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Speaker 1: Welcome to the Fear and Greed Summer series. Are Michael

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Speaker 1: Thompson and good morning, Sean Aylmer.

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Speaker 2: Good morning Michael, and good.

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Speaker 1: Morning Adam Lange.

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Speaker 3: Hello Michael, Hello Sean.

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Speaker 1: Today we are looking back at the best market story

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Speaker 1: of twenty twenty five. I'm going to kick things off

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Speaker 1: because I think I've just decided that this has been

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Speaker 1: an extraordinary year for tech stocks for a few different reasons.

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Speaker 1: Right locally, we saw essentially the humbling of text stocks,

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Speaker 1: and twenty twenty four text stocks were beloved by all

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Speaker 1: They were like Santa this year, Nah, couldn't find a friend.

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Speaker 1: Big companies too, There's like Wise, Tech Global and Zero

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Speaker 1: came off big time this year for a variety of

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Speaker 1: quite different reasons. Different story though all together. Right in

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Speaker 1: the US, the Magnificent seven just kept growing and growing

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Speaker 1: and growing. For most of the year. Seven stocks making

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Speaker 1: up I was like a third of the S and

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Speaker 1: P five hundreds, Value and Video, Microsoft, Apple, Our Meta, Amazon,

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Speaker 1: Tesla got a little bit shaky towards the end of

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Speaker 1: the year. Companies like Microsoft, Meta, Google have been pouring

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Speaker 1: hundreds of billions of dollars into AI A lot of

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Speaker 1: nerves as well, around chip maker and video whether it

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Speaker 1: can keep performing because it is right the beating heart

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Speaker 1: of the AI boom.

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Speaker 2: Do you like that? Yeah?

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Speaker 1: Okay, it's a very very kind of sub response from you.

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Speaker 1: But this is a story. It's been such a feature

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Speaker 1: of this year from markets, is going to continue into

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Speaker 1: twenty twenty six, not like I was expecting. Kind of

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Speaker 1: just not applause, but just a little bit more enthusiasm.

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Speaker 2: Oh look, I love the Nvidia hit five trillion US dollars,

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Speaker 2: first company ever to do that this year. That's got

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Speaker 2: a Yeah, that's got a rate.

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Speaker 1: There are a bunch of milestones hit by those those

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Speaker 1: massive companies. It's just been an extraordinary year, Adam, What

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Speaker 1: did you like?

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Speaker 3: All right? Like the great simple Mind song Glittering Prize,

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Speaker 3: twenty five had to be truly Gold's year. The beautiful

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Speaker 3: bullion smashed through US forty two hundred ounce, setting repeated

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Speaker 3: record highs. And this was as we watched investors rush

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Speaker 3: back to the oldest safe haven asset of them all.

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Speaker 3: Driving that demand was such a powerful combination of forces

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Speaker 3: escalating geopolitical instability, inflationary pressures, proven stubborn, fragile power generation

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Speaker 3: and distribution struggling to keep up with the pace of

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Speaker 3: the green energy transition and the explosion of AI demand

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Speaker 3: and a weaker US dollar. All that pushed on the

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Speaker 3: ASX Gold to be the best performing sector of the year,

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Speaker 3: comfortably beating tech, banks and property. We saw Australian companies

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Speaker 3: like Northern Star, Evolution, Neumont, Genesis and Persius being standout performance.

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Speaker 3: And of course gold you have to say, was a

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Speaker 3: genuine podium finish. The number one metal getting a medal

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Speaker 3: for Australia in twenty twenty five is gold, gold, gold

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Speaker 3: for Australia.

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Speaker 1: No stop, Suan, you're their praise his podium finish and

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Speaker 1: you just gave me out. Eh, Yeah, that was all right.

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Speaker 2: There's NVD a fantastic you know. Ay, I think was

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Speaker 2: at eight. Looks like eight of the top ten stocks

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Speaker 2: in the ASEX two hundred big gold or gold related

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Speaker 2: this year. Both of them are on the podium probably

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Speaker 2: the other one. Not sure whether it's a bronze or

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Speaker 2: a goal this one. But the rise and rise of

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Speaker 2: Wall Street, it doesn't matter what Donald Trump does, the

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Speaker 2: market keeps rising. We had tariffs, the market tumbled and

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Speaker 2: then it recovered. We didn't know where interest rates were going.

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Speaker 2: So what did the market do? It rose? We had

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Speaker 2: a federal shutdown. Oh n'orry about that. Earnings will keep rising.

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Speaker 2: Let's just push up the S and P five hundred.

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Speaker 2: You know, attacks on drug runners in the Eastern Pacific

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Speaker 2: and the Caribbean, we had all sorts of geo political issues.

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Speaker 2: What happens the market rises In fact, S and P

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Speaker 2: five hundred will end the year up well over ten percent,

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Speaker 2: much better than the Aussie market, the tech heavy Naisdak

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Speaker 2: that'll be up nearly twenty percent. The key reason is

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Speaker 2: that I could think under Trump, rates will fall and

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Speaker 2: that will help earnings. Also, Trump's much more lenient on

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Speaker 2: corporate governance issues in M and A laws, Earnings have

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Speaker 2: actually held up pretty well really, particularly in tech, energy

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Speaker 2: and finance. It is still an incredibly innovative society in

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Speaker 2: the US, and investors if they want to put money

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Speaker 2: somewhere that's safe, that's innovative. It's into the world's biggest economy.

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Speaker 2: So I think it's quite remarkable that Wall Street this

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Speaker 2: year has managed to do as well as it has

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Speaker 2: despite all the noise around it. So we have the

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Speaker 2: top three finishes there, we have tech stocks Gold and

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Speaker 2: Wall Street. I'm going to vote for my favorite and

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Speaker 2: that can.

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Speaker 1: I yeah, go on.

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Speaker 2: I just think in the year like twenty twenty five,

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Speaker 2: it's hard to go past Gold.

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Speaker 1: Hard to go past Wall Street. But I suppose I'm

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Speaker 1: taking a big picture of you of this. I'm thinking global.

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Speaker 1: But maybe I don't like the fact that my TEXTOC

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Speaker 1: story I mentioned it. It's clear bronze.

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Speaker 2: Solid Gold's gold, Wall streets are silver, and textocks bronze,

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Speaker 2: textdocs bronze.

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Speaker 3: Excellent podium of stories.

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Speaker 1: That feels like it wraps up our market story of

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Speaker 1: the year rather nicely.

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Speaker 2: Thank you, Sean, Thanks Michael, Thanks Adam, Thank you very.

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Speaker 1: Much, Adam. Thank you both, and don't forget to hit

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Speaker 1: follow on the podcast. New episodes every day during our

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Speaker 1: summer series and regular shows are back from January twelve.

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Speaker 1: I'm Michael Thompson and this is Beer in Praxis