1 00:00:06,000 --> 00:00:08,520 Speaker 1: This is the weekend edition of Fear and Greed, daily 2 00:00:08,520 --> 00:00:10,960 Speaker 1: business news for people who make their own decisions. I'm 3 00:00:10,960 --> 00:00:14,520 Speaker 1: Michael Thompson and with Sean Almer enjoying a well deserved 4 00:00:14,760 --> 00:00:17,759 Speaker 1: week off sunning himself somewhere on a beach. It is 5 00:00:17,800 --> 00:00:19,000 Speaker 1: good morning to Adam Lang. 6 00:00:19,280 --> 00:00:20,120 Speaker 2: Good morning Michael. 7 00:00:20,440 --> 00:00:22,280 Speaker 1: Now, Adam, our weekend show is all about the two 8 00:00:22,280 --> 00:00:24,279 Speaker 1: of us, each nominating what we think is the biggest 9 00:00:24,400 --> 00:00:28,240 Speaker 1: business story of the week, the most remarkable business story, 10 00:00:28,320 --> 00:00:32,199 Speaker 1: the sleeper story, one that's flying under the radar a 11 00:00:32,240 --> 00:00:34,320 Speaker 1: little bit, and then our favorite story. It is, of 12 00:00:34,360 --> 00:00:38,000 Speaker 1: course a competition. You are usually the judge for this 13 00:00:38,200 --> 00:00:41,680 Speaker 1: and you apply your very strict criteria to each of 14 00:00:41,720 --> 00:00:44,760 Speaker 1: these categories. Today though you are competing in this and 15 00:00:44,800 --> 00:00:47,839 Speaker 1: so it's your turn to be judged. And we are 16 00:00:47,920 --> 00:00:50,640 Speaker 1: going to be judged this week by Tim Burrows, the 17 00:00:50,680 --> 00:00:54,160 Speaker 1: owner of Media and marketing industry News that Are Unmade. Tim, 18 00:00:54,360 --> 00:00:55,680 Speaker 1: good morning, and welcome. 19 00:00:55,400 --> 00:00:58,080 Speaker 3: Back, Michael. Adam, good morning. 20 00:00:58,080 --> 00:00:59,760 Speaker 2: How are you very well? 21 00:00:59,760 --> 00:01:02,560 Speaker 4: This is so good Tim. I'm glad you're back, and 22 00:01:02,640 --> 00:01:06,520 Speaker 4: I know that Michael will come into this competition very 23 00:01:06,600 --> 00:01:10,960 Speaker 4: spirited and trying to extract revenge for all the times 24 00:01:11,000 --> 00:01:12,600 Speaker 4: I've judged him, in his view unfairly. 25 00:01:12,959 --> 00:01:16,440 Speaker 3: Absolutely, And as we get into it, I should probably 26 00:01:17,360 --> 00:01:20,280 Speaker 3: disclose that there is an issue of your judging of 27 00:01:20,280 --> 00:01:23,759 Speaker 3: which I have an increasing problem with. As the week 28 00:01:23,880 --> 00:01:28,640 Speaker 3: you've gone by backs, as you explain the criteria each 29 00:01:28,680 --> 00:01:32,920 Speaker 3: Saturday and you talk about your scores, of which two 30 00:01:32,959 --> 00:01:37,959 Speaker 3: are topicality and timeliness. I feel that if I opened 31 00:01:38,040 --> 00:01:40,280 Speaker 3: up my phosaurus, I would find them both on the 32 00:01:40,319 --> 00:01:44,360 Speaker 3: same page. So I have a problem with the fact 33 00:01:44,400 --> 00:01:47,840 Speaker 3: that you give extra points for topicality and tell me 34 00:01:48,000 --> 00:01:50,840 Speaker 3: what's the difference between those two things? Please? 35 00:01:51,240 --> 00:01:51,480 Speaker 2: Right? 36 00:01:52,120 --> 00:01:56,120 Speaker 4: Okay, so why the delineation and good questions, Judge Burrows, Gee, 37 00:01:56,120 --> 00:01:59,040 Speaker 4: you've started well with Okay, So topicality has to be 38 00:01:59,080 --> 00:02:02,240 Speaker 4: obviously a point of interest, of interest substantially to the 39 00:02:02,240 --> 00:02:03,120 Speaker 4: business community. 40 00:02:03,560 --> 00:02:05,520 Speaker 2: And timeliness it can't just be from. 41 00:02:05,400 --> 00:02:08,799 Speaker 4: Last week or last year. It has to be contemporary. 42 00:02:09,200 --> 00:02:11,160 Speaker 4: And that's where I kind of split the difference. 43 00:02:11,480 --> 00:02:12,360 Speaker 2: Ah see. 44 00:02:12,440 --> 00:02:15,880 Speaker 3: See, I would argue that rather than topicality, for bears 45 00:02:15,880 --> 00:02:18,560 Speaker 3: of small brains like me, that word might be relevant. 46 00:02:19,880 --> 00:02:23,120 Speaker 1: I'm completely with you, Tim, I'll take your feedback on board. 47 00:02:23,919 --> 00:02:25,200 Speaker 2: I might save it up to the end of the 48 00:02:25,280 --> 00:02:26,280 Speaker 2: judging and see how I go. 49 00:02:26,720 --> 00:02:29,760 Speaker 1: I don't think we've ever had the judge attacking one 50 00:02:29,800 --> 00:02:32,959 Speaker 1: of the one of the competitors before we've even started. 51 00:02:33,560 --> 00:02:36,480 Speaker 1: This is fantastic. I do need to step in between 52 00:02:36,480 --> 00:02:37,960 Speaker 1: the two of you, which is odd for me to 53 00:02:37,960 --> 00:02:42,440 Speaker 1: be the peacemaker in this episode, but we must move on, 54 00:02:42,720 --> 00:02:45,040 Speaker 1: we must jump into it. Just to clarify, you are 55 00:02:45,080 --> 00:02:49,079 Speaker 1: looking Tim for the same kind of broad criteria as 56 00:02:49,160 --> 00:02:50,320 Speaker 1: Adam usually does. 57 00:02:50,600 --> 00:02:55,640 Speaker 3: I am absolutely so. You'll be scored. You'll be scored 58 00:02:55,639 --> 00:02:58,720 Speaker 3: out of twenty five for each category, so making marks 59 00:02:58,720 --> 00:03:02,640 Speaker 3: out of one hundred in total, but also obviously a 60 00:03:02,720 --> 00:03:07,440 Speaker 3: winner in each round as we as we go until 61 00:03:07,440 --> 00:03:10,160 Speaker 3: we get hopefully eventual winner. 62 00:03:10,040 --> 00:03:12,280 Speaker 2: Until there's one left in the arena. 63 00:03:12,560 --> 00:03:14,560 Speaker 1: And that shall be me. Adam. Would you like to 64 00:03:14,600 --> 00:03:17,480 Speaker 1: go first on the biggest story of the week? 65 00:03:17,840 --> 00:03:22,280 Speaker 4: Thank you, Michael, I will judge Tim Burrows. Welcome, and 66 00:03:22,360 --> 00:03:24,960 Speaker 4: my biggest story is the cost of living, or as 67 00:03:25,000 --> 00:03:28,359 Speaker 4: the social media machinery likes to call it, cousey lives. 68 00:03:29,040 --> 00:03:31,160 Speaker 4: Doesn't that sound natural coming out of my mouth? And 69 00:03:31,200 --> 00:03:33,520 Speaker 4: the data was coming at us from left, right and 70 00:03:33,680 --> 00:03:36,680 Speaker 4: center to make the cost of living the biggest story 71 00:03:36,800 --> 00:03:40,440 Speaker 4: this week. First, the Australian Bureau of Statistics announced the 72 00:03:40,440 --> 00:03:44,320 Speaker 4: Consumer Price Index aka inflation. It fell from three point 73 00:03:44,360 --> 00:03:47,120 Speaker 4: eight percent in June to three point five percent in 74 00:03:47,160 --> 00:03:50,200 Speaker 4: the twelve months to July. Then we had the House 75 00:03:50,240 --> 00:03:54,120 Speaker 4: of Representatives Economics Committee, which was an explosion of cost 76 00:03:54,160 --> 00:03:58,000 Speaker 4: of living data. Our biggest banks, CBA CEO Matt Common, 77 00:03:58,320 --> 00:04:01,040 Speaker 4: he confirmed their customers and again this is the biggest 78 00:04:01,080 --> 00:04:04,480 Speaker 4: bank are spending much more in essentials, far less on 79 00:04:04,520 --> 00:04:09,600 Speaker 4: discretionary items, and savings are quickly being depleted. Next, new 80 00:04:09,680 --> 00:04:12,120 Speaker 4: research from Roy Morgan this week show that more than 81 00:04:12,160 --> 00:04:15,600 Speaker 4: one point six million mortgage holders were at risk of 82 00:04:15,680 --> 00:04:20,760 Speaker 4: mortgage stress. Then Deloitte Access Economics published estimates that Australia 83 00:04:20,800 --> 00:04:24,080 Speaker 4: has been in a retail recession for eighteen months and 84 00:04:24,160 --> 00:04:26,840 Speaker 4: predicted it's going to be brutal for the retail market 85 00:04:26,960 --> 00:04:30,480 Speaker 4: from now until Christmas. And I have to heap some 86 00:04:30,520 --> 00:04:33,760 Speaker 4: praise here, Tim on those fine thinkers appearing at the 87 00:04:33,760 --> 00:04:37,839 Speaker 4: Economics Committee who supported tax reform. Banks CEO Matt Common 88 00:04:38,040 --> 00:04:40,800 Speaker 4: and Peter King both called for tax reform to improve 89 00:04:40,800 --> 00:04:44,080 Speaker 4: our productivity and prosperity, saying there was too much reliance 90 00:04:44,120 --> 00:04:48,159 Speaker 4: on income taxes and insufficient focus on consumption and wealth. 91 00:04:48,480 --> 00:04:52,000 Speaker 4: My heart fluttered in hope. But back to the biggest story, 92 00:04:52,480 --> 00:04:55,479 Speaker 4: that hot bed of cozy live. Experts at the ABS 93 00:04:55,520 --> 00:04:58,599 Speaker 4: know it, the business wonks at the House of Representatives 94 00:04:58,680 --> 00:05:01,839 Speaker 4: Economics Committee know it, Roy Morgan and Deloitte know it. 95 00:05:02,120 --> 00:05:05,600 Speaker 4: And the people, Yes, that's Michael's people, they know it. 96 00:05:05,800 --> 00:05:07,840 Speaker 4: The new data on the cost of living was the 97 00:05:07,880 --> 00:05:10,400 Speaker 4: biggest story of the week and will be the single 98 00:05:10,480 --> 00:05:13,320 Speaker 4: biggest point of debate right up until the federal election. 99 00:05:14,000 --> 00:05:16,839 Speaker 3: That's that's a very strong start. And I also thought 100 00:05:16,920 --> 00:05:20,520 Speaker 3: of Michael when I heard Matt common mention insidious populism. 101 00:05:22,560 --> 00:05:26,320 Speaker 1: What a line that is, savage, Man of the people, 102 00:05:26,760 --> 00:05:30,359 Speaker 1: how do you feel, tim about people kind of bunching 103 00:05:30,360 --> 00:05:32,960 Speaker 1: a whole heap of stories together into one. Is this 104 00:05:33,040 --> 00:05:36,919 Speaker 1: something that you look favorably upon or perhaps seek to penalize. 105 00:05:37,000 --> 00:05:40,000 Speaker 3: That's a legitimate question from the man of the people, 106 00:05:40,120 --> 00:05:43,159 Speaker 3: isn't it? Because some could say that's an omnibus answer. 107 00:05:44,720 --> 00:05:46,599 Speaker 1: Anyway, Look, I'll just we'll leave that one kind of 108 00:05:46,640 --> 00:05:49,159 Speaker 1: hanging there, just as as a little asterix next to 109 00:05:49,680 --> 00:05:53,680 Speaker 1: next to Adam's entry there. Because my biggest story actually 110 00:05:53,720 --> 00:05:56,039 Speaker 1: took me a while to decide on one because we 111 00:05:56,040 --> 00:06:01,800 Speaker 1: were positively spoiled for choice this week for big stories. 112 00:06:01,800 --> 00:06:04,760 Speaker 1: We had plenty of companies reporting results, We had plenty 113 00:06:04,800 --> 00:06:08,560 Speaker 1: happening in politics, and so in the end I excluded 114 00:06:08,680 --> 00:06:11,000 Speaker 1: everything else and went with the story that is going 115 00:06:11,040 --> 00:06:15,520 Speaker 1: to have the biggest ongoing impact on this country. And 116 00:06:15,600 --> 00:06:21,719 Speaker 1: I'm talking about aviation. Right. Don't laugh at them, because 117 00:06:21,760 --> 00:06:26,240 Speaker 1: this week the government released it's very very very much 118 00:06:26,279 --> 00:06:30,800 Speaker 1: long awaited white paper into the domestic aviation industry, and 119 00:06:30,960 --> 00:06:36,240 Speaker 1: golly it is a doozy fifty six initiatives intended to 120 00:06:36,279 --> 00:06:40,560 Speaker 1: improve the traveler experience, to enhance competition, and to assist 121 00:06:40,680 --> 00:06:44,640 Speaker 1: the industry towards really what they're calling a more sustainable future. 122 00:06:44,680 --> 00:06:46,920 Speaker 1: Airlines are going to have to show cause why flights 123 00:06:46,920 --> 00:06:50,239 Speaker 1: have been delayed or canceled. The Government's promised to lower 124 00:06:50,279 --> 00:06:54,640 Speaker 1: the barrier of entry for newcomers by enforcing a user 125 00:06:54,760 --> 00:06:58,799 Speaker 1: or lose it approach to airports loots particular at Sydney Airport. 126 00:06:59,040 --> 00:07:02,000 Speaker 1: The centerpiece of the world white paper, an independent aviation 127 00:07:02,200 --> 00:07:06,400 Speaker 1: industry Ombodsman scheme, a charter of customer rights. Even the 128 00:07:06,440 --> 00:07:10,160 Speaker 1: government's own travel policies are being overhauled. Quantus currently receives 129 00:07:10,160 --> 00:07:15,760 Speaker 1: more than eighty percent eighty percent of domestic flight spending 130 00:07:15,960 --> 00:07:19,960 Speaker 1: from politicians, judges, and some government departments, despite the average 131 00:07:19,960 --> 00:07:22,400 Speaker 1: ticket being more than two hundred and eighty dollars higher 132 00:07:22,400 --> 00:07:26,880 Speaker 1: for MPs. That's going to change overall. This is huge. 133 00:07:26,920 --> 00:07:29,960 Speaker 1: It is designed to create a blueprint for the aviation 134 00:07:30,080 --> 00:07:34,000 Speaker 1: industry through to twenty fifty and it is sorely needed. 135 00:07:34,040 --> 00:07:37,240 Speaker 1: It could make air travel more affordable, more efficient, perhaps 136 00:07:37,320 --> 00:07:39,800 Speaker 1: make it easier for another player to enter the market, 137 00:07:39,880 --> 00:07:43,160 Speaker 1: because we've seen clearly with the collapses of Bondser and 138 00:07:43,280 --> 00:07:46,920 Speaker 1: Rex that the domestic market is a two party affair only. 139 00:07:47,320 --> 00:07:49,800 Speaker 1: And there is a part B to this story as well. 140 00:07:49,840 --> 00:07:53,400 Speaker 1: It's not omnibus. It's just a little extra illustration because 141 00:07:53,480 --> 00:07:57,080 Speaker 1: Quantas reported its full year results this week, delivering a 142 00:07:57,120 --> 00:07:59,520 Speaker 1: one point twenty five billion dollar profit, down twenty eight 143 00:07:59,520 --> 00:08:01,880 Speaker 1: percent for the record result in twenty twenty three, the 144 00:08:01,920 --> 00:08:05,560 Speaker 1: first for new CEO Vanessa Hudson, who spent the last 145 00:08:05,680 --> 00:08:09,640 Speaker 1: year working to restore customer faith in the Quantus brand. 146 00:08:10,000 --> 00:08:12,240 Speaker 1: It's cost two hundred and thirty million dollars to do so, 147 00:08:12,680 --> 00:08:15,000 Speaker 1: and a one point two five billion dollar profit down 148 00:08:15,040 --> 00:08:17,080 Speaker 1: from that record is probably about where you would want 149 00:08:17,080 --> 00:08:19,559 Speaker 1: it to be, almost from a pr perspective, because remember 150 00:08:19,680 --> 00:08:23,560 Speaker 1: last year when Alan Joyce delivered that record profit, and 151 00:08:23,640 --> 00:08:26,880 Speaker 1: sure it was great for shareholders. From the customer perspective, 152 00:08:26,880 --> 00:08:29,880 Speaker 1: everyone's like, well, we are paying ridiculous amounts for airfares 153 00:08:29,920 --> 00:08:32,440 Speaker 1: and this is what it's got you. Anyway, this is 154 00:08:32,559 --> 00:08:34,280 Speaker 1: all about the future. I just need to bring this 155 00:08:34,400 --> 00:08:38,360 Speaker 1: back to the big picture, because this is a big story, 156 00:08:38,679 --> 00:08:41,720 Speaker 1: all about the big picture. It is about the future, 157 00:08:42,000 --> 00:08:45,560 Speaker 1: the future of aviation, the future of our airports, of 158 00:08:45,600 --> 00:08:49,560 Speaker 1: allowing people to travel unimpeded around this country know that 159 00:08:49,559 --> 00:08:53,000 Speaker 1: their flights will be on time, and to put in 160 00:08:53,120 --> 00:08:57,640 Speaker 1: place the blueprint now that allows that to happen. This 161 00:08:57,720 --> 00:09:02,400 Speaker 1: is meaningful reform for a that affects nearly every one 162 00:09:02,440 --> 00:09:04,640 Speaker 1: of us. It is the biggest story of the week. 163 00:09:05,480 --> 00:09:09,520 Speaker 3: Tim Gosh, this is a strong start from both sides. 164 00:09:09,800 --> 00:09:12,920 Speaker 3: I mean, yes, I just just to hear Adam say, 165 00:09:13,040 --> 00:09:16,800 Speaker 3: because he live is worth is worth a little a 166 00:09:16,880 --> 00:09:21,280 Speaker 3: little something. But I think, Michael, I'm very impressed by 167 00:09:21,400 --> 00:09:24,280 Speaker 3: by the fact that you you played so well both 168 00:09:24,320 --> 00:09:30,600 Speaker 3: attack and defense. Immediately attacking the omnipus answer of Adam, 169 00:09:30,640 --> 00:09:34,839 Speaker 3: but also Tayloring something which you may or may not know, 170 00:09:35,080 --> 00:09:38,040 Speaker 3: is a favorite topic of mine as well. Oh I 171 00:09:38,040 --> 00:09:41,720 Speaker 3: didn't know that, tim aviation. As someone who's done I 172 00:09:41,720 --> 00:09:44,120 Speaker 3: feel like I've done, I've done at least four flights 173 00:09:44,160 --> 00:09:49,680 Speaker 3: this week, which is far too many. So for round one, 174 00:09:50,080 --> 00:09:53,040 Speaker 3: I'm going to give it to Michael Ouch. 175 00:09:53,280 --> 00:09:56,439 Speaker 1: I think I think you made a wide wise decision, 176 00:09:56,640 --> 00:09:59,280 Speaker 1: and yes I was aware. I mean I remember once 177 00:09:59,320 --> 00:10:03,080 Speaker 1: about eighteen months ago, you gave me a bonus point 178 00:10:03,160 --> 00:10:08,840 Speaker 1: for an aircraft story because of a childhood fascination with 179 00:10:08,920 --> 00:10:12,240 Speaker 1: planes and watching planes. I just filed that away for 180 00:10:12,360 --> 00:10:15,520 Speaker 1: future reference, and it helped me to decide the biggest 181 00:10:15,520 --> 00:10:19,040 Speaker 1: story of the week. One Nil, here we go, most 182 00:10:19,080 --> 00:10:21,120 Speaker 1: remarkable story. Shall I go first on this one? 183 00:10:21,160 --> 00:10:23,199 Speaker 2: Adam? Yeah, absolutely, go ahead. 184 00:10:23,200 --> 00:10:27,439 Speaker 1: The most remarkable story this week. And this is not omnibus, 185 00:10:27,480 --> 00:10:29,360 Speaker 1: and I shouldn't have to clarify that you'll because you'll 186 00:10:29,400 --> 00:10:32,840 Speaker 1: understand it in a moment. Not the strongest start for me. 187 00:10:33,000 --> 00:10:35,599 Speaker 1: I will actually just declare that, Okay. The most remarkable 188 00:10:35,640 --> 00:10:40,439 Speaker 1: story this week was the performance of two US behemoths 189 00:10:41,000 --> 00:10:45,320 Speaker 1: who both made headlines on the same day, the first 190 00:10:45,400 --> 00:10:50,120 Speaker 1: was chip maker and Video, and the numbers here are staggering. 191 00:10:50,200 --> 00:10:53,080 Speaker 1: In Vidia's revenue came in at thirty billion dollars thirty 192 00:10:53,200 --> 00:10:56,800 Speaker 1: billion US dollars in the second quarter. That's up sixteen 193 00:10:56,840 --> 00:10:59,959 Speaker 1: percent on the previous quarter. It was ahead of previous 194 00:11:00,040 --> 00:11:03,880 Speaker 1: guidance of twenty eight billion, ahead of analysts expectations of 195 00:11:03,920 --> 00:11:07,200 Speaker 1: twenty eight point nine billion. But the company's share price 196 00:11:07,360 --> 00:11:10,400 Speaker 1: fell nearly nine percent in the hours after the results 197 00:11:10,440 --> 00:11:14,480 Speaker 1: were announced, despite exceeding all expectations. The problem is that 198 00:11:14,559 --> 00:11:18,280 Speaker 1: investors just expect so much now from in Nvidia. They 199 00:11:18,360 --> 00:11:22,680 Speaker 1: expect their expectations to be blown away, and they weren't, 200 00:11:22,800 --> 00:11:25,600 Speaker 1: and that, it seems, was a disappointment. It just shows 201 00:11:25,600 --> 00:11:29,760 Speaker 1: the extraordinary hype around this company, which is of course 202 00:11:29,840 --> 00:11:35,560 Speaker 1: the face of the AI boom. Then then then on 203 00:11:35,600 --> 00:11:40,120 Speaker 1: the other hand, we have an old school company making 204 00:11:40,200 --> 00:11:44,440 Speaker 1: money in a more traditional way. We've got Berkshire Hathaway, 205 00:11:44,679 --> 00:11:48,280 Speaker 1: the company of legendary investor Warren Buffett. On the same 206 00:11:48,360 --> 00:11:51,800 Speaker 1: day as we were talking about in Vidia, Berkshire Hathaway 207 00:11:52,240 --> 00:11:57,320 Speaker 1: became the first US company outside the tech sector to 208 00:11:57,400 --> 00:12:02,320 Speaker 1: surpass one trillion US dollars market value. Now this company 209 00:12:02,640 --> 00:12:07,840 Speaker 1: is truly, truly spectacular. It is remarkable in every sense 210 00:12:07,960 --> 00:12:10,520 Speaker 1: of the word. It's grown by about twenty percent a 211 00:12:10,640 --> 00:12:13,520 Speaker 1: year from nineteen sixty five through to last year. It's 212 00:12:13,520 --> 00:12:16,000 Speaker 1: had an even better year in twenty twenty four, gaining 213 00:12:16,040 --> 00:12:19,680 Speaker 1: thirty percent. It's a conglomerate owning businesses across insurance and 214 00:12:19,880 --> 00:12:24,120 Speaker 1: energy and manufacturing and retail and services. I learned. I 215 00:12:24,160 --> 00:12:26,480 Speaker 1: learned a lot actually while researching this. Did you know 216 00:12:26,880 --> 00:12:31,920 Speaker 1: that Berkshire Hathaway owns World Book Encyclopedias. Did you know that? 217 00:12:33,320 --> 00:12:34,040 Speaker 1: Does anyone care? 218 00:12:35,080 --> 00:12:37,880 Speaker 3: I'm thinking to us of World Book Encyclopedias? 219 00:12:37,920 --> 00:12:38,400 Speaker 2: What are they? 220 00:12:39,640 --> 00:12:41,439 Speaker 1: You don't remember World Book Encyclopedia. 221 00:12:41,480 --> 00:12:45,640 Speaker 2: I do, But aren't they on the line? Well? They us? See. 222 00:12:45,679 --> 00:12:48,199 Speaker 1: The thing is in the eighties, and here's a little 223 00:12:48,240 --> 00:12:51,080 Speaker 1: history lesson thanks in the eighties in the kind of 224 00:12:51,240 --> 00:12:57,040 Speaker 1: mid eighties, when Berkshire Hathaway bought the company that published 225 00:12:57,640 --> 00:13:02,120 Speaker 1: the World Book Encyclopedias, Warren Buffett held this up as 226 00:13:02,200 --> 00:13:06,440 Speaker 1: like his favorite company that he had acquired because it 227 00:13:06,520 --> 00:13:08,120 Speaker 1: was just making so much money and it was such 228 00:13:08,160 --> 00:13:11,480 Speaker 1: a solid business and everybody loved it, and that the 229 00:13:11,559 --> 00:13:14,320 Speaker 1: margins were so huge and the quality of the product, 230 00:13:14,480 --> 00:13:18,400 Speaker 1: the knowledge within the encyclopedias, it was all fantastic. And then, 231 00:13:18,440 --> 00:13:21,240 Speaker 1: of course you get to about nineteen ninety two or 232 00:13:21,280 --> 00:13:25,679 Speaker 1: so when in Carter, remember the online encyclopedia came out 233 00:13:26,040 --> 00:13:28,640 Speaker 1: and World Book just crashed. Suddenly no one kind of 234 00:13:28,640 --> 00:13:31,439 Speaker 1: needs these massive encyclopedias anymore, and so I was kind 235 00:13:31,440 --> 00:13:34,000 Speaker 1: of held up as one of the fastest times that 236 00:13:34,040 --> 00:13:37,360 Speaker 1: Warren Buffett had failed. Isn't that interesting? 237 00:13:37,520 --> 00:13:39,559 Speaker 2: The Oracle of Omaha went online? 238 00:13:39,720 --> 00:13:41,559 Speaker 1: Yeah, indeed, and all of a sudden kind of that 239 00:13:41,840 --> 00:13:43,440 Speaker 1: part of the bit. They still own it, of course, 240 00:13:43,480 --> 00:13:45,040 Speaker 1: and you can still order them through the website, and 241 00:13:45,080 --> 00:13:46,360 Speaker 1: I was having a look at them last night, and 242 00:13:46,360 --> 00:13:47,440 Speaker 1: that was very exciting for me. 243 00:13:47,640 --> 00:13:48,040 Speaker 2: Anyway. 244 00:13:48,440 --> 00:13:51,760 Speaker 1: Unfortunately, Tim Burrows does not care about World Book encyclopedia, 245 00:13:51,880 --> 00:13:54,520 Speaker 1: so I feel that that may in fact work against me. 246 00:13:54,679 --> 00:13:57,240 Speaker 3: I was a bit more of an Encyclopedia Britannica family. 247 00:13:57,360 --> 00:13:59,319 Speaker 2: I suppose me too, Tim. 248 00:13:59,080 --> 00:14:00,720 Speaker 4: Oh really judged him. 249 00:14:01,400 --> 00:14:06,520 Speaker 1: Oh, Adam, that is just shameless. Anyway, Berkshire Hathaway, let's 250 00:14:06,520 --> 00:14:09,840 Speaker 1: bring it back on track. This is a company that 251 00:14:09,880 --> 00:14:13,319 Speaker 1: has done it the old fashioned way, growing over decades 252 00:14:13,600 --> 00:14:17,360 Speaker 1: and now passing the one trillion US dollar mark. It 253 00:14:17,400 --> 00:14:20,560 Speaker 1: also happened just in time for Warren Buffett's ninety fourth birthday, 254 00:14:20,600 --> 00:14:23,160 Speaker 1: so that's pretty cool. Compare and contrast with in Vidious 255 00:14:23,200 --> 00:14:28,320 Speaker 1: Results and Wall Street this week, those two companies both 256 00:14:28,520 --> 00:14:30,960 Speaker 1: achieving massive, massive things. 257 00:14:31,000 --> 00:14:31,520 Speaker 2: This week. 258 00:14:31,880 --> 00:14:35,200 Speaker 1: Wall Street has been truly remarkable. I don't even need 259 00:14:35,240 --> 00:14:38,479 Speaker 1: to kind of overregg it the stats. The numbers here. 260 00:14:38,720 --> 00:14:42,000 Speaker 3: Do that for me. Yeah. One thing I find myself 261 00:14:42,000 --> 00:14:44,119 Speaker 3: struggling with is I feel like I've got two remarkable 262 00:14:44,120 --> 00:14:48,400 Speaker 3: stories to judge already in video to choose against Warren 263 00:14:48,480 --> 00:14:51,200 Speaker 3: Buffett and Adam hasn't even had a chance to speak yet. 264 00:14:51,360 --> 00:14:54,720 Speaker 1: No, No, they're one story. It is the remarkable performance 265 00:14:55,000 --> 00:14:57,120 Speaker 1: of Wall Street, not from. 266 00:14:56,960 --> 00:14:59,960 Speaker 2: You, Thompson. May I speak Judge. 267 00:14:59,720 --> 00:15:03,880 Speaker 3: Burr please please please go ahead. And then after we 268 00:15:03,920 --> 00:15:06,040 Speaker 3: get to the scoring, our last Michael to choose which 269 00:15:06,040 --> 00:15:08,960 Speaker 3: of the two remarkable stories he wants me to judge. 270 00:15:09,440 --> 00:15:11,720 Speaker 4: All right, let's talk about the elephant in the room, 271 00:15:11,840 --> 00:15:16,080 Speaker 4: or rather the big Australian in the boardroom. BHP's results 272 00:15:16,120 --> 00:15:19,720 Speaker 4: this week weren't just impressive. They were a master class 273 00:15:19,760 --> 00:15:22,720 Speaker 4: in corporate strategy, a tale of two metals and a 274 00:15:22,800 --> 00:15:26,480 Speaker 4: remarkable glimpse into the future of mining. BHP may have 275 00:15:26,560 --> 00:15:29,600 Speaker 4: missed out on Anglo American for now, but it is 276 00:15:29,720 --> 00:15:32,640 Speaker 4: clearly still on the hunt for assets, and their future 277 00:15:32,760 --> 00:15:37,640 Speaker 4: is copper. Iron Ore, the unsung hero supporting our nation's 278 00:15:37,680 --> 00:15:41,480 Speaker 4: wealth and tax Coffers raked in a whopping seventy one 279 00:15:41,520 --> 00:15:43,920 Speaker 4: percent of BHP's twenty billion. 280 00:15:43,640 --> 00:15:44,720 Speaker 2: Dollar underlying profit. 281 00:15:45,200 --> 00:15:48,400 Speaker 4: It's the cash cow, the golden goose. But did BHP 282 00:15:48,520 --> 00:15:49,440 Speaker 4: sing its praises. 283 00:15:49,560 --> 00:15:50,080 Speaker 2: Not really. 284 00:15:50,440 --> 00:15:54,160 Speaker 4: Instead, the spotlight was on copper. It's a classic case 285 00:15:54,200 --> 00:15:56,560 Speaker 4: of out with the old and in with the new. 286 00:15:56,880 --> 00:16:00,600 Speaker 4: BHP's present is iron ore, but its future is the 287 00:16:00,600 --> 00:16:05,120 Speaker 4: results presentation, the CEO's comments, even the ASX release. It's 288 00:16:05,120 --> 00:16:08,560 Speaker 4: all about copper, copper, copper. The message is clear. BHP 289 00:16:08,720 --> 00:16:11,800 Speaker 4: is ready to pivot, to evolve, to embrace the energy transition, 290 00:16:12,280 --> 00:16:15,000 Speaker 4: and copper is the way. So while there is a 291 00:16:15,120 --> 00:16:18,760 Speaker 4: dull buzzing in the market about earning season and headlines 292 00:16:18,760 --> 00:16:21,840 Speaker 4: feature the odd mention of international technology, I say the 293 00:16:21,880 --> 00:16:27,200 Speaker 4: real story right here in Australian business is PHP's strategic shift. 294 00:16:27,520 --> 00:16:30,960 Speaker 4: It's a bold move, a calculated gamble, and a fascinating 295 00:16:31,000 --> 00:16:33,400 Speaker 4: insight into the mind of a mining giant and the 296 00:16:33,440 --> 00:16:37,520 Speaker 4: world's need for a green energy transition, that, Judge Burrows 297 00:16:37,680 --> 00:16:39,800 Speaker 4: is the most remarkable business story of the. 298 00:16:39,720 --> 00:16:43,000 Speaker 3: Week, straight to the point with Adam there, I do 299 00:16:43,200 --> 00:16:46,120 Speaker 3: like that, which which does give me a diama, because 300 00:16:46,880 --> 00:16:50,040 Speaker 3: I've decided I'm that Michael did give two answers really 301 00:16:50,400 --> 00:16:53,720 Speaker 3: because he didn't join up in video and Warren Buffett 302 00:16:53,720 --> 00:16:57,560 Speaker 3: well enough, But Warren Buffer is fascinating, like just the 303 00:16:57,600 --> 00:17:02,920 Speaker 3: whole story of Berkshire Hathaway versus. Yes, I mean, copper 304 00:17:03,000 --> 00:17:05,480 Speaker 3: is obviously crucial to the wider economy as well, you know, 305 00:17:05,560 --> 00:17:08,119 Speaker 3: just because the taxes that end up getting paid on 306 00:17:08,160 --> 00:17:10,960 Speaker 3: it as well. So I suppose I asked myself, if 307 00:17:11,480 --> 00:17:14,600 Speaker 3: if Sean was here and had a vote, then what 308 00:17:14,760 --> 00:17:18,600 Speaker 3: would the Oracle of Orange have to say for himself? 309 00:17:18,840 --> 00:17:19,359 Speaker 2: Very good? 310 00:17:19,400 --> 00:17:21,080 Speaker 1: Oh that is good. 311 00:17:21,840 --> 00:17:23,679 Speaker 3: And I am going to give it this one too. 312 00:17:23,960 --> 00:17:29,960 Speaker 4: Michael what Oh, okay, have you seen the film when 313 00:17:30,000 --> 00:17:31,080 Speaker 4: we were Kings. 314 00:17:31,400 --> 00:17:34,520 Speaker 3: Tim Burrows many many years ago? 315 00:17:34,760 --> 00:17:38,959 Speaker 4: Yeah, okay, so no, nineteen seventy four, Muhammad Ali, George Foreman, 316 00:17:39,160 --> 00:17:44,000 Speaker 4: the Rumble in the Jungle. George Foreman was hammering Muhammad Ali. 317 00:17:44,040 --> 00:17:46,600 Speaker 2: He was on the ropes. That's where I am, now, 318 00:17:46,640 --> 00:17:49,680 Speaker 2: but I'm coming back, so. 319 00:17:49,840 --> 00:17:54,000 Speaker 3: Just to check your Muhammad Ali in this example. 320 00:17:54,440 --> 00:17:59,119 Speaker 4: Yes, in this particular middlefor I thank you for clarification. 321 00:18:00,400 --> 00:18:03,560 Speaker 1: We're going to a very strange place on today's episode. 322 00:18:03,680 --> 00:18:05,480 Speaker 1: We'll take a very quick break and come back with 323 00:18:05,520 --> 00:18:14,600 Speaker 1: a sleeper story of the week. All right, Adam, we 324 00:18:14,640 --> 00:18:16,399 Speaker 1: are looking for a sleeper story of the week. Just 325 00:18:16,440 --> 00:18:18,679 Speaker 1: a reminder of the scoring case you need a reminder. 326 00:18:18,680 --> 00:18:23,199 Speaker 1: It's two meals at this point, so the pressure is 327 00:18:23,359 --> 00:18:25,919 Speaker 1: on at the moment um. 328 00:18:25,920 --> 00:18:26,679 Speaker 2: Not feeling it? 329 00:18:27,240 --> 00:18:29,560 Speaker 1: Oh well, good, okay, Well, if you're feeling relaxed, and 330 00:18:29,600 --> 00:18:32,160 Speaker 1: if you're feeling primed and ready, give us your sleeper 331 00:18:32,240 --> 00:18:34,840 Speaker 1: story of the week. This is one that really hasn't 332 00:18:34,880 --> 00:18:37,879 Speaker 1: had much attention this week, or is perhaps not getting 333 00:18:37,920 --> 00:18:41,000 Speaker 1: the attention that it kind of deserves. It's going to 334 00:18:41,040 --> 00:18:42,760 Speaker 1: be a bigger story further down the track. Did you 335 00:18:42,800 --> 00:18:44,440 Speaker 1: find something that fits into that category? 336 00:18:44,480 --> 00:18:45,760 Speaker 2: Adam? I think I did. 337 00:18:46,520 --> 00:18:50,440 Speaker 4: Now let's see what Tim thinks, Judge Burrows. Tim, you've 338 00:18:50,440 --> 00:18:54,159 Speaker 4: built companies, you've sold companies, you've worked for others. But 339 00:18:54,200 --> 00:18:56,520 Speaker 4: do you give yourself the right to disconnect? 340 00:18:57,520 --> 00:19:00,560 Speaker 3: Oh that's a good question. That's a very good question. 341 00:19:01,000 --> 00:19:04,119 Speaker 4: Well, while you ponder that, tim the new right to 342 00:19:04,200 --> 00:19:08,080 Speaker 4: disconnect laws began this week now. Sean Almer wrote about 343 00:19:08,080 --> 00:19:10,000 Speaker 4: this in our weekly Fear and Gred newsletter and it 344 00:19:10,080 --> 00:19:13,440 Speaker 4: is a massive sleeper story. On the surface, it might 345 00:19:13,480 --> 00:19:16,080 Speaker 4: seem like just another workplace regulation, but let's dig a 346 00:19:16,119 --> 00:19:19,560 Speaker 4: little deeper. It will not stop people working outside there 347 00:19:19,560 --> 00:19:23,440 Speaker 4: allotted hours, but it will change the workplaces because management 348 00:19:23,480 --> 00:19:26,919 Speaker 4: and workers will have to consider and discuss what is 349 00:19:27,160 --> 00:19:31,840 Speaker 4: reasonable to them. Australia is following nations including France, Spain 350 00:19:31,920 --> 00:19:35,040 Speaker 4: and Belgium in introducing the right to disconnect laws to 351 00:19:35,080 --> 00:19:38,760 Speaker 4: protect workers. Employers now face fines of up to ninety 352 00:19:38,840 --> 00:19:41,800 Speaker 4: three thousand dollars for getting in touch with an employee 353 00:19:41,800 --> 00:19:44,840 Speaker 4: for non essential reasons outside of work hours. 354 00:19:45,000 --> 00:19:45,880 Speaker 2: Now, this law. 355 00:19:45,760 --> 00:19:48,800 Speaker 4: Isn't just about people not answering emails after five pm. 356 00:19:49,000 --> 00:19:53,080 Speaker 4: It's about redefining the entire employer employee relationship. For the 357 00:19:53,119 --> 00:19:57,040 Speaker 4: first time, workplaces across Australia that includes from the sixteen 358 00:19:57,119 --> 00:19:59,880 Speaker 4: year old juggling shifts around high school to the high 359 00:20:00,040 --> 00:20:03,520 Speaker 4: flying lawyer are being forced to have a conversation about 360 00:20:03,560 --> 00:20:06,240 Speaker 4: what is reasonable outside of work hours. Think about it, 361 00:20:06,320 --> 00:20:10,119 Speaker 4: Judge Burrows. How often do conflicts arise because the ground 362 00:20:10,200 --> 00:20:12,160 Speaker 4: rules aren't clearly laid out. 363 00:20:12,480 --> 00:20:15,080 Speaker 2: This isn't just about curbing late night work requests. 364 00:20:15,320 --> 00:20:19,600 Speaker 4: It's about the balance of employer and employee power, clarity, fairness, 365 00:20:19,600 --> 00:20:20,719 Speaker 4: and mutual understanding. 366 00:20:21,240 --> 00:20:23,000 Speaker 2: Just imagine a world where everyone in. 367 00:20:22,960 --> 00:20:25,800 Speaker 4: The workplace knows exactly what's expected of them and they 368 00:20:25,840 --> 00:20:28,800 Speaker 4: agree on it. For many, this will be a game changer. 369 00:20:28,840 --> 00:20:31,960 Speaker 4: And Tim, this law could fundamentally affect how we work together. 370 00:20:32,119 --> 00:20:34,440 Speaker 4: And that makes it the biggest sleeper story of the week. 371 00:20:34,840 --> 00:20:38,639 Speaker 3: Oh, that's well argued. It's certainly fit swell within the 372 00:20:39,560 --> 00:20:42,399 Speaker 3: definition in that it could well be bigger than the track. 373 00:20:43,280 --> 00:20:45,880 Speaker 1: My god, this is the first time that definition has 374 00:20:45,920 --> 00:20:51,120 Speaker 1: ever actually been applied, because I frequently try to shoehorn's 375 00:20:51,119 --> 00:20:53,800 Speaker 1: stories into this category and say it's going to be 376 00:20:53,800 --> 00:20:55,159 Speaker 1: a bigger story down in the track. You know what 377 00:20:55,720 --> 00:20:59,160 Speaker 1: Adam does Every time Tim, he says no, no, We've 378 00:20:59,160 --> 00:21:01,840 Speaker 1: got plenty of it's this week, blah blah blah. Sean 379 00:21:01,920 --> 00:21:04,840 Speaker 1: wins and I have never won because of that. 380 00:21:04,840 --> 00:21:06,840 Speaker 3: That's a fair point. I do feel like I have 381 00:21:07,000 --> 00:21:09,920 Speaker 3: heard say that when he's been behrying, he's judging. 382 00:21:09,640 --> 00:21:14,000 Speaker 1: That Yes, yes, look, once again, just putting that out 383 00:21:14,000 --> 00:21:17,760 Speaker 1: there for your consideration, not trying to kind of show 384 00:21:17,840 --> 00:21:20,919 Speaker 1: you one way or the other. The real sleeper story 385 00:21:20,960 --> 00:21:25,440 Speaker 1: this week is the fact that this is the week 386 00:21:25,480 --> 00:21:30,600 Speaker 1: we have witnessed something significant this week. This is the 387 00:21:30,640 --> 00:21:35,320 Speaker 1: week where the golden era of AIRB and B came 388 00:21:35,400 --> 00:21:37,840 Speaker 1: to an end. Just nobody knows it yet, because it's 389 00:21:37,880 --> 00:21:42,879 Speaker 1: a sleeper story. The tide has turned on short stay accommodation. 390 00:21:42,960 --> 00:21:45,280 Speaker 1: It happened this week in Victoria, with the state government 391 00:21:45,680 --> 00:21:48,240 Speaker 1: imposing their seven point five percent levy on bookings for 392 00:21:48,280 --> 00:21:52,200 Speaker 1: things like Airbnb. But that's not all because data compiled 393 00:21:52,240 --> 00:21:54,800 Speaker 1: this week shows that about two hundred and eight thousand 394 00:21:54,880 --> 00:21:57,480 Speaker 1: holiday homes listed for rents every month on average, the 395 00:21:57,560 --> 00:22:02,399 Speaker 1: vast majority through Airbnb. But prices are falling. They're not 396 00:22:02,480 --> 00:22:07,040 Speaker 1: just falling, they are plummeting by eleven percent to an 397 00:22:07,040 --> 00:22:09,400 Speaker 1: average of three hundred and eleven dollars per night. While 398 00:22:09,440 --> 00:22:14,280 Speaker 1: fewer than half of all short term rentals around the 399 00:22:14,359 --> 00:22:18,680 Speaker 1: country are occupied, with Melbourne and the Gold Coast among 400 00:22:18,800 --> 00:22:22,080 Speaker 1: the weakest markets. That does not sound like a sector 401 00:22:22,119 --> 00:22:24,240 Speaker 1: that's thriving to me. And if that's not enough, consider 402 00:22:24,320 --> 00:22:30,439 Speaker 1: the fact that hotels. Remember hotels, they are now performing better. 403 00:22:31,760 --> 00:22:34,520 Speaker 1: Everyone's been forecasting the death of hotels because of the 404 00:22:34,560 --> 00:22:39,280 Speaker 1: rise of Airbnb. Ah hotels are back across the capital cities. 405 00:22:39,600 --> 00:22:43,000 Speaker 1: Hotels were at least seventy percent full over the first 406 00:22:43,000 --> 00:22:46,160 Speaker 1: seven months of the year, with room rates above their 407 00:22:46,200 --> 00:22:49,840 Speaker 1: pre pandemic levels. This is in Australia, right, but it 408 00:22:49,920 --> 00:22:54,639 Speaker 1: is not a uniquely Australian phenomenon. New York City has 409 00:22:54,680 --> 00:22:57,920 Speaker 1: started banning some short term rentals. Barcelona's doing the same thing. 410 00:22:57,960 --> 00:23:02,680 Speaker 1: The tide has turned, cheaper options now available, the weight 411 00:23:02,920 --> 00:23:08,040 Speaker 1: of popular opinion has shifted. I am calling it this 412 00:23:08,160 --> 00:23:12,280 Speaker 1: week was the end of Airbnb's golden age. And it's 413 00:23:12,320 --> 00:23:14,960 Speaker 1: a sleeper story because nobody else has. 414 00:23:14,840 --> 00:23:15,840 Speaker 2: The guts to say it. 415 00:23:18,280 --> 00:23:23,600 Speaker 3: Michael, I love your passion, I love your rhetoric. I 416 00:23:23,600 --> 00:23:27,880 Speaker 3: think that's a very interesting topic as somebody who Airbnb 417 00:23:28,040 --> 00:23:29,959 Speaker 3: is my house when I'm not around as well, so 418 00:23:30,440 --> 00:23:34,960 Speaker 3: topic close to my heart. The central premise, the thing 419 00:23:35,000 --> 00:23:39,000 Speaker 3: I keep coming back to is a really great sleeper 420 00:23:39,080 --> 00:23:44,159 Speaker 3: story is one where the fuse was lit in the 421 00:23:44,200 --> 00:23:48,000 Speaker 3: week that's just gone and is gonna become much bigger 422 00:23:48,040 --> 00:23:51,960 Speaker 3: in the future. And I'm honestly not convinced that Airbnb 423 00:23:52,080 --> 00:23:55,040 Speaker 3: the fuse is really lit this week, Whereas I think 424 00:23:55,240 --> 00:23:59,200 Speaker 3: Adam is correct in arguing that right to disconnect this 425 00:23:59,359 --> 00:24:02,000 Speaker 3: was the significant So I'm going to give this one 426 00:24:02,040 --> 00:24:04,920 Speaker 3: to Adam and Tim. 427 00:24:04,960 --> 00:24:07,080 Speaker 4: I don't feel like that was just a concession for 428 00:24:07,160 --> 00:24:09,440 Speaker 4: me being too kneeled down. But just can I clarify 429 00:24:09,480 --> 00:24:11,639 Speaker 4: that it wasn't you. 430 00:24:11,680 --> 00:24:15,200 Speaker 3: Actually you outscoled Michael by two points on that one, 431 00:24:15,320 --> 00:24:17,399 Speaker 3: so it even threatens to close the gap. 432 00:24:17,760 --> 00:24:27,080 Speaker 1: I've never heard Adams sounding so needy. Oh please reassure me, Tim. 433 00:24:27,080 --> 00:24:28,280 Speaker 2: Yeah, it wasn't just pity. 434 00:24:28,520 --> 00:24:30,760 Speaker 3: I don't know. You should probably listen to previous episodes. 435 00:24:30,800 --> 00:24:33,000 Speaker 3: I think think of a couple of other examples. 436 00:24:33,680 --> 00:24:36,879 Speaker 1: Can I also just say though, that I think, you 437 00:24:36,920 --> 00:24:40,520 Speaker 1: know how, when like the High Court, for instance, or 438 00:24:40,560 --> 00:24:44,080 Speaker 1: the Supreme Court passes down a ruling and it sets 439 00:24:44,080 --> 00:24:48,320 Speaker 1: a precedent for others. I feel that that's what we've 440 00:24:48,359 --> 00:24:52,840 Speaker 1: had happen right now with this concept of the fuse 441 00:24:53,160 --> 00:24:56,960 Speaker 1: was lit. I think that is a fantastic way to 442 00:24:57,000 --> 00:24:59,119 Speaker 1: look at the sleeper story category that if it is 443 00:24:59,160 --> 00:25:01,800 Speaker 1: going to become this story is going to keep on 444 00:25:02,119 --> 00:25:05,959 Speaker 1: kind of snowballing and it began this week. Then, Adam, 445 00:25:06,320 --> 00:25:08,600 Speaker 1: I think maybe this is something that we could apply 446 00:25:08,640 --> 00:25:11,120 Speaker 1: in the future. And when I say we, I'm specifically 447 00:25:11,160 --> 00:25:11,480 Speaker 1: mean you. 448 00:25:13,000 --> 00:25:14,880 Speaker 2: I'll take that on what I do. Like the phrase 449 00:25:15,080 --> 00:25:16,080 Speaker 2: the fuse was lit. 450 00:25:16,200 --> 00:25:18,360 Speaker 1: Yeah, it's great, isn't it wonderful? 451 00:25:18,359 --> 00:25:18,439 Speaker 3: Oh? 452 00:25:18,480 --> 00:25:22,000 Speaker 1: Well, two to one? Okay, Muhammad Ali's coming back here, 453 00:25:22,040 --> 00:25:22,480 Speaker 1: he is. 454 00:25:22,560 --> 00:25:23,439 Speaker 2: He's off the ropes. 455 00:25:23,560 --> 00:25:24,320 Speaker 1: He sure is. 456 00:25:24,400 --> 00:25:26,280 Speaker 2: And I'm talking about myself with the third person. 457 00:25:28,600 --> 00:25:31,560 Speaker 1: Adam, you know what, why don't you Because you have 458 00:25:31,680 --> 00:25:36,600 Speaker 1: got a bit of momentum now. I would like you 459 00:25:36,640 --> 00:25:39,240 Speaker 1: to go first on the favorite story because I feel 460 00:25:39,280 --> 00:25:42,040 Speaker 1: like you really got something going right now and I 461 00:25:42,080 --> 00:25:43,919 Speaker 1: want you to kind of bring it home strong. 462 00:25:44,440 --> 00:25:47,320 Speaker 2: Thank you, fellow competitor. 463 00:25:48,040 --> 00:25:48,520 Speaker 1: Anytime. 464 00:25:48,720 --> 00:25:52,119 Speaker 4: Okay, Judge Burrows, Tim, my favorite business story of the 465 00:25:52,160 --> 00:25:56,919 Speaker 4: week has to be the cfmeu's self implosion on the 466 00:25:56,960 --> 00:25:59,119 Speaker 4: streets of our nation. No, it's a bit of a 467 00:25:59,160 --> 00:26:01,760 Speaker 4: twister a favorite story, but just go with me on this. 468 00:26:02,119 --> 00:26:06,360 Speaker 4: Allegations of criminal and corrupt behavior inside the CFMEU made 469 00:26:06,480 --> 00:26:10,199 Speaker 4: national headlines last month. Over the years, the CFMEU has 470 00:26:10,280 --> 00:26:12,960 Speaker 4: racked up more than sixteen million dollars in fines for 471 00:26:13,040 --> 00:26:18,679 Speaker 4: unlawful conduct, including charges of coercion, intimidation and corruption, and 472 00:26:18,720 --> 00:26:22,240 Speaker 4: the federal government placed divisions of the CFMEU into administration. 473 00:26:22,680 --> 00:26:25,439 Speaker 4: When both sides of politics come together on something, you 474 00:26:25,560 --> 00:26:27,600 Speaker 4: know it's serious and you would think that this would 475 00:26:27,600 --> 00:26:31,920 Speaker 4: make the CFMEU reconsider its approach, but no, instead they've 476 00:26:31,960 --> 00:26:36,400 Speaker 4: doubled down in a way that's almost spectacularly self destructive. 477 00:26:36,920 --> 00:26:41,320 Speaker 4: This week, tens of thousands of CFMEU protesters flooded the 478 00:26:41,320 --> 00:26:45,159 Speaker 4: streets in major cities and the rhetoric was anything but civil. 479 00:26:45,480 --> 00:26:50,199 Speaker 4: We had sacked CFMEU leaders promising the absolute destruction of 480 00:26:50,240 --> 00:26:54,800 Speaker 4: the Labor Party and ACTU secretary Sally McManus being branded 481 00:26:54,840 --> 00:26:58,159 Speaker 4: a class traitor. Protesters even went so far as to 482 00:26:58,200 --> 00:27:03,080 Speaker 4: label the Albanesi government fascist, with some calling the PM Albernazi. 483 00:27:03,400 --> 00:27:07,000 Speaker 4: And let's not forget sacked CFMEU New South Wales secretary 484 00:27:07,359 --> 00:27:11,639 Speaker 4: Darren Greenfield. He's facing charges of taking bribes from employers, 485 00:27:11,680 --> 00:27:15,960 Speaker 4: which he denies. He called the PM a dirty, rotten bastard. 486 00:27:16,280 --> 00:27:18,640 Speaker 4: Now this is a critical test for Albanesi and it's 487 00:27:18,680 --> 00:27:21,639 Speaker 4: no secret that Labour governments often have a tougher time 488 00:27:22,000 --> 00:27:27,360 Speaker 4: managing union relationships than a conservative one does. But more importantly, 489 00:27:27,720 --> 00:27:30,560 Speaker 4: this is a defining moment for the trade union movement 490 00:27:30,560 --> 00:27:34,159 Speaker 4: as a whole. Thirty years ago, unions represented two in 491 00:27:34,280 --> 00:27:37,679 Speaker 4: five workers. Today it's closer to one in eight. The 492 00:27:37,800 --> 00:27:40,720 Speaker 4: union movement has achieved a lot for workers in its history, 493 00:27:40,960 --> 00:27:44,720 Speaker 4: but the cfmeu's behavior this week isn't doing them any favors. 494 00:27:44,920 --> 00:27:48,679 Speaker 4: They're shooting themselves in the foot tone, deaf, disturbing, and 495 00:27:48,720 --> 00:27:52,199 Speaker 4: a spectacular fail. As my nomination for Favorite Story of 496 00:27:52,240 --> 00:27:56,960 Speaker 4: the Week, Michael, Huh. 497 00:27:55,760 --> 00:28:00,639 Speaker 1: It's a very serious story there. Whether I'm going to 498 00:28:00,680 --> 00:28:02,120 Speaker 1: come across as a little bit kind of. 499 00:28:02,640 --> 00:28:09,840 Speaker 5: Glib, yeah, no, would it be the first time, Hayla, 500 00:28:10,400 --> 00:28:12,280 Speaker 5: There's nothing wrong with a bit of glibness at the 501 00:28:12,359 --> 00:28:13,000 Speaker 5: right moment. 502 00:28:13,920 --> 00:28:15,960 Speaker 2: Bring the fun, Michael, Well, bring us. 503 00:28:15,840 --> 00:28:17,800 Speaker 3: The joy, Michael, Where's the joy? 504 00:28:18,000 --> 00:28:20,920 Speaker 2: Carmala Harris and Michael Thompson bringing us the joy. 505 00:28:22,080 --> 00:28:28,400 Speaker 1: The second largest diamond ever discovered has been found in Botswana, 506 00:28:28,680 --> 00:28:31,800 Speaker 1: and I just don't think it's getting the attention that 507 00:28:31,840 --> 00:28:39,360 Speaker 1: it deserves. This thing is an absolute beast of a gem, 508 00:28:39,680 --> 00:28:40,200 Speaker 1: a beast. 509 00:28:41,000 --> 00:28:41,640 Speaker 2: It's a whopper. 510 00:28:42,200 --> 00:28:45,880 Speaker 1: Two thousand, four hundred and ninety two carrots, second only 511 00:28:45,920 --> 00:28:48,440 Speaker 1: to the culor and diamond, which was dug up in 512 00:28:48,480 --> 00:28:53,680 Speaker 1: South Africa in nineteen o five. Quick maths, that's nearly 513 00:28:53,720 --> 00:28:57,800 Speaker 1: one hundred and twenty years since we had a diamond 514 00:28:57,840 --> 00:29:00,160 Speaker 1: this week, is that right? There's somewhere in that vicinity. 515 00:29:00,720 --> 00:29:03,600 Speaker 1: It's a long time right now, that one, that one, 516 00:29:03,640 --> 00:29:06,640 Speaker 1: the color and diamond, was a hefty three thousand, one 517 00:29:06,760 --> 00:29:08,920 Speaker 1: hundred and six carrots. So that's big. That is really 518 00:29:08,960 --> 00:29:10,960 Speaker 1: really big as well. It was cut up. It was 519 00:29:11,040 --> 00:29:14,480 Speaker 1: used for the British Royal family's crown jewels, but for 520 00:29:14,560 --> 00:29:18,640 Speaker 1: this new one it is still in one piece at 521 00:29:18,640 --> 00:29:20,520 Speaker 1: the moment. And if you haven't looked at the pictures 522 00:29:20,520 --> 00:29:22,160 Speaker 1: of it, you need to do it. It is huge. 523 00:29:22,160 --> 00:29:24,960 Speaker 1: It looks like a giant apple, like a custard apple, 524 00:29:25,000 --> 00:29:26,960 Speaker 1: you know, you know custard apples. It looks like one 525 00:29:26,960 --> 00:29:32,240 Speaker 1: of those. And it's a Canadian company called Lukara, discovered 526 00:29:32,280 --> 00:29:35,719 Speaker 1: at their mind in Botswana using new X ray technology. 527 00:29:35,760 --> 00:29:39,880 Speaker 1: The stone is thought to be worth around forty million 528 00:29:40,560 --> 00:29:44,920 Speaker 1: US dollars forty million, and when the find was announced, 529 00:29:45,040 --> 00:29:49,240 Speaker 1: Lucara's share price jumped by about forty percent. Now, the 530 00:29:49,240 --> 00:29:52,400 Speaker 1: thing about Lakara is they've actually got form in this space. 531 00:29:52,520 --> 00:29:56,440 Speaker 1: They have found some big, big stones before, in twenty 532 00:29:56,560 --> 00:29:59,840 Speaker 1: fifteen a one one hundred and nine carrot diamond, in 533 00:30:00,040 --> 00:30:04,120 Speaker 1: twenty nineteen a oney seven hundred and fifty eight carrot 534 00:30:04,160 --> 00:30:08,000 Speaker 1: black diamond. That sounds pretty fancy. Both of those diamonds 535 00:30:08,160 --> 00:30:11,040 Speaker 1: were cut up for jewelry as well, just like the 536 00:30:11,080 --> 00:30:15,800 Speaker 1: coulor and diamond was. It's expected the new one that's 537 00:30:15,840 --> 00:30:18,760 Speaker 1: been found will probably end up being cut up as well. 538 00:30:19,280 --> 00:30:23,640 Speaker 1: But the thing is, the thing is, and this is 539 00:30:23,760 --> 00:30:28,720 Speaker 1: where this story gets interesting. It doesn't even have a 540 00:30:28,840 --> 00:30:33,960 Speaker 1: name yet, and in that I believe there is a 541 00:30:34,160 --> 00:30:40,080 Speaker 1: golden a diamond opportunity to bring people together. Don't give 542 00:30:40,120 --> 00:30:43,200 Speaker 1: it a fancy hoity toity name like the culor and diamond. 543 00:30:43,520 --> 00:30:47,040 Speaker 1: Let's make this the people's diamond. And instead of some 544 00:30:47,120 --> 00:30:51,840 Speaker 1: aristocratic name, let's name it Steve or Vicki or Jeff 545 00:30:52,360 --> 00:30:55,280 Speaker 1: or something like that. Something that lets the everyman, that 546 00:30:55,400 --> 00:30:59,360 Speaker 1: lets you and me feel a connection with this incredible gem. 547 00:30:59,400 --> 00:31:02,960 Speaker 1: It is probably the most obscure fear and greed campaign 548 00:31:03,480 --> 00:31:05,560 Speaker 1: that I have tried to get off the ground, But 549 00:31:06,320 --> 00:31:09,280 Speaker 1: in a perverse way, it could actually be the one 550 00:31:09,280 --> 00:31:12,360 Speaker 1: that is most likely to work because of the extraordinary 551 00:31:12,480 --> 00:31:15,880 Speaker 1: ground swell of support that I suspect it is going 552 00:31:15,920 --> 00:31:22,640 Speaker 1: to build. Let's name this monster Diamond, Steve. What a story. 553 00:31:23,480 --> 00:31:25,360 Speaker 1: It's my favorite story of the week. In case you 554 00:31:25,360 --> 00:31:26,120 Speaker 1: didn't tell. 555 00:31:26,360 --> 00:31:29,160 Speaker 3: Michael, I think my vote is for shiny mcshiny face. 556 00:31:29,760 --> 00:31:30,400 Speaker 1: Yes, I see. 557 00:31:30,400 --> 00:31:31,080 Speaker 2: This is the problem. 558 00:31:31,160 --> 00:31:33,120 Speaker 1: If you put it to a public vote, it's going 559 00:31:33,160 --> 00:31:35,040 Speaker 1: to get named that, isn't it? After what boat in 560 00:31:35,120 --> 00:31:39,520 Speaker 1: MC boat face and various other ones like this. There 561 00:31:39,560 --> 00:31:42,000 Speaker 1: is an opportunity here, don't you think, like this is 562 00:31:42,000 --> 00:31:47,280 Speaker 1: a This could be the people's diamond Sparkles Sparkles. 563 00:31:47,320 --> 00:31:51,640 Speaker 3: That's good, Adam, Yes, yeah, kind of endearing, Yes, kind 564 00:31:51,680 --> 00:31:53,480 Speaker 3: of endearing. So I suppose I should tell you what 565 00:31:53,520 --> 00:31:53,880 Speaker 3: I think. 566 00:31:54,440 --> 00:31:56,000 Speaker 2: Yes, please, Judge Burrows. 567 00:31:56,400 --> 00:32:00,080 Speaker 3: I I have really struggled with this one to to 568 00:32:00,160 --> 00:32:03,120 Speaker 3: separate the two because they're such different topics. I mean, 569 00:32:03,400 --> 00:32:08,360 Speaker 3: obviously cf EMU really significant and you know, sort of 570 00:32:08,600 --> 00:32:12,480 Speaker 3: massive credit to the whole of the kind of the 571 00:32:12,600 --> 00:32:15,640 Speaker 3: nine reporting organization for breaking this story in the first 572 00:32:15,640 --> 00:32:21,040 Speaker 3: place across their papers and TV. But it felt like 573 00:32:21,120 --> 00:32:23,520 Speaker 3: a lot of the factors that Adam was talking about 574 00:32:23,960 --> 00:32:26,880 Speaker 3: had their gestation that week in that story, there were 575 00:32:26,920 --> 00:32:30,400 Speaker 3: developments this week, But was this the key week? Is 576 00:32:30,120 --> 00:32:34,680 Speaker 3: the is the question? I'm just just weighing up versus Yes, 577 00:32:34,760 --> 00:32:40,760 Speaker 3: the rather more fun story of the apple sized diamond. 578 00:32:42,120 --> 00:32:45,080 Speaker 3: So in the end, I actually scored both of you 579 00:32:46,080 --> 00:32:50,760 Speaker 3: the same. So the knock on effect of that is 580 00:32:50,800 --> 00:32:57,080 Speaker 3: that Michael wins both on the rounds by two and 581 00:32:57,080 --> 00:32:59,480 Speaker 3: a half to one and a half, but also by 582 00:32:59,520 --> 00:33:05,360 Speaker 3: eighty six points to eighty five, so both criteria Michael takes. 583 00:33:05,400 --> 00:33:09,640 Speaker 2: It is the hurt one point. 584 00:33:09,840 --> 00:33:11,960 Speaker 4: I respect the judge, Tim, but I'm going to need 585 00:33:11,960 --> 00:33:13,480 Speaker 4: some time to process results. 586 00:33:15,880 --> 00:33:18,520 Speaker 3: Hate the game, not the player or the judge in 587 00:33:18,560 --> 00:33:19,120 Speaker 3: this case. 588 00:33:19,880 --> 00:33:21,920 Speaker 1: No, this is all about hating the player. I'm quite 589 00:33:21,960 --> 00:33:26,280 Speaker 1: sure this is This is a this is a sterling result, 590 00:33:26,320 --> 00:33:28,120 Speaker 1: and we've had a couple of precedents set with the 591 00:33:28,160 --> 00:33:31,960 Speaker 1: fuse was lit and also the Oracle of Orange. It's 592 00:33:32,000 --> 00:33:34,720 Speaker 1: been a very productive episode today, Tim. Thank you so 593 00:33:34,800 --> 00:33:37,960 Speaker 1: much for joining us and for doing such a an 594 00:33:37,960 --> 00:33:41,320 Speaker 1: exemplary job of judging. You know, our regular judge could 595 00:33:41,360 --> 00:33:42,040 Speaker 1: learn a thing or two. 596 00:33:44,040 --> 00:33:46,520 Speaker 3: Thank you very much for the invitation. It is always 597 00:33:46,600 --> 00:33:50,560 Speaker 3: such a such a pleasure, even though it's gonna listening 598 00:33:50,600 --> 00:33:54,080 Speaker 3: to almost Saturday morning is going to contain I guess 599 00:33:54,120 --> 00:33:56,920 Speaker 3: a little less anticipation than usual in that I kind 600 00:33:56,960 --> 00:33:58,640 Speaker 3: of know the result by the time I listen. 601 00:34:00,320 --> 00:34:02,160 Speaker 1: Yes, you might already have an inkling as to how 602 00:34:02,160 --> 00:34:02,960 Speaker 1: this one ends up. 603 00:34:03,040 --> 00:34:05,520 Speaker 4: Yeah, and Tim, look again, thank you for the great 604 00:34:05,560 --> 00:34:08,640 Speaker 4: work you keep doing on Unmade. I regularly read everything 605 00:34:08,640 --> 00:34:10,399 Speaker 4: you published and listen to your podcasts. 606 00:34:10,760 --> 00:34:12,800 Speaker 2: It's great to have you as a journalist in this country. 607 00:34:13,040 --> 00:34:14,399 Speaker 3: You're very kind. Thank you so much. 608 00:34:14,920 --> 00:34:17,960 Speaker 1: That was Tim Burrows, owner of media and marketing industry 609 00:34:18,040 --> 00:34:20,000 Speaker 1: newsletter Unmade. And thank you, Adam. 610 00:34:20,200 --> 00:34:22,040 Speaker 2: Thank you, Michael, and congratulations. 611 00:34:22,239 --> 00:34:25,799 Speaker 1: Oh thanks Adam, and well done on a solid effort. 612 00:34:25,840 --> 00:34:27,360 Speaker 1: I don't know how to be a gracious winner. 613 00:34:27,400 --> 00:34:28,960 Speaker 2: I really don't earnest contest. 614 00:34:29,040 --> 00:34:31,640 Speaker 1: Yeah and ernest contest. Yes, we definitely had that. Make 615 00:34:31,640 --> 00:34:35,960 Speaker 1: sure you're following the podcast and join us online on LinkedIn, Instagram, TikTok, Facebook, 616 00:34:35,960 --> 00:34:38,640 Speaker 1: and X. I'm Michael Thompson. And that was Fear and Greed. 617 00:34:38,800 --> 00:34:39,640 Speaker 1: Have a great weekend.