1 00:00:04,320 --> 00:00:06,840 Sean Aylmer: Welcome to The Fear and Greed daily interview. I'm Sean 2 00:00:06,840 --> 00:00:10,200 Sean Aylmer: Aylmer. There's plenty of fear on financial markets at the 3 00:00:10,200 --> 00:00:12,600 Sean Aylmer: moment, and of course, a bit of greed, too. Take 4 00:00:12,600 --> 00:00:15,510 Sean Aylmer: Wall Street, for example. It's seen some big drops, but 5 00:00:15,510 --> 00:00:18,300 Sean Aylmer: also a few gains amid plenty of concern and speculation 6 00:00:18,660 --> 00:00:21,840 Sean Aylmer: over the potential for the world's largest economy to go 7 00:00:21,840 --> 00:00:24,960 Sean Aylmer: into recession. With so much volatility over the past couple 8 00:00:24,960 --> 00:00:26,640 Sean Aylmer: of weeks, I wanted to get an idea of what 9 00:00:26,640 --> 00:00:29,220 Sean Aylmer: stocks and sectors on Wall Street we should be keeping 10 00:00:29,220 --> 00:00:31,950 Sean Aylmer: an eye on. Remember, this is general information only and 11 00:00:31,950 --> 00:00:35,190 Sean Aylmer: you should get professional advice before making an investment decision. 12 00:00:35,460 --> 00:00:38,790 Sean Aylmer: Josh Gilbert is a market analyst at social investment network 13 00:00:38,850 --> 00:00:41,190 Sean Aylmer: eToro. Josh, welcome back to Fear and Greed. 14 00:00:41,790 --> 00:00:43,110 Josh Gilbert: Thanks for having me back Sean. It's a pleasure to 15 00:00:43,110 --> 00:00:43,440 Josh Gilbert: be here. 16 00:00:43,860 --> 00:00:45,960 Sean Aylmer: I love this theme of doing a fear and greed 17 00:00:45,960 --> 00:00:49,410 Sean Aylmer: interview about the markets. It's fairly appropriate I think. 18 00:00:49,470 --> 00:00:50,010 Josh Gilbert: Absolutely. 19 00:00:51,360 --> 00:00:54,270 Sean Aylmer: Let's start with the fear part. What's being sold off? 20 00:00:54,270 --> 00:00:58,980 Josh Gilbert: Yeah. Well, look, I mean, ultimately US inflation has turned 21 00:00:58,980 --> 00:01:01,710 Josh Gilbert: out to be pretty sticky earlier than I think maybe 22 00:01:01,710 --> 00:01:06,120 Josh Gilbert: the Federal Reserve had initially thought. Also, it's taken investors 23 00:01:06,120 --> 00:01:08,940 Josh Gilbert: by surprise as well. So we are starting to see 24 00:01:09,420 --> 00:01:12,360 Josh Gilbert: that inflation number decline in the US, but ultimately it's, 25 00:01:12,360 --> 00:01:15,959 Josh Gilbert: as I say, stickier than had been imagined. As you 26 00:01:15,959 --> 00:01:19,080 Josh Gilbert: said, Sean, that sort of risk now is recession and 27 00:01:19,080 --> 00:01:22,800 Josh Gilbert: that's obviously climbing and obviously spreading that market fear. I 28 00:01:22,800 --> 00:01:27,060 Josh Gilbert: think the biggest fear in markets right now is ultimately 29 00:01:27,060 --> 00:01:31,020 Josh Gilbert: disruptive tech. That's the area of the market that has 30 00:01:31,020 --> 00:01:35,250 Josh Gilbert: really been crushed. When I say disruptive tech, the main 31 00:01:35,490 --> 00:01:37,950 Josh Gilbert: them there is to think something like ARK, Cathie Woods' 32 00:01:37,950 --> 00:01:42,720 Josh Gilbert: sort of real disruptive tech portfolio that she has built, 33 00:01:42,720 --> 00:01:47,160 Josh Gilbert: so Roblox, Zoom, Teladoc, these sorts of names. They had 34 00:01:47,160 --> 00:01:51,419 Josh Gilbert: really super high valuations, their growth was brought forward ultimately 35 00:01:51,660 --> 00:01:54,600 Josh Gilbert: throughout the pandemic. And these names now have really low 36 00:01:54,600 --> 00:01:58,380 Josh Gilbert: cash flows. And the biggest risk here is obviously surviving 37 00:01:58,440 --> 00:02:02,070 Josh Gilbert: a recession. These companies aren't making money. They're going up 38 00:02:02,070 --> 00:02:06,570 Josh Gilbert: against these tech behemoths that are just super cash rich 39 00:02:06,900 --> 00:02:10,260 Josh Gilbert: and most of those tech behemoths have of been through these 40 00:02:10,260 --> 00:02:14,669 Josh Gilbert: tough times before. Having said that, there are still likely to 41 00:02:14,669 --> 00:02:18,839 Josh Gilbert: be some opportunities amongst these assets. Disruptive tech is exactly 42 00:02:18,840 --> 00:02:22,860 Josh Gilbert: that. It's disruptive, it's here to mix up industries. But 43 00:02:22,860 --> 00:02:24,780 Josh Gilbert: there is obviously going to be a high level of 44 00:02:24,780 --> 00:02:27,389 Josh Gilbert: risk to these assets because ultimately it's one of the 45 00:02:27,389 --> 00:02:31,260 Josh Gilbert: riskiest sort of assets in the market right now. And these 46 00:02:31,260 --> 00:02:33,959 Josh Gilbert: companies will struggle in this environment and that's the challenge. 47 00:02:33,960 --> 00:02:36,630 Josh Gilbert: I think, as I say, the main sort of example 48 00:02:36,630 --> 00:02:40,320 Josh Gilbert: to probably use is Zoom. It was that savior of 49 00:02:40,320 --> 00:02:45,150 Josh Gilbert: the pandemic essentially. It kept businesses connected globally. Then they've 50 00:02:45,150 --> 00:02:49,560 Josh Gilbert: really started to struggle with obviously continuing to grow, scaling 51 00:02:49,560 --> 00:02:52,050 Josh Gilbert: that business has been the difficult part. And now when 52 00:02:52,050 --> 00:02:56,880 Josh Gilbert: we're in a position where actually businesses are adjusting budgets, 53 00:02:57,060 --> 00:03:01,740 Josh Gilbert: they're struggling against huge competition from let's say, Microsoft. They've 54 00:03:01,740 --> 00:03:04,800 Josh Gilbert: got obviously, its Team offering. You've then got Salesforce with 55 00:03:04,800 --> 00:03:08,160 Josh Gilbert: its Slack offering and they've obviously got such a diverse 56 00:03:08,160 --> 00:03:10,169 Josh Gilbert: business so that's going to be really difficult. And so 57 00:03:10,169 --> 00:03:12,720 Josh Gilbert: in that sense I just see it's hard to see 58 00:03:12,720 --> 00:03:16,770 Josh Gilbert: a bright future for names like that as growth does 59 00:03:16,770 --> 00:03:17,579 Josh Gilbert: start to dwindle. 60 00:03:17,730 --> 00:03:20,400 Sean Aylmer: You mean is cash king at the moment? Companies that 61 00:03:20,400 --> 00:03:23,220 Sean Aylmer: can have got cash are making money in this sector 62 00:03:23,220 --> 00:03:23,730 Sean Aylmer: and particularly. 63 00:03:24,090 --> 00:03:26,760 Josh Gilbert: Yeah, look, I mean the idea here is that if 64 00:03:26,760 --> 00:03:28,980 Josh Gilbert: you've got cash behind you in this market, you're pretty 65 00:03:28,980 --> 00:03:31,620 Josh Gilbert: much able to weather anything. You're just classed as an 66 00:03:31,620 --> 00:03:35,970 Josh Gilbert: all weather stock. So that's the struggle for these disruptive 67 00:03:35,970 --> 00:03:39,630 Josh Gilbert: companies, is they haven't made much money. Now obviously the 68 00:03:39,630 --> 00:03:42,630 Josh Gilbert: difficulty is as well is that we're getting lack of 69 00:03:42,690 --> 00:03:46,710 Josh Gilbert: VC funding as well. These VC funds are not willing 70 00:03:46,710 --> 00:03:50,820 Josh Gilbert: to throw money around as they were obviously during the pandemic. 71 00:03:50,880 --> 00:03:53,430 Josh Gilbert: And that's also evident in the lack of IPOs that 72 00:03:53,430 --> 00:03:57,059 Josh Gilbert: we've seen within the last 12 months as well. Obviously 73 00:03:57,240 --> 00:04:01,620 Josh Gilbert: Porsche obviously went live in Europe overnight, but that's obviously 74 00:04:01,620 --> 00:04:05,130 Josh Gilbert: just bucking the trend. So that's obviously not helped these 75 00:04:05,130 --> 00:04:07,230 Josh Gilbert: disruptive names and as I said, they're going to really 76 00:04:07,230 --> 00:04:08,850 Josh Gilbert: struggle in this current environment. 77 00:04:09,240 --> 00:04:10,980 Sean Aylmer: Stay with me Josh, we'll be back in a minute. 78 00:04:17,250 --> 00:04:20,279 Sean Aylmer: I'm speaking to Josh Gilbert, market analyst at social investment 79 00:04:20,279 --> 00:04:24,599 Sean Aylmer: network, eToro. What about cryptos? We heard so much about 80 00:04:24,600 --> 00:04:27,210 Sean Aylmer: cryptos, it's all gone a little bit quiet. Not that 81 00:04:27,210 --> 00:04:30,120 Sean Aylmer: they've fallen out of bed by any stretch of the 82 00:04:30,120 --> 00:04:33,300 Sean Aylmer: imagination, Bitcoin, Ether, some of these bigger players still are 83 00:04:33,300 --> 00:04:35,580 Sean Aylmer: quite valuable. What's your take on those? 84 00:04:36,450 --> 00:04:39,360 Josh Gilbert: Yeah, so you're exactly right. Crypto has absolutely struggled. Not 85 00:04:39,360 --> 00:04:43,859 Josh Gilbert: necessarily, I think, all crypto assets are probably going to 86 00:04:43,860 --> 00:04:46,740 Josh Gilbert: be in the maybe the fear category right now. But 87 00:04:46,740 --> 00:04:48,600 Josh Gilbert: I think ultimately the ones that are going to be 88 00:04:48,600 --> 00:04:52,529 Josh Gilbert: the alt coins. So ultimately we call them alternative coins, 89 00:04:52,529 --> 00:04:55,440 Josh Gilbert: so those that are outside of the top assets such 90 00:04:55,440 --> 00:04:59,820 Josh Gilbert: as Bitcoin and Ethereum, and ultimately they're being treated as any other 91 00:04:59,820 --> 00:05:03,089 Josh Gilbert: risk asset and that's come through the institutionalization that we've 92 00:05:03,089 --> 00:05:06,390 Josh Gilbert: seen from the asset class over the last 12, 18 months. 93 00:05:06,660 --> 00:05:10,589 Josh Gilbert: It's fantastic to have huge names within the industry such 94 00:05:10,589 --> 00:05:15,120 Josh Gilbert: as say, BlackRock, Fidelity, offering these assets to clients. And 95 00:05:15,120 --> 00:05:18,060 Josh Gilbert: then also when we think of the bigger institutions, they 96 00:05:18,060 --> 00:05:20,640 Josh Gilbert: are now starting just to treat the asset and sell 97 00:05:20,640 --> 00:05:22,470 Josh Gilbert: it off as they would if it was say a 98 00:05:22,470 --> 00:05:25,169 Josh Gilbert: tech stock. And in that sense it's meant that they've 99 00:05:25,170 --> 00:05:27,539 Josh Gilbert: felt the full pain of this market. Plenty of these 100 00:05:27,540 --> 00:05:30,450 Josh Gilbert: assets are down sort of 70, 80%. So the best way 101 00:05:30,450 --> 00:05:33,210 Josh Gilbert: to think about it is to think of it as a startup 102 00:05:33,210 --> 00:05:35,520 Josh Gilbert: in that sense and that we know that a lot 103 00:05:35,520 --> 00:05:38,279 Josh Gilbert: of startups fail and that's probably going to be what 104 00:05:38,279 --> 00:05:42,000 Josh Gilbert: we see with alt coins. Blockchain projects are no different. 105 00:05:42,240 --> 00:05:45,719 Josh Gilbert: There's some great value there and there's great technology behind 106 00:05:45,779 --> 00:05:48,060 Josh Gilbert: a lot of projects, but as we said a moment 107 00:05:48,060 --> 00:05:50,669 Josh Gilbert: ago, they're going to struggle in this environment because of 108 00:05:50,760 --> 00:05:53,910 Josh Gilbert: the lack of funding that's really needed in this environment. 109 00:05:53,910 --> 00:05:55,979 Josh Gilbert: And VCs are going to be very picky over this 110 00:05:55,980 --> 00:05:58,680 Josh Gilbert: time. So I think the biggest fear amongst investors with 111 00:05:58,680 --> 00:06:01,020 Josh Gilbert: these assets is that we might not have just seen 112 00:06:01,020 --> 00:06:04,859 Josh Gilbert: the worst. We've obviously in the last couple of weeks, 113 00:06:04,860 --> 00:06:06,990 Josh Gilbert: we've just seen another new low from the S& P 114 00:06:06,990 --> 00:06:11,220 Josh Gilbert: 500, which after we had that rally in this bear market, 115 00:06:11,220 --> 00:06:14,039 Josh Gilbert: some probably thought we may have seen that bottom already. 116 00:06:14,520 --> 00:06:18,330 Josh Gilbert: But if we continue to see this greater financial tightening 117 00:06:18,360 --> 00:06:21,120 Josh Gilbert: from central banks, then this is going to have another 118 00:06:21,600 --> 00:06:25,140 Josh Gilbert: bigger impact on these high risk investments such as alt 119 00:06:25,140 --> 00:06:27,990 Josh Gilbert: coins. So I think investors are probably choosing to stay 120 00:06:27,990 --> 00:06:30,779 Josh Gilbert: away from the alternative coins at the moment, the alternative 121 00:06:30,779 --> 00:06:33,870 Josh Gilbert: assets, and instead focus on the bigger assets such as 122 00:06:33,870 --> 00:06:37,620 Josh Gilbert: Ethereum and Bitcoin where they can see the obvious use cases right 123 00:06:37,620 --> 00:06:41,070 Josh Gilbert: now in this current market. And that's ultimately where the 124 00:06:41,070 --> 00:06:45,420 Josh Gilbert: market is moving and that's where investors are choosing to 125 00:06:45,420 --> 00:06:46,080 Josh Gilbert: park their cash. 126 00:06:46,440 --> 00:06:49,260 Sean Aylmer: Okay. So we've got disruptive technology in the fear category, 127 00:06:49,260 --> 00:06:51,900 Sean Aylmer: we've got alt coins, those away from the bigger guys 128 00:06:52,140 --> 00:06:55,020 Sean Aylmer: in the fear category. Let's go to the greed category, 129 00:06:55,380 --> 00:06:56,220 Sean Aylmer: What looks good? 130 00:06:56,790 --> 00:06:58,620 Josh Gilbert: So I think we touched on it a minute ago 131 00:06:58,830 --> 00:07:02,820 Josh Gilbert: and it's a really difficult time to try and navigate 132 00:07:02,820 --> 00:07:05,070 Josh Gilbert: what to be buying. I think in terms of our 133 00:07:05,070 --> 00:07:09,270 Josh Gilbert: view on markets right now, is that we see this 134 00:07:09,270 --> 00:07:11,760 Josh Gilbert: as a U- shaped recovery. So this is not going 135 00:07:11,760 --> 00:07:14,070 Josh Gilbert: to be a V- shaped recovery as we saw during 136 00:07:14,070 --> 00:07:16,680 Josh Gilbert: the pandemic. We're going to probably start to see gradually 137 00:07:16,680 --> 00:07:19,830 Josh Gilbert: lower inflation, it will be a bumpy ride, but that 138 00:07:19,830 --> 00:07:22,710 Josh Gilbert: will obviously de- risk markets and that will allow high 139 00:07:22,710 --> 00:07:25,830 Josh Gilbert: risk assets to come through. In the short term, there's 140 00:07:25,830 --> 00:07:29,850 Josh Gilbert: a focus on cheap and defensive assets to have that 141 00:07:30,300 --> 00:07:33,060 Josh Gilbert: defensive setup. I mean that's probably, you've had a lot 142 00:07:33,510 --> 00:07:35,640 Josh Gilbert: of analysts probably come on and say that, sectors like 143 00:07:35,640 --> 00:07:39,780 Josh Gilbert: healthcare, defensive styles like dividend yields, those sorts of areas. 144 00:07:39,780 --> 00:07:42,150 Josh Gilbert: But in terms of if you want to be greedy 145 00:07:42,210 --> 00:07:45,780 Josh Gilbert: in this market, then we think big tech is an 146 00:07:45,780 --> 00:07:50,280 Josh Gilbert: area where there's focus. As we said a minute ago, 147 00:07:50,460 --> 00:07:55,440 Josh Gilbert: they're down pretty badly. They're ultimately recession proof with the 148 00:07:55,440 --> 00:07:58,200 Josh Gilbert: amount of cash they have on their balance sheet. The valuations 149 00:07:58,200 --> 00:08:01,770 Josh Gilbert: have come down massively. And then if we compare it 150 00:08:01,770 --> 00:08:03,420 Josh Gilbert: back to say what we talked about a minute ago 151 00:08:03,420 --> 00:08:06,960 Josh Gilbert: with disruptive tech, they now have less competition from these 152 00:08:07,140 --> 00:08:11,070 Josh Gilbert: disruptive tech names. And also the value there as well 153 00:08:11,250 --> 00:08:13,800 Josh Gilbert: is that these big tech names have that cash to 154 00:08:13,800 --> 00:08:16,830 Josh Gilbert: then potentially go into these disruptive tech names and actually 155 00:08:17,220 --> 00:08:20,280 Josh Gilbert: take them over or buy them out. There's great opportunities there. 156 00:08:20,610 --> 00:08:22,500 Sean Aylmer: So some of these big tech companies, I mean their 157 00:08:22,500 --> 00:08:25,410 Sean Aylmer: values have dropped and so suddenly they're back in the 158 00:08:25,410 --> 00:08:27,360 Sean Aylmer: game if you're in the greed category. What about US 159 00:08:27,360 --> 00:08:28,980 Sean Aylmer: banks? Are they also in that category? 160 00:08:29,490 --> 00:08:33,839 Josh Gilbert: Yeah, exactly. So I think the banks have been maybe overlooked 161 00:08:33,840 --> 00:08:37,110 Josh Gilbert: I think in this market, especially US banks. They're down 162 00:08:38,010 --> 00:08:41,219 Josh Gilbert: pretty badly actually year today, and it's actually one of 163 00:08:41,220 --> 00:08:44,130 Josh Gilbert: the cheapest sectors in market. Financials are trading at just 164 00:08:44,130 --> 00:08:47,250 Josh Gilbert: 11 and a half times earnings. They've got massive cash 165 00:08:47,250 --> 00:08:51,359 Josh Gilbert: levels, their businesses are actually booming. Obviously interest rates are 166 00:08:51,360 --> 00:08:53,670 Josh Gilbert: higher, which obviously means they're going to be making more 167 00:08:53,670 --> 00:08:56,670 Josh Gilbert: money, but the underlying case right now is that markets 168 00:08:56,670 --> 00:09:00,449 Josh Gilbert: just don't really seem to sort of care. The bank 169 00:09:00,600 --> 00:09:04,079 Josh Gilbert: earnings that we had in Q2 were actually worse than 170 00:09:04,350 --> 00:09:07,980 Josh Gilbert: forecasted, but actually we had expected that given that we 171 00:09:07,980 --> 00:09:11,490 Josh Gilbert: had increased loan loss reserves on obviously the recession risks 172 00:09:11,490 --> 00:09:13,439 Josh Gilbert: that were rising. And as I said a moment ago, 173 00:09:13,440 --> 00:09:16,770 Josh Gilbert: fundamentals are strong, net interest margin improved across every top 174 00:09:16,770 --> 00:09:20,819 Josh Gilbert: bank. Loan balances were higher and all these banks passed 175 00:09:20,850 --> 00:09:23,460 Josh Gilbert: their annual stress tests showing that they can weather a 176 00:09:23,460 --> 00:09:26,880 Josh Gilbert: downturn. And JP Morgan in Q2 actually said that the 177 00:09:26,880 --> 00:09:30,690 Josh Gilbert: number of consumers defaulting on loans was lower than pre- 178 00:09:30,690 --> 00:09:33,450 Josh Gilbert: COVID. So the risk there was low. And let's just 179 00:09:33,450 --> 00:09:36,030 Josh Gilbert: say if we take JP Morgan as a great example. 180 00:09:36,120 --> 00:09:39,300 Josh Gilbert: They're the largest US bank. They're trading at single digit 181 00:09:39,300 --> 00:09:43,410 Josh Gilbert: forward earnings are just nine times, they are down 32% 182 00:09:43,410 --> 00:09:47,010 Josh Gilbert: this year. And again, has underperformed against the border market. 183 00:09:47,040 --> 00:09:50,670 Josh Gilbert: That's obviously driven by those recession fears, which we believe 184 00:09:50,970 --> 00:09:53,970 Josh Gilbert: is overdone because look a recession in the US if 185 00:09:53,970 --> 00:09:56,370 Josh Gilbert: we do get one, it does look likely, but it's 186 00:09:56,370 --> 00:10:00,360 Josh Gilbert: likely to be mild given the lack of bank consumer 187 00:10:00,360 --> 00:10:04,350 Josh Gilbert: and corporate imbalances. If we think back to 2007 and 188 00:10:04,350 --> 00:10:06,960 Josh Gilbert: how big the consumer and the banks were over- leveraged, 189 00:10:07,140 --> 00:10:09,240 Josh Gilbert: we're just simply not in that same sort of position. 190 00:10:09,600 --> 00:10:12,180 Sean Aylmer: You said that JP Morgan's nine and a half times 191 00:10:12,240 --> 00:10:14,760 Sean Aylmer: forward earnings, what's it normally at? I mean, this just 192 00:10:14,760 --> 00:10:18,870 Sean Aylmer: gives us an idea of the scope of how discounted 193 00:10:18,870 --> 00:10:19,530 Sean Aylmer: it is at the moment. 194 00:10:20,130 --> 00:10:23,520 Josh Gilbert: Well, it's near half the market multiple. So if we 195 00:10:23,520 --> 00:10:26,220 Josh Gilbert: compare that to the broader market, it's much lower. And 196 00:10:26,220 --> 00:10:29,099 Josh Gilbert: as I say that the broader market is much cheaper. 197 00:10:29,400 --> 00:10:32,340 Josh Gilbert: And then obviously when we think about the bond yields 198 00:10:32,340 --> 00:10:35,130 Josh Gilbert: that are soaring in that sense as well, JP Morgan 199 00:10:35,130 --> 00:10:37,739 Josh Gilbert: have got a $ 4 trillion balance sheet, that's going to 200 00:10:37,740 --> 00:10:41,700 Josh Gilbert: make that more profitable. Loan rates are obviously rising a 201 00:10:41,700 --> 00:10:45,179 Josh Gilbert: lot higher and faster than what they're obviously paying the 202 00:10:45,179 --> 00:10:48,030 Josh Gilbert: depositors right now. And then it's also paying a dividend 203 00:10:48,030 --> 00:10:51,059 Josh Gilbert: of 3. 5% as well. So I think if we 204 00:10:51,059 --> 00:10:53,790 Josh Gilbert: look at banks with say, a glass half full sort 205 00:10:53,790 --> 00:10:56,640 Josh Gilbert: of view and not empty, then some of these stocks 206 00:10:56,700 --> 00:10:59,429 Josh Gilbert: are ones to definitely watch because I think they're going 207 00:10:59,429 --> 00:11:02,429 Josh Gilbert: to be doing very well in a financial tightening cycle. 208 00:11:02,730 --> 00:11:04,530 Josh Gilbert: And the bottom line is that there is just a 209 00:11:04,620 --> 00:11:07,739 Josh Gilbert: really interesting risk reward ratio there in this sort of 210 00:11:07,740 --> 00:11:11,160 Josh Gilbert: current market. And markets are forward looking and I just 211 00:11:11,160 --> 00:11:14,400 Josh Gilbert: don't believe that right now markets are picked up on 212 00:11:14,400 --> 00:11:16,950 Josh Gilbert: this sort of opportunity that's maybe arising with banks. And 213 00:11:17,130 --> 00:11:20,969 Josh Gilbert: again, sometimes if markets do move and when JP Morgan 214 00:11:20,970 --> 00:11:23,520 Josh Gilbert: does start to move that's probably a sign that markets 215 00:11:23,520 --> 00:11:25,920 Josh Gilbert: are now starting to sort of care about these assets 216 00:11:25,920 --> 00:11:27,750 Josh Gilbert: and I don't think it'll be long until that happens. 217 00:11:28,080 --> 00:11:30,300 Sean Aylmer: Okay, so in the greed category, we've got big tech 218 00:11:30,300 --> 00:11:32,460 Sean Aylmer: and US banks, but really you are talking about high 219 00:11:32,460 --> 00:11:35,850 Sean Aylmer: quality big tech and high quality US banks. 220 00:11:35,880 --> 00:11:36,390 Josh Gilbert: Absolutely. 221 00:11:37,410 --> 00:11:39,090 Sean Aylmer: Josh, thank you for talking to Fear and Greed. 222 00:11:39,540 --> 00:11:40,199 Josh Gilbert: No, thank you Sean. 223 00:11:40,350 --> 00:11:44,100 Sean Aylmer: That was Josh Gilbert, Market Analyst Social Investment Network, eToro. 224 00:11:44,429 --> 00:11:46,469 Sean Aylmer: This is the Fear and Greed daily interview. Remember, this 225 00:11:46,470 --> 00:11:49,170 Sean Aylmer: information is general in nature and you should seek professional 226 00:11:49,170 --> 00:11:52,530 Sean Aylmer: advice before making any investment decisions. Join us every morning 227 00:11:52,530 --> 00:11:54,780 Sean Aylmer: for the full episode of Fear and Greed, Australia's most 228 00:11:54,780 --> 00:11:57,900 Sean Aylmer: popular business podcast. I'm Sean Aylmer. Enjoy your day.