1 00:00:06,320 --> 00:00:08,560 Speaker 1: This is the weekend edition of Fear and Greed business 2 00:00:08,560 --> 00:00:11,600 Speaker 1: News you can use are Michael Thompson and good morning Sean. 3 00:00:11,440 --> 00:00:14,600 Speaker 2: Alma, Good morning Michael, Sean. 4 00:00:15,040 --> 00:00:17,120 Speaker 1: Our weekend show is all about the two of us, 5 00:00:17,120 --> 00:00:19,560 Speaker 1: each nominating what we think is the biggest business story 6 00:00:19,640 --> 00:00:22,640 Speaker 1: of the week, the most remarkable story, a mystery category 7 00:00:22,640 --> 00:00:25,880 Speaker 1: that we change every week just to keep our judge guessing, 8 00:00:26,560 --> 00:00:28,440 Speaker 1: and then our favorite story, and we are joined, as 9 00:00:28,440 --> 00:00:30,080 Speaker 1: I mentioned, by a judge each week to pick a 10 00:00:30,120 --> 00:00:33,120 Speaker 1: winner that judges our Fear and Greed colleague Adam Lang Adam, 11 00:00:33,159 --> 00:00:34,000 Speaker 1: good morning. 12 00:00:33,800 --> 00:00:36,000 Speaker 3: Good morning Michael, and good morning Sean. 13 00:00:36,159 --> 00:00:38,440 Speaker 2: Morning. Nice to be in the studio. The three of 14 00:00:38,520 --> 00:00:41,120 Speaker 2: us here has been about three months and you've done this. 15 00:00:41,159 --> 00:00:46,120 Speaker 2: We've had all sorts of guest judges and people working remotely. 16 00:00:46,200 --> 00:00:48,760 Speaker 4: People people working remotely. 17 00:00:49,720 --> 00:00:53,600 Speaker 1: Yes, nothing like being in the studio together again. And 18 00:00:53,640 --> 00:00:55,600 Speaker 1: we're actually going to we're going to get into that 19 00:00:55,600 --> 00:00:59,400 Speaker 1: week the animal tomorrow Tomorrow's Q and A. We're going 20 00:00:59,440 --> 00:01:01,000 Speaker 1: to get into kind of the nuts and bolts of 21 00:01:01,040 --> 00:01:03,639 Speaker 1: remote working and a bit of an assessment of whether. 22 00:01:03,440 --> 00:01:06,800 Speaker 2: It did you notice Michael when he was just talking 23 00:01:06,840 --> 00:01:07,200 Speaker 2: then he. 24 00:01:07,160 --> 00:01:08,440 Speaker 3: Did that, Yeah, head Bob. 25 00:01:09,520 --> 00:01:13,200 Speaker 1: I'm a very physical talker. I like to kind of 26 00:01:13,360 --> 00:01:16,039 Speaker 1: wave my hands, my head, everything. 27 00:01:15,640 --> 00:01:18,160 Speaker 2: Which is excellent for an audio medium. 28 00:01:19,160 --> 00:01:21,479 Speaker 3: Maybe we'll clip this for the social media machine. 29 00:01:21,600 --> 00:01:24,240 Speaker 1: You are back in the country and your attitude is 30 00:01:24,280 --> 00:01:25,360 Speaker 1: amped up to eleven. 31 00:01:25,600 --> 00:01:27,040 Speaker 2: You are still irritating. 32 00:01:28,720 --> 00:01:32,920 Speaker 4: Great star, here we go, Adam. What are you looking 33 00:01:32,959 --> 00:01:34,520 Speaker 4: for in today's episode? 34 00:01:35,520 --> 00:01:39,920 Speaker 5: Topicality? Of course, timeliness, we want economic impact. I'd love 35 00:01:39,959 --> 00:01:42,959 Speaker 5: you to play to my subjective bias. And then of 36 00:01:43,040 --> 00:01:48,320 Speaker 5: course Michael's strong suit, Sean's development project, melodrama. 37 00:01:48,120 --> 00:01:49,960 Speaker 4: Development project for Sean Ale. 38 00:01:50,480 --> 00:01:53,200 Speaker 2: I don't like you much. You're irritating as well. 39 00:01:53,400 --> 00:01:54,120 Speaker 4: I enjoy this. 40 00:01:54,440 --> 00:01:57,840 Speaker 1: Okay, let's get straight into it. Two and a half minutes. 41 00:01:57,840 --> 00:02:05,240 Speaker 1: In the Biggest Story of the Week, I shall go first. Yep, Adam, 42 00:02:05,440 --> 00:02:07,880 Speaker 1: one big story this week, and there is one big 43 00:02:07,920 --> 00:02:11,200 Speaker 1: element of it that really deserves the lions. 44 00:02:10,440 --> 00:02:12,680 Speaker 2: Take us to. I mean, Mark is back off, back off, 45 00:02:12,919 --> 00:02:15,680 Speaker 2: we're doing There is only one big story, right Trump Albo. 46 00:02:16,080 --> 00:02:19,399 Speaker 2: So rather than actually have one person, oh okay, we 47 00:02:19,520 --> 00:02:22,639 Speaker 2: are picking the biggest part of it each See. 48 00:02:22,680 --> 00:02:24,080 Speaker 1: I wasn't going to set it up like that. I 49 00:02:24,120 --> 00:02:26,040 Speaker 1: was just going to just take the whole story and 50 00:02:26,080 --> 00:02:29,480 Speaker 1: then leave you with absolutely nothing anyway, But I mean, 51 00:02:29,520 --> 00:02:32,320 Speaker 1: this was this was a big week for politics when 52 00:02:32,360 --> 00:02:36,240 Speaker 1: you think about it, the global politics, Australian politics, it 53 00:02:36,320 --> 00:02:39,560 Speaker 1: was all invested in this meeting in the in the 54 00:02:39,560 --> 00:02:40,120 Speaker 1: White House. 55 00:02:40,200 --> 00:02:43,680 Speaker 2: After two politics has invested this meeting. Actually and Chijing pings. 56 00:02:43,680 --> 00:02:45,080 Speaker 2: They're saying, how Elbow goes with. 57 00:02:45,120 --> 00:02:48,519 Speaker 1: Trump to actually, you know what, he probably is considering 58 00:02:48,600 --> 00:02:51,399 Speaker 1: Australia's pivotal role between the two superpowers. 59 00:02:51,560 --> 00:02:54,560 Speaker 4: He probably he probably was watching it and going what 60 00:02:54,600 --> 00:02:55,240 Speaker 4: do you make of this? 61 00:02:55,440 --> 00:02:55,799 Speaker 2: Go on? 62 00:02:56,000 --> 00:02:58,840 Speaker 1: Two hundred and seventy three days? It took for us 63 00:02:58,840 --> 00:03:00,720 Speaker 1: to get this meeting. Donald Try's been back in the 64 00:03:00,760 --> 00:03:04,600 Speaker 1: Oval office for that long. Finally, finally Albow got his 65 00:03:04,720 --> 00:03:07,480 Speaker 1: White House meeting, his White House moment in front of 66 00:03:07,520 --> 00:03:10,760 Speaker 1: the cameras. There's a lot of criticism that it took 67 00:03:11,600 --> 00:03:13,800 Speaker 1: that long, but arguably it was kind of worth the way. 68 00:03:13,840 --> 00:03:15,640 Speaker 1: And I don't think anyone's even paying attention now to 69 00:03:15,680 --> 00:03:17,160 Speaker 1: the fact that it did take that long. It's just 70 00:03:17,160 --> 00:03:18,480 Speaker 1: like that was all part of the build up and 71 00:03:18,520 --> 00:03:21,280 Speaker 1: the hype. A lot of theater involved in it. There 72 00:03:21,360 --> 00:03:24,280 Speaker 1: always is kind of melodrama and in these in these meetings, 73 00:03:25,440 --> 00:03:28,280 Speaker 1: a lot of praise, a lot of praise going from 74 00:03:28,520 --> 00:03:33,120 Speaker 1: Albow to Trump, and an even greater amount of praise 75 00:03:33,200 --> 00:03:35,600 Speaker 1: going from Trump back to Albow, like saying he was 76 00:03:35,600 --> 00:03:37,640 Speaker 1: a fantastic prime minister. He is doing a great job. 77 00:03:37,680 --> 00:03:39,800 Speaker 1: And did you see Anthony Albanezy saying I'm going to 78 00:03:39,880 --> 00:03:42,640 Speaker 1: use that as my reindorsement to as my endorsement to 79 00:03:42,680 --> 00:03:43,960 Speaker 1: get re elected next time. 80 00:03:44,080 --> 00:03:46,080 Speaker 2: Well, that will help no way in the world. 81 00:03:46,160 --> 00:03:47,360 Speaker 4: Is he actually going to do it? 82 00:03:48,240 --> 00:03:53,920 Speaker 1: From that, and the supremely awkward moment as well with 83 00:03:54,000 --> 00:03:57,800 Speaker 1: Kevin Rudd, the ambassador, Australia's ambassador to the US. You're 84 00:03:57,840 --> 00:04:00,560 Speaker 1: taking that too, Well, this is politics. I'm talking about 85 00:04:00,560 --> 00:04:03,000 Speaker 1: the politics of this, right, Sean's going to go with 86 00:04:03,080 --> 00:04:07,400 Speaker 1: the screics, just the little leftover bits that you mean, business. 87 00:04:06,440 --> 00:04:09,360 Speaker 2: The relevant stuff, but you keep going melodrummer is your 88 00:04:09,360 --> 00:04:09,839 Speaker 2: strong suit? 89 00:04:09,880 --> 00:04:13,000 Speaker 1: Yeah, that awkward moment when the President was asked about 90 00:04:13,080 --> 00:04:16,040 Speaker 1: Kevin Rudd's old tweet about him and he said, was 91 00:04:16,080 --> 00:04:18,120 Speaker 1: it I don't like you. I don't like you either, 92 00:04:18,200 --> 00:04:21,799 Speaker 1: and I probably never will. Rudd then apologized and Trump said. 93 00:04:21,680 --> 00:04:25,360 Speaker 2: Really frustrated me about all that? Yeah, garbage? Trump was 94 00:04:25,400 --> 00:04:27,040 Speaker 2: taking the mickey out of it right from the get 95 00:04:27,040 --> 00:04:30,560 Speaker 2: gard and like we all just take it so seriously, 96 00:04:31,120 --> 00:04:33,839 Speaker 2: and I find it very irritated. 97 00:04:33,800 --> 00:04:36,120 Speaker 1: Well, actually, I think the fact that rud then went 98 00:04:36,200 --> 00:04:39,880 Speaker 1: up and apologize, apologized afterwards, and Trump said kind of 99 00:04:40,200 --> 00:04:44,640 Speaker 1: all is forgiven. I think my opinion of Donald Trump 100 00:04:44,640 --> 00:04:49,240 Speaker 1: actually increased after that meeting, the fact that you are right, 101 00:04:49,320 --> 00:04:52,200 Speaker 1: we talk this stuff up so much and in the end, 102 00:04:52,240 --> 00:04:55,360 Speaker 1: it's just it doesn't seem to care, just gets on 103 00:04:55,400 --> 00:04:56,480 Speaker 1: with it. 104 00:04:57,120 --> 00:04:57,360 Speaker 4: Yeah. 105 00:04:57,440 --> 00:05:01,320 Speaker 1: Yeah, indeed, anyway, this is then when and we make 106 00:05:01,360 --> 00:05:05,240 Speaker 1: a big deal out of it. The opposition, Susan Lee 107 00:05:05,440 --> 00:05:07,960 Speaker 1: made an even bigger deal out of this, and this 108 00:05:08,080 --> 00:05:10,760 Speaker 1: was a misstep, I think, calling for Kevin Rudd to 109 00:05:10,760 --> 00:05:14,680 Speaker 1: be removed, saying his position was untenable. That's forgotten as 110 00:05:14,720 --> 00:05:18,240 Speaker 1: well now embarrassing for Susan Lee. The whole thing, though, overall, 111 00:05:18,720 --> 00:05:20,520 Speaker 1: was a big success. You've got to say there was 112 00:05:20,600 --> 00:05:24,840 Speaker 1: flattery without kind of being fawning. There was kind of diplomacy. 113 00:05:24,880 --> 00:05:27,679 Speaker 1: There wasn't the drama that we've seen in the past 114 00:05:27,720 --> 00:05:32,320 Speaker 1: with Zelenski and Trump. We've seen how it can go wrong. This, 115 00:05:32,400 --> 00:05:34,599 Speaker 1: I would say, is one that went right. It was 116 00:05:34,640 --> 00:05:37,240 Speaker 1: a very good moment for Australia on the world stage. 117 00:05:38,240 --> 00:05:43,839 Speaker 2: Adam, the biggest on this story had substance as opposed 118 00:05:44,200 --> 00:05:48,400 Speaker 2: to whatever that the tripe Michael the TV show, the 119 00:05:48,480 --> 00:05:51,039 Speaker 2: TV show that Michael has been going on. Tell me 120 00:05:51,120 --> 00:05:53,120 Speaker 2: how many people are going to be employed because of 121 00:05:53,160 --> 00:05:55,960 Speaker 2: what you said? How many miners out there are going 122 00:05:56,000 --> 00:05:58,839 Speaker 2: to get a boost because of what you said? How 123 00:05:58,880 --> 00:06:01,159 Speaker 2: many people does it effect? Not many? Right? 124 00:06:01,240 --> 00:06:03,880 Speaker 4: So many? Almost incalculable numbers. 125 00:06:03,960 --> 00:06:08,040 Speaker 2: Eight point five billion US dollars invested in rare earths. 126 00:06:08,320 --> 00:06:11,160 Speaker 2: Details a little sketchy, you know, a billion here, billionaire 127 00:06:11,240 --> 00:06:14,440 Speaker 2: billion from them, billion from US. Yeah, detailed details, I 128 00:06:14,480 --> 00:06:16,960 Speaker 2: reckon the best way to illustrate this. So kind of 129 00:06:17,000 --> 00:06:18,560 Speaker 2: it's really hard to think, oh wow, that all that 130 00:06:18,600 --> 00:06:21,520 Speaker 2: money is great for rear. It's critical minerals US trying 131 00:06:21,560 --> 00:06:26,680 Speaker 2: to get information get these products out of Australia rather 132 00:06:26,760 --> 00:06:29,200 Speaker 2: than China. The processing is actually the harder part than 133 00:06:29,240 --> 00:06:34,200 Speaker 2: the actual extraction. But Tim as the Federal Industry Minister, 134 00:06:34,600 --> 00:06:36,440 Speaker 2: he was talking about gallium this week. When he was 135 00:06:36,480 --> 00:06:39,320 Speaker 2: talking about gallium and al Koa is mining gallium, it 136 00:06:39,400 --> 00:06:43,159 Speaker 2: really came home why this deal matters so gallium is 137 00:06:43,360 --> 00:06:47,000 Speaker 2: a soft silver white metal known for its low melting protocost, 138 00:06:47,080 --> 00:06:49,080 Speaker 2: used in defense, smartphones, medical imaging. 139 00:06:49,440 --> 00:06:51,360 Speaker 3: I remember that my periodic table. 140 00:06:51,640 --> 00:06:54,599 Speaker 2: Michael, shut up. Have you ever caught someone in a 141 00:06:54,640 --> 00:06:57,680 Speaker 2: global market in a few years time? This is what 142 00:06:57,800 --> 00:07:00,800 Speaker 2: we're talking about. This makes a difference to us. How 143 00:07:00,800 --> 00:07:05,680 Speaker 2: about Arafura right in the Northern Territory, the Nolan's project 144 00:07:05,800 --> 00:07:08,520 Speaker 2: rup there back by Genna Ryan Hart. It's actually received 145 00:07:08,560 --> 00:07:13,000 Speaker 2: one point two billion dollars of money, including one hundred 146 00:07:13,000 --> 00:07:16,680 Speaker 2: million dollars from during the week. The whole idea there 147 00:07:17,120 --> 00:07:19,120 Speaker 2: is that it's a rare earth's miner it's going to 148 00:07:19,120 --> 00:07:21,800 Speaker 2: produce rare earths. I mean, this is a fair Dingham 149 00:07:22,040 --> 00:07:26,400 Speaker 2: Ossie company doing good. Don't you want doing good on 150 00:07:26,440 --> 00:07:28,480 Speaker 2: the back of this? So, Michael, you can have all 151 00:07:28,480 --> 00:07:32,120 Speaker 2: the fluff about Kevin Rand and Donald Trump and Albanize 152 00:07:32,160 --> 00:07:37,520 Speaker 2: in all that substance, Adam substance that eight point five 153 00:07:37,720 --> 00:07:42,360 Speaker 2: billion US dollar, thirteen billion Ossie dollar rare Earth's critical 154 00:07:42,440 --> 00:07:47,880 Speaker 2: minerals deal with absolutely no detail to it. But that 155 00:07:48,040 --> 00:07:48,760 Speaker 2: is substantive. 156 00:07:48,800 --> 00:07:50,000 Speaker 4: It's just a headline. 157 00:07:50,800 --> 00:07:52,240 Speaker 3: Go on, I love them both. 158 00:07:52,440 --> 00:07:58,560 Speaker 5: Sean wins all about the deal, right, and we know 159 00:07:58,640 --> 00:08:02,480 Speaker 5: that from Donald Trump, the rest the television production is 160 00:08:02,520 --> 00:08:05,760 Speaker 5: a byproduct, and he loves it. So I think actually 161 00:08:06,080 --> 00:08:10,440 Speaker 5: Albanezi has played this masterfully, using all of our assets 162 00:08:10,440 --> 00:08:14,360 Speaker 5: and our guile, our position in the globe literally geographically 163 00:08:14,400 --> 00:08:17,200 Speaker 5: as well. I think it's masterful, well played. 164 00:08:17,920 --> 00:08:21,400 Speaker 1: What about Sean's obsession with obscure minerals and elements? 165 00:08:21,400 --> 00:08:24,720 Speaker 2: And isn't it a seriously hated chemistry at school? They 166 00:08:24,720 --> 00:08:25,680 Speaker 2: didn't do it for the HC. 167 00:08:25,880 --> 00:08:27,440 Speaker 3: I loved it. I was no good at it. Yeah, 168 00:08:27,480 --> 00:08:27,960 Speaker 3: I loved it. 169 00:08:28,200 --> 00:08:30,200 Speaker 2: Then when you get older and you realize what all 170 00:08:30,240 --> 00:08:33,479 Speaker 2: these sort of elements, yes do, it's phenomenal. 171 00:08:33,559 --> 00:08:35,200 Speaker 1: While you were talking just then, I just did a 172 00:08:35,240 --> 00:08:39,560 Speaker 1: search back through our notes from every episode we have 173 00:08:39,640 --> 00:08:41,959 Speaker 1: done of Fear and Greed over the last five years, 174 00:08:42,000 --> 00:08:44,280 Speaker 1: just gpt can do you know what I was searching for. 175 00:08:44,520 --> 00:08:47,640 Speaker 1: I was searching for the keywords no, no, no, silvery white, 176 00:08:48,320 --> 00:08:51,760 Speaker 1: and it has come up so many times. You're talking 177 00:08:51,800 --> 00:08:54,000 Speaker 1: about lithium, you're talking about gallian, you're talking about all 178 00:08:54,040 --> 00:08:56,480 Speaker 1: these other ones, and it's just like these descriptions. You 179 00:08:56,520 --> 00:09:00,839 Speaker 1: really love the detail of these minerals and elements fascinating. 180 00:09:00,960 --> 00:09:01,600 Speaker 4: I just love it. 181 00:09:01,760 --> 00:09:05,400 Speaker 1: I love the fact that you are so engaged by 182 00:09:05,520 --> 00:09:06,640 Speaker 1: elemental properties. 183 00:09:06,960 --> 00:09:08,280 Speaker 2: It's a wind shorn. 184 00:09:08,400 --> 00:09:09,920 Speaker 4: It's quite aw Let's move on. 185 00:09:10,000 --> 00:09:14,080 Speaker 2: Let's just ignore him. No, Michael, Michael Most, Oh god, 186 00:09:14,160 --> 00:09:16,880 Speaker 2: this is your finning is difficult, aren't you? You're pained 187 00:09:16,920 --> 00:09:20,360 Speaker 2: in this. I just don't like losing most remarkable story. 188 00:09:20,440 --> 00:09:21,719 Speaker 2: How about I go first on this one? 189 00:09:21,840 --> 00:09:22,040 Speaker 4: Oh? 190 00:09:22,080 --> 00:09:25,559 Speaker 2: Please? This is truly remarkable because this is a game 191 00:09:25,679 --> 00:09:31,000 Speaker 2: changer in financial planning, financial advice world game changer. We 192 00:09:31,040 --> 00:09:34,840 Speaker 2: found out this week that Macquarie's dropping hundreds of investment options, 193 00:09:35,200 --> 00:09:38,840 Speaker 2: or at least it's considering it from its superinvestment platform. 194 00:09:39,400 --> 00:09:42,360 Speaker 2: These platforms, mccrary's got one BT, you have twenty four. 195 00:09:42,400 --> 00:09:45,440 Speaker 2: There's probably six or seven main ones. What they do, 196 00:09:45,960 --> 00:09:49,960 Speaker 2: they're a black box between the investor and the product 197 00:09:50,000 --> 00:09:52,160 Speaker 2: provider at the other end. So if I want to 198 00:09:52,160 --> 00:09:55,200 Speaker 2: invest in one, I'll go to a platform. It's say, hey, 199 00:09:55,240 --> 00:09:58,120 Speaker 2: I want to buy private credit from this organization? Can 200 00:09:58,160 --> 00:10:01,720 Speaker 2: I use your platform? Often it's done through superannuation and 201 00:10:02,040 --> 00:10:04,800 Speaker 2: they do all that middle stuff. The thing is, when 202 00:10:04,840 --> 00:10:07,679 Speaker 2: it sits on the platform, there's this tacit approval. 203 00:10:08,280 --> 00:10:09,520 Speaker 3: It's legit that it's. 204 00:10:09,520 --> 00:10:12,400 Speaker 2: Legit, and of course Mcquarie with the shield Master fund 205 00:10:12,440 --> 00:10:16,000 Speaker 2: that went broke, it got caught out on that equilink. 206 00:10:16,040 --> 00:10:17,520 Speaker 2: I think it is one of the other guys being 207 00:10:17,520 --> 00:10:20,240 Speaker 2: caught up. At the moment, Mcquarie, to their credit, is 208 00:10:20,280 --> 00:10:22,120 Speaker 2: refunding three hudred and twenty one million dollars to those 209 00:10:22,160 --> 00:10:24,600 Speaker 2: three thousand customers. But what it's made them do is 210 00:10:24,640 --> 00:10:27,000 Speaker 2: look at all these funds they've got on their platform, 211 00:10:27,200 --> 00:10:29,600 Speaker 2: and it's they're incentivized to put the funds on their 212 00:10:29,640 --> 00:10:31,920 Speaker 2: platform because they get a fee for that. They've now said, 213 00:10:31,960 --> 00:10:35,200 Speaker 2: hold on, we can't afford the reputational damage here, so 214 00:10:35,240 --> 00:10:37,840 Speaker 2: we've got to go through all of these again and 215 00:10:37,920 --> 00:10:40,960 Speaker 2: kick it again. Yes, and kick a bunch of them off. 216 00:10:41,400 --> 00:10:44,800 Speaker 2: The others again have to follow Mcquarie right, and all 217 00:10:44,880 --> 00:10:48,320 Speaker 2: of a sudden it changes the whole dynamics of this 218 00:10:48,440 --> 00:10:52,560 Speaker 2: because financial planners suddenly can't rely on all these funds 219 00:10:52,559 --> 00:10:56,560 Speaker 2: and put their people into it. Individuals same sort of deal. 220 00:10:57,200 --> 00:11:01,880 Speaker 2: So by Mcquarie doing this, they're really changing how that 221 00:11:01,960 --> 00:11:05,400 Speaker 2: industry is going to flow. The flip side is that 222 00:11:05,440 --> 00:11:07,440 Speaker 2: if they go through and they throw off five hundred 223 00:11:07,440 --> 00:11:10,120 Speaker 2: products right, as an investor, I'm going to think, oh, 224 00:11:10,240 --> 00:11:13,040 Speaker 2: the one still there. They must be really good then, 225 00:11:13,240 --> 00:11:16,840 Speaker 2: because they've passed, you know, So there's kind of a yeah. 226 00:11:17,080 --> 00:11:21,000 Speaker 2: There's a problem here for mcquarie in doing this is 227 00:11:21,000 --> 00:11:23,600 Speaker 2: that in the future people think, whatever, we've got our 228 00:11:23,760 --> 00:11:26,319 Speaker 2: stamp of approval on, we really do have our stamp 229 00:11:26,320 --> 00:11:30,120 Speaker 2: of approval on. So to me, it is remarkable just 230 00:11:30,160 --> 00:11:33,560 Speaker 2: how quickly Mcquarie that they're going through kicking off funds. 231 00:11:33,559 --> 00:11:35,680 Speaker 2: All the others will have to do it. They cannot 232 00:11:35,720 --> 00:11:38,480 Speaker 2: afford to not do it. It will also change the 233 00:11:38,520 --> 00:11:43,360 Speaker 2: way private credit, for example, and other funds provide their 234 00:11:43,400 --> 00:11:46,760 Speaker 2: services because now they've got to go through the investment 235 00:11:46,800 --> 00:11:50,640 Speaker 2: platform filter, in this case Mcquarie's filter. See, I don't 236 00:11:50,640 --> 00:11:52,280 Speaker 2: think Mark's got any idea what I'm talking about, But 237 00:11:52,360 --> 00:11:56,200 Speaker 2: Adam is noting sagely, big, big exchange, no imarkable. 238 00:11:56,920 --> 00:11:59,400 Speaker 1: I actually completely agree that that, and we talked about 239 00:11:59,440 --> 00:12:01,960 Speaker 1: it through the week on the show, and I understood 240 00:12:01,960 --> 00:12:04,160 Speaker 1: it then and I agree that it is a big story. 241 00:12:04,160 --> 00:12:07,439 Speaker 1: But I was just trying to get myself in into 242 00:12:07,480 --> 00:12:09,520 Speaker 1: the zone. You know, when you have an Olympian who 243 00:12:09,559 --> 00:12:11,440 Speaker 1: just doesn't pay attention to what the other people are doing, 244 00:12:11,520 --> 00:12:14,000 Speaker 1: because they're focused on their own performance. You feel Peter, 245 00:12:14,280 --> 00:12:18,440 Speaker 1: it's me, Adam. That was a remarkable story. But the 246 00:12:18,480 --> 00:12:21,880 Speaker 1: most remarkable story is what is going on in the 247 00:12:21,920 --> 00:12:24,640 Speaker 1: world of browsers on the Internet. 248 00:12:25,320 --> 00:12:27,280 Speaker 3: Okay, browsers. 249 00:12:27,559 --> 00:12:29,280 Speaker 2: There's a good word, isn't it browsers? 250 00:12:29,440 --> 00:12:29,960 Speaker 3: Browser? 251 00:12:30,240 --> 00:12:34,840 Speaker 4: Yeah, it's fun to say, browser, Atlas, Atlas. 252 00:12:35,000 --> 00:12:37,160 Speaker 2: Yes, you've got your browsers on. 253 00:12:37,800 --> 00:12:38,200 Speaker 3: I do. 254 00:12:38,520 --> 00:12:42,200 Speaker 5: Actually I downloaded it this week to play with Atlas. 255 00:12:42,280 --> 00:12:45,640 Speaker 4: Yeah. So you know then that this is this is. 256 00:12:45,640 --> 00:12:48,400 Speaker 2: A big browsers and trousers both on. 257 00:12:51,440 --> 00:12:52,440 Speaker 4: In the studio together. 258 00:12:52,520 --> 00:12:54,480 Speaker 1: If you didn't have either of those on right now, 259 00:12:54,559 --> 00:12:59,360 Speaker 1: I would be alarmed. Open Ai declared war war on 260 00:12:59,720 --> 00:13:03,560 Speaker 1: Google Google Chrome with its own web browser Atlas. The 261 00:13:03,600 --> 00:13:05,719 Speaker 1: thing about this, so you've used this, Adam, so you 262 00:13:05,800 --> 00:13:07,960 Speaker 1: know better than any of us that you can you 263 00:13:08,000 --> 00:13:10,040 Speaker 1: can type, you can talk to it, and it just 264 00:13:10,120 --> 00:13:12,880 Speaker 1: and it does it for you more than just kind 265 00:13:12,880 --> 00:13:15,000 Speaker 1: of these results just popping up and you having to 266 00:13:15,040 --> 00:13:17,640 Speaker 1: sift your way through. It will find stuff, it will 267 00:13:17,640 --> 00:13:20,280 Speaker 1: summarize it, It will even kind of click and engage 268 00:13:20,320 --> 00:13:22,760 Speaker 1: on your behalf and it gets into like the agentic 269 00:13:22,800 --> 00:13:24,520 Speaker 1: AI where you can actually get it to do your 270 00:13:24,520 --> 00:13:27,840 Speaker 1: shopping essentially for you on your behalf. Sam Altman, who 271 00:13:27,880 --> 00:13:31,160 Speaker 1: is the boss of open Ai, calls it a once 272 00:13:31,320 --> 00:13:34,560 Speaker 1: in a decade chance to rethink what a browser can be. 273 00:13:35,400 --> 00:13:39,240 Speaker 1: It's a big challenge to try and take market share 274 00:13:39,320 --> 00:13:42,960 Speaker 1: from Chrome, because there's three billion users for Chrome. It's 275 00:13:42,960 --> 00:13:45,360 Speaker 1: had a sixteen year head start on this. 276 00:13:45,720 --> 00:13:47,360 Speaker 3: Rightly half the globe. Yeah. 277 00:13:47,679 --> 00:13:50,560 Speaker 1: Yeah, but if Atlas succeeds, like, there is the potential 278 00:13:50,600 --> 00:13:54,320 Speaker 1: that people could stop visiting websites altogether and they just 279 00:13:54,520 --> 00:13:58,640 Speaker 1: use Atlas as the interface for everything basically. So this 280 00:13:58,720 --> 00:14:01,080 Speaker 1: is actually what he says there. What Altman says about 281 00:14:01,080 --> 00:14:03,199 Speaker 1: it being a once in a decade chance, it's it's 282 00:14:03,200 --> 00:14:05,800 Speaker 1: actually probably accurate. 283 00:14:06,080 --> 00:14:09,880 Speaker 4: And might I judge might accurate. 284 00:14:10,360 --> 00:14:13,319 Speaker 1: Surprise, Well no, but you know how you expect the 285 00:14:13,360 --> 00:14:15,520 Speaker 1: boss of a company to talk up their product, right, 286 00:14:15,720 --> 00:14:17,839 Speaker 1: But on this occasion, I actually think it's probably right. 287 00:14:18,000 --> 00:14:21,960 Speaker 1: And I will defer to someone who made a comment 288 00:14:22,000 --> 00:14:25,600 Speaker 1: this week, a very very wise person who described this 289 00:14:27,080 --> 00:14:30,520 Speaker 1: as a fair Dinkham game changer. 290 00:14:31,200 --> 00:14:33,920 Speaker 2: This one fair. 291 00:14:32,880 --> 00:14:34,400 Speaker 4: Dinkham game changer, that was one. 292 00:14:34,440 --> 00:14:37,560 Speaker 1: Sean Almer made that comment through the week, and I thought, 293 00:14:37,600 --> 00:14:40,560 Speaker 1: you know what, I'm going to use that as an 294 00:14:40,680 --> 00:14:43,840 Speaker 1: endorsement of my own story because they were your own words. 295 00:14:45,080 --> 00:14:48,840 Speaker 4: Adam, Yes, I think I remember. There is a global. 296 00:14:48,480 --> 00:14:51,000 Speaker 1: Element to this that this is, this is across the 297 00:14:51,160 --> 00:14:54,600 Speaker 1: entire Internet planet, right, this is the global. 298 00:14:54,640 --> 00:14:57,840 Speaker 2: Condescending No, I'm just trying. 299 00:14:58,120 --> 00:14:59,920 Speaker 1: He had a little glint in his eye that said, 300 00:15:00,280 --> 00:15:02,920 Speaker 1: you've lost again, Michael, And so I was just reminding 301 00:15:03,000 --> 00:15:04,360 Speaker 1: him that my story is global. 302 00:15:06,640 --> 00:15:10,920 Speaker 5: Okay, so you actually win. And I'm really torn on 303 00:15:10,960 --> 00:15:12,560 Speaker 5: this one because. 304 00:15:12,360 --> 00:15:15,720 Speaker 2: I can't argue with that, Adam. Yeah, irritating Atlas is 305 00:15:15,760 --> 00:15:16,440 Speaker 2: feeding and game. 306 00:15:16,920 --> 00:15:20,760 Speaker 3: Well it is in your own word, shurely, it really is. 307 00:15:21,160 --> 00:15:25,880 Speaker 5: But right on the horizon now this Macquarie dropping all 308 00:15:25,960 --> 00:15:29,520 Speaker 5: of those options from their platform. As you say, it's 309 00:15:29,640 --> 00:15:33,560 Speaker 5: like having a verification of sorts, you feel comfortable and 310 00:15:33,640 --> 00:15:37,720 Speaker 5: when you as you know, Sean, the volumes of money 311 00:15:37,760 --> 00:15:41,320 Speaker 5: and hard earned savings going through those things, this actually 312 00:15:41,400 --> 00:15:46,520 Speaker 5: matters a lot, and the ramifications, the ramifications are going 313 00:15:46,560 --> 00:15:50,440 Speaker 5: to come. But this is obviously Australia that Google Alphabet 314 00:15:50,520 --> 00:15:53,240 Speaker 5: has been dominant for over twenty years, right, just an 315 00:15:53,320 --> 00:15:56,720 Speaker 5: incredible invention and how it's turned, you know, the search 316 00:15:56,720 --> 00:16:00,240 Speaker 5: for information into an advertising machine and Google Crime and 317 00:16:00,280 --> 00:16:03,520 Speaker 5: we use workspace, right, I wonder whether it's. 318 00:16:03,360 --> 00:16:06,720 Speaker 2: Atlas no, no, no, no, you use. 319 00:16:09,120 --> 00:16:10,920 Speaker 3: So Atlas. 320 00:16:11,200 --> 00:16:14,280 Speaker 5: I'm wondering whether it's not versus, but whether it's complementary, 321 00:16:14,400 --> 00:16:17,080 Speaker 5: as in my early experiments with Outlas, so you just 322 00:16:17,160 --> 00:16:20,040 Speaker 5: log into it and it just sits over Chrome or 323 00:16:20,040 --> 00:16:22,800 Speaker 5: sits over like brings across all your browsers and your 324 00:16:22,840 --> 00:16:26,080 Speaker 5: favorites and your passwords, and so I'm wondering if it's 325 00:16:26,120 --> 00:16:29,760 Speaker 5: actually a complimentary rather than versus story. But the scale 326 00:16:29,800 --> 00:16:33,960 Speaker 5: of billions involved in this is incredible. So yeah, Atlas 327 00:16:34,280 --> 00:16:34,720 Speaker 5: has to win. 328 00:16:35,960 --> 00:16:37,600 Speaker 1: I don't know whether they I don't know whether they 329 00:16:37,640 --> 00:16:40,920 Speaker 1: can coexist. I reckon it is just a it's a battle, 330 00:16:41,000 --> 00:16:44,280 Speaker 1: well considering kind of Google has just plowed so much money. 331 00:16:44,040 --> 00:16:45,560 Speaker 3: Into it through through the. 332 00:16:45,600 --> 00:16:47,480 Speaker 4: Gemini AI stuff. 333 00:16:47,520 --> 00:16:49,280 Speaker 1: I don't think they'd be happy kind of being a 334 00:16:49,280 --> 00:16:52,040 Speaker 1: complementary thing to to Atlas. 335 00:16:52,480 --> 00:16:54,280 Speaker 4: Anyway, you have to get one. 336 00:16:54,640 --> 00:16:56,880 Speaker 1: Okay, quick break, we're going to come back with the 337 00:16:56,880 --> 00:17:00,640 Speaker 1: mystery category. I reckon you're going to like this one, Adam, Okay, 338 00:17:00,800 --> 00:17:09,359 Speaker 1: back in a moment, all right, Sean, we have our 339 00:17:09,400 --> 00:17:14,359 Speaker 1: mystery category now, and this week the mystery category is 340 00:17:14,400 --> 00:17:19,640 Speaker 1: our favorite you're already smiling at me favorite markets story. 341 00:17:19,800 --> 00:17:22,800 Speaker 2: Okay, it's been a cracking week. It's really exciting out there. 342 00:17:22,880 --> 00:17:25,400 Speaker 2: So our mystery category is a favorite market story. 343 00:17:26,359 --> 00:17:29,240 Speaker 3: Go on, Adam, narrow it down. Michael in the. 344 00:17:29,200 --> 00:17:33,480 Speaker 1: Words, So I'm quoting everybody this week. I'm just importing 345 00:17:33,520 --> 00:17:37,760 Speaker 1: everybody else's wisdom, right, okay. In the words of Domain's 346 00:17:37,960 --> 00:17:44,160 Speaker 1: Nicola Powell, Doctor Nicola Powell, Australia's housing market made history 347 00:17:44,640 --> 00:17:48,720 Speaker 1: this week. How about that for an opening statement? Well done, 348 00:17:48,760 --> 00:17:53,760 Speaker 1: Michael and Nicola obviously as well, but allow Michael Demaine's 349 00:17:53,840 --> 00:17:59,960 Speaker 1: September quarter price report record prices Sydney, Brisbane, Adelaide per 350 00:18:00,000 --> 00:18:04,640 Speaker 1: Brisbane overtook Melbourne to become the second most expensive city Sydney. 351 00:18:04,640 --> 00:18:08,639 Speaker 1: In Melbourne posted their fastest gains in years. The pace 352 00:18:08,840 --> 00:18:13,080 Speaker 1: of growth is increasing. It is not slowing. It is increasing. 353 00:18:13,200 --> 00:18:15,480 Speaker 1: Had three interest rate cuts, perhaps more to come, and 354 00:18:15,560 --> 00:18:19,560 Speaker 1: increased and expanded first home by a scheme limited supply. 355 00:18:19,840 --> 00:18:22,640 Speaker 1: That major problem that is just pushing these prices up. 356 00:18:22,920 --> 00:18:25,440 Speaker 1: It is not stopping. By the end of the year. 357 00:18:25,760 --> 00:18:29,320 Speaker 1: This report predicts that Melbourne is on track to fully recover. 358 00:18:29,840 --> 00:18:33,120 Speaker 1: It's only got ten thousand dollars essentially left before it's recovered, 359 00:18:33,200 --> 00:18:34,120 Speaker 1: kind of everything that. 360 00:18:34,119 --> 00:18:35,440 Speaker 4: Lost over the last couple of years. 361 00:18:35,880 --> 00:18:38,720 Speaker 1: Perth by the end of the year expected to crack 362 00:18:38,760 --> 00:18:41,560 Speaker 1: the one million dollar market only needs nineteen thousand dollars. 363 00:18:41,720 --> 00:18:42,720 Speaker 2: These are median values. 364 00:18:42,760 --> 00:18:43,679 Speaker 3: I presume a. 365 00:18:43,800 --> 00:18:48,520 Speaker 1: Median values minor detail, Sean, and that would see six 366 00:18:48,640 --> 00:18:51,920 Speaker 1: of our eight capitals in the million dollar club. This 367 00:18:52,119 --> 00:18:57,679 Speaker 1: is real wealth that affects everyday Australians, Adam, this is 368 00:18:58,040 --> 00:19:04,159 Speaker 1: the most important, most relevant market story. 369 00:19:05,320 --> 00:19:07,040 Speaker 4: Of the week, potentially the. 370 00:19:07,040 --> 00:19:11,280 Speaker 2: Year, and one that we've been talking about for months 371 00:19:11,359 --> 00:19:16,679 Speaker 2: and month this week and it made history this week. 372 00:19:16,760 --> 00:19:20,880 Speaker 2: But oh my word, have we not spoken nonstuff about 373 00:19:20,880 --> 00:19:23,920 Speaker 2: house prices going up? Well, okay, so I became a journalist. 374 00:19:23,960 --> 00:19:26,679 Speaker 4: Well, you talk about something that we've never discussed before. 375 00:19:26,760 --> 00:19:27,439 Speaker 4: Go let's hear it. 376 00:19:27,720 --> 00:19:30,359 Speaker 1: He's going to bust something out that we've never mentioned 377 00:19:30,400 --> 00:19:31,399 Speaker 1: on this podcast before. 378 00:19:31,400 --> 00:19:32,440 Speaker 4: What have you got for a shot? 379 00:19:33,600 --> 00:19:37,040 Speaker 2: I don't like the way you're crazing this. This is 380 00:19:37,080 --> 00:19:39,840 Speaker 2: a tail for investors, just like the Macquarie Bank with 381 00:19:39,880 --> 00:19:43,080 Speaker 2: a tail for investors. This is a tail for investors. 382 00:19:44,040 --> 00:19:48,119 Speaker 2: What goes up pretty much always comes down, except for 383 00:19:48,160 --> 00:19:50,240 Speaker 2: the house market, because we've been talking about that going 384 00:19:50,320 --> 00:19:52,560 Speaker 2: up for years and years and years. We had a 385 00:19:52,600 --> 00:19:56,520 Speaker 2: peeking gold price about a week ago. Gold fourth that 386 00:19:58,080 --> 00:19:59,680 Speaker 2: what's wrong, that's new. 387 00:20:00,080 --> 00:20:01,919 Speaker 1: We've never talked about gold before. 388 00:20:03,400 --> 00:20:06,760 Speaker 2: Three hundred and seventy nine dollars and thirteen US dollars 389 00:20:06,800 --> 00:20:09,800 Speaker 2: per ounce, and then it fell off the cliff, the 390 00:20:10,040 --> 00:20:15,800 Speaker 2: largest four in one session in twelve years. You know 391 00:20:16,080 --> 00:20:18,679 Speaker 2: who got hit most? You know all those people we 392 00:20:18,680 --> 00:20:21,439 Speaker 2: saw photos off lining up around ABC Bullion in Sydney. 393 00:20:22,400 --> 00:20:24,640 Speaker 2: We can see their faces. I'd like to see their 394 00:20:24,640 --> 00:20:27,280 Speaker 2: faces today because they lined up, they bought physically. 395 00:20:27,280 --> 00:20:28,920 Speaker 3: There was no q yesterday. 396 00:20:30,240 --> 00:20:33,000 Speaker 2: So we had another guest during the week whose office 397 00:20:33,280 --> 00:20:36,919 Speaker 2: was very much like was very close to that ABC 398 00:20:37,040 --> 00:20:39,679 Speaker 2: Bullion and he said, the quds are amazing still. 399 00:20:39,960 --> 00:20:42,960 Speaker 3: Yeah, Paul from M Squire, Yeah, M Squeed Capital. 400 00:20:43,000 --> 00:20:47,399 Speaker 2: And this is the day before it crashed, and it 401 00:20:47,480 --> 00:20:51,600 Speaker 2: crashed precient. What we know is in the weeks beforehand, 402 00:20:53,000 --> 00:20:55,359 Speaker 2: ASEX list of goal exchange traded funds hit a record 403 00:20:55,440 --> 00:20:58,280 Speaker 2: nine hundred and ninety seven million dollars. We had people 404 00:20:58,280 --> 00:21:00,880 Speaker 2: lining up around the corner and then it crashes. Now, 405 00:21:01,000 --> 00:21:02,960 Speaker 2: let's not get too upset here. Because it's still forty 406 00:21:02,960 --> 00:21:06,640 Speaker 2: one hundred US dollars anounced, still very high. But there 407 00:21:06,680 --> 00:21:09,359 Speaker 2: are a stack of people, probably retail investors in that 408 00:21:09,480 --> 00:21:14,159 Speaker 2: last week have done their money. And it's my favorite 409 00:21:14,200 --> 00:21:18,400 Speaker 2: market story because is a timely reminder that what goes 410 00:21:18,480 --> 00:21:24,640 Speaker 2: up generally comes down at some point and investors beware. 411 00:21:24,960 --> 00:21:29,000 Speaker 2: As opposed to Michael's tripe about. 412 00:21:27,640 --> 00:21:33,840 Speaker 5: Going up, both are entirely legitimate stories. I'm giving this 413 00:21:33,880 --> 00:21:36,760 Speaker 5: one too short. I remember, like we've been going for 414 00:21:36,800 --> 00:21:40,720 Speaker 5: five and a half years, right, I remember gold in 415 00:21:40,760 --> 00:21:45,720 Speaker 5: the thousands, one fifteen hundred, talking about two thousand, the 416 00:21:45,840 --> 00:21:50,280 Speaker 5: spectacular increase, and you got COVID to international geopolitics since 417 00:21:50,320 --> 00:21:53,199 Speaker 5: twenty twenty to now. It has to be one of 418 00:21:53,200 --> 00:21:57,679 Speaker 5: the most spectacular assets of all. So the fact that 419 00:21:57,720 --> 00:21:59,720 Speaker 5: it came off for two reasons. One it got so 420 00:21:59,800 --> 00:22:02,560 Speaker 5: high too, it's a great reminder. It may be the 421 00:22:02,640 --> 00:22:05,800 Speaker 5: cheapest lesson at this point that we investors can get, 422 00:22:05,840 --> 00:22:08,600 Speaker 5: which is to say, things do come down. It's not 423 00:22:08,640 --> 00:22:10,080 Speaker 5: a relentless upward trajectory. 424 00:22:10,160 --> 00:22:10,760 Speaker 3: It never is. 425 00:22:10,880 --> 00:22:13,720 Speaker 5: So and watch it, you know, watch it on the market, 426 00:22:13,800 --> 00:22:15,440 Speaker 5: get good advice, and watch it. 427 00:22:15,520 --> 00:22:16,480 Speaker 3: Invest cautiously. 428 00:22:17,240 --> 00:22:22,080 Speaker 5: Property important, absolutely, but it is more of a continuing theme, 429 00:22:22,119 --> 00:22:24,080 Speaker 5: whereas I think we saw a change in the narrative 430 00:22:24,119 --> 00:22:25,720 Speaker 5: with gold. 431 00:22:25,400 --> 00:22:29,919 Speaker 1: In nineteen seventy seven. Right, you were minus four, go 432 00:22:30,040 --> 00:22:36,959 Speaker 1: on minus nine? Right, Voyager one was launched, right, it 433 00:22:37,000 --> 00:22:39,280 Speaker 1: has just kept on going. It is now twenty four 434 00:22:39,400 --> 00:22:43,959 Speaker 1: billion kilometers from Earth. That was launched up. It's not 435 00:22:44,000 --> 00:22:47,560 Speaker 1: coming back down. I've just disproven the theory that what 436 00:22:47,720 --> 00:22:48,120 Speaker 1: goes up. 437 00:22:48,160 --> 00:22:50,360 Speaker 2: Must come down, demonstrated your knowledge about. 438 00:22:50,560 --> 00:22:52,399 Speaker 3: Three dimension or it's just further away. 439 00:22:52,560 --> 00:22:54,080 Speaker 4: It's not up nor down. It's up. 440 00:22:54,160 --> 00:22:55,360 Speaker 2: It could be in a back hole. 441 00:22:55,480 --> 00:22:57,160 Speaker 4: It's in interstellar space at the moment. 442 00:22:57,280 --> 00:22:59,920 Speaker 2: Technically, that's what that's classed does. Is that cool? 443 00:23:00,359 --> 00:23:06,560 Speaker 1: Twenty four billion kilometers away? It's been going for forty Skylab? Yeah, 444 00:23:06,640 --> 00:23:09,200 Speaker 1: I came back on, didn't We talked about that through 445 00:23:09,240 --> 00:23:09,480 Speaker 1: the week. 446 00:23:09,520 --> 00:23:13,480 Speaker 2: We did. We did. Okay, okay to one favorite, Michael 447 00:23:13,520 --> 00:23:15,520 Speaker 2: got to make a comment. This has been a Wayne 448 00:23:15,560 --> 00:23:18,880 Speaker 2: come back in this studio. One of the three of us. 449 00:23:19,320 --> 00:23:21,480 Speaker 2: It's not me and it's not you. Yea has become 450 00:23:21,520 --> 00:23:25,080 Speaker 2: a little more for a bose. Do you mean, isn't it? 451 00:23:25,280 --> 00:23:26,440 Speaker 2: It wasn't Michael, It wasn't mean. 452 00:23:26,560 --> 00:23:28,440 Speaker 4: Yeah, I guess well done, Sherlock. 453 00:23:29,200 --> 00:23:31,879 Speaker 3: I narrowed it right down. It was in the mirror 454 00:23:31,920 --> 00:23:32,520 Speaker 3: the whole time. 455 00:23:33,280 --> 00:23:36,959 Speaker 2: Your your judgments are just that's longer, too much, all right, 456 00:23:37,600 --> 00:23:39,239 Speaker 2: A brief No, no, no, no, I'm not. I mean, 457 00:23:39,240 --> 00:23:41,040 Speaker 2: if I win, I'm more for it, but if I lose, 458 00:23:41,320 --> 00:23:41,800 Speaker 2: not so much. 459 00:23:42,119 --> 00:23:44,480 Speaker 4: Shut up the problem and what. 460 00:23:44,600 --> 00:23:47,000 Speaker 1: Is bizarre is the fact that we are running short 461 00:23:47,000 --> 00:23:49,320 Speaker 1: of time and for once it's not me that has 462 00:23:49,320 --> 00:23:52,800 Speaker 1: done this, which I'm amazed by, thrilled about. 463 00:23:53,040 --> 00:23:55,360 Speaker 4: Let's go, Sean. 464 00:23:55,560 --> 00:23:56,600 Speaker 2: Yeah, that's my favorite story. 465 00:23:56,600 --> 00:23:58,840 Speaker 1: Would you like to give us your favorite story? Because 466 00:23:58,880 --> 00:24:00,639 Speaker 1: you reserved this early? 467 00:24:01,640 --> 00:24:08,320 Speaker 2: The love the world loves jewel theft eight pieces of 468 00:24:08,440 --> 00:24:17,120 Speaker 2: jewelry one hundred million dollars value inestible, in estimable historical value. Right, 469 00:24:18,000 --> 00:24:20,640 Speaker 2: but basically, a few hooded blokes I presume they were male, 470 00:24:21,320 --> 00:24:25,520 Speaker 2: with power tools, clambed up a wall, smashed the window, 471 00:24:25,760 --> 00:24:27,840 Speaker 2: threatened the guards with power tools. The guards ran away. 472 00:24:27,880 --> 00:24:30,480 Speaker 2: Or if you've got like an a and an angle 473 00:24:30,560 --> 00:24:33,240 Speaker 2: grinder coming towards you, you're running. There is no doubt 474 00:24:33,240 --> 00:24:35,240 Speaker 2: about it. They ran. They then used the power to 475 00:24:35,359 --> 00:24:37,200 Speaker 2: just to smash the case where the jewels were being held. 476 00:24:37,400 --> 00:24:41,159 Speaker 2: Took them, clamb it back down and took off very funny. 477 00:24:41,200 --> 00:24:43,800 Speaker 2: Not really, I mean, it's not funny, but it did 478 00:24:43,840 --> 00:24:47,879 Speaker 2: get comical. During the week, the museum's director acknowledged that 479 00:24:48,000 --> 00:24:51,200 Speaker 2: much of the security system was badly outdated, and now 480 00:24:51,280 --> 00:24:54,040 Speaker 2: the exterior camera near the thieves entry point was facing 481 00:24:54,119 --> 00:24:59,560 Speaker 2: the wrong way. As a result, the museum's security system 482 00:24:59,720 --> 00:25:02,920 Speaker 2: did not see them arriving on a Sunday morning at 483 00:25:03,280 --> 00:25:08,560 Speaker 2: nine thirty am in a truck that they parked right 484 00:25:08,600 --> 00:25:12,680 Speaker 2: alongside the loover for wall, nor did it catch them 485 00:25:12,680 --> 00:25:23,199 Speaker 2: deploying an electric ladder. Did anyone hear something, nor did 486 00:25:23,240 --> 00:25:25,440 Speaker 2: they see them climbing up the ladder. 487 00:25:25,720 --> 00:25:28,639 Speaker 3: Then on the window that sound. 488 00:25:28,840 --> 00:25:31,199 Speaker 2: The security system only kicked in once the thieves had 489 00:25:31,280 --> 00:25:34,440 Speaker 2: smashed the window the power tools and they had a 490 00:25:34,480 --> 00:25:38,080 Speaker 2: security said, actually, the security system worked quite well once 491 00:25:38,160 --> 00:25:42,760 Speaker 2: the windows were smashed, right, I just don't I don't. 492 00:25:42,520 --> 00:25:44,600 Speaker 1: Know whether you can say that that it worked well 493 00:25:44,680 --> 00:25:47,640 Speaker 1: if part of your security system is security guards who 494 00:25:47,720 --> 00:25:49,000 Speaker 1: run away at the first side. 495 00:25:49,480 --> 00:25:51,439 Speaker 2: There was a reason for that too, because training in 496 00:25:51,520 --> 00:25:55,840 Speaker 2: recent times has been very much focused on soup or 497 00:25:55,880 --> 00:26:03,840 Speaker 2: paint throwing activists going into the loof paint at an artwork. 498 00:26:04,160 --> 00:26:07,159 Speaker 2: They haven't actually done much training on thieves coming and 499 00:26:07,160 --> 00:26:10,919 Speaker 2: actually sticking stuff, and she said that this week, like 500 00:26:11,000 --> 00:26:12,920 Speaker 2: she said, she said, we're going to have to retrain 501 00:26:12,960 --> 00:26:15,560 Speaker 2: some of these people because they're very look like if 502 00:26:15,600 --> 00:26:18,520 Speaker 2: someone comes in with the can Campbell's no problems there there. 503 00:26:18,720 --> 00:26:21,480 Speaker 2: They are right together, but a few power. 504 00:26:21,200 --> 00:26:22,840 Speaker 3: Tool oyster shell white paint. 505 00:26:23,560 --> 00:26:25,840 Speaker 4: It's just one of those unforeseeable risks, isn't it. Who 506 00:26:25,840 --> 00:26:29,560 Speaker 4: would have thought that sum housing priceless jewels. 507 00:26:29,280 --> 00:26:32,000 Speaker 2: Could be a target for thieves. And the great thing 508 00:26:32,040 --> 00:26:35,240 Speaker 2: is that they stole nine, but they dropped one the 509 00:26:35,240 --> 00:26:37,520 Speaker 2: way through, so I ended up with eight. And they 510 00:26:38,520 --> 00:26:41,000 Speaker 2: these will ever be resold to be broken down. 511 00:26:41,040 --> 00:26:45,760 Speaker 1: AND's not some speculation that the price of gold was 512 00:26:45,800 --> 00:26:50,280 Speaker 1: one of the reasons why I was pushing it. I 513 00:26:50,320 --> 00:26:52,560 Speaker 1: don't think so. I suspect that it's probably going to 514 00:26:52,640 --> 00:26:54,480 Speaker 1: have more You would think it would have more value 515 00:26:54,480 --> 00:26:56,919 Speaker 1: on the back market though as well that there's going 516 00:26:57,000 --> 00:27:01,200 Speaker 1: to be some ultra wealthy a collector. 517 00:27:00,840 --> 00:27:04,679 Speaker 3: That you can't you can't tell anyone, but there are. 518 00:27:04,800 --> 00:27:08,080 Speaker 4: There would be so many priceless things the miand. 519 00:27:07,920 --> 00:27:10,280 Speaker 2: Of an evil genius like Adam and I do it 520 00:27:10,440 --> 00:27:16,680 Speaker 2: in the mirror in your lair. What a cracking story. 521 00:27:17,400 --> 00:27:20,680 Speaker 4: Yeah, that is great, Adam. Can I just quickly clarify. 522 00:27:21,720 --> 00:27:24,919 Speaker 1: In the criteria I was listening, but I've forgotten was 523 00:27:25,000 --> 00:27:27,480 Speaker 1: one of them subjective bias that you're looking for. 524 00:27:27,600 --> 00:27:29,400 Speaker 4: Okay, criteria number four. This is good. 525 00:27:29,440 --> 00:27:31,720 Speaker 2: This is an important one for you. Subjective bias. 526 00:27:32,040 --> 00:27:36,720 Speaker 5: No economic impact is kind of a master the foundation. 527 00:27:37,640 --> 00:27:40,240 Speaker 4: But subjective bias is impart of it. It's a part 528 00:27:40,359 --> 00:27:40,600 Speaker 4: it is. 529 00:27:40,760 --> 00:27:43,120 Speaker 1: It is relatively important, Like it's more important than say, 530 00:27:43,280 --> 00:27:46,240 Speaker 1: kind of something that isn't one of your criteria. 531 00:27:47,280 --> 00:27:51,560 Speaker 2: So if it's something that really you're attracted to or 532 00:27:51,560 --> 00:27:54,480 Speaker 2: you think about, right, yeah, it's something that plays in 533 00:27:54,520 --> 00:27:56,920 Speaker 2: your mind, then that's it's going to help. 534 00:27:57,080 --> 00:28:01,360 Speaker 4: Yes, okay, Adam. 535 00:28:01,400 --> 00:28:07,399 Speaker 1: Open ai will soon allow adults to generate erotic contents 536 00:28:08,240 --> 00:28:09,280 Speaker 1: on chat cheap bt. 537 00:28:12,000 --> 00:28:13,000 Speaker 4: Now, the thing is. 538 00:28:15,080 --> 00:28:18,520 Speaker 1: Full marks for subjective bias. 539 00:28:18,640 --> 00:28:21,920 Speaker 2: If he gives you full marks, he's admitting to something 540 00:28:21,960 --> 00:28:22,639 Speaker 2: he doesn't want to. 541 00:28:24,440 --> 00:28:26,359 Speaker 3: I just cannot respond. 542 00:28:27,000 --> 00:28:28,840 Speaker 5: There's no effective response to that. 543 00:28:29,560 --> 00:28:35,439 Speaker 1: Elon Mus is to blame again because his children. His 544 00:28:35,760 --> 00:28:40,280 Speaker 1: groc chatbot, which is a rival to open Ai, has 545 00:28:40,440 --> 00:28:45,760 Speaker 1: already embraced erotica. So now you could say that CHAT, 546 00:28:45,800 --> 00:28:49,480 Speaker 1: GPT and GROC are effectively in a race to the bottom. 547 00:28:49,800 --> 00:28:50,040 Speaker 3: Here. 548 00:28:50,400 --> 00:28:52,720 Speaker 2: Oh you like that, don't you. You've been waiting to 549 00:28:52,800 --> 00:28:56,120 Speaker 2: use that bust that much? Can you please drop a 550 00:28:56,160 --> 00:28:57,320 Speaker 2: point open? 551 00:28:57,480 --> 00:29:00,360 Speaker 1: AI boss Sam Altman, We've already mentioned him a couple 552 00:29:00,400 --> 00:29:04,000 Speaker 1: of times today, says the change due in December is 553 00:29:04,040 --> 00:29:08,920 Speaker 1: part of a new policy that will treat adults like adults, 554 00:29:09,600 --> 00:29:12,400 Speaker 1: with erotica available only. 555 00:29:12,360 --> 00:29:14,000 Speaker 4: To verified adults. 556 00:29:14,200 --> 00:29:17,200 Speaker 1: So don't you even think about putting a fake date 557 00:29:17,240 --> 00:29:21,600 Speaker 1: of birth in there to sneak your way in to 558 00:29:21,600 --> 00:29:23,240 Speaker 1: make your own AI. 559 00:29:23,760 --> 00:29:25,520 Speaker 5: You know when you scroll through the years, I've to 560 00:29:25,560 --> 00:29:29,000 Speaker 5: scrolled quite like. 561 00:29:28,960 --> 00:29:30,000 Speaker 2: It's three flicks. 562 00:29:30,600 --> 00:29:33,640 Speaker 4: It's a long long way anyway. Look, that's all I've 563 00:29:33,640 --> 00:29:34,240 Speaker 4: really got to say. 564 00:29:34,360 --> 00:29:36,440 Speaker 1: I just like this story because it is a legitimate 565 00:29:36,480 --> 00:29:38,800 Speaker 1: reason for me to say the word erotic. 566 00:29:38,480 --> 00:29:39,000 Speaker 3: On the show. 567 00:29:39,360 --> 00:29:43,040 Speaker 1: I tried on many occasions, but to work it into 568 00:29:43,080 --> 00:29:47,280 Speaker 1: the show today finally, So I don't know if I'm 569 00:29:47,280 --> 00:29:48,200 Speaker 1: going to win this one. 570 00:29:48,760 --> 00:29:49,280 Speaker 3: Yeah you're not. 571 00:29:50,440 --> 00:29:51,080 Speaker 4: It's fair. 572 00:29:51,400 --> 00:29:55,080 Speaker 5: The absolute calamity at the Louver beautiful. Yeah you got 573 00:29:55,120 --> 00:29:57,080 Speaker 5: the pictures of the river saying you've got the pictures 574 00:29:57,080 --> 00:29:59,680 Speaker 5: of this truck backing up and all of the story 575 00:29:59,680 --> 00:30:04,080 Speaker 5: that you it's this is like the pink panther, you remember. 576 00:30:03,920 --> 00:30:10,920 Speaker 4: You know, this can't be real. But it was just such. 577 00:30:10,760 --> 00:30:16,240 Speaker 5: A fabulous suckling blue so just watching it happen, oh my, 578 00:30:16,520 --> 00:30:19,520 Speaker 5: so and then the story got worse in the response, 579 00:30:19,760 --> 00:30:21,560 Speaker 5: we might have to train again. 580 00:30:22,920 --> 00:30:24,800 Speaker 2: Really was facing the wrong way? 581 00:30:24,920 --> 00:30:28,480 Speaker 5: Yes, and we're trained for paint activism and soup like 582 00:30:28,560 --> 00:30:32,520 Speaker 5: destruction of property rather than there just like, okay, and 583 00:30:32,600 --> 00:30:36,160 Speaker 5: the guards ran away, bravely ran away. 584 00:30:36,360 --> 00:30:39,960 Speaker 4: But what may I ask your thoughts on erotica? 585 00:30:40,880 --> 00:30:45,080 Speaker 5: I try to have as few as possible, particularly in 586 00:30:45,120 --> 00:30:46,880 Speaker 5: the public domain, very. 587 00:30:46,760 --> 00:30:51,000 Speaker 4: Few thoughts, just urges. What was the three one? What 588 00:30:51,040 --> 00:30:51,640 Speaker 4: were the points? 589 00:30:51,960 --> 00:30:54,760 Speaker 3: Three one? Very close? But Sean wins ninety six to 590 00:30:54,840 --> 00:30:55,360 Speaker 3: ninety two. 591 00:30:55,960 --> 00:30:57,680 Speaker 4: Ninety two is better than I was expected. 592 00:30:57,920 --> 00:31:00,760 Speaker 1: Yeah, to be honest, I thought I'd get pretty much 593 00:31:00,840 --> 00:31:01,960 Speaker 1: zero points for that last one. 594 00:31:02,000 --> 00:31:04,479 Speaker 2: I just wanted to say erotica. Really, that's all it was. 595 00:31:04,880 --> 00:31:08,400 Speaker 1: Okay, good work, Thank you very much, Adam, Thank you Michael, 596 00:31:08,480 --> 00:31:09,040 Speaker 1: and thank you. 597 00:31:09,040 --> 00:31:11,040 Speaker 2: Sure and thank you very much, Adam. Thank you, Michael. 598 00:31:11,080 --> 00:31:12,840 Speaker 1: Make sure you're following the podcast and head to Fear 599 00:31:12,880 --> 00:31:14,640 Speaker 1: and Greed dot com dot au to sign up for 600 00:31:14,640 --> 00:31:17,640 Speaker 1: our free daily newsletter for your chance to win some 601 00:31:17,760 --> 00:31:20,520 Speaker 1: exclusive Fear and Greed merchandise. I'm Michael Thompson, and that 602 00:31:20,600 --> 00:31:21,360 Speaker 1: was Fear and Greed. 603 00:31:21,480 --> 00:31:22,240 Speaker 3: Have a great weekend.