 1: much can you just rely on that strength being there?

206
00:11:12,200 --> 00:11:16,400
Speaker 2: That is a fabulous question. I'm just noting my good

207
00:11:16,480 --> 00:11:19,840
Speaker 2: friends that CBA and Westpac use their internal data to

208
00:11:19,960 --> 00:11:22,439
Speaker 2: look at household spending and they've done it, so I

209
00:11:22,480 --> 00:11:25,280
Speaker 2: think west Pac call it their Westpac card tracker or

210
00:11:25,320 --> 00:11:28,079
Speaker 2: something like that, and CBA put out their data and

211
00:11:28,240 --> 00:11:30,280
Speaker 2: they all came out late last week for the month

212
00:11:30,320 --> 00:11:33,360
Speaker 2: of February. Okay, we don't have February retail sales or

213
00:11:33,440 --> 00:11:36,800
Speaker 2: household spending numbers, yet they were both pointing to weakness,

214
00:11:36,880 --> 00:11:39,280
Speaker 2: so that we consumers, you and me and everybody listening

215
00:11:39,559 --> 00:11:43,880
Speaker 2: hunkered down for whatever reason in January and February. Right,

216
00:11:44,440 --> 00:11:47,640
Speaker 2: And the retail and household spending side of the economy

217
00:11:47,679 --> 00:11:50,680
Speaker 2: is quite labor intensive. It does employ a lot of people.

218
00:11:50,679 --> 00:11:52,960
Speaker 2: It's one of the ones where the private sector employment

219
00:11:53,040 --> 00:11:56,440
Speaker 2: is strong. Anyway, just wondering, just wondering whether we're going

220
00:11:56,440 --> 00:11:58,840
Speaker 2: to be getting a little bit of a downside surprise,

221
00:11:59,360 --> 00:12:01,640
Speaker 2: as in a little bit more pessimistic numbers when these

222
00:12:01,679 --> 00:12:03,280
Speaker 2: labor force numbers come out on Thursday.

223
00:12:03,720 --> 00:12:06,560
Speaker 1: All right, massive week ahead. Thank you for taking us

224
00:12:06,559 --> 00:12:09,000
Speaker 1: through it this week, Stephen, Thank you, Michael. That was

225
00:12:09,080 --> 00:12:11,840
Speaker 1: economist Stephen Cocoles, better known as the Kook. You can

226
00:12:11,840 --> 00:12:13,480
Speaker 1: find him at the Kook dot com t h G

227
00:12:13,600 --> 00:12:16,760
Speaker 1: k o UK dot com and follow him on LinkedIn

228
00:12:16,840 --> 00:12:19,559
Speaker 1: as well, where he shares his insights under Stephen Cocoles.

229
00:12:19,760 --> 00:12:21,880
Speaker 1: I'm Michael Thompson. And this is fear and greed, Q

230
00:12:22,040 --> 00:12:22,199
Speaker 1: and a