1 00:00:05,680 --> 00:00:08,320 Speaker 1: Welcome to the Fear and Greed business Interview. I'm sure, Alma. 2 00:00:08,480 --> 00:00:12,400 Speaker 1: Last week Beijing announced plans to stimulate the Chinese economy, 3 00:00:12,640 --> 00:00:15,840 Speaker 1: and the effects were immediate across the world. We saw 4 00:00:15,840 --> 00:00:18,120 Speaker 1: it locally with a spike and iron ore prices giving 5 00:00:18,200 --> 00:00:20,599 Speaker 1: our mining giants a burst. Wasn't the only big event 6 00:00:20,680 --> 00:00:22,800 Speaker 1: last week. The Reserve Bank Board kept rates on hold 7 00:00:23,040 --> 00:00:27,520 Speaker 1: with the inflation rate easing. The next move should be down. 8 00:00:27,560 --> 00:00:30,120 Speaker 1: The big question really is when I wanted to take 9 00:00:30,120 --> 00:00:31,960 Speaker 1: a look at what it all means for local investors. 10 00:00:32,040 --> 00:00:34,760 Speaker 1: Remember this is general information only, and you should always 11 00:00:34,760 --> 00:00:38,320 Speaker 1: seek professional advice before making investment decisions. Matthew Kidman is 12 00:00:38,320 --> 00:00:41,920 Speaker 1: he principal at Centennial Asset Management. Matthew, welcome back to 13 00:00:42,000 --> 00:00:42,640 Speaker 1: Fear and Greed. 14 00:00:43,040 --> 00:00:45,560 Speaker 2: Thanks Sean. I hope you will very well. 15 00:00:45,720 --> 00:00:48,640 Speaker 1: Quite the I'm going to call it a rotation almost 16 00:00:48,720 --> 00:00:52,320 Speaker 1: last week because we saw the big miners doing really 17 00:00:52,360 --> 00:00:55,720 Speaker 1: well and the banks finally not doing so well. 18 00:00:56,080 --> 00:00:59,440 Speaker 2: The great rotation they're calling it. Look, it happened over 19 00:00:59,440 --> 00:01:02,320 Speaker 2: a few days, that happened quickly, and it was triggered 20 00:01:02,360 --> 00:01:05,640 Speaker 2: by what you say that the Chinese government, both on 21 00:01:05,680 --> 00:01:08,920 Speaker 2: a monetary and fiscal stimulus. They came one day after 22 00:01:08,959 --> 00:01:12,480 Speaker 2: the other and not before time. China's really struggled, and 23 00:01:12,480 --> 00:01:15,360 Speaker 2: it's surprising it's taken them this long. It was quite 24 00:01:15,400 --> 00:01:18,280 Speaker 2: pointed in what they were trying to do, and so 25 00:01:18,360 --> 00:01:21,000 Speaker 2: that helps the strain miners, and how do we fund that? 26 00:01:21,040 --> 00:01:24,039 Speaker 2: How did the investors funded They switched from some of 27 00:01:24,080 --> 00:01:27,319 Speaker 2: their core holdings and funded it into the resources sector 28 00:01:27,319 --> 00:01:30,640 Speaker 2: and a few consumer based stocks that obviously benefit from 29 00:01:30,680 --> 00:01:33,520 Speaker 2: a stronger Chinese economy. And so the banks felt and 30 00:01:33,600 --> 00:01:35,400 Speaker 2: the miners went up and the great rotation. 31 00:01:36,280 --> 00:01:38,320 Speaker 1: Okay, it seemed this time. I mean, we've been talking 32 00:01:38,360 --> 00:01:42,600 Speaker 1: about Beijing doing something to stimulate the second largest economy 33 00:01:42,600 --> 00:01:46,000 Speaker 1: in the world for months and months, but it seems 34 00:01:46,000 --> 00:01:47,680 Speaker 1: that last week it was for real. 35 00:01:48,480 --> 00:01:51,920 Speaker 2: Oh definitely. How long it took. It's strange because they've 36 00:01:51,960 --> 00:01:54,600 Speaker 2: been out of COVID nearly two years now we're getting 37 00:01:54,600 --> 00:01:57,200 Speaker 2: towards that they were late, and it's been a struggle. 38 00:01:57,240 --> 00:01:58,840 Speaker 2: After the first couple of months of re I think 39 00:01:58,880 --> 00:02:01,560 Speaker 2: they just haven't got any track. I was lucky enough 40 00:02:01,600 --> 00:02:04,800 Speaker 2: to go up to China and meet thirty to forty 41 00:02:04,840 --> 00:02:07,720 Speaker 2: companies in May this year, and it is in a 42 00:02:07,760 --> 00:02:12,040 Speaker 2: really poor state. There's no confidences we know about the 43 00:02:12,080 --> 00:02:15,720 Speaker 2: property situation, with a lot of people sitting on losses 44 00:02:15,800 --> 00:02:19,440 Speaker 2: now overbuild. So it's quite interesting it took them this 45 00:02:19,639 --> 00:02:21,840 Speaker 2: long and how they've come at it. I don't know 46 00:02:21,840 --> 00:02:24,920 Speaker 2: what triggered it at this time, but I get the 47 00:02:24,960 --> 00:02:28,600 Speaker 2: feeling that even though the market's quite hopeful, I think 48 00:02:28,800 --> 00:02:31,320 Speaker 2: most of the moves you've seen in share prices was 49 00:02:31,320 --> 00:02:35,120 Speaker 2: a little bit of shortcovering because funding long positions with 50 00:02:35,240 --> 00:02:40,320 Speaker 2: shorts into minors and various Chinaese based or facing stocks 51 00:02:40,360 --> 00:02:43,239 Speaker 2: has been a winner for twelve months now even longer. 52 00:02:43,600 --> 00:02:47,120 Speaker 2: So there was a reversion. I think it will peter 53 00:02:47,280 --> 00:02:50,639 Speaker 2: up pretty quickly, and China is basically pretty desperate now 54 00:02:50,680 --> 00:02:53,359 Speaker 2: just to keep the economy going because things in China 55 00:02:53,560 --> 00:02:56,560 Speaker 2: are definitely worse than what the actual numbers tell you. 56 00:02:57,280 --> 00:02:59,160 Speaker 1: Okay, so what's that man? We saw a jump in 57 00:02:59,200 --> 00:03:02,639 Speaker 1: commodity price. This copper is doing very well inors, back 58 00:03:02,680 --> 00:03:04,799 Speaker 1: around one hundred US dollars a ton mark. I think 59 00:03:04,840 --> 00:03:07,960 Speaker 1: lithium prices are up late last week as well. Are 60 00:03:08,000 --> 00:03:12,480 Speaker 1: you saying that what Beijing has done may not well, 61 00:03:12,560 --> 00:03:15,520 Speaker 1: it'll certainly boost the economy, but it's probably not going 62 00:03:15,600 --> 00:03:18,160 Speaker 1: to accelerate the economy that much. Is that kind of 63 00:03:18,200 --> 00:03:19,239 Speaker 1: the gist of what you're saying. 64 00:03:19,360 --> 00:03:21,799 Speaker 2: Yeah, I think I think the Chinese economy is continuing 65 00:03:21,840 --> 00:03:23,720 Speaker 2: to slow, so it might prop it up for a 66 00:03:23,720 --> 00:03:27,400 Speaker 2: bit rather than accelerated, if you put it that way. 67 00:03:27,440 --> 00:03:30,720 Speaker 2: But I would say that really what you're doing there 68 00:03:30,800 --> 00:03:34,239 Speaker 2: is pushing on a piece of string. The Chinese economy. 69 00:03:34,520 --> 00:03:38,160 Speaker 2: The people are confidence is way way down. There's a 70 00:03:38,200 --> 00:03:43,960 Speaker 2: property situation, there's high unemployment, and it's just finding it 71 00:03:44,120 --> 00:03:47,640 Speaker 2: very hard to get out of this downward spiral. And 72 00:03:47,680 --> 00:03:49,120 Speaker 2: one of the ways they could have done that was 73 00:03:49,200 --> 00:03:52,600 Speaker 2: export lead, but that's going to be hard with the 74 00:03:52,640 --> 00:03:55,640 Speaker 2: tariff walls going up around the world, especially in North America. 75 00:03:55,960 --> 00:03:58,200 Speaker 2: So I think I think it's going to be very, 76 00:03:58,320 --> 00:04:01,040 Speaker 2: very difficult. This was almost had to do just to 77 00:04:01,120 --> 00:04:03,839 Speaker 2: keep the economy kind of running at this rate. 78 00:04:04,240 --> 00:04:06,040 Speaker 1: Okay, So what's that mean for the miners and we 79 00:04:06,040 --> 00:04:07,960 Speaker 1: saw them jump. I mean some of them are up 80 00:04:08,000 --> 00:04:10,880 Speaker 1: sort of ten twelve percent for the full week last week. 81 00:04:11,400 --> 00:04:13,920 Speaker 1: Does that mean they will keep running or will it 82 00:04:13,960 --> 00:04:15,160 Speaker 1: peter out? What do you reckon? 83 00:04:15,680 --> 00:04:18,960 Speaker 2: Look, they've had a terrible run, so they're on their knees. 84 00:04:19,120 --> 00:04:22,960 Speaker 2: They've been sold, as I said earlier, for a long 85 00:04:23,040 --> 00:04:26,279 Speaker 2: time now, so it's not surprising that they get a bounce. 86 00:04:26,320 --> 00:04:28,800 Speaker 2: This is the catalyst. You'll have some short sellers buying 87 00:04:28,800 --> 00:04:31,320 Speaker 2: to cover their positions, and other people who have been 88 00:04:31,480 --> 00:04:35,920 Speaker 2: underweight resources saying, well, maybe it's time. They are quite 89 00:04:36,640 --> 00:04:40,080 Speaker 2: good value now, maybe it's time to move. I suspect 90 00:04:40,080 --> 00:04:41,880 Speaker 2: and that this is just one view that it could 91 00:04:41,880 --> 00:04:43,960 Speaker 2: be the bottom of the market. But I don't see 92 00:04:44,040 --> 00:04:48,120 Speaker 2: an elongated rally coming out, even with the commodity prices. 93 00:04:48,240 --> 00:04:50,840 Speaker 2: A lot of that depending on which commodity. A lot 94 00:04:50,839 --> 00:04:53,640 Speaker 2: of the prices are set by traders anyway, so they'd 95 00:04:53,640 --> 00:04:56,839 Speaker 2: be speculating not just the stocks, but the actual commodities themselves. 96 00:04:56,880 --> 00:04:59,400 Speaker 2: So let's see if this follows through. But I suspect 97 00:04:59,600 --> 00:05:02,679 Speaker 2: it was measure or measures taken by the Chinese government 98 00:05:02,960 --> 00:05:06,280 Speaker 2: because they needed to just to keep the economy growing 99 00:05:06,320 --> 00:05:09,240 Speaker 2: at a certain clip, rather than trying to stimulate the 100 00:05:09,240 --> 00:05:11,840 Speaker 2: economy for accelerating growth. 101 00:05:12,600 --> 00:05:18,360 Speaker 1: Stay with me, Matthew, we'll be back in a minute. 102 00:05:21,480 --> 00:05:24,600 Speaker 1: My guest this morning is Matthew Kidman, principal at Centennial 103 00:05:24,640 --> 00:05:29,039 Speaker 1: Asset Management. So you mentioned the rotation was out of 104 00:05:29,080 --> 00:05:32,240 Speaker 1: banks into minors. What's it mean for the banks? It 105 00:05:32,360 --> 00:05:34,440 Speaker 1: kind of there's a sense that people are looking to 106 00:05:34,520 --> 00:05:37,239 Speaker 1: sell banks, and have been looking to sell banks really 107 00:05:37,240 --> 00:05:39,080 Speaker 1: for a few months. Now. Do you reckon that's what's 108 00:05:39,120 --> 00:05:41,520 Speaker 1: going to happen or is this just a blip. 109 00:05:42,120 --> 00:05:44,320 Speaker 2: Sure, I've been telling you banks look expensive for a 110 00:05:44,360 --> 00:05:46,800 Speaker 2: couple of years now. They just keep going up and up, 111 00:05:47,080 --> 00:05:50,320 Speaker 2: and you dragged me over the calls every time we talk. 112 00:05:51,000 --> 00:05:55,320 Speaker 2: But being Frank CBA, our biggest bank is quite the 113 00:05:55,320 --> 00:05:57,719 Speaker 2: most expensive retail bank in the world. So there's three 114 00:05:57,720 --> 00:06:01,640 Speaker 2: times book incredibly, even against its historical run. It's expensive 115 00:06:01,680 --> 00:06:04,280 Speaker 2: and the banks are performing better. They went through that 116 00:06:04,320 --> 00:06:07,520 Speaker 2: really horrible period where first of all, they had to 117 00:06:07,520 --> 00:06:10,080 Speaker 2: put on more capital on their balance sheets out of 118 00:06:10,400 --> 00:06:13,360 Speaker 2: the various crisis the banking review, and then they've had 119 00:06:13,400 --> 00:06:16,000 Speaker 2: to fix up a lot of the internal systems. They 120 00:06:16,000 --> 00:06:19,760 Speaker 2: had fines to pay because of behavior, and they've got 121 00:06:19,760 --> 00:06:21,800 Speaker 2: all that right now. And what triggered it, I think 122 00:06:22,000 --> 00:06:24,520 Speaker 2: was the net interest margin they were charging probably fixed 123 00:06:24,560 --> 00:06:26,440 Speaker 2: itself a bit quicker than what people thought. It started 124 00:06:26,440 --> 00:06:29,080 Speaker 2: to stabilize and a little bit of credit growth, but 125 00:06:29,320 --> 00:06:33,000 Speaker 2: the valuations are high so it doesn't surprise that, as 126 00:06:33,080 --> 00:06:37,719 Speaker 2: you pointed out, people were looking to sell banks, their 127 00:06:37,960 --> 00:06:40,919 Speaker 2: fingers were poised on the sell button, and this was 128 00:06:40,960 --> 00:06:43,839 Speaker 2: the catalyst at this point. Now, I think the banks 129 00:06:43,839 --> 00:06:46,240 Speaker 2: are going well, but they could easily fall fifteen to 130 00:06:46,240 --> 00:06:49,000 Speaker 2: twenty percent and still be as expensive as they've ever been. 131 00:06:49,440 --> 00:06:53,080 Speaker 2: So it's interesting they have been bought strongly over the years. 132 00:06:53,160 --> 00:06:55,120 Speaker 2: And also you've got the four big banks a big 133 00:06:55,160 --> 00:06:57,880 Speaker 2: part of our index, a lot of passive buying that 134 00:06:57,920 --> 00:07:01,000 Speaker 2: have just followed that. So it exacerbates the expensive nature 135 00:07:01,000 --> 00:07:02,000 Speaker 2: of it because they keep buying it. 136 00:07:02,600 --> 00:07:04,920 Speaker 1: Okay, so we talked about China. What about interest rates, 137 00:07:04,920 --> 00:07:07,000 Speaker 1: because the markets of the past couple of years really 138 00:07:07,040 --> 00:07:10,840 Speaker 1: have been driven by expectations of interest rates. What do 139 00:07:10,880 --> 00:07:13,400 Speaker 1: you think will happen in Australia and then what does 140 00:07:13,440 --> 00:07:17,720 Speaker 1: it mean for those interst rates sensitive sectors, including tech 141 00:07:17,760 --> 00:07:19,040 Speaker 1: and some of those guys as well. 142 00:07:19,600 --> 00:07:21,720 Speaker 2: Yeah, I've been on the record. I thought that interest 143 00:07:21,760 --> 00:07:23,920 Speaker 2: rates in Australi official rates would be cut within this 144 00:07:24,040 --> 00:07:28,840 Speaker 2: calendar year, and the Reserve Bank Governor Bullock has said, no, 145 00:07:28,920 --> 00:07:30,840 Speaker 2: that's not going to be the case. We're going to 146 00:07:30,880 --> 00:07:32,640 Speaker 2: hold on. We need inflation to come down. We've got 147 00:07:32,640 --> 00:07:35,760 Speaker 2: a good print in this last one, but they also 148 00:07:35,840 --> 00:07:37,520 Speaker 2: told us that it probably would be a good print 149 00:07:37,560 --> 00:07:40,000 Speaker 2: and it would edge back up, so they're not convinced it. 150 00:07:40,080 --> 00:07:41,240 Speaker 2: So I would say you're going to get it in 151 00:07:41,320 --> 00:07:43,200 Speaker 2: the first quarter of next year. There's a bit of 152 00:07:43,200 --> 00:07:46,080 Speaker 2: cover in their move. They can start changing their dialogue 153 00:07:46,080 --> 00:07:49,560 Speaker 2: as inflation comes down. We've had, you know, we've had 154 00:07:49,560 --> 00:07:53,080 Speaker 2: the Europeans, the Canadians, the English, New Zealand, and now 155 00:07:53,120 --> 00:07:55,720 Speaker 2: the big one, the US cup by more than initially 156 00:07:55,760 --> 00:07:58,040 Speaker 2: expected at fifty basis points. There's a lot of cover 157 00:07:58,160 --> 00:08:00,520 Speaker 2: we can join that. It looks like it's the sporder 158 00:08:00,560 --> 00:08:04,680 Speaker 2: next year. Our rates aren't as high as others and 159 00:08:04,760 --> 00:08:07,000 Speaker 2: our inflation is not quite as low as others yet, 160 00:08:07,040 --> 00:08:08,560 Speaker 2: so we're going to be a bit slow. But you 161 00:08:08,600 --> 00:08:12,080 Speaker 2: can see maybe seventy five basis points, maybe one hundred 162 00:08:12,200 --> 00:08:13,960 Speaker 2: over the course of the twelve months from when they 163 00:08:14,000 --> 00:08:17,000 Speaker 2: start nice support for equity markets, that it will be 164 00:08:17,040 --> 00:08:17,720 Speaker 2: really good for them. 165 00:08:18,240 --> 00:08:20,800 Speaker 1: Okay, so we'd sector is, so let's just park the 166 00:08:20,840 --> 00:08:24,400 Speaker 1: miners and banks. We've discussed those. What about within the 167 00:08:24,440 --> 00:08:26,880 Speaker 1: industrial sector, whether there are some there that you like, 168 00:08:26,960 --> 00:08:28,200 Speaker 1: or the consumer discretionary. 169 00:08:28,560 --> 00:08:31,040 Speaker 2: Yeah, so the banks have led the charge ever since 170 00:08:31,080 --> 00:08:33,760 Speaker 2: inflation's kind of steadied and started to come down. And 171 00:08:34,320 --> 00:08:37,040 Speaker 2: that's great. I think in the first instance, where you 172 00:08:37,080 --> 00:08:39,679 Speaker 2: want to be is in structural growth stories that can 173 00:08:39,720 --> 00:08:41,680 Speaker 2: come and tech. It can come virtually anywhere. It can 174 00:08:41,720 --> 00:08:44,880 Speaker 2: come in financial companies depending on or industrial, depending on 175 00:08:45,520 --> 00:08:48,640 Speaker 2: the type of company, like an aristocrat for example in Australia, 176 00:08:48,720 --> 00:08:52,559 Speaker 2: an industrial company, but it's got structural growth above average. 177 00:08:52,920 --> 00:08:56,160 Speaker 2: Now they're all expensive, but the economies haven't started to 178 00:08:56,160 --> 00:08:58,280 Speaker 2: pick up yet. All we've got is the interest rate cuts. 179 00:08:58,559 --> 00:09:00,480 Speaker 2: We haven't got the cyclical benefit. That's it. And I 180 00:09:00,559 --> 00:09:03,400 Speaker 2: think as the cuts come through globally, you can switch 181 00:09:03,520 --> 00:09:07,480 Speaker 2: into more cyclical areas over time out of those structural 182 00:09:07,480 --> 00:09:09,880 Speaker 2: growth stories and they'll become the funders. And eventually, I 183 00:09:09,880 --> 00:09:14,199 Speaker 2: think once we get sustained growth, demand for commodities pick 184 00:09:14,320 --> 00:09:17,880 Speaker 2: up and then the resources should run. That's a traditional 185 00:09:17,920 --> 00:09:20,400 Speaker 2: cycle when you start to cut rates and the economy 186 00:09:20,400 --> 00:09:22,439 Speaker 2: picks up, and I don't think it's any different this time. 187 00:09:22,920 --> 00:09:27,000 Speaker 1: Okay, small caps something akin to banks being too expensive. 188 00:09:27,200 --> 00:09:28,720 Speaker 1: I think we've been talking for a couple of years 189 00:09:28,720 --> 00:09:31,240 Speaker 1: about being small caps of bargain. Yeah, that's right right 190 00:09:31,280 --> 00:09:31,760 Speaker 1: about them. 191 00:09:31,960 --> 00:09:34,160 Speaker 2: So I think at the start of the I said 192 00:09:34,200 --> 00:09:36,040 Speaker 2: we could have a very good year. We're going to 193 00:09:36,040 --> 00:09:38,360 Speaker 2: have an okay year. I was a little bit excited 194 00:09:38,400 --> 00:09:42,319 Speaker 2: about it. Small caps the index is obviously full of 195 00:09:42,520 --> 00:09:46,240 Speaker 2: industrial tech, big variety miners, So I think over the 196 00:09:46,240 --> 00:09:48,240 Speaker 2: next two years small caps can do really well as 197 00:09:48,280 --> 00:09:51,600 Speaker 2: we cycle through those groups. We said, I think it's 198 00:09:51,600 --> 00:09:53,480 Speaker 2: where you want to be, It's where the value is, 199 00:09:54,120 --> 00:09:56,680 Speaker 2: and so you're going to get some the structural growth 200 00:09:56,720 --> 00:10:00,320 Speaker 2: stories that are running now, there's a a lot of 201 00:10:00,320 --> 00:10:02,640 Speaker 2: them at the small end, and then you'll get the 202 00:10:02,640 --> 00:10:06,319 Speaker 2: more cyclical nature, whether that be retailer, whether it be industrial, 203 00:10:06,400 --> 00:10:09,960 Speaker 2: whether it be a financial and then eventually the big 204 00:10:10,000 --> 00:10:12,839 Speaker 2: part of that small cap index is resources. There's a 205 00:10:13,320 --> 00:10:16,240 Speaker 2: lot of a lot of mining companies, especially gold. Gold's 206 00:10:16,280 --> 00:10:18,439 Speaker 2: been pretty strong, but I think that's what can really 207 00:10:19,240 --> 00:10:22,440 Speaker 2: turn that index having a strong run. But it's going 208 00:10:22,480 --> 00:10:25,320 Speaker 2: to come as we go deeper into the expansion phase 209 00:10:25,360 --> 00:10:28,000 Speaker 2: of the economy, and it looks like it's globally aligned. 210 00:10:28,000 --> 00:10:29,680 Speaker 2: We're a little bit behind, but we're all on the 211 00:10:29,720 --> 00:10:33,400 Speaker 2: same trend. Inflation peaked at similar times, rates went up together, 212 00:10:33,559 --> 00:10:36,640 Speaker 2: and now they're coming down together. So the economies in 213 00:10:36,679 --> 00:10:40,160 Speaker 2: the developed world are kind of in tandem at the moment. 214 00:10:40,520 --> 00:10:43,240 Speaker 2: China's a bit of an outlier and running its own race, 215 00:10:43,320 --> 00:10:46,560 Speaker 2: so I think that's really good. I think whatever happens 216 00:10:46,559 --> 00:10:49,120 Speaker 2: in the US and Europe will probably mirror here to 217 00:10:49,160 --> 00:10:51,520 Speaker 2: some degree, which probably hasn't happened for a long time, 218 00:10:51,600 --> 00:10:53,520 Speaker 2: so quite an exciting time. I think if you're an 219 00:10:53,520 --> 00:10:56,240 Speaker 2: equity investor, the next two to three years, as we 220 00:10:56,320 --> 00:10:59,800 Speaker 2: come through this interst rate cutting cycle, economies will expand 221 00:10:59,840 --> 00:11:02,480 Speaker 2: you will get You should continue like we have the 222 00:11:02,520 --> 00:11:06,079 Speaker 2: last two years, pretty good, solid returns and probably above average. 223 00:11:06,280 --> 00:11:08,800 Speaker 1: Matthew, thank you for talking to Fear and Greed. Thanks Sean, 224 00:11:09,280 --> 00:11:12,280 Speaker 1: as Matthew Kidman from Centennial Asset Management. This is the 225 00:11:12,320 --> 00:11:15,319 Speaker 1: Fear and Greed Business Interview. Remember this is general information only, 226 00:11:15,640 --> 00:11:18,760 Speaker 1: and you should seek professional advice before making investment decisions. 227 00:11:18,840 --> 00:11:20,800 Speaker 1: Join us every morning for the full episode of Fear 228 00:11:20,840 --> 00:11:23,200 Speaker 1: and Greed. Daily business news for people who make their 229 00:11:23,200 --> 00:11:30,439 Speaker 1: own decisions. I'm Sean Elmer. Enjoy your day.