1 00:00:03,930 --> 00:00:07,470 Jennifer Duke: Welcome to the Fear and Greed business interview. I'm Jennifer Duke. 2 00:00:07,770 --> 00:00:10,379 Jennifer Duke: Reporting season is all wrapped up, and now we can 3 00:00:10,380 --> 00:00:13,650 Jennifer Duke: clearly see the themes that emerged throughout the period. It's 4 00:00:13,650 --> 00:00:15,750 Jennifer Duke: a good time for investors to take a look back 5 00:00:15,750 --> 00:00:18,540 Jennifer Duke: at the various results and the comments made by management 6 00:00:18,570 --> 00:00:20,489 Jennifer Duke: because it gives us an idea as to where we're 7 00:00:20,489 --> 00:00:24,000 Jennifer Duke: heading and where those opportunities might be. And that's why 8 00:00:24,000 --> 00:00:26,759 Jennifer Duke: I'm talking today to the team from Wilson Asset Management 9 00:00:26,820 --> 00:00:29,400 Jennifer Duke: about how they found reporting season and which stocks they're 10 00:00:29,400 --> 00:00:33,598 Jennifer Duke: specifically watching. Remember, this is general information only. You should 11 00:00:33,598 --> 00:00:37,409 Jennifer Duke: definitely seek professional advice specific to your circumstances before making 12 00:00:37,409 --> 00:00:41,130 Jennifer Duke: any investment decisions. Sam Koch is a Senior Investment Analyst 13 00:00:41,130 --> 00:00:44,309 Jennifer Duke: at Wilson Asset Management with a focus on small- cap stocks. Sam, 14 00:00:44,309 --> 00:00:45,300 Jennifer Duke: welcome to Fear and Greed. 15 00:00:45,810 --> 00:00:46,470 Sam Koch: Thanks, Jen. Great to be here. 16 00:00:48,000 --> 00:00:50,400 Jennifer Duke: So reporting season can be a pretty hectic time for 17 00:00:50,400 --> 00:00:52,439 Jennifer Duke: anyone working in this space. What did you make of it? 18 00:00:53,668 --> 00:00:56,910 Sam Koch: It was a hectic time for sure. We're actually pretty happy with 19 00:00:56,910 --> 00:01:00,570 Sam Koch: how reporting season went overall for us. Going back probably 20 00:01:00,570 --> 00:01:02,070 Sam Koch: a couple of months ago, we had a couple of 21 00:01:02,070 --> 00:01:05,818 Sam Koch: interviews with yourselves as well and were talking about how 22 00:01:05,819 --> 00:01:09,389 Sam Koch: we were trying to position for the eventual recovery and consumer- 23 00:01:09,389 --> 00:01:13,350 Sam Koch: related names and more cyclical names in the housing sector 24 00:01:13,350 --> 00:01:16,890 Sam Koch: as well. And look, to be honest, eventually that actually 25 00:01:17,310 --> 00:01:22,139 Sam Koch: helped performance over the month of August. And there was 26 00:01:22,139 --> 00:01:23,819 Sam Koch: a number of key themes that we can pull out 27 00:01:23,819 --> 00:01:26,188 Sam Koch: from that, but we were happy with overall performance. 28 00:01:27,089 --> 00:01:29,039 Jennifer Duke: So looking at those small- caps and some of those 29 00:01:29,039 --> 00:01:31,259 Jennifer Duke: themes, what were those ones that were emerging for you? 30 00:01:32,160 --> 00:01:36,060 Sam Koch: Key couple for us were clearly the consumer, consumer discretionary 31 00:01:36,060 --> 00:01:39,690 Sam Koch: exposed names. So there's actually quite a large cohort of 32 00:01:39,690 --> 00:01:43,770 Sam Koch: consumer discretionary stocks within the Small Ordinaries Index in Australia, 33 00:01:44,130 --> 00:01:48,000 Sam Koch: and they've been largely forgotten about or largely ignored by 34 00:01:48,000 --> 00:01:50,550 Sam Koch: the market as a whole over the last 12 months. 35 00:01:50,580 --> 00:01:56,070 Sam Koch: Really driven by, I guess fears around an impending consumer recession. 36 00:01:56,940 --> 00:01:59,070 Sam Koch: We did a bunch of work, and this I guess 37 00:01:59,070 --> 00:02:02,520 Sam Koch: relates to the cyclical exposure that we took on. We 38 00:02:02,520 --> 00:02:04,169 Sam Koch: did a bunch of work and actually looked at what 39 00:02:04,170 --> 00:02:08,070 Sam Koch: the market was expecting in FY 25 for a number of 40 00:02:08,070 --> 00:02:09,900 Sam Koch: these names, and we compared it to what it would 41 00:02:09,900 --> 00:02:14,970 Sam Koch: look like in FY 19. The idea being that for retailers 42 00:02:14,970 --> 00:02:18,030 Sam Koch: for instance, on a per store basis, if we come 43 00:02:18,030 --> 00:02:22,919 Sam Koch: out of a recession in FY 25 and things are okay, then 44 00:02:22,919 --> 00:02:25,470 Sam Koch: theoretically they shouldn't be any worse off than what was 45 00:02:25,470 --> 00:02:28,410 Sam Koch: actually happening pre-COVID. And what you found is that a 46 00:02:28,410 --> 00:02:31,860 Sam Koch: lot of market expectations were actually sitting below FY 19. And 47 00:02:31,919 --> 00:02:35,280 Sam Koch: that gave us the comfort to increase exposure there. So 48 00:02:35,669 --> 00:02:38,519 Sam Koch: consumer was a sector for us that was a theme 49 00:02:38,910 --> 00:02:42,119 Sam Koch: that we're happy with over reporting season. Stocks involved there 50 00:02:42,119 --> 00:02:46,290 Sam Koch: were Nick Scali and Universal Stores. And then obviously housing 51 00:02:46,290 --> 00:02:48,030 Sam Koch: exposure went well as well. 52 00:02:49,169 --> 00:02:51,840 Jennifer Duke: And let's dig into housing a little bit because we're 53 00:02:51,840 --> 00:02:54,210 Jennifer Duke: all obsessed with real estate and what's going on in 54 00:02:54,210 --> 00:02:57,149 Jennifer Duke: the construction industry. It's just fascinating. Can you give us 55 00:02:57,150 --> 00:02:59,489 Jennifer Duke: a bit of a rundown as to which companies specifically 56 00:02:59,490 --> 00:03:01,710 Jennifer Duke: you were looking at and what you were surprised by? 57 00:03:02,550 --> 00:03:04,770 Sam Koch: Yeah, definitely. So there's a couple of stocks there, for 58 00:03:04,770 --> 00:03:08,490 Sam Koch: instance, Boral and Mars Group, that the portfolio benefited from. 59 00:03:09,030 --> 00:03:12,150 Sam Koch: Again, similar to the consumer retail exposure that we had 60 00:03:12,150 --> 00:03:14,370 Sam Koch: in the portfolio, there was a lot of negativity going 61 00:03:14,370 --> 00:03:16,650 Sam Koch: into last sort of six to nine months about the 62 00:03:16,740 --> 00:03:19,888 Sam Koch: impacts of increasing interest rates and inflation on the sector. 63 00:03:20,430 --> 00:03:23,760 Sam Koch: And we're taking a view in line with our investment 64 00:03:23,760 --> 00:03:28,289 Sam Koch: process of identifying undervalued growth companies with catalyst. And we're trying 65 00:03:28,290 --> 00:03:31,650 Sam Koch: to identify companies that effectively can grow on the other 66 00:03:31,650 --> 00:03:34,949 Sam Koch: side of the cycle and maybe where expectations were a 67 00:03:34,949 --> 00:03:37,350 Sam Koch: little bit too low going into it. Boral was one 68 00:03:37,350 --> 00:03:40,050 Sam Koch: of those. The new CEO there is doing an excellent 69 00:03:40,050 --> 00:03:43,260 Sam Koch: job turning that business around. It's a business that's been 70 00:03:43,260 --> 00:03:45,300 Sam Koch: around in Australia for a very long time and the 71 00:03:45,300 --> 00:03:48,329 Sam Koch: new CEO is doing a great job. Mars Group, the 72 00:03:48,330 --> 00:03:53,159 Sam Koch: same. It's exposed the housing sector. Regional New South Wales, 73 00:03:53,490 --> 00:03:56,550 Sam Koch: people were worried about the cash flow numbers going into 74 00:03:56,550 --> 00:04:00,810 Sam Koch: August and actually positive surprised on that front versus market expectations. 75 00:04:01,650 --> 00:04:04,260 Jennifer Duke: Definitely. And the other two topics that we're always talking 76 00:04:04,260 --> 00:04:06,990 Jennifer Duke: about is technology and AI. Were there some themes in 77 00:04:06,990 --> 00:04:09,750 Jennifer Duke: those sectors that sort of emerged for you through reporting season? 78 00:04:10,799 --> 00:04:14,820 Sam Koch: Definitely. These are another two strong sectors or a sector 79 00:04:14,820 --> 00:04:18,180 Sam Koch: as a whole that did very well. Unprofitable tech is 80 00:04:18,180 --> 00:04:21,839 Sam Koch: always a talking point, and when a couple of companies 81 00:04:21,839 --> 00:04:24,928 Sam Koch: start to speak to, I guess a better earnings profile, taking 82 00:04:24,928 --> 00:04:29,549 Sam Koch: out costs within their business to really accelerate profitability ahead 83 00:04:29,549 --> 00:04:32,520 Sam Koch: of what the market is expecting, those shares typically outperform. 84 00:04:33,810 --> 00:04:37,320 Sam Koch: SiteMinder is an example of that. Tyro, we're seeing consensus upgrades 85 00:04:37,320 --> 00:04:40,469 Sam Koch: there as well. And then furthermore on the AI front, 86 00:04:40,620 --> 00:04:43,529 Sam Koch: Nvidia is the story of this calendar year in the 87 00:04:43,529 --> 00:04:47,159 Sam Koch: US. It's really having ramifications in two of the stocks 88 00:04:47,160 --> 00:04:48,690 Sam Koch: that we have in the portfolio at the moment, which is NEXTDC and 89 00:04:48,810 --> 00:04:52,620 Sam Koch: Megaport, who have their own reasons for why they're actually 90 00:04:53,010 --> 00:04:55,980 Sam Koch: rallying at the moment. So pretty positive overall. 91 00:04:56,639 --> 00:04:58,320 Jennifer Duke: Stay with me, Sam, we'll be back in a minute. 92 00:05:04,619 --> 00:05:07,589 Jennifer Duke: I'm talking to Sam Koch, Senior Investment Analyst at Wilson 93 00:05:07,589 --> 00:05:11,880 Jennifer Duke: Asset Management. So it has been very busy and I 94 00:05:11,880 --> 00:05:13,620 Jennifer Duke: want to look, I mean some of that is already 95 00:05:13,620 --> 00:05:15,270 Jennifer Duke: kind of looking to the future to be honest. Our 96 00:05:15,270 --> 00:05:18,268 Jennifer Duke: AI stories are perennial, but I want to kind of 97 00:05:18,270 --> 00:05:20,339 Jennifer Duke: have a bit more of a digging around other things 98 00:05:20,339 --> 00:05:22,469 Jennifer Duke: that you're looking at for the next part, for the 99 00:05:22,469 --> 00:05:25,409 Jennifer Duke: rest of the year going forward. What other areas are 100 00:05:25,410 --> 00:05:27,570 Jennifer Duke: there of the small- cap market that you're liking right now? 101 00:05:28,230 --> 00:05:31,170 Sam Koch: There's three key sectors and areas of the market which 102 00:05:31,170 --> 00:05:33,479 Sam Koch: I think the market could definitely spend a lot more 103 00:05:33,480 --> 00:05:37,440 Sam Koch: time looking at and identifying opportunities in. For us, whilst 104 00:05:38,219 --> 00:05:41,368 Sam Koch: we're still looking at consumer discretionary, we're still looking at 105 00:05:41,369 --> 00:05:44,700 Sam Koch: housing and think these sectors are undervalued and then there's 106 00:05:44,700 --> 00:05:48,300 Sam Koch: definitely opportunities within those, we're looking at also what's happening 107 00:05:48,300 --> 00:05:51,059 Sam Koch: within the New Zealand economy, how that's going through a 108 00:05:51,059 --> 00:05:53,940 Sam Koch: really rough patch at the moment, and a number of 109 00:05:53,940 --> 00:05:58,049 Sam Koch: New Zealand stocks we think are underappreciated by the market. 110 00:05:58,049 --> 00:06:03,089 Sam Koch: Those include Ryman Healthcare and Mainfreight, as an example. I 111 00:06:03,089 --> 00:06:05,400 Sam Koch: guess the second sector that we can speak to here 112 00:06:05,400 --> 00:06:08,250 Sam Koch: in which we're just dipping our toe a little bit 113 00:06:08,250 --> 00:06:11,310 Sam Koch: in the water here would be the non- bank financial sector. 114 00:06:11,730 --> 00:06:15,960 Sam Koch: You're seeing incredible opportunities where some stocks are trading below 115 00:06:15,960 --> 00:06:19,440 Sam Koch: the net tangible assets. So these are companies like Judo 116 00:06:19,920 --> 00:06:23,670 Sam Koch: and AFG, where these are good businesses run by good 117 00:06:23,670 --> 00:06:28,170 Sam Koch: management teams that are just impacted, the cycle's negatively impacted 118 00:06:28,170 --> 00:06:31,020 Sam Koch: them at the moment, but ultimately on the other side 119 00:06:31,349 --> 00:06:34,919 Sam Koch: we can see strong growth for those two businesses. And 120 00:06:34,920 --> 00:06:40,500 Sam Koch: then healthcare is another really interesting one. The portfolio has, thankfully, 121 00:06:40,500 --> 00:06:45,510 Sam Koch: benefited from a number of takeovers recently, being Estia Health, 122 00:06:45,570 --> 00:06:50,100 Sam Koch: SILK Lasers, and Healthia. It's interesting that the market isn't 123 00:06:50,160 --> 00:06:53,729 Sam Koch: really giving these businesses the benefit of the doubt that 124 00:06:53,730 --> 00:06:57,539 Sam Koch: margins will revert back to pre-COVID. However, there's been a 125 00:06:57,540 --> 00:07:01,500 Sam Koch: number of takeover offers lobbed at companies within this sector. So 126 00:07:01,560 --> 00:07:03,420 Sam Koch: I mean, fertile hunting grounds. 127 00:07:04,260 --> 00:07:06,509 Jennifer Duke: Why has there been so much M&A activity in that 128 00:07:06,509 --> 00:07:07,260 Jennifer Duke: healthcare sector? 129 00:07:08,279 --> 00:07:12,900 Sam Koch: I think healthcare is typically considered quite resilient. However, over 130 00:07:12,900 --> 00:07:16,290 Sam Koch: the last, call it 12 to 24 months, the margin 131 00:07:16,290 --> 00:07:20,160 Sam Koch: profile of these businesses has been impacted by a lack 132 00:07:20,160 --> 00:07:24,149 Sam Koch: of labour or significant labour inflation. Plus, in a lot 133 00:07:24,150 --> 00:07:26,939 Sam Koch: of cases, demand has taken a while to come back 134 00:07:27,360 --> 00:07:29,939 Sam Koch: after COVID. And so it's probably one of the last 135 00:07:29,940 --> 00:07:34,980 Sam Koch: sectors to really recover from COVID. So you've got large 136 00:07:34,980 --> 00:07:37,170 Sam Koch: pools of capital that are willing to look through that 137 00:07:37,170 --> 00:07:40,019 Sam Koch: sort of short- term noise that maybe the public market isn't. 138 00:07:40,320 --> 00:07:42,899 Sam Koch: And so you're seeing takeover offers as a result. 139 00:07:44,009 --> 00:07:45,990 Jennifer Duke: And I'm curious to dig a little bit into those New 140 00:07:45,990 --> 00:07:48,540 Jennifer Duke: Zealand stocks that you're talking about because they've obviously got 141 00:07:48,540 --> 00:07:51,120 Jennifer Duke: an election coming up. There's a lot of change potentially 142 00:07:51,120 --> 00:07:53,100 Jennifer Duke: on the horizon in New Zealand. How are you sort 143 00:07:53,100 --> 00:07:54,900 Jennifer Duke: of thinking about the economy and the risks there at 144 00:07:54,900 --> 00:07:55,290 Jennifer Duke: the moment? 145 00:07:55,800 --> 00:07:58,409 Sam Koch: That's a great point because from all of our channel 146 00:07:58,410 --> 00:08:00,570 Sam Koch: checks on the ground, it seems like the economy is 147 00:08:00,570 --> 00:08:03,299 Sam Koch: really waiting for an update on the election. And the 148 00:08:03,299 --> 00:08:07,469 Sam Koch: election is actually a real catalyst for a number of economy- 149 00:08:07,470 --> 00:08:12,330 Sam Koch: exposed stocks and the share market overall. We've got exposure 150 00:08:12,330 --> 00:08:18,029 Sam Koch: to Ryman Healthcare. Ryman Healthcare is aged- care facility and 151 00:08:18,030 --> 00:08:21,509 Sam Koch: sort of nursing facility in New Zealand. And these businesses 152 00:08:21,509 --> 00:08:24,600 Sam Koch: used to trade on three times net tangible assets and 153 00:08:24,600 --> 00:08:27,930 Sam Koch: they're currently trading at about one times. And what's really 154 00:08:27,930 --> 00:08:32,040 Sam Koch: driven that is effectively over the last six to 12 155 00:08:32,040 --> 00:08:35,789 Sam Koch: months, the housing market's come unstuck in New Zealand as 156 00:08:35,790 --> 00:08:39,179 Sam Koch: a result of inflation, rising interest rates, and that has 157 00:08:39,179 --> 00:08:42,029 Sam Koch: a dramatic effect on their business model. And as a result, 158 00:08:42,029 --> 00:08:45,569 Sam Koch: they had to raise money at depressed prices. But from 159 00:08:45,570 --> 00:08:49,020 Sam Koch: here, we see that the actual long- term indicators of 160 00:08:49,020 --> 00:08:53,250 Sam Koch: housing demand are actually pretty positive in New Zealand and 161 00:08:53,250 --> 00:08:56,309 Sam Koch: starting to tick up. So we believe that Ryman's is 162 00:08:56,309 --> 00:09:00,599 Sam Koch: directly able to benefit from that trend. And secondly, on 163 00:09:00,690 --> 00:09:06,900 Sam Koch: Mainfreight, another great example of a cracking business that's cyclically exposed. 164 00:09:08,010 --> 00:09:12,030 Sam Koch: These guys did benefit a lot during COVID. Increased freight 165 00:09:12,030 --> 00:09:15,809 Sam Koch: rates and the like definitely benefited their business. But what 166 00:09:15,809 --> 00:09:18,088 Sam Koch: we're starting to see is spot freight rates are actually 167 00:09:18,090 --> 00:09:21,449 Sam Koch: below pre- COVID now. And Mainfreight has this excellent model 168 00:09:21,450 --> 00:09:24,420 Sam Koch: where they continue to roll out and continue to vest 169 00:09:24,420 --> 00:09:27,510 Sam Koch: ahead of the curve and continue to grow irrespective of 170 00:09:27,510 --> 00:09:32,429 Sam Koch: the economic environment. And so we believe that analyst expectations 171 00:09:32,429 --> 00:09:35,819 Sam Koch: and market expectations over the next couple of years are 172 00:09:35,820 --> 00:09:39,000 Sam Koch: well below what Mainfreight could actually grow at, the rates that Mainfreight 173 00:09:39,000 --> 00:09:42,240 Sam Koch: could actually grow at. And so we're excited about that opportunity as well. 174 00:09:43,230 --> 00:09:45,179 Jennifer Duke: So it does sound like there's a lot of opportunities, 175 00:09:45,179 --> 00:09:47,848 Jennifer Duke: and we've covered a lot of ground here geographically and 176 00:09:47,910 --> 00:09:51,360 Jennifer Duke: across industries. So out of everything that we've discussed, what 177 00:09:51,360 --> 00:09:53,460 Jennifer Duke: are a couple of the small- cap stocks that you 178 00:09:53,490 --> 00:09:55,978 Jennifer Duke: particularly like right now and that you think our listeners 179 00:09:55,980 --> 00:09:56,610 Jennifer Duke: should think about? 180 00:09:57,780 --> 00:10:00,838 Sam Koch: Yeah, definitely. Two key stocks that I was keen to 181 00:10:00,929 --> 00:10:05,369 Sam Koch: speak to today. The first one is actually a really 182 00:10:05,370 --> 00:10:08,969 Sam Koch: interesting one, NZX. It's the New Zealand Stock Exchange, and 183 00:10:08,969 --> 00:10:12,000 Sam Koch: obviously it's listed there as well. There is actually a lot 184 00:10:12,000 --> 00:10:15,750 Sam Koch: going on under the hood here at the NZX. You'd 185 00:10:15,750 --> 00:10:19,559 Sam Koch: think it's just a typical exchange business like the ASX 186 00:10:19,559 --> 00:10:23,550 Sam Koch: that we've got here, but there's actually three distinct business units. 187 00:10:23,730 --> 00:10:27,000 Sam Koch: They've got the capital markets business, which is similar to ASX. 188 00:10:27,540 --> 00:10:33,720 Sam Koch: You've got a passive fund manager, which is, it's called Smartshares. Effectively, 189 00:10:33,750 --> 00:10:38,250 Sam Koch: ETF provides ETF and passive investing vehicles for the New 190 00:10:38,250 --> 00:10:42,179 Sam Koch: Zealand public. That has about $11 billion in assets under management. 191 00:10:42,509 --> 00:10:46,619 Sam Koch: And they've also got a platform administration business, which has 192 00:10:46,619 --> 00:10:51,478 Sam Koch: about $11 billion in funds under administration, similar to the 193 00:10:51,480 --> 00:10:54,030 Sam Koch: likes of Hub and Netwealth and Premium that we've got 194 00:10:54,030 --> 00:10:57,360 Sam Koch: here in Australia. So at the current share price, you're 195 00:10:57,570 --> 00:11:01,110 Sam Koch: buying the capital markets business before a potential recovery and 196 00:11:01,110 --> 00:11:06,269 Sam Koch: corporate activity. And then you're effectively getting the passive investment 197 00:11:06,270 --> 00:11:10,440 Sam Koch: manager and the funds and administration business, which are both growing strongly, 198 00:11:10,440 --> 00:11:13,980 Sam Koch: for free. So we think it's actually a really exciting 199 00:11:13,980 --> 00:11:18,210 Sam Koch: play both on the recovery and corporate activity and just 200 00:11:18,210 --> 00:11:22,109 Sam Koch: the sum of the parts basis. So that would be 201 00:11:22,109 --> 00:11:25,830 Sam Koch: the first one. And then the second one, I hesitate 202 00:11:26,190 --> 00:11:28,078 Sam Koch: only in the sense that we've got a result coming 203 00:11:28,080 --> 00:11:32,010 Sam Koch: up this month for Premier Retail Group that I'm keen 204 00:11:32,010 --> 00:11:34,860 Sam Koch: to speak about. This is a core holding for us 205 00:11:35,340 --> 00:11:40,109 Sam Koch: within the Wilson Asset Management Capital Fund, and we're really 206 00:11:40,109 --> 00:11:45,270 Sam Koch: backing Solomon Lew is the founder, owner- operator of that business. 207 00:11:45,270 --> 00:11:49,170 Sam Koch: And he's done a phenomenal job over the years in 208 00:11:49,170 --> 00:11:52,319 Sam Koch: terms of running the core retail business, but also growing 209 00:11:52,320 --> 00:11:55,710 Sam Koch: Smiggle and Peter Alexander out to be global rollout stories 210 00:11:55,710 --> 00:11:58,139 Sam Koch: that they are. And he probably has one of the 211 00:11:58,139 --> 00:12:02,190 Sam Koch: best balance sheets in the sector as well. Interesting enough, 212 00:12:02,250 --> 00:12:05,160 Sam Koch: during August, a month ahead of the date that they were 213 00:12:05,160 --> 00:12:08,309 Sam Koch: due to report, Solomon Lew, who I think is in 214 00:12:08,309 --> 00:12:11,219 Sam Koch: his seventies, is starting to speak about breaking up the 215 00:12:11,219 --> 00:12:15,809 Sam Koch: conglomerate and realising the inherent value within the vehicle. Premier 216 00:12:15,809 --> 00:12:21,150 Sam Koch: Retail owns stakes in Breville and Myer, has significant global 217 00:12:21,150 --> 00:12:26,160 Sam Koch: rollout opportunities in Smiggle and Peter Alexander, and a core retail business 218 00:12:26,160 --> 00:12:29,549 Sam Koch: that's going quite strongly. It's one of those ones that 219 00:12:29,550 --> 00:12:33,870 Sam Koch: we're happy to back, especially as the market's under appreciating 220 00:12:33,870 --> 00:12:36,749 Sam Koch: the sum of the parts business here at Premier Retail. 221 00:12:37,770 --> 00:12:41,010 Jennifer Duke: Definitely. Plenty for everyone to dig into there. Look, Sam, 222 00:12:41,010 --> 00:12:42,660 Jennifer Duke: thank you so much for talking to Fear and Greed. 223 00:12:42,960 --> 00:12:44,160 Sam Koch: Thanks, Jen. Really appreciate it. 224 00:12:44,849 --> 00:12:47,519 Jennifer Duke: And that was Sam Koch, Senior Investment Analyst at Wilson 225 00:12:47,520 --> 00:12:51,239 Jennifer Duke: Asset Management. This is the Fear and Greed daily interview. Remember, 226 00:12:51,240 --> 00:12:54,119 Jennifer Duke: this is general information only and you should get professional 227 00:12:54,119 --> 00:12:57,600 Jennifer Duke: advice before making investment decisions. Join us every morning for 228 00:12:57,600 --> 00:13:00,840 Jennifer Duke: the full episode of Fear and Greed, Australia's best business podcast. 229 00:13:01,110 --> 00:13:04,199 Jennifer Duke: I'm Jennifer Duke, economics correspondent for Capital Brief and filling 230 00:13:04,200 --> 00:13:06,030 Jennifer Duke: in for Sean Aylmer. Have a great day.