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Speaker 1: Today on Fear and Greed. A Chinese startup creates a

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Speaker 1: much cheaper competitor to Chat gpt sending share prices on

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Speaker 1: Wall Street and the ASX tumbling. It's Iday inflation day,

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Speaker 1: that is, with markets hopeful a low CPI figure will

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Speaker 1: trigger a rate cut next month, and the AFL fights

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Speaker 1: for a bigger slice of the wagering dollar. Plus more

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Speaker 1: on the Sigma Healthcare chemist Warehouse merger and Honda's ambitious

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Speaker 1: targets in the motorcycle world. Welcome to Fear and Greed,

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Speaker 1: daily business news for people who make their own decisions.

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Speaker 1: It is Wednesday, the twenty ninth of January twenty twenty five.

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Speaker 1: I'm Michael Thompson and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: The main story this morning, the emergence of China based

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Speaker 1: Deep Seak has sent Tex stocks around the globe tumbling,

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Speaker 1: with Leader and Video at one point losing close to

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Speaker 1: one trillion dollars in value, the biggest loss in value

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Speaker 1: terms ever by a company in just one session. The

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Speaker 1: numbers here are staggering.

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Speaker 2: Shown what an incredible thirty six hours or so. Deep

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Speaker 2: SIG's AI assistant is a chatbot to rival chat GPT.

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Speaker 2: On Monday, it was the most downloaded app on Apple's

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Speaker 2: iPhone store. What scared investors is that pretty much out

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Speaker 2: of the blue, a China startup has caught up with

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Speaker 2: the American companies at an absolute fraction of the cost.

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Speaker 2: If that's the case, then has the vast amounts of

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Speaker 2: money ustch companies have spent on data centers and chips

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Speaker 2: and energy been worth it. The Chinese don't have a

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Speaker 2: better chip, They don't necessarily have a better chatbot. They

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Speaker 2: just have one as good as chat GPT, and certainly

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Speaker 2: a lot cheaper. It's also open source and free to use,

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Speaker 2: so other developers can jump on board. Significantly, it uses

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Speaker 2: Nvidia chips to train the system, but not as many

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Speaker 2: as rivals such as chat GPT, and they're not actually

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Speaker 2: the highest performing chips either. At least that's the claim. Now.

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Speaker 2: What we really have to point out here is these

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Speaker 2: are comments from the Chinese, and we're assuming we have

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Speaker 2: to take it at face value that that is all correct.

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Speaker 2: Though people like Elon Musk and others have thrown a

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Speaker 2: few bombs into the discussion saying, well, we don't believe

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Speaker 2: what they say, but certainly at face value, we need

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Speaker 2: to say that, you know, Deep Seak is the emergency

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Speaker 2: of this great new technology. Point is, if this is

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Speaker 2: all true, you're probably not going to need as many

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Speaker 2: Nvidia chips as you might have thought. Hence you get

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Speaker 2: that massive sell off in Nvidia yesterday. You know, it's

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Speaker 2: more than six hundred billion US dollars. And Vidia released

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Speaker 2: the statement basically saying Deep Seak's work was an excellent

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Speaker 2: AI advancement. You know, how to wrap this up, It's

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Speaker 2: kind of like why buy a Tesla and a BYD

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Speaker 2: will do? China just isn't that far behind in the

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Speaker 2: tech arms race. Certainly not as far behind as Wall

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Speaker 2: Street thought, and that has really spooked markets.

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Speaker 1: Well, certainly has. And I was just to put kind

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Speaker 1: of some scale, a sense of the scale around this, Sean.

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Speaker 1: I was looking at some of the stats around that

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Speaker 1: that fall just for Nvidia, right, and other companies were

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Speaker 1: affected as well. I think Oracle was one of the

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Speaker 1: others that was affected by this. But Nvidia, with its tumble,

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Speaker 1: just the amount that it lost was larger than the

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Speaker 1: individual market values of all but thirteen American companies. Isn't

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Speaker 1: that amazing? It's more amazing more than the market cap

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Speaker 1: of things like Exon Mobile and Costco and a bunch

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Speaker 1: of these other kind of giants. And that was just

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Speaker 1: the amount that Nvidia lost in its market value. I

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Speaker 1: thought that was just staggering. But bigger picture here, what

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Speaker 1: does this mean for international markets?

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Speaker 2: It's triggered a rethink of the value of the big

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Speaker 2: tech companies. Obviously Nvidio was sold off. Some of the

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Speaker 2: tech companies yesterday actually rose even though we heard this news.

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Speaker 2: It's just made people rethink that what are these worth?

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Speaker 2: If China can create a chat GPT equivalent at a

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Speaker 2: much much lower cost, reports to saying it was about

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Speaker 2: six million US dollars, what else can developers in that

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Speaker 2: country do? Are the big Wall Street tech companies really

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Speaker 2: worth as much as we thought? Do we need as

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Speaker 2: many data centers? Do we need as much energy as

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Speaker 2: we thought? This has all sorts of flow on to

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Speaker 2: a bunch of sectors. Now. The Magnificent seven tech stocks

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Speaker 2: have spoken about them for years. They count for about

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Speaker 2: forty percent of the S and P five hundred. They

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Speaker 2: are priced to perfection, as in any bad news can

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Speaker 2: trigger a sell off. A lot of local superannuation funds

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Speaker 2: invest in these magnificent seven stocks. Often investors try and

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Speaker 2: match what they call the Misky World Index, so it's

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Speaker 2: like a big bunch of stocks altogether. Now the US

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Speaker 2: stocks account for about seventy five percent of that. If

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Speaker 2: my superfund is buying into the Misky index to say

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Speaker 2: I just want exposure to global stocks the easy way

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Speaker 2: of doing it, Well, if all those US stocks are

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Speaker 2: being sold off, that ain't real good for my super returns.

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Speaker 2: So this has far reaching implications. It's a fascinating story

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Speaker 2: in investing over the last thirty six hours, and one

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Speaker 2: you don't get that often.

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Speaker 1: It seems a very good time, Sean to mention the

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Speaker 1: interview that we have coming up after the show, because

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Speaker 1: you say that it's a fascinating time for investors. Someone

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Speaker 1: who has a great insight into this is Roger Montgomery

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Speaker 1: from Montgomery Investment Management.

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Speaker 2: He's been talking about froth and bubble in some of

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Speaker 2: these tech stocks for a little while. Now you can't

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Speaker 2: say that what's happened in the last thirty six hours

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Speaker 2: is proof of that, but it certainly is typical of

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Speaker 2: a market with froth and bubble. And we talk to

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Speaker 2: Roger all about that how he thinks investors should think

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Speaker 2: about what's gone on and how they should set themselves

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Speaker 2: for the future.

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Speaker 1: Yeah, it's a really good chatter. It's coming up after

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Speaker 1: the show, so stick around for that one. How much

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Speaker 1: sean local now perspective? How much of the fallout from

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Speaker 1: Wall Street hit the local market yesterday?

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Speaker 2: Well, the stocks that were hit hardest with the data

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Speaker 2: center owners. The idea being if you can get much

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Speaker 2: cheaper products out of China, maybe you don't need all

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Speaker 2: these big data centers. So next DC was down seven percent,

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Speaker 2: Goodman Group down seven and a half percent. Digico, another

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Speaker 2: data center player, was down twelve percent. It also hit

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Speaker 2: the uranium providers. Maybe the world just doesn't need as

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Speaker 2: much energy as we thought it might in the future,

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Speaker 2: so Deep, Yellow, Palette and Energy Boss Energy. They were

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Speaker 2: the worst three of the top two hundred yesterday, down

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Speaker 2: ten percent or more. It's kind of a funny day

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Speaker 2: because some really big moves among some decent sized stocks,

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Speaker 2: But by the end of the market it was by

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Speaker 2: the end of the day the market was actually flat.

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Speaker 2: It was down ten points or something, rather finishing at

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Speaker 2: eighty three hundred and nine to nine points. If you

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Speaker 2: get beyond the data centers, and the uranium stocks, even

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Speaker 2: the tech stocks. The actual banks had a really good

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Speaker 2: day in National Australia, Bank, Westpac, ain Z, West Farmers

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Speaker 2: did well, Aristocrat Leisure, ariaqbe zero. The point about that

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Speaker 2: is a lot of disparate stocks did really well. The

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Speaker 2: not so strong performance so the energy companies didn't do

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Speaker 2: so well Woodside and Santos, Transurban, Macquari, group Wise, Tech Promedicus.

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Speaker 2: Plenty of corporate news around as well, Michael, Just very quickly,

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Speaker 2: I'll give you the highlights. Myers takeover of Premier Investments

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Speaker 2: apparel brands is complete. What's that mean? Well, Dottie, JJ's

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Speaker 2: just jenis all part of my nowadays. That's a four

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Speaker 2: billion dollar annual sales company. Seven hundred and eighty three outlets.

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Speaker 2: Commonwealth Bank had a stake about five and a half

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Speaker 2: percent of a Chinese headquartered commercial bank called Bank of

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Speaker 2: hangs out They seld that for nine hundred and forty

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Speaker 2: million dollars. Gold Digger Neumont sold the mining operation in

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Speaker 2: Canada and Fortes QW Metals Group is buying red Hawk Mining,

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Speaker 2: which is an iroine ore company in Western Australia, for

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Speaker 2: about two hundred and fifty million dollars, it's got the

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Speaker 2: backing of the red Hawk board.

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Speaker 1: Anything else there? Sure, it's just what an extraordinary as

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Speaker 1: you say, thirty six hours.

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Speaker 2: Yeah, fantastic, great fun.

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Speaker 1: Oh certainly is international. I know we've covered kind of

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Speaker 1: Wall Street extensively. What else is going on though globally?

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Speaker 2: Not surprisingly Asian markets European markets were sold off in

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Speaker 2: the Deep Sea News. The irony, well not the irony.

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Speaker 2: The thing about it is no one's quite sure what

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Speaker 2: it means. So the initial point was to sell off,

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Speaker 2: but we'll see some of the riskier current assets didn't

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Speaker 2: do so well. So Bitcoin fell back low one hundred

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Speaker 2: thousand US dollars a unit. Our goal was a touch flower.

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Speaker 2: Brent cruds also down the Aussie dollars trading around sixty

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Speaker 2: three US sense.

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Speaker 1: How much of it is kind of like a fear

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Speaker 1: kind of contagion kind of thing when you start seeing

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Speaker 1: markets going and then it just spreads to Asian and

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Speaker 1: European markets following kind of Wall Street and the NASDAK.

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Speaker 2: I mean, I would say like ninety percent or something

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Speaker 2: or other on a day like that when Wall Street

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Speaker 2: sells off, mostly because people aren't like uncertainty. People aren't

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Speaker 2: sure what this means and what it means for the

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Speaker 2: big techtocks. Plenty of people hold them, people start selling.

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Speaker 1: Okay, all right, so much more still to come, Sean.

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Speaker 1: We're talking inflation, We're talking about AFL. We've got a

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Speaker 1: sorry about Honda, and my favorite story of the day.

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Speaker 1: You know it's going to be this one, Sean, the

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Speaker 1: successor to the concord. We've got a cracking story about that.

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Speaker 1: It's all coming up. We'll be back in a moment

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Speaker 1: with the rest of the day's business news. Sean, is

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Speaker 1: a big day today, I dame. I don't know if

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Speaker 1: that's really going to catch on.

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Speaker 2: Probably not.

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Speaker 1: That doesn't have much of a ring to it, doesn't.

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Speaker 1: But inflation figures are due for release at eleven thirty

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Speaker 1: this morning. What what's the expectation here? What a market's

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Speaker 1: predicting will happen.

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Speaker 2: There's a lot of hope for an interest rate cut

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Speaker 2: next month. The best way of looking at that in

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Speaker 2: terms of the markets is look at the three year

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Speaker 2: bond rate. That shows expectations of interest rates on average

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Speaker 2: over the next three years. It's at its lowest point

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Speaker 2: in six weeks three point eight to two percent. That

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Speaker 2: is about two interest rate cuts, so about fifty bases

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Speaker 2: points below what the cash rate is. So that's really

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Speaker 2: saying that they think rates are going to fall soon. Now,

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Speaker 2: the bond markets a price and a sixty eight percent

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Speaker 2: chance of a rate cut next month, one hundred percent

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Speaker 2: chance that something will happen by the end of April.

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Speaker 2: The shock in tech stocks also helped push yields lower

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Speaker 2: because the deep seak news. If anything scares markets, that

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Speaker 2: doesn't help the economy, and that's another reason at the

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Speaker 2: margins to lower interest rates. The figures are out late

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Speaker 2: this morning. Remember a zero point five percent quarterly underlying

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Speaker 2: reading means that rate cuts are on zero point seven

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Speaker 2: percent quarterly underlying reading. A zero point seven percent reading,

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Speaker 2: it's just rate cuts are off zero point six percent. Well,

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Speaker 2: depends what you want to look at. Very closely watched

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Speaker 2: will be how services inflation is going visa v goods inflation.

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Speaker 1: Sean, I know of us this before, but I'm going

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Speaker 1: to ask you it again. Markets pricing in the chance

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Speaker 1: of a rate cut when they are saying a one

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Speaker 1: hundred percent chance in April, how is that the case?

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Speaker 1: How is that possible that they are essentially guaranteeing that

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Speaker 1: to be the outcome.

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Speaker 2: So they're actually inferring it, so they can't. They're taking

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Speaker 2: a bet. Think of it as a horse race. They're

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Speaker 2: taking a bet on something happening. And so in a

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Speaker 2: horse race, you might have an odds on favorite, everyone

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Speaker 2: thinks that that horse is absolutely going to win. You

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Speaker 2: can't guarantee that it's the same in bond markets with

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Speaker 2: one hundred percent chance. What they're saying is we are

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Speaker 2: certain that it's going to happen. Maybe because of course

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Speaker 2: I don't know what it's going to.

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Speaker 1: Happen, So they might be more accurately saying kind of

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Speaker 1: ninety eight percent chance or percent chance.

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Speaker 2: Yeah, they're saying, we believe it will happen. That's actually

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Speaker 2: what that's saying.

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Speaker 1: Yeah, yeah, gotcha, okay, shown Federal Treasurer Jim Chalmers yes today,

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Speaker 1: said there are real reasons for people to be confident

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Speaker 1: about twenty twenty five.

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Speaker 2: Real wages are growing, He pointed out inflation's falling, tax

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Speaker 2: cuts are rolling out, plenty good news out there. He

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Speaker 2: expects growth to pick up a bit, not a lot,

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Speaker 2: just a bit. He said there's still some uncertainty around

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Speaker 2: global growth. He did point out that there's an improvement

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Speaker 2: in the cost of living. Peter Dutton was in Western Australia.

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Speaker 2: Interesting one it was asked about the cost of living

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Speaker 2: and then about the Coalition and women voters, and he said,

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Speaker 2: by and large females run household budgets. The cost of

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Speaker 2: living is a real problem. Therefore female voters will turn

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Speaker 2: to the Coalition. I don't know whether that's right or wrong.

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Speaker 2: And it's not that often that people put it in

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Speaker 2: those terms or politicians put it in those sorts of terms,

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Speaker 2: but that's what he reckons.

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Speaker 1: Okay, I mentioned this one at the top of the show.

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Speaker 1: Shown the AFL would significantly increase the amount of money

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Speaker 1: it takes from wagering on the sport under a proposal

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Speaker 1: that its administrators have to the country's big bookmakers.

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Speaker 2: The AFL is negotiating with major gambling companies including tab Corps,

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Speaker 2: sports Bettain Containers Ladbrokes needs. They want a deal that

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Speaker 2: will allow them to keep offering sports betting products in

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Speaker 2: exchange for giving the sport of a cut of the proceeds.

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Speaker 2: This is all according to report in the AFR. They're

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Speaker 2: known as product fees and the arrangements common across major

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Speaker 2: sports and bookmakers have similar agreements with the Rugby League Commission,

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Speaker 2: with the A League It's a football competition, and the

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Speaker 2: Australian Open Tennis. The AFL makes about forty million dollars

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Speaker 2: in product fees from bookmakers every year. It wants more.

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Speaker 2: It's currently at about zero point nine percent of turnover.

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Speaker 2: It wants one and a half percent of turnover according

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Speaker 2: to the finn Therefore that forty million you would think

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Speaker 2: would go up significantly. The NRL receives more than fifty

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Speaker 2: million dollars from major agreements annually. The NRL read it

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Speaker 2: its deal over summer. The product fees themselves are based

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Speaker 2: on a percentage of a bookmaker's turnover or total revenue,

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Speaker 2: so that's it's the point nine, not the one point

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Speaker 2: five percent of that and the I of hel is

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Speaker 2: hoping to get a much bigger chunk.

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Speaker 1: Sean Sigma Healthcare's share price pretty good day yesterday, jump

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Speaker 1: twelve percent after merger partner Chemists Warehouse reported record sales

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Speaker 1: and the six months to the end of December.

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Speaker 2: The pharmacy giant reported five point one five billion dollars

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Speaker 2: in sales over the half year. That was up from

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Speaker 2: four point five to six billion dollars in sales twelve

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Speaker 2: months earlier. The company said it was on the back

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Speaker 2: of new franchise store openings and international expansion. The group

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Speaker 2: also said it's implementing new supply agreements to drive efficiencies.

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Speaker 2: Sigma Healthcare and Chemists Warehouse are expected to merge next month.

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Speaker 2: You will create a thirty billion dollar company.

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Speaker 1: So good day for Sigma. Not a good day yesterday

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Speaker 1: for Newex though. The share price fell more than twenty

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Speaker 1: percent after the software provider said it would post a

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Speaker 1: fall in underlying earnings in the half year to December. Shan,

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Speaker 1: I really should say the in battle the beleagued soft beleagued.

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Speaker 2: Yes, I like that. Well it hasn't been though, I

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Speaker 2: mean so the reason for the current down grade is

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Speaker 2: project delays and the company taking on more complex contracts.

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Speaker 2: It said that growth will be weighted towards the second

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Speaker 2: half of the last year. But Newi's is one of

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Speaker 2: those incredible companies. Had a wild ride. So it was

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Speaker 2: listed in late December twenty twenty, did really well, and

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Speaker 2: then it crashed, and it absolutely crashed. It sort of

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Speaker 2: bobbled along there. They got new management seemed to improved

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Speaker 2: last year, was one of the best performing stocks in

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Speaker 2: the IX Neworks quite amazing, up four hundred percent this year,

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Speaker 2: including yesterday down thirty percent. So yes, it probably is Beligan.

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Speaker 2: That's the bot thing story.

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Speaker 1: I mean, all of those challenges that they had, that

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Speaker 1: was a it was a wild ride and we were

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Speaker 1: talking about it almost every second day.

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Speaker 2: In the early days, particularly because it was listed and

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Speaker 2: there was so much promise and they had this big

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Speaker 2: jump in the first few weeks.

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Speaker 1: But then it was the big challenge over the IPO,

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Speaker 1: wasn't it. That was all the details in their prospective.

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Speaker 2: It ended up in court.

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Speaker 1: Yep. Anyway, sean international news time. It feels like today

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Speaker 1: it feels like it's been a big day, doesn't it.

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Speaker 1: Can we talk about motorbikes? Sure, Japan's Honda Motor Company

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Speaker 1: has set a target of capture. This is a big set,

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Speaker 1: a target of capturing fifty percent of the world's motorcycle

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Speaker 1: market by twenty thirty. That's a that's a fairly solid goal.

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Speaker 2: Yeah. Yeah, they reckon. There'll be sixty million sales per

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Speaker 2: year by twenty thirty. This is electric and petrol Japan.

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Speaker 2: I mean, so Behonduris is currently the biggest in the

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Speaker 2: market anyway. It's got about forty percent market shairs, it

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Speaker 2: wants to get fifty percent. It sells about twenty million

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Speaker 2: units a year where it's focus on, not surprisingly if

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Speaker 2: you've been to these countries India, Indonesia, Philippines, Brazil, those

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Speaker 2: sorts of countries, because motorcycle use there is huge to cars.

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Speaker 2: It hopes to have thirty E models globally by twenty

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Speaker 2: thirty and a target of four million e bikes by then.

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Speaker 2: I think it's going to be really fascinating to watch

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Speaker 2: just the growth of motorcycles and particularly honted fifty percent

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Speaker 2: market share, that's a huge achievement. Do you reckon?

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Speaker 1: They still have a contract with Australia Post did they?

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Speaker 1: You know? Yeah, like the Posty bikes they.

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Speaker 2: Are all Hondas, were they?

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Speaker 1: Yeah? And I remember they were Actually there was talk

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Speaker 1: of them being phased out, the actual motorbikes being phased

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Speaker 1: out altogether.

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Speaker 2: And in.

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Speaker 1: Their place, you know those little carts, those little kind

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Speaker 1: of three wheel kind of things.

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Speaker 2: Oh, really have you seen those?

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Speaker 1: So they kind of and they've got a little shelter

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Speaker 1: I'm gonna put out there, it looks a bit lame, Sean.

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Speaker 2: I've got a mate as a posty. And he said,

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Speaker 2: in his first like six months or something of being

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Speaker 2: a posty, he had so many accidents, like every week

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Speaker 2: he'd fall off his bike.

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Speaker 1: So really, and he.

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Speaker 2: Said, because letterboxes are difficult to get demsy, he'd sort

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Speaker 2: of go up a siding and you didn't have steady

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Speaker 2: ground underneath you. And he was a motorbike rider. I

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Speaker 2: thought it was hilarious.

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Speaker 1: Oh gosh. Anyway, look, I might have to do a

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Speaker 1: bit more investigating on this one.

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Speaker 2: I'll come back.

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Speaker 1: I'll come back to you on that one. Concord time,

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Speaker 1: the prototype of a passenger jet meant to succeed the concord.

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Speaker 1: It was due to attempt to break the sound barrier

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Speaker 1: for the first time overnight. That's more than one two

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Speaker 1: hundred and forty kilometers per hour. That's quick.

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Speaker 2: Yeah. The Boom Supersonic XB one demonstrator was due to

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Speaker 2: exceed the barrier in a series of four minute runs

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Speaker 2: above the Mahave Desert in California. Now Boom the US

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Speaker 2: firm hopes it will pave the way for the introduction

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Speaker 2: of passenger services early next decade. According to the Telegraph

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Speaker 2: of London. That was pretty cool. When many things cool

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Speaker 2: about this, Michael, And you've probably got about another dozen

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Speaker 2: cool things because you love this industry so much. Where

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Speaker 2: was flying last night? It was the same airspace where

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Speaker 2: Chuck Jaeger became the first person to exceed the speed

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Speaker 2: of sound in nineteen forty seven.

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Speaker 1: Oh that is cool.

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Speaker 2: Yeah, yeah, Now the plane last night was only one

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Speaker 2: third the size of Boom's potential passenger jet. Now, when

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Speaker 2: that's manufactured to carry about sixty five passengers cost about

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Speaker 2: four hundred million dollars. Obviously, with only sixty five million,

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Speaker 2: sorry sixty five passengers, is going to be a very

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Speaker 2: very expensive plane. And I think the idea is to

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Speaker 2: actually get to one point seven mac. Is that the

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Speaker 2: speed they want to get to? Last night they turned

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Speaker 2: about one point one mac. That's the that's the speed

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Speaker 2: of sound, and so it's very cool. I mean, concords

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Speaker 2: are back.

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Speaker 1: Did you ever fly on the Concorde? I I know

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Speaker 1: that tickets were ridiculously expensive, but they often took kind

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Speaker 1: of media and everything, and I know that you were

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Speaker 1: I mean, they was still flying kind of in the

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Speaker 1: early two thousands, two thousand and three. I think it

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Speaker 1: was the last fight.

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Speaker 2: I know, guys that I worked with run the concord.

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Speaker 1: Yeah, pretty amazing thing. Did you know that that Quantas

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Speaker 1: originally had orders in for Concord. I did not know

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Speaker 1: that they were in the sixties, they placed kind of

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Speaker 1: early early orders for concords, and yeah, obviously they'll never

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Speaker 1: delivered that. They never kind of took up the option

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Speaker 1: to get them. But yeah, it was like half a

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Speaker 1: dozen concords and they were going to fly from Sydney

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Speaker 1: to London and it was going to take about kind

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Speaker 1: of six or seven stops along the way, but it

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Speaker 1: was still get there faster than the traditional route.

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Speaker 2: I think. So Concord never, I mean certainly didn't. I'm

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Speaker 2: sure it visited Australia, but I presume it visited Australia,

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Speaker 2: but it never flew roots out of Australia. Concord no never.

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Speaker 2: I mean it was like Singapore, Paris, London, New York. Yeah.

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Speaker 1: I don't think they ever came any further south than Singapore. Yeah,

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Speaker 1: but yeah, isn't that fascinating that? I Mean, Quantus has

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Speaker 1: so much history and just the fact that there was

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Speaker 1: potential that they did weigh up the idea of kind

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Speaker 1: of condens being part of the fleet. Anyway, I'm excited.

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Speaker 1: If this is kind of the next generation of Concords,

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Speaker 1: then I am on board.

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Speaker 2: Sewan excellent, which nice part, I'm.

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Speaker 1: Sure, which I'm sure really matters to the to the people.

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Speaker 2: Boom.

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Speaker 1: That's right up next Fear and Great Daily Interview. Roger

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Speaker 1: Montgomery is your guest, and he is talking all about

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Speaker 1: the big news that's been kind of the focus of

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Speaker 1: the last thirty six hours, all about AI. It is

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Speaker 1: coming up in the Fear and Great playlist on your

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Speaker 1: podcast platform or at Fearangreed dot com dot au.

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Speaker 2: Thank you very much, Sean, Thank you, Michael.

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Speaker 1: It is Wednesday, the twenty ninth of January twenty twenty five.

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Speaker 1: Make sure you're following the podcast and please join us

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00:21:39,400 --> 00:21:42,960
Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael

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Speaker 1: Thompson and that was Fear and Greed. Have a great day.