1 00:00:06,200 --> 00:00:08,639 Speaker 1: This is the weekend edition of Fear and Greed, daily 2 00:00:08,680 --> 00:00:11,080 Speaker 1: business news for people who make their own decisions. Are 3 00:00:11,160 --> 00:00:13,560 Speaker 1: Michael Thompson and good morning, Sean. 4 00:00:13,280 --> 00:00:16,120 Speaker 2: Aylmer, Good morning, Michael, Sean. 5 00:00:16,160 --> 00:00:19,360 Speaker 1: Our weekend show is a competition. I'm just putting it 6 00:00:19,400 --> 00:00:21,840 Speaker 1: out there right up front, because that's what this is about. 7 00:00:21,880 --> 00:00:23,799 Speaker 1: It is not about the news. It is not about business. 8 00:00:24,480 --> 00:00:31,520 Speaker 1: It's not about to say it. It's not even about listeners. 9 00:00:31,760 --> 00:00:36,879 Speaker 1: This is about you and me, Sean and victory. And 10 00:00:37,280 --> 00:00:41,200 Speaker 1: because we are each nominating a big story of the week, 11 00:00:41,640 --> 00:00:45,000 Speaker 1: the most remarkable story, a sleeper story, a sleeper business 12 00:00:45,040 --> 00:00:47,159 Speaker 1: story that's flying under the radar a little bit, and 13 00:00:47,200 --> 00:00:49,839 Speaker 1: our favorite story. And because this is a competition, and 14 00:00:49,880 --> 00:00:52,600 Speaker 1: because that is all that matters in the end is 15 00:00:52,640 --> 00:00:55,400 Speaker 1: a winner, we need a judge, and our judge is 16 00:00:55,440 --> 00:00:58,400 Speaker 1: our Fear and Greed colleague, Adam Lang. Adam, do you 17 00:00:58,480 --> 00:00:59,920 Speaker 1: agree with everything I've said so far? 18 00:01:01,160 --> 00:01:02,120 Speaker 3: Almost none of it? 19 00:01:03,640 --> 00:01:05,760 Speaker 2: I like it is this one of those ones where 20 00:01:05,880 --> 00:01:08,479 Speaker 2: when it takes all, So the last winner of the 21 00:01:08,520 --> 00:01:10,720 Speaker 2: weekend edition for the year wins the year. 22 00:01:11,600 --> 00:01:15,320 Speaker 1: Breast takes Yeah, considering I reckon, I mean, we haven't 23 00:01:15,400 --> 00:01:18,600 Speaker 1: kept it tally but I reckon I have lost probably 24 00:01:18,640 --> 00:01:19,759 Speaker 1: about eighty percent. 25 00:01:20,120 --> 00:01:22,679 Speaker 2: Man, I think we're twenty five twenty five at this point, 26 00:01:22,959 --> 00:01:25,920 Speaker 2: as I'm concerned, maybe a few weeks off. 27 00:01:26,240 --> 00:01:28,480 Speaker 1: I will take that because I know how many I 28 00:01:28,520 --> 00:01:32,679 Speaker 1: have lost, and it is a vast, vast number. All right, quickly, Adam, Yes, 29 00:01:32,840 --> 00:01:34,880 Speaker 1: what are the criteria you are searching for in these 30 00:01:34,920 --> 00:01:35,600 Speaker 1: stories today? 31 00:01:35,920 --> 00:01:38,080 Speaker 3: Okay? For each of the four stories, I want to 32 00:01:38,080 --> 00:01:44,000 Speaker 3: hear topicality and timeliness, a bit of economic impact. I 33 00:01:44,040 --> 00:01:45,440 Speaker 3: would like it played up to. 34 00:01:46,319 --> 00:01:49,120 Speaker 2: All year that has been your number one priority. 35 00:01:49,360 --> 00:01:52,600 Speaker 3: Yes, like a bell curve. I put the most important 36 00:01:52,600 --> 00:01:56,520 Speaker 3: one in the middle, economic impact, and then the next 37 00:01:56,560 --> 00:02:00,800 Speaker 3: two pure subjective bias, a bit of mine and I 38 00:02:00,960 --> 00:02:03,520 Speaker 3: like melodrama, So bring some of that. 39 00:02:04,440 --> 00:02:05,360 Speaker 1: I will do my best. 40 00:02:05,640 --> 00:02:08,280 Speaker 2: Let's just jump into it, Michael, what's the biggest story 41 00:02:08,280 --> 00:02:08,800 Speaker 2: of the week. 42 00:02:09,560 --> 00:02:15,440 Speaker 1: Olibaya, Look, the biggest story. I think we can agree 43 00:02:15,680 --> 00:02:20,280 Speaker 1: right that the biggest event annually, right, So disregard this 44 00:02:20,360 --> 00:02:23,640 Speaker 1: week for a second. But the biggest event during the year, 45 00:02:24,680 --> 00:02:26,920 Speaker 1: in any given year, in terms of the economy and 46 00:02:27,040 --> 00:02:31,200 Speaker 1: in terms of politics, is the federal budget. Right, agreed? Yes, 47 00:02:31,280 --> 00:02:33,280 Speaker 1: we all agree on that. No one needs to say anything. 48 00:02:33,320 --> 00:02:37,320 Speaker 1: We all agree. So it stands to reason then that 49 00:02:38,280 --> 00:02:41,680 Speaker 1: if the federal budget is the biggest story of the year, 50 00:02:42,680 --> 00:02:47,320 Speaker 1: then the mid year Economic and Fiscal Outlook my EFO, 51 00:02:47,800 --> 00:02:51,680 Speaker 1: which is essentially the budget update halfway through, is therefore 52 00:02:51,800 --> 00:02:55,040 Speaker 1: the second biggest event in terms of the economy and 53 00:02:55,080 --> 00:02:57,080 Speaker 1: politics in the year. I've put a lot of thought 54 00:02:57,080 --> 00:02:59,840 Speaker 1: into the logic behind this, and this is dull so far, 55 00:03:00,639 --> 00:03:03,400 Speaker 1: but it's a non debate because this week I have 56 00:03:03,520 --> 00:03:07,680 Speaker 1: the biggest story of the week because my EFO. My 57 00:03:07,840 --> 00:03:13,240 Speaker 1: EFO revealed wait for it, that the underlying deficit this 58 00:03:13,320 --> 00:03:17,120 Speaker 1: financial year is due to come in at twenty seven 59 00:03:17,240 --> 00:03:20,399 Speaker 1: billion dollars, which is slightly better than the May forecast 60 00:03:20,440 --> 00:03:22,840 Speaker 1: of twenty eight billion dollars. And like this that little 61 00:03:22,880 --> 00:03:25,120 Speaker 1: kind of qualifying thing really that you would just be going, oh, 62 00:03:25,120 --> 00:03:29,080 Speaker 1: I's only a billion dollars difference, but but but it 63 00:03:29,200 --> 00:03:31,800 Speaker 1: is then going to worsen for the next three years. 64 00:03:31,840 --> 00:03:35,760 Speaker 1: Over the next four years, the deficit is forecast to 65 00:03:35,800 --> 00:03:41,200 Speaker 1: be one hundred and forty four billion dollars. We gentlemen, 66 00:03:41,440 --> 00:03:46,440 Speaker 1: are looking at a decade of deficit. Huh. 67 00:03:46,480 --> 00:03:51,840 Speaker 2: Government spending even you are struggling with his Michael, No it, Adam, 68 00:03:52,280 --> 00:03:53,840 Speaker 2: is being interesting a factor or not? 69 00:03:56,040 --> 00:03:59,720 Speaker 3: I didn't explicitly state it. Yeah, but it is important, 70 00:04:00,520 --> 00:04:01,600 Speaker 3: is it? Yeah? 71 00:04:01,640 --> 00:04:04,400 Speaker 1: It feels like you're Oh, look at that. Those goalposts 72 00:04:04,480 --> 00:04:18,039 Speaker 1: just shifted everyone absolutely the decade of deficit. Oh no, no, no, no, no, 73 00:04:18,040 --> 00:04:21,200 Speaker 1: no no, there's so much more. Okay, government spending right 74 00:04:21,240 --> 00:04:25,159 Speaker 1: as a percent of GDP is forecast to nearly double 75 00:04:25,440 --> 00:04:30,640 Speaker 1: next financial year. Nearly double. That is extraordinary, right before 76 00:04:30,720 --> 00:04:34,120 Speaker 1: falling back to more normal levels. Now you can prepare 77 00:04:34,480 --> 00:04:37,440 Speaker 1: to hear a heck of a lot about this one, Adam. 78 00:04:37,480 --> 00:04:40,919 Speaker 1: Write this down about that government spending during the election 79 00:04:41,240 --> 00:04:43,680 Speaker 1: that is coming up at some point in the next 80 00:04:43,880 --> 00:04:48,880 Speaker 1: six months or so. That is a gigantic target painted 81 00:04:49,200 --> 00:04:52,320 Speaker 1: on the back of the government by the opposition. They 82 00:04:52,360 --> 00:04:54,440 Speaker 1: will have a field day with that. But my EFO, 83 00:04:54,720 --> 00:04:57,600 Speaker 1: that isn't just about the budget. Oh no, no, no, 84 00:04:57,600 --> 00:05:01,760 Speaker 1: no, no no. There is so much more in it than 85 00:05:02,040 --> 00:05:04,440 Speaker 1: just those numbers, right. 86 00:05:04,279 --> 00:05:07,240 Speaker 2: Adam, what you get Laura for Christmas? 87 00:05:08,839 --> 00:05:11,599 Speaker 3: I'm going to offer her Michael's story so far? 88 00:05:12,600 --> 00:05:16,920 Speaker 2: No no, no, no, you love her, You're married? May 89 00:05:16,960 --> 00:05:18,800 Speaker 2: I finish please? 90 00:05:18,960 --> 00:05:20,760 Speaker 1: I'm nearly done, But I'm just trying to make it 91 00:05:20,800 --> 00:05:23,320 Speaker 1: clear that my IFO is big. It is not just 92 00:05:23,360 --> 00:05:25,239 Speaker 1: about the budget. It's not just about the deficit. 93 00:05:25,279 --> 00:05:25,719 Speaker 2: It's not just. 94 00:05:25,800 --> 00:05:32,520 Speaker 1: About the money. What it's also about is data, Adam, Data, and. 95 00:05:32,480 --> 00:05:34,520 Speaker 2: What I'm going to get Jackie some earrings. 96 00:05:35,040 --> 00:05:38,240 Speaker 1: What we have learned this week is that net migration 97 00:05:38,400 --> 00:05:42,240 Speaker 1: is forecast to be three hundred and forty thousand this 98 00:05:42,520 --> 00:05:46,920 Speaker 1: financial year. That is significant because it is eighty thousand 99 00:05:47,120 --> 00:05:50,880 Speaker 1: more than forecast. I'm glad to see you writing that down, Adam, 100 00:05:50,920 --> 00:05:56,560 Speaker 1: unless you're just pretending he's written down earrings. 101 00:05:56,600 --> 00:05:59,000 Speaker 3: I already got a really nice pajamas and some of. 102 00:05:58,920 --> 00:06:00,880 Speaker 2: Them that might do that too. 103 00:06:01,040 --> 00:06:04,599 Speaker 1: Pressure on the housing market, all right, housing market under pressure. 104 00:06:04,920 --> 00:06:09,120 Speaker 1: The government has downgraded its growth forecast for the economy 105 00:06:09,160 --> 00:06:12,280 Speaker 1: this financial year to one point seventy five percent and 106 00:06:12,279 --> 00:06:15,840 Speaker 1: then two point two twenty five twenty twenty six. It 107 00:06:15,920 --> 00:06:19,279 Speaker 1: is forecasting like this, is this just a wealth of data. 108 00:06:19,320 --> 00:06:23,040 Speaker 1: It is forecasting ongoing easing of inflation and wage increases, 109 00:06:23,080 --> 00:06:24,880 Speaker 1: a steady pickup in the unemployment rate to four and 110 00:06:24,880 --> 00:06:26,599 Speaker 1: a half percent by the middle of next year. Honestly, 111 00:06:26,880 --> 00:06:30,799 Speaker 1: my EFO is such a major event that I'm honestly 112 00:06:30,920 --> 00:06:34,760 Speaker 1: surprised that it is not printed by default on all 113 00:06:34,920 --> 00:06:38,240 Speaker 1: old school calendars like Christmas Day and Good Friday and 114 00:06:38,360 --> 00:06:41,920 Speaker 1: Easter Sunday and all of those. It should be considered 115 00:06:42,240 --> 00:06:45,960 Speaker 1: a fixture on the calendar for everyone and taught in schools. 116 00:06:46,080 --> 00:06:48,080 Speaker 1: That is how big it is. Because it has given 117 00:06:48,120 --> 00:06:49,320 Speaker 1: us an insight about the economy. 118 00:06:49,360 --> 00:06:54,440 Speaker 2: We have it happen, Adam, we are losing listeners. Second, Yeah, 119 00:06:54,480 --> 00:06:57,160 Speaker 2: give him the win. I'm happy. Just get him to stop. 120 00:06:57,400 --> 00:06:58,320 Speaker 2: That's all. 121 00:06:58,400 --> 00:06:59,320 Speaker 3: Tell us your topic. 122 00:06:59,640 --> 00:07:03,640 Speaker 2: Sure, Yeah, right, you finished, Michael? Thanks good, wasn't. 123 00:07:05,000 --> 00:07:07,400 Speaker 1: I only had another three or four minutes? Yeah? 124 00:07:07,520 --> 00:07:11,520 Speaker 2: Good? What the big story this week was? And mine's 125 00:07:11,560 --> 00:07:15,160 Speaker 2: like interesting as well? Crazy stuff so far. It is 126 00:07:15,240 --> 00:07:19,800 Speaker 2: not what happened at the US FED. They cut interest 127 00:07:19,840 --> 00:07:22,280 Speaker 2: rates by twenty five basis points. Everyone expected that, but 128 00:07:22,320 --> 00:07:25,120 Speaker 2: they said, we're not going to cut interest rates four 129 00:07:25,160 --> 00:07:28,000 Speaker 2: times the next year. We're only going to cut them twice. 130 00:07:28,320 --> 00:07:30,480 Speaker 2: Wall Street fell out of beds and P five hundred 131 00:07:30,520 --> 00:07:33,600 Speaker 2: down three percent. Our market tumbled, all the banks down 132 00:07:33,600 --> 00:07:35,960 Speaker 2: more than two percent. Group like the interest rate sensitive stocks, 133 00:07:35,960 --> 00:07:38,960 Speaker 2: like the property companies like Goodman, they got hit hard. 134 00:07:39,080 --> 00:07:41,640 Speaker 2: All the US. There's a bunch of companies in Australia 135 00:07:41,960 --> 00:07:45,559 Speaker 2: that make their money out of the US. So James 136 00:07:45,560 --> 00:07:48,240 Speaker 2: Hardy is a really good example building products group lots 137 00:07:48,280 --> 00:07:50,160 Speaker 2: of money out of the US. We've had such a 138 00:07:50,200 --> 00:07:54,080 Speaker 2: good run this year in the market, yet right at 139 00:07:54,080 --> 00:07:56,040 Speaker 2: the end the Fed changed its mind. And what's happening 140 00:07:56,080 --> 00:07:58,720 Speaker 2: on interest rates now? The reason for that is that 141 00:07:58,920 --> 00:08:03,000 Speaker 2: maybe in fla hasn't quite been slidd Maybe Michelle Bullock 142 00:08:03,000 --> 00:08:05,720 Speaker 2: at the Reserve Bank knows what she's talking about by 143 00:08:05,800 --> 00:08:08,679 Speaker 2: not cutting interest rates. Well, so of course got Donald 144 00:08:08,680 --> 00:08:12,280 Speaker 2: Trump there talking about Tariff's pushing up prices, the fact 145 00:08:12,280 --> 00:08:17,800 Speaker 2: that so many people lost tens of billions of dollars. Michael, 146 00:08:17,840 --> 00:08:21,520 Speaker 2: you lost nothing, Adam and I we lost, oh huge 147 00:08:21,560 --> 00:08:23,760 Speaker 2: amounts of money on the back of on the back 148 00:08:23,800 --> 00:08:29,040 Speaker 2: of the market being dumped just before Christmas, ha Santa 149 00:08:29,040 --> 00:08:31,880 Speaker 2: Claus rally, more like a Scrooge rally. That's what I'd 150 00:08:31,960 --> 00:08:34,240 Speaker 2: call it. Big, big story this week because it affects 151 00:08:34,320 --> 00:08:38,520 Speaker 2: all investors. And I was brief Adam. 152 00:08:37,640 --> 00:08:40,480 Speaker 3: Kicking the shins for investors just to finish the year. 153 00:08:42,559 --> 00:08:51,040 Speaker 3: Sean Wins, I was frustrated listening to my foe right 154 00:08:51,679 --> 00:08:52,960 Speaker 3: because we. 155 00:08:52,840 --> 00:08:54,599 Speaker 1: Are it wouldn't stop such. 156 00:08:55,880 --> 00:08:58,760 Speaker 3: No, just good summary and good data. But here we 157 00:08:58,800 --> 00:09:03,640 Speaker 3: are with an economy that's really sullen. Confidence down, business confidence, 158 00:09:03,640 --> 00:09:08,400 Speaker 3: consumer confidence down, low unemployment, and our tax receipts should 159 00:09:08,440 --> 00:09:13,080 Speaker 3: actually be funding a surplus at least reform, but there's 160 00:09:13,200 --> 00:09:16,240 Speaker 3: none of it, and my IFO gave us nothing in 161 00:09:16,240 --> 00:09:21,040 Speaker 3: that regard. Consequently, the markets didn't really react, whereas out 162 00:09:21,040 --> 00:09:24,199 Speaker 3: of the FED that's a big change in rhetoric and 163 00:09:24,559 --> 00:09:27,440 Speaker 3: disposition on where their interest rates are going. And we 164 00:09:27,520 --> 00:09:29,640 Speaker 3: saw the market. It was a pronounced impact around the world. 165 00:09:29,679 --> 00:09:32,840 Speaker 3: It was immediately reacted to, so yeah, it was. It 166 00:09:32,920 --> 00:09:36,200 Speaker 3: actually caused changed people, to cause people to change course 167 00:09:36,320 --> 00:09:36,880 Speaker 3: this week. 168 00:09:37,440 --> 00:09:40,760 Speaker 1: You know what next year, Sean, can you go back 169 00:09:40,760 --> 00:09:43,200 Speaker 1: to doing the economy and to doing kind of this 170 00:09:43,320 --> 00:09:48,120 Speaker 1: kind of thing because I have been hammered every single 171 00:09:48,200 --> 00:09:50,840 Speaker 1: week because I have had to I'm off to the 172 00:09:50,880 --> 00:09:54,240 Speaker 1: chiropractor straight after this episode, because I've been carrying this 173 00:09:54,360 --> 00:09:57,240 Speaker 1: team for the last six months, because I've been doing 174 00:09:57,240 --> 00:10:02,520 Speaker 1: all the economics and honestly, my back cannot take this 175 00:10:02,640 --> 00:10:03,200 Speaker 1: any longer. 176 00:10:03,280 --> 00:10:05,920 Speaker 3: Yeah, I hadn't appreciated just how much of a burden 177 00:10:05,960 --> 00:10:06,520 Speaker 3: we were rough. 178 00:10:07,920 --> 00:10:11,720 Speaker 1: Well, thank you, thank you. Thank you for acknowledging it. 179 00:10:11,920 --> 00:10:14,680 Speaker 2: Can I tell you about my most remarkable story? 180 00:10:14,720 --> 00:10:15,120 Speaker 3: Please do. 181 00:10:16,000 --> 00:10:21,960 Speaker 2: Miso blast meso blast Mesoblast blasting off fifty four percent 182 00:10:22,640 --> 00:10:27,360 Speaker 2: in one session. This stock is up nine hundred percent 183 00:10:27,480 --> 00:10:31,280 Speaker 2: this year. The next best on the ASX two hundred. 184 00:10:32,800 --> 00:10:34,320 Speaker 2: I think it's z CO. I don't know. I don't 185 00:10:34,320 --> 00:10:35,959 Speaker 2: have it in from of me. That's about three hundred 186 00:10:35,960 --> 00:10:38,439 Speaker 2: percent or something like that. So this is three times 187 00:10:38,520 --> 00:10:42,880 Speaker 2: better than number two. The reason and most recent reason 188 00:10:42,880 --> 00:10:45,640 Speaker 2: for the big jump this week, the US Federal Drug 189 00:10:45,679 --> 00:10:49,959 Speaker 2: Administration gave the green light to miso blast cell therapy treatment. 190 00:10:50,559 --> 00:10:53,680 Speaker 2: Right console it's called. It'll be used to treat children 191 00:10:53,800 --> 00:10:56,920 Speaker 2: for a life threatening complication that can occur during bone 192 00:10:56,920 --> 00:11:00,320 Speaker 2: marrow transplants. Now that just hasn't been a treatment for 193 00:11:00,360 --> 00:11:04,560 Speaker 2: this complication. This treatment will save lives, full stop. There's 194 00:11:04,559 --> 00:11:07,439 Speaker 2: about fifteen hundred children that receive bone marrow transplants each 195 00:11:07,520 --> 00:11:10,880 Speaker 2: year in the US. Most of those are at high 196 00:11:11,000 --> 00:11:15,160 Speaker 2: risk to this complication. That sent its share price up 197 00:11:15,160 --> 00:11:18,480 Speaker 2: to fifty four percent. Misoblast the other big jump in 198 00:11:18,520 --> 00:11:21,760 Speaker 2: the stock this year came back in January when the 199 00:11:21,800 --> 00:11:25,360 Speaker 2: FDA recognized its cell therapy or a vasco. I can 200 00:11:25,520 --> 00:11:28,960 Speaker 2: say that word basically treats heart disease in newborn babies. 201 00:11:30,280 --> 00:11:32,959 Speaker 2: What a remarkable story. It is now up three point 202 00:11:33,040 --> 00:11:35,800 Speaker 2: two It is now worth three point two billion dollars. 203 00:11:36,240 --> 00:11:40,959 Speaker 2: This is just one of those many biotech stocks that 204 00:11:41,080 --> 00:11:43,199 Speaker 2: try very hard to make the world a better place, 205 00:11:43,240 --> 00:11:47,560 Speaker 2: and this one does it. Remarkable story fifty four percent 206 00:11:47,640 --> 00:11:50,360 Speaker 2: on one day, nine hundred percent for the year. Actually 207 00:11:50,520 --> 00:11:55,200 Speaker 2: contributing to society, Michael, contributing to society, That to me 208 00:11:56,120 --> 00:11:59,480 Speaker 2: is a fantastic company and a remarkable story. And brief 209 00:12:00,440 --> 00:12:01,880 Speaker 2: if you guys want to get a cup of tea 210 00:12:01,880 --> 00:12:03,959 Speaker 2: off your go, Michael, be finished in about six minutes. 211 00:12:04,080 --> 00:12:05,800 Speaker 1: No, I'll be done in about one and a half. 212 00:12:05,840 --> 00:12:07,960 Speaker 1: But also, but a quick couple of points of order. 213 00:12:08,320 --> 00:12:12,800 Speaker 1: Did you when you said that, actually contributing to society, Michael, 214 00:12:13,080 --> 00:12:16,520 Speaker 1: were you implying that I personally don't contribute to society 215 00:12:17,080 --> 00:12:18,240 Speaker 1: or my stories don't. 216 00:12:19,000 --> 00:12:21,520 Speaker 3: Well, your back was broken from just helping fear and greed, 217 00:12:21,600 --> 00:12:24,640 Speaker 3: so you've left for helping the rest of society. 218 00:12:24,720 --> 00:12:27,400 Speaker 2: Yeah. Yeah, we're kind of dragging you along. It's true. 219 00:12:27,600 --> 00:12:28,920 Speaker 2: We shouldn't expect too much from you. 220 00:12:30,200 --> 00:12:34,440 Speaker 3: Oh you know what Sean to a dummy spit. 221 00:12:34,760 --> 00:12:37,280 Speaker 1: No no, no, no no no no, it's very It's different. 222 00:12:37,600 --> 00:12:39,840 Speaker 1: Sean is the master of the dummy spit. I am 223 00:12:39,880 --> 00:12:43,240 Speaker 1: the master of the exaperated sigh. And that is just 224 00:12:43,240 --> 00:12:45,480 Speaker 1: what I did just then, because like I'm just, I'm just. 225 00:12:47,559 --> 00:12:48,760 Speaker 1: It's like working with children. 226 00:12:49,240 --> 00:12:51,280 Speaker 3: Merry Christmas, everyone except. 227 00:12:51,080 --> 00:12:58,600 Speaker 1: Children who know about business news. It's weird, all right, kid. 228 00:12:59,160 --> 00:13:01,360 Speaker 2: Could you imagine what be like around the kitchen table 229 00:13:01,520 --> 00:13:04,520 Speaker 2: at Adam's house when they start talking spreadsheets. 230 00:13:05,440 --> 00:13:07,079 Speaker 3: I wish very spreadsheet. 231 00:13:07,320 --> 00:13:09,360 Speaker 2: The boys would either go The boys would either go, 232 00:13:09,640 --> 00:13:13,160 Speaker 2: oh yeah dad, or where's my pue, where's my part? 233 00:13:15,760 --> 00:13:17,480 Speaker 3: Everyone texting under the table. 234 00:13:20,320 --> 00:13:22,640 Speaker 2: To allower? Your wife needs a texting to allow your 235 00:13:22,679 --> 00:13:23,920 Speaker 2: wife under the table. 236 00:13:23,840 --> 00:13:26,840 Speaker 1: Adam, do you suspect that your that your your wife 237 00:13:26,920 --> 00:13:30,559 Speaker 1: and kids have a WhatsApp group without you in it? 238 00:13:31,640 --> 00:13:34,000 Speaker 3: Look? I would, but I don't think they need it. 239 00:13:34,000 --> 00:13:36,960 Speaker 3: It's just almost nonverbal glances. I reckon they can do 240 00:13:37,000 --> 00:13:38,560 Speaker 3: it in a little twitch of an eye. 241 00:13:39,200 --> 00:13:42,760 Speaker 1: And anyway for a most remarkable story, Michael, Most remarkable story. Look, 242 00:13:42,800 --> 00:13:44,640 Speaker 1: my stories do have a bit of an economic kind 243 00:13:44,640 --> 00:13:46,079 Speaker 1: of theme to them. 244 00:13:46,120 --> 00:13:47,520 Speaker 2: God, thank God. 245 00:13:47,559 --> 00:13:53,000 Speaker 1: The year is nearly over right, combined with politics, Yes today, 246 00:13:53,160 --> 00:13:55,760 Speaker 1: that'll make that'll make it better. Go on, Well it 247 00:13:55,800 --> 00:13:59,480 Speaker 1: works last time, didn't it. Let's try it again. I 248 00:13:59,520 --> 00:14:04,840 Speaker 1: think I I genuinely believe that the changes happening right now, 249 00:14:05,000 --> 00:14:09,360 Speaker 1: right at this very minute, at the Reserve the Reserve Bank. 250 00:14:09,960 --> 00:14:14,679 Speaker 1: I can't it say over the straight face. Now, I 251 00:14:14,760 --> 00:14:17,360 Speaker 1: do believe that the changes happening at the Reserve Bank 252 00:14:17,400 --> 00:14:22,560 Speaker 1: of Australia are remarkable. Right, but let me explain to 253 00:14:22,600 --> 00:14:26,080 Speaker 1: you why. Okay, because on the surface of it you'll 254 00:14:26,120 --> 00:14:28,240 Speaker 1: be like, oh, okay, all right, yeah, And I note, 255 00:14:28,280 --> 00:14:30,120 Speaker 1: Adam that you have not picked up your pen to 256 00:14:30,160 --> 00:14:33,680 Speaker 1: write anything down yet that I have said it's ready. 257 00:14:33,800 --> 00:14:39,280 Speaker 1: This week two key appointments, right, and so we've been 258 00:14:39,280 --> 00:14:42,000 Speaker 1: talking all year about these big, big, big, big changes, 259 00:14:42,040 --> 00:14:44,479 Speaker 1: the overhaul of the Reserve Bank. So this is significant 260 00:14:44,520 --> 00:14:46,640 Speaker 1: for the economic impact on Australia, all of that. Just 261 00:14:46,680 --> 00:14:48,520 Speaker 1: take that as red. Okay, we understand all of that. 262 00:14:48,600 --> 00:14:53,720 Speaker 1: But this week, this week, two key appointments. Federal Treasurer 263 00:14:53,800 --> 00:14:57,360 Speaker 1: Jim Chalmers appointed an academic and a former bank boss 264 00:14:57,760 --> 00:15:02,120 Speaker 1: to the new Reserve Bank in interest rate setting Committee. 265 00:15:02,240 --> 00:15:06,200 Speaker 1: There are a few things remarkable about this number one, okay, 266 00:15:06,520 --> 00:15:13,680 Speaker 1: is that these two people have extraordinary credentials, extraordinary, quite remarkable. 267 00:15:14,080 --> 00:15:18,120 Speaker 1: How credentialed, well credentialed they are A and you. Professor 268 00:15:18,240 --> 00:15:21,520 Speaker 1: Renee Fry mckibbon, for example, has worked at the European 269 00:15:21,560 --> 00:15:24,840 Speaker 1: Central Bank, International Monetary Fund, Bank of England, Reserve Bank 270 00:15:24,880 --> 00:15:26,960 Speaker 1: of New Zealand, and the Atlanta Fed, one of the 271 00:15:27,000 --> 00:15:29,920 Speaker 1: authors of last year's independent RBA review. Look, if you 272 00:15:29,960 --> 00:15:32,360 Speaker 1: were going to just try and pick someone who knows 273 00:15:32,440 --> 00:15:35,480 Speaker 1: this stuff to put on this committee, you would land 274 00:15:35,520 --> 00:15:39,920 Speaker 1: on on Renee Fry McGibbon, right, Okay, good. Marnie Baker, 275 00:15:40,720 --> 00:15:47,720 Speaker 1: the other appointeement appointment appointed person appointed, worked for thirty 276 00:15:47,760 --> 00:15:53,040 Speaker 1: five years at Bendigo and Adelaide Bank, including six years 277 00:15:53,160 --> 00:15:56,320 Speaker 1: as CEO, giving her what I would describe as a 278 00:15:56,520 --> 00:16:02,200 Speaker 1: unique and remarkable insight into region Australia, into the impact 279 00:16:02,400 --> 00:16:08,360 Speaker 1: of interest rate moves on mortgage holders on real life 280 00:16:08,600 --> 00:16:12,400 Speaker 1: bank customers around the country. I think it is remarkable 281 00:16:12,440 --> 00:16:14,840 Speaker 1: as well because it brings some incredible experience makes it 282 00:16:14,880 --> 00:16:17,040 Speaker 1: more likely that the committee will have the knowledge and 283 00:16:17,080 --> 00:16:19,080 Speaker 1: this was a point made by economists through the week, 284 00:16:19,600 --> 00:16:23,280 Speaker 1: will have the knowledge to challenge the information put forward 285 00:16:23,320 --> 00:16:28,560 Speaker 1: within the Bank by boffins. And I use that term affectionately. 286 00:16:30,520 --> 00:16:33,440 Speaker 1: It is remarkable as a whole because it's going to 287 00:16:33,520 --> 00:16:37,520 Speaker 1: encourage more accountability on rate decisions. And finally, in this part, Adam, 288 00:16:37,560 --> 00:16:40,120 Speaker 1: this part is actually quite significant, and I thought this 289 00:16:40,320 --> 00:16:42,880 Speaker 1: was a remarkable point made during the week. It is 290 00:16:42,920 --> 00:16:45,600 Speaker 1: remarkable as well that Jim Chalmers could have named up 291 00:16:45,640 --> 00:16:49,160 Speaker 1: to six new appointees to the committee and he could 292 00:16:49,320 --> 00:16:52,440 Speaker 1: have gone political, because that was a lot of what 293 00:16:52,520 --> 00:16:54,840 Speaker 1: the opposition was saying in the lead up to this, 294 00:16:54,960 --> 00:16:58,440 Speaker 1: that hey, this just opens it up for the government 295 00:16:58,440 --> 00:17:03,000 Speaker 1: to politicize the Reserve, the Reserve Bank and the interest 296 00:17:03,080 --> 00:17:06,120 Speaker 1: rates Setting Committee, and he didn't, And I actually think 297 00:17:06,240 --> 00:17:09,959 Speaker 1: that is admirable. It's been welcomed by other economists and 298 00:17:10,000 --> 00:17:12,800 Speaker 1: sets the scene again, brought stuff for your kids and 299 00:17:12,880 --> 00:17:15,280 Speaker 1: sets the scene. Now I'm done, I'm done, I've got 300 00:17:15,600 --> 00:17:20,000 Speaker 1: more words. Sets the scene now for a new world 301 00:17:20,440 --> 00:17:27,720 Speaker 1: order at the Reserve Bank of Australia. Done done, Adam, 302 00:17:28,280 --> 00:17:30,520 Speaker 1: Like that is genuinely remarkable stuff. 303 00:17:31,400 --> 00:17:32,760 Speaker 2: Please judge Adam. 304 00:17:33,320 --> 00:17:37,000 Speaker 3: So Michael, look, it's worthy and important, interesting, but we 305 00:17:37,040 --> 00:17:40,520 Speaker 3: didn't know this was coming and not not remarkable. 306 00:17:39,880 --> 00:17:43,560 Speaker 1: But we didn't know who it was that we did not, Adam. 307 00:17:43,320 --> 00:17:45,440 Speaker 3: We did not know someone who knows what they're doing. 308 00:17:45,800 --> 00:17:49,240 Speaker 1: We did, but honestly, a lot of the speculation was 309 00:17:49,280 --> 00:17:51,199 Speaker 1: that it was going to be a political that they 310 00:17:51,200 --> 00:17:54,480 Speaker 1: could positive here, and the fact that it wasn't is 311 00:17:54,480 --> 00:17:56,840 Speaker 1: actually quite remarkable, and the fact that the two people 312 00:17:56,920 --> 00:18:00,600 Speaker 1: there have real insights. 313 00:18:01,040 --> 00:18:02,959 Speaker 2: Michaels decision has been made. 314 00:18:03,080 --> 00:18:08,760 Speaker 3: Yeah, I know, you can't nine hundred percent up this year. Yeah, 315 00:18:08,840 --> 00:18:11,320 Speaker 3: I mean, I know this is highly speculative stuff, but 316 00:18:11,440 --> 00:18:14,080 Speaker 3: when it comes to health outcomes and all the money 317 00:18:14,119 --> 00:18:16,240 Speaker 3: they spend on research and getting something that wins and 318 00:18:16,320 --> 00:18:20,159 Speaker 3: in this case saves lives, nine hundred percent growth in 319 00:18:20,160 --> 00:18:23,360 Speaker 3: the share price, well played, Miso blast remarkable, excellent. 320 00:18:23,960 --> 00:18:26,040 Speaker 2: It is time for a break. Let's hope that Michael 321 00:18:26,200 --> 00:18:28,880 Speaker 2: to come back from Thompson. I hope he comes back. 322 00:18:28,880 --> 00:18:30,920 Speaker 2: Definitix would be nice to finish too too now at 323 00:18:30,960 --> 00:18:34,560 Speaker 2: about this to zip at the moment, to Niel to nought, 324 00:18:35,280 --> 00:18:37,840 Speaker 2: and let's hope that we have a little more brevity. 325 00:18:38,160 --> 00:18:47,960 Speaker 2: Ask the break. We'll be back, all right, Sean. 326 00:18:48,000 --> 00:18:50,479 Speaker 1: We're looking for a sleeper story of the week. Sleeper 327 00:18:50,520 --> 00:18:52,639 Speaker 1: story being one flying under the radar a little bit, 328 00:18:53,880 --> 00:18:55,760 Speaker 1: or is going to become a bigger story further down 329 00:18:55,800 --> 00:18:59,440 Speaker 1: the track. In that case, the fuse on that story 330 00:18:59,440 --> 00:19:01,000 Speaker 1: has been lit in the last week. 331 00:19:01,320 --> 00:19:02,440 Speaker 2: I think you should go first. 332 00:19:02,880 --> 00:19:03,720 Speaker 3: I will. I will. 333 00:19:03,880 --> 00:19:06,680 Speaker 1: Now keep in mind, Adam, this is a business podcast 334 00:19:06,720 --> 00:19:09,040 Speaker 1: that we've got to talk about actual business stuff, not 335 00:19:09,240 --> 00:19:14,000 Speaker 1: just kind of frivolity and just lighthearted japes. 336 00:19:16,000 --> 00:19:18,440 Speaker 2: Can can you make it short? I probably? 337 00:19:18,680 --> 00:19:24,280 Speaker 1: Look, honestly, probably not. I could tell you, I could 338 00:19:24,320 --> 00:19:27,600 Speaker 1: tell you that brevity what I even ask because off 339 00:19:27,640 --> 00:19:29,480 Speaker 1: we go, he's an extra minute. 340 00:19:31,280 --> 00:19:33,160 Speaker 2: Yeah, I apologize a bit of a sleep. 341 00:19:33,240 --> 00:19:33,520 Speaker 3: Sorry. 342 00:19:33,560 --> 00:19:37,120 Speaker 1: Not much fuss has been made about it overall this year, 343 00:19:37,200 --> 00:19:39,720 Speaker 1: but luckily I am here, got my little torch. I'm 344 00:19:39,760 --> 00:19:42,879 Speaker 1: shining a light onto this story to illuminate it for 345 00:19:42,920 --> 00:19:47,320 Speaker 1: the world. Obviously, the AX has kept growing in overall 346 00:19:47,400 --> 00:19:49,639 Speaker 1: value across the year, so it distracts from what is 347 00:19:49,680 --> 00:19:52,399 Speaker 1: going on behind the scenes. But I have had a 348 00:19:52,440 --> 00:19:54,840 Speaker 1: peek behind the scenes at the AX, and I have 349 00:19:54,920 --> 00:19:58,639 Speaker 1: uncovered the fact that the number of companies on the 350 00:19:58,720 --> 00:20:02,560 Speaker 1: BOSS is shrinking because nobody knows about this. 351 00:20:04,119 --> 00:20:07,800 Speaker 2: Can can look good story enough? It was you that 352 00:20:07,880 --> 00:20:09,879 Speaker 2: did it? That's all. I'm just we're just going to 353 00:20:09,920 --> 00:20:13,240 Speaker 2: make sure it was you that did it, but that 354 00:20:13,400 --> 00:20:16,520 Speaker 2: that had a little peek behind Yeah, yeah, yeah, I 355 00:20:16,560 --> 00:20:19,120 Speaker 2: get go on, that's what I said. Yeap, good good. 356 00:20:19,280 --> 00:20:23,240 Speaker 1: The ASX is on track to end the year with 357 00:20:23,480 --> 00:20:27,800 Speaker 1: fewer listed companies than it started with as more companies 358 00:20:27,840 --> 00:20:30,360 Speaker 1: opt to go private. The total number of listings has 359 00:20:30,359 --> 00:20:33,320 Speaker 1: fallen from two one hundred and ninety one at the 360 00:20:33,320 --> 00:20:35,800 Speaker 1: start of the year to twenty one hundred and twenty 361 00:20:35,840 --> 00:20:38,880 Speaker 1: one by the end of November. Bit of quick mass, 362 00:20:39,440 --> 00:20:44,880 Speaker 1: that's around seventy around yeah, give or take a few. 363 00:20:45,760 --> 00:20:49,480 Speaker 1: We we had thirty new listings, sixty four d listings. 364 00:20:52,160 --> 00:20:57,200 Speaker 4: Doesn't ohy, that does add up? No, it doesn't, doesn't. 365 00:20:58,840 --> 00:21:04,359 Speaker 4: I want to see you get out of this. I 366 00:21:04,400 --> 00:21:08,040 Speaker 4: can't read my own handwriting anyway. But you know what 367 00:21:08,560 --> 00:21:09,640 Speaker 4: the number look. 368 00:21:09,880 --> 00:21:12,119 Speaker 1: As we always say on fear and greed, the numbers 369 00:21:12,200 --> 00:21:15,280 Speaker 1: don't matter in the end. It's not about the numbers. 370 00:21:15,800 --> 00:21:18,439 Speaker 1: It is about the trend. The trend is your friend here, Sean, 371 00:21:18,960 --> 00:21:22,600 Speaker 1: and we are now in a multi years is sleeper 372 00:21:22,960 --> 00:21:26,160 Speaker 1: a multi year contraction? Yes that no one's talking about. 373 00:21:26,200 --> 00:21:28,479 Speaker 1: I am here to do this. The appeal of private 374 00:21:28,520 --> 00:21:31,200 Speaker 1: markets is growing. That is not good news for investors 375 00:21:31,200 --> 00:21:34,399 Speaker 1: looking to put their market their money rather into Australian 376 00:21:34,440 --> 00:21:37,640 Speaker 1: companies on the Australian share market. And some of these 377 00:21:37,640 --> 00:21:40,320 Speaker 1: companies they aren't minnos either, so I don't know how 378 00:21:40,400 --> 00:21:43,560 Speaker 1: they managed to fly under the radar now now that 379 00:21:43,600 --> 00:21:46,920 Speaker 1: I mentioned this as a sleeper story. These are big companies, 380 00:21:47,160 --> 00:21:50,119 Speaker 1: old companies in many cases like kind of building materials 381 00:21:50,119 --> 00:21:53,840 Speaker 1: groups CSR and adbry or fruit and veggie company, Coster Group, 382 00:21:53,920 --> 00:21:56,760 Speaker 1: Alumina as well, which does a lot of work with 383 00:21:56,880 --> 00:22:00,920 Speaker 1: book site, which is quite an interesting mineral egg Sean 384 00:22:01,440 --> 00:22:05,080 Speaker 1: the three point four billion dollar deal that was a 385 00:22:05,119 --> 00:22:08,639 Speaker 1: big one, probably not a sleeper. This overall, though, is 386 00:22:08,640 --> 00:22:11,600 Speaker 1: a sleeper story and it's one that will come back. 387 00:22:11,720 --> 00:22:14,880 Speaker 1: See it's not a sleepers in flying under the radar right. 388 00:22:15,119 --> 00:22:20,120 Speaker 1: It is a sleeper story under definition two B of 389 00:22:20,760 --> 00:22:24,080 Speaker 1: the sleeper story category, and that is that it is 390 00:22:24,119 --> 00:22:25,720 Speaker 1: going to be a bigger story further down the track. 391 00:22:25,800 --> 00:22:29,360 Speaker 1: The fuse has been lit by me. I don't want 392 00:22:29,400 --> 00:22:31,920 Speaker 1: to exaggerate. It will be back as a bigger story 393 00:22:31,960 --> 00:22:36,000 Speaker 1: when the market is reduced from a magnificent smorgasboard of 394 00:22:36,040 --> 00:22:39,240 Speaker 1: companies to a mere rump with just perhaps a bank 395 00:22:39,359 --> 00:22:44,639 Speaker 1: or two, maybe a mining company and that's healthcare. 396 00:22:44,920 --> 00:22:46,480 Speaker 2: Yep, maybe a company. 397 00:22:46,600 --> 00:22:49,520 Speaker 1: You will have maybe four or five companies to choose from, 398 00:22:49,600 --> 00:22:50,879 Speaker 1: and the rest have gone private. 399 00:22:50,920 --> 00:22:51,240 Speaker 2: That's it. 400 00:22:51,600 --> 00:22:54,600 Speaker 1: I'm looking into the crystal ball. Twenty twenty five looks 401 00:22:54,640 --> 00:22:55,560 Speaker 1: pretty grim. 402 00:22:55,760 --> 00:22:56,240 Speaker 2: There you go. 403 00:22:56,640 --> 00:23:00,959 Speaker 5: Sleeper story, is that it? Yeah, I see it. Thanks 404 00:23:01,000 --> 00:23:07,880 Speaker 5: brief excellent. Look, it is the weekend before Christmas. By far, 405 00:23:08,040 --> 00:23:12,719 Speaker 5: the biggest sleeper story of this week. This week is 406 00:23:12,760 --> 00:23:16,640 Speaker 5: that Christmas lunch now is all about sashimi. 407 00:23:17,040 --> 00:23:18,760 Speaker 2: You're gonna have your prawns. You can have your oysters. 408 00:23:18,800 --> 00:23:20,680 Speaker 2: In fact, you will have prawns and you will have oysters. 409 00:23:21,119 --> 00:23:26,520 Speaker 2: But sashimi is back. The retailers are telling us kingfish, tuna, 410 00:23:26,640 --> 00:23:30,240 Speaker 2: Atlantic salmon. They flow out the door, swim out the door. 411 00:23:32,480 --> 00:23:34,879 Speaker 2: People are buying them anyone. They're swimming in their hands 412 00:23:35,000 --> 00:23:37,919 Speaker 2: as they're taking them out the door. Huge sales of 413 00:23:37,960 --> 00:23:44,600 Speaker 2: some of these products. Kingfish, beautiful tuna, love sea tuna, salmon. Well, 414 00:23:44,640 --> 00:23:49,000 Speaker 2: to me, salmon's like them. Salmon's like the chicken of 415 00:23:49,080 --> 00:23:52,040 Speaker 2: the meat world. It's kind of chicken. 416 00:23:52,160 --> 00:23:53,480 Speaker 1: Was the chicken of the meat world. 417 00:23:53,720 --> 00:23:57,520 Speaker 2: Yeah, you guys, I'm a pescatarian and Adam's got all 418 00:23:57,520 --> 00:24:00,520 Speaker 2: sorts of weird dietary stuff going on. So eat meat. 419 00:24:00,560 --> 00:24:02,639 Speaker 2: So when you eat fish mostly and you don't know 420 00:24:02,680 --> 00:24:05,119 Speaker 2: what to have, you have salmon salmon, And it's like 421 00:24:05,160 --> 00:24:06,679 Speaker 2: when you eat meat where you don't know what to have, 422 00:24:06,720 --> 00:24:11,800 Speaker 2: you have chicken. It's the same. It's the same anyway. Sashimi. 423 00:24:11,840 --> 00:24:14,600 Speaker 2: It's all about sashimi along with prawns and seafood and 424 00:24:14,640 --> 00:24:17,200 Speaker 2: stuff like that what I love. There was a report 425 00:24:17,200 --> 00:24:19,199 Speaker 2: in the fin Review the Sydney Fish Market, which is 426 00:24:19,200 --> 00:24:22,320 Speaker 2: the biggest fish market in the country. It expects to 427 00:24:22,359 --> 00:24:27,840 Speaker 2: sell more than three one hundred and fifty tons of seafood, 428 00:24:28,359 --> 00:24:33,280 Speaker 2: that is three and a half blue whales walking swimming 429 00:24:33,440 --> 00:24:38,000 Speaker 2: being pushed out the Sydney Fish Market yards. That is 430 00:24:38,040 --> 00:24:40,000 Speaker 2: pretty phenomenal in the thirty six hour period, about one 431 00:24:40,080 --> 00:24:43,919 Speaker 2: hundred and twenty tons of prawns, seventy thousand dozen oysters. 432 00:24:44,880 --> 00:24:47,639 Speaker 2: But it's all about sashimi. The other one which is 433 00:24:47,680 --> 00:24:49,920 Speaker 2: really interesting, and these are media reports throughout the week. 434 00:24:49,920 --> 00:24:52,760 Speaker 2: I being talking about the plum pudding's coming back. Now. 435 00:24:52,800 --> 00:24:55,680 Speaker 2: I've always been a big, big plum pudding fan. My 436 00:24:55,800 --> 00:24:58,680 Speaker 2: dad used to make one six months before Christmas, hanging 437 00:24:58,720 --> 00:25:01,240 Speaker 2: to the laundry. Hanging the laundry. You have to be 438 00:25:01,280 --> 00:25:05,160 Speaker 2: cutting off the mold about this point, because it would 439 00:25:05,160 --> 00:25:06,080 Speaker 2: have gone molded. 440 00:25:06,440 --> 00:25:08,560 Speaker 3: On the little coins that someone oh yeah. 441 00:25:08,440 --> 00:25:11,720 Speaker 2: Yeah, yeah, the nasty coins. That was actually Michael's father 442 00:25:11,720 --> 00:25:14,879 Speaker 2: in law who puts the coins in. Mostly and the 443 00:25:14,920 --> 00:25:18,200 Speaker 2: plum puddings are back, but they're more bespoke plum puddings now, 444 00:25:18,720 --> 00:25:22,000 Speaker 2: but I do miss my dad's old plum pudding. Make 445 00:25:22,000 --> 00:25:24,840 Speaker 2: it in June July, it'd go molding the laundry, you'd 446 00:25:24,840 --> 00:25:29,040 Speaker 2: cut it off. You'd have brandy butter custard ice cream 447 00:25:30,240 --> 00:25:33,160 Speaker 2: lighted on fire. Absolutely, you'd put brandy over and off 448 00:25:33,200 --> 00:25:38,840 Speaker 2: she'd go. What was the category this sleeper sleeper? So 449 00:25:39,040 --> 00:25:46,840 Speaker 2: the sleeper story is Sashimi's Sashimi and the comeback of 450 00:25:46,920 --> 00:25:48,240 Speaker 2: plum puddings. 451 00:25:49,440 --> 00:25:52,639 Speaker 1: Over to you, Adam, Adam, Look, I didn't think this 452 00:25:52,800 --> 00:25:54,919 Speaker 1: was possible, but Michael wins. 453 00:25:57,640 --> 00:25:58,920 Speaker 2: I didn't think it's possible either. 454 00:26:00,600 --> 00:26:05,600 Speaker 3: Michael's argument, I think sifting through it was that this 455 00:26:05,720 --> 00:26:08,760 Speaker 3: trend is going to be stronger in twenty twenty five, and. 456 00:26:08,720 --> 00:26:12,440 Speaker 1: I think I used the term the market should become 457 00:26:12,440 --> 00:26:12,879 Speaker 1: a rump. 458 00:26:13,080 --> 00:26:15,480 Speaker 3: So it was more of a bradbree of a win 459 00:26:15,640 --> 00:26:16,240 Speaker 3: than anything. 460 00:26:16,520 --> 00:26:17,360 Speaker 1: A win is a win. 461 00:26:17,680 --> 00:26:20,000 Speaker 2: I'll take it. This is important. We're two to one, 462 00:26:20,160 --> 00:26:23,679 Speaker 2: two to me one sweet mother and girl. So it 463 00:26:23,760 --> 00:26:27,760 Speaker 2: comes down the whole the sleep, mother of Paul, the 464 00:26:28,000 --> 00:26:29,080 Speaker 2: whole year. 465 00:26:29,200 --> 00:26:32,159 Speaker 3: Have you brought the strength? Fifty Michael? 466 00:26:33,240 --> 00:26:38,280 Speaker 2: Fifty two weeks of favorite Stories comes down to this. 467 00:26:38,600 --> 00:26:41,280 Speaker 2: I think I should go first, though, Michael, because. 468 00:26:41,000 --> 00:26:42,960 Speaker 1: You've really got to I've got this in the bag 469 00:26:43,160 --> 00:26:46,119 Speaker 1: because my story is actually about business. It is about 470 00:26:46,119 --> 00:26:51,040 Speaker 1: the world, It is about everything that this podcast stands for. Oh, 471 00:26:51,200 --> 00:26:52,600 Speaker 1: you go first, though, sell and get yours out of 472 00:26:52,640 --> 00:26:52,880 Speaker 1: the way. 473 00:26:54,840 --> 00:27:00,920 Speaker 2: My story, favorite story is about the absolute sexiest commodity 474 00:27:01,800 --> 00:27:07,960 Speaker 2: in the world. Okay, everyone that's listing those that's box 475 00:27:08,000 --> 00:27:13,760 Speaker 2: Site yep, buk site one hundred and twelve US dollars 476 00:27:13,800 --> 00:27:17,000 Speaker 2: a ton this week recordless. You know when you're walking 477 00:27:17,040 --> 00:27:19,320 Speaker 2: in the bush and you kind of kick a stone 478 00:27:19,480 --> 00:27:21,639 Speaker 2: and the top of the stone comes off and is 479 00:27:21,720 --> 00:27:27,800 Speaker 2: an orange color. That's box Site. Yeah, and lost of 480 00:27:27,840 --> 00:27:30,880 Speaker 2: It in Queensland, Lost of It in wa It's the 481 00:27:30,920 --> 00:27:33,560 Speaker 2: primary source material for aluminium. 482 00:27:33,600 --> 00:27:35,800 Speaker 1: Your obsession with boux site is getting a little bit 483 00:27:35,840 --> 00:27:36,760 Speaker 1: creepy box site? 484 00:27:37,280 --> 00:27:40,200 Speaker 2: What a name box site like that word baux site 485 00:27:40,840 --> 00:27:43,439 Speaker 2: is that a really shock a name for years, But 486 00:27:43,560 --> 00:27:46,560 Speaker 2: all of a sudden it is more expensive than iron 487 00:27:46,600 --> 00:27:52,520 Speaker 2: ore And that's because aluminium is becoming more popular than steel. 488 00:27:52,640 --> 00:27:57,040 Speaker 2: Not really but relative sense. Aluminium is hot at the moment. 489 00:27:57,440 --> 00:28:00,679 Speaker 2: Cars are made of aluminium, not a steel bridges and 490 00:28:00,760 --> 00:28:04,840 Speaker 2: heavy stuff's made of steel, but cars, batteries, that's what 491 00:28:04,840 --> 00:28:07,159 Speaker 2: it's about. So suddenly the great I mean what people 492 00:28:07,240 --> 00:28:13,919 Speaker 2: like Michael don't know. Guess which wonderful country is the 493 00:28:13,920 --> 00:28:21,600 Speaker 2: biggest producer of box site? Which wonderful brown Land? Australia yep, 494 00:28:21,640 --> 00:28:24,000 Speaker 2: biggest box site producer Guinea and Australia with the two 495 00:28:24,040 --> 00:28:30,199 Speaker 2: big guys prices doubled in recent months around Tinto's are 496 00:28:30,200 --> 00:28:35,200 Speaker 2: a huge box site producer. This to me is a revolution. 497 00:28:35,880 --> 00:28:38,560 Speaker 2: You've got the green revolution, You've got the AI revolution, 498 00:28:38,600 --> 00:28:40,760 Speaker 2: Now you got the book site revolution. Forget the rest 499 00:28:40,800 --> 00:28:43,920 Speaker 2: of the commodities you watch Rio, BHP, Tinto Goo, heavy 500 00:28:43,920 --> 00:28:46,480 Speaker 2: into box site never happened. I agree, Heaven the Copper. 501 00:28:46,520 --> 00:28:49,960 Speaker 2: Maybe my favorite story of the week though, is book 502 00:28:50,040 --> 00:28:52,000 Speaker 2: site because it is a sexy commodity. 503 00:28:52,280 --> 00:28:53,440 Speaker 1: Look, you know what this is. 504 00:28:53,720 --> 00:28:54,360 Speaker 2: You know what this is. 505 00:28:54,560 --> 00:28:59,160 Speaker 1: That's that feels it. It feels like it feels like 506 00:28:59,240 --> 00:29:01,120 Speaker 1: one of those stories that gets rolled out in the 507 00:29:01,120 --> 00:29:02,360 Speaker 1: week before Christmas. 508 00:29:02,720 --> 00:29:06,040 Speaker 2: Michael, this week one hundred and twelve US dollars a ton, 509 00:29:06,120 --> 00:29:08,760 Speaker 2: first time ever, more than expensive than ie or Yeah, 510 00:29:08,920 --> 00:29:11,720 Speaker 2: take that, Get on with your story. Stop cretiquing mine. 511 00:29:11,760 --> 00:29:12,760 Speaker 2: We are way over time. 512 00:29:12,920 --> 00:29:13,960 Speaker 1: We are a little bit over time. 513 00:29:14,000 --> 00:29:15,880 Speaker 2: I'll keep mine brief, please. 514 00:29:16,280 --> 00:29:20,520 Speaker 1: My favorite story this week is about the way old 515 00:29:20,960 --> 00:29:26,200 Speaker 1: fashioned companies, legacy companies are finding new ways to survive 516 00:29:26,480 --> 00:29:30,440 Speaker 1: and compete in a vastly, vastly different world. Nissen and 517 00:29:30,520 --> 00:29:35,000 Speaker 1: Honda are in exploratory talks about a merger that would 518 00:29:35,000 --> 00:29:42,160 Speaker 1: create a fifty two billion US dollar Japanese giant, a 519 00:29:42,280 --> 00:29:48,840 Speaker 1: godzilla of carmaking, if you will. The fact is they 520 00:29:49,000 --> 00:29:54,600 Speaker 1: need to do something right. Tesla is dominating the automotive 521 00:29:54,640 --> 00:29:57,320 Speaker 1: industry in terms of value. Remember last week we were 522 00:29:57,320 --> 00:29:59,840 Speaker 1: talking about it being worth one point three trillion US dollars. 523 00:30:00,040 --> 00:30:03,320 Speaker 1: Chinese brand byd is booming too, and you compare that 524 00:30:03,320 --> 00:30:05,600 Speaker 1: to some of the other legacy companies like Toyota two 525 00:30:05,720 --> 00:30:09,080 Speaker 1: hundred and eighty billion GM, fifty seven billion, Ford forty 526 00:30:09,080 --> 00:30:11,680 Speaker 1: one billion. Many of them were slow to move into 527 00:30:11,720 --> 00:30:15,160 Speaker 1: the EV space. Some of them are in trouble. Volkswagen, 528 00:30:15,200 --> 00:30:17,640 Speaker 1: one of the biggest manufacturers in the world, is dealing 529 00:30:17,680 --> 00:30:20,840 Speaker 1: with strikes as it looks to close factories because of 530 00:30:20,840 --> 00:30:24,320 Speaker 1: the rising competition, particularly from those Chinese manufacturers as well, 531 00:30:24,520 --> 00:30:27,200 Speaker 1: and along with Tesla. Shares in nisin this year have 532 00:30:27,320 --> 00:30:30,800 Speaker 1: fallen forty percent. Hondas still going okay, but these two 533 00:30:30,960 --> 00:30:34,880 Speaker 1: rivals are actively talking about a merge of those talks 534 00:30:35,000 --> 00:30:37,680 Speaker 1: deepened this week. It would be tough in Japan, it 535 00:30:37,720 --> 00:30:40,560 Speaker 1: would mean job losses, but it may just be necessary. 536 00:30:40,920 --> 00:30:43,400 Speaker 1: Might be necessary to see this and survive. And in 537 00:30:43,440 --> 00:30:46,840 Speaker 1: a strange way, right, it is my favorite story this week, Adam, 538 00:30:46,880 --> 00:30:50,400 Speaker 1: because it is about competition. It is about industries changing, 539 00:30:50,720 --> 00:30:54,880 Speaker 1: industries evolving, and about legacy companies finding ways to reinvent 540 00:30:54,960 --> 00:30:59,600 Speaker 1: themselves and stay relevant, including doing the unthinkable, which is 541 00:31:00,080 --> 00:31:04,480 Speaker 1: urging with their mortal enemies in order to survive. That 542 00:31:05,240 --> 00:31:11,400 Speaker 1: is why this is my favorite story of the Yeah. 543 00:31:12,000 --> 00:31:13,520 Speaker 2: It's not box site. 544 00:31:15,360 --> 00:31:19,360 Speaker 3: Nothing, okay, So this is probably subjective bias and that 545 00:31:19,480 --> 00:31:23,000 Speaker 3: this in and Honda might merge. Hasn't happened yet, nor 546 00:31:23,040 --> 00:31:25,560 Speaker 3: have they formed a plan other than growing in scale, 547 00:31:25,560 --> 00:31:28,120 Speaker 3: doubling up. What are they going to do to change 548 00:31:28,640 --> 00:31:29,360 Speaker 3: because it's. 549 00:31:30,160 --> 00:31:32,520 Speaker 2: He's gone, he's left the studio. 550 00:31:32,720 --> 00:31:36,800 Speaker 3: Put the headphones down, he's left. So yeah, I just 551 00:31:36,840 --> 00:31:42,160 Speaker 3: didn't he's back. I didn't find Michael that the thing 552 00:31:42,160 --> 00:31:45,320 Speaker 3: has actually happened. It's a possibility, nor why they're doing 553 00:31:45,400 --> 00:31:47,719 Speaker 3: it that will help them survive beyond just getting bigger. 554 00:31:48,160 --> 00:31:50,840 Speaker 3: And we know that's the case in disruption. You can't 555 00:31:50,880 --> 00:31:52,680 Speaker 3: just merge your way out of this thing. You actually 556 00:31:52,680 --> 00:31:56,760 Speaker 3: have to change. So but but I love those two companies, 557 00:31:56,960 --> 00:31:59,040 Speaker 3: Listen and Honda, right, I'd love to see them find 558 00:31:59,040 --> 00:32:03,600 Speaker 3: a way site. Obviously, we are so lucky in this country, 559 00:32:03,640 --> 00:32:06,720 Speaker 3: the mineral wealth we have and the royalties taxes we 560 00:32:06,800 --> 00:32:10,959 Speaker 3: get from that benefit of owmns. It's economy changing stuff. 561 00:32:11,360 --> 00:32:14,440 Speaker 3: So what's changed about book site? Well, it's become sexy. 562 00:32:14,680 --> 00:32:18,560 Speaker 3: According to Sean as the key component in aluminium, or 563 00:32:18,600 --> 00:32:21,720 Speaker 3: as the Americans would call it aluminum. Can we just 564 00:32:21,760 --> 00:32:24,520 Speaker 3: have one international definition. 565 00:32:24,080 --> 00:32:24,560 Speaker 2: Of the world? 566 00:32:25,080 --> 00:32:28,440 Speaker 1: Yeah, just what international language do you say, Sean? 567 00:32:30,440 --> 00:32:34,440 Speaker 3: So I actually couldn't split it. I've given you a draw. 568 00:32:34,920 --> 00:32:38,960 Speaker 2: No, no, no, that is a win. That is a week 569 00:32:39,400 --> 00:32:41,520 Speaker 2: and a half to one and a half. Thank you 570 00:32:41,680 --> 00:32:45,640 Speaker 2: very much. Let's wrap up the weekend edition for the year. 571 00:32:46,200 --> 00:32:49,320 Speaker 1: Do you realize, Adam, what you have done? 572 00:32:49,520 --> 00:32:51,800 Speaker 2: Do you, Adam? Do you? I'm with Michaels. 573 00:32:51,840 --> 00:32:54,239 Speaker 3: I don't know that I can fully appreciate it. 574 00:32:54,320 --> 00:32:57,080 Speaker 1: Okay, let me tell you have ruined You have ruined 575 00:32:57,120 --> 00:33:04,000 Speaker 1: Australia's Christmas. The man of the people, that's me. The 576 00:33:04,040 --> 00:33:09,240 Speaker 1: people will not stand for this anyway. Look, good competition. 577 00:33:09,360 --> 00:33:09,800 Speaker 2: What was this? 578 00:33:09,880 --> 00:33:14,680 Speaker 3: You want a dead heat? Eighty nine points each? 579 00:33:18,280 --> 00:33:20,320 Speaker 2: She issus a shimi one got done over, didn't it? 580 00:33:21,000 --> 00:33:21,640 Speaker 3: So to speak? 581 00:33:23,760 --> 00:33:25,120 Speaker 2: Tur and a half to one and a half. Thank 582 00:33:25,120 --> 00:33:27,040 Speaker 2: you very much. Michael, you did a sign off. You've 583 00:33:27,040 --> 00:33:29,360 Speaker 2: been doing it all year. We are way over time. 584 00:33:29,680 --> 00:33:30,480 Speaker 3: This is staggering. 585 00:33:30,520 --> 00:33:32,840 Speaker 2: All right. Well, i'd actually I'd like to put a 586 00:33:32,880 --> 00:33:36,560 Speaker 2: special mention in Luke, our producer puts up with Michael's 587 00:33:36,800 --> 00:33:40,280 Speaker 2: garbage in this show, and I have a special thank 588 00:33:40,320 --> 00:33:44,240 Speaker 2: you and Happy Christmas to Luke and family. Very very 589 00:33:44,240 --> 00:33:46,800 Speaker 2: good man, Luke. And he'll look at the length of 590 00:33:46,840 --> 00:33:50,880 Speaker 2: this show and go, oh my god, really you've got 591 00:33:50,880 --> 00:33:52,239 Speaker 2: to keep this bit in, Luke, You've got to keep 592 00:33:52,240 --> 00:33:52,600 Speaker 2: this bit in. 593 00:33:52,680 --> 00:33:54,560 Speaker 1: He might not even get to it. He might only 594 00:33:54,560 --> 00:33:56,560 Speaker 1: get to that to the thirty minute mark and go, 595 00:33:56,640 --> 00:33:57,400 Speaker 1: you know what, I reckon. 596 00:33:57,440 --> 00:33:59,760 Speaker 2: That's enough. No one else to be listening. 597 00:34:00,120 --> 00:34:03,400 Speaker 1: Nip it off there anyway. Thank you, Thank you, Luke 598 00:34:03,800 --> 00:34:06,920 Speaker 1: for all this you do on this show to tidy 599 00:34:07,040 --> 00:34:10,640 Speaker 1: Sean and Adam up and make them sound presentable. Congratulations 600 00:34:10,680 --> 00:34:11,760 Speaker 1: Sean on your victory. 601 00:34:12,160 --> 00:34:15,600 Speaker 2: Thank you, Michael, thank you, Thank you Adam for you judging. 602 00:34:15,719 --> 00:34:16,560 Speaker 3: It's my pleasure. 603 00:34:16,840 --> 00:34:19,239 Speaker 1: Make sure you're following the podcast and please join us 604 00:34:19,280 --> 00:34:23,040 Speaker 1: online on LinkedIn, Instagram, TikTok, Facebook, and X. I'm Michael Thompson, 605 00:34:23,040 --> 00:34:25,080 Speaker 1: an Atmosphere and Greed. Have a great weekend.