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Speaker 1: This is the weekend edition of Fear and Greed, daily

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Speaker 1: business news for people who make their own decisions. I'm

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Speaker 1: Michael Thompson, and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael.

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Speaker 1: Now Sean. Our weekend show is all about the two

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Speaker 1: of us eats, nominating what we think is the biggest

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Speaker 1: business story of the week, the most remarkable business story,

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Speaker 1: a sleeper story, one that's flying under the radar a

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Speaker 1: little bit, and then our favorite business related or business

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Speaker 1: adjacent story. Really and every week. Because this is a

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Speaker 1: very fierce, a very ferocious competition, we need a judge

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Speaker 1: to pick a winner. And that judge is our Fear

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Speaker 1: and Greed colleague, Adam Lang. Adam, good morning.

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Speaker 3: Good morning. I've got a new little invention to show today,

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Speaker 3: a little bit of show and tell.

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Speaker 2: Yeah, that's good for audio. O.

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Speaker 1: What a new spreadsheet. It's a paper based spreadsheet.

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Speaker 3: Is a customized scoreset ready for today. I'm no longer handwritten.

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Speaker 3: It's a new and improved scoeshet.

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Speaker 2: Look. I think it's wonderful. But Michael, I've got to

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Speaker 2: ask the question. We are so pushed for time throughout

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Speaker 2: the week. Is that a good use of Adam it's

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Speaker 2: a value.

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Speaker 1: Ad you know what I think. I think it is

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Speaker 1: the most Adam invention imaginable. And the fact that I

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Speaker 1: even described it as a paper based spreadsheet instead of

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Speaker 1: a scorecard tells me that I've been hanging around with

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Speaker 1: Adam way too long.

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Speaker 2: Ye Now, I'd just like to think the great Tim

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Speaker 2: Burrows for the last couple of weeks efforts. Now I've

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Speaker 2: been away obviously, so he judged you to and I

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Speaker 2: love the way he started aggressive, stayed aggressive, finished aggressive,

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Speaker 2: often against Adam. Tim quite true, the great man from

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Speaker 2: Unmade who remained very aggressive about the CEO of nine

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Speaker 2: Mike sneedsby this week, leaving very aggressive Tim, keep it up,

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Speaker 2: well done, thank you, Yes.

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Speaker 3: Well played. Burrows, welcome back anytime.

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Speaker 1: And I will go get to his contribution a little

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Speaker 1: later because it's going to have an impact on the

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Speaker 1: way that these stories are judged today. Though in a

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Speaker 1: very Adam kind of style, I'm not going to tell

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Speaker 1: you about the change to the criteria or the categories

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Speaker 1: until we get to it. The Shall we jump straight

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Speaker 1: into the biggest story just quickly, Adam, in if this

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Speaker 1: is possible in fifteen seconds or less, can you tell

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Speaker 1: us what you are looking for.

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Speaker 3: Today, topicality, timeliness. We want it to be very timely,

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Speaker 3: economic impact, a little bit of my subjective bias play

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Speaker 3: to that, and a lot of melodrama.

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Speaker 2: If you please a lot of melodrama, I might as.

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Speaker 3: Well sprightly today.

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Speaker 2: Do you add that the Almer family motto? You know

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Speaker 2: mot families have mottoes. So we sold the family home

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Speaker 2: a couple of years ago when mum moved into aged can.

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Speaker 2: My father died thirty years ago and we found the

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Speaker 2: Alma plaque. Do you know what the Almer family motto is?

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Speaker 2: The word used steady? How boring can that be?

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Speaker 3: That is just steady, steady.

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Speaker 2: The opposite to melodrama. So rather than being melodramatic, I

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Speaker 2: am talking about a story today that actually matters to listeners.

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Speaker 2: That's what it should be all about. The Australian share market.

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Speaker 2: The past week we've seen record highs from Comwealth Bank,

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Speaker 2: Macquarie Group, Wistead Global, the other three big banks are

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Speaker 2: the seven year highs. West Farmers has come off a bit,

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Speaker 2: but it's within striking distance of a record. Even Telstra

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Speaker 2: is training around a one year high. Maybe not CSL,

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Speaker 2: maybe not the big miners. They're the lithium and uranium stocks.

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Speaker 2: Didn't they have a cracking week on threats of supply

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Speaker 2: reduction from China in the lithium case and Russia in

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Speaker 2: the uranium case. There's this growing confidence that the economy

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Speaker 2: is going to land softly, as in not going recession,

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Speaker 2: and we will start to get rate cuts next year.

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Speaker 2: The stretch of inflation is still there, but it's receding

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Speaker 2: and that's giving investors confidence. The talk is increasingly turning

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Speaker 2: to the labor market and keeping unemployment lobe. This week

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Speaker 2: we had the Reserve Bank Chief economists Sarah Hunter, give

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Speaker 2: a talk on full employment. That's when the labor market

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Speaker 2: neither adds nor to tracts inflationary pressures to the economy.

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Speaker 2: It's a tricky one to pin down, but market economists

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Speaker 2: think it's about four point five percent. We're at four

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Speaker 2: point two percent. Reserve Bank reckons will get four point

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Speaker 2: four percent by the end of the year. That's when

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Speaker 2: we can start looking for rate cuts. Just the fact

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Speaker 2: that we're talking about the labor market, not inflation, well,

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Speaker 2: not quite as much, That is very significant. Anyway, All

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Speaker 2: is calm about the economy is helping equity markets. This

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Speaker 2: is coming as all the earnings season news is factored in.

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Speaker 2: We're a couple of weeks past that, and so Adam,

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Speaker 2: if you go and look at your superinnuation balance, it'll

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Speaker 2: look pretty good at the moment. And this week it

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Speaker 2: really has been all about the market. Michael, stop frowning

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Speaker 2: like that.

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Speaker 1: I'm not frowning. How many stories do you want to

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Speaker 1: combine into one here?

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Speaker 3: Don't get thrown off your game, Sean, No, stay strong, Steady.

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Speaker 2: Fear and greed, Steady fear and greed. It's all fear

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Speaker 2: and greed. The name comes from Benjamin Graham. I think

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Speaker 2: it was that said all markets are driven by fear

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Speaker 2: or greed, which is hence the name of our podcast.

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Speaker 2: So if you're not backing a market story, then stop trying, Michael.

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Speaker 2: Why you beat that?

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Speaker 1: Oh golly goodness, gracious me. I mean obviously, Oudam. It's

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Speaker 1: up to you to rule on the point of order

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Speaker 1: of how many stories that Sean just combined into one.

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Speaker 1: Tim Burrow has never stood for an omnibus story. That's

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Speaker 1: going to point that out. The biggest single story I'm

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Speaker 1: going to make that distinction here, the biggest single story,

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Speaker 1: not just in Australia, but right around the world this week.

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Speaker 1: And keep in mind, please keep in mind that we

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Speaker 1: are a true relevance, a truly global podcast. We are

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Speaker 1: a global podcast. So this is a global story with

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Speaker 1: global ramifications stretching obviously right around the world, because that

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Speaker 1: is global. The campaign to become the next president of

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Speaker 1: the United States was blown wide open this week by

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Speaker 1: the debate between Donald Trump and Krmala Harris. According to

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Speaker 1: pretty much every poll and plenty of commentators on both sides,

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Speaker 1: I will point out on both sides, Krmala Harris won

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Speaker 1: the debate. Now, the thing that gets me is just

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Speaker 1: how different a display it was from the last debate

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Speaker 1: between Trump and Joe Biden. To an extent, Karmala Harris

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Speaker 1: went into this and unknown quantity for a lot of

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Speaker 1: voters and tens of millions of people watched as she

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Speaker 1: laid trap after trap for the former president, for Donald Trump,

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Speaker 1: and he just walked right into them. He had illegal

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Speaker 1: immigrants eating people's pets, he had sex change operations for

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Speaker 1: illegal aliens in jail, the execution of babies after birth,

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Speaker 1: an endorsement from the Hungarian Prime Minister, who is widely

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Speaker 1: considered to be a dictator Trump's multiple bankruptcies. It was

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Speaker 1: a far cry from the last debate when Trump ran

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Speaker 1: rings around Joe Biden. And in case, that wasn't enough

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Speaker 1: to invigorate the Democrats who were already quite invigorated. But

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Speaker 1: now they are ultra invigorated.

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Speaker 2: So what would that be like it quite invigorated to

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Speaker 2: ultra invigorated.

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Speaker 1: It's about a forty percent increase in invigoration. Like if

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Speaker 1: I must quantify it as forty to forty three, it

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Speaker 1: would mega be sixty or seventy percent, sixty to sixty

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Speaker 1: eight percent. Correct, rights got to be precise about this.

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Speaker 1: Write that down, please, Adam on your new little paper

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Speaker 1: based spreadsheet after the debate was done. After the debate

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Speaker 1: was done, And Adam, I know that you enjoy music,

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Speaker 1: and so this is really for you. Taylor Swift. Taylor

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Speaker 1: Swift gave her endorsement, which may actually prove to be

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Speaker 1: more influential than any debate performance. Two hundred and eighty

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Speaker 1: four million Instagram followers, a lot of them younger Americans.

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Speaker 1: The debate was Tuesday night, the endorsement came shortly after.

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Speaker 1: By two pm the next day, more than three hundred

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Speaker 1: and thirty thousand people had clicked on Taylor Swift's link

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Speaker 1: that she provided in her Instagram stories to register to vote.

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Speaker 1: So this is actually this is people then becoming engaged

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Speaker 1: in the political process and suddenly they are potential voters

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Speaker 1: on either side, but they are just engaging with the process,

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Speaker 1: which is really what you want to see. Will there

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Speaker 1: be another debate? No, there will not. Kamala Harris ons one.

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Speaker 1: Trump has said he is not going to have one.

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Speaker 1: It doesn't really matter.

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Speaker 2: He'll have one on Fox with Sean Hennerdy.

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Speaker 1: I'd say that, yeah, yeah, Seah, that is true. I

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Speaker 1: can't imagine that that is actually going to happen.

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Speaker 2: Is they're not.

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Speaker 1: It doesn't matter because now we have had this year

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Speaker 1: two debates, both debates for the ages and considering though

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Speaker 1: the impact of the vote in November on the world's

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Speaker 1: biggest economy, on our alliance with our strongest partner globally,

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Speaker 1: this was the biggest story of the week, not just

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Speaker 1: for the global impact, but if you zero in right

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Speaker 1: back here on Australia, this is going to have an enormous,

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Speaker 1: enormously significant impact. The repercussions are unable to be fully

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Speaker 1: described in the time limit that I have allowed myself.

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Speaker 2: Can can you over melodramatize?

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Speaker 3: You can I overreg it?

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Speaker 1: I reckon, Yeah, I've still pulled up short of that. Anyway,

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Speaker 1: there we go. That was the biggest story of the week.

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Speaker 3: Clearly, Okay, maybe I should have steady as a criteria,

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Speaker 3: just to be fair to the Almer family's tradition. He's

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Speaker 3: worthy of consideration. But for the moment, melodrama is it?

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Speaker 3: And Michael wins.

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Speaker 1: For just on melodrama or the whole category.

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Speaker 3: You've won the story, Michael by the narrowest of margins.

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Speaker 2: But surely the melodrama is the reason that got him

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Speaker 2: over the line.

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Speaker 3: Oh yeah, yeah, yeah, yeah, yeah.

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Speaker 2: It's not actually the content. It's the melodrama.

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Speaker 1: John, I have never never claimed to be about the

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Speaker 1: content ever. All right, that's good one, Nil, Hey yeah,

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Speaker 1: did you have any additional judging comments you wish to

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Speaker 1: make or happy? Just to let the overall.

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Speaker 3: I thought it was a spectacular debate, and also these Sean,

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Speaker 3: I gained so much heart out of the possible retreating

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Speaker 3: inflation that economically is so significant on this one, the

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Speaker 3: US economy being the biggest in the world, and just

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Speaker 3: the ramifications for our trade, the US election to.

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Speaker 2: Us and not that much. It actually doesn't. I mean

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Speaker 2: Michael started by saying, this week it was blown wide open.

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Speaker 2: Not really, we've blown wide open on July twenty one

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Speaker 2: when Krmla Harris will mid July, when Karmlala Harris replaced

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Speaker 2: Joe Biden, it wasn't fly wide open.

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Speaker 1: This week Karmala Harris said, you need to stop looking backward, Sean,

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Speaker 1: and we've got to look to the future.

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Speaker 2: That's right.

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Speaker 3: Please?

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Speaker 1: Shall we move on to the most remarkable?

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Speaker 2: Yeah, go for it, Michael, What is it?

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Speaker 1: Well, there is only one contender actually that fits all

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Speaker 1: of the criteria. I've worked through that little list that

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Speaker 1: Adam has given us, and I've ticked myself in every box.

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Speaker 1: Here the world's biggest company making a remarkable pivot from

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Speaker 1: just straightforward, straight up tech business to a business that

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Speaker 1: puts health first.

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Speaker 2: Wow, this that happened this week.

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Speaker 1: This is remarkable. This is remarkable. This week we had tech.

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Speaker 1: Don't pull that face at you. Are you angry at

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Speaker 1: Sean's like interjection then? Or are you questioning my statement?

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Speaker 3: I'm going to be impressed if you can connect those

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Speaker 3: last two cents.

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Speaker 1: This week. This week, tech behemoth Apple launched its new

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Speaker 1: range of iPhones, Apple watches, air pods. And when the

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Speaker 1: company is worth three point five trillion US dollars and

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Speaker 1: its fortunes and the fortunes of its investors largely rely

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Speaker 1: on the success of the iPhone, then you can guarantee

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Speaker 1: that this story is going to get plenty of attention.

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Speaker 1: Maybe this should have been the biggest story of the week.

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Speaker 1: It actually probably could have fit into pretty much every

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Speaker 1: category here today because the attention was there not just

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Speaker 1: for the AI component of this or Apple Intelligence. All

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Speaker 1: the features that were kind of emphasized during the presentation,

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Speaker 1: They are all being rolled out to make our lives

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Speaker 1: easier in the new iPhones and all of the various

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Speaker 1: like you can write an email faster, use AI for that.

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Speaker 1: Everyone's doing that, though, and I will make that point.

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Speaker 1: Everyone is already doing that. All these other tech companies

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Speaker 1: are doing that. If you want to summarize some text,

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Speaker 1: you can use AI. You want to add stuff to

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Speaker 1: your to your calendar, use AI for that. Apple they've

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Speaker 1: kind of caught up with that. But but the fascinating,

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Speaker 1: truly remarkable thing was how Apple has cleverly zeroed in

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Speaker 1: on something that we all need help with. It is health.

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Speaker 1: It is an aging population and our increased focus on

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Speaker 1: our health because we all want to live healthy, productive lives.

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Speaker 1: And Apple has decided that, you know what, we are

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Speaker 1: the ones who are going to help you do that

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Speaker 1: AirPods that test hearing loss, and those same AirPods can

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Speaker 1: then work as a clinical hearing aid. What that is amazing?

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Speaker 1: An Apple watch that can detect sleep happening?

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Speaker 2: Are these sponsors of ours, Adams Apple.

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Speaker 3: Sean, They're not unless Michael's done a little side.

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Speaker 2: Is a side deal going on here?

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Speaker 1: There is no side deal? Oh I am what.

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Speaker 3: Laptop are you using?

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Speaker 1: I don't think that matters. It feels like you are trying.

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Speaker 2: To I like being I like you that, I like

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Speaker 2: being an independent journalistic outfit. It's really important. Go on, Michael.

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Speaker 1: I'm not swayed by the type of laptop that I'm using,

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Speaker 1: or by the type of phone that I use, or

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Speaker 1: by the type of watch that I wear.

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Speaker 2: It is.

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Speaker 3: Yes, all three coin.

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Speaker 1: And the fact that that Apple Watch can detect sleep apnea.

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Speaker 2: Yeah, it's working. It's actually judging mine is judging me

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Speaker 2: right now?

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Speaker 1: Oh savage? Not cool? That is not cool. But interestingly, interestingly,

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Speaker 1: this then has an effect on other companies res Med,

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Speaker 1: like the sleep app near the Sleep technology company actually

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Speaker 1: welcomed then this news that more people are going to

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Speaker 1: be kind of testing there how well they are sleeping. Then,

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Speaker 1: of course, than a company like ResMed benefits from that

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Speaker 1: because you need to go out and get the the

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Speaker 1: cpat machine and all that kind of stuff. Anyway, anyway,

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Speaker 1: a minor irrelevant detail, but it does show you the

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Speaker 1: impact that a company like Apple has on other companies,

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Speaker 1: even companies that are considered large in their space. They

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Speaker 1: are all hanging off every word from Apple.

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Speaker 2: This is getting this, is actually getting trump esca. That's

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Speaker 2: the only way I can put it, is getting trump

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Speaker 2: esc It is just so over the top, just like

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Speaker 2: he won the debate during the week. In fact, it

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Speaker 2: was the best debate he's ever done.

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Speaker 1: Michael add it all together just in ten seconds. Health benefits,

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Speaker 1: faster charging times, better and bigger screens, the AI enhancements

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Speaker 1: and get this, get this fences do sound like I'm

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Speaker 1: advertising for Apple.

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Speaker 2: Oh my god, it's horrendous.

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Speaker 1: The phones won't even cost more. In fact, in many

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Speaker 1: cases the products will actually cost less. Than they have

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Speaker 1: in the clast.

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Speaker 2: Can I just say we have never ever had a

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Speaker 2: commercial agreement with Apple, We don't expect to have one.

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Speaker 2: We have absolutely nothing to do with them.

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Speaker 1: And in a cost of living crisis, Apple is doing

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Speaker 1: it's bit to help, and I truly believe that to

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Speaker 1: be remarkable.

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Speaker 3: Do you want to profess your true love for Apple

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Speaker 3: right now?

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Speaker 1: Michael and I have not just read from their press release.

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Speaker 2: You you've been a journalist for more than fifteen years.

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Speaker 2: Don't you cringe a little bit of what you say?

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Speaker 3: Sure?

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Speaker 1: And that suggests that I have some kind of awareness

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Speaker 1: and kind of self assessment and anything along those lines that. No, No,

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Speaker 1: you say things, you put them out there and you

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Speaker 1: let other people judge good.

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Speaker 2: I'm going to put mine out there. We're dropping you, Michael.

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Speaker 2: The most remarkable story or this week, in fact, the

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Speaker 2: rast remarkable person Rupert Murdoch. Why this week? Because you

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Speaker 2: can't turn on a TV or read a website without

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Speaker 2: seeing some sort of reference to the murdochs Now, my

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Speaker 2: take is just a little bit different. I would say,

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Speaker 2: without doubt, Rupert Murdoch is Australia's greatest ever business person,

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Speaker 2: if measured purely on the basis of money and influence.

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Speaker 2: No one comes near him. He took his father's Adelaide

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Speaker 2: based Herald and Weekly Times business created one of I mean,

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Speaker 2: possibly the most but certainly one of the most powerful

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Speaker 2: media companies pre digital in the world. Next week, the

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Speaker 2: ninety three year old mister Murdoch and his son Lachlan

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Speaker 2: are going to court to argue that the latter, the son, Lachlan,

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Speaker 2: should get control over the family trust when Rupert dies.

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Speaker 2: It'd be a difficult argument to make him court with't it.

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Speaker 2: Our dad hasn't got that much longer. However, Anyway, Ruben

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Speaker 2: Murdock basically he won. I'm right here, you know, yeah,

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Speaker 2: I'm here. I'm breathing. Rupert wants Lachlan, who's more conservative

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Speaker 2: than the other three Prudence, James, and Elizabeth, to take control.

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Speaker 2: And the argument that Rupert is making in court is

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Speaker 2: that the business model relies on Fox News et cetera

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Speaker 2: being conservative, so the best person to run that business

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Speaker 2: model is the conservative son. The Murdocks are fighting very

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Speaker 2: hard to stop other media outlets covering the court case

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Speaker 2: airing any dirty laundry ironic to say the least. Then

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Speaker 2: this week, we had a shareholder file a resolution to

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Speaker 2: eliminate the dual class structure of News Corp when mister

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Speaker 2: Murdock dies. So the poor mister Murdoch is coming at

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Speaker 2: him from all sides, even though he is alive. As

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Speaker 2: it stands, Rupert owns fourteen percent of the shares and

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Speaker 2: controls forty percent of the votes. The shareholder asks why

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Speaker 2: should that continue when the children own the shares, which

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Speaker 2: is a very good question. The Murdoch drama is going

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Speaker 2: to fill our lives for the next few weeks, and

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Speaker 2: the news will overwhelmingly be anti news Corp because the

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Speaker 2: competitors of News Corp will be reporting on it. Now,

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Speaker 2: don't get me wrong, News Corp has been the evil

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Speaker 2: emprioritt time, certainly to some people, so I'm not arguing

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Speaker 2: for news Corp. But undoubtedly Rupert Murdock has created a

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Speaker 2: phenomenally powerful company, lauded and loathed by presidents and Prime

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Speaker 2: ministers and kings and queens all sorts of people, like

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Speaker 2: it or not. His kingdom has actually helped democracy evolve.

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Speaker 2: It's been a very loud voice for conservative politics. Maybe

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Speaker 2: you don't like it, right, but it's actually put that

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Speaker 2: side of politics and the arguments from that side of

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Speaker 2: politics forward and made it a major player. So Fox

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Speaker 2: News is the antithesis of CNN News in the US.

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Speaker 2: That's not a bad thing to have two sides of

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Speaker 2: the story. Keep all that in mind as the new

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Speaker 2: His Corp drama unfolds in coming weeks. Like him, all

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Speaker 2: loath him. Rupert Murdoch is truly remarkable, Adam.

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Speaker 3: Not a difficult choice this one, Sean wins.

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Speaker 2: Oh Michael's face, Michael's paid advertorial for Apple.

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Speaker 3: On the one side, unpaid advertorial I should stress versus

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Speaker 3: Rupert Murdoch. Even just one element, Sean, quite aside from

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Speaker 3: his achievements, the irrevocable trust being challenged in court to

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Speaker 3: revoke it. That is remarkable. The voting class very interesting,

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Speaker 3: and it's quite spectacular in Reno, Nevada. Isn't it that

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Speaker 3: in this courthouse a very significant decision will be made.

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Speaker 3: It's it is remarkable.

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Speaker 1: Yeah, what about what about the hearing aids with the airports?

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Speaker 3: So look, yes, there's elements of remarkability about it, but

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Speaker 3: there's nothing particularly revolutionary. This week. I would argue that

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Speaker 3: they're all evolutionary and they've been on this journey for

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Speaker 3: some time.

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Speaker 1: These are the biggest product redesigns and relaunch one one.

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Speaker 2: Let's go to the break. We'll be back in just

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Speaker 2: a moment.

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Speaker 1: All right, Sean. We are looking for a sleeper story. Now.

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Speaker 1: A sleeper story is one that is flying under the

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Speaker 1: radar a little bit, or or is going to become

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Speaker 1: a bigger story further down the track. Now, Now, can

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Speaker 1: I just quickly point out something, And I know that

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Speaker 1: to probably kind of wear my ability to do anything quickly,

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Speaker 1: but I will just just kind of point this out

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Speaker 1: to you that Tim Burrows who filled in as judge

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Speaker 1: obviously over the last couple of weeks and did an

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Speaker 1: admirable job, not saying that our present judge does not

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Speaker 1: do an admirable job, but notes, please Adam, because Tim

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Speaker 1: provided us with really it was an epiphany. He gave

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Speaker 1: us some clarity, some much needed clarity over the judging

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Speaker 1: of the sleeper story. So I think Tim Burrow is

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Speaker 1: in this particular case, he is the High Court. He

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Speaker 1: is he is setting a precedent that now filters it

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Speaker 1: now filters down to all lower courts like this one.

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Speaker 1: And his ruling related to our constant references to a

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Speaker 1: sleeper story either being one that's flying under the radar

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Speaker 1: or one that will be a bigger story further down

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Speaker 1: the track. And as Tim said, the latter relies on

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Speaker 1: the fuse having been lit this week. To me, that

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Speaker 1: is that is particularly it's it's vital clarification. It may

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Speaker 1: not affect your story, Sean, but sure as heck will

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Speaker 1: change mine. Would you like to go first?

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Speaker 2: Now?

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Speaker 1: Please?

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Speaker 2: Sure the sleeper story this week? In a week where

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Speaker 2: we had markets as the biggest story or his second

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Speaker 2: biggest story being you know the debate, we all Apple

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Speaker 2: et cetera, et cetera, right, got the sleeper story this week?

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Speaker 2: We had a bunch of news around new chief executives

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Speaker 2: and chairs. There's a bit of it going around the

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Speaker 2: old firing and hiring. These people are extremely influential because

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Speaker 2: they run these massive organizations and employ a lot of

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Speaker 2: people that have shareholders that provide services to all of us. Westpac,

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Speaker 2: for example, it will get a new CEO with a

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Speaker 2: boss of business banking, Anthony Miller taking out of the

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Speaker 2: top job in December. Interesting character. I think he had

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Speaker 2: siblings who were Olympians. His daughter plays for the Australian

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Speaker 2: Rugby sevens team. Quite a competitive fellow. It seems he'll

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Speaker 2: take over a much simpler organization than it was five

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Speaker 2: years ago. They've sold things like general insurance, life insurance,

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Speaker 2: BT funds management, et cetera. His big job, according to analysts,

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Speaker 2: is to simple Westpax tech stack. It's got one hundred

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Speaker 2: and eighty platforms at the moment. That's phenomenal. He needs

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Speaker 2: to get it down to sixty. Good luck to him.

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Speaker 2: The chair of the asx Amien Roach this week said

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Speaker 2: he'll retire next month after four years as head of

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Speaker 2: the board of the share market operator now I Space.

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Speaker 2: He is going to be remembered for overseeing the absolute

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Speaker 2: failed rollout of Chess, which is a critical which is

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Speaker 2: a settlement and clearing infrastructure business. He's been under the

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Speaker 2: garden for that. He's going. And ib CEO Mike Fitzgibbon, well,

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Speaker 2: he's been in that job for twenty years running that insurer.

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Speaker 2: He's going under five. Boss of nine Mike Sneezebee said, well,

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Speaker 2: time for him to go. The company's share price has

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Speaker 2: dropped more than fifty percent since he took the job.

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Speaker 2: Looks like shareholders have had enough to think about all

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Speaker 2: this management matters. We've all had, all three of us

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Speaker 2: have had some dodgies. I'm talking, I mean not just

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Speaker 2: CEO's boards, c suite executives like we have had. Would

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Speaker 2: we all agree with had some dodges?

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Speaker 3: Yes?

435
00:25:05,480 --> 00:25:10,400
Speaker 1: I love how we're out of silently nodding. Gotta never

436
00:25:10,440 --> 00:25:13,439
Speaker 1: mind the fact that it's a podcast anyway.

437
00:25:13,560 --> 00:25:15,639
Speaker 2: Yeah, So I mean, like, I think we should all

438
00:25:15,720 --> 00:25:18,159
Speaker 2: name our dodgers. Boss, Michael, you start.

439
00:25:20,680 --> 00:25:22,200
Speaker 3: Oh, how do you narrow it down?

440
00:25:22,600 --> 00:25:24,600
Speaker 2: Look, the point of all this, there's going to be

441
00:25:24,640 --> 00:25:26,879
Speaker 2: a bunch of new CEO's chairs. And do you know

442
00:25:27,000 --> 00:25:32,720
Speaker 2: Michael who I think would be a wonderful option as

443
00:25:32,840 --> 00:25:36,400
Speaker 2: a CEO of a listed company? Beat in health insurance,

444
00:25:36,400 --> 00:25:38,959
Speaker 2: beat in media where he has a background, be it

445
00:25:38,960 --> 00:25:41,720
Speaker 2: in the sex all that matters. Do you know the man?

446
00:25:42,880 --> 00:25:46,040
Speaker 2: And it may? It may? Yes, I think we're on

447
00:25:46,080 --> 00:25:46,840
Speaker 2: the same page here.

448
00:25:46,920 --> 00:25:48,560
Speaker 1: I know exactly where you're going, and you know it's

449
00:25:48,560 --> 00:25:50,080
Speaker 1: already got one hundred percent support.

450
00:25:50,960 --> 00:25:53,439
Speaker 2: It may mean a little less interaction with you and

451
00:25:53,480 --> 00:25:56,679
Speaker 2: I nothing to do with this, but I don't know.

452
00:25:57,600 --> 00:25:58,920
Speaker 2: Who do you reckon would be a good option?

453
00:25:59,600 --> 00:26:03,040
Speaker 1: Well that's let's look around the room. Is it me Sean.

454
00:26:03,119 --> 00:26:05,720
Speaker 1: Probably not you, No, Michael, I don't think it's you.

455
00:26:07,160 --> 00:26:09,199
Speaker 1: Has no place, no place at the top of a

456
00:26:09,240 --> 00:26:09,960
Speaker 1: listed company.

457
00:26:10,840 --> 00:26:11,480
Speaker 2: Who's left?

458
00:26:13,440 --> 00:26:16,040
Speaker 1: Would it be one Adam McClure Lang.

459
00:26:16,520 --> 00:26:22,920
Speaker 2: Well, hello, this is excruciating. Hold the phone, Hold the

460
00:26:22,960 --> 00:26:29,280
Speaker 2: retrenchment feed, not the retrenchment fee. That's three years down

461
00:26:29,320 --> 00:26:34,879
Speaker 2: the track. Anyway. I'm just I'm just just putting it

462
00:26:34,920 --> 00:26:37,400
Speaker 2: out there. The ABC needs a new boss too. Doesn't

463
00:26:37,440 --> 00:26:40,520
Speaker 2: like Kim william David Anderson stepping down Kim Williams. My

464
00:26:40,600 --> 00:26:42,960
Speaker 2: point of my story is that all these there's such

465
00:26:42,960 --> 00:26:45,520
Speaker 2: a changeover in CEO's and chairs, so that makes a

466
00:26:45,520 --> 00:26:49,280
Speaker 2: great sleep of story. But I'm adding more. I'm adding

467
00:26:49,320 --> 00:26:51,919
Speaker 2: more on that High Court president thinking me jig that

468
00:26:52,080 --> 00:26:57,920
Speaker 2: Tim was talking about. I'm lighting the fuse Adam Lang

469
00:26:58,000 --> 00:27:01,280
Speaker 2: for king or CEO somewhere. We don't care.

470
00:27:01,160 --> 00:27:05,240
Speaker 3: Where as long as it's not here, it's not here.

471
00:27:07,440 --> 00:27:10,800
Speaker 2: In fact, that's that's that is the other thing, Adam.

472
00:27:11,400 --> 00:27:13,479
Speaker 2: This week you were removed to CEO also by Mike

473
00:27:13,560 --> 00:27:20,080
Speaker 2: and I made this is a lot and your payout

474
00:27:20,640 --> 00:27:21,040
Speaker 2: is love.

475
00:27:22,080 --> 00:27:25,359
Speaker 3: We thought we'd record it for posterity.

476
00:27:26,200 --> 00:27:30,440
Speaker 1: We we've started some pretty dodgy campaigns greed in the past,

477
00:27:30,560 --> 00:27:32,320
Speaker 1: and I'm going to say this is not the dodgiest

478
00:27:32,720 --> 00:27:33,120
Speaker 1: this is.

479
00:27:33,160 --> 00:27:37,760
Speaker 3: This is this is actually leagues on a relative basis.

480
00:27:37,880 --> 00:27:41,000
Speaker 2: Yeah, well Adam has run a listed company.

481
00:27:41,359 --> 00:27:44,760
Speaker 1: Yeah, yep, yep. If you had to pick one of those, Adam,

482
00:27:44,920 --> 00:27:45,800
Speaker 1: which one would you want to do?

483
00:27:45,920 --> 00:27:47,119
Speaker 3: Oh God? Can we move on?

484
00:27:47,840 --> 00:27:53,080
Speaker 2: ASEX and IB nine Media ABC or fear and greed.

485
00:27:53,359 --> 00:27:55,879
Speaker 3: Well, the one I know least about would be the AX,

486
00:27:55,920 --> 00:27:57,520
Speaker 3: but it's also the one where I fear I could

487
00:27:57,560 --> 00:27:59,800
Speaker 3: do the least harm ASEX.

488
00:28:00,359 --> 00:28:04,000
Speaker 2: Let's on it. We're on it, all right, signed up chair,

489
00:28:04,080 --> 00:28:06,520
Speaker 2: that is by the way, chair and that's a chair.

490
00:28:07,080 --> 00:28:08,480
Speaker 2: Michael Sleeper story.

491
00:28:08,440 --> 00:28:11,960
Speaker 1: All right, quick sleeper, very very quick sleeper. Fuse the

492
00:28:12,000 --> 00:28:16,280
Speaker 1: fuse It was Tim Burrows fuse. It is pertinent for

493
00:28:16,320 --> 00:28:18,960
Speaker 1: me that that particular clarification for my sleeper story this

494
00:28:19,000 --> 00:28:21,879
Speaker 1: week because this week, this week, in the last seven days,

495
00:28:22,480 --> 00:28:26,760
Speaker 1: we have seen a fuse lit in Canberra. In fact,

496
00:28:27,080 --> 00:28:29,439
Speaker 1: it wasn't just one fuse. It was like, you know,

497
00:28:29,720 --> 00:28:32,560
Speaker 1: like the old fashioned kind of cartoons, where like they

498
00:28:32,760 --> 00:28:34,800
Speaker 1: like the big bundle of fuses and they all go

499
00:28:34,840 --> 00:28:37,719
Speaker 1: off in different directions to the TNT and stuff all

500
00:28:37,760 --> 00:28:38,040
Speaker 1: over them.

501
00:28:38,160 --> 00:28:41,160
Speaker 2: I can feel a bunch of stories coming on. No,

502
00:28:41,200 --> 00:28:42,600
Speaker 2: I can feel an omnibus.

503
00:28:42,720 --> 00:28:44,720
Speaker 1: No, there is not, there is not. Tim Burrows would

504
00:28:44,760 --> 00:28:48,080
Speaker 1: still be okay with this one. Fuse number one. I mean,

505
00:28:48,120 --> 00:28:50,560
Speaker 1: obviously not a good sign when I'm listing now the fuses,

506
00:28:51,960 --> 00:28:57,520
Speaker 1: but bear with me. Fuse number one social media bands

507
00:28:57,560 --> 00:29:01,120
Speaker 1: for teenagers. Yes, there's been this for a while, but

508
00:29:01,320 --> 00:29:06,760
Speaker 1: this week, this week it became a commitment from the government,

509
00:29:07,600 --> 00:29:08,560
Speaker 1: a vow.

510
00:29:08,560 --> 00:29:10,800
Speaker 2: You're going to say it happened and it's a commitment.

511
00:29:11,080 --> 00:29:13,200
Speaker 1: Well, this is why it's a sleeper story. This is

512
00:29:13,200 --> 00:29:15,680
Speaker 1: why it's a sleeper story, because it is going to

513
00:29:15,720 --> 00:29:19,720
Speaker 1: happen this year. The fuse was lit, right, there was

514
00:29:19,760 --> 00:29:23,520
Speaker 1: a vow that a ban will be introduced this year.

515
00:29:24,000 --> 00:29:26,240
Speaker 1: That sounds to me like a fuse being lit, and

516
00:29:26,280 --> 00:29:28,280
Speaker 1: I suspect it sounds like that to both of you too.

517
00:29:28,560 --> 00:29:30,680
Speaker 1: They are just consulting now over the age them at

518
00:29:30,720 --> 00:29:33,200
Speaker 1: fourteen sixteen. Who knows, but this could be a head

519
00:29:33,200 --> 00:29:35,719
Speaker 1: on collision with the social media giants. I think this

520
00:29:35,760 --> 00:29:38,200
Speaker 1: is all fantastic news. I think any kind of clarification,

521
00:29:38,280 --> 00:29:40,760
Speaker 1: particularly for parents over this kind of thing, and if

522
00:29:40,760 --> 00:29:43,120
Speaker 1: you are actually them relying on the rules the law

523
00:29:43,160 --> 00:29:45,600
Speaker 1: that are in the laws that are in place, then

524
00:29:45,600 --> 00:29:46,400
Speaker 1: it makes that decision.

525
00:29:47,000 --> 00:29:49,720
Speaker 2: This podcast is taking a long time this morning, isn't

526
00:29:49,720 --> 00:29:49,920
Speaker 2: it that?

527
00:29:50,040 --> 00:29:56,360
Speaker 1: Fuse number one? Fuse number two the biggest overhaul in

528
00:29:56,560 --> 00:30:00,920
Speaker 1: aged care funding in three decad the Government and the

529
00:30:00,920 --> 00:30:04,440
Speaker 1: Opposition striking a deal on the Aged Care Act, including

530
00:30:04,480 --> 00:30:07,680
Speaker 1: extra funding for supported home new laws to protect older Australians,

531
00:30:07,720 --> 00:30:10,160
Speaker 1: but wealthier older Australians will have to pay more. These

532
00:30:10,160 --> 00:30:14,040
Speaker 1: are big changes designed to both save the budget money,

533
00:30:14,120 --> 00:30:16,680
Speaker 1: make the system more sustainable into the future, and hopefully

534
00:30:16,680 --> 00:30:19,800
Speaker 1: make the aged care support, particularly the at home care,

535
00:30:20,000 --> 00:30:23,600
Speaker 1: more accessible. This was fuse number two lit this week,

536
00:30:23,920 --> 00:30:26,160
Speaker 1: set to become a bigger story as all of the

537
00:30:26,240 --> 00:30:29,640
Speaker 1: details are revealed and older Australians understand just how it's

538
00:30:29,640 --> 00:30:32,280
Speaker 1: going to affect them. I could go on with other

539
00:30:32,320 --> 00:30:35,320
Speaker 1: futures going on. I'm not going on, Sean, I'm just

540
00:30:35,400 --> 00:30:39,200
Speaker 1: adding the color. I'm not going to expand on any

541
00:30:39,200 --> 00:30:42,520
Speaker 1: other fuses because you know the other sleeper element that

542
00:30:42,680 --> 00:30:46,719
Speaker 1: unites these two stories, right, it is a very very

543
00:30:47,160 --> 00:30:52,880
Speaker 1: very exceedingly rare case of bipartisanship in camera. Doesn't happen

544
00:30:53,280 --> 00:30:55,600
Speaker 1: very often anymore. But here we've got Labor and the

545
00:30:55,640 --> 00:30:58,240
Speaker 1: Coalition agreeing that something needs to be done about social

546
00:30:58,280 --> 00:31:00,760
Speaker 1: media because it was an opposition policy and now it

547
00:31:00,840 --> 00:31:03,160
Speaker 1: is a government policy as well. And then we've got

548
00:31:03,760 --> 00:31:07,000
Speaker 1: Labor and the Coalition agreeing to aged care reform. A

549
00:31:07,160 --> 00:31:10,680
Speaker 1: remarkable sleeper story. Two prongs to the sleeper story. One

550
00:31:10,840 --> 00:31:12,680
Speaker 1: that these stories are going to become bigger stories further

551
00:31:12,720 --> 00:31:14,720
Speaker 1: down the track. And then two the fact that there's

552
00:31:14,720 --> 00:31:18,520
Speaker 1: actually by partisanship, there is actually coaboration in camera. We

553
00:31:18,600 --> 00:31:21,200
Speaker 1: never see this done. I'm done, I'm done, I'm done,

554
00:31:21,240 --> 00:31:22,320
Speaker 1: I'm stopped, I'm finished.

555
00:31:24,440 --> 00:31:31,840
Speaker 3: Yes, both very interesting, actually hard to split, so I'm

556
00:31:31,840 --> 00:31:35,600
Speaker 3: going to call it a draw. Sean, Absolutely true. There's

557
00:31:35,600 --> 00:31:38,160
Speaker 3: a real changing of the guard in executive and board

558
00:31:38,200 --> 00:31:41,600
Speaker 3: ranks on a six listed companies and very very interesting

559
00:31:42,600 --> 00:31:45,040
Speaker 3: social media bands. God, that's going to be interesting to watch.

560
00:31:45,120 --> 00:31:48,959
Speaker 3: That'll be explosive if that comes in hkare funding as

561
00:31:49,000 --> 00:31:51,320
Speaker 3: you mentioned too, Michael. But I'm just going to focus

562
00:31:51,360 --> 00:31:54,959
Speaker 3: on fuse number one, trying to limit your omnibus tendencies

563
00:31:55,480 --> 00:31:58,920
Speaker 3: social media. That's a big one. So split draw even

564
00:32:00,000 --> 00:32:01,000
Speaker 3: one point five each.

565
00:32:01,760 --> 00:32:03,920
Speaker 1: One point five to one point five. It all comes

566
00:32:03,920 --> 00:32:05,800
Speaker 1: down to the favorite story.

567
00:32:06,000 --> 00:32:08,400
Speaker 2: Would you like me to go first on this one? Michael, Yes, sure,

568
00:32:08,640 --> 00:32:12,120
Speaker 2: go for it. I will favorite story the Cavendish banana.

569
00:32:14,200 --> 00:32:15,520
Speaker 1: Well, hello, good call.

570
00:32:16,240 --> 00:32:22,080
Speaker 2: Why so many uses the Cavendish banana? Last weekend to

571
00:32:22,360 --> 00:32:26,640
Speaker 2: biotechnologists went to Diamond Drove the Kacanoo Road to Humpty

572
00:32:26,680 --> 00:32:30,160
Speaker 2: Doo and they tasted the first genetically modified banana grown

573
00:32:30,280 --> 00:32:33,880
Speaker 2: in Australia. Bananas of the country's highest selling fruit. Five

574
00:32:34,200 --> 00:32:40,040
Speaker 2: million bananas are eaten every day. The GM banana dubbed

575
00:32:40,360 --> 00:32:46,000
Speaker 2: qcav four was guaranteed final approval for human consumption in April.

576
00:32:46,000 --> 00:32:49,520
Speaker 2: Only now have they been able to grow it. Let

577
00:32:49,560 --> 00:32:53,000
Speaker 2: me tell you about bananas. This, why's my favorite story.

578
00:32:53,800 --> 00:32:57,360
Speaker 2: Cavendish bananas account for ninety seven percent of sales right now.

579
00:32:57,400 --> 00:33:01,880
Speaker 2: Commercial bananas are sterile, meaning they're propagated by cutting steamers

580
00:33:01,880 --> 00:33:04,880
Speaker 2: from a parent plant. That means every single Cavendish banana

581
00:33:05,080 --> 00:33:10,160
Speaker 2: ever grown is a clone of a single seed, probably

582
00:33:10,200 --> 00:33:12,640
Speaker 2: produced as a naturally occurring high but probably about a

583
00:33:12,720 --> 00:33:16,360
Speaker 2: thousand years ago. So we all have the same forefather. Well,

584
00:33:16,360 --> 00:33:19,720
Speaker 2: every banana has the same forefather. Now, the lack of

585
00:33:19,720 --> 00:33:22,800
Speaker 2: genetic diversity means it's vulnerable to a bacterial disease. It's

586
00:33:22,840 --> 00:33:26,280
Speaker 2: a thing called the Panama disease many years ago in

587
00:33:26,320 --> 00:33:29,400
Speaker 2: South America that wiped out huge amounts of bananas. They're

588
00:33:29,440 --> 00:33:33,320
Speaker 2: trying to avoid that again, hence this genetic modification. But

589
00:33:33,400 --> 00:33:36,040
Speaker 2: bananas themselves are fascinating. They thought to be the world's

590
00:33:36,160 --> 00:33:38,360
Speaker 2: first cultivated fruit.

591
00:33:41,400 --> 00:33:45,680
Speaker 1: Bananas themselves are fascinating. That is actually the sound of

592
00:33:45,720 --> 00:33:47,320
Speaker 1: somebody clutching at straws there.

593
00:33:48,400 --> 00:33:50,920
Speaker 2: Did you know that they're actually a herb? Did you

594
00:33:50,960 --> 00:33:51,200
Speaker 2: know that?

595
00:33:53,560 --> 00:33:55,600
Speaker 1: I don't think I did. I actually don't know whether

596
00:33:55,640 --> 00:33:56,000
Speaker 1: I can.

597
00:33:56,680 --> 00:34:00,800
Speaker 2: What's bunch of bananas called a hand? Well done? Oh

598
00:34:01,120 --> 00:34:03,440
Speaker 2: it's a hand? Okay, no it is, it's a hand,

599
00:34:03,440 --> 00:34:06,640
Speaker 2: And a single banana is a finger. Absolutely low in calories,

600
00:34:06,680 --> 00:34:09,640
Speaker 2: no fat, no sodium, no cholesterol, plenty of vitamin C,

601
00:34:10,360 --> 00:34:14,080
Speaker 2: vitamin B six and potassium. Did you know did you

602
00:34:14,080 --> 00:34:16,880
Speaker 2: know you're going to white in your teeth? Rub bananas

603
00:34:17,040 --> 00:34:20,600
Speaker 2: on your teeth? You know, sunburn? Rub your banana, the

604
00:34:20,600 --> 00:34:23,560
Speaker 2: banana skin inside a banana skin on your somen burn.

605
00:34:24,239 --> 00:34:29,719
Speaker 2: The scientific name is musa m Usa sapientum, probably not

606
00:34:29,840 --> 00:34:32,040
Speaker 2: very Latin s a P I E N t U N.

607
00:34:32,120 --> 00:34:35,680
Speaker 2: You know what it means in English safe rush of

608
00:34:35,719 --> 00:34:36,879
Speaker 2: the wise men.

609
00:34:37,239 --> 00:34:38,880
Speaker 3: Yeah, I was the thinking sapient.

610
00:34:39,360 --> 00:34:42,800
Speaker 2: Yeah, Adam, this is you. Yah. Banana's float in water?

611
00:34:45,880 --> 00:34:46,200
Speaker 3: Huh.

612
00:34:47,239 --> 00:34:49,720
Speaker 2: You know they're growing big time in Latin South America.

613
00:34:49,719 --> 00:34:51,280
Speaker 3: Shortage research.

614
00:34:51,480 --> 00:34:54,960
Speaker 2: Fastest marathon ever run by a competitor dressed as a fruit?

615
00:34:56,920 --> 00:34:57,759
Speaker 1: Was it a banana?

616
00:34:58,000 --> 00:35:02,640
Speaker 2: Was Patrick Whiteman in the UK? Those surprises? There? Two

617
00:35:02,680 --> 00:35:07,000
Speaker 2: hours fifty eight minutes at the Barcelona Marathon in twenty eleven?

618
00:35:07,160 --> 00:35:10,719
Speaker 2: What was he dressed as a banana? The record for

619
00:35:10,760 --> 00:35:13,600
Speaker 2: eating banana? I mean in India on eighty one bananas

620
00:35:13,920 --> 00:35:17,959
Speaker 2: in half an hour. Oh and to bring it home,

621
00:35:18,680 --> 00:35:23,520
Speaker 2: Adam m Lang. More songs have been written about bananas

622
00:35:24,080 --> 00:35:25,360
Speaker 2: than any other fruit.

623
00:35:25,520 --> 00:35:28,040
Speaker 3: I'm thinking of one. Can you guess what it is?

624
00:35:28,200 --> 00:35:29,840
Speaker 2: It's got pajamas involved.

625
00:35:30,160 --> 00:35:32,960
Speaker 3: Harry Belafonte's Banana boat song.

626
00:35:33,239 --> 00:35:39,680
Speaker 2: Yes, pajamas. Yeah, there you go. I close my case.

627
00:35:40,960 --> 00:35:46,960
Speaker 1: Hard to be okay, banana facts. Can we talk about business?

628
00:35:47,000 --> 00:35:47,840
Speaker 1: Can we be serious?

629
00:35:47,840 --> 00:35:48,160
Speaker 2: Please?

630
00:35:48,280 --> 00:35:51,640
Speaker 1: Because this is a serious business podcast. We need to

631
00:35:51,680 --> 00:35:57,360
Speaker 1: be serious. My favorite story we need to talk about OnlyFans.

632
00:35:59,120 --> 00:36:02,719
Speaker 3: And there's no crime between these two stories.

633
00:36:03,080 --> 00:36:09,400
Speaker 1: In particular the extraordinary growth of a platform that only

634
00:36:09,480 --> 00:36:13,799
Speaker 1: began eight years ago. Eight years ago. Since then, the

635
00:36:13,920 --> 00:36:20,239
Speaker 1: number of creator accounts has grown to four point one millions.

636
00:36:20,600 --> 00:36:24,480
Speaker 1: What are they creating though, I'm glad you asked. They

637
00:36:24,520 --> 00:36:27,719
Speaker 1: are creating content, They are creating.

638
00:36:27,560 --> 00:36:32,200
Speaker 3: A particular genre, Michael, Oh, please, Adam, this is a

639
00:36:32,239 --> 00:36:33,600
Speaker 3: serious business podcast.

640
00:36:33,640 --> 00:36:39,520
Speaker 1: And yes, yes, my understanding is that the majority of content,

641
00:36:39,840 --> 00:36:45,640
Speaker 1: my understanding, Friendhi, is somewhat adult in nature. But it

642
00:36:45,719 --> 00:36:53,080
Speaker 1: is not just erotica, sports stars, musicians, chefs. Plenty of

643
00:36:53,160 --> 00:36:57,160
Speaker 1: people also have content creator accounts producing content of a

644
00:36:57,360 --> 00:37:03,120
Speaker 1: non erotic variety. Why is this my favorite story?

645
00:37:03,239 --> 00:37:05,240
Speaker 2: Excellent question, because.

646
00:37:04,960 --> 00:37:08,120
Speaker 1: Only fans, regardless of what you think about it from

647
00:37:08,120 --> 00:37:12,920
Speaker 1: a moral standpoint. Has been a remarkable business success, and

648
00:37:12,960 --> 00:37:16,439
Speaker 1: we found out this week just how successful it has been.

649
00:37:16,880 --> 00:37:20,239
Speaker 1: Eight years ago. The founder started it with a ten

650
00:37:20,320 --> 00:37:24,200
Speaker 1: thousand dollars loan from his father. Can you imagine that conversation?

651
00:37:25,360 --> 00:37:27,080
Speaker 1: Can I borrow ten grand? What are you going to

652
00:37:27,160 --> 00:37:29,239
Speaker 1: do with it? Content creators?

653
00:37:29,440 --> 00:37:32,160
Speaker 2: So you had that guy that he did that ten

654
00:37:32,200 --> 00:37:34,960
Speaker 2: grand and he actually got I think it was a

655
00:37:35,080 --> 00:37:41,320
Speaker 2: UK erotica star on board early and it was genius,

656
00:37:41,320 --> 00:37:44,280
Speaker 2: because I don't think he actually set out to create

657
00:37:44,320 --> 00:37:46,000
Speaker 2: an erotica site.

658
00:37:45,840 --> 00:37:47,279
Speaker 3: No, but just a platform.

659
00:37:47,880 --> 00:37:53,560
Speaker 2: Yeah yeah, And she came on board and suddenly pawn

660
00:37:53,640 --> 00:37:56,560
Speaker 2: stars were paid directly, which Michael, I don't want to

661
00:37:56,600 --> 00:37:59,560
Speaker 2: support your story, but content providers should be paid directly.

662
00:38:00,120 --> 00:38:02,080
Speaker 1: And this is the thing that we found out this

663
00:38:02,120 --> 00:38:06,719
Speaker 1: week that using that model, Only Fans has paid out

664
00:38:07,040 --> 00:38:13,319
Speaker 1: six point six billion dollars in the last year to

665
00:38:13,440 --> 00:38:17,280
Speaker 1: content creators. This is actually going to the people making

666
00:38:17,480 --> 00:38:19,680
Speaker 1: the content. Now, the six hundred and thirty million dollars

667
00:38:19,680 --> 00:38:23,680
Speaker 1: went to Leonard Radvinski, the man who now owns the site. Now,

668
00:38:24,160 --> 00:38:27,360
Speaker 1: I did do a little research into Only Fans, not

669
00:38:27,440 --> 00:38:30,239
Speaker 1: your kind of research, Adam, not a deep dive, just

670
00:38:30,239 --> 00:38:35,400
Speaker 1: some superficial googling. But I discovered that ninety eight percent,

671
00:38:35,760 --> 00:38:41,840
Speaker 1: ninety eight percent of content on OnlyFans is considered adult

672
00:38:42,080 --> 00:38:45,960
Speaker 1: in nature or what I like to call saucy VIDs.

673
00:38:46,480 --> 00:38:54,960
Speaker 1: That means, that means that two percent is not a

674
00:38:55,040 --> 00:39:00,799
Speaker 1: saucy vid, and that two percent is where fear and

675
00:39:00,840 --> 00:39:06,759
Speaker 1: greed comes in. Because two percent, two percent of that

676
00:39:06,960 --> 00:39:11,200
Speaker 1: six point six billion dollars is still one hundred and

677
00:39:11,239 --> 00:39:15,880
Speaker 1: thirty two million one hundred and thirty two million.

678
00:39:15,640 --> 00:39:17,800
Speaker 3: Dollars creed only fans.

679
00:39:18,200 --> 00:39:20,640
Speaker 1: We deserve a share of that. And even if that

680
00:39:20,719 --> 00:39:22,640
Speaker 1: means that we're having to do business news with just

681
00:39:22,680 --> 00:39:25,680
Speaker 1: our socks on and maybe a neck, a tie or something,

682
00:39:26,600 --> 00:39:30,160
Speaker 1: just it's a very niche kind of appeal, I suspect,

683
00:39:30,800 --> 00:39:34,160
Speaker 1: but we deserve a share of that one hundred and

684
00:39:34,160 --> 00:39:39,200
Speaker 1: thirty two million. And Adam, I'm suggesting that as the the.

685
00:39:38,719 --> 00:39:43,000
Speaker 2: The soon to be XE.

686
00:39:42,080 --> 00:39:46,759
Speaker 1: Yeah, as the incoming chairman of the ASX, that you

687
00:39:46,800 --> 00:39:51,239
Speaker 1: should spear this, this move onto only fans for fear

688
00:39:51,280 --> 00:39:53,960
Speaker 1: and greed. It isn't that a fantastic story overall?

689
00:39:54,239 --> 00:39:57,160
Speaker 2: I'd like you to spearhead the move to on only fans.

690
00:39:58,280 --> 00:40:00,080
Speaker 1: Yep, it'samous me.

691
00:40:00,640 --> 00:40:05,319
Speaker 2: Oh god, I'm too steady, Mike's too metal dramatic. We

692
00:40:05,360 --> 00:40:09,239
Speaker 2: need someone, someone in the middle, the.

693
00:40:09,200 --> 00:40:10,200
Speaker 3: Only one of the time.

694
00:40:10,800 --> 00:40:13,320
Speaker 1: So suddenly the ASX is looking very enticing.

695
00:40:14,719 --> 00:40:25,319
Speaker 3: Please Okay, great work bananas versus only fans, Cavendish bananas. Win.

696
00:40:26,200 --> 00:40:29,600
Speaker 3: I think this is a wonderful story. I know this

697
00:40:29,760 --> 00:40:33,000
Speaker 3: is purely subjective bias, Michael, because yours is a red

698
00:40:33,040 --> 00:40:36,400
Speaker 3: height crack. I shouldn't use that terminology, and.

699
00:40:37,040 --> 00:40:42,279
Speaker 2: There's no terminology you can use without some inference or euphemism.

700
00:40:43,680 --> 00:40:46,560
Speaker 3: That is, it's a great story. The only Fans business

701
00:40:46,600 --> 00:40:51,080
Speaker 3: model is incredible. Like what it's done to people able

702
00:40:51,120 --> 00:40:54,319
Speaker 3: to earn money for themselves on this platform quite incredible.

703
00:40:55,040 --> 00:40:57,400
Speaker 3: But I love the fact that Australia becoming the food

704
00:40:57,400 --> 00:41:01,839
Speaker 3: bowl of the world and we've another way to make

705
00:41:01,880 --> 00:41:05,000
Speaker 3: more crops here, more food. And the staggering fact that

706
00:41:05,000 --> 00:41:07,920
Speaker 3: there's five million bananas eating every day in this country.

707
00:41:07,920 --> 00:41:11,480
Speaker 3: That's incredible. So clearly that matters to more people.

708
00:41:11,160 --> 00:41:15,120
Speaker 2: And teeth whitener stuff like that sunburn.

709
00:41:15,200 --> 00:41:19,040
Speaker 1: Two point five to one point five, Yeah, thank you.

710
00:41:19,160 --> 00:41:21,160
Speaker 1: What was the what was the score?

711
00:41:21,239 --> 00:41:26,560
Speaker 3: Well, Michael, a very creditable eighty nine points and sean

712
00:41:27,400 --> 00:41:28,799
Speaker 3: ninety two mm.

713
00:41:29,880 --> 00:41:30,920
Speaker 2: That isn't truncing.

714
00:41:31,920 --> 00:41:39,719
Speaker 1: Well, thank you. Adam Prude mclang, Adam Prude, McLain mclange.

715
00:41:40,040 --> 00:41:42,440
Speaker 1: I've given him like a full kind of a Scottish

716
00:41:42,520 --> 00:41:47,000
Speaker 1: kind of surname. I just I feel as though I

717
00:41:47,080 --> 00:41:50,640
Speaker 1: have been discriminated against here just by going for the

718
00:41:50,640 --> 00:41:53,840
Speaker 1: saucy angle. And if i'd go gone with like boring

719
00:41:53,840 --> 00:41:58,000
Speaker 1: old fruit and vegetables or herbs as Sean told us, okay.

720
00:41:57,880 --> 00:41:58,880
Speaker 3: Legit story.

721
00:41:59,120 --> 00:42:01,440
Speaker 2: You went for these, so yes.

722
00:42:01,719 --> 00:42:04,399
Speaker 1: Yeah, look I think it's the people's choice, but it's

723
00:42:04,400 --> 00:42:06,200
Speaker 1: not up to them, it's up to Adam. So Adam,

724
00:42:06,280 --> 00:42:08,400
Speaker 1: thank you very much for you judging today.

725
00:42:08,719 --> 00:42:10,640
Speaker 3: Oh, thank you for Sean, and thank you Michael.

726
00:42:11,040 --> 00:42:13,240
Speaker 1: Thank you very much, Sean, congratulations Michael.

727
00:42:13,280 --> 00:42:13,759
Speaker 2: Thanks Adam.

728
00:42:13,800 --> 00:42:16,080
Speaker 1: Well done, and make sure you're following the podcast. Join

729
00:42:16,160 --> 00:42:19,239
Speaker 1: us online on LinkedIn, Instagram, TikTok, Facebook, and X. I'm

730
00:42:19,239 --> 00:42:21,400
Speaker 1: Michael Thompson. And that was Fear and Greed. Have a

731
00:42:21,400 --> 00:42:22,000
Speaker 1: great weekend.