1 00:00:06,480 --> 00:00:09,040 Speaker 1: This is the weekend edition of Fear and Greed, daily 2 00:00:09,080 --> 00:00:11,879 Speaker 1: business news for people who make their own decisions. I'm 3 00:00:11,920 --> 00:00:14,240 Speaker 1: Adam Lang and good morning, Sean. 4 00:00:13,920 --> 00:00:15,760 Speaker 2: Aylmer, Good morning Adam. 5 00:00:16,280 --> 00:00:19,919 Speaker 1: Okay, this weekend show is all about the two of us, 6 00:00:20,000 --> 00:00:22,840 Speaker 1: each nominating what we think is the biggest story of 7 00:00:22,880 --> 00:00:26,120 Speaker 1: the week, the most remarkable story, the sleeper story, and 8 00:00:26,239 --> 00:00:29,680 Speaker 1: our favorite story. Every week we're joined by a judge 9 00:00:29,720 --> 00:00:32,760 Speaker 1: to pick a winner. Now, normally that is me trying 10 00:00:32,800 --> 00:00:35,800 Speaker 1: to decode and decipher and understand what Michael and Sean 11 00:00:35,840 --> 00:00:39,560 Speaker 1: are going to say. But since Michael's on holidays this week, 12 00:00:39,640 --> 00:00:42,800 Speaker 1: I've become a contestant and we have invited our resident 13 00:00:42,960 --> 00:00:46,720 Speaker 1: economist and all round great guy, Stephen could call us 14 00:00:46,760 --> 00:00:50,040 Speaker 1: to do the honors. Good morning, Stephen, Good morning Adam. 15 00:00:50,120 --> 00:00:54,560 Speaker 1: I'm absolutely honored, privileged and thrilled to be the judge 16 00:00:54,560 --> 00:00:56,560 Speaker 1: on the weekend edition of Fear and Greed and see 17 00:00:56,600 --> 00:00:59,680 Speaker 1: you two go toe to toe head to head. Well, 18 00:01:00,320 --> 00:01:01,640 Speaker 1: amazing criteria. 19 00:01:01,760 --> 00:01:04,000 Speaker 2: Well, it's not like you haven't done it before, because 20 00:01:04,080 --> 00:01:07,120 Speaker 2: I don't want to start abusing the judge early. However, 21 00:01:07,640 --> 00:01:09,800 Speaker 2: the last few weeks there seems to be a little 22 00:01:09,840 --> 00:01:15,240 Speaker 2: bit of oh collusion. I suppose collusion between Stephen and 23 00:01:15,280 --> 00:01:19,000 Speaker 2: Michael Thompson. Michael's been talking economics thanks to you kook. 24 00:01:19,240 --> 00:01:21,959 Speaker 3: As a regular listener to the weekend edition. Normally, when 25 00:01:21,959 --> 00:01:23,280 Speaker 3: I'm just going through a bit of a walk on 26 00:01:23,319 --> 00:01:24,920 Speaker 3: my way to a cup of coffee on a Saturday 27 00:01:25,319 --> 00:01:29,000 Speaker 3: lunchtime whatever, I hear par Old Michael, and he's usually 28 00:01:29,360 --> 00:01:33,000 Speaker 3: dragged over the coals that so I thought, I've got 29 00:01:33,000 --> 00:01:34,040 Speaker 3: to give you a bit of a hand. You know, 30 00:01:34,080 --> 00:01:35,959 Speaker 3: I'm one of these equalizers. I think we should be 31 00:01:36,000 --> 00:01:38,400 Speaker 3: sort of having a bit of fairness in this and 32 00:01:38,480 --> 00:01:42,800 Speaker 3: you know, so I just contacted Michael said, mate, you've 33 00:01:42,840 --> 00:01:44,840 Speaker 3: got to be sewn. This is unfair. You can't be 34 00:01:45,480 --> 00:01:53,440 Speaker 3: the loser week in week out occasionally, so look helping hand. 35 00:01:53,680 --> 00:01:56,600 Speaker 2: Nice guy. I would just like to put out there also, Stephen, 36 00:01:56,640 --> 00:01:58,880 Speaker 2: just before we start, is that you know Adam's on holidays. 37 00:01:58,880 --> 00:02:01,160 Speaker 2: He's sounding a bit different in the studio this morning. 38 00:02:01,760 --> 00:02:04,800 Speaker 2: Michael's on holidays. I'm the one here holding up the force, 39 00:02:04,840 --> 00:02:07,000 Speaker 2: so keep that in mind. Can we get into it? 40 00:02:07,000 --> 00:02:08,440 Speaker 2: Can I tell you my biggest story of the week. 41 00:02:09,160 --> 00:02:10,680 Speaker 3: Let's see your big one. 42 00:02:11,040 --> 00:02:16,040 Speaker 2: There's only one big story this week. Just one US politics. Well, 43 00:02:16,040 --> 00:02:18,239 Speaker 2: there's probably hundreds of important global stories around the place. 44 00:02:18,560 --> 00:02:21,720 Speaker 2: We're ignoring those. Really, it's all about US politics. Let's 45 00:02:21,720 --> 00:02:25,320 Speaker 2: start with the crowd that isn't in power, the Republicans. 46 00:02:25,360 --> 00:02:31,240 Speaker 2: Their leader, Donald Trump has somehow managed to unite the party. 47 00:02:32,080 --> 00:02:34,160 Speaker 2: And this is one of the most divisive individuals you'll 48 00:02:34,160 --> 00:02:38,760 Speaker 2: ever come across. Well, since the assassination attempt last weekend, 49 00:02:39,360 --> 00:02:41,960 Speaker 2: he has somehow manished to unite the party. Even his 50 00:02:42,200 --> 00:02:44,760 Speaker 2: enemies like him, at least they do. During the Republican 51 00:02:44,880 --> 00:02:48,240 Speaker 2: National Convention, he is now favorite to win the US 52 00:02:48,360 --> 00:02:52,639 Speaker 2: presidential poll in November. He gave a typically five brand 53 00:02:52,680 --> 00:02:56,800 Speaker 2: speech yesterday. He said he had changed the speech post 54 00:02:56,800 --> 00:02:58,560 Speaker 2: to the shooting, and in fact, I don't know about 55 00:02:58,600 --> 00:03:00,480 Speaker 2: the speech, but I liked what he said before the speech. 56 00:03:00,880 --> 00:03:02,840 Speaker 2: Mostly he said his first speech, the one he was 57 00:03:02,880 --> 00:03:05,760 Speaker 2: going to give, was an absolute humdinger. He said it 58 00:03:05,760 --> 00:03:11,720 Speaker 2: would have been one of the most incredible speeches anyway. Nice. 59 00:03:12,440 --> 00:03:14,400 Speaker 2: The other touch I really liked about Donald Trump was 60 00:03:14,600 --> 00:03:16,800 Speaker 2: all the supporters wearing the ear bandage. It sort of 61 00:03:16,800 --> 00:03:20,560 Speaker 2: became a fashion statement at the Republican National Convention. Now, 62 00:03:21,080 --> 00:03:23,760 Speaker 2: I'd also want to talk about JD. Vance. He's the 63 00:03:23,800 --> 00:03:27,720 Speaker 2: author of Hillbilly Elogy, a lawyer, startup tech man, and 64 00:03:28,000 --> 00:03:31,880 Speaker 2: a one time ferocious anti trumper. He's now the nomination 65 00:03:32,000 --> 00:03:34,880 Speaker 2: for vice president. He loves Big Donald now. His speech 66 00:03:34,880 --> 00:03:39,520 Speaker 2: at the convention railed against Wall Street, railed against corporate America. 67 00:03:39,600 --> 00:03:42,760 Speaker 2: He put economic populism at the center of the campaign. 68 00:03:43,080 --> 00:03:46,240 Speaker 2: The thirty nine year old millennial spoke of his impoveraged 69 00:03:46,320 --> 00:03:49,720 Speaker 2: upbringing and said Donald Trump's make America Great movement was 70 00:03:49,760 --> 00:03:53,960 Speaker 2: he champion of American workers. It's ironic. I mean, he's 71 00:03:53,960 --> 00:03:56,800 Speaker 2: anti trade, and you know he wants everyone to spend 72 00:03:56,960 --> 00:04:00,280 Speaker 2: more money to buy a washing machine in the years 73 00:04:00,320 --> 00:04:02,840 Speaker 2: to come because you won't be able to trade washing 74 00:04:02,880 --> 00:04:06,080 Speaker 2: machines and stuff like that. Anyway. The other thing we 75 00:04:06,200 --> 00:04:08,160 Speaker 2: better talk about is Joe Biden. It's all part of 76 00:04:08,200 --> 00:04:11,360 Speaker 2: the same story. Wow, it gets worse and worse for 77 00:04:11,400 --> 00:04:16,040 Speaker 2: the president. Two very senior Democrats Senate Majority Leader Chuck Schumer, 78 00:04:16,040 --> 00:04:18,719 Speaker 2: House Minority Leader HARKEM. Jefferies have come out against him. 79 00:04:18,839 --> 00:04:21,640 Speaker 2: There are reports that at Brack Obama, the former president, 80 00:04:22,240 --> 00:04:26,600 Speaker 2: has been suggesting he rethink he's candidacy. He ended up 81 00:04:26,640 --> 00:04:29,920 Speaker 2: with COVID during the week He says that he wants 82 00:04:29,960 --> 00:04:33,440 Speaker 2: to keep going, but the most recent reports say that 83 00:04:33,480 --> 00:04:38,919 Speaker 2: he is actually reconsidering. I don't know whether he'll make it, 84 00:04:39,040 --> 00:04:40,880 Speaker 2: Like I think there's a more than even chance now 85 00:04:40,880 --> 00:04:45,039 Speaker 2: that he won't stand for the presidency, but it's sort 86 00:04:45,080 --> 00:04:47,760 Speaker 2: of a very close run thing. The whole point of 87 00:04:47,760 --> 00:04:50,800 Speaker 2: this is whoever is the president of the US is 88 00:04:50,839 --> 00:04:53,159 Speaker 2: the president of the free world and that affects US 89 00:04:53,160 --> 00:04:54,880 Speaker 2: all massive story. 90 00:04:54,760 --> 00:04:56,839 Speaker 3: Big story. I have to admit it's a big story. Adam. 91 00:04:56,839 --> 00:05:01,400 Speaker 3: You've got to come up with something massive overtake that line, 92 00:05:01,480 --> 00:05:02,560 Speaker 3: So fire away. 93 00:05:02,360 --> 00:05:06,480 Speaker 1: All right, mine is massive markets. So this week the 94 00:05:06,520 --> 00:05:10,159 Speaker 1: SMPASX two hundred hit a record high of over eight 95 00:05:10,200 --> 00:05:12,960 Speaker 1: thousand points on Monday morning. And why is this the 96 00:05:12,960 --> 00:05:16,120 Speaker 1: biggest business story of the week. Stock prices are a 97 00:05:16,200 --> 00:05:20,880 Speaker 1: key indicator of future profits, so record ASX levels signal 98 00:05:21,000 --> 00:05:24,520 Speaker 1: strong profits for Australian businesses and that is making this 99 00:05:24,680 --> 00:05:27,560 Speaker 1: big news. So how did we get here? It took 100 00:05:27,600 --> 00:05:30,279 Speaker 1: three years for the SMPASEX two hundred to climb from 101 00:05:30,320 --> 00:05:33,520 Speaker 1: seven thousand to eight thousand points, but the last nine 102 00:05:33,560 --> 00:05:36,920 Speaker 1: months have been incredible. Since hitting a low in October 103 00:05:36,960 --> 00:05:40,800 Speaker 1: twenty three, the ASEX has surged eighteen percent. And it's 104 00:05:40,839 --> 00:05:44,120 Speaker 1: not just US Wall Street, the Tokyo Stock Exchange and 105 00:05:44,160 --> 00:05:48,480 Speaker 1: the stocks Europe six hundred are also trading at record levels. 106 00:05:48,720 --> 00:05:55,000 Speaker 1: Wall Street boasts the Magnificent seven technology stocks, so that's Apple, Microsoft, Amazon, Alphabet, 107 00:05:55,080 --> 00:05:59,359 Speaker 1: Meta Platforms, Tesla and Nvidia making up thirty percent of 108 00:05:59,400 --> 00:06:02,520 Speaker 1: the SMP five five hundreds value. Here in Australia we 109 00:06:02,560 --> 00:06:06,359 Speaker 1: have the big four banks. Financials make up over thirty 110 00:06:06,440 --> 00:06:09,040 Speaker 1: percent of our market. So when the banks do well, 111 00:06:09,360 --> 00:06:12,880 Speaker 1: our index does well. Commonwealth Bank is at record levels, 112 00:06:13,120 --> 00:06:17,200 Speaker 1: nab Anz and Westpac are all at multi year highs. 113 00:06:17,560 --> 00:06:21,040 Speaker 1: The banks are driving our ASX index north. Our big 114 00:06:21,040 --> 00:06:24,960 Speaker 1: three minors that's BHP, Fortesque and Rio Tinto have lagged, 115 00:06:25,240 --> 00:06:28,560 Speaker 1: but our technology sector has been a standout, even though 116 00:06:28,600 --> 00:06:30,640 Speaker 1: it only accounts for about three percent of the index. 117 00:06:31,040 --> 00:06:32,679 Speaker 1: Now why are we hitting this new peek? 118 00:06:32,880 --> 00:06:33,040 Speaker 3: Now? 119 00:06:33,080 --> 00:06:36,680 Speaker 2: Hold on, I'm coming in with the protest here. Firstly, Firstly, 120 00:06:37,120 --> 00:06:39,760 Speaker 2: you are carrying on for about as long as Michael does, 121 00:06:39,800 --> 00:06:43,560 Speaker 2: possibly longer. Secondly, we've had about four stories in here 122 00:06:43,600 --> 00:06:45,960 Speaker 2: so far and now you're introducing a new one. Just 123 00:06:46,000 --> 00:06:48,039 Speaker 2: putting it out there, keep going at them, just you 124 00:06:48,120 --> 00:06:48,839 Speaker 2: keep that in mind. 125 00:06:48,720 --> 00:06:52,800 Speaker 3: To Candy, I'm listening carefully, Adam. 126 00:06:52,560 --> 00:06:54,560 Speaker 2: Don't suck up to the kuk on interest rates? 127 00:06:54,960 --> 00:06:55,920 Speaker 3: On, Adam, go on? 128 00:06:57,080 --> 00:06:59,520 Speaker 1: And why are we hitting this new peak interest rates? 129 00:06:59,520 --> 00:07:02,880 Speaker 1: And expectations about where they are heading? The rally of 130 00:07:02,960 --> 00:07:05,159 Speaker 1: the last nine months has reflected a slow down of 131 00:07:05,200 --> 00:07:08,920 Speaker 1: rate hikes in Australia and the US, and recently expectations 132 00:07:08,920 --> 00:07:11,600 Speaker 1: of rate cuts have driven the market higher. And this 133 00:07:11,720 --> 00:07:15,280 Speaker 1: stock market searches more about the macro environment than specific 134 00:07:15,320 --> 00:07:19,040 Speaker 1: stock fundamentals. So we're from here the current US quarterly 135 00:07:19,080 --> 00:07:22,720 Speaker 1: earning season and Australia's upcoming an your results season. 136 00:07:22,560 --> 00:07:24,440 Speaker 2: In ory number eight in this go on. 137 00:07:25,960 --> 00:07:30,640 Speaker 1: Going, I will be unswathed Sean crucial as investors focus 138 00:07:30,680 --> 00:07:34,840 Speaker 1: on individual companies. The optimists see the market rising with 139 00:07:34,960 --> 00:07:38,600 Speaker 1: Wall Street driven by lower US interest rates. However, the 140 00:07:38,600 --> 00:07:42,400 Speaker 1: skeptics warn of high rates, potential recessions, geopolitical risks, and 141 00:07:42,600 --> 00:07:47,960 Speaker 1: US election uncertainties. So what do we have? Record investor 142 00:07:48,040 --> 00:07:52,880 Speaker 1: confidence and high stakes expectations. This is the biggest big 143 00:07:52,880 --> 00:07:54,520 Speaker 1: business story of the week. 144 00:07:56,600 --> 00:07:59,880 Speaker 3: I'm left with the dilemma. Adam's omnibus omnibus? 145 00:08:00,880 --> 00:08:03,440 Speaker 2: Can we call it a multi omnibus. This is such a. 146 00:08:03,360 --> 00:08:07,520 Speaker 3: Thing that could be multi multi layered. I've want a 147 00:08:07,520 --> 00:08:12,160 Speaker 3: dilemma because clearly Adam sorry about the ASX hitting record 148 00:08:12,240 --> 00:08:17,360 Speaker 3: highs is immediate to probably most listeners to this podcast 149 00:08:17,400 --> 00:08:19,960 Speaker 3: who have got investments in shares probably serving through their 150 00:08:20,000 --> 00:08:23,160 Speaker 3: superannuation funds, and so those of us who look at 151 00:08:23,160 --> 00:08:27,320 Speaker 3: their superannuation fund balance semi regularly would probably be getting 152 00:08:27,320 --> 00:08:30,400 Speaker 3: a lovely pleasant surprise. And that is big news. It's 153 00:08:30,400 --> 00:08:33,120 Speaker 3: added to our wealth and a really important part of 154 00:08:33,520 --> 00:08:37,319 Speaker 3: what makes a good economy. Sean story massive of course, 155 00:08:37,400 --> 00:08:41,600 Speaker 3: the leader of the US, the free world, and with 156 00:08:41,720 --> 00:08:44,120 Speaker 3: Trump now favorite is off side or a bit of 157 00:08:44,120 --> 00:08:49,920 Speaker 3: a loose cannon on economics. If Trump wins and Dance's 158 00:08:49,960 --> 00:08:54,840 Speaker 3: agenda comes to anywhere near fruition, that creates massive economic problems. 159 00:08:54,840 --> 00:08:57,880 Speaker 3: So on this one, it's a very close finish, but 160 00:08:57,920 --> 00:09:00,920 Speaker 3: I'm checking the photo finish on my camera. Winner is 161 00:09:00,960 --> 00:09:02,240 Speaker 3: Sean by Nose. 162 00:09:03,040 --> 00:09:06,320 Speaker 2: I was ready to go for a protest, but however. 163 00:09:07,480 --> 00:09:12,720 Speaker 3: That one, but gosh, it was close, Adams Adam's comprehensive coverage. 164 00:09:12,400 --> 00:09:20,960 Speaker 2: Of comprehensive coverage. They're nicely put Sean one nil one 165 00:09:21,040 --> 00:09:23,280 Speaker 2: mil one zero. 166 00:09:23,440 --> 00:09:26,480 Speaker 1: All right, well that takes this to the most remarkable category. Sean, 167 00:09:26,600 --> 00:09:28,000 Speaker 1: can I go first on this one? 168 00:09:28,360 --> 00:09:30,120 Speaker 2: As long as you don't go on and on and on, 169 00:09:30,480 --> 00:09:32,520 Speaker 2: you can as so long as it's only one story, 170 00:09:32,640 --> 00:09:32,960 Speaker 2: go on. 171 00:09:33,120 --> 00:09:36,440 Speaker 1: I do my best. Okay, this is one story, but 172 00:09:36,720 --> 00:09:42,920 Speaker 1: five principal letters MEU. So the c FMBU represents workers 173 00:09:42,960 --> 00:09:47,320 Speaker 1: in the construction, forestry, maritime, mining and energy industries. They 174 00:09:47,400 --> 00:09:51,400 Speaker 1: should be advocating for better working conditions, wages, and safety standards. 175 00:09:51,760 --> 00:09:55,320 Speaker 1: Those are obviously good causes. But unfortunately this good cause 176 00:09:55,360 --> 00:09:57,520 Speaker 1: seems to have gone bad on a number of fronts. 177 00:09:57,520 --> 00:09:59,240 Speaker 1: And I have to give a big credit to Nine 178 00:09:59,360 --> 00:10:03,720 Speaker 1: Entertainments New Publications for this most remarkable story of the week. 179 00:10:03,800 --> 00:10:08,800 Speaker 1: It has everything. So Allegedly, Bikey's criminals and underworld figures 180 00:10:09,040 --> 00:10:12,439 Speaker 1: have infiltrated the Construction and General Division of the CFMEU, 181 00:10:12,840 --> 00:10:17,160 Speaker 1: and that includes within government funded protects. There's allegations of 182 00:10:17,240 --> 00:10:21,640 Speaker 1: senior officials taking bribes receiving free building work worth hundreds 183 00:10:21,679 --> 00:10:24,720 Speaker 1: of thousands of dollars from major builders. There are also 184 00:10:24,800 --> 00:10:29,400 Speaker 1: claims of CFMEU officials threatening factional opponents at their homes. 185 00:10:29,679 --> 00:10:32,480 Speaker 1: The allegations of misconduct have been so serious. The Prime 186 00:10:32,480 --> 00:10:36,640 Speaker 1: Minister Anthony Albanezi announced that Labour's national executive will sever 187 00:10:36,800 --> 00:10:40,720 Speaker 1: ties with the CFMEU, following similar move by some state 188 00:10:40,760 --> 00:10:44,400 Speaker 1: governments and union divisions in Victoria, Queensland, Your Stuff, Ole, 189 00:10:44,440 --> 00:10:48,960 Speaker 1: South Australia and Tasmania will be placed under administration. Now 190 00:10:49,080 --> 00:10:52,200 Speaker 1: there are more measures in place, but oppositionally to Peter Dutton, 191 00:10:52,440 --> 00:10:56,080 Speaker 1: said this isn't enough and called for the union's de registration, 192 00:10:56,480 --> 00:10:59,679 Speaker 1: claiming their behavior could be the biggest defrauding of Australian 193 00:10:59,720 --> 00:11:04,080 Speaker 1: tax players in history. The scandal is particularly tricky for 194 00:11:04,120 --> 00:11:08,080 Speaker 1: the government given the union's involvement in major construction projects 195 00:11:08,160 --> 00:11:11,480 Speaker 1: and obviously it's close ties to the Labor Party. Some 196 00:11:11,600 --> 00:11:15,599 Speaker 1: members have transitioned from the Union to Parliament. The CFMBU 197 00:11:15,720 --> 00:11:18,640 Speaker 1: leadership wants politicians to stay out of it, but that 198 00:11:18,800 --> 00:11:22,000 Speaker 1: is unlikely to be able to happen. This story will 199 00:11:22,000 --> 00:11:25,360 Speaker 1: continue to unfold over weeks or months, making it a 200 00:11:25,480 --> 00:11:29,400 Speaker 1: gripping tale of power, corruption and high stakes in the 201 00:11:29,400 --> 00:11:31,000 Speaker 1: Australian construction industry. 202 00:11:31,400 --> 00:11:36,000 Speaker 3: Remarkable, Oh, that is remarkable and Nick mackenzie and the 203 00:11:36,040 --> 00:11:38,520 Speaker 3: team at nine, as you mentioned, Adam, what a great 204 00:11:38,760 --> 00:11:43,000 Speaker 3: investigative journalism effort to sort of uncover that well scandal. 205 00:11:43,000 --> 00:11:45,960 Speaker 3: It's remarkable how long it's gone on and how deep 206 00:11:45,960 --> 00:11:48,040 Speaker 3: it is. Sean, You've got to come up with something 207 00:11:48,920 --> 00:11:51,679 Speaker 3: really remarkable over it is, jan. 208 00:11:51,720 --> 00:11:53,199 Speaker 2: I mean, that is a cracking story, and I've got 209 00:11:53,200 --> 00:11:55,560 Speaker 2: one more remarkable. But just before I go on to it, 210 00:11:55,600 --> 00:12:00,240 Speaker 2: I did, like Zack Smith, the National President, coming out, said, 211 00:12:00,240 --> 00:12:01,600 Speaker 2: what do you reckon? I guess, Oh, we'll look after 212 00:12:01,600 --> 00:12:03,680 Speaker 2: this ourselves. We don't you guys. 213 00:12:03,440 --> 00:12:05,800 Speaker 3: Butt out, which is part of the issue. 214 00:12:05,960 --> 00:12:10,560 Speaker 2: Oh I believe so slightly a tinear to what's going on. Yeah, yeah, 215 00:12:10,600 --> 00:12:12,760 Speaker 2: I mean, and as you said, Stephen, the nine guys 216 00:12:12,760 --> 00:12:15,600 Speaker 2: have done a spectacular job. Nick MCKENSI the best journalist 217 00:12:15,600 --> 00:12:17,520 Speaker 2: in the country at the moment. It is truly the 218 00:12:17,600 --> 00:12:21,480 Speaker 2: second most remarkable story of the week, the most remarkable story. 219 00:12:22,080 --> 00:12:25,439 Speaker 2: And tell me, Stephen if I'm wrong. The employment market, 220 00:12:25,679 --> 00:12:28,280 Speaker 2: come on, it's got to be the most remarkable thing 221 00:12:28,320 --> 00:12:31,600 Speaker 2: that happened this week. Everything seems to be telling us 222 00:12:32,040 --> 00:12:34,400 Speaker 2: that it should be not falling in a heap, at 223 00:12:34,440 --> 00:12:37,439 Speaker 2: least losing a bit of steam, But it just isn't, 224 00:12:37,960 --> 00:12:40,560 Speaker 2: you know. Like I've got to say, I feel a 225 00:12:40,559 --> 00:12:43,720 Speaker 2: bit like Michael right now, me, me trying to impress 226 00:12:43,720 --> 00:12:45,960 Speaker 2: Stephen could cools based on economic knowledge. 227 00:12:45,960 --> 00:12:49,560 Speaker 3: You're doing Okay, you're doing there, just a bit rich. 228 00:12:49,800 --> 00:12:53,280 Speaker 2: But if I'll try, About fifty zero people found work 229 00:12:53,440 --> 00:12:56,839 Speaker 2: last month, mostly in full time jobs, according to Bureau Statistics. 230 00:12:57,240 --> 00:12:59,760 Speaker 2: That didn't stop the unemployment rate rising to four point 231 00:12:59,800 --> 00:13:03,120 Speaker 2: one percent from four percent, with the ongoing surge in 232 00:13:03,240 --> 00:13:06,240 Speaker 2: foreign arrivals pushing more people into the labor market. Now, 233 00:13:06,240 --> 00:13:09,319 Speaker 2: the participation rate, the proportion of people working or looking 234 00:13:09,320 --> 00:13:11,800 Speaker 2: for a job, jumped to a near record high of 235 00:13:11,840 --> 00:13:14,360 Speaker 2: sixty six point nine percent. The number of hours worked 236 00:13:14,440 --> 00:13:16,320 Speaker 2: raised by nearly one percent in June, but the Bureau 237 00:13:16,360 --> 00:13:18,960 Speaker 2: said more people than usual run well during the month, 238 00:13:19,080 --> 00:13:20,800 Speaker 2: which I thought was quite an odd thing for the 239 00:13:20,840 --> 00:13:23,640 Speaker 2: Bureau to say, more people having sick leave and a 240 00:13:23,679 --> 00:13:26,360 Speaker 2: fewer people taking the in your leave. Now, economists like 241 00:13:26,400 --> 00:13:28,480 Speaker 2: Stephen wonderful people. 242 00:13:29,160 --> 00:13:29,559 Speaker 1: We are. 243 00:13:29,960 --> 00:13:32,040 Speaker 2: Yeah, yeah, to get a bit excited about the fifty 244 00:13:32,080 --> 00:13:36,240 Speaker 2: thousand jobs in the immediately after the numbers, but really, 245 00:13:36,240 --> 00:13:39,040 Speaker 2: you talk about the unemployment rate, you don't really talk 246 00:13:39,040 --> 00:13:44,400 Speaker 2: about the number of jobs. So this release I had 247 00:13:44,440 --> 00:13:46,959 Speaker 2: something for everyone. You could argue whichever way you wanted 248 00:13:47,000 --> 00:13:49,400 Speaker 2: to argue, but four point one percent, and at the 249 00:13:49,480 --> 00:13:52,080 Speaker 2: end of the day, that suggests that the labor market 250 00:13:52,120 --> 00:13:55,280 Speaker 2: is loosing just a bit, even though it still remains 251 00:13:55,360 --> 00:13:58,640 Speaker 2: pretty strong. Of course, all this feeds into interest rate 252 00:13:58,679 --> 00:14:02,040 Speaker 2: deliberations see EPI reading on July thirty one is a 253 00:14:02,080 --> 00:14:06,160 Speaker 2: big one on that. But really, I think it's remarkable 254 00:14:06,360 --> 00:14:11,920 Speaker 2: how the employment market has behaved over the past eighteen months, 255 00:14:11,960 --> 00:14:14,240 Speaker 2: with all these leading indicators saying it's going to get softer, 256 00:14:14,559 --> 00:14:17,120 Speaker 2: and it really it has a little bit, but not 257 00:14:17,200 --> 00:14:20,600 Speaker 2: properly much more remarkable than some dodgy c f MEU 258 00:14:20,680 --> 00:14:21,360 Speaker 2: story seven. 259 00:14:22,600 --> 00:14:26,080 Speaker 3: Sure, that is a remarkable story, and but in another 260 00:14:26,120 --> 00:14:29,520 Speaker 3: sense it's arguably one of the most unremarkable stories because 261 00:14:30,880 --> 00:14:36,560 Speaker 3: tracking exactly people tracking exactly as the RBA was forecast. Again, 262 00:14:36,760 --> 00:14:39,479 Speaker 3: if it was different to their forecast, that would be remarkable. 263 00:14:39,720 --> 00:14:42,320 Speaker 3: Third whack the fact that the labor marketing brazilient was 264 00:14:42,440 --> 00:14:46,360 Speaker 3: part of their forecast. So to me, it's important. I 265 00:14:46,400 --> 00:14:48,320 Speaker 3: want everybody who wants a job to have a job. 266 00:14:48,560 --> 00:14:51,560 Speaker 3: I like low unemployment. It's good for society, and you know, 267 00:14:51,640 --> 00:14:55,320 Speaker 3: the Chardonnay socialist in me really likes to see you know, job. 268 00:14:56,320 --> 00:15:00,480 Speaker 3: It is remarkable. But the CFNU, my goodness, what that 269 00:15:00,520 --> 00:15:05,120 Speaker 3: goes to the core of politics, into the labor movement 270 00:15:05,160 --> 00:15:07,880 Speaker 3: and what's going to be happening to the unionized parts 271 00:15:07,920 --> 00:15:10,280 Speaker 3: of the Australian economy. And of course unionism in Australia 272 00:15:10,280 --> 00:15:13,680 Speaker 3: has dropped dramatically over recent decades. This is not going 273 00:15:13,720 --> 00:15:15,880 Speaker 3: to instill a lot of people to have put their 274 00:15:15,920 --> 00:15:20,040 Speaker 3: faith in the union movement. See if you bad bad people, 275 00:15:20,320 --> 00:15:23,600 Speaker 3: it's remarkable, Adam. You won that one by two and 276 00:15:23,640 --> 00:15:26,120 Speaker 3: a half weeks with your is prick. 277 00:15:26,320 --> 00:15:27,000 Speaker 1: Oh we're back. 278 00:15:27,200 --> 00:15:30,320 Speaker 2: Yeah. Look, let's face it. When Adam sowdzf eu, I 279 00:15:30,360 --> 00:15:32,840 Speaker 2: knew I had no chance. I'm just trying a bit 280 00:15:32,880 --> 00:15:35,400 Speaker 2: of economics sort of appealing to you that way. But 281 00:15:36,320 --> 00:15:37,480 Speaker 2: sure I was impressed. 282 00:15:37,600 --> 00:15:40,640 Speaker 3: But it's not remarkable if we were getting unemployments back 283 00:15:40,680 --> 00:15:41,000 Speaker 3: at three. 284 00:15:41,080 --> 00:15:43,640 Speaker 2: We heard you the first time, Stephen, we heard you 285 00:15:43,720 --> 00:15:47,360 Speaker 2: the first time. It's okay, it's important, world done, Adam. Oh, 286 00:15:47,440 --> 00:15:50,840 Speaker 2: thank you one one. As we head to the break, 287 00:15:51,240 --> 00:15:52,680 Speaker 2: we will be back in a moment. 288 00:15:59,640 --> 00:16:02,480 Speaker 1: Welcome back to the weekend edition. Now, Sean, we are 289 00:16:02,600 --> 00:16:05,600 Speaker 1: one all at the halfway mark. It's time to sleep 290 00:16:05,640 --> 00:16:08,040 Speaker 1: a story of the world it is. 291 00:16:08,080 --> 00:16:11,440 Speaker 2: But can I can I just suggest that we judge 292 00:16:11,520 --> 00:16:15,560 Speaker 2: the judge at this point because I do I do 293 00:16:15,720 --> 00:16:19,840 Speaker 2: believe he truly whacked me around that last category, the 294 00:16:19,840 --> 00:16:25,240 Speaker 2: most remarkable category, and I think I'll touch unfairly. 295 00:16:26,360 --> 00:16:29,840 Speaker 3: Okay, Well, we'll let the listeners judge that. So send 296 00:16:29,840 --> 00:16:32,600 Speaker 3: your emails into the Fear and Greed contact area and 297 00:16:32,640 --> 00:16:34,640 Speaker 3: see whether I've been fair on shore or not. 298 00:16:34,880 --> 00:16:37,920 Speaker 1: All right, so we can just note the protest for now. 299 00:16:38,200 --> 00:16:41,600 Speaker 2: Sure, Yeah, just noted I won by nose the verse one. 300 00:16:41,880 --> 00:16:45,640 Speaker 2: You won by two and a half length. Okay, sleeper story. 301 00:16:46,400 --> 00:16:49,160 Speaker 2: The sleeper story for me is the iron ore market, 302 00:16:49,240 --> 00:16:52,400 Speaker 2: not because of what's happening to prices or share prices, 303 00:16:52,920 --> 00:16:56,760 Speaker 2: but because of what's happening in Guinea. That dawion of 304 00:16:56,760 --> 00:17:01,760 Speaker 2: West Africa just neisier a leone Bassau coat de Vaure, 305 00:17:02,000 --> 00:17:05,840 Speaker 2: the old Ivory Coast. I think it's Mali is another 306 00:17:05,920 --> 00:17:10,160 Speaker 2: border with Guinea. Perhaps it isn't the cradle of democracy, 307 00:17:10,640 --> 00:17:13,520 Speaker 2: okat that given the military coups and stuff like that 308 00:17:13,520 --> 00:17:15,800 Speaker 2: that have occurred in the region over the years, but 309 00:17:15,880 --> 00:17:19,560 Speaker 2: it could well become the home of iron or This week, 310 00:17:19,720 --> 00:17:23,760 Speaker 2: Rio Tinto one final approval for a mega African iron 311 00:17:23,760 --> 00:17:28,480 Speaker 2: ore project. It is big, really big. The reserves called 312 00:17:28,560 --> 00:17:32,359 Speaker 2: Simindaw and it has an estimated two billion tons of 313 00:17:32,440 --> 00:17:36,000 Speaker 2: high grade iron ore. It is the largest untapped reserve 314 00:17:36,560 --> 00:17:39,640 Speaker 2: of high grade or in the world and it has 315 00:17:39,720 --> 00:17:44,840 Speaker 2: taken literally decades to get to this point. According to 316 00:17:45,119 --> 00:17:48,480 Speaker 2: that well known resources publication African Business, which to be 317 00:17:48,520 --> 00:17:51,600 Speaker 2: honest Gurk, I only came across this week in doing 318 00:17:51,600 --> 00:17:54,480 Speaker 2: my research. However, let that not stop me. 319 00:17:54,680 --> 00:17:57,280 Speaker 3: I read it every week. I know exactly where you're 320 00:17:57,280 --> 00:17:57,680 Speaker 3: coming from. 321 00:17:58,160 --> 00:18:03,720 Speaker 2: So describe Simondaw as being subject to interminable delays owing 322 00:18:03,720 --> 00:18:08,400 Speaker 2: to political instability, ownership disputes, and corruption claims. It has 323 00:18:08,480 --> 00:18:14,040 Speaker 2: become a byword for failed resource exploitation. There you go anyway. 324 00:18:14,160 --> 00:18:16,879 Speaker 2: Semondo itself is split into four blocks over one hundred kilometers. 325 00:18:17,160 --> 00:18:20,040 Speaker 2: Ries Consortium, which includes the Chinese state owned companies and 326 00:18:20,040 --> 00:18:22,720 Speaker 2: the government of Guinea, owns two of those four blocks. 327 00:18:22,840 --> 00:18:25,160 Speaker 2: RIA is going to spend eleven point six billion US 328 00:18:25,240 --> 00:18:27,800 Speaker 2: It's about eighteen billion Ozzie on the development of the 329 00:18:27,800 --> 00:18:31,520 Speaker 2: deposit and the associated infrastructure. It's the infrastructure which is 330 00:18:31,560 --> 00:18:36,920 Speaker 2: really fascinating. It involves developing six hundred kilometers of rail 331 00:18:37,000 --> 00:18:40,120 Speaker 2: infrastructure spanning the length of the country, as well as 332 00:18:40,200 --> 00:18:44,760 Speaker 2: port infrastructure. Now point here, Australia and to a lesser extent, 333 00:18:44,840 --> 00:18:49,000 Speaker 2: Brazil are the dominant countries in the iron ore world. 334 00:18:49,280 --> 00:18:52,439 Speaker 2: In Rio, along with BHP, Fortescue and Valley are the 335 00:18:52,480 --> 00:18:58,119 Speaker 2: dominant producers. But I think assuming Simmindaw goes well, and 336 00:18:58,200 --> 00:19:00,000 Speaker 2: it seems to have this week we've got the final approved, 337 00:19:00,760 --> 00:19:03,280 Speaker 2: we're going to have to add Guinea to the list 338 00:19:03,440 --> 00:19:07,920 Speaker 2: of iron or giants. This could totally change the economics 339 00:19:07,960 --> 00:19:10,199 Speaker 2: of iron ore and that will affect not just a 340 00:19:10,200 --> 00:19:14,200 Speaker 2: bunch of companies, It'll also effect millions of shareholders, will 341 00:19:14,200 --> 00:19:17,480 Speaker 2: affect the Australian Government of the day because of course 342 00:19:17,520 --> 00:19:20,080 Speaker 2: they're affected by those well they're on the teat of 343 00:19:20,119 --> 00:19:23,520 Speaker 2: royalty payments. Let's face it, it is a massive sleeper story. 344 00:19:24,240 --> 00:19:27,479 Speaker 3: That is a good one, Sean and two billion tons 345 00:19:27,520 --> 00:19:30,639 Speaker 3: of high grade iron ore is an awful lot that 346 00:19:30,720 --> 00:19:34,600 Speaker 3: has the potential to change, you know, the Australia's cash 347 00:19:34,640 --> 00:19:36,920 Speaker 3: cow if you like, of having all it's onn or 348 00:19:37,119 --> 00:19:40,520 Speaker 3: fascinating that it is a sleeper Adam, Come on, all right, 349 00:19:40,720 --> 00:19:44,800 Speaker 3: you've got to wake now with a true sleeper. 350 00:19:45,040 --> 00:19:47,640 Speaker 1: All right, my nomination for sleepers Story of the week. 351 00:19:48,000 --> 00:19:51,880 Speaker 1: The ev dream may be having a couple of night tremors. 352 00:19:52,480 --> 00:19:54,760 Speaker 1: So what do I mean by that? Rental car companies 353 00:19:54,760 --> 00:19:59,080 Speaker 1: in the US are quietly dumping evs, with Hurts notably 354 00:19:59,119 --> 00:20:01,760 Speaker 1: pulling back on its ambitious planned by one hundred thousand 355 00:20:01,800 --> 00:20:06,119 Speaker 1: telstras Why. It turns out that novice drivers find evs 356 00:20:06,160 --> 00:20:09,760 Speaker 1: hard to charge and difficult to control. Last year, over 357 00:20:09,840 --> 00:20:13,119 Speaker 1: four percent of cars sold to rental companies were evs. 358 00:20:13,160 --> 00:20:15,399 Speaker 1: This year, the number has dropped to just one point 359 00:20:15,400 --> 00:20:17,600 Speaker 1: four percent, and this is according to the New York Times. 360 00:20:17,920 --> 00:20:21,679 Speaker 1: The route of the problem lies in infrastructure and user experience. 361 00:20:22,080 --> 00:20:27,360 Speaker 1: Most airport rental complexes lack sufficient charges, making it difficult 362 00:20:27,359 --> 00:20:30,840 Speaker 1: for renters to keep their evs powered up. Additionally, many 363 00:20:30,920 --> 00:20:34,520 Speaker 1: drivers are unprepared for the rapid acceleration of electric cars, 364 00:20:34,800 --> 00:20:39,560 Speaker 1: leading to more accidents and higher insurance premiums. This unexpected 365 00:20:39,600 --> 00:20:43,439 Speaker 1: surge in insurance costs has actually turned evs into a 366 00:20:43,480 --> 00:20:47,320 Speaker 1: financial headache for rental companies. Moreover, the resale value of 367 00:20:47,359 --> 00:20:51,160 Speaker 1: evs has plummeted further, discouraging companies like Herts from expanding 368 00:20:51,200 --> 00:20:54,760 Speaker 1: their EV fleets. Spare parts for evs are also harder 369 00:20:54,800 --> 00:20:58,000 Speaker 1: to come by compared to fuel cars, and that's compounding 370 00:20:58,040 --> 00:21:02,800 Speaker 1: the operational challenges. The initial love affair with evs seems 371 00:21:02,880 --> 00:21:06,000 Speaker 1: to be waning as rental companies grapple with these practical 372 00:21:06,040 --> 00:21:09,000 Speaker 1: and financial hurdles while the world continues to push for 373 00:21:09,119 --> 00:21:13,880 Speaker 1: greener options. This retreat by the rental car industry highlights 374 00:21:13,920 --> 00:21:18,400 Speaker 1: the complexities of transitioning to electric vehicles. And that's why 375 00:21:18,600 --> 00:21:20,879 Speaker 1: it's my nomination for sleep the story of the week. 376 00:21:21,440 --> 00:21:23,119 Speaker 3: Oh that really hurts, doesn't it? 377 00:21:23,359 --> 00:21:25,040 Speaker 1: Are very good? 378 00:21:25,160 --> 00:21:29,720 Speaker 3: Oh so pun intended. Look a really good sleeper story. 379 00:21:29,760 --> 00:21:34,320 Speaker 3: And of course we are in that transition towards EV's 380 00:21:34,359 --> 00:21:38,879 Speaker 3: but like any revolution in the way that economies function, 381 00:21:39,000 --> 00:21:42,159 Speaker 3: we consumers operate, businesses operate, there's always going to be 382 00:21:42,200 --> 00:21:45,320 Speaker 3: hiccups and hurdles, and so that's an important story. But 383 00:21:46,119 --> 00:21:50,040 Speaker 3: I am blown away with the two billion tons of 384 00:21:50,640 --> 00:21:53,720 Speaker 3: straight as something that will have an impact on the 385 00:21:53,720 --> 00:21:56,200 Speaker 3: Australian economy. So if Rio were going to make money 386 00:21:56,200 --> 00:21:58,639 Speaker 3: from it, they're fine. They're going to be making drug 387 00:21:58,640 --> 00:22:01,240 Speaker 3: loads of money from digging the iron ore out and 388 00:22:01,240 --> 00:22:04,120 Speaker 3: ext sporting it. Around the world, but for our Australian 389 00:22:04,400 --> 00:22:07,600 Speaker 3: based operations, and as Sewn touched on the royalties, the 390 00:22:07,600 --> 00:22:10,760 Speaker 3: company tax payments that the linked to these incredibly high 391 00:22:10,800 --> 00:22:12,959 Speaker 3: iron ore prices that we're still getting by the way, 392 00:22:13,000 --> 00:22:15,480 Speaker 3: you know, it's come off a bit, they're still still elevated. 393 00:22:15,520 --> 00:22:21,120 Speaker 3: As as Michael pointed out, Brittany in his system. 394 00:22:21,359 --> 00:22:23,360 Speaker 2: Self serving, self serving. 395 00:22:24,400 --> 00:22:28,399 Speaker 3: But that story as a sleeper and the implications for 396 00:22:28,440 --> 00:22:33,360 Speaker 3: the iron ore market and the Australian economy is one 397 00:22:33,400 --> 00:22:36,159 Speaker 3: that I hope the government policy makers are keeping an 398 00:22:36,160 --> 00:22:38,280 Speaker 3: eye out because it could be one of those that 399 00:22:38,320 --> 00:22:41,880 Speaker 3: provides a bit of a well into the iron or cash. 400 00:22:41,720 --> 00:22:43,879 Speaker 2: Can kick up the ass I think is a phrase 401 00:22:43,920 --> 00:22:44,560 Speaker 2: you're looking. 402 00:22:44,359 --> 00:22:49,640 Speaker 3: For, Shawn, Sure on that one. Yeah, by a length 403 00:22:49,680 --> 00:22:53,119 Speaker 3: and a half the way you're almost run down, but 404 00:22:53,160 --> 00:22:54,560 Speaker 3: you hung on one right. 405 00:22:54,440 --> 00:22:58,920 Speaker 2: On the I'm finding, Adam, it's more fun when you're 406 00:22:58,960 --> 00:23:02,360 Speaker 2: judge because I can abuse more. But like Stephen's kind 407 00:23:02,359 --> 00:23:09,360 Speaker 2: of got this sort of sense of by yeah and intellect. 408 00:23:09,400 --> 00:23:12,280 Speaker 2: Actually I think intellect and like I kind of I 409 00:23:12,320 --> 00:23:14,920 Speaker 2: don't feel quite as at these abusing the judge this 410 00:23:15,000 --> 00:23:15,480 Speaker 2: time around. 411 00:23:15,720 --> 00:23:18,560 Speaker 3: Oh look, I come abuse everywhere, Sean so don't hold back. 412 00:23:18,640 --> 00:23:21,919 Speaker 3: But she's offering the abuse, whether I take it to 413 00:23:21,960 --> 00:23:22,480 Speaker 3: heart or not. 414 00:23:22,760 --> 00:23:25,080 Speaker 2: Right, Okay, let's go to the favorite story. How about 415 00:23:25,119 --> 00:23:26,000 Speaker 2: you go first on this one? 416 00:23:26,040 --> 00:23:28,760 Speaker 1: Adam already my favorite story for the week. This is 417 00:23:28,800 --> 00:23:33,720 Speaker 1: my nomination. The quirky, bold and intriguing story of seven 418 00:23:33,840 --> 00:23:38,240 Speaker 1: networks bold move to inject comedy and horoscopes into their 419 00:23:38,280 --> 00:23:39,200 Speaker 1: news programming. 420 00:23:39,240 --> 00:23:41,600 Speaker 3: Wow, yes, you heard that right. 421 00:23:41,720 --> 00:23:44,880 Speaker 1: Starting this week, seven News has been shaking up its 422 00:23:44,920 --> 00:23:48,879 Speaker 1: traditional evening news format by adding daily horoscope readings and 423 00:23:48,920 --> 00:23:52,160 Speaker 1: a weekly dash of comedy. This is a fascinating case 424 00:23:52,200 --> 00:23:55,159 Speaker 1: of a major network trying to stay vital in an 425 00:23:55,320 --> 00:23:58,240 Speaker 1: ever evolving media landscape. So why are they doing it? 426 00:23:58,280 --> 00:24:02,080 Speaker 1: With your ship pattern shifting and younger audiences favoring digital 427 00:24:02,119 --> 00:24:06,040 Speaker 1: platforms over traditional TV, seven News is betting on an 428 00:24:06,080 --> 00:24:10,399 Speaker 1: injection of entertainment to grow their audience. Imagine tuning in 429 00:24:10,440 --> 00:24:12,760 Speaker 1: for the latest headlines and getting your daily dose of 430 00:24:12,880 --> 00:24:16,080 Speaker 1: humor and a peak at your astrological forecast. It's a 431 00:24:16,119 --> 00:24:19,159 Speaker 1: blend of infotainment that could either be a stroke of 432 00:24:19,200 --> 00:24:22,840 Speaker 1: genius or a short term gamble. The network beliza by 433 00:24:22,840 --> 00:24:26,959 Speaker 1: adding these unconventional segments they can keep viewers engaged longer, 434 00:24:27,080 --> 00:24:30,520 Speaker 1: and perhaps even attract new ones who typically wouldn't watch 435 00:24:30,520 --> 00:24:33,760 Speaker 1: the news. Critics argue that it undermines the seriousness of 436 00:24:33,800 --> 00:24:36,200 Speaker 1: news reporting, while supporters theed as a fresh way to 437 00:24:36,200 --> 00:24:39,159 Speaker 1: connect with the broader audience. Regardless of where you stand, 438 00:24:39,200 --> 00:24:41,800 Speaker 1: there is no denying that this strategy is a bold 439 00:24:41,840 --> 00:24:46,320 Speaker 1: departure from the norm and a fascinating experiment in modern media. 440 00:24:46,400 --> 00:24:50,040 Speaker 1: So stay tuned, deceive if seven's horoscope and comedy experiment 441 00:24:50,160 --> 00:24:54,080 Speaker 1: pays off, and of course whether Stephen Couldcolas declares that 442 00:24:54,119 --> 00:24:57,240 Speaker 1: my win of this category is in the stars sean 443 00:24:57,520 --> 00:24:57,960 Speaker 1: over to you. 444 00:25:00,119 --> 00:25:03,040 Speaker 2: Ah, that's just a story about the freedomwar is going 445 00:25:03,080 --> 00:25:06,080 Speaker 2: down the toilet, isn't it? I did what I did, 446 00:25:06,119 --> 00:25:09,280 Speaker 2: like so. Rupert Murdoch this week talked about newspapers had 447 00:25:09,320 --> 00:25:14,239 Speaker 2: at best fifteen years left. This is printed newspapers. And 448 00:25:14,280 --> 00:25:17,800 Speaker 2: then we had Tim Burrows come out afterwards, the wonderful 449 00:25:17,920 --> 00:25:20,920 Speaker 2: Tim Burrows from Unmade, and Tim said, so who's going 450 00:25:21,040 --> 00:25:23,440 Speaker 2: to actually die first? Is it going to be the 451 00:25:23,440 --> 00:25:25,960 Speaker 2: freedawares or is it going to be the newspapers? Which 452 00:25:26,000 --> 00:25:28,440 Speaker 2: is a good question. I mean the point of your story, Adam, 453 00:25:28,440 --> 00:25:31,040 Speaker 2: of course is that the freedowares are doing everything they 454 00:25:31,080 --> 00:25:34,320 Speaker 2: possibly can to draw an audience. But wow, who'd like 455 00:25:34,359 --> 00:25:35,560 Speaker 2: to be in those industries at the moment. 456 00:25:35,640 --> 00:25:35,879 Speaker 3: Not me. 457 00:25:36,960 --> 00:25:39,560 Speaker 2: I move on. My favorite story is all about a 458 00:25:39,600 --> 00:25:43,480 Speaker 2: bloke called Ken Griffin. We'll call him Kenny. He's the 459 00:25:43,600 --> 00:25:49,680 Speaker 2: founder of the massive Citadel Hedge Fund. This week, he 460 00:25:49,760 --> 00:25:54,199 Speaker 2: paid forty four point six million US dollars for a 461 00:25:54,240 --> 00:25:58,480 Speaker 2: one hundred and fifty million year old stegosaurus known as Apex. 462 00:25:59,160 --> 00:26:03,200 Speaker 2: It is the the most valuable fossil ever sold at auction. 463 00:26:03,680 --> 00:26:05,320 Speaker 2: I do remember when I lived in New York many 464 00:26:05,359 --> 00:26:07,199 Speaker 2: years ago and my son Charlie was three, and we 465 00:26:07,200 --> 00:26:09,320 Speaker 2: took him to the National History Museum and there's a 466 00:26:09,320 --> 00:26:11,879 Speaker 2: big dinosaur skeleton then, and we're talking about going to 467 00:26:11,880 --> 00:26:13,760 Speaker 2: see the dinosaurs is very exciting. We got there, we 468 00:26:13,840 --> 00:26:19,680 Speaker 2: walked in and it do just at examined as it's dead. Yes, yes, 469 00:26:19,680 --> 00:26:22,119 Speaker 2: it is dead. I forgot to tell you about that part. Anyway, 470 00:26:22,440 --> 00:26:25,520 Speaker 2: Kenny paid forty four point six million dollars for this specimen. 471 00:26:26,000 --> 00:26:31,360 Speaker 2: It was discovered in a town called Dinosaur in Colorado. Ironic, 472 00:26:31,440 --> 00:26:35,600 Speaker 2: isn't it, And it's mostly intact, though it does appear 473 00:26:35,640 --> 00:26:39,240 Speaker 2: to have had a touch of arthritis, so much to 474 00:26:39,320 --> 00:26:41,919 Speaker 2: this story. The fossil is three point three five meters 475 00:26:41,960 --> 00:26:44,680 Speaker 2: tall eight point two meters long. The sale price was 476 00:26:44,680 --> 00:26:49,280 Speaker 2: about eleven times what Southerby's thought it would fetch. Kenny, 477 00:26:49,440 --> 00:26:52,080 Speaker 2: mister Griffin, he plans to put the dinosaur on a 478 00:26:52,080 --> 00:26:54,360 Speaker 2: display at a US museum, which is fantastic, but he's 479 00:26:54,359 --> 00:26:57,159 Speaker 2: a bit of a fan of prehistoric creatures. In twenty eighteen, 480 00:26:57,200 --> 00:26:59,679 Speaker 2: he gave sixteen and a half million US to the 481 00:26:59,680 --> 00:27:02,919 Speaker 2: Field Museum in Chicago to the fund the display of 482 00:27:02,920 --> 00:27:06,199 Speaker 2: a cast of the biggest dinosaur ever discovered. That that 483 00:27:06,320 --> 00:27:11,080 Speaker 2: was a titanosaur, apparently found in Argentina. The story gets better. 484 00:27:11,280 --> 00:27:15,560 Speaker 2: The town Dinosaur used to be called Baxter Springs because 485 00:27:15,600 --> 00:27:18,600 Speaker 2: it was owned by the Baxter family, and then in 486 00:27:18,640 --> 00:27:22,160 Speaker 2: the oil boom about the nineteen forties, became Arteesia because 487 00:27:22,200 --> 00:27:25,399 Speaker 2: it had a good water supply, and then it became 488 00:27:25,680 --> 00:27:29,120 Speaker 2: its current name in nineteen sixty six, Dinosaur because it's 489 00:27:29,200 --> 00:27:33,520 Speaker 2: very close to the Dinosaur National Monument now the Dinosaur 490 00:27:33,880 --> 00:27:38,440 Speaker 2: National Monument. They're about eight hundred palaeontology sites, hence the 491 00:27:38,520 --> 00:27:42,240 Speaker 2: name Dinosaur. The auction this week has triggered a bunch 492 00:27:42,240 --> 00:27:44,119 Speaker 2: of stories about people buying fossils. 493 00:27:44,600 --> 00:27:44,719 Speaker 1: Now. 494 00:27:44,720 --> 00:27:47,520 Speaker 2: The Financial Times was reporting that the first dinosaur to 495 00:27:47,560 --> 00:27:52,760 Speaker 2: be sold at auction was Sue the Tyroneosaurus rex back 496 00:27:52,800 --> 00:27:56,080 Speaker 2: in nineteen ninety seven. She fetched eight point four million, 497 00:27:56,320 --> 00:27:59,720 Speaker 2: now on display in the Field Museum, Stan. A male 498 00:27:59,800 --> 00:28:02,440 Speaker 2: to Asaurus rex was sold for thirty one zero point 499 00:28:02,480 --> 00:28:05,359 Speaker 2: eight million at Christie's in twenty twenty. The Abu Derby 500 00:28:05,480 --> 00:28:08,240 Speaker 2: now in Abu Dhabi. Fossils have also caught the attention 501 00:28:08,280 --> 00:28:12,119 Speaker 2: of celebrities. There was a famous auction fight between Leonardo 502 00:28:12,160 --> 00:28:15,800 Speaker 2: DiCaprio and Nicholas Cage. They ended up it was a 503 00:28:15,800 --> 00:28:20,800 Speaker 2: dinosaur skull. Cage ultimately won. But then the funny thing 504 00:28:20,880 --> 00:28:23,200 Speaker 2: was a few years later he returned it after investigators 505 00:28:23,200 --> 00:28:28,320 Speaker 2: determined it had been illegally acquired. Anyway, talk about going 506 00:28:28,320 --> 00:28:31,040 Speaker 2: down a rabbit hole, such a cracking story or a 507 00:28:31,040 --> 00:28:34,320 Speaker 2: dinosaur hole, I don't probably had just a cracking story 508 00:28:34,359 --> 00:28:38,240 Speaker 2: that our man Kenny Griffin forty five million for Apex 509 00:28:38,320 --> 00:28:39,400 Speaker 2: the stegosaurus. 510 00:28:39,760 --> 00:28:43,320 Speaker 3: What a contrast and stories and Adam the horoscope in 511 00:28:43,360 --> 00:28:45,720 Speaker 3: the news. Well, when it comes to love and romance, 512 00:28:45,760 --> 00:28:47,320 Speaker 3: you might find yourself in a bit of a pickle 513 00:28:47,360 --> 00:28:47,800 Speaker 3: this week. 514 00:28:48,480 --> 00:28:50,560 Speaker 2: That's very mean on Lara. 515 00:28:50,640 --> 00:28:53,640 Speaker 3: Anyway, not to worry. Look, great stories, you know, the 516 00:28:53,680 --> 00:28:58,440 Speaker 3: demise of eyeballs on TV screens to watch the news 517 00:28:58,480 --> 00:29:02,280 Speaker 3: as something that's been going on and will continue. It 518 00:29:02,400 --> 00:29:06,680 Speaker 3: is a great story though horoscopes and comedians what next. 519 00:29:06,720 --> 00:29:10,680 Speaker 3: It reminds me of Mike Moore in Frontline and some 520 00:29:10,760 --> 00:29:13,280 Speaker 3: of the sort of dramatic stories that they had with 521 00:29:13,360 --> 00:29:17,719 Speaker 3: the comedian and whatnot. Great story dinosaurs. Who doesn't love 522 00:29:17,720 --> 00:29:21,480 Speaker 3: a good dinosaur story, just the bones and the township 523 00:29:21,440 --> 00:29:24,480 Speaker 3: of dinosaur. I quite like that. But I think for 524 00:29:24,520 --> 00:29:27,640 Speaker 3: a favorite story, for a quirky story to you know, 525 00:29:27,840 --> 00:29:31,600 Speaker 3: just sort of really encapsulate what's happening to the media, 526 00:29:31,680 --> 00:29:35,719 Speaker 3: the news, media, news, fake news, all this sort of stuff. 527 00:29:36,040 --> 00:29:38,520 Speaker 3: I give that one to Adam because it's a favorite 528 00:29:38,520 --> 00:29:41,120 Speaker 3: of mine too, And as someone who tries to read 529 00:29:41,160 --> 00:29:43,600 Speaker 3: the horoscope and the stars where the economy is going, 530 00:29:43,920 --> 00:29:46,480 Speaker 3: I can relate to why it's in the news. I'm 531 00:29:46,480 --> 00:29:47,720 Speaker 3: going to be watching it and we might have a 532 00:29:47,720 --> 00:29:51,760 Speaker 3: horoscope for where our interest rate's going. So Adam, you've 533 00:29:51,760 --> 00:29:52,360 Speaker 3: won that one. 534 00:29:52,520 --> 00:29:54,959 Speaker 1: Oh wow, Well, who all Sean? 535 00:29:55,320 --> 00:29:56,160 Speaker 3: Who would have funk it? 536 00:29:56,280 --> 00:29:57,680 Speaker 2: Now too all. I mean, I think it's probably a 537 00:29:57,680 --> 00:29:59,560 Speaker 2: moral victory to you, Adam because of one of those 538 00:29:59,560 --> 00:30:02,840 Speaker 2: stories two and a half lengths in front right, So. 539 00:30:02,280 --> 00:30:04,520 Speaker 3: Yeah, I'll have to check the cout back on that. Yes, 540 00:30:04,960 --> 00:30:07,120 Speaker 3: but Sean, you had a very big handicapsode we have 541 00:30:07,200 --> 00:30:09,400 Speaker 3: to do wait for age on the. 542 00:30:09,840 --> 00:30:12,240 Speaker 2: Scale because I was one of the office working and 543 00:30:12,600 --> 00:30:15,360 Speaker 2: Adam's on holidays and Michael's on holidays. That's a handicap 544 00:30:16,320 --> 00:30:16,680 Speaker 2: it is. 545 00:30:16,800 --> 00:30:20,280 Speaker 3: It is a loan soldier. But look, I can't separate you. 546 00:30:20,320 --> 00:30:24,120 Speaker 3: This is this is a photo finished. Thank you very much, 547 00:30:24,400 --> 00:30:29,080 Speaker 3: brilliantly covered and favorite stories sleepers. What an episode. I've 548 00:30:29,160 --> 00:30:32,360 Speaker 3: learned so much today from the wonderful input and talent 549 00:30:32,440 --> 00:30:33,440 Speaker 3: from YouTube debate. 550 00:30:34,080 --> 00:30:36,440 Speaker 2: Thank you so much Stephen for being part of it. 551 00:30:36,480 --> 00:30:38,479 Speaker 2: We love talking to you every Monday morning. And when 552 00:30:38,520 --> 00:30:41,160 Speaker 2: you come on to this part we see I mean, well, 553 00:30:41,200 --> 00:30:43,080 Speaker 2: I've known you for a long time, so I know 554 00:30:43,240 --> 00:30:45,080 Speaker 2: this kind of funny side of you, and it's great 555 00:30:45,080 --> 00:30:47,000 Speaker 2: when you're on the weekend edition because the listeners get 556 00:30:47,000 --> 00:30:47,760 Speaker 2: to see that as well. 557 00:30:47,880 --> 00:30:51,040 Speaker 3: Fantastic, Thank you very much on world done. Team to 558 00:30:51,080 --> 00:30:54,920 Speaker 3: all penalty shootout. No no, no, We'll just skip that. 559 00:30:55,320 --> 00:30:59,360 Speaker 1: Yeah yeah, thank you Steven, and thank you Sean, Thank 560 00:30:59,360 --> 00:31:02,520 Speaker 1: you Adam. Well, make sure you're following us on the podcast, 561 00:31:02,640 --> 00:31:06,040 Speaker 1: join us online on LinkedIn, Instagram, X and Facebook. I'm 562 00:31:06,040 --> 00:31:08,040 Speaker 1: out of Lang. And that was the Fear and Greed 563 00:31:08,160 --> 00:31:10,480 Speaker 1: weekend edition. We hope you have a great weekend.