1 00:00:06,440 --> 00:00:08,879 Speaker 1: This is the weekend edition of Fear and Greed daily 2 00:00:08,920 --> 00:00:11,040 Speaker 1: business news for people who make their own decisions. Are 3 00:00:11,039 --> 00:00:13,480 Speaker 1: Michael Thompson and good morning, Sean. Aylmer. 4 00:00:13,680 --> 00:00:15,480 Speaker 2: Good morning, Michael Thompson. 5 00:00:15,160 --> 00:00:18,239 Speaker 1: Sean, very exciting. Our weekend show is a competition. It 6 00:00:18,320 --> 00:00:19,959 Speaker 1: is all about the two of us, each nominating what 7 00:00:20,000 --> 00:00:22,120 Speaker 1: we think is the biggest business story of the week, 8 00:00:22,760 --> 00:00:27,040 Speaker 1: the most remarkable story, a mystery category which changes every week. 9 00:00:27,080 --> 00:00:29,120 Speaker 1: We've got a great mystery category this week, and then 10 00:00:29,160 --> 00:00:31,639 Speaker 1: our favorite business is story. It is a competition. So 11 00:00:31,720 --> 00:00:33,600 Speaker 1: we have a judge, and that judge is our Fear 12 00:00:33,680 --> 00:00:37,280 Speaker 1: and Greed colleague, Adam Lang Adam, good morning, Hello, Michael, O. 13 00:00:37,600 --> 00:00:39,159 Speaker 3: Sean here. 14 00:00:39,520 --> 00:00:41,520 Speaker 2: Yeah, how's your training game? Yeah? 15 00:00:41,600 --> 00:00:46,120 Speaker 3: Look, I wouldn't say good enough. Ye, just it's good. 16 00:00:46,479 --> 00:00:48,080 Speaker 3: I will see if it's good enough. 17 00:00:47,920 --> 00:00:49,919 Speaker 1: All right, Okay, So for anyone who doesn't know what 18 00:00:49,960 --> 00:00:53,000 Speaker 1: you two are rabbiting on about, it is the fact 19 00:00:53,040 --> 00:00:56,400 Speaker 1: that you two are both taking part in the next 20 00:00:56,400 --> 00:01:00,720 Speaker 1: few days for only like four sleeps away from the 21 00:01:00,840 --> 00:01:02,720 Speaker 1: ride for country kids who are going three hundred and 22 00:01:02,720 --> 00:01:06,520 Speaker 1: eighty kilometers through parts of out I'm now describing it 23 00:01:06,520 --> 00:01:08,840 Speaker 1: as an outback New South Wales because it makes it 24 00:01:08,959 --> 00:01:12,560 Speaker 1: sound even more intense. The conditions that you will be 25 00:01:12,600 --> 00:01:12,880 Speaker 1: riding with. 26 00:01:12,959 --> 00:01:17,400 Speaker 2: The big issue apparently are that thes and goats attack 27 00:01:17,760 --> 00:01:24,840 Speaker 2: the riders as you're riding in a pelotona. 28 00:01:23,080 --> 00:01:24,120 Speaker 3: From the side. 29 00:01:25,160 --> 00:01:27,600 Speaker 2: How do you ward off for wild emu? 30 00:01:27,880 --> 00:01:30,840 Speaker 1: Well, you know how with magpies, No, no magpies you 31 00:01:30,880 --> 00:01:35,440 Speaker 1: stick the little kind of cable ties helmet. I imagine 32 00:01:35,480 --> 00:01:37,360 Speaker 1: it's the same look, but you got to stick them 33 00:01:37,400 --> 00:01:40,679 Speaker 1: to your backside, do you, Michael, Well, I'm assuming so 34 00:01:40,720 --> 00:01:43,720 Speaker 1: it looks like for the backside. Well, if they're chasing 35 00:01:43,760 --> 00:01:46,160 Speaker 1: after you, they're going to go for the backside. Think 36 00:01:46,160 --> 00:01:47,600 Speaker 1: about coyote. 37 00:01:48,360 --> 00:01:50,480 Speaker 3: Anyway, we will we will address runner. 38 00:01:51,040 --> 00:01:53,200 Speaker 1: We will address the ride in a little more detailed 39 00:01:53,280 --> 00:01:54,680 Speaker 1: because I do have a couple of questions for you 40 00:01:54,760 --> 00:02:00,360 Speaker 1: both about how you're feeling down there. Anyway, we are 41 00:02:00,360 --> 00:02:02,560 Speaker 1: looking for the bigger story. What are you looking for 42 00:02:02,600 --> 00:02:04,760 Speaker 1: when you were judging us? Adam okay? 43 00:02:04,800 --> 00:02:09,760 Speaker 3: Five things? Topicality, timeliness, economic impact, a little bit of 44 00:02:09,840 --> 00:02:13,800 Speaker 3: playing to my subjective bias of course, and please bring 45 00:02:13,919 --> 00:02:15,040 Speaker 3: some melodrama. 46 00:02:15,919 --> 00:02:16,400 Speaker 1: We will do it. 47 00:02:16,440 --> 00:02:17,320 Speaker 2: Sure can do. 48 00:02:18,320 --> 00:02:20,360 Speaker 1: Biggest story of the week. I will go first because 49 00:02:20,360 --> 00:02:22,160 Speaker 1: there is only one. And so if you wish to. 50 00:02:22,200 --> 00:02:24,880 Speaker 2: Force interesting, because I'm yeah, the only go on. 51 00:02:25,840 --> 00:02:26,680 Speaker 1: It is the election. 52 00:02:29,639 --> 00:02:30,959 Speaker 3: Hold on, hang on, wish. 53 00:02:30,880 --> 00:02:33,079 Speaker 2: Is a bigger story last week? Has it been there one? 54 00:02:33,080 --> 00:02:33,560 Speaker 1: This week? 55 00:02:34,000 --> 00:02:37,120 Speaker 2: Yes, Singapore with the Pope's election. 56 00:02:38,240 --> 00:02:42,200 Speaker 1: When you're all finished, we're finished. So last week, Sean, 57 00:02:42,440 --> 00:02:45,919 Speaker 1: you were at pains to point out the timing of 58 00:02:46,360 --> 00:02:49,480 Speaker 1: the biggest story that you weren't allowing me to include 59 00:02:49,560 --> 00:02:53,360 Speaker 1: anything that happened after I think it was seven am 60 00:02:53,480 --> 00:02:57,040 Speaker 1: last Saturday, and you said that anything after seven am 61 00:02:57,240 --> 00:03:01,280 Speaker 1: last Saturday needs to be included in the next right now, 62 00:03:01,520 --> 00:03:02,000 Speaker 1: That's what. 63 00:03:01,960 --> 00:03:04,079 Speaker 2: I said, But the judge said, no, no, no, we're 64 00:03:04,120 --> 00:03:05,360 Speaker 2: including the election in it. 65 00:03:05,400 --> 00:03:08,919 Speaker 1: Well you know what I'm going with. It's everything after 66 00:03:09,000 --> 00:03:11,840 Speaker 1: the point that it was recorded. It was recorded, thank you. 67 00:03:12,240 --> 00:03:12,760 Speaker 1: That's the rule. 68 00:03:13,040 --> 00:03:16,920 Speaker 3: Earlier than seveny win last week. 69 00:03:16,960 --> 00:03:19,720 Speaker 1: There is still the biggest objectively, now stop complaining. I 70 00:03:19,720 --> 00:03:22,600 Speaker 1: will turn off your microphone. Give me the chance to 71 00:03:22,720 --> 00:03:30,239 Speaker 1: a good start. Massive landslide slide for labor counting is 72 00:03:30,280 --> 00:03:33,400 Speaker 1: still going. But well we're talking around kind of ninety 73 00:03:33,440 --> 00:03:37,360 Speaker 1: seats or so for labor, only needed seventy six for 74 00:03:37,480 --> 00:03:40,000 Speaker 1: majority government, so they have well and truly done that. 75 00:03:40,040 --> 00:03:43,920 Speaker 1: The coalition around kind of forty or so, like some 76 00:03:44,080 --> 00:03:49,600 Speaker 1: big big names gone gorn Sky gone, Opposition leader Peter 77 00:03:49,680 --> 00:03:55,080 Speaker 1: Dutton gone, Green's leader Adam Bant gone gone. We've got 78 00:03:55,080 --> 00:03:58,360 Speaker 1: those two parties now, both with leadership battles that is 79 00:03:58,400 --> 00:04:01,440 Speaker 1: playing out even as we right now, phone calls are 80 00:04:01,440 --> 00:04:05,040 Speaker 1: being made, furious phone calls, counting numbers the morning. 81 00:04:05,080 --> 00:04:06,960 Speaker 2: I don't think, oh, I wouldn't rule it out. 82 00:04:07,320 --> 00:04:08,960 Speaker 1: I reckon calls are going around them. 83 00:04:08,880 --> 00:04:11,280 Speaker 3: Were doing bike rides together. So what do you think? 84 00:04:11,320 --> 00:04:16,400 Speaker 1: It's probably unlikely the Teals solid showing, Clive Palmer not 85 00:04:16,760 --> 00:04:17,599 Speaker 1: a solid showing. 86 00:04:17,600 --> 00:04:19,320 Speaker 2: I don't think the Teals was a solid showing. 87 00:04:19,400 --> 00:04:22,080 Speaker 1: Well, they're there, They're still there about present, the. 88 00:04:22,120 --> 00:04:24,479 Speaker 2: Same number of seats about They would have thought that 89 00:04:24,600 --> 00:04:25,440 Speaker 2: it more, yes. 90 00:04:25,320 --> 00:04:28,320 Speaker 1: But I mean a solid showing in this environment is stability, right? 91 00:04:28,320 --> 00:04:30,279 Speaker 1: Wouldn't that just be if you were If you were 92 00:04:30,320 --> 00:04:33,080 Speaker 1: the Liberals, wouldn't you just be happy with maintaining where 93 00:04:33,120 --> 00:04:35,919 Speaker 1: you would last? The Greens would be happy with just 94 00:04:35,960 --> 00:04:39,039 Speaker 1: maintaining what they had. So the Teals probably in this 95 00:04:39,160 --> 00:04:41,719 Speaker 1: kind of climate, a big change, probably happy just with 96 00:04:41,800 --> 00:04:44,160 Speaker 1: maintaining it. I don't know I'm clutching at straws here, 97 00:04:44,240 --> 00:04:50,200 Speaker 1: but but right, But the consequence of this election, right, 98 00:04:50,600 --> 00:04:53,680 Speaker 1: such a huge majority for labor that we are looking 99 00:04:53,760 --> 00:04:57,800 Speaker 1: at maybe another six years of labor government possibly more. 100 00:04:58,080 --> 00:04:58,279 Speaker 2: Right. 101 00:04:58,960 --> 00:05:01,799 Speaker 1: What it does mean and and this is particularly important 102 00:05:01,880 --> 00:05:09,800 Speaker 1: for the business community, Adam is certainty. It is consistency business. 103 00:05:09,800 --> 00:05:12,160 Speaker 1: We're talking that up this week. Business leaders all over 104 00:05:12,200 --> 00:05:15,000 Speaker 1: the place. You couldn't turn around a corner without running 105 00:05:15,000 --> 00:05:17,040 Speaker 1: into another business leader talking about time. 106 00:05:17,560 --> 00:05:18,520 Speaker 2: Let me tell you about reform. 107 00:05:19,480 --> 00:05:23,480 Speaker 1: This is the thing, right, reform. This is the opportunity 108 00:05:23,839 --> 00:05:26,400 Speaker 1: now that has been presented to this government. There is 109 00:05:26,440 --> 00:05:30,200 Speaker 1: an opportunity for reform. There is an opportunity for big ideas, 110 00:05:30,240 --> 00:05:36,600 Speaker 1: not just big ideas, massive ideas, nation building and changing ideas. 111 00:05:36,839 --> 00:05:39,719 Speaker 1: A mandate of this size does not come along very often, 112 00:05:39,760 --> 00:05:42,200 Speaker 1: and there is an enormous amount of pressure on labor 113 00:05:42,400 --> 00:05:45,239 Speaker 1: not to waste it, to actually use it for good. 114 00:05:45,960 --> 00:05:49,720 Speaker 1: That is the biggest story of the week. There is 115 00:05:50,040 --> 00:05:50,919 Speaker 1: no other story. 116 00:05:51,440 --> 00:05:54,400 Speaker 2: Notwithstanding that it's last week's story, it is not last 117 00:05:54,400 --> 00:05:59,320 Speaker 2: week's If we accept that this week's story, which we do, 118 00:05:59,600 --> 00:06:02,359 Speaker 2: where saying that they have a mandate to do stuff 119 00:06:02,560 --> 00:06:07,679 Speaker 2: that hasn't happened. Just point that out. My biggest story, however, 120 00:06:09,120 --> 00:06:10,640 Speaker 2: is a game changer. 121 00:06:12,720 --> 00:06:15,360 Speaker 1: Doubt it. Sorry, I don't even know it. 122 00:06:16,200 --> 00:06:18,839 Speaker 3: Tantalizing. 123 00:06:19,760 --> 00:06:25,679 Speaker 2: This week, the US and UK did a deal on trade, 124 00:06:26,040 --> 00:06:29,599 Speaker 2: the first major trade deal out of the White House 125 00:06:29,839 --> 00:06:35,839 Speaker 2: since Donald we'll get to that. Since Donald Trump took over. Now, 126 00:06:36,160 --> 00:06:40,640 Speaker 2: he changed the world on Liberation Day. With all the tariffs, 127 00:06:41,040 --> 00:06:44,360 Speaker 2: He's wound some of them back except China. He's gone forward. 128 00:06:44,560 --> 00:06:47,120 Speaker 2: He said he wants to strike deals with other countries. 129 00:06:47,160 --> 00:06:49,920 Speaker 2: He did that with the UK. The details of this deal, 130 00:06:50,000 --> 00:06:53,279 Speaker 2: let me tell you about them. Number one, it's been signed. 131 00:06:54,279 --> 00:06:57,400 Speaker 2: Number two, it's on paper. It was signed with kir 132 00:06:57,520 --> 00:07:00,680 Speaker 2: Starmer on a phone and Donald Trump in the White House. 133 00:07:01,920 --> 00:07:05,280 Speaker 2: Number three. Concurrently, other people are going to get together 134 00:07:05,279 --> 00:07:06,359 Speaker 2: and work out the details. 135 00:07:08,720 --> 00:07:11,160 Speaker 3: I think there's something to do. Is stealing cars? 136 00:07:11,720 --> 00:07:14,920 Speaker 2: Number fat. No one's really sure, could be not sure. 137 00:07:15,440 --> 00:07:17,080 Speaker 2: The fact that he has done a deal, though, is 138 00:07:17,160 --> 00:07:21,080 Speaker 2: massive bitcoin right, great risk on ASCID, Like I leaned 139 00:07:21,120 --> 00:07:25,320 Speaker 2: into that jargon. This morning's excellent. One hundred thousand US 140 00:07:25,320 --> 00:07:28,239 Speaker 2: dollars a unit. We had equities rise as a result. 141 00:07:29,320 --> 00:07:31,360 Speaker 2: The US FED came out and said it's still worried 142 00:07:31,400 --> 00:07:34,080 Speaker 2: about slow growth, high prices. Let's not talk to the 143 00:07:34,160 --> 00:07:37,000 Speaker 2: equation here, right, just park that for a moment. But 144 00:07:37,040 --> 00:07:40,760 Speaker 2: the fact that this trade deal was done really changed 145 00:07:41,160 --> 00:07:44,960 Speaker 2: the view of what could be done. And so the 146 00:07:45,080 --> 00:07:48,280 Speaker 2: place like Japan trying really hard to their big automobile. Michael, 147 00:07:48,280 --> 00:07:54,120 Speaker 2: wake up, wake up the details. This is the Trump 148 00:07:54,200 --> 00:07:56,960 Speaker 2: White House. Let's not get too bogged down the detail. 149 00:07:57,520 --> 00:08:01,360 Speaker 2: But a really big, big moment for the world that 150 00:08:01,440 --> 00:08:05,160 Speaker 2: occurred this week as opposed something that occurred last week 151 00:08:05,240 --> 00:08:06,600 Speaker 2: with the potential for the future. 152 00:08:07,360 --> 00:08:08,760 Speaker 1: You know what I call that. I call it a 153 00:08:08,920 --> 00:08:12,400 Speaker 1: Michael Thompson story, kind of big on flash. 154 00:08:12,480 --> 00:08:15,360 Speaker 3: There's really not much name as a pejority. 155 00:08:15,040 --> 00:08:17,720 Speaker 1: It absolutely is. There wasn't a lot of detail there 156 00:08:17,800 --> 00:08:20,480 Speaker 1: was there and in the actual announcement, what's the deal done? 157 00:08:21,600 --> 00:08:27,880 Speaker 3: Kind of yes, the deal was done, but Michael, a 158 00:08:27,880 --> 00:08:29,800 Speaker 3: lot of ceremony and if there. 159 00:08:29,600 --> 00:08:33,880 Speaker 2: Were cap letters in true social a deal was done. 160 00:08:34,600 --> 00:08:37,520 Speaker 1: Certainty that risky agreeing to something that you have no 161 00:08:37,559 --> 00:08:38,640 Speaker 1: idea what you're agreeing to. 162 00:08:39,040 --> 00:08:40,160 Speaker 2: It's full and comprehensive. 163 00:08:42,720 --> 00:08:45,920 Speaker 1: Anyway, It's quite amusing, isn't it. It just feels as though 164 00:08:45,960 --> 00:08:48,839 Speaker 1: there was desperation to get something out there, to show 165 00:08:48,880 --> 00:08:52,160 Speaker 1: this progress, and just let's just sign this thing and 166 00:08:52,200 --> 00:08:52,720 Speaker 1: get it out. 167 00:08:54,800 --> 00:09:01,320 Speaker 3: Michael wins the certainty of such a big majority. I'm 168 00:09:01,360 --> 00:09:04,640 Speaker 3: so hopeful. I'm always optimistic, but I'm so hopeful that 169 00:09:04,679 --> 00:09:06,920 Speaker 3: we'll get progress. 170 00:09:06,920 --> 00:09:09,680 Speaker 2: With your decision than a hunter, because, like it was 171 00:09:09,800 --> 00:09:12,199 Speaker 2: last week's story, there's so much wrong with that. 172 00:09:12,320 --> 00:09:14,520 Speaker 3: Which one do you think I have bigger economic impact 173 00:09:14,679 --> 00:09:15,559 Speaker 3: on Australia? 174 00:09:15,960 --> 00:09:18,920 Speaker 2: Oh, the tariffs? I'm serious? No, No, no, look at 175 00:09:18,960 --> 00:09:23,160 Speaker 2: equity markets, look at bitcoin, look at assets. My superfund 176 00:09:23,240 --> 00:09:26,359 Speaker 2: is going to get affected a lot more from that 177 00:09:26,400 --> 00:09:30,400 Speaker 2: training deal rather than something that Michael's talking about, mandates 178 00:09:30,400 --> 00:09:32,599 Speaker 2: and the people doing stuff in the future maybe. 179 00:09:32,360 --> 00:09:36,240 Speaker 3: Which hasn't been announced. Eally equally thin on both sides. 180 00:09:36,720 --> 00:09:39,880 Speaker 2: No, I absolutely no. Anyway, that is your decision is. 181 00:09:39,920 --> 00:09:42,040 Speaker 2: I will stand by the rather. 182 00:09:42,000 --> 00:09:45,040 Speaker 3: Probably two terms of labor, as you've pointed out Sean 183 00:09:45,160 --> 00:09:45,760 Speaker 3: during the week. 184 00:09:46,480 --> 00:09:50,880 Speaker 2: I will stand by the pretty average judgment average. 185 00:09:50,920 --> 00:09:51,600 Speaker 3: That's flattery. 186 00:09:52,559 --> 00:09:55,880 Speaker 1: I actually think you're coming across as very wise today, Adam. 187 00:09:56,520 --> 00:09:57,880 Speaker 3: For now, let's see how we go. 188 00:09:58,000 --> 00:10:00,400 Speaker 1: Yep, you're one quarter of the way through your judgment 189 00:10:00,480 --> 00:10:02,160 Speaker 1: and we are going to pick up the pace. Now, 190 00:10:03,000 --> 00:10:06,480 Speaker 1: let's go to most remarkable story, Sean. I think it's 191 00:10:06,480 --> 00:10:10,559 Speaker 1: best that you start this one, right, Why not agree? 192 00:10:10,760 --> 00:10:14,080 Speaker 2: No, no, I'm just wondering what you're going with one. 193 00:10:14,520 --> 00:10:19,400 Speaker 2: What an amazing week for corporate Australia. Oh now this 194 00:10:19,559 --> 00:10:20,400 Speaker 2: might seem like. 195 00:10:20,800 --> 00:10:22,520 Speaker 3: It is the Quarry conference alone. 196 00:10:22,640 --> 00:10:25,160 Speaker 2: Was stop giving me that? 197 00:10:25,320 --> 00:10:25,640 Speaker 3: Sorry? 198 00:10:25,679 --> 00:10:30,520 Speaker 1: No, no, please, You're like you know what you are like, right, Adam, 199 00:10:30,559 --> 00:10:34,880 Speaker 1: I'm talking to you. You are like you are like 200 00:10:35,000 --> 00:10:40,840 Speaker 1: a juror okay, who is on a big murder trial. Right, 201 00:10:41,160 --> 00:10:43,960 Speaker 1: And you are not supposed to be looking at anything. 202 00:10:44,000 --> 00:10:46,760 Speaker 1: You're not supposed to be doing research externally or reading 203 00:10:46,840 --> 00:10:50,280 Speaker 1: kind of media reports or anything like this. You have 204 00:10:50,400 --> 00:10:54,559 Speaker 1: come into this one, this category with your own preconceived 205 00:10:54,679 --> 00:10:58,480 Speaker 1: ideas of what Sean's going to say, and for that 206 00:10:58,600 --> 00:11:01,480 Speaker 1: reason you were you giving him that would be like 207 00:11:01,920 --> 00:11:04,400 Speaker 1: the Dura putting his hand up in the middle of 208 00:11:04,400 --> 00:11:07,120 Speaker 1: the court case and saying, your honor, I reckon he 209 00:11:07,160 --> 00:11:09,600 Speaker 1: did it because he's got a mustache or something like that. 210 00:11:09,600 --> 00:11:10,719 Speaker 1: That's so you should be. 211 00:11:11,240 --> 00:11:14,120 Speaker 2: You should be in the midst of the tirade. There. 212 00:11:14,320 --> 00:11:18,880 Speaker 2: Adam turned to me and mouth an acronym the first 213 00:11:18,960 --> 00:11:21,880 Speaker 2: letter being W, the second one being T We'll leave 214 00:11:21,920 --> 00:11:28,040 Speaker 2: it there, and he exactly, yeah, heck so my point. 215 00:11:28,600 --> 00:11:31,520 Speaker 2: Corporate Australia, what are we We had big bank results 216 00:11:31,600 --> 00:11:35,520 Speaker 2: ain Z National Australia Bank, Westpac basically ain' z National 217 00:11:35,520 --> 00:11:37,520 Speaker 2: Australian Bank about three point six billion, west Pack three 218 00:11:37,520 --> 00:11:39,600 Speaker 2: point three billion for the half year. Macquary came out 219 00:11:39,600 --> 00:11:43,439 Speaker 2: three point seven billion for the full year. Solid without 220 00:11:43,440 --> 00:11:45,959 Speaker 2: being spectActor is the way to look at those results. 221 00:11:46,200 --> 00:11:49,200 Speaker 2: The mcquarie conference, more than one hundred companies presented. We 222 00:11:49,240 --> 00:11:51,720 Speaker 2: had Mervak talking about the collapse of almost seven thousand 223 00:11:51,720 --> 00:11:54,240 Speaker 2: builders and sold contractors over the last three years. We 224 00:11:54,320 --> 00:11:57,440 Speaker 2: had Wise Tech worried about its profits because of Donald 225 00:11:57,440 --> 00:12:00,920 Speaker 2: Trump's tariffs. We had JB Highfi saying sales has slayed. 226 00:12:01,040 --> 00:12:04,760 Speaker 2: ZIP consumer facing in the US doing really well. Actually 227 00:12:04,800 --> 00:12:06,679 Speaker 2: went against the grain a little bit on that one 228 00:12:06,679 --> 00:12:09,720 Speaker 2: toll raid group Transurban's cutting part of its workforce. Big 229 00:12:09,720 --> 00:12:13,199 Speaker 2: problem there. They own eleven to thirteen toll raids in Sydney. 230 00:12:13,400 --> 00:12:16,960 Speaker 2: People in Sydney are sick of paying tiles Ourica. It 231 00:12:17,080 --> 00:12:20,000 Speaker 2: reported a net loss because they restructuring, but it's share 232 00:12:20,040 --> 00:12:22,920 Speaker 2: price jump because actually really doing quite well. That explodes 233 00:12:23,000 --> 00:12:26,240 Speaker 2: this group Quanas talked about is is buying aircraft. It's 234 00:12:26,240 --> 00:12:30,320 Speaker 2: getting revel talked about, Tariff's not being a big issue. Massive, 235 00:12:30,520 --> 00:12:38,720 Speaker 2: massive week for the huge, generic, single topic business of 236 00:12:38,880 --> 00:12:44,120 Speaker 2: corporate Australia. It was a really and particularly since results season, 237 00:12:44,720 --> 00:12:47,760 Speaker 2: we haven't had much. We're now in confession season is 238 00:12:47,800 --> 00:12:50,640 Speaker 2: what they call it. Companies know more or less how 239 00:12:50,679 --> 00:12:53,200 Speaker 2: they're going to the financial year and it's just been 240 00:12:53,240 --> 00:12:55,000 Speaker 2: a huge week. I mean that this is worth twenty 241 00:12:55,040 --> 00:12:56,360 Speaker 2: seven out of twenty five points. 242 00:12:57,120 --> 00:12:59,600 Speaker 1: Yeah, just as a cumulative effect of all of the 243 00:12:59,640 --> 00:13:02,480 Speaker 1: company's the individual stories that you added up. 244 00:13:02,800 --> 00:13:03,920 Speaker 2: Have you given your story yet? 245 00:13:04,000 --> 00:13:04,440 Speaker 1: No? 246 00:13:04,440 --> 00:13:05,679 Speaker 2: No, I forget what yours are? 247 00:13:05,920 --> 00:13:08,160 Speaker 1: Pipe down, Alma, most. 248 00:13:07,960 --> 00:13:09,560 Speaker 2: Remarkable story, Mickey. 249 00:13:09,640 --> 00:13:13,720 Speaker 1: You know what I said. I stand with the EMUs. 250 00:13:14,160 --> 00:13:15,960 Speaker 1: I'm on the side of the EMUs. I want them 251 00:13:15,960 --> 00:13:21,960 Speaker 1: to chase you down and peck peck. Warren Buffett Adam, 252 00:13:22,200 --> 00:13:28,720 Speaker 1: the Oracle of Omaha, the world's greatest investor, is retiring. 253 00:13:28,800 --> 00:13:31,400 Speaker 2: Well, that's remarkable. He's ninety three. Who would have thought 254 00:13:31,440 --> 00:13:32,200 Speaker 2: that could have happened? 255 00:13:32,240 --> 00:13:37,320 Speaker 1: Eh, gives me ninety four. I don't know. I mean, 256 00:13:37,800 --> 00:13:39,080 Speaker 1: credibility shot now. 257 00:13:40,200 --> 00:13:44,640 Speaker 3: Charlie Munger was it was, but I thought. 258 00:13:44,400 --> 00:13:46,839 Speaker 2: He was old, you don't count. 259 00:13:48,240 --> 00:13:51,560 Speaker 1: Anyway. He took over Berkeley Hathaway nineteen sixty five, has 260 00:13:51,559 --> 00:13:53,960 Speaker 1: not looked back for a moment, building it into what 261 00:13:54,160 --> 00:13:57,959 Speaker 1: is the most extraordinary and remarkable conglomerate in the world, 262 00:13:58,400 --> 00:14:02,040 Speaker 1: now comprising over two hundred businesses. On the weekend we 263 00:14:02,080 --> 00:14:06,360 Speaker 1: had the there was the sixtieth annual shareholder meeting in Omaha, Nebraska. 264 00:14:06,440 --> 00:14:09,439 Speaker 1: You've been to that before, Sean, which is would have 265 00:14:09,480 --> 00:14:11,880 Speaker 1: been quite an experience. It was a great experience, and 266 00:14:12,080 --> 00:14:15,040 Speaker 1: greg Abel was announced as his successor. I said it 267 00:14:15,040 --> 00:14:16,680 Speaker 1: would be happening at the end of the end of 268 00:14:16,679 --> 00:14:19,480 Speaker 1: the year. But there are reports that Greek didn't actually 269 00:14:19,560 --> 00:14:21,080 Speaker 1: know that was going to be announced, and it was 270 00:14:21,080 --> 00:14:23,920 Speaker 1: slipped five minutes into the five minutes from the end 271 00:14:23,960 --> 00:14:26,960 Speaker 1: of his speech, just casually just mentioned it that it's 272 00:14:27,240 --> 00:14:29,400 Speaker 1: that it was happening. Can you imagine that moment if 273 00:14:29,400 --> 00:14:30,200 Speaker 1: you agree. 274 00:14:29,880 --> 00:14:33,280 Speaker 2: With nodding off another war on speech, not. 275 00:14:33,280 --> 00:14:38,520 Speaker 1: One said something, oh, yes, okay, I'm good anyway. It 276 00:14:38,640 --> 00:14:41,720 Speaker 1: is just as you pointed out this week, Sean staggering 277 00:14:41,760 --> 00:14:46,200 Speaker 1: performance over many years since nineteen sixty five, Berkshire Hathaway 278 00:14:46,240 --> 00:14:50,000 Speaker 1: shares have returned twenty percent annually compound, almost double that 279 00:14:51,480 --> 00:14:53,800 Speaker 1: of Wall Street. The thing is that if you had 280 00:14:53,840 --> 00:14:57,400 Speaker 1: invested one thousand dollars in nineteen sixty five, your investment 281 00:14:57,440 --> 00:15:00,360 Speaker 1: would be worth forty two point one million dollars today. 282 00:15:00,720 --> 00:15:01,480 Speaker 1: That's incredible. 283 00:15:01,560 --> 00:15:02,640 Speaker 2: So did he retire this week? 284 00:15:02,720 --> 00:15:08,000 Speaker 1: He announced his retirement this week. It is truly remarkable. Yeah, 285 00:15:08,040 --> 00:15:12,200 Speaker 1: it's it's done like it doesn't need any extra extravagance 286 00:15:12,240 --> 00:15:15,240 Speaker 1: because his career and his record is extravagant enough. 287 00:15:15,440 --> 00:15:20,680 Speaker 3: So if fear Ingreed was building a world trip, I 288 00:15:20,720 --> 00:15:24,240 Speaker 3: would include both of these events on the calendar, as 289 00:15:24,280 --> 00:15:27,000 Speaker 3: in the mcquarie conference in Australia and the Berkshire have the. 290 00:15:26,960 --> 00:15:32,760 Speaker 2: Way I'm meeting, I'd totally done the McQuary conference, but 291 00:15:32,840 --> 00:15:35,040 Speaker 2: you know what a nerd I am sure I'd love 292 00:15:35,080 --> 00:15:38,359 Speaker 2: that stuff, getting all those updates and as you said, confessions. 293 00:15:38,320 --> 00:15:42,120 Speaker 3: So it has to win, it absolutely has to. 294 00:15:42,480 --> 00:15:45,720 Speaker 1: Sure, it doesn't have to you're making that, Yes. 295 00:15:45,600 --> 00:15:48,120 Speaker 3: I am. I'm making the decision that it wins. The 296 00:15:48,720 --> 00:15:53,120 Speaker 3: abundance of stories and detail we got was excellent now 297 00:15:53,360 --> 00:15:55,200 Speaker 3: and will played Warren Buffett. 298 00:15:54,880 --> 00:15:57,480 Speaker 2: I'm the most remarkable. Can I do a shout out? 299 00:15:57,800 --> 00:16:00,880 Speaker 2: Yeah please, I'm doing a shout out to the Australian 300 00:16:01,080 --> 00:16:06,720 Speaker 2: under twenties rugby Sean. Do tell they're in South Africa 301 00:16:06,760 --> 00:16:09,160 Speaker 2: at the moment doing the rugby Championships. The Under twenties 302 00:16:09,240 --> 00:16:13,000 Speaker 2: Rugby Championship twenty nine all against New Zealand. Their first 303 00:16:13,040 --> 00:16:17,240 Speaker 2: game come from behind draw. The next game against South 304 00:16:17,240 --> 00:16:22,280 Speaker 2: Africa in a in South Africa twenty nine to twenty four. 305 00:16:22,280 --> 00:16:24,640 Speaker 2: They're down seventy nil. They ended up winning twenty nine 306 00:16:24,600 --> 00:16:29,840 Speaker 2: to twenty four. Tomorrow they play the Argentinians and if 307 00:16:29,880 --> 00:16:33,000 Speaker 2: they win the beat the Argentinians. It depends on the 308 00:16:33,040 --> 00:16:36,400 Speaker 2: New Zealand South Africa game, but the Australian under twenties 309 00:16:36,600 --> 00:16:39,840 Speaker 2: rugby team will certainly they'll either win or at least 310 00:16:39,920 --> 00:16:42,080 Speaker 2: draw and come second on a cowback or something. Rather, 311 00:16:42,520 --> 00:16:45,160 Speaker 2: they're kind of done extremely ready. They've done well and 312 00:16:45,160 --> 00:16:47,120 Speaker 2: we don't have a great history on the under twenties. 313 00:16:47,280 --> 00:16:48,720 Speaker 2: Say good on those boys. 314 00:16:49,200 --> 00:16:53,240 Speaker 3: And Sean may I ask why in particular you're bringing 315 00:16:53,280 --> 00:16:53,640 Speaker 3: this up? 316 00:16:53,800 --> 00:16:56,200 Speaker 1: Are you following this particularly closely? For a reason? 317 00:16:56,320 --> 00:16:59,120 Speaker 2: Do have a son who's playing in that town? That's 318 00:16:59,280 --> 00:16:59,840 Speaker 2: why I have. 319 00:16:59,800 --> 00:17:04,080 Speaker 1: It particular brilliant, but it's amazing proud father moment. 320 00:17:06,359 --> 00:17:06,800 Speaker 3: Of course. 321 00:17:07,680 --> 00:17:13,639 Speaker 1: Yeah one, all speaking have come from behind victories. I'm 322 00:17:13,680 --> 00:17:15,600 Speaker 1: inwhear level at the moment. I don't think it's actually 323 00:17:15,720 --> 00:17:16,600 Speaker 1: quite the comparison. 324 00:17:17,400 --> 00:17:20,520 Speaker 2: It was zero one to you. You are correct, Oh you. 325 00:17:20,560 --> 00:17:23,280 Speaker 1: Turn that back on me. Oh no, all right, we'll 326 00:17:23,280 --> 00:17:25,200 Speaker 1: take a very quick break and come back and get 327 00:17:25,200 --> 00:17:34,760 Speaker 1: into our mystery category for the week. Sean, we are 328 00:17:34,800 --> 00:17:38,720 Speaker 1: moving into our most I was about saying most mysterious category, 329 00:17:38,720 --> 00:17:41,200 Speaker 1: which I suppose is right. It changes every week our 330 00:17:41,240 --> 00:17:47,560 Speaker 1: mystery category. This week, the category is the most outrageous 331 00:17:47,640 --> 00:17:49,720 Speaker 1: story that we could find. 332 00:17:49,680 --> 00:17:54,080 Speaker 3: So different to remarkable, we're going for outrageous, correct, correct it. 333 00:17:55,320 --> 00:17:57,959 Speaker 1: I will go first, if that's okay with you, Yes, please, 334 00:17:58,720 --> 00:18:00,000 Speaker 1: I reckon. This has to be one of the most 335 00:18:00,600 --> 00:18:02,760 Speaker 1: And this is actually a really serious story, this one. 336 00:18:02,880 --> 00:18:07,439 Speaker 1: And so it's a law firm right has been fined 337 00:18:07,520 --> 00:18:10,439 Speaker 1: more than fifty thousand dollars for forcing a junior lawyer 338 00:18:10,480 --> 00:18:12,879 Speaker 1: to work up to twenty four hour days. Now, I mean, 339 00:18:13,680 --> 00:18:16,360 Speaker 1: you look at the legal fraternity as lizard with stories 340 00:18:16,359 --> 00:18:20,719 Speaker 1: of really really long hours, but this is something else altogether. 341 00:18:20,880 --> 00:18:25,000 Speaker 1: This is absolutely outrageous. This was a ruling by Melbourne's 342 00:18:25,000 --> 00:18:29,920 Speaker 1: Magistrate Court that found Erudite Legal had breached workplace laws 343 00:18:29,960 --> 00:18:34,360 Speaker 1: through its egregious practices in her very first week. Right, 344 00:18:34,480 --> 00:18:39,359 Speaker 1: get this, the lawyer worked Saturday, didn't go home that night, 345 00:18:39,600 --> 00:18:43,399 Speaker 1: worked from twelve pm one day to twelve pm the 346 00:18:43,480 --> 00:18:46,879 Speaker 1: next day. The following day, she was told that she'd 347 00:18:46,880 --> 00:18:49,240 Speaker 1: be working in a hotel room rather than going home 348 00:18:49,280 --> 00:18:51,280 Speaker 1: for the next few nights, and then she had to 349 00:18:51,320 --> 00:18:53,920 Speaker 1: share a bed with your office manager. Worked from nine 350 00:18:53,960 --> 00:18:58,280 Speaker 1: am to five thirty am, and even then, while working, 351 00:18:58,520 --> 00:19:02,640 Speaker 1: her boss was lecturing her on classics, on history, on philosophy, 352 00:19:02,640 --> 00:19:06,679 Speaker 1: on world religion, on management style, on his superior IQ. 353 00:19:07,600 --> 00:19:12,320 Speaker 1: This is a that is an absolutely toxic kind of 354 00:19:12,400 --> 00:19:17,640 Speaker 1: environment and clearly Melbourne's Magistrate Court agreed and find them 355 00:19:17,680 --> 00:19:22,000 Speaker 1: fifty thousand dollars. Unfortunately, the law firm has been deregistered, 356 00:19:22,040 --> 00:19:24,080 Speaker 1: so it's unlikely that the lawyer is actually going to 357 00:19:24,080 --> 00:19:26,399 Speaker 1: see anything kind of come out of this. And there 358 00:19:26,440 --> 00:19:29,640 Speaker 1: was even one instance where she'd finished working a fourteen 359 00:19:29,680 --> 00:19:33,160 Speaker 1: hour Saturday shift at one am and her boss told 360 00:19:33,200 --> 00:19:36,520 Speaker 1: her to go and watch the ice hockey movie Miracle. 361 00:19:37,000 --> 00:19:39,280 Speaker 1: Oh no, that's fair enough so that she would understand 362 00:19:39,320 --> 00:19:42,440 Speaker 1: his philosophical position. And if you've got not right away, 363 00:19:42,480 --> 00:19:44,280 Speaker 1: if you were going to watch any ice hockey movie, 364 00:19:44,359 --> 00:19:48,680 Speaker 1: it would be Mighty mrighty Ducks two Yes. The greatest 365 00:19:48,720 --> 00:19:50,159 Speaker 1: of the Mighty Duck series is that. 366 00:19:50,560 --> 00:19:53,920 Speaker 2: Yes, the Mighty Ducks. It's hard to beat one, Well you. 367 00:19:53,920 --> 00:19:57,600 Speaker 1: Can with two, right. It is the one of the 368 00:19:57,640 --> 00:19:58,880 Speaker 1: greatest films of all time. 369 00:19:59,119 --> 00:20:03,880 Speaker 2: It's still the same guy then, yep, yep, and all 370 00:20:03,920 --> 00:20:06,479 Speaker 2: of the cast we agree a bit older anyway, But 371 00:20:06,600 --> 00:20:07,959 Speaker 2: back to the core of this story. 372 00:20:08,280 --> 00:20:12,480 Speaker 1: It is absolutely appalling. Let's just leave it at that. 373 00:20:12,760 --> 00:20:13,560 Speaker 1: What's yours Sean? 374 00:20:14,280 --> 00:20:17,080 Speaker 2: It is a point it's hard to argue about that 375 00:20:17,119 --> 00:20:23,440 Speaker 2: being absolutely outrageous unless unless you have the world's third 376 00:20:23,480 --> 00:20:26,720 Speaker 2: or fourth largest democracy without a government for six months. 377 00:20:27,720 --> 00:20:30,880 Speaker 2: I mean, that's outrageous. If I say to you Europe, 378 00:20:30,960 --> 00:20:32,280 Speaker 2: what's the powerhouse of Europe? 379 00:20:32,400 --> 00:20:32,800 Speaker 3: Germany? 380 00:20:34,240 --> 00:20:37,360 Speaker 1: Well, the juror has been doing his research. 381 00:20:40,840 --> 00:20:44,560 Speaker 2: Do you know who the chancellor is, all of Schultz, Well, 382 00:20:44,560 --> 00:20:47,160 Speaker 2: he did his research last year because he got kicked 383 00:20:47,160 --> 00:20:49,159 Speaker 2: out last of course he did, yes, and then a 384 00:20:49,200 --> 00:20:50,840 Speaker 2: guy called Frederick Mertz. 385 00:20:51,080 --> 00:20:52,280 Speaker 3: Mertz, of course. 386 00:20:52,200 --> 00:20:54,760 Speaker 2: Was vaded in trying to put trying to put a 387 00:20:54,760 --> 00:20:58,720 Speaker 2: coalition together. It took six months before he got the job, 388 00:20:58,840 --> 00:21:01,920 Speaker 2: which actually occurred this week. And even when they sat 389 00:21:01,960 --> 00:21:05,920 Speaker 2: down the deal was done, they voted in Parliament. He 390 00:21:06,000 --> 00:21:07,879 Speaker 2: actually failed to win, so they had to have a 391 00:21:07,920 --> 00:21:11,679 Speaker 2: second vote, like what a debarcle just the fact so 392 00:21:11,720 --> 00:21:16,680 Speaker 2: it sixty nine year old Christian Democrat. What is really remarkable, though, 393 00:21:17,840 --> 00:21:22,920 Speaker 2: is that Germany, one of the great Western democracy is 394 00:21:22,960 --> 00:21:25,480 Speaker 2: one of the great Western nations, actually hasn't been able 395 00:21:25,480 --> 00:21:27,840 Speaker 2: to do anything for six months because it hasn't had 396 00:21:27,840 --> 00:21:33,600 Speaker 2: a leader. I suppose I didn't quite get the gist 397 00:21:33,640 --> 00:21:37,360 Speaker 2: of that until I realized that Mertz was became chancellor 398 00:21:37,400 --> 00:21:40,600 Speaker 2: this week. Things like a budget can't get a budget, 399 00:21:40,960 --> 00:21:42,280 Speaker 2: So how do you actually run the country, How do 400 00:21:42,320 --> 00:21:44,159 Speaker 2: you deal with Donald Trump's tariff threats? How do you 401 00:21:44,200 --> 00:21:49,280 Speaker 2: deal with Europe? Just quite remarkable. I can't make a 402 00:21:49,280 --> 00:21:53,280 Speaker 2: suggestion here, and this is totally undermining the judges capability 403 00:21:53,840 --> 00:21:56,439 Speaker 2: go for it. I think we should call this one 404 00:21:56,480 --> 00:21:58,880 Speaker 2: a draw, because then I like a final category. 405 00:21:59,000 --> 00:22:01,960 Speaker 3: Oh yeah, good, idea, All right, we can do that. 406 00:22:02,200 --> 00:22:04,680 Speaker 3: I gave a bonus point to Michael for the use 407 00:22:04,680 --> 00:22:07,200 Speaker 3: of the word egregious. Yes, I don't think we've had 408 00:22:07,200 --> 00:22:12,600 Speaker 3: that wineh No, that would otherwise. I think Germany, with 409 00:22:12,640 --> 00:22:14,760 Speaker 3: our government for six months, had to win because it 410 00:22:14,840 --> 00:22:15,200 Speaker 3: is our. 411 00:22:16,840 --> 00:22:19,600 Speaker 2: One and a half one and a half, yes, not all. 412 00:22:19,520 --> 00:22:21,320 Speaker 3: Come to the final story. 413 00:22:21,520 --> 00:22:23,800 Speaker 2: There's a bit of a twist on the category. 414 00:22:24,119 --> 00:22:27,080 Speaker 1: So it is it is our favorite story, but quite 415 00:22:27,119 --> 00:22:34,439 Speaker 1: specifically it is our favorite Donald Trump thought bubble of 416 00:22:34,520 --> 00:22:34,880 Speaker 1: the week? 417 00:22:35,119 --> 00:22:37,399 Speaker 3: Does it have to be expressed as a tweet or 418 00:22:37,400 --> 00:22:41,439 Speaker 3: a true Typically they are, yeah, but it's not a requirement. Person. 419 00:22:43,359 --> 00:22:49,400 Speaker 2: You go first first. Donald Trump wants to reopen Alcatraz. 420 00:22:50,640 --> 00:22:54,440 Speaker 2: How's that for a thought bubble? Eh? I mean it's 421 00:22:54,480 --> 00:22:57,080 Speaker 2: been closed for about fifty sixty. 422 00:22:56,800 --> 00:22:58,119 Speaker 3: Years, that's sixty. 423 00:22:58,119 --> 00:23:01,560 Speaker 2: It was just a horrendous If you don't know, Alcatraz 424 00:23:01,840 --> 00:23:05,920 Speaker 2: is off San Francis, who's telling this story? Me or yet? 425 00:23:05,960 --> 00:23:06,360 Speaker 3: Sorry? 426 00:23:06,760 --> 00:23:12,719 Speaker 2: The duror go on. He's the most famous a person 427 00:23:12,760 --> 00:23:13,320 Speaker 2: to escape. 428 00:23:14,240 --> 00:23:18,440 Speaker 3: No one actually know someone did escape. Well when they closed. 429 00:23:18,040 --> 00:23:22,880 Speaker 2: It, two people actually tried to swim and they were 430 00:23:22,920 --> 00:23:23,560 Speaker 2: never seen again. 431 00:23:23,600 --> 00:23:26,439 Speaker 1: So it's one of one of the great conspiracies that 432 00:23:26,480 --> 00:23:30,560 Speaker 1: they did make it and went on to live full 433 00:23:30,600 --> 00:23:34,040 Speaker 1: lives outside. Not necessarily how happy it would have been. 434 00:23:34,080 --> 00:23:38,439 Speaker 2: But Donald Trump wants to use Alcatras to house I quote, 435 00:23:38,480 --> 00:23:44,600 Speaker 2: America's most ruthless and violent offenders c s A. Alcatraz. 436 00:23:44,760 --> 00:23:47,919 Speaker 2: I'm guessing I think that you need to put the 437 00:23:47,920 --> 00:23:51,399 Speaker 2: tweet in or the truth social quote. The re opening 438 00:23:51,480 --> 00:23:55,600 Speaker 2: of Alcatras in caps will serve as a symbol of law, 439 00:23:55,920 --> 00:24:01,080 Speaker 2: capital l not necessary for the record, order and justice. 440 00:24:01,280 --> 00:24:03,920 Speaker 2: Justice got the caps, not law, not order. Justice got 441 00:24:03,920 --> 00:24:06,879 Speaker 2: the caps. Now. It would cost billions of dollars to do. 442 00:24:06,920 --> 00:24:10,120 Speaker 2: It's currently a national park, a major tourist attraction. Michael said, 443 00:24:10,119 --> 00:24:11,720 Speaker 2: He's been there. I've been there, have you been there? 444 00:24:11,760 --> 00:24:14,240 Speaker 2: And we've all been there. I mean, quite a phenomenal 445 00:24:14,440 --> 00:24:15,280 Speaker 2: tourist attraction. 446 00:24:15,600 --> 00:24:17,960 Speaker 1: I just love how much it would cost to do it, 447 00:24:18,200 --> 00:24:22,280 Speaker 1: but also the cost to tourism, and the fact that 448 00:24:22,280 --> 00:24:25,240 Speaker 1: he even publicly acknowledged essentially that it was a thought 449 00:24:25,240 --> 00:24:28,280 Speaker 1: bubble when he was talking to reporters and said, this 450 00:24:28,359 --> 00:24:29,120 Speaker 1: is an idea I. 451 00:24:29,080 --> 00:24:31,600 Speaker 2: Had, this is a fantastic thought bubble. The next like 452 00:24:31,800 --> 00:24:36,760 Speaker 2: three days, all the administrative administration officials just watered it down. 453 00:24:36,800 --> 00:24:39,560 Speaker 2: They just like run away, don't want to have anything 454 00:24:39,560 --> 00:24:42,760 Speaker 2: to do with it. My favorite thought bubble, Michael. 455 00:24:42,880 --> 00:24:45,600 Speaker 1: Now another thought bubble, which is actually one that then 456 00:24:45,760 --> 00:24:50,000 Speaker 1: has a very big impact on us here in Australia, 457 00:24:50,160 --> 00:24:54,359 Speaker 1: a one hundred percent tariff on movies produced outside of 458 00:24:54,400 --> 00:24:56,880 Speaker 1: the United States. Now, the thing is that this came 459 00:24:56,920 --> 00:25:01,560 Speaker 1: about after Donald Trump met with actor John Voight. So 460 00:25:01,560 --> 00:25:04,560 Speaker 1: they had a little chat. Who is the father of 461 00:25:04,720 --> 00:25:07,760 Speaker 1: Angelina Jolie obviously from. 462 00:25:07,520 --> 00:25:11,800 Speaker 3: Time to time. Oh yeah, they've had a pretty fractious relationship. 463 00:25:12,480 --> 00:25:13,199 Speaker 2: I did not know that. 464 00:25:13,400 --> 00:25:14,440 Speaker 1: There you go, you learn things. 465 00:25:14,520 --> 00:25:15,280 Speaker 2: I did not know that. 466 00:25:15,560 --> 00:25:18,240 Speaker 3: Who else was there, Mel Gibson, He was one of 467 00:25:18,280 --> 00:25:20,640 Speaker 3: the in the meeting by the big. 468 00:25:21,760 --> 00:25:24,560 Speaker 1: And so then he walked out announced the tariff and 469 00:25:24,600 --> 00:25:29,360 Speaker 1: said that foreign governments that are luring US film productions 470 00:25:29,400 --> 00:25:33,320 Speaker 1: overseas with various financial incentives are quote leading to a 471 00:25:33,480 --> 00:25:37,479 Speaker 1: very fast death of the US movie industry. He also said, though, 472 00:25:37,480 --> 00:25:40,240 Speaker 1: that it was a matter of essentially national security because 473 00:25:40,359 --> 00:25:45,159 Speaker 1: foreign made films contain propaganda and messages and things like that, which, okay, 474 00:25:45,200 --> 00:25:48,360 Speaker 1: all right, it feels as though it's a thought I've 475 00:25:48,400 --> 00:25:53,160 Speaker 1: seen independence state very good point. He's had to backtrack 476 00:25:53,400 --> 00:25:56,280 Speaker 1: a lot in the days after that, which is a 477 00:25:56,280 --> 00:25:59,920 Speaker 1: telltale sign of a thought bubble, right, it's not necessary 478 00:26:00,240 --> 00:26:03,040 Speaker 1: going to happen. Hollywood, who he kind of was probably 479 00:26:03,119 --> 00:26:05,159 Speaker 1: led to believe, would be a big supporter of this, 480 00:26:05,280 --> 00:26:07,560 Speaker 1: because of those people that he was talking to, they're 481 00:26:07,560 --> 00:26:10,240 Speaker 1: not necessarily on board because they see the benefits of 482 00:26:10,280 --> 00:26:12,880 Speaker 1: going overseas, coming to countries like Australia where there are 483 00:26:12,920 --> 00:26:16,200 Speaker 1: these generous tax incentives, going to Central European countries where 484 00:26:16,200 --> 00:26:18,399 Speaker 1: they have all kinds of different sceneries that they are 485 00:26:18,400 --> 00:26:20,719 Speaker 1: able to shoot at. Having to bring all of their 486 00:26:20,760 --> 00:26:23,879 Speaker 1: productions back on shore into the US is going to 487 00:26:23,920 --> 00:26:26,440 Speaker 1: be a very expensive process for them because they're having 488 00:26:26,480 --> 00:26:29,120 Speaker 1: to pay higher labor costs all of these things. Anyway, 489 00:26:29,400 --> 00:26:32,440 Speaker 1: it would have a massive impact on the Australian industry, 490 00:26:32,480 --> 00:26:34,440 Speaker 1: which was worth a couple of years ago five billion 491 00:26:34,480 --> 00:26:37,760 Speaker 1: dollars in one year to the Australian economy. The thing is, though, 492 00:26:38,080 --> 00:26:41,159 Speaker 1: as with any thought bubble, we just don't know if 493 00:26:41,160 --> 00:26:43,240 Speaker 1: it's going to happen, so there's plenty more uncertainty. 494 00:26:43,359 --> 00:26:46,679 Speaker 2: Again, further than that, as with most thought bubbles, it 495 00:26:46,720 --> 00:26:47,480 Speaker 2: ain't going to happen. 496 00:26:47,520 --> 00:26:47,960 Speaker 3: It doesn't. 497 00:26:48,240 --> 00:26:51,560 Speaker 2: Yeah, yeah, And I mean my Alcatraz thought bubble fits 498 00:26:51,640 --> 00:26:53,960 Speaker 2: right into that one that's further down the line. On 499 00:26:54,000 --> 00:26:54,680 Speaker 2: that one, what. 500 00:26:54,680 --> 00:26:55,240 Speaker 1: Do you reckon? 501 00:26:55,320 --> 00:26:58,960 Speaker 3: Adam impact on Australia? It has to be the film 502 00:26:59,000 --> 00:27:02,880 Speaker 3: Tariff Michael wins by a whisker. 503 00:27:04,320 --> 00:27:08,200 Speaker 1: Feels good. It was close though, wasn't it so close? 504 00:27:08,600 --> 00:27:12,000 Speaker 2: But I mean would respect the judgment. What you seem 505 00:27:12,040 --> 00:27:16,359 Speaker 2: to have forgotten in your thinking, like one undred percent 506 00:27:16,440 --> 00:27:20,919 Speaker 2: tariff on that's kind of just his normal true table 507 00:27:21,720 --> 00:27:24,040 Speaker 2: table tariff on that one, you know, I don't like, 508 00:27:24,080 --> 00:27:25,480 Speaker 2: look at that sign, we'll put tariff on it. 509 00:27:26,160 --> 00:27:27,560 Speaker 3: What do you reckon one hundred Yeah? 510 00:27:27,920 --> 00:27:30,720 Speaker 1: Yeah, how are we going to how we're gonna implement this? 511 00:27:33,000 --> 00:27:38,000 Speaker 2: Yeah, we'll get the UK guys over, they can sort 512 00:27:38,000 --> 00:27:40,600 Speaker 2: it out. Whereas mine was like, we're not going to 513 00:27:40,640 --> 00:27:45,200 Speaker 2: put tariff on Alcatraz, We're just going to reopen the things. 514 00:27:45,359 --> 00:27:50,160 Speaker 1: New touris, yes, but Hillary Clinton in there, like, I'm 515 00:27:50,160 --> 00:27:51,520 Speaker 1: assuming these are the kind of people. 516 00:27:51,359 --> 00:27:54,879 Speaker 2: At here, the politic officials Tump doesn't like come together. 517 00:27:55,280 --> 00:27:57,800 Speaker 1: Let's uh okay. So that was good, good good result. 518 00:27:57,840 --> 00:27:59,119 Speaker 1: Two and a half to one and a half was 519 00:27:59,200 --> 00:28:01,760 Speaker 1: the point. If we were to look at the points, look. 520 00:28:01,640 --> 00:28:08,959 Speaker 3: High scoring Shaw ninety two points, Michael ninety three points. 521 00:28:09,320 --> 00:28:11,480 Speaker 2: Oh well done, Michael Landlin. 522 00:28:14,320 --> 00:28:16,840 Speaker 1: Can I give a very quick shout out to a 523 00:28:16,880 --> 00:28:18,440 Speaker 1: couple of people who have donated to you? 524 00:28:19,760 --> 00:28:21,640 Speaker 3: What please? 525 00:28:21,720 --> 00:28:23,720 Speaker 1: Yeah? So this is these are people who have donated 526 00:28:23,800 --> 00:28:27,400 Speaker 1: to the ride for country kids that want I reckon. 527 00:28:27,440 --> 00:28:30,240 Speaker 1: There's a little bit of a actually want to see 528 00:28:30,320 --> 00:28:31,720 Speaker 1: you struggle a little. 529 00:28:31,480 --> 00:28:32,840 Speaker 3: Bit, which fair enough. 530 00:28:33,440 --> 00:28:36,439 Speaker 1: There's an acknowledgment that you neither of you are cyclists. 531 00:28:37,520 --> 00:28:39,040 Speaker 3: Or talented bike riding. 532 00:28:40,840 --> 00:28:43,680 Speaker 1: Yeah, and I think that they just they want to support, 533 00:28:44,200 --> 00:28:45,000 Speaker 1: they want to back you. 534 00:28:45,760 --> 00:28:46,600 Speaker 3: That part we've got now. 535 00:28:46,760 --> 00:28:49,840 Speaker 1: Brendan Lucas, so he donated and he said, enjoy, enjoy 536 00:28:49,960 --> 00:28:52,880 Speaker 1: the ride. Bonus donation if you can record part of 537 00:28:52,960 --> 00:28:55,840 Speaker 1: the podcast. Actually while cycling. 538 00:28:56,080 --> 00:29:00,920 Speaker 2: We will be trying okay the dollar today. Who knows 539 00:29:02,240 --> 00:29:02,760 Speaker 2: I'm dying. 540 00:29:02,960 --> 00:29:06,720 Speaker 1: I did just sleep, Katie Walsh says, great, Katie Wash 541 00:29:06,800 --> 00:29:09,480 Speaker 1: And so here I am supporting men in Likra. Just 542 00:29:09,560 --> 00:29:12,240 Speaker 1: when we all thought twenty twenty five couldn't get more baffling. 543 00:29:12,880 --> 00:29:15,800 Speaker 1: I'll take I'll take a deep breath and gladly do 544 00:29:15,880 --> 00:29:18,160 Speaker 1: it for this excellent cause. Go Sean and Adam. 545 00:29:18,320 --> 00:29:19,320 Speaker 3: Oh that's really good. 546 00:29:19,760 --> 00:29:23,920 Speaker 1: And finally, Jonathan Kerr practically every morning I listen to 547 00:29:23,960 --> 00:29:25,720 Speaker 1: the Fear and Greed podcast as I get in my 548 00:29:25,840 --> 00:29:28,440 Speaker 1: morning kilometers on the bike. Only seems fair now that 549 00:29:28,520 --> 00:29:30,200 Speaker 1: you guys are in the saddle, that I chip in 550 00:29:30,280 --> 00:29:33,320 Speaker 1: to support your momentous effort. Perhaps you should ask everyone 551 00:29:33,360 --> 00:29:35,400 Speaker 1: who listens to the pod while riding a bike to 552 00:29:35,520 --> 00:29:38,200 Speaker 1: chip in as well. I like that. Yeah, I do 553 00:29:39,080 --> 00:29:41,920 Speaker 1: get the bike riding fraternity behind you, so if you're 554 00:29:42,000 --> 00:29:44,239 Speaker 1: able to help out, it is very much appreciated. I'll 555 00:29:44,240 --> 00:29:46,000 Speaker 1: put a link in today's show note so that you 556 00:29:46,080 --> 00:29:48,440 Speaker 1: can click through to that one. Thank you, Sean, Thank you, Michael, 557 00:29:48,480 --> 00:29:49,880 Speaker 1: Thank you, Adam, Thanks Adam. 558 00:29:49,920 --> 00:29:51,080 Speaker 3: Thank you Michael, Thank you Sean. 559 00:29:52,040 --> 00:29:55,280 Speaker 1: Make sure you're following the podcast. Join us online on LinkedIn, Instagram, TikTok, 560 00:29:55,320 --> 00:29:57,760 Speaker 1: Facebook and ex. I'm Michael Thompson. That was Fear and Greed. 561 00:29:57,920 --> 00:29:58,680 Speaker 1: Had a great weekend.