1 00:00:05,600 --> 00:00:07,880 Speaker 1: Welcome to the Fear and Greed Business Interview. I'm surean 2 00:00:07,920 --> 00:00:11,400 Speaker 1: al earning season is upon us again. It's an opportunity 3 00:00:11,400 --> 00:00:14,680 Speaker 1: to find out not just how companies have performed, but 4 00:00:14,800 --> 00:00:18,000 Speaker 1: perhaps more importantly, what the outlook is like. This morning, 5 00:00:18,000 --> 00:00:19,200 Speaker 1: we're going to take a look at some of the 6 00:00:19,239 --> 00:00:22,680 Speaker 1: companies and trends to watch this earnings season. Remember this 7 00:00:22,760 --> 00:00:25,960 Speaker 1: is general information only, and you should seek professional advice 8 00:00:25,960 --> 00:00:28,800 Speaker 1: before making investment decisions. And A Mill is a senior 9 00:00:28,800 --> 00:00:32,240 Speaker 1: investment analyst at where Leaders, a listed investment company from 10 00:00:32,320 --> 00:00:35,280 Speaker 1: Wilson Asset Management. And welcome back to Fear and Greed. 11 00:00:35,800 --> 00:00:38,639 Speaker 2: Thanks thanks for having me broadly, what. 12 00:00:38,640 --> 00:00:41,520 Speaker 1: Are the themes we can expect over the next three weeks 13 00:00:41,600 --> 00:00:43,600 Speaker 1: or so. 14 00:00:43,600 --> 00:00:46,519 Speaker 2: So this has to be prefaced by saying we are 15 00:00:46,560 --> 00:00:50,839 Speaker 2: in a very momentum driven market, yes, and earning season 16 00:00:51,560 --> 00:00:55,120 Speaker 2: can really test this momentum. So when we're thinking about 17 00:00:55,120 --> 00:00:58,319 Speaker 2: what's in focus, we're looking at whether the stocks that 18 00:00:58,440 --> 00:01:01,600 Speaker 2: have really run quite hard and have had the significant 19 00:01:01,680 --> 00:01:05,640 Speaker 2: valuation expansion, whether they can now justify that with the 20 00:01:05,720 --> 00:01:08,000 Speaker 2: earnings they're going to print and the outlook that they 21 00:01:08,040 --> 00:01:11,199 Speaker 2: will talk to based on what we've seen so far, 22 00:01:12,040 --> 00:01:14,800 Speaker 2: If you meet earnings, but talk to a better outlook. 23 00:01:15,080 --> 00:01:17,840 Speaker 2: You'll tend to be treated okay if you meet earnings, 24 00:01:17,840 --> 00:01:21,160 Speaker 2: but there's probably nothing left in the trade. There is 25 00:01:21,240 --> 00:01:25,280 Speaker 2: potential to be hurt by the market. When thinking about 26 00:01:25,319 --> 00:01:26,000 Speaker 2: sectors more. 27 00:01:25,840 --> 00:01:28,160 Speaker 1: Broadly, with this one you missed the other one. What 28 00:01:28,200 --> 00:01:31,000 Speaker 1: if you don't meet market and you don't like the outlook. 29 00:01:32,240 --> 00:01:34,080 Speaker 2: I think there'll probably be a few of those candidates 30 00:01:34,080 --> 00:01:37,880 Speaker 2: this season, just given how far things have run, and 31 00:01:37,920 --> 00:01:40,640 Speaker 2: that is exactly what we're looking for. So we have 32 00:01:40,680 --> 00:01:43,560 Speaker 2: the banks, which are a beast unto themselves, and we 33 00:01:43,600 --> 00:01:45,880 Speaker 2: won't have fullsome updates from many of them. We will 34 00:01:45,880 --> 00:01:48,360 Speaker 2: get CBA, so we'll be looking at that very closely. 35 00:01:48,920 --> 00:01:52,720 Speaker 2: We have the discretionary retail names. JB High Fires ticked 36 00:01:52,760 --> 00:01:55,480 Speaker 2: over one hundred dollars, so that feels like it could 37 00:01:55,520 --> 00:01:59,840 Speaker 2: be potentially defining gravity slightly, although in saying that, feedback 38 00:02:00,120 --> 00:02:03,720 Speaker 2: November and December has been quite strong, but that one 39 00:02:03,760 --> 00:02:07,520 Speaker 2: will have to beat numbers to really see support. As 40 00:02:07,560 --> 00:02:10,200 Speaker 2: well as other sectors such as technology and what I 41 00:02:10,280 --> 00:02:13,480 Speaker 2: call market beta, so stocks that are exposed to broader 42 00:02:13,520 --> 00:02:17,640 Speaker 2: markets have run quite hard as well, so we're watching 43 00:02:17,680 --> 00:02:18,480 Speaker 2: for those ones. 44 00:02:18,560 --> 00:02:21,720 Speaker 1: With a little bit of caution. M what about I 45 00:02:21,720 --> 00:02:25,560 Speaker 1: mean JB High Fi, CBA. They're both stocks. They're not 46 00:02:25,639 --> 00:02:29,120 Speaker 1: quite re rated, they just highly rated. Maybe CBO has 47 00:02:29,160 --> 00:02:33,200 Speaker 1: been rerated. It's done so well. Can they keep it up? 48 00:02:33,280 --> 00:02:35,720 Speaker 1: I mean it must be very difficult for a company. 49 00:02:35,720 --> 00:02:38,760 Speaker 1: And I'm saying generically, I'm not specifically asking for come 50 00:02:38,800 --> 00:02:41,720 Speaker 1: wealth bank of JB High Fi when they run sow hard, though, 51 00:02:42,120 --> 00:02:45,240 Speaker 1: you're kind of asking for a fall. Sometimes you are. 52 00:02:45,520 --> 00:02:48,440 Speaker 2: You. Certainly, when we think about stocks, you have two drivers. 53 00:02:48,480 --> 00:02:51,800 Speaker 2: You have valuation, you have earnings, and with valuations being 54 00:02:51,840 --> 00:02:54,720 Speaker 2: so stretched, it really takes this driver out of the mist. 55 00:02:54,800 --> 00:02:57,760 Speaker 2: So you're relying so heavily on those earnings to come through, 56 00:02:58,080 --> 00:03:00,880 Speaker 2: whereas on the downside you have the value downside, but 57 00:03:00,919 --> 00:03:05,200 Speaker 2: you also might have earnings not meeting expectations. So certainly 58 00:03:05,440 --> 00:03:07,960 Speaker 2: you have to be a lot more high conviction on 59 00:03:08,720 --> 00:03:11,799 Speaker 2: the investment thesis when valuations are at the top of 60 00:03:11,840 --> 00:03:13,480 Speaker 2: their range or have re rated. 61 00:03:13,520 --> 00:03:15,960 Speaker 1: As you said, can we look at some sectors consumer 62 00:03:15,960 --> 00:03:18,280 Speaker 1: discretion we let's out there. You mentioned JB Hi Fi. 63 00:03:18,919 --> 00:03:20,760 Speaker 1: I might be wrong, but I think you to date, 64 00:03:21,080 --> 00:03:23,600 Speaker 1: consumer discretionary's probably done as well. As any of the 65 00:03:23,720 --> 00:03:27,079 Speaker 1: other sub indices on the market. Where'st Farmers is a 66 00:03:27,080 --> 00:03:29,320 Speaker 1: big part of that. We're expecting a lot from Bunnings 67 00:03:29,400 --> 00:03:33,320 Speaker 1: there and potentially Kmart, Harvey Norman will be interesting. I mean, 68 00:03:33,360 --> 00:03:35,240 Speaker 1: what do you expect to see from some of those stocks. 69 00:03:36,360 --> 00:03:39,760 Speaker 2: When we look at high frequency indicators for the Australian consumer, 70 00:03:40,080 --> 00:03:43,360 Speaker 2: things are holding up relatively well. We have retail sales data, 71 00:03:43,520 --> 00:03:46,800 Speaker 2: we have building permits, we have government spending, and it 72 00:03:46,800 --> 00:03:50,160 Speaker 2: does feel like these numbers really are trucking along. But 73 00:03:50,240 --> 00:03:54,080 Speaker 2: I would say that the market market forecasts are broadly correct, 74 00:03:54,480 --> 00:03:59,080 Speaker 2: so we aren't expecting any significant upgrades to earnings for 75 00:03:59,160 --> 00:04:02,640 Speaker 2: any of the consumer discretionary names. Those names you talk 76 00:04:02,720 --> 00:04:07,040 Speaker 2: to being JB Hi Fi, We's Farmers, Harvey Norman for example, 77 00:04:07,280 --> 00:04:10,920 Speaker 2: they all have very stock specific hits and misses that 78 00:04:11,760 --> 00:04:14,960 Speaker 2: investors are watching really closely. So, as you said, for 79 00:04:15,320 --> 00:04:18,680 Speaker 2: Were's Farmers, Bunnings has always been the absolute crown jewel, 80 00:04:18,839 --> 00:04:21,120 Speaker 2: but more recently in the last year or so, the 81 00:04:21,160 --> 00:04:25,080 Speaker 2: focus has really shifted to Kmart and not only how 82 00:04:25,120 --> 00:04:27,719 Speaker 2: well it's doing in Australia, but the proposition for Ancho 83 00:04:27,839 --> 00:04:31,080 Speaker 2: overseas and things like that. So the devil will probably 84 00:04:31,120 --> 00:04:32,920 Speaker 2: be in the detail with a few of these names. 85 00:04:33,480 --> 00:04:35,680 Speaker 1: What about the tech stocks again in a sector that 86 00:04:35,760 --> 00:04:40,320 Speaker 1: did very well last year, and companies like WIS tick well, 87 00:04:40,640 --> 00:04:42,640 Speaker 1: I mean WIS Techs sort of an incredible company, though 88 00:04:42,640 --> 00:04:45,680 Speaker 1: it has had sort of off balance sheet issues going on. 89 00:04:45,839 --> 00:04:50,240 Speaker 1: But Aria zero, you know, Aria reported last week did 90 00:04:50,279 --> 00:04:52,200 Speaker 1: really well. Can they keep going? 91 00:04:53,240 --> 00:04:55,600 Speaker 2: Aria is one that I've been spending quite a lot 92 00:04:55,640 --> 00:04:59,680 Speaker 2: of time on even today. Its result on Friday was good. 93 00:05:00,200 --> 00:05:04,400 Speaker 2: Was a shock that the CEO, Owen Wilson resigned, and 94 00:05:04,520 --> 00:05:06,680 Speaker 2: certainly that's a negative for the name. He's very well 95 00:05:06,720 --> 00:05:10,279 Speaker 2: regarded in the market. But it continue to run again today. 96 00:05:10,360 --> 00:05:12,400 Speaker 2: So I think that does mean that those stocks that 97 00:05:12,440 --> 00:05:15,760 Speaker 2: are loved, even if there is momentum, if there is 98 00:05:15,920 --> 00:05:20,080 Speaker 2: enough to show earning support and potential upside to the outlook, 99 00:05:20,080 --> 00:05:23,360 Speaker 2: which is what Aria talked to, they can continue running. 100 00:05:23,839 --> 00:05:25,480 Speaker 1: In a moment, I want to talk to you about 101 00:05:25,480 --> 00:05:27,760 Speaker 1: some of these specific companies you're keeping an eye on. 102 00:05:27,880 --> 00:05:37,159 Speaker 1: Anna will be back in a minute. My guest today 103 00:05:37,240 --> 00:05:41,120 Speaker 1: is Anna Milan from Wilson Asset Management. What about the 104 00:05:41,200 --> 00:05:45,040 Speaker 1: telco's not a huge sector except for Telstra. There's also 105 00:05:45,120 --> 00:05:49,240 Speaker 1: Spark New Zealand in there. Telstra's sort of one of 106 00:05:49,240 --> 00:05:51,760 Speaker 1: those stocks that you a lot of his own because 107 00:05:51,800 --> 00:05:54,160 Speaker 1: we have always owned, But I don't know. It hasn't 108 00:05:54,200 --> 00:05:54,800 Speaker 1: done a lot. 109 00:05:55,160 --> 00:05:57,960 Speaker 2: Yeah, you're right, it hasn't really done a lot. It 110 00:05:58,000 --> 00:06:01,560 Speaker 2: has felt like it's potentially been deared for a few months, 111 00:06:01,600 --> 00:06:04,240 Speaker 2: as we might say, but there are still a lot 112 00:06:04,279 --> 00:06:07,840 Speaker 2: of great factors going for it. The mobile market continues 113 00:06:07,880 --> 00:06:11,120 Speaker 2: to be rational and is holding strong. The dividend will 114 00:06:11,160 --> 00:06:14,200 Speaker 2: be increasing, it's fully franked. It's a great income owner 115 00:06:14,320 --> 00:06:19,159 Speaker 2: for Australians that invest in Taelstra. But I'm beginning to 116 00:06:19,240 --> 00:06:22,599 Speaker 2: wonder if maybe the mobile market is turning a little bit. 117 00:06:23,000 --> 00:06:27,000 Speaker 2: If the price increases that Telstra is putting through maybe 118 00:06:27,160 --> 00:06:31,560 Speaker 2: aren't sustainable, if the pairs being Optis in Bodiphone aren't following. 119 00:06:31,960 --> 00:06:35,800 Speaker 2: So we're watching that really closely for Telstra. Actually, Spark, 120 00:06:35,839 --> 00:06:38,400 Speaker 2: on the other hand, is a deep value play. It's 121 00:06:38,520 --> 00:06:40,360 Speaker 2: training it close to decade lows. 122 00:06:40,600 --> 00:06:44,720 Speaker 1: I love the phrase deep value. It's just cheap at 123 00:06:44,720 --> 00:06:48,800 Speaker 1: the moment relative to history, But that doesn't mean that 124 00:06:48,839 --> 00:06:51,400 Speaker 1: it's going to be out before. That's an explanation rather 125 00:06:51,400 --> 00:06:51,919 Speaker 1: than a comment. 126 00:06:52,000 --> 00:06:54,640 Speaker 2: Is that right, yes, yes, that's right. And deep value 127 00:06:54,640 --> 00:06:57,840 Speaker 2: has not won you many friends in the last few 128 00:06:57,920 --> 00:07:00,720 Speaker 2: years because the market has been so moment and focused. 129 00:07:01,160 --> 00:07:02,920 Speaker 2: But this is a stock that is it's the tel 130 00:07:02,960 --> 00:07:05,560 Speaker 2: Strait of New Zealand, and New Zealand economically has been 131 00:07:05,560 --> 00:07:08,760 Speaker 2: a lot more challenged than Australia and there have been 132 00:07:08,800 --> 00:07:12,080 Speaker 2: a number of stock specific issues on top of that. 133 00:07:12,680 --> 00:07:14,360 Speaker 2: But it's reached a point now that we look at 134 00:07:14,400 --> 00:07:16,880 Speaker 2: the value of the non core assets that are trying 135 00:07:16,920 --> 00:07:20,760 Speaker 2: to sell versus the quality of the franchise that once 136 00:07:20,800 --> 00:07:24,040 Speaker 2: the economy recovers, their earnings should too. So that's one 137 00:07:24,040 --> 00:07:26,480 Speaker 2: that we're looking at. I don't necessarily think it's going 138 00:07:26,520 --> 00:07:29,040 Speaker 2: to have a good update this month, but more over 139 00:07:29,080 --> 00:07:29,920 Speaker 2: the medium term. 140 00:07:30,400 --> 00:07:34,400 Speaker 1: What about the Property Company's Dexas Center GPT. Goodman of 141 00:07:34,400 --> 00:07:37,400 Speaker 1: course is the leader. Given the interest rate environment, that 142 00:07:37,440 --> 00:07:39,720 Speaker 1: has a big impact on those guys. What do you 143 00:07:39,720 --> 00:07:41,680 Speaker 1: think they'll tell us this earning season. 144 00:07:42,360 --> 00:07:44,480 Speaker 2: What we are expecting to hear from the reats is 145 00:07:44,600 --> 00:07:47,960 Speaker 2: quite interesting. I think across the board we're expecting that 146 00:07:47,960 --> 00:07:51,840 Speaker 2: cap rates have close to bottomed. All valuations have bottomed, 147 00:07:51,920 --> 00:07:55,480 Speaker 2: rather cap rates have topped out, and in the last 148 00:07:55,520 --> 00:07:59,400 Speaker 2: couple of years, every single subsector of REATS has suffered 149 00:07:59,440 --> 00:08:06,080 Speaker 2: from value declines, Industrial, retail, and office, particularly office. But 150 00:08:06,200 --> 00:08:10,080 Speaker 2: office really seems to be at an inflection point. Particularly 151 00:08:10,160 --> 00:08:14,200 Speaker 2: in course markets such as the Center of Sydney. Vacancy 152 00:08:14,280 --> 00:08:17,480 Speaker 2: is actually improving. It's really holding up this return to 153 00:08:17,640 --> 00:08:22,200 Speaker 2: work story as coming to the fore as employers ensure 154 00:08:22,240 --> 00:08:24,040 Speaker 2: that their employees are coming in at least a few 155 00:08:24,080 --> 00:08:26,640 Speaker 2: days a week for productivity and the like. So we 156 00:08:26,760 --> 00:08:30,680 Speaker 2: actually really like Dexis for that reason. It's extremely undervalued. 157 00:08:30,720 --> 00:08:34,280 Speaker 2: It's training at a thirty percent discount to asset value 158 00:08:34,360 --> 00:08:36,920 Speaker 2: for assets like the building that I'm sitting in, which 159 00:08:36,920 --> 00:08:41,600 Speaker 2: are not really very replaceable anymore for a similar cost. 160 00:08:42,120 --> 00:08:45,000 Speaker 2: Center group very interesting. I think the retail sector is 161 00:08:45,000 --> 00:08:48,400 Speaker 2: set up very well for reets over the coming years. 162 00:08:48,480 --> 00:08:52,440 Speaker 2: We're not having any more anymore malls built in Australia 163 00:08:52,880 --> 00:08:56,719 Speaker 2: and yet a population growth continues. We've also really had 164 00:08:56,760 --> 00:09:01,200 Speaker 2: the shakeout of the online story and most retailers have 165 00:09:01,280 --> 00:09:04,160 Speaker 2: settled for an omni channel approach. They have the bricks 166 00:09:04,200 --> 00:09:06,800 Speaker 2: and mortar store and then they also have the online 167 00:09:06,800 --> 00:09:10,560 Speaker 2: and they work quite well together as a model. And 168 00:09:10,600 --> 00:09:14,360 Speaker 2: then Goodman as the Darling, As you say, I think 169 00:09:14,360 --> 00:09:17,120 Speaker 2: this is more a Matt Crow trade than anything fundamental, 170 00:09:17,240 --> 00:09:19,280 Speaker 2: So that really does come down to what happens to 171 00:09:19,360 --> 00:09:21,280 Speaker 2: vone yields over the next month. 172 00:09:21,960 --> 00:09:24,400 Speaker 1: Okay, let's finish off with healthcare, which I'd like to 173 00:09:24,400 --> 00:09:26,360 Speaker 1: get enthusiastic about healthcare because it's a big part of 174 00:09:26,360 --> 00:09:30,720 Speaker 1: our market. I got to tell you sometimes sol leader 175 00:09:30,720 --> 00:09:33,800 Speaker 1: and it's Field, resumes a leader and it's Field, and 176 00:09:33,880 --> 00:09:36,320 Speaker 1: then you kind of have a bunch of other plays 177 00:09:36,400 --> 00:09:41,000 Speaker 1: in that sector. What do you think, Well, healthcare I 178 00:09:41,000 --> 00:09:42,440 Speaker 1: can't get my head around because some of them do 179 00:09:42,559 --> 00:09:44,599 Speaker 1: really poorly and some of them do really well, and 180 00:09:44,640 --> 00:09:46,040 Speaker 1: there doesn't seem to be that many in the middle, 181 00:09:46,080 --> 00:09:48,160 Speaker 1: but maybe I'm making that up. How do you think 182 00:09:48,160 --> 00:09:48,520 Speaker 1: they'll go? 183 00:09:49,000 --> 00:09:51,440 Speaker 2: You're completely right. It is the haves and the have 184 00:09:51,600 --> 00:09:54,160 Speaker 2: nots in Australian healthcare. You have, as you say, the 185 00:09:54,520 --> 00:09:59,160 Speaker 2: global leaders being CSL, cop Clear, reds Man, Fisher and 186 00:09:59,200 --> 00:10:02,200 Speaker 2: pikel as well. And then you have healthcare services which 187 00:10:02,240 --> 00:10:04,439 Speaker 2: have just been so troubled for the last few years. 188 00:10:04,840 --> 00:10:10,800 Speaker 2: Given labor costs, given relatively low top line growth, Ramsey 189 00:10:10,960 --> 00:10:15,640 Speaker 2: Sonic Helius have really suffered. So we can't really get 190 00:10:15,679 --> 00:10:19,400 Speaker 2: too excited about healthcare at the moment either. CSL has 191 00:10:19,520 --> 00:10:22,360 Speaker 2: come off slightly, so that makes the set up into 192 00:10:22,400 --> 00:10:25,160 Speaker 2: the result look a little bit more interesting. But I 193 00:10:25,200 --> 00:10:28,240 Speaker 2: am quite cautious on the trends for CSL, so I'm 194 00:10:28,280 --> 00:10:30,520 Speaker 2: not really at the point yet where we're wanting to 195 00:10:30,760 --> 00:10:33,840 Speaker 2: wade in further in a big way. They have had 196 00:10:33,920 --> 00:10:37,120 Speaker 2: challenges with V four, the business they purchased a few 197 00:10:37,160 --> 00:10:40,719 Speaker 2: years ago. Securist, which is their flu business, has had 198 00:10:40,760 --> 00:10:44,800 Speaker 2: a relatively poor season this year in the Northern Hemisphere. 199 00:10:45,320 --> 00:10:49,400 Speaker 2: Despite flu the season being quite bad. That's because there 200 00:10:49,400 --> 00:10:52,920 Speaker 2: are less vaccines in arms, and that's where CSL comes 201 00:10:52,920 --> 00:10:55,480 Speaker 2: into things. And then the crown jewel for CSL is 202 00:10:55,520 --> 00:10:58,120 Speaker 2: the bearing business, and there are a few question marks 203 00:10:58,400 --> 00:11:02,000 Speaker 2: around the performance of bearing as well, so we are 204 00:11:02,040 --> 00:11:05,200 Speaker 2: a little bit cautious on CSL into the result. Resmet 205 00:11:05,240 --> 00:11:07,200 Speaker 2: actually had what we thought was a good result last 206 00:11:07,200 --> 00:11:10,400 Speaker 2: week and trade it off quite sharply, So I would 207 00:11:10,400 --> 00:11:14,000 Speaker 2: prefer to invest in Resme than CSL at the moment. 208 00:11:14,559 --> 00:11:17,160 Speaker 2: And Sonic, I think, is another name that's looking quite 209 00:11:17,200 --> 00:11:21,320 Speaker 2: interesting because it is quite unloved, as you said, but 210 00:11:21,559 --> 00:11:24,679 Speaker 2: I've actually been growing quite strongly from a revenue perspective, 211 00:11:24,720 --> 00:11:26,680 Speaker 2: and it feels like their cost pressures are easy. So 212 00:11:26,720 --> 00:11:28,120 Speaker 2: that's one that we're watching closely to. 213 00:11:29,040 --> 00:11:31,320 Speaker 1: And at this point, do you get excited about earning 214 00:11:31,360 --> 00:11:33,000 Speaker 1: season you just think I'm not going to see my 215 00:11:33,040 --> 00:11:34,280 Speaker 1: family for the next three weeks. 216 00:11:34,320 --> 00:11:36,840 Speaker 2: Sure, I love it. You have to love it in 217 00:11:36,840 --> 00:11:38,240 Speaker 2: this job I look forward to do. 218 00:11:38,360 --> 00:11:39,800 Speaker 1: Actually, I just. 219 00:11:39,679 --> 00:11:43,560 Speaker 2: Absolutely love It's so much fun, the busy days, busy evenings, 220 00:11:43,600 --> 00:11:45,120 Speaker 2: trying to get you hit around things and then back 221 00:11:45,120 --> 00:11:46,120 Speaker 2: into it the next morning. 222 00:11:46,760 --> 00:11:48,160 Speaker 1: Thank you for talking to Fear and Greed. 223 00:11:48,480 --> 00:11:49,079 Speaker 2: Thanks John. 224 00:11:49,640 --> 00:11:52,520 Speaker 1: It was an AMEL and senior investment analyst at WAM Leaders, 225 00:11:52,559 --> 00:11:56,160 Speaker 1: a listed investment company from Wilson Asset Management. This is 226 00:11:56,200 --> 00:11:58,480 Speaker 1: the Fear and Greed Business Interview. Remember this is general 227 00:11:58,520 --> 00:12:01,200 Speaker 1: information only, and sho'd always seek professional advice before making 228 00:12:01,240 --> 00:12:04,200 Speaker 1: investment decisions. Join us every morning for the full episode 229 00:12:04,200 --> 00:12:06,760 Speaker 1: our Fear and Greed daily business years for people make 230 00:12:06,840 --> 00:12:11,199 Speaker 1: their own decisions. I'm Sean Elmer. Enjoy your day.