1 00:00:03,460 --> 00:00:05,880 Sean Aylmer: Welcome to the Fear and Greed weekend edition, the week 2 00:00:05,880 --> 00:00:08,299 Sean Aylmer: that was, a wrap of the biggest stories over the 3 00:00:08,300 --> 00:00:11,549 Sean Aylmer: past seven days. I'm Sean Aylmer. It was a huge 4 00:00:11,550 --> 00:00:16,120 Sean Aylmer: week for the economy, Canberra, Washington, London, Beijing, Paris relations, commodity 5 00:00:16,120 --> 00:00:20,340 Sean Aylmer: prices, and rich people. The curse of September hit financial 6 00:00:20,340 --> 00:00:24,130 Sean Aylmer: markets. Over the past 35 years, September has been the 7 00:00:24,130 --> 00:00:27,510 Sean Aylmer: worst performing month on the calendar. And this rang true 8 00:00:27,510 --> 00:00:30,960 Sean Aylmer: over the past week. Equity markets have performed strongly for 9 00:00:30,960 --> 00:00:34,500 Sean Aylmer: most of 2021 in the US, Europe and in Australia. 10 00:00:34,880 --> 00:00:37,050 Sean Aylmer: But Wall Street has come off the boil. It's not 11 00:00:37,050 --> 00:00:41,020 Sean Aylmer: falling, it's just sort of treading water. The S&P/ASX 200 in 12 00:00:41,020 --> 00:00:43,560 Sean Aylmer: Australia is off its highs, though for most of this 13 00:00:43,560 --> 00:00:46,920 Sean Aylmer: week, it traded in a really narrow range. Worrying equity 14 00:00:46,920 --> 00:00:49,820 Sean Aylmer: traders are a few things. First is the spread of 15 00:00:49,820 --> 00:00:53,720 Sean Aylmer: COVID and vaccination rates of course. Second is fear that 16 00:00:53,720 --> 00:00:57,330 Sean Aylmer: inflation in the global economy is structural, not transitory, as 17 00:00:57,330 --> 00:00:59,800 Sean Aylmer: central banks keep telling us. We'll find out more about 18 00:00:59,800 --> 00:01:02,460 Sean Aylmer: what The Fed thinks next week when it meets. And 19 00:01:02,460 --> 00:01:05,479 Sean Aylmer: third, is that global equity markets are trading at high 20 00:01:05,480 --> 00:01:10,060 Sean Aylmer: valuations. They're expensive, at least on a historical perspective, but 21 00:01:10,060 --> 00:01:12,800 Sean Aylmer: what's the option when interest rates are so low? Putting 22 00:01:12,800 --> 00:01:15,380 Sean Aylmer: all this together, equity markets are just lacking a bit 23 00:01:15,380 --> 00:01:17,660 Sean Aylmer: of direction. It's a bit the same for the Aussie 24 00:01:17,660 --> 00:01:21,010 Sean Aylmer: dollar, which traded around 73 US cents all week. There's 25 00:01:21,010 --> 00:01:23,150 Sean Aylmer: nothing wrong with that. Better to be at 73 than 26 00:01:23,150 --> 00:01:26,729 Sean Aylmer: 78, at least from an Australian economy perspective, especially when 27 00:01:26,730 --> 00:01:29,870 Sean Aylmer: we can't go overseas. And the steady currency makes planning 28 00:01:29,870 --> 00:01:34,240 Sean Aylmer: easier for importers and exporters. Plenty of commodity prices have 29 00:01:34,240 --> 00:01:37,149 Sean Aylmer: gotten a wriggle on in recent weeks. Prices for base 30 00:01:37,150 --> 00:01:40,760 Sean Aylmer: metals like copper, aluminum, lead, tin, nickel and zinc. Now 31 00:01:40,760 --> 00:01:43,930 Sean Aylmer: they're called base because they're not precious, precious things like 32 00:01:43,930 --> 00:01:46,750 Sean Aylmer: diamonds and gold. Anyway, the base metal prices are all 33 00:01:46,750 --> 00:01:50,560 Sean Aylmer: around record highs. Coal is fetching decade long highs. Gas 34 00:01:50,560 --> 00:01:54,040 Sean Aylmer: prices are high. Even uranium has made a comeback 10 35 00:01:54,040 --> 00:01:58,900 Sean Aylmer: years after the Fukushima nuclear disaster in Japan. But one commodity 36 00:01:59,070 --> 00:02:02,110 Sean Aylmer: that's not so hot is iron ore. The price of 37 00:02:02,110 --> 00:02:05,370 Sean Aylmer: a ton of iron ore is now around 110 US 38 00:02:05,370 --> 00:02:09,169 Sean Aylmer: dollars. That's about 120 US dollars a ton less than 39 00:02:09,169 --> 00:02:12,070 Sean Aylmer: May. It's good to see the soft commodities doing well. 40 00:02:12,440 --> 00:02:17,149 Sean Aylmer: This week, the arduously titled Australian Bureau of Agricultural and 41 00:02:17,150 --> 00:02:22,840 Sean Aylmer: Resource Economics and Sciences forecast a record $ 39.5 billion harvest 42 00:02:23,150 --> 00:02:26,360 Sean Aylmer: with grain, cotton, and sugar growers to benefit most. The 43 00:02:26,360 --> 00:02:29,300 Sean Aylmer: weather has been good and prices are high with farmers 44 00:02:29,300 --> 00:02:33,190 Sean Aylmer: having overcome mice plagues and labor shortages. In international news 45 00:02:33,190 --> 00:02:36,630 Sean Aylmer: this week, the World Health Organization said COVID variants that 46 00:02:36,630 --> 00:02:39,880 Sean Aylmer: can evade vaccines are likely to emerge in poorer parts 47 00:02:39,880 --> 00:02:42,959 Sean Aylmer: of the world that are un- vaccinated and rich countries 48 00:02:43,030 --> 00:02:46,380 Sean Aylmer: should hold back on booster doses until the poor countries 49 00:02:46,380 --> 00:02:49,200 Sean Aylmer: catch up. Enabling poorer nations to catch up in the 50 00:02:49,200 --> 00:02:51,720 Sean Aylmer: race to vaccinate will be one of the most critical 51 00:02:51,720 --> 00:02:56,070 Sean Aylmer: issues in 2022. Meanwhile China said it had fully vaccinated 52 00:02:56,120 --> 00:02:59,840 Sean Aylmer: 1 billion, with a B, 1 billion people. While Pfizer 53 00:02:59,840 --> 00:03:02,300 Sean Aylmer: said the effectiveness of its jab wanes after six to 54 00:03:02,300 --> 00:03:04,950 Sean Aylmer: eight months, based on a study using US and Israeli 55 00:03:04,950 --> 00:03:08,120 Sean Aylmer: data. A booster jab then restores the effectiveness of the 56 00:03:08,120 --> 00:03:12,470 Sean Aylmer: inoculation. New Zealand's capital city Auckland extended its strict lockdown 57 00:03:12,470 --> 00:03:14,769 Sean Aylmer: this week with the outbreak of the Delta COVID variant 58 00:03:14,980 --> 00:03:18,410 Sean Aylmer: still in the community. Prime Minister Jacinda Ardern is following a 59 00:03:18,419 --> 00:03:22,580 Sean Aylmer: zero tolerance strategy. Good luck. There was plenty of economic 60 00:03:22,580 --> 00:03:24,820 Sean Aylmer: data out from around the globe. The numbers out of 61 00:03:24,820 --> 00:03:28,470 Sean Aylmer: China suggest the world's second largest economy slowed during August. 62 00:03:28,630 --> 00:03:31,970 Sean Aylmer: Inflation in the United Kingdom rose more than expected. Europe 63 00:03:31,970 --> 00:03:33,710 Sean Aylmer: seems to be picking up a bit of steam and 64 00:03:33,710 --> 00:03:35,970 Sean Aylmer: the news out of the US is, well, it's mixed. 65 00:03:36,340 --> 00:03:39,880 Sean Aylmer: The United Nations conference on trade and development see global 66 00:03:39,880 --> 00:03:43,300 Sean Aylmer: growth this year is likely to hit 5.3%, the fastest 67 00:03:43,300 --> 00:03:47,410 Sean Aylmer: pace in 50 years, before slowing to 3. 6% next year. 68 00:03:47,920 --> 00:03:51,160 Sean Aylmer: Apple's annual launch took place. There were four new iPhone 69 00:03:51,180 --> 00:03:53,770 Sean Aylmer: 13 models, a new iPad, a new iPad mini and 70 00:03:53,810 --> 00:03:56,480 Sean Aylmer: a new Apple watch. According to the big tech giant, 71 00:03:56,510 --> 00:03:59,840 Sean Aylmer: they're bigger and better than ever. Hmm, I'm not sure 72 00:03:59,840 --> 00:04:03,450 Sean Aylmer: about that, Mr. Apple. And finally, I loved the story out of the 73 00:04:03,450 --> 00:04:06,670 Sean Aylmer: United Arab Emirates this week. The Middle Eastern country is 74 00:04:06,670 --> 00:04:10,410 Sean Aylmer: about to use German shepherds, Labradors, Cocker Spaniels, and border 75 00:04:10,410 --> 00:04:15,490 Sean Aylmer: collies to smell COVID-19 on travelers. Apparently the canines can 76 00:04:15,490 --> 00:04:18,680 Sean Aylmer: pick up the scent of the virus from sweat. Back 77 00:04:18,680 --> 00:04:20,960 Sean Aylmer: home, all in all the COVID news this week was 78 00:04:20,960 --> 00:04:25,839 Sean Aylmer: encouraging. Vaccination rates are improving rapidly with about 300,000 jabs 79 00:04:25,839 --> 00:04:29,560 Sean Aylmer: being administered every day. The national one jab rate is 80 00:04:29,560 --> 00:04:33,820 Sean Aylmer: 70%, while 45% have been double jabbed. The most effected 81 00:04:33,820 --> 00:04:36,700 Sean Aylmer: state New South Wales is doing even better. It looks 82 00:04:36,700 --> 00:04:39,849 Sean Aylmer: like hitting a 70% vaccination rate by the middle of 83 00:04:39,850 --> 00:04:43,029 Sean Aylmer: next month. That means an easing of restrictions. In New 84 00:04:43,029 --> 00:04:46,729 Sean Aylmer: South Wales, case numbers seemed to have plateaued. Unfortunately, that's 85 00:04:46,730 --> 00:04:49,690 Sean Aylmer: not the case in Victoria, although the actual numbers are 86 00:04:49,690 --> 00:04:52,179 Sean Aylmer: about half those of New South Wales. It looks like 87 00:04:52,180 --> 00:04:54,640 Sean Aylmer: the virus in the Southern state is running about two 88 00:04:54,640 --> 00:04:58,089 Sean Aylmer: or three weeks behind its Northern neighbor. So hopefully Victoria 89 00:04:58,089 --> 00:05:00,969 Sean Aylmer: will start to open up late next month. At least 90 00:05:00,970 --> 00:05:03,349 Sean Aylmer: vaccine supply isn't a problem with more than 1 million 91 00:05:03,350 --> 00:05:07,159 Sean Aylmer: doses of the Moderna jab arriving this week. What really 92 00:05:07,160 --> 00:05:09,560 Sean Aylmer: got me enthusiastic about all the COVID news this week 93 00:05:09,560 --> 00:05:12,050 Sean Aylmer: was the federal government saying it will trial a vaccine 94 00:05:12,050 --> 00:05:15,960 Sean Aylmer: passport and then Qantas scheduling its first overseas flights to 95 00:05:15,960 --> 00:05:19,910 Sean Aylmer: London, New York and Asia from December 18. And businesses 96 00:05:19,910 --> 00:05:22,589 Sean Aylmer: will soon be able to offer jabs at work. Already 97 00:05:22,589 --> 00:05:26,979 Sean Aylmer: law firms, airlines, caterers and manufacturers have instituted either no 98 00:05:26,980 --> 00:05:30,960 Sean Aylmer: jab, no office, or no jab, no work policies. Australian 99 00:05:30,960 --> 00:05:33,779 Sean Aylmer: Bureau of Statistics figures this week show that residential property 100 00:05:33,779 --> 00:05:38,070 Sean Aylmer: prices jumped 6. 7% during the June quarter. Now that 101 00:05:38,070 --> 00:05:41,420 Sean Aylmer: was the strongest quarterly growth since the ABS began keeping 102 00:05:41,420 --> 00:05:45,839 Sean Aylmer: records back in 2003. All the capital cities recorded rises 103 00:05:45,839 --> 00:05:48,729 Sean Aylmer: led by Canberra and Sydney. The total value of housing 104 00:05:48,730 --> 00:05:53,520 Sean Aylmer: across the nation is now almost $ 9 trillion. That's three 105 00:05:53,520 --> 00:05:57,700 Sean Aylmer: times the level of superannuation. The OACD, which is now 106 00:05:57,700 --> 00:06:01,540 Sean Aylmer: headed by former Federal Finance Minister Mathias Cormann, recommended a 107 00:06:01,540 --> 00:06:04,450 Sean Aylmer: review of the Reserve Bank of Australia this week given 108 00:06:04,450 --> 00:06:07,380 Sean Aylmer: it keeps missing its economic forecast. It's not alone in 109 00:06:07,520 --> 00:06:11,180 Sean Aylmer: that. Treasurer Josh Frydenberg wasn't against the idea. They did 110 00:06:11,180 --> 00:06:13,440 Sean Aylmer: say he thought the central bank had done a good 111 00:06:13,440 --> 00:06:18,130 Sean Aylmer: job. The corporate regulator charged former Vocus executive and current 112 00:06:18,160 --> 00:06:22,599 Sean Aylmer: executive director of Uniti Group Vaughan Bowen with insider trading 113 00:06:22,600 --> 00:06:26,060 Sean Aylmer: over the sale of Vocus shares in 2019. The Australian 114 00:06:26,060 --> 00:06:29,970 Sean Aylmer: Securities and Investments Commission alleges Mr. Bowen sold shares when 115 00:06:29,970 --> 00:06:32,710 Sean Aylmer: he knew that a takeover bid for Vocus was about 116 00:06:32,710 --> 00:06:35,029 Sean Aylmer: to be pulled and before the rest of the market was 117 00:06:35,029 --> 00:06:39,330 Sean Aylmer: informed. He denies the charges. Insider trading carries a maximum 118 00:06:39,330 --> 00:06:43,720 Sean Aylmer: of 15 years jail, though are notoriously difficult charges to 119 00:06:43,720 --> 00:06:47,240 Sean Aylmer: prove. There was lots of interesting corporate news around. Let's 120 00:06:47,240 --> 00:06:52,080 Sean Aylmer: start with executive pay. CEO pay jumped nearly 20% on 121 00:06:52,089 --> 00:06:55,099 Sean Aylmer: ASX listed companies last financial year on the back of 122 00:06:55,100 --> 00:06:58,800 Sean Aylmer: record profits. The bosses of gold digger Newcrest Mining, property 123 00:06:58,800 --> 00:07:02,640 Sean Aylmer: group Mirvac and Woolworths were among the biggest winners according 124 00:07:02,640 --> 00:07:05,750 Sean Aylmer: to a report in the Financial Review. But Macquarie Group's 125 00:07:05,750 --> 00:07:10,670 Sean Aylmer: Shemara Wikramanayake remains the highest paid with reported pay of 126 00:07:10,670 --> 00:07:14,920 Sean Aylmer: just under $ 16 million. One of the biggest deals in corporate history got a 127 00:07:14,920 --> 00:07:17,890 Sean Aylmer: kick along this week. The board of Sydney airport opened 128 00:07:17,890 --> 00:07:21,410 Sean Aylmer: its books to a consortium of mostly superannuation funds led 129 00:07:21,410 --> 00:07:25,340 Sean Aylmer: by IFM investors. The consortiums made an offer with $ 32 130 00:07:25,340 --> 00:07:29,050 Sean Aylmer: billion, which includes taking on the airport's debt. If due 131 00:07:29,050 --> 00:07:31,770 Sean Aylmer: diligence goes to plan, the board of Sydney airport will 132 00:07:31,770 --> 00:07:35,280 Sean Aylmer: recommend the offer. It aptly demonstrates the rise of massive 133 00:07:35,280 --> 00:07:40,100 Sean Aylmer: super funds and their increasingly influential role in Australian market. 134 00:07:40,110 --> 00:07:45,100 Sean Aylmer: Wesfarmer's $ 764 million bid for Australian Pharmaceutical Industry has got 135 00:07:45,100 --> 00:07:47,560 Sean Aylmer: the green light from the board of the wholesale distributor 136 00:07:47,560 --> 00:07:51,380 Sean Aylmer: and retailer of pharmaceutical products. It means Priceline Pharmacies and 137 00:07:51,380 --> 00:07:55,040 Sean Aylmer: Clear Skincare will become the basis of Wesfarmer's push into 138 00:07:55,040 --> 00:07:58,940 Sean Aylmer: healthcare. But private equity group EGT dropped its bid for 139 00:07:58,940 --> 00:08:03,080 Sean Aylmer: financial software business Iris. Telstra boss Andy Penn said by 140 00:08:03,090 --> 00:08:06,420 Sean Aylmer: 2025, the telco giant will strip out a further half 141 00:08:06,440 --> 00:08:09,380 Sean Aylmer: a billion dollars in costs, grow its Telstra plus rewards 142 00:08:09,380 --> 00:08:12,880 Sean Aylmer: program and expand investment in its 5g networks so it 143 00:08:12,950 --> 00:08:17,080 Sean Aylmer: covers 80% of mobile traffic. Brambles' share price tumbled after 144 00:08:17,080 --> 00:08:20,980 Sean Aylmer: boss Graham Chipchase said he'd boost spending on digitizing and 145 00:08:20,980 --> 00:08:24,100 Sean Aylmer: modernizing the pallets company, triggering a short term hit to 146 00:08:24,100 --> 00:08:27,970 Sean Aylmer: profits. Now, I thought about this story. Brambles has 12, 000 147 00:08:27,970 --> 00:08:34,189 Sean Aylmer: staff and operates about 345 million pallets, crates and containers 148 00:08:34,350 --> 00:08:40,679 Sean Aylmer: across 60 countries, but it isn't digital. And ANZ boss 149 00:08:40,679 --> 00:08:44,179 Sean Aylmer: Shane Elliot said low interest rates, record house prices and 150 00:08:44,179 --> 00:08:47,730 Sean Aylmer: flat wages growth were creating a social divide, making it 151 00:08:47,730 --> 00:08:50,870 Sean Aylmer: very difficult for younger Australians to get into the mortgage 152 00:08:50,870 --> 00:08:53,690 Sean Aylmer: market. I just hope that hasn't just occurred to him. 153 00:08:53,830 --> 00:09:00,760 Sean Aylmer: Surely he's known that for a while. Now I get 154 00:09:00,770 --> 00:09:02,490 Sean Aylmer: to the point in the program where I go through 155 00:09:02,490 --> 00:09:04,790 Sean Aylmer: the biggest story of the week, the sleeper story, the 156 00:09:04,790 --> 00:09:08,590 Sean Aylmer: most remarkable story, and my favorite story. The biggest story 157 00:09:08,590 --> 00:09:12,170 Sean Aylmer: of the week was the economy. Crazy jobs numbers, a very 158 00:09:12,170 --> 00:09:16,510 Sean Aylmer: calm Reserve Bank, confident consumers and businesses, all amidst the 159 00:09:16,510 --> 00:09:20,440 Sean Aylmer: worst pandemic in more than 100 years. When did Australia 160 00:09:20,510 --> 00:09:24,040 Sean Aylmer: as an economy become so sensible? It started with the 161 00:09:24,040 --> 00:09:26,760 Sean Aylmer: Reserve Bank Governor Phillip Lowe warning that small and medium 162 00:09:26,760 --> 00:09:31,329 Sean Aylmer: sized businesses are facing extremely difficult conditions in lockdown states. 163 00:09:31,590 --> 00:09:33,640 Sean Aylmer: And the longer they have to wait for economies to 164 00:09:33,640 --> 00:09:37,329 Sean Aylmer: reopen, the greater the damage will be. Dr. Lowe made 165 00:09:37,340 --> 00:09:39,470 Sean Aylmer: it clear that the central bank isn't going to use 166 00:09:39,470 --> 00:09:42,229 Sean Aylmer: interest rates to pop the housing bubble and he's worried 167 00:09:42,230 --> 00:09:45,410 Sean Aylmer: about young Australians being hit hard by the pandemic. Now, 168 00:09:45,410 --> 00:09:47,670 Sean Aylmer: Dr. Lowe grew up in Wagga Wagga in New South 169 00:09:47,670 --> 00:09:50,200 Sean Aylmer: Wales, close to the Victoria border. He went to high 170 00:09:50,200 --> 00:09:53,250 Sean Aylmer: school there. Country towns like Wagga are full of small 171 00:09:53,250 --> 00:09:57,660 Sean Aylmer: businesses and young, often restless Australians. It seems he understands 172 00:09:57,660 --> 00:09:59,900 Sean Aylmer: their plight and it was good to hear his comments. 173 00:10:00,580 --> 00:10:03,610 Sean Aylmer: The week then started to get a bit crazy, at 174 00:10:03,610 --> 00:10:06,790 Sean Aylmer: least for members of the dismal science. Business sentiment and 175 00:10:06,790 --> 00:10:10,770 Sean Aylmer: consumer confidence figures were released. Okay, people and companies aren't 176 00:10:10,770 --> 00:10:13,150 Sean Aylmer: as confident as they were a few months back, but 177 00:10:13,150 --> 00:10:16,070 Sean Aylmer: they're still pretty happy. And that's somewhat surprising given the 178 00:10:16,070 --> 00:10:19,670 Sean Aylmer: lockdowns. Then the labor force statistics for August came out 179 00:10:20,200 --> 00:10:23,090 Sean Aylmer: and they were crazy. The data showed an unemployment rate 180 00:10:23,090 --> 00:10:28,400 Sean Aylmer: of 4. 5% lower in July. That's just incorrect given 146, 181 00:10:28,520 --> 00:10:32,069 Sean Aylmer: 000 people lost their jobs. The way the numbers are 182 00:10:32,070 --> 00:10:35,870 Sean Aylmer: put together means they include people, about 300, 000 last month, 183 00:10:36,179 --> 00:10:40,500 Sean Aylmer: that are employed but working zero hours. Also, plenty of 184 00:10:40,500 --> 00:10:42,970 Sean Aylmer: people who are looking for work dropped out of the 185 00:10:42,970 --> 00:10:46,359 Sean Aylmer: market in August. Taking all that into account, economists reckon 186 00:10:46,360 --> 00:10:50,790 Sean Aylmer: the real rate of unemployment is at least 7%. As 187 00:10:50,790 --> 00:10:54,390 Sean Aylmer: Mark Twain said, " There are three kinds of lies: lies, 188 00:10:54,390 --> 00:10:58,440 Sean Aylmer: damned lies, and statistics." The sleeper story of the week 189 00:10:58,559 --> 00:11:01,360 Sean Aylmer: came from buy now pay later group Zip Co. It's 190 00:11:01,360 --> 00:11:05,370 Sean Aylmer: adding crypto currency trading functionality to its payment system. Meaning 191 00:11:05,370 --> 00:11:07,929 Sean Aylmer: merchants will be able to accept digital tokens such as 192 00:11:07,960 --> 00:11:11,590 Sean Aylmer: Bitcoin for purchases. It's rolling it out in the US 193 00:11:11,590 --> 00:11:15,290 Sean Aylmer: first. When digital currencies become easy to use, and that's 194 00:11:15,290 --> 00:11:17,850 Sean Aylmer: what Zip Co is doing, they're much more likely to 195 00:11:17,850 --> 00:11:22,589 Sean Aylmer: be accepted by retailers, manufacturers and consumers. I just think 196 00:11:22,630 --> 00:11:25,510 Sean Aylmer: this story is a prelude to part of the future 197 00:11:25,510 --> 00:11:28,989 Sean Aylmer: of payment systems. The most remarkable story of the week 198 00:11:29,210 --> 00:11:33,150 Sean Aylmer: is how quickly Australia has de- linked itself from much 199 00:11:33,150 --> 00:11:36,500 Sean Aylmer: of Asia and well and truly jumped into bed with 200 00:11:36,500 --> 00:11:40,490 Sean Aylmer: the US and UK. Okay, India and Japan are hanging 201 00:11:40,490 --> 00:11:43,610 Sean Aylmer: around the boudoir as well, but the decision to dump 202 00:11:43,610 --> 00:11:47,140 Sean Aylmer: the $ 90 billion submarine contract with France and instead buy 203 00:11:47,140 --> 00:11:50,809 Sean Aylmer: eight nuclear subs from our new best friends, didn't impress 204 00:11:50,809 --> 00:11:54,240 Sean Aylmer: Paris or Beijing. If nothing else, the timing of the 205 00:11:54,240 --> 00:11:58,410 Sean Aylmer: announcement was provocative to China, our biggest trading partner. The 206 00:11:58,410 --> 00:12:02,650 Sean Aylmer: current federal government has proven very internationalist in recent months 207 00:12:02,850 --> 00:12:06,900 Sean Aylmer: with trade, defense and strategic deals with the UK, USA, 208 00:12:06,900 --> 00:12:11,340 Sean Aylmer: South Korea, Japan and India. Not something I expected Scotty 209 00:12:11,340 --> 00:12:14,710 Sean Aylmer: from marketing to do. But as the miners came out 210 00:12:14,740 --> 00:12:17,450 Sean Aylmer: and said this week, it doesn't help our relationship with 211 00:12:17,450 --> 00:12:21,100 Sean Aylmer: China. And like it or not, we are very reliant 212 00:12:21,100 --> 00:12:23,530 Sean Aylmer: on China to buy and sell stuff. It's kind of 213 00:12:23,530 --> 00:12:27,380 Sean Aylmer: like my relationship with my local IGA. I can walk 214 00:12:27,380 --> 00:12:29,720 Sean Aylmer: there and I used to buy from it, but then 215 00:12:29,720 --> 00:12:32,210 Sean Aylmer: I got into a dispute over what I perceived as 216 00:12:32,210 --> 00:12:35,710 Sean Aylmer: rudeness about proving I had used the QR code when 217 00:12:35,710 --> 00:12:38,280 Sean Aylmer: I went in there one day. Now, I refuse to 218 00:12:38,280 --> 00:12:41,030 Sean Aylmer: go there. The IGA loses out by not getting my 219 00:12:41,030 --> 00:12:43,490 Sean Aylmer: money, but so do I because now I have to 220 00:12:43,490 --> 00:12:46,450 Sean Aylmer: drive to buy my milk. It's a bit like China 221 00:12:46,490 --> 00:12:49,980 Sean Aylmer: and Australia. My favorite story of the week involved Canva, the 222 00:12:49,980 --> 00:12:53,949 Sean Aylmer: visual communication platform. It hit a valuation of $ 55 billion. 223 00:12:54,630 --> 00:12:56,370 Sean Aylmer: If it was listed on the ASX, it would be 224 00:12:56,370 --> 00:13:00,559 Sean Aylmer: a top 10 company, bigger than Fortescue, Woolworths and Telstra. 225 00:13:01,030 --> 00:13:03,640 Sean Aylmer: Canva was started by a couple who have since married. Their 226 00:13:03,640 --> 00:13:06,600 Sean Aylmer: names are Melanie Perkins and Cliff Obrecht and they own 227 00:13:06,630 --> 00:13:09,990 Sean Aylmer: 30% of the business. That makes them worth about 16 228 00:13:09,990 --> 00:13:13,030 Sean Aylmer: and a half billion dollars together. Melanie and Cliff are 229 00:13:13,030 --> 00:13:17,340 Sean Aylmer: in their mid thirties. Young, rich, good- looking, and they 230 00:13:17,340 --> 00:13:19,929 Sean Aylmer: seem like decent people as well. Just the sort of 231 00:13:19,929 --> 00:13:22,329 Sean Aylmer: kids in the school yard I was always jealous of. 232 00:13:22,710 --> 00:13:25,510 Sean Aylmer: And what to do with all that money? Well, Mr. 233 00:13:25,530 --> 00:13:28,179 Sean Aylmer: Obrecht said they wanted to give it away and make 234 00:13:28,179 --> 00:13:31,340 Sean Aylmer: the world a better place. Very noble, but I might 235 00:13:31,340 --> 00:13:34,860 Sean Aylmer: suggest they scan the for sale pages and perhaps snap 236 00:13:34,860 --> 00:13:37,650 Sean Aylmer: up James Packer's mega yacht that went on the market 237 00:13:37,650 --> 00:13:43,950 Sean Aylmer: this week for a little over $ 200 million. Moving on 238 00:13:43,950 --> 00:13:46,980 Sean Aylmer: to this week's interviews. Monday's interview was with Rich Lister 239 00:13:46,980 --> 00:13:51,330 Sean Aylmer: Nick Bell who's worth around $ 260 million. Nick's a tech 240 00:13:51,330 --> 00:13:53,710 Sean Aylmer: and marketing guru with a dozen different companies and an 241 00:13:53,710 --> 00:13:56,059 Sean Aylmer: eye for a good investment. And he was happy to 242 00:13:56,059 --> 00:13:58,679 Sean Aylmer: tell us how he does it. Tuesday's chat was with 243 00:13:58,679 --> 00:14:02,330 Sean Aylmer: Robert Spurway, chief executive of GrainCorp, which is responsible for 244 00:14:02,330 --> 00:14:04,870 Sean Aylmer: the storage and sale of Australian grain throughout much of 245 00:14:04,870 --> 00:14:07,230 Sean Aylmer: the world. It's an industry that's at the mercy of 246 00:14:07,500 --> 00:14:11,450 Sean Aylmer: floods, droughts, mice, locusts, tariffs, worker shortages, and supply chain 247 00:14:11,450 --> 00:14:15,040 Sean Aylmer: problems. And Robert told us all about it. Roger Montgomery, 248 00:14:15,040 --> 00:14:18,290 Sean Aylmer: founder and chief investment officer at Montgomery Investment Management was 249 00:14:18,290 --> 00:14:21,330 Sean Aylmer: my guest on Wednesday. We discussed how safe the share 250 00:14:21,330 --> 00:14:24,640 Sean Aylmer: market is from a COVID induced correction and what could potentially 251 00:14:24,640 --> 00:14:27,960 Sean Aylmer: trigger a crash. I really enjoyed Thursday's interview because I 252 00:14:27,960 --> 00:14:31,950 Sean Aylmer: learned about something I knew very, very little about, non 253 00:14:31,990 --> 00:14:35,490 Sean Aylmer: fungible tokens. NFTs started as a bit of a novelty 254 00:14:35,490 --> 00:14:38,690 Sean Aylmer: in the crypto space, but it rapidly becoming big business 255 00:14:38,800 --> 00:14:41,980 Sean Aylmer: and Robbie Ferguson, the co- founder of Immutable, told me 256 00:14:41,980 --> 00:14:45,230 Sean Aylmer: all about it. Finally on Friday, Fear and Greed spoke 257 00:14:45,230 --> 00:14:48,620 Sean Aylmer: to Head of Australian Economics at Commonwealth bank, Gareth Aird 258 00:14:48,830 --> 00:14:52,830 Sean Aylmer: about the crazy, crazy week of economics. If you want 259 00:14:52,830 --> 00:14:54,800 Sean Aylmer: to listen to any of the interviews or indeed any 260 00:14:54,800 --> 00:14:57,250 Sean Aylmer: of the shows over the past week, all are available 261 00:14:57,250 --> 00:15:01,570 Sean Aylmer: on your favorite podcast platform or at fearandgreed. com. au. 262 00:15:01,870 --> 00:15:04,010 Sean Aylmer: And don't forget that tomorrow, I'll be back with Michael 263 00:15:04,010 --> 00:15:06,210 Sean Aylmer: Thompson and Adam Lang from the Fear and Greed team 264 00:15:06,480 --> 00:15:08,230 Sean Aylmer: to have a bit more of an in- depth look 265 00:15:08,280 --> 00:15:10,630 Sean Aylmer: at some of the news around the place. I'm Sean 266 00:15:10,740 --> 00:15:13,080 Sean Aylmer: Aylmer, have a good Saturday and a great weekend.