1 00:00:05,559 --> 00:00:08,440 Speaker 1: Welcome to the Fear and Greed business Interview. I'm Sean Almam. 2 00:00:08,480 --> 00:00:11,920 Speaker 1: It's a turbulent time on global markets following the US 3 00:00:12,000 --> 00:00:15,920 Speaker 1: presidential election that won't be changing anytime soon, which makes 4 00:00:15,960 --> 00:00:19,000 Speaker 1: it particularly interesting to talk to my guest today. William 5 00:00:19,079 --> 00:00:22,360 Speaker 1: Lu is a senior investment analyst at Wham Global, a 6 00:00:22,440 --> 00:00:26,360 Speaker 1: listed investment company from Wilson Asset Management. Not only is 7 00:00:26,360 --> 00:00:29,600 Speaker 1: he usually based in New York working in international equities 8 00:00:29,600 --> 00:00:31,600 Speaker 1: including Wall Street and Europe, but he's just returned from 9 00:00:31,600 --> 00:00:34,800 Speaker 1: a working trip to China, which may soon find itself 10 00:00:34,840 --> 00:00:38,000 Speaker 1: in a trade war with the incoming Trump administration. I 11 00:00:38,040 --> 00:00:40,600 Speaker 1: wanted to get William's thoughts on global markets, including what 12 00:00:40,640 --> 00:00:43,720 Speaker 1: it means for China and Australia. Of course, remember this 13 00:00:43,760 --> 00:00:46,159 Speaker 1: is general information only and you should always seek professional 14 00:00:46,159 --> 00:00:49,200 Speaker 1: advice before investing. William Lu, Welcome to Fear and Greed. 15 00:00:49,880 --> 00:00:51,199 Speaker 2: Hi Sean, thank you for having me. 16 00:00:51,840 --> 00:00:55,280 Speaker 1: So how do you sum up the reaction to the 17 00:00:56,560 --> 00:01:00,960 Speaker 1: Trump vote and the Trump trade and what's happened since 18 00:01:01,000 --> 00:01:02,560 Speaker 1: the Trump trades come off the boil a bit? 19 00:01:02,880 --> 00:01:06,120 Speaker 2: Yeah, it's a good question. I think I was in 20 00:01:06,200 --> 00:01:09,839 Speaker 2: China when the election outcome was announced and It's quite 21 00:01:09,840 --> 00:01:14,600 Speaker 2: interesting listening to the sentiment in China. I think it 22 00:01:14,720 --> 00:01:18,480 Speaker 2: varies industry by industry, But the biggest question on investor's 23 00:01:18,560 --> 00:01:20,680 Speaker 2: mind is what is the impact on tariff's Is there 24 00:01:20,680 --> 00:01:23,360 Speaker 2: going to be a sixty percent blanket tariff on all 25 00:01:23,360 --> 00:01:27,080 Speaker 2: goods exported from China into the US. So I was 26 00:01:27,200 --> 00:01:29,080 Speaker 2: fortunate enough to speak to a number of companies. I 27 00:01:29,120 --> 00:01:32,039 Speaker 2: think the general view is that the US is a 28 00:01:32,040 --> 00:01:34,399 Speaker 2: hard place to do business for China companies. US and 29 00:01:34,480 --> 00:01:38,520 Speaker 2: China tensions have been rising for not just recently, it's 30 00:01:38,520 --> 00:01:40,920 Speaker 2: been happening for the last couple of years, and we're 31 00:01:40,920 --> 00:01:45,919 Speaker 2: seeing industries certain protectionist measures meaning to favor US manufacturing 32 00:01:45,959 --> 00:01:50,120 Speaker 2: over Chinese manufacturing. I guess some of the sentiment was 33 00:01:50,880 --> 00:01:53,320 Speaker 2: you look at the tariffs and potential tariffs. It really 34 00:01:53,760 --> 00:01:56,080 Speaker 2: the message is clear the US is not open to 35 00:01:56,160 --> 00:01:59,760 Speaker 2: business for China in certain industries, whether that is twenty 36 00:01:59,760 --> 00:02:02,800 Speaker 2: percent and forty or sixty percent, the impact is relatively 37 00:02:03,120 --> 00:02:06,559 Speaker 2: the same. Like the headline number could sound really strong, 38 00:02:06,600 --> 00:02:09,280 Speaker 2: but at the message is still the same in the 39 00:02:09,360 --> 00:02:11,880 Speaker 2: sense that the US market is closed for business. So 40 00:02:12,480 --> 00:02:14,680 Speaker 2: we'll have to see what Trump does next year and 41 00:02:14,680 --> 00:02:17,320 Speaker 2: what policies and will take it policy by policy, but 42 00:02:17,840 --> 00:02:20,520 Speaker 2: based on who he's appointed and he's inner circle around him, 43 00:02:20,520 --> 00:02:24,680 Speaker 2: there's a few hawkish China people in key positions, including 44 00:02:24,840 --> 00:02:26,560 Speaker 2: Marco Rubio as Secretary of State. 45 00:02:27,320 --> 00:02:30,280 Speaker 1: Okay, not so good news for the Chinese economy at 46 00:02:30,320 --> 00:02:33,360 Speaker 1: this point. What about the US economy? What does a 47 00:02:33,520 --> 00:02:37,920 Speaker 1: Trump administration two point zero mean for equities and particularly 48 00:02:37,960 --> 00:02:41,240 Speaker 1: different sectors, you know, kind of the tech bank, healthcare 49 00:02:41,280 --> 00:02:44,840 Speaker 1: stocks versus some of the other cyclicals for some of 50 00:02:44,840 --> 00:02:45,320 Speaker 1: the others. 51 00:02:45,919 --> 00:02:49,880 Speaker 2: Yeah, Well, with the Trump presidency, the key thing is 52 00:02:50,480 --> 00:02:53,800 Speaker 2: it's going to be expansionary fiscal policy. We're going to 53 00:02:53,800 --> 00:02:57,639 Speaker 2: see that, whether it's in the form of tax cuts, deregulation, 54 00:02:58,480 --> 00:03:00,200 Speaker 2: and again it's it's a case where we'll have to 55 00:03:00,200 --> 00:03:04,040 Speaker 2: see policy by policy In terms of certain sectors. We've 56 00:03:04,040 --> 00:03:07,120 Speaker 2: seen RFK Junior appointed to lead up the health sector 57 00:03:07,160 --> 00:03:10,880 Speaker 2: and that's going to have some implications given his views 58 00:03:10,880 --> 00:03:14,720 Speaker 2: in previous interviews and news articles. So that's going to 59 00:03:14,800 --> 00:03:16,880 Speaker 2: mean it's just going to mean there's going to be volatility, 60 00:03:16,880 --> 00:03:19,440 Speaker 2: there's going to be changes. I think as investors it's 61 00:03:19,440 --> 00:03:22,840 Speaker 2: going to be really important to remain dynamic. We're starting 62 00:03:22,880 --> 00:03:26,080 Speaker 2: to see some of the banks and financials, which we're 63 00:03:26,160 --> 00:03:31,200 Speaker 2: typically not very invested in, but with the element of deregulation, 64 00:03:31,280 --> 00:03:33,920 Speaker 2: we're starting to see them potentially having a little bit 65 00:03:33,919 --> 00:03:36,160 Speaker 2: of a run up in terms of shared price performance. 66 00:03:37,080 --> 00:03:39,480 Speaker 2: The other key policy will just be tax cuts. If 67 00:03:39,520 --> 00:03:41,520 Speaker 2: Trump can enact some of these tax cuts similar to 68 00:03:41,520 --> 00:03:44,640 Speaker 2: what he did in his first term, then you potentially 69 00:03:44,720 --> 00:03:48,120 Speaker 2: just get earnings rices just mechanically given if tax rates 70 00:03:48,120 --> 00:03:50,280 Speaker 2: get cut, you're going to get some more earnings per 71 00:03:50,400 --> 00:03:53,000 Speaker 2: share growth, and that can really support markets going forward. 72 00:03:53,160 --> 00:03:56,000 Speaker 2: And it's well yet to see what the implications are 73 00:03:56,040 --> 00:03:59,800 Speaker 2: because on one point, fiscal expansionary policy is positive. On 74 00:03:59,840 --> 00:04:02,000 Speaker 2: the hand, you're seeing the bond market react and you've 75 00:04:02,000 --> 00:04:05,040 Speaker 2: seen yields, particularly on the long end, start to rise up. 76 00:04:05,160 --> 00:04:08,840 Speaker 2: And it just means there's going to be repercussions from 77 00:04:09,040 --> 00:04:13,400 Speaker 2: an interest rate policy perspective and multiple flow on effects 78 00:04:13,400 --> 00:04:16,159 Speaker 2: that will have to assess once the policies become more clear. 79 00:04:17,120 --> 00:04:18,880 Speaker 1: I suppose that it's tricky here is that you don't 80 00:04:18,880 --> 00:04:21,160 Speaker 1: know how much of this stuff he'll get through Congress. 81 00:04:21,200 --> 00:04:23,640 Speaker 1: Now he has had a clean sweep, so he has 82 00:04:23,640 --> 00:04:25,960 Speaker 1: the Senate and the House of Reps. But the REPS 83 00:04:25,960 --> 00:04:29,680 Speaker 1: particularly is an eraser thin margin. And for those people, well, William, 84 00:04:29,839 --> 00:04:32,800 Speaker 1: I'm sure you can explain. A Republican isn't always a 85 00:04:32,839 --> 00:04:35,200 Speaker 1: Republican and democrats is not always a Democrat in US 86 00:04:35,279 --> 00:04:36,960 Speaker 1: politics exactly. 87 00:04:37,000 --> 00:04:41,479 Speaker 2: You're one hundred percent right, Sean, and I think it 88 00:04:41,520 --> 00:04:44,960 Speaker 2: will be like there's certain policies where there is bipartisan support, 89 00:04:45,040 --> 00:04:48,680 Speaker 2: like the more hawkish stance on China's been bubbling underneath 90 00:04:48,720 --> 00:04:50,880 Speaker 2: the surface for a long time, and it doesn't really 91 00:04:50,920 --> 00:04:54,440 Speaker 2: matter if you're Democratic or Republican. That stance is probably 92 00:04:54,880 --> 00:04:56,760 Speaker 2: going to be there, and then it's really taken on 93 00:04:56,800 --> 00:04:59,040 Speaker 2: a state by state basis. One of the debates where 94 00:04:59,040 --> 00:05:02,040 Speaker 2: having as a team is the Inflation Reduction Act and 95 00:05:02,040 --> 00:05:05,560 Speaker 2: what it means, because Trump historically has talked about potentially 96 00:05:05,560 --> 00:05:07,240 Speaker 2: repealing that Act and what it means for some of 97 00:05:07,279 --> 00:05:10,360 Speaker 2: the renewable energy needs. But at the same time, when 98 00:05:10,360 --> 00:05:12,120 Speaker 2: we speak to the companies on the ground and the 99 00:05:12,160 --> 00:05:14,760 Speaker 2: management teams, they've talked about investing a lot of the 100 00:05:14,760 --> 00:05:17,719 Speaker 2: capacity in red states. So it actually directly affects the 101 00:05:17,760 --> 00:05:21,479 Speaker 2: Republican voter base. So there's sort of a balance and 102 00:05:21,520 --> 00:05:25,880 Speaker 2: counterbalancing aspect of this and I think we'll have to 103 00:05:25,920 --> 00:05:28,560 Speaker 2: take each one on its merits. But by and large, 104 00:05:28,880 --> 00:05:30,760 Speaker 2: like we can see from the SMP five hundred, the 105 00:05:30,760 --> 00:05:34,560 Speaker 2: market is generally pretty positive on a Trump presidency. I 106 00:05:34,600 --> 00:05:36,880 Speaker 2: think a large part of that is just getting over 107 00:05:36,960 --> 00:05:40,120 Speaker 2: the uncertainty that's been hanging over in markets for a while. 108 00:05:40,200 --> 00:05:42,800 Speaker 2: So at least we know who's going to be sitting 109 00:05:42,839 --> 00:05:45,560 Speaker 2: at the top, and then like we can assess each 110 00:05:45,880 --> 00:05:47,200 Speaker 2: each policy from here on in. 111 00:05:47,800 --> 00:05:49,680 Speaker 1: Stay with me. William will be back in a minute. 112 00:05:56,040 --> 00:05:58,600 Speaker 1: I'm speaking to William lu senior investment analyst at ware 113 00:05:58,600 --> 00:06:02,040 Speaker 1: in Global are listed Investment compening from Wilson Asset Management. 114 00:06:03,320 --> 00:06:04,960 Speaker 1: I'll come to Australier in moment, but I just want 115 00:06:04,960 --> 00:06:08,400 Speaker 1: to quickly touch on Europe because it is such a 116 00:06:08,480 --> 00:06:11,880 Speaker 1: huge economy. Germany, though, is in a state of flux. 117 00:06:11,880 --> 00:06:14,080 Speaker 1: Certainly the leadership of Germany is in the state of flux. 118 00:06:14,520 --> 00:06:18,480 Speaker 1: The French economy is probably I wouldn't say it's booming, 119 00:06:18,520 --> 00:06:21,000 Speaker 1: shall we say that? And then there's all sorts of 120 00:06:21,000 --> 00:06:24,839 Speaker 1: budgetary concerns in the UK. How do you view Europe? 121 00:06:25,160 --> 00:06:29,799 Speaker 2: Yeah, like Europe is tough from just a global perspective. 122 00:06:29,839 --> 00:06:33,360 Speaker 2: When we look at our portfolio, we're more exposed to 123 00:06:33,880 --> 00:06:36,640 Speaker 2: the US, and simply put, you look at where the 124 00:06:36,720 --> 00:06:40,320 Speaker 2: consumer is stronger, and then technology, which has been just 125 00:06:40,440 --> 00:06:43,520 Speaker 2: the leader in terms of AI being a huge secular 126 00:06:43,600 --> 00:06:47,640 Speaker 2: theme the productivity benefits that come with that, a lot 127 00:06:47,640 --> 00:06:50,000 Speaker 2: of that has been skewed more towards the US, whereas 128 00:06:50,040 --> 00:06:52,080 Speaker 2: if you look in Europe there are still some key 129 00:06:52,120 --> 00:06:55,080 Speaker 2: players and in Germany we do own SAP, which has 130 00:06:55,160 --> 00:06:59,000 Speaker 2: been a big beneficiary of the investment into AI. But 131 00:06:59,360 --> 00:07:01,600 Speaker 2: by in life you have a lot of old old 132 00:07:01,640 --> 00:07:06,920 Speaker 2: world companies, including oil and gas names, consumer staples, tobacco, 133 00:07:07,440 --> 00:07:09,479 Speaker 2: and then the luxury names are doing really well for 134 00:07:09,520 --> 00:07:11,920 Speaker 2: a period of time. However, with the slowdown in the 135 00:07:12,000 --> 00:07:16,320 Speaker 2: Chinese consumer and some of the macro uncertainties, like they've 136 00:07:16,320 --> 00:07:19,080 Speaker 2: actually started rolling off a little bit. And then the 137 00:07:19,160 --> 00:07:22,400 Speaker 2: only other big names where they are globally competitive is 138 00:07:22,720 --> 00:07:26,480 Speaker 2: healthcare like Nova and Ortis with their GLP ones. Like 139 00:07:26,520 --> 00:07:29,560 Speaker 2: there's some really good interesting companies, but you really have 140 00:07:29,640 --> 00:07:31,840 Speaker 2: to be selective, take a bottoms up view, and then 141 00:07:31,880 --> 00:07:35,040 Speaker 2: when you can find those high quality names, get meaningfully 142 00:07:35,080 --> 00:07:37,720 Speaker 2: behind them. But compared to the US, that's that's still 143 00:07:37,720 --> 00:07:41,240 Speaker 2: where we're seeing the vast majority of the opportunities, and 144 00:07:41,280 --> 00:07:43,480 Speaker 2: that's where I'm based in New York, That's where we 145 00:07:43,480 --> 00:07:46,760 Speaker 2: spend a lot of time on and our portfolio composition 146 00:07:46,920 --> 00:07:49,360 Speaker 2: is a byproduct of where we see the best opportunities. 147 00:07:49,360 --> 00:07:52,600 Speaker 2: And for now, like almost seventy percent of our portfolios 148 00:07:52,600 --> 00:07:53,200 Speaker 2: in the US. 149 00:07:54,320 --> 00:07:56,720 Speaker 1: So if I'm an investor listening to this William and 150 00:07:56,760 --> 00:08:03,160 Speaker 1: Australian investor, and I want exposure to overseas companies, is 151 00:08:03,200 --> 00:08:05,120 Speaker 1: it better to get to BHP because I think that 152 00:08:05,280 --> 00:08:08,559 Speaker 1: actually the commodities market will turn and China will start 153 00:08:08,560 --> 00:08:11,080 Speaker 1: buying a lot more iron Or Am I better to 154 00:08:11,120 --> 00:08:15,240 Speaker 1: actually think about the downtrodden ESDA, Lords, LVMHS out of 155 00:08:15,280 --> 00:08:17,560 Speaker 1: Europe that might bounce back? Am I better just to 156 00:08:17,600 --> 00:08:21,520 Speaker 1: go with the Magnificent seven? Still? Like, how should I 157 00:08:21,520 --> 00:08:22,160 Speaker 1: think about it? 158 00:08:22,520 --> 00:08:26,760 Speaker 2: Yeah? Great, great question, Sean. We obviously we run a 159 00:08:26,960 --> 00:08:30,520 Speaker 2: global portfolio. It's listed under asx AS WGB, and by 160 00:08:30,560 --> 00:08:33,440 Speaker 2: investing in US to get a wider array of like 161 00:08:33,559 --> 00:08:36,679 Speaker 2: a good portfolio of high quality names, undervalued growth companies 162 00:08:36,679 --> 00:08:39,080 Speaker 2: with a catalyst like that's what what I would pitch 163 00:08:39,280 --> 00:08:43,440 Speaker 2: in terms of that's a bit, but in terms of 164 00:08:43,520 --> 00:08:47,600 Speaker 2: the different regions like we we've been underweight consumer discretionary 165 00:08:47,679 --> 00:08:51,439 Speaker 2: because the LVMH is the Esta Laurels like. They've all 166 00:08:51,520 --> 00:08:54,360 Speaker 2: been selling off because a big part of their growth 167 00:08:54,400 --> 00:08:58,000 Speaker 2: algorithm was China and China slowing down, that's no longer 168 00:08:58,040 --> 00:09:01,960 Speaker 2: pushing up their revenue growth and profitabilit And my feedback 169 00:09:02,040 --> 00:09:04,400 Speaker 2: when I was on the ground in China was those 170 00:09:04,679 --> 00:09:07,920 Speaker 2: Western brands don't enjoy the same halo effects they did 171 00:09:08,120 --> 00:09:12,120 Speaker 2: maybe five years ago, where Chinese consumers would blindly purchase 172 00:09:12,640 --> 00:09:14,760 Speaker 2: a Western brand thinking it was a better product with 173 00:09:14,920 --> 00:09:18,760 Speaker 2: high quality, easier to trust, whereas now you're seeing Chinese 174 00:09:18,760 --> 00:09:22,479 Speaker 2: companies innovate deliver very similar products with a real value proposition, 175 00:09:22,640 --> 00:09:27,360 Speaker 2: maybe at half the price, and with the consumption downgrade 176 00:09:27,360 --> 00:09:29,600 Speaker 2: that's happening in China, we're seeing a lot more consumers 177 00:09:29,800 --> 00:09:34,000 Speaker 2: gravitate towards that. Just on your question on BHP, we 178 00:09:34,080 --> 00:09:38,439 Speaker 2: think the China playbook is quite different this time because 179 00:09:39,000 --> 00:09:41,160 Speaker 2: we know the property market is in above when the 180 00:09:41,160 --> 00:09:45,600 Speaker 2: government wants to slowly deflate that without causing too much, 181 00:09:46,120 --> 00:09:50,840 Speaker 2: without having too much supply. So previously, when the Chinese 182 00:09:50,880 --> 00:09:54,640 Speaker 2: government stimulate, they relaxed lending restrictions, they encouraged a property market, 183 00:09:54,679 --> 00:09:57,800 Speaker 2: and you saw iron Ore the bhps of the world 184 00:09:57,800 --> 00:10:01,719 Speaker 2: do really well. This time. We think the unlock is 185 00:10:01,760 --> 00:10:05,280 Speaker 2: in the consumer because we've seen household savings rate in China, 186 00:10:05,280 --> 00:10:08,440 Speaker 2: it's always been elevated above thirty percent, but then they've 187 00:10:08,440 --> 00:10:11,920 Speaker 2: also had zero COVID policy for an extended period of time, 188 00:10:11,960 --> 00:10:15,520 Speaker 2: so that savings rate was even more so. Right now, 189 00:10:15,520 --> 00:10:17,600 Speaker 2: they're not willing to spend that money, even though it's 190 00:10:17,640 --> 00:10:20,640 Speaker 2: in their deposits in the bank account, until they get 191 00:10:20,679 --> 00:10:24,560 Speaker 2: confidence on the employment outlook, until they get confidence on 192 00:10:25,400 --> 00:10:29,080 Speaker 2: the property prices having stabilized. They're not going to choose 193 00:10:29,080 --> 00:10:32,319 Speaker 2: to spend that money because they're less confident about their future. However, 194 00:10:32,400 --> 00:10:34,920 Speaker 2: with these fiscal stimulus measures and some of this holistic 195 00:10:35,000 --> 00:10:38,280 Speaker 2: measures that the Chinese government has employed, that could lead 196 00:10:38,440 --> 00:10:41,440 Speaker 2: to some of that unlock where I'm feeling a little 197 00:10:41,440 --> 00:10:43,360 Speaker 2: bit better about the economy, I'm feeling a little bit 198 00:10:43,360 --> 00:10:46,520 Speaker 2: better about potentially getting a promotion next year. I'm happy 199 00:10:46,559 --> 00:10:50,280 Speaker 2: to go out and spend that little bit more on goods, services, travel, 200 00:10:50,320 --> 00:10:52,520 Speaker 2: whatever it may be. But we yet to see that 201 00:10:52,559 --> 00:10:53,920 Speaker 2: play out, and I think that's going to be a 202 00:10:53,960 --> 00:10:55,600 Speaker 2: gradual story in twenty twenty five. 203 00:10:56,640 --> 00:11:02,240 Speaker 1: But something that you're confident about that China. Has China bottomed, 204 00:11:02,240 --> 00:11:03,199 Speaker 1: I suppose is a question. 205 00:11:03,679 --> 00:11:07,920 Speaker 2: Yeah, that's it's a hard question to answer. I think 206 00:11:08,600 --> 00:11:11,600 Speaker 2: if you look at October and what the Chinese government announced, 207 00:11:12,120 --> 00:11:15,280 Speaker 2: it was a more comprehensive fiscal policy announcement. I think 208 00:11:15,360 --> 00:11:19,600 Speaker 2: it was enough to drive a liquidity driven rally in 209 00:11:19,640 --> 00:11:21,640 Speaker 2: October in the Chinese stock market. We saw some of 210 00:11:21,679 --> 00:11:24,719 Speaker 2: the crazy moves in the indexes and share prices then, 211 00:11:25,480 --> 00:11:28,120 Speaker 2: and I think it's enough to say, Okay, we've reached 212 00:11:28,120 --> 00:11:32,640 Speaker 2: a pain tolerance. This is where we need to look 213 00:11:32,679 --> 00:11:34,720 Speaker 2: at the property market. We need to inject more money 214 00:11:34,760 --> 00:11:38,440 Speaker 2: into the equity market, and we need consumers to be confident. 215 00:11:38,520 --> 00:11:42,760 Speaker 2: And by stabilizing the property market, stabilizing equity markets, it 216 00:11:42,840 --> 00:11:44,839 Speaker 2: leads to a wealth effect where consumers can feel a 217 00:11:44,840 --> 00:11:48,040 Speaker 2: little bit confident about spending their savings, have a what's 218 00:11:48,080 --> 00:11:50,520 Speaker 2: been announced has probably been a little bit underwhelming to 219 00:11:50,600 --> 00:11:54,760 Speaker 2: people who got too excited too early, and I think 220 00:11:54,960 --> 00:11:58,400 Speaker 2: we will have more certainty next year. So now that 221 00:11:58,440 --> 00:12:01,040 Speaker 2: Trump's president, where it's up to China to see what 222 00:12:01,080 --> 00:12:03,320 Speaker 2: they announce in the next year and whether that's more 223 00:12:03,920 --> 00:12:08,160 Speaker 2: stimulus for white goods, whether that's bonuses for increasing the 224 00:12:08,200 --> 00:12:11,880 Speaker 2: birth rate, like, they have a number of different levers 225 00:12:11,880 --> 00:12:15,199 Speaker 2: to use. I think they're evaluating what's the best transfer 226 00:12:15,240 --> 00:12:18,400 Speaker 2: mechanism because they don't really want to just loosen lending 227 00:12:18,400 --> 00:12:22,040 Speaker 2: restrictions have the property market we can't bubble up again. 228 00:12:22,200 --> 00:12:25,160 Speaker 2: They want to make sure they're distributing that wealth in 229 00:12:25,440 --> 00:12:29,080 Speaker 2: common prosperity, which is to low and middle come income consumers, 230 00:12:29,080 --> 00:12:33,040 Speaker 2: so that they can achieve their common prosperity mandate and. 231 00:12:33,000 --> 00:12:34,599 Speaker 1: Be fun to watch. William, thank you for talking to 232 00:12:34,640 --> 00:12:35,240 Speaker 1: Fear and Greed. 233 00:12:35,679 --> 00:12:37,000 Speaker 2: Thanks Sean, appreciate your time. 234 00:12:37,520 --> 00:12:40,800 Speaker 1: That was William Lue, Senior investment analyst at Wham Global, 235 00:12:41,240 --> 00:12:44,199 Speaker 1: a listed investment company from Wilson Asset Management. This is 236 00:12:44,240 --> 00:12:46,720 Speaker 1: the Fear and Greed Business Interview. Remember this is general 237 00:12:46,720 --> 00:12:50,680 Speaker 1: information only. You should seek professional advice before making investment decisions. 238 00:12:50,760 --> 00:12:53,040 Speaker 1: Join us every morning for the full episode of Fear 239 00:12:53,080 --> 00:12:55,680 Speaker 1: and Greed Daily business use for people who make their 240 00:12:55,720 --> 00:12:57,280 Speaker 1: own decisions. I'm Sean A. Elmer. 241 00:12:57,800 --> 00:12:58,360 Speaker 2: Enjoy your day.