1 00:00:05,640 --> 00:00:08,360 Speaker 1: Welcome to the Fear and Greed Business Interview. I'm sure, Alma. 2 00:00:08,840 --> 00:00:11,000 Speaker 1: It's a big week for some of Australia's largest and 3 00:00:11,000 --> 00:00:15,080 Speaker 1: most widely held companies. Repelling season really kicks in this week. 4 00:00:15,120 --> 00:00:18,720 Speaker 1: It's headlined by household lanes like Commonwealth Bank in Telstrap 5 00:00:18,920 --> 00:00:21,640 Speaker 1: and A mill Is a senior investment analyst at WAM 6 00:00:21,720 --> 00:00:25,080 Speaker 1: Leaders a listed investment company from Wilson Asset Management, and 7 00:00:25,120 --> 00:00:26,280 Speaker 1: I'm welcome to Fear and Greed. 8 00:00:26,720 --> 00:00:27,960 Speaker 2: Thanks thanks for having me, Sean. 9 00:00:28,560 --> 00:00:31,560 Speaker 1: Before we get into these big companies, the overall, what 10 00:00:31,560 --> 00:00:33,680 Speaker 1: are you looking for this earning season? What's sort of 11 00:00:33,760 --> 00:00:36,680 Speaker 1: the kind of big thematics you expect to see. 12 00:00:37,320 --> 00:00:41,320 Speaker 2: Often what's more important than the earnings themselves is the 13 00:00:41,320 --> 00:00:44,919 Speaker 2: outlook statement. So we're really focused on the outlooks of 14 00:00:45,000 --> 00:00:48,800 Speaker 2: these companies into FY twenty five results season is ultimately 15 00:00:48,800 --> 00:00:51,760 Speaker 2: the rear vision, which doesn't matter when it comes to markets, 16 00:00:52,120 --> 00:00:55,200 Speaker 2: and so it's really about how the next twelve months 17 00:00:55,280 --> 00:00:57,960 Speaker 2: is going to deviate from where the market is sitting. 18 00:00:58,480 --> 00:01:02,440 Speaker 1: Okay, so let's jump into it. Biggest company on the AX. 19 00:01:02,760 --> 00:01:05,840 Speaker 1: What are you expecting from the country's biggest bank? 20 00:01:06,560 --> 00:01:09,680 Speaker 2: So fundamentals have really taken a back seat to physitioning 21 00:01:09,760 --> 00:01:11,720 Speaker 2: and market flows. When it comes to the banks, and 22 00:01:12,319 --> 00:01:16,160 Speaker 2: mostly to CBA, it's up at least twenty percent year 23 00:01:16,200 --> 00:01:19,560 Speaker 2: to day and really just has been unstoppable. But the 24 00:01:19,600 --> 00:01:23,240 Speaker 2: result day will really be focused on fundamentals and I 25 00:01:23,280 --> 00:01:25,440 Speaker 2: would say that they are fine. I would say that 26 00:01:25,840 --> 00:01:29,280 Speaker 2: nims or netnitious margins are broadly stable now, though we 27 00:01:29,360 --> 00:01:32,479 Speaker 2: are hearing more recently that competition has picked up again. 28 00:01:33,000 --> 00:01:35,200 Speaker 2: CBA being one of the culprits. It does sound like 29 00:01:35,200 --> 00:01:38,200 Speaker 2: they have stepped into the market slightly more aggressively, so 30 00:01:38,760 --> 00:01:43,000 Speaker 2: we expect the earnings should be okay. Potentially they might 31 00:01:43,040 --> 00:01:45,640 Speaker 2: see higher credit growth but slightly lower margins as a 32 00:01:45,640 --> 00:01:49,200 Speaker 2: result of the increased competition, But overall, really it does 33 00:01:49,280 --> 00:01:52,800 Speaker 2: come back to the positioning and the flow in the 34 00:01:52,880 --> 00:01:54,080 Speaker 2: Australian banks. 35 00:01:54,480 --> 00:01:56,880 Speaker 1: Is there a risk, particularly with Commonwealth Bank, that it's 36 00:01:56,920 --> 00:02:01,480 Speaker 1: priced to perfection the idea that it's trading at very 37 00:02:01,520 --> 00:02:05,000 Speaker 1: high levels on an historical basis, and there are reasons 38 00:02:05,000 --> 00:02:07,640 Speaker 1: for that, no doubt. But is there a risk that 39 00:02:07,680 --> 00:02:10,160 Speaker 1: if it does disappoint just to touch, it could be 40 00:02:10,200 --> 00:02:11,000 Speaker 1: sold off quickly? 41 00:02:11,760 --> 00:02:14,400 Speaker 2: Definitely? And I think particularly on result day that is 42 00:02:14,440 --> 00:02:17,560 Speaker 2: when that conversation comes to the fore. But what we've 43 00:02:17,600 --> 00:02:21,080 Speaker 2: really seen from CBA is blanket buying. So whether it 44 00:02:21,080 --> 00:02:25,959 Speaker 2: be offshore capital wanting to buy in Australia instead of China, 45 00:02:26,160 --> 00:02:30,040 Speaker 2: for example, they actually don't really care about the Commonwealth 46 00:02:30,120 --> 00:02:33,160 Speaker 2: Bank and any of the other banks fundamentals. They simply 47 00:02:33,160 --> 00:02:36,000 Speaker 2: want exposure to the Australian market. So that has been 48 00:02:36,040 --> 00:02:41,079 Speaker 2: the overriding dynamic more than fundamentals necessarily, but certainly when 49 00:02:41,120 --> 00:02:44,600 Speaker 2: they produce a result that is at best okay and 50 00:02:44,639 --> 00:02:47,000 Speaker 2: you look at where it's trading, it's very hard for 51 00:02:47,080 --> 00:02:51,560 Speaker 2: fundamental investors to really want to enter a sizable position 52 00:02:51,800 --> 00:02:52,720 Speaker 2: at current levels. 53 00:02:53,200 --> 00:02:54,760 Speaker 1: Yeah, I just think common Wealth Pink will be one 54 00:02:54,800 --> 00:02:57,239 Speaker 1: of the most interesting results of the season, which normally 55 00:02:57,280 --> 00:02:59,640 Speaker 1: it's not just simply because it has run so hard 56 00:03:00,040 --> 00:03:03,200 Speaker 1: about Telstra that's owned by more retail shareholders than any 57 00:03:03,200 --> 00:03:05,000 Speaker 1: other company in Australia. 58 00:03:05,320 --> 00:03:08,080 Speaker 2: Telstra, we expect will actually be a very good reporter. 59 00:03:08,560 --> 00:03:10,800 Speaker 2: So they have already cleared the decks at the end 60 00:03:10,800 --> 00:03:13,520 Speaker 2: of May with the announcement of their change in pricing 61 00:03:14,160 --> 00:03:17,079 Speaker 2: as well as a cost out program, and since then 62 00:03:17,440 --> 00:03:21,440 Speaker 2: they have actually raised mobile pricing faster than expected. Our 63 00:03:21,520 --> 00:03:23,959 Speaker 2: understanding is that they were waiting for Optis to increase 64 00:03:24,000 --> 00:03:28,120 Speaker 2: their prices, so as soon as Optus increased, Telstra followed 65 00:03:28,120 --> 00:03:31,240 Speaker 2: not long after, and that has really happened sooner than 66 00:03:31,240 --> 00:03:34,040 Speaker 2: the market was anticipating. So for that reason, we think 67 00:03:34,040 --> 00:03:36,960 Speaker 2: there's a possibility that they beat from an earnings perspective, 68 00:03:37,480 --> 00:03:41,120 Speaker 2: because mobile really is the vast majority of earnings for Telstra. 69 00:03:41,880 --> 00:03:44,480 Speaker 2: The more contentious area of the business is probably their 70 00:03:44,560 --> 00:03:48,600 Speaker 2: enterprise division. It's currently undergoing a strategic review because it 71 00:03:48,680 --> 00:03:53,480 Speaker 2: has been affected by both cyclical and structural headwinds. But 72 00:03:53,680 --> 00:03:57,640 Speaker 2: this is really being reset now and should hopefully go 73 00:03:58,440 --> 00:04:02,480 Speaker 2: over the coming years. Management has been cautioning that this 74 00:04:02,520 --> 00:04:05,000 Speaker 2: is a multi year turnaround story, so not to have 75 00:04:05,040 --> 00:04:08,120 Speaker 2: any expectations, but that will be certainly an area that 76 00:04:08,160 --> 00:04:11,080 Speaker 2: we'll be watching at the result. When focused on the 77 00:04:11,120 --> 00:04:14,800 Speaker 2: medium term for Telstra, I would say it's more important 78 00:04:14,840 --> 00:04:16,920 Speaker 2: to think about the invest to day later in the year, 79 00:04:17,000 --> 00:04:19,080 Speaker 2: because that is when we expect they could reveal their 80 00:04:19,120 --> 00:04:22,960 Speaker 2: T thirty, so they're y thirty or twenty thirty targets. 81 00:04:23,320 --> 00:04:25,960 Speaker 1: Stay with me, Anna, we'll be back in a minute. 82 00:04:31,640 --> 00:04:36,000 Speaker 1: I'm speaking to Anna Milm from Wilson Asset Management. So 83 00:04:36,120 --> 00:04:37,960 Speaker 1: how hard is it for a company like Telstra to 84 00:04:38,040 --> 00:04:41,719 Speaker 1: compete in the modern world. I get that mobile is 85 00:04:41,760 --> 00:04:43,960 Speaker 1: where they're doing well and they're upping prices. I know 86 00:04:44,000 --> 00:04:46,279 Speaker 1: that from personal experience, But what about the rest of 87 00:04:46,279 --> 00:04:50,160 Speaker 1: the enterprise, the media area. It must be very difficult 88 00:04:50,160 --> 00:04:51,480 Speaker 1: because they're competing with big tech. 89 00:04:51,960 --> 00:04:54,160 Speaker 2: They are, and that has been the exact problem, is 90 00:04:54,200 --> 00:04:57,600 Speaker 2: that the offering that they have been providing simply isn't 91 00:04:57,720 --> 00:05:01,080 Speaker 2: used anymore. Even when you think about your work phone, 92 00:05:01,160 --> 00:05:03,480 Speaker 2: how often do you pick up the desktop phone now 93 00:05:03,600 --> 00:05:06,320 Speaker 2: versus using your mobile or sitting on a zoom call 94 00:05:06,520 --> 00:05:10,240 Speaker 2: or a team's call. The use case is certainly less 95 00:05:10,680 --> 00:05:12,840 Speaker 2: relevant than it was a few years ago. And that 96 00:05:12,880 --> 00:05:15,479 Speaker 2: comes to the structural headwinds that they are facing. On 97 00:05:15,520 --> 00:05:18,920 Speaker 2: the cyclical side as well. Businesses are in a tough 98 00:05:18,920 --> 00:05:21,240 Speaker 2: spot at the moment, and so they're not really wanting 99 00:05:21,279 --> 00:05:23,960 Speaker 2: to upgrade their IT software if they don't have to 100 00:05:24,040 --> 00:05:27,720 Speaker 2: if their profitability is challenged. So that is definitely the 101 00:05:27,800 --> 00:05:30,560 Speaker 2: headwinds that Telstra is facing, but it is more than 102 00:05:30,600 --> 00:05:33,440 Speaker 2: overshadowed by the mobile business. I think if we think 103 00:05:33,440 --> 00:05:36,279 Speaker 2: about the tailwinds to mobile, we all use our phones 104 00:05:36,720 --> 00:05:40,960 Speaker 2: so much more than we did even five ten years ago, 105 00:05:41,320 --> 00:05:43,960 Speaker 2: and the prices just haven't really kept up in line 106 00:05:44,000 --> 00:05:46,799 Speaker 2: with I guess the value we get from our mobile phone. 107 00:05:46,839 --> 00:05:50,360 Speaker 2: So I think they could, although it's tough on consumers. 108 00:05:50,360 --> 00:05:53,760 Speaker 2: They could double prices and everyone is still going to 109 00:05:53,839 --> 00:05:56,599 Speaker 2: use a mobile phone, and the whole market is actually 110 00:05:56,680 --> 00:05:59,440 Speaker 2: under earning. So when we think about industry returns, we 111 00:05:59,520 --> 00:06:04,080 Speaker 2: have Optus increasing prices, we have TPG Votaphone increasing prices, 112 00:06:04,240 --> 00:06:08,880 Speaker 2: and Telstra. So at some point returns should hopefully restore 113 00:06:08,920 --> 00:06:11,120 Speaker 2: and there might be more equilibrium in the market. But 114 00:06:11,200 --> 00:06:13,880 Speaker 2: until then we think mobile prices will keep going higher. 115 00:06:14,760 --> 00:06:17,440 Speaker 1: And I pay for three of my kids bile phones 116 00:06:17,440 --> 00:06:21,000 Speaker 1: on Telstrap. That was really, really bad thirty cents. Let's 117 00:06:21,040 --> 00:06:25,919 Speaker 1: move on Goodwin Group, property leader, industrial giant. It's beyond 118 00:06:26,000 --> 00:06:29,520 Speaker 1: property though Goodman in a sense it's benefiting from AI 119 00:06:29,760 --> 00:06:31,200 Speaker 1: and all sorts of other things as well. 120 00:06:31,680 --> 00:06:36,200 Speaker 2: It certainly is, and Goodman's results are reliably solid, and 121 00:06:36,279 --> 00:06:38,480 Speaker 2: even if they are a little bit weak, the market 122 00:06:38,560 --> 00:06:41,520 Speaker 2: has so much love for Goodman that there's a degree 123 00:06:41,560 --> 00:06:44,640 Speaker 2: of conservatism that's assumed, and everyone thinks that they are 124 00:06:44,640 --> 00:06:48,720 Speaker 2: just going to underpromise and over deliver. So it's often 125 00:06:48,760 --> 00:06:51,719 Speaker 2: hard to go into a Goodman result with a negative 126 00:06:51,839 --> 00:06:54,679 Speaker 2: view because they can really just prove you wrong quite easily. 127 00:06:55,040 --> 00:06:58,839 Speaker 2: But interestingly, recent read throughs for the industrial market have 128 00:06:58,920 --> 00:07:01,880 Speaker 2: been a bit soft, even in those key catchment areas 129 00:07:01,920 --> 00:07:04,600 Speaker 2: in South Sydney for example, So it's quite interesting to 130 00:07:04,640 --> 00:07:07,560 Speaker 2: see that industrial market turn. But on the flip side, 131 00:07:07,600 --> 00:07:09,480 Speaker 2: we have the data SIN the strategy, and that is 132 00:07:09,520 --> 00:07:11,440 Speaker 2: really coming to the fore so I think that will 133 00:07:11,440 --> 00:07:15,680 Speaker 2: disguise any weakness and their underlying business as that data 134 00:07:15,720 --> 00:07:18,240 Speaker 2: SIN the strategy just continues to gather momentum. 135 00:07:18,800 --> 00:07:21,280 Speaker 1: Okay, so they're through the top ten stocks CBO tells 136 00:07:21,320 --> 00:07:23,520 Speaker 1: from Goodman, let's go to kind of some of the 137 00:07:23,560 --> 00:07:25,480 Speaker 1: I mean, they're still large companies, just not quite as 138 00:07:25,560 --> 00:07:28,680 Speaker 1: large AGL Energy. I always find it hard to get 139 00:07:28,720 --> 00:07:32,000 Speaker 1: my head around this company and what its prospects are 140 00:07:32,240 --> 00:07:34,400 Speaker 1: because it's sort of in an industry going through so 141 00:07:34,480 --> 00:07:36,480 Speaker 1: much turmoil, and there's been all sorts of M and 142 00:07:36,560 --> 00:07:38,600 Speaker 1: A activity in that industry for the last couple of years. 143 00:07:38,680 --> 00:07:39,560 Speaker 1: Where's that one up to. 144 00:07:40,120 --> 00:07:43,040 Speaker 2: It's definitely a tougher stock to keep on top of. 145 00:07:43,480 --> 00:07:46,440 Speaker 2: But the setup for twenty five looks very good in 146 00:07:46,480 --> 00:07:49,280 Speaker 2: our view. We're one month then, so caution that it's 147 00:07:49,400 --> 00:07:51,840 Speaker 2: just just July that we're talking to. But the cold 148 00:07:51,880 --> 00:07:55,960 Speaker 2: weather has really spiked electricity demand and electricity prices, and 149 00:07:56,000 --> 00:07:59,920 Speaker 2: so that is materially increasing the current revenue and earning 150 00:08:00,200 --> 00:08:03,360 Speaker 2: for AGL. But it should also help forward pricing over 151 00:08:03,360 --> 00:08:06,000 Speaker 2: the next few months. So it's something we're watching quite closely, 152 00:08:06,720 --> 00:08:09,239 Speaker 2: but or no doubt, probably give a slightly more positive 153 00:08:09,240 --> 00:08:10,880 Speaker 2: tone at the result next week. 154 00:08:11,520 --> 00:08:13,800 Speaker 1: Okay, Cocklean the hearing implant group. 155 00:08:14,040 --> 00:08:18,080 Speaker 2: Cochlear is such a great business. Revenues consistently grow at 156 00:08:18,120 --> 00:08:21,760 Speaker 2: ten to fifteen percent, You're earning seventy five percent gross margins, 157 00:08:21,840 --> 00:08:25,080 Speaker 2: eighteen percent profit margins, and to top all off, they're 158 00:08:25,080 --> 00:08:28,280 Speaker 2: doing an incredible thing for the world. So the only 159 00:08:28,360 --> 00:08:31,920 Speaker 2: part about Cochlear that is challenging from an investment proposition 160 00:08:32,280 --> 00:08:35,960 Speaker 2: is its valuation, and there's no real way around that. 161 00:08:36,040 --> 00:08:39,840 Speaker 2: It's an expensive company and expectations are high. So if 162 00:08:39,840 --> 00:08:43,480 Speaker 2: they don't deliver between ten and fifteen percent revenue growth, 163 00:08:43,760 --> 00:08:46,640 Speaker 2: would expect the stock would get hit. But I think 164 00:08:46,640 --> 00:08:49,480 Speaker 2: the setup is still quite strong. It looks like operationally 165 00:08:49,520 --> 00:08:53,520 Speaker 2: they're executing they have a lot of tailwinds at a 166 00:08:53,600 --> 00:08:58,480 Speaker 2: sector level, and I don't see any real reason for 167 00:08:58,559 --> 00:09:01,680 Speaker 2: a significant selloff give and the other prospects in the 168 00:09:01,720 --> 00:09:05,520 Speaker 2: healthcare sector all are quite problematic, whether it be from 169 00:09:05,559 --> 00:09:10,480 Speaker 2: evaluation perspective or an earnings uncertainty perspective. So Cocklear does 170 00:09:10,520 --> 00:09:13,080 Speaker 2: feel like the stock to own in healthcare and our 171 00:09:13,160 --> 00:09:14,960 Speaker 2: view at the moment, what. 172 00:09:14,960 --> 00:09:17,600 Speaker 1: Is it about? Is it just that their competitors aren't 173 00:09:17,840 --> 00:09:20,400 Speaker 1: as good as Cockley? Because I totally get what you're saying. 174 00:09:20,440 --> 00:09:24,320 Speaker 1: Cochlear has gone from strength to strength for years, probably 175 00:09:24,320 --> 00:09:27,000 Speaker 1: decades now. It's probably that old. Is it just that 176 00:09:27,040 --> 00:09:29,160 Speaker 1: there's no competitors. I mean, there are competitors, but are 177 00:09:29,160 --> 00:09:31,760 Speaker 1: they just not good enough? I never quite understand why 178 00:09:31,800 --> 00:09:33,600 Speaker 1: Cockley just keeps on keeping on. 179 00:09:34,280 --> 00:09:37,000 Speaker 2: Yeah, you're right. I mean they are such a large 180 00:09:37,040 --> 00:09:39,120 Speaker 2: part of the market. You can almost call them the 181 00:09:39,200 --> 00:09:42,480 Speaker 2: market now. And there has been some competitive recalls in 182 00:09:42,559 --> 00:09:46,679 Speaker 2: recent years, and Cochlear hasn't been completely devoid of them themselves. 183 00:09:46,720 --> 00:09:49,920 Speaker 2: I think around the decade ago they had to recall themselves. 184 00:09:50,320 --> 00:09:54,439 Speaker 2: But certainly their market share is so strong. I think 185 00:09:54,440 --> 00:09:58,880 Speaker 2: it's around seventy to eighty percent now that they really 186 00:09:58,920 --> 00:10:01,600 Speaker 2: are the market and they had driving penetration for the 187 00:10:01,640 --> 00:10:04,240 Speaker 2: whole market, and that really is the next driver of 188 00:10:04,240 --> 00:10:07,560 Speaker 2: growth for Cochlear is the adult segment. So by quite 189 00:10:07,559 --> 00:10:12,040 Speaker 2: well penetrated when it comes to the pediatrics, so so children, 190 00:10:12,559 --> 00:10:16,360 Speaker 2: but the adults is really just beginning to hit the road, 191 00:10:16,400 --> 00:10:18,680 Speaker 2: I would say, and we're really start to see some 192 00:10:18,760 --> 00:10:21,120 Speaker 2: of their marketing initiatives pay off when it comes to 193 00:10:21,160 --> 00:10:24,240 Speaker 2: awareness of cochlear implants versus likes of hearing aids and 194 00:10:24,280 --> 00:10:28,480 Speaker 2: the association between hearing loss and cognitive decline, so that 195 00:10:28,480 --> 00:10:30,440 Speaker 2: that is a big push from coch Clear and it's 196 00:10:30,480 --> 00:10:31,360 Speaker 2: starting to pay off. 197 00:10:32,360 --> 00:10:36,280 Speaker 1: Finally, a Sex Limited the company now that has had 198 00:10:36,280 --> 00:10:36,920 Speaker 1: a rocky road. 199 00:10:38,600 --> 00:10:42,560 Speaker 2: It has, Yes, that's been rocky to say the least, 200 00:10:43,160 --> 00:10:45,240 Speaker 2: but at the same time, I would say this result 201 00:10:45,320 --> 00:10:47,920 Speaker 2: is probably low risk. So they had an investor day 202 00:10:48,000 --> 00:10:50,440 Speaker 2: only two months ago, it was at the start of June, 203 00:10:50,760 --> 00:10:53,680 Speaker 2: and they provided earnings guidance for the next year and 204 00:10:53,720 --> 00:10:57,400 Speaker 2: they also released these monthly activity reports. So we're broadly 205 00:10:57,440 --> 00:11:00,200 Speaker 2: across all the trends and what they've really disappointed on 206 00:11:00,360 --> 00:11:02,960 Speaker 2: is actually just the cost side and the cap X 207 00:11:03,000 --> 00:11:07,120 Speaker 2: side is they've tried various programs, but we're just not 208 00:11:07,120 --> 00:11:09,360 Speaker 2: going to get an update on them at the next result, 209 00:11:09,400 --> 00:11:12,960 Speaker 2: so and that way it's low risk and it will 210 00:11:12,960 --> 00:11:16,760 Speaker 2: take longer though for them to prove that they can 211 00:11:16,920 --> 00:11:21,240 Speaker 2: execute on the current programs, and so we sink over 212 00:11:21,280 --> 00:11:23,560 Speaker 2: the medium term it will probably still trade at a 213 00:11:23,600 --> 00:11:26,800 Speaker 2: discount despite the fact it is, you know, critical infrastructure. 214 00:11:26,800 --> 00:11:30,160 Speaker 2: It's monopolistic. You know, they can put through price increases 215 00:11:30,480 --> 00:11:32,840 Speaker 2: in the last couple of months, so and certainly in 216 00:11:32,840 --> 00:11:35,160 Speaker 2: the last week or so the market volatility would have 217 00:11:35,200 --> 00:11:36,640 Speaker 2: benefited them, So that's positive. 218 00:11:37,480 --> 00:11:40,400 Speaker 1: I always think the ax I can just get its 219 00:11:41,240 --> 00:11:43,640 Speaker 1: ship into water ship shape. I'm not sure what the 220 00:11:43,640 --> 00:11:46,240 Speaker 1: phrase is, but you know, if management can just kind 221 00:11:46,280 --> 00:11:48,600 Speaker 1: of work it out, because it is more or less 222 00:11:48,600 --> 00:11:53,520 Speaker 1: a monopoly, it's got pricing power, so much potential, if only. 223 00:11:53,880 --> 00:11:56,880 Speaker 2: Definitely, And that's why often the topic of M and 224 00:11:56,920 --> 00:11:59,960 Speaker 2: A comes up for them as well. Are they potential 225 00:12:00,080 --> 00:12:02,160 Speaker 2: acquisition target from the likes of a super fund and 226 00:12:02,160 --> 00:12:05,360 Speaker 2: the like, But certainly when we compare them to exchanges offshore, 227 00:12:05,400 --> 00:12:08,480 Speaker 2: they're still really expensive and don't have the same growth profile. 228 00:12:08,640 --> 00:12:13,959 Speaker 2: So if you're an international investor, there's not really much 229 00:12:13,960 --> 00:12:16,760 Speaker 2: of an argument to make ASX stack against the likes 230 00:12:16,800 --> 00:12:19,800 Speaker 2: of the Nasdaq, which is trading on a far lower 231 00:12:19,920 --> 00:12:22,640 Speaker 2: multiple and has a lot more growth optionality. So it's 232 00:12:22,679 --> 00:12:25,040 Speaker 2: a very interesting one. But I do see your point. 233 00:12:25,480 --> 00:12:27,040 Speaker 1: And I thank you for talking to Fear and Greed. 234 00:12:27,520 --> 00:12:28,079 Speaker 2: Thanks Sean. 235 00:12:28,720 --> 00:12:31,720 Speaker 1: There was an a mill senior investment analyst at WAYM Leaders, 236 00:12:31,720 --> 00:12:35,120 Speaker 1: a listed investment company from Wilson Asset Management. This is 237 00:12:35,120 --> 00:12:37,439 Speaker 1: the Fear and Greed Business Interview. Remember this is general 238 00:12:37,440 --> 00:12:40,120 Speaker 1: information only, and you should always seek professional advice before 239 00:12:40,160 --> 00:12:43,000 Speaker 1: making investment decisions. Join us every morning for the full 240 00:12:43,040 --> 00:12:45,680 Speaker 1: episode of Fear and Greed daily business views for people 241 00:12:45,720 --> 00:12:53,360 Speaker 1: who make their own decisions. I'm Sean Almer. Enjoy your day.