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Speaker 1: This is the Saturday edition of Fear and Greed business

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Speaker 1: news you can use. I'm Michael Thompson and good morning

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Speaker 1: Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: Our Saturday show is different to the weekday show. It's

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Speaker 1: because it's a competition. So each of us is nominating

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Speaker 1: what we think is the biggest business story of the week,

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Speaker 1: the most remarkable business story, a mystery category that changes

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Speaker 1: every week. We've got a good one today and our

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Speaker 1: favorite story from the week, and we are joined by

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Speaker 1: a judge to pick a winner, of course, and that

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Speaker 1: judge is, as always our Fear and Greed colleague, Adam

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Speaker 1: Lang Adam, good morning.

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Speaker 3: Good morning Michael, and good morning Sean.

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Speaker 2: Good morning Adam. What are we up this year? Zero

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Speaker 2: four zero and four zero and thrumning Michael's won everyone

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Speaker 2: this year, just reminding you, well.

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Speaker 1: I don't want to be too negative, but I don't

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Speaker 1: have a great amount of hope today. I know that

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Speaker 1: that's not very keeping with like the Olympic spirit or

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Speaker 1: anything going into it. Assuming I'm going to lose. I'm

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Speaker 1: not used to being a winner. I like being the underdog.

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Speaker 1: It's where I it's where I do my best work.

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Speaker 1: So I have to make myself the underdog. What's the

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Speaker 1: criteria that you are looking for, Adam, and that may

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Speaker 1: well be disregarded as we have seen in the past.

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Speaker 3: Go on, Okay, topicality and timeliness very important for the show,

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Speaker 3: economic impact, a little bit of playing to my subjective

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Speaker 3: bias perhaps for reform and melodrama, Michael, especially your strong suit.

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Speaker 2: Okay, all right, understood, you got all of those Sean

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Speaker 2: little cynicism towards you already. I like it.

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Speaker 1: We've started strong. Take it away, Sean. Biggest story of

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Speaker 1: the week, what was it?

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Speaker 2: Oh, the komof Bank and the Komof Bank and the

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Speaker 2: Commonwealth Bank. Every reporting season, there's only one that's not true.

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Speaker 2: I'm understating it little too much melodrama. The stock that

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Speaker 2: everyone wants to know what's happening is Commonwealth Bank, not

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Speaker 2: just because it's the country's largest company, not just because

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Speaker 2: it's a country's large bank, but also it really can

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Speaker 2: tell us what's going on in the economy now. For

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Speaker 2: common Bank, recorgrads and loans and deposits pushed its half

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Speaker 2: year profit to five point four percent. Share price jumped

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Speaker 2: to seven percent day one. Next day jumped five percent.

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Speaker 2: Pretty phenomenal. This is a bank which had an incredible

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Speaker 2: run up until the middle of last year, then came off.

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Speaker 2: But now, I mean one point only two weeks ago,

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Speaker 2: BEGP was bigger than it. Now it's ten percent bigger

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Speaker 2: than BHP. Again the story of the profit season see

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Speaker 2: Matt common Reckons. Economy is traveling along pretty well. Spending

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Speaker 2: across all age groups on discretion on the essential items

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Speaker 2: is higher than younger people are spending more on discretionary items,

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Speaker 2: which is kind of good. The bad news in it

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Speaker 2: all is that the Matt common Reckons is going to

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Speaker 2: be two interest rate hikes. Michael, thank you me that

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Speaker 2: look two interest rate hikes later in the year. I mean,

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Speaker 2: if you only want to look at one profit all year,

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Speaker 2: this is it out this week now. No no, no, no, no,

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Speaker 2: no, no no no.

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Speaker 1: I accept Sean that Commonwealth Bank is a very important company.

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Speaker 1: I accept that it is in fact the biggest company.

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Speaker 1: But I just think if you focus on just one company,

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Speaker 1: you're not telling the whole story. And that is why

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Speaker 1: I'm going to tell the whole story, which is a

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Speaker 1: much bigger story, and that is about the whole market.

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Speaker 1: Adam right, because this week wasn't just about Commonwealth Bank Middley,

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Speaker 1: as I said, very important.

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Speaker 2: Part of it.

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Speaker 1: But but there are a lot of other success stories

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Speaker 1: and it feels like it is my duty to inform

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Speaker 1: you of some of those, because oh, that's not a

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Speaker 1: good start.

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Speaker 2: It's going to be dull. Go on. Yes, it's a

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Speaker 2: laundry list of like thirty stories this week. I'm just

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Speaker 2: just a couple.

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Speaker 3: Just the fact that what are you duty about to say?

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Speaker 1: Michael, Okay, you have both now put me in the

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Speaker 1: underdog position because it feels like you're ganging up on me.

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Speaker 1: Go on Woods, all right, the s and PA Sex

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Speaker 1: two hundred, all right. It actually had, depending on the day,

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Speaker 1: a pretty good week, right, hit an intra day high

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Speaker 1: this week. There have been parts of the market that

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Speaker 1: have been on fire and saying that it didn't.

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Speaker 2: Hitt interra day high. It was ten points off an

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Speaker 2: inter day high. I get your excitement. I mean, I

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Speaker 2: presume you mean a record high. I mean, of course,

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Speaker 2: it hit an inter day high. They hit hint today

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Speaker 2: highs every day record high. It didn't ten points off. Sean.

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Speaker 1: Sometimes your attention to detail and the fact that you

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Speaker 1: insist on the truth. I mean, it's great for the

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Speaker 1: reputation of the show, it's great for credibility, but my god,

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Speaker 1: it interferes with melodrama. All right, I accept, I accept

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Speaker 1: your point, all right, But saying that it came within

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Speaker 1: a whisker or a whisker been saying that it was

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Speaker 1: all because of Comwealth Bank is like saying that a

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Speaker 1: football team wins just with one player on the field.

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Speaker 2: It's not.

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Speaker 1: It's a combined effort. Look at A and ZD right

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Speaker 1: up eight and a half percent after its results. It's

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Speaker 1: best day in six years, Adam, I hope you're writing

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Speaker 1: that one down. AGL up eleven percent, James Hardy up

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Speaker 1: eleven percent, Evolution Mining up eight percent. All of these

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Speaker 1: are just one day moves after results. Right earlier in

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Speaker 1: the week, it was the tech sector that surged two.

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Speaker 2: Days in a row.

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Speaker 1: And yes, if you ignore that, that's e f Hey,

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Speaker 1: they were some they were some big jumps on those days.

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Speaker 1: The gold miners, the iron ore miners, the uranium miners,

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Speaker 1: big surgers, big jumps, a team effort. It has been

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Speaker 1: a stellar week for much of the market, and really

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Speaker 1: focusing just on Commonwealth Bank, yes, it's a little bit sexy,

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Speaker 1: and yes it's a little bit exciting, but it is

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Speaker 1: not the whole story. And I feel that we need

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Speaker 1: to be comprehensive and Adam in appealing to your subjective bias.

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Speaker 1: You are a fan of being comprehensive.

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Speaker 2: That's true. That can I just also add to Michael's

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Speaker 2: story here, Please just run through these companies have gone up?

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Speaker 2: How about Imp down twenty eight percent when it released

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Speaker 2: his results, Temple and Webster twenty eight I'll give you

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Speaker 2: a thirty one percent, Promedicus twenty three percent, Michael, lots

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Speaker 2: of ups and downs and financial markets. Just so you're.

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Speaker 3: Aware, did Michael miss part of the story, Sean?

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Speaker 2: No, for what a surprise.

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Speaker 1: Look, I'm just for the good news today. I'm just

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Speaker 1: wanting to be positive. I'm sorry. I'm sorry Sean. If

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Speaker 1: you wanted, if you wanted comprehensive, No, you're not going

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Speaker 1: to get that for me. You're only getting the good news. Admittedly,

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Speaker 1: two minutes ago I said, I'm all about being comprehensive.

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Speaker 2: Please go on.

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Speaker 3: Former Australia cricketer makes you Walker. I think he said,

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Speaker 3: never bugger up a story for the facts.

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Speaker 2: The great journalism anthem. He is never let the truth

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Speaker 2: get in the way of a good story.

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Speaker 3: Sean wins. Now, I know that airing on the comprehensive.

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Speaker 3: It's the reason I'm saying this is probably two big ones.

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Speaker 3: The number of customers that Commonwealth Bank has, it's such

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Speaker 3: a representative sample. It's almost like the Austrobe Bureau statistics.

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Speaker 3: So when Matt Common speaks, you know, you get all

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Speaker 3: this data like what the confidence I got out of

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Speaker 3: the spending and what we knew about the different demographics

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Speaker 3: in the spending and what it was doing. So that's

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Speaker 3: really encouraging about where we're at. And so I thought

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Speaker 3: that was fabulous data and Commonwealth Bank, what a great result.

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Speaker 3: Second is just as mac Common as a leader, and

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Speaker 3: you contrast that with some of the other leadership changes

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Speaker 3: at companies that we see right including CSL just this week, Sean.

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Speaker 3: So he is so composed and so respected. It's rare

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Speaker 3: to get that sort of leadership commentary. So, yeah, Sewan

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Speaker 3: new wins the CBO result in Matt Commons book.

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Speaker 2: I mean, yeah, I'm not for or against Matt Common,

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Speaker 2: but he always does look composed, doesn't it.

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Speaker 1: The most polish I reckon he's polished corporates in the country.

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Speaker 2: Yeah, I kind of want to mess up his hair,

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Speaker 2: give me a little ruffle, just like, can you swear.

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Speaker 3: We're still that boring your old boy inside.

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Speaker 2: One? Move on? Yeah? No, Look, I saw that one coming.

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Speaker 2: I thought you were going to pull it out of

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Speaker 2: the fire, and I was calling you a woodsy.

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Speaker 1: Okay, you know what, most remarkable story.

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Speaker 2: We've got a puzzle going on here, but you're not

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Speaker 2: picking up on it. Oh the woodsy. I was trying

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Speaker 2: to figure it out. I figured that I've missed.

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Speaker 1: I just missed the reference because it was an older

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Speaker 1: generation thing, which is probably still the still the case.

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Speaker 2: I thought you were going to pull that one out

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Speaker 2: of the fire and win something that you should not

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Speaker 2: have won, and so woodsy. Yeah, let's move on about that. Okay.

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Speaker 2: Will you tell me by the end if I don't

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Speaker 2: get it? Ye?

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Speaker 1: Yeah, okay, all right, just so you don't leave me hanging. Okay,

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Speaker 1: I've got about the next fifteen minutes to get this understood.

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Speaker 2: Most remarkable.

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Speaker 1: I'll go first on this front, Adam. I was going

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Speaker 1: to do one story altogether. You know what, I was

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Speaker 1: going to do the Super Bowl ads, because the Super

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Speaker 1: Bowl ads were pretty impressive this year, and like in

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Speaker 1: nineteen sixty seven, just for a bit, just to show

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Speaker 1: the research that I had done. A Super Bowl ad

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Speaker 1: in sixty seven cost thirty seven and a half thousand

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Speaker 1: US dollars. This year, this year, companies were paying around

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Speaker 1: ten million US dollars for a thirty second spot. Isn't

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Speaker 1: that incredible? Just six straw? Yeah advertising, huh, there.

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Speaker 2: You go, it works. Now.

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Speaker 1: I changed my mind though, I'm not going to do

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Speaker 1: that story anymore. I just and this is going to

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Speaker 1: sound a little bit worthy. It's going to sound a

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Speaker 1: little bit kind of earnest, right, but hello, I think

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Speaker 1: oh subjective buyers all the way with Adam Laying. I

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Speaker 1: just think it is remarkable the change that the NBN

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Speaker 1: has had on this country, right, we have had We've

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Speaker 1: heard this week about the number of people that are

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Speaker 1: on high speed plans because the NBN reported it. Yeah,

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Speaker 1: it's it's results stand and thirty five million dollars loss

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Speaker 1: last last half year, which is better than the un before. Okay, great,

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Speaker 1: all right, But the facts within this that I find fascinating,

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Speaker 1: the fact that one in three customers are now on

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Speaker 1: plans with speeds of at least five hundred megabits per second, right,

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Speaker 1: Another forty percent are at one hundred megabits per second, right,

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Speaker 1: And so that when you think about that's those are

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Speaker 1: all the numbers I want you to remember. And what

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Speaker 1: those numbers mean is that you can work from anywhere.

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Speaker 2: So it doesn't have to remember the Super Bowl ad numbers. No, no, no, no,

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Speaker 2: I mean you can use nothing to do with his

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Speaker 2: entry whatsoever. Na.

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Speaker 1: Now, it was an attempt at just some bonus color

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Speaker 1: and bonus points. But the fact is those numbers, on

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Speaker 1: those those download speeds, what that is that is enabling

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Speaker 1: the future of work, right. That is being able to

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Speaker 1: work from wherever you want to or wherever you need to,

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Speaker 1: and being able to have video calls, being able to

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Speaker 1: kind of upload and download anything that you possibly need to.

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Speaker 1: It means that the economy can flow freely. The future

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Speaker 1: of work is here, and it's all thanks to the NBA,

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Speaker 1: which costs tens of billions of dollars and it's actually

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Speaker 1: going to take I think it's going to be our

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Speaker 1: longest ever infrastructure project by the time it's finished, based

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Speaker 1: on the latest forecast of when it's going to be done.

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Speaker 1: But it is a game changer and a nation builder,

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Speaker 1: and all of that happened this week. Yep, they built

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Speaker 1: the whole thing since Monday. Those stats came out this week,

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Speaker 1: and that was a story of this week. In fact,

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Speaker 1: possibly the story of the week because of the impact

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Speaker 1: that it has.

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Speaker 2: On the broader economy. Certainly, wasn't your your big story

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Speaker 2: of the week, that's for sure. Ah, very mean to me. Yeah,

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Speaker 2: the NBN is great, like I do, like the fact

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Speaker 2: that people are on very far speed Internet and it

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Speaker 2: is phenomenal. What my mine is more remarkable because it's

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Speaker 2: a kind of once a century story. Big tech giant

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Speaker 2: Alphabet is selling one hundred year bonds, so that's essentially

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Speaker 2: an IOU that will take one hundred years to type

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Speaker 2: pay back. We know all these big tech companies are

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Speaker 2: building data centers and all the infrastructure for AI. They

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Speaker 2: need huge amounts of funding. So Alphabet's taken on a

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Speaker 2: century bond. It's in US dollar, Swiss francs and pound sterling.

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Speaker 2: Very rare for a corporate to do it, so countries

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Speaker 2: have done it. Austria, Argentina have done it, but I

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Speaker 2: think the only tech company to have ever done it

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Speaker 2: is IBM back in nineteen ninety six issued a century

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Speaker 2: old bond. That's thirty years ago. And as Michael point well,

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Speaker 2: Mike point out thirty years ago, and it's about five

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Speaker 2: percent the size of Nvidia nowadays, IBM, it ain't what

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Speaker 2: it used to be. Now think about it, one hundred

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Speaker 2: year old bond. It's slice to be repaid. I mean,

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Speaker 2: there's a coupon payment every six months. So you can

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Speaker 2: buy this, you can hold it, you can then on

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Speaker 2: sell it. But in fifty years, how do we know

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Speaker 2: what's going to be happening? How do we know whether

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Speaker 2: this company's even there? Like truly one of the most

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Speaker 2: remarkable bond issues ever and it happened this week alone.

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Speaker 3: It's true, Sean wins very remarkable. The story of incrementalism

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Speaker 3: on the NBN is brilliant, right And Michael, as you said,

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Speaker 3: I thought curious the future of work enabling the future

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Speaker 3: of work, But really it's the present, isn't it. Like

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Speaker 3: it's like we're here, but.

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Speaker 2: Like recording from Bali for example, or Morocco with a

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Speaker 2: rooster growing in the background, so you know, but where

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Speaker 2: will it go?

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Speaker 3: I think that that's really fascinating, you know, I think

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Speaker 3: we're all grateful for the internet speeds that we get.

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Speaker 3: I want them to go over faster. But the I

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Speaker 3: think it is a story of incrementalism. Yeah, so this week,

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Speaker 3: Sean has to do.

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Speaker 2: It, doesn't have to. He can make a different decision.

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Speaker 1: Unless you're telling me that this is already a decided

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Speaker 1: outcome and he has to win, because otherwise, are you

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Speaker 1: betting on the outcome of this? Adam my sensing that

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Speaker 1: there is, he's making a market on it.

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Speaker 2: Yes, imagine, imagine.

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Speaker 1: Oh golly, Adam doesn't want his knees broken or some contact.

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Speaker 1: All right, Okay to Neil, that's fine, that's fine. I

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Speaker 1: can work with this. We're going to take a quick break, Sean,

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Speaker 1: I can't figure it out. Yeah, woods, woods, woods. Okay,

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Speaker 1: all right, it's.

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Speaker 2: Very very current. I think last week's was not particularly current.

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Speaker 2: I can't remember what last week's was.

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Speaker 1: Yeah, last week you were comparing Adam to a judge

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Speaker 1: of the a US Supreme Court.

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Speaker 2: Yes, yes, this is much much more current. Okay in

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Speaker 2: recent days.

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Speaker 1: Okay, all right, all right, quick break back in a moment, Sean,

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Speaker 1: we are now looking for our sleeper. Wow. I just

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Speaker 1: took a jump back about what a year we haven't

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Speaker 1: done a sleeping story for twelve months. I have a

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Speaker 1: creatory habit. This is our mystery category, and our mystery

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Speaker 1: category changes every week in order to keep Adam on

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Speaker 1: his toes. So this week I love this one. This

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Speaker 1: is the Corner Office Blues, which is a great, a good,

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Speaker 1: great mystery category. Sean take it away.

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Speaker 2: There's quite a few choices, so I'm gained. Talk about

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Speaker 2: three CEOs that went this week. First one out, Paul McKenzie,

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Speaker 2: the boss of CSL, only been there for a few years,

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Speaker 2: basically late on Tuesday night, got an announcement Mckensi's going

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Speaker 2: effective immediately next day Wednesday, we found out why CSL,

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Speaker 2: one of the bluest of blue chip companies, has had

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Speaker 2: a horror few years. It said it will write down

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Speaker 2: the value of two of its three divisions by one

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Speaker 2: point six billion dollars. One is its iron deficiency business

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Speaker 2: that was bought from a Swiss group for nineteen billion

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Speaker 2: dollars three and a half years ago. It's not a flop,

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Speaker 2: but it hasn't worked either. The other one is a

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Speaker 2: vaccine business that's being hit really hard by the attitude

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Speaker 2: of the Trump administration to vaccines. In the US and

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Speaker 2: they've had to write that one down as well. CSL

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Speaker 2: is just I mean, it's not a basket case, but

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Speaker 2: it was the largest company in the country a couple

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Speaker 2: of years ago. Now it's lucky to be in the

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Speaker 2: top ten. Helen Lofthouse, number two person the corner office,

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Speaker 2: who stepped down this week. Being under pressure at the AX,

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Speaker 2: she has decided to leave. She wasn't there when all

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Speaker 2: the big problems happened, but in the last couple of

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Speaker 2: years we've had a couple of big outages. She's gone.

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Speaker 2: And then len Lea's boss, Tony Lombardo, he has been

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Speaker 2: under pressure for ever since he got the job. I

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Speaker 2: think now he'll stepped down in August to take up

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Speaker 2: a job in Southeast Asia. So CSL ASX len le'se

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Speaker 2: CEO is all gone. This week not a good week

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Speaker 2: to be in the corner office.

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Speaker 1: No, can I add one more to that? And it's

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Speaker 1: not exactly this week, but I thought this. I thought

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Speaker 1: you were going to mention amp here so much if

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Speaker 1: I didn't mention it at the top of the show.

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Speaker 1: Even though Alexis George isn't leaving this week, she is

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Speaker 1: on her way out the door, right, and so this

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Speaker 1: is her last results as CEO, And I just thought

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Speaker 1: she's spent what five or six years in the five

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Speaker 1: years in the top job at AMP and has had

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Speaker 1: to turn that company around, right like that was a massive,

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Speaker 1: massive job. And I actually felt a bit sorry for

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Speaker 1: her that this was the this was the farewell, this

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Speaker 1: was the last one after such a lot of work,

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Speaker 1: and then it finishes up this way with that massive,

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Speaker 1: massive share price drop this week as well. Anyway, don't

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Speaker 1: count that, Adam, No, no, I don't okay my entry, right,

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Speaker 1: I'm glad. Shall we say that we are never held

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Speaker 1: to account for what we've said on previous episodes.

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Speaker 2: Of this podcast.

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Speaker 1: Speak for yourself, because last week, last week I said

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Speaker 1: that Susan Lee had successfully renegotiated the coalition agreement with

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Speaker 1: the Nationals and that should now buy her some clear

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Speaker 1: air as leader of the party.

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Speaker 2: Did you win last week on that one? I don't remember.

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Speaker 1: I think I did, probably, But but this is why

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Speaker 1: I should stop forecasting results because it did not buy

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Speaker 1: her clear air. It brought her maybe what a day

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Speaker 1: of space, perhaps even less before the leadership rumblings began

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Speaker 1: once more. Then Angus Taylor started actively doing the numbers.

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Speaker 1: I suspected to be doing the numbers the entire time.

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Speaker 1: Then he quit the front bench, Then he declared a challenge.

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Speaker 1: Then the shadow ministers all started quitting the cabinet. Then

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Speaker 1: at last yesterday morning, the spill and the vote was on. Honestly,

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Speaker 1: we talk about the corner office. Who would want to

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Speaker 1: be the leader of the opposition. You're trying to put

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Speaker 1: together a policy platform, right that might appeal to lost voters,

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Speaker 1: and you're trying to hold the coalition together and your

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Speaker 1: colleagues are coming after you. That is one corner office

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Speaker 1: that I would not like to occupy anyway. After the

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Speaker 1: spill yesterday morning, there is a new person now in

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Speaker 1: the top job, Anchus Taylor.

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Speaker 2: Good luck to you. Do you think the Liberal Party

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Speaker 2: leader has a corner office? I know, I'm just like

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Speaker 2: I've been down there a journalistic good question. Yeah, Pulman

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Speaker 2: House's corner offices tend to be like meeting wounds and

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Speaker 2: stuff like that. I mean, I'm not I'm not splitting

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Speaker 2: hairs here. It's fine, you know.

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Speaker 1: You know what, because you're not able to fact check

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Speaker 1: this live. Yes, they do, Sean, they do have a

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Speaker 1: corner office well known, because you know what I've got.

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Speaker 1: I shot myself in the foot with my with my

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Speaker 1: misstep in my very first story today, and it feels

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Speaker 1: as though I'm no longer beholden to factual accuracy. So

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Speaker 1: just whatever whatever comes out of my mouth, I'm up

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Speaker 1: for it, all right, go for it, Adam.

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Speaker 3: Okay, I'm so sorry, Michael, But Sean has to win.

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Speaker 1: He does not have to win unless someone has got

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Speaker 1: a sledge hammer their off camera. No, no, no, no.

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Speaker 2: This look, this is bs well.

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Speaker 3: I think that one of the one of the deciding

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Speaker 3: factors has to be that this liberal leadership and National

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Speaker 3: Coalition party or coalition or not has just been so long.

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Speaker 3: It's been going on for too long and again and

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Speaker 3: again and again and again, and I'm weary of it.

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Speaker 3: I think many people are. And it's such a you know,

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Speaker 3: popularity is so low.

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Speaker 2: It's such a brutal sport politics, isn't it. Hopefully there's

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Speaker 2: some clear air now, just take and.

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Speaker 3: Look, there's not policy formation. We know we need a

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Speaker 3: great opposition we have.

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Speaker 2: You don't care about that capital gains, taxing, Sessions didn't

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Speaker 2: care last week. You don't care about policy.

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Speaker 3: Oh yeah, but you know the consequences, and particularly when

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Speaker 3: they're effective immediately. That's never a good board announcement. Right,

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Speaker 3: There's clearly a pretty emotional split at CSL, so you

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Speaker 3: know that is dramatic, and so I think that Corner

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Speaker 3: Office Blues had a lot of consequence this week.

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Speaker 2: Yeah, I think you're actually the anti Woodsy. I called

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Speaker 2: you the Woodsy up front, but I think you're the

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Speaker 2: anti Woodsie. But you have to keep working. Shall we

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Speaker 2: go on to the next story? Yes, yes, yes, favorite

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Speaker 2: story of the week. Yeah, I go first three. Now,

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Speaker 2: I mean the game's over come on, I've still got this.

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Speaker 2: I still got this. It's statistically very difficult. You Michael, You,

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Speaker 2: Michael can make it to the bottom of the hill.

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Speaker 1: I think I've just got it.

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Speaker 2: Go on, go on. My favorite story Corning Corner Where

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Speaker 2: do you remember growing up when we went through the

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Speaker 2: whole Let's buy Corner where costs a little bit more

407
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Speaker 2: from Grace Brothers. You picked it up. The great thing

408
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Speaker 2: about Cornering Where made by a crowd called Corning out

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Speaker 2: of the US is it was unbreakable, and my word,

410
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Speaker 2: as a child, I tried to break it, but it

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Speaker 2: was actually pretty unbreakable. The funny thing about it, it

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Speaker 2: wasn't a great business decision for Corning because it makes

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00:23:02,160 --> 00:23:04,959
Speaker 2: crockery more crocker itsells the better it does, and of

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Speaker 2: course it made unbreakable crockery, so therefore that wasn't a

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Speaker 2: very good business decision. Cool company though, Thomas Edison's light bulbs.

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Speaker 2: First person people to produce that pire Rex jugs. Everyone

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Speaker 2: has got one of those glass Pirex jugs, mostly with

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Speaker 2: red numbers on it showing resentments. Yeah. It has been

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Speaker 2: one of the great innovation innovative companies over a long period.

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Speaker 2: Back in twenty eighteen, it went into glass and thought,

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Speaker 2: we need to do something else, so really hard glass

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Speaker 2: fiber optic cables. It did big deals with the makers

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Speaker 2: of iPhones and other smartphones to put the glass across

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Speaker 2: your smartphone. It's share price hit an all time record

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Speaker 2: this week because the data set of boom means you

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Speaker 2: need all that infrastructure, which is fiber optic cables. Glass

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Speaker 2: fiber optic cables work best, they're resilient, and Corning makes it.

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Speaker 2: I love this story. This is a company that is

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Speaker 2: a traditional manufacturer booming in an ai world because it

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Speaker 2: keeps reinventing itself. And I'll tell you what alphabet. If

431
00:24:10,440 --> 00:24:12,040
Speaker 2: you want to have a hundred year bond, you're going

432
00:24:12,119 --> 00:24:14,480
Speaker 2: to have to keep reinventing yourself over one hundred years

433
00:24:14,480 --> 00:24:16,520
Speaker 2: to keep it going. Corning, if they put out a

434
00:24:16,600 --> 00:24:18,760
Speaker 2: hundred year bond, no prompts by tomorrow.

435
00:24:19,520 --> 00:24:22,119
Speaker 1: The trust is there. They've got the they've got the

436
00:24:22,160 --> 00:24:22,840
Speaker 1: track record.

437
00:24:23,480 --> 00:24:24,600
Speaker 3: I love thanked a hundred.

438
00:24:25,440 --> 00:24:28,760
Speaker 1: I had a pyrex like a heating dish, kind of

439
00:24:28,760 --> 00:24:32,120
Speaker 1: a dish. Yeah, like a couple of years ago, dropped

440
00:24:32,119 --> 00:24:34,960
Speaker 1: the lid in the in the kitchen, and the like

441
00:24:35,000 --> 00:24:37,679
Speaker 1: the little top of the lid broke off, and so

442
00:24:37,720 --> 00:24:40,360
Speaker 1: there was these kind of jagged little shards of glass,

443
00:24:40,440 --> 00:24:42,320
Speaker 1: and Sean's like, I think we should just check it out.

444
00:24:42,359 --> 00:24:44,600
Speaker 1: We're both adults. I think we can continue to use

445
00:24:44,640 --> 00:24:46,960
Speaker 1: it and just be careful. I kid you not. Within

446
00:24:47,119 --> 00:24:52,360
Speaker 1: three seconds it was in my finger. I'm cart, I'm cart.

447
00:24:52,520 --> 00:25:00,360
Speaker 1: I take it all back. Okay, Now, Sean, is your

448
00:25:00,359 --> 00:25:04,399
Speaker 1: Woods your WOODSI reference? Like, it's getting increasingly unlikely that

449
00:25:04,480 --> 00:25:08,200
Speaker 1: I am in fact going to win gold. Unlike, don't

450
00:25:08,200 --> 00:25:14,080
Speaker 1: give it a nice don't like Cooper Woods first first

451
00:25:14,160 --> 00:25:18,720
Speaker 1: gold medalist at this at this Winter Games. The I'm

452
00:25:18,760 --> 00:25:21,640
Speaker 1: just not I wasn't expecting you to call him woodsy.

453
00:25:22,760 --> 00:25:25,359
Speaker 2: Woods was to Cooper was too had to get a

454
00:25:25,359 --> 00:25:30,080
Speaker 2: bit all right, men's mogel. Congratulations Cooper Woods. No one

455
00:25:30,119 --> 00:25:32,399
Speaker 2: really expected him to win it. He did it a

456
00:25:32,480 --> 00:25:35,719
Speaker 2: bit like you the last three weeks woulds he cheers?

457
00:25:35,880 --> 00:25:38,840
Speaker 1: Thank you now, Adam sure that I had a bit

458
00:25:38,840 --> 00:25:42,280
Speaker 1: of a disagreement off air, Right, there was an off

459
00:25:42,320 --> 00:25:45,440
Speaker 1: air discussion about whether my story.

460
00:25:45,160 --> 00:25:48,840
Speaker 2: That change, which which we do quite frequently.

461
00:25:48,960 --> 00:25:52,680
Speaker 1: Right, It's a healthy exchange, right, yes, about whether this

462
00:25:52,720 --> 00:25:55,760
Speaker 1: story was even worthy of being on this podcast. And

463
00:25:55,800 --> 00:25:59,000
Speaker 1: you know what it comes down to. It comes down

464
00:25:59,040 --> 00:26:02,639
Speaker 1: to the fact that Sean is an economist and I

465
00:26:02,680 --> 00:26:05,840
Speaker 1: am a dreamer. I am a big I am a

466
00:26:05,880 --> 00:26:07,720
Speaker 1: big Piet kind.

467
00:26:07,480 --> 00:26:11,520
Speaker 2: Of guydrama here he fell in.

468
00:26:11,960 --> 00:26:16,159
Speaker 1: This is why I look beyond Earth for my stories.

469
00:26:16,440 --> 00:26:21,040
Speaker 1: I looked to space. Don't be limited by gravity, No, God,

470
00:26:21,400 --> 00:26:25,000
Speaker 1: gravity has been holding us back for years, right, I

471
00:26:25,200 --> 00:26:29,480
Speaker 1: look at least down. I looked for SpaceX, a company

472
00:26:29,520 --> 00:26:32,320
Speaker 1: with a valuation of around a trillion US dollars, so

473
00:26:32,480 --> 00:26:36,119
Speaker 1: it has big economic impact. And this week Elon Musk

474
00:26:37,400 --> 00:26:40,359
Speaker 1: revealed that this company is talking.

475
00:26:40,080 --> 00:26:42,240
Speaker 3: About composure and Matt Common.

476
00:26:43,680 --> 00:26:45,040
Speaker 2: The exact opposite.

477
00:26:46,200 --> 00:26:50,680
Speaker 1: SpaceX is shifting its focus. No longer is SpaceX focused

478
00:26:50,760 --> 00:26:56,919
Speaker 1: on settling on Mars right, which has been it's long standing. Instead,

479
00:26:57,600 --> 00:27:01,840
Speaker 1: Musk and SpaceX are going to be a self growing

480
00:27:02,119 --> 00:27:07,680
Speaker 1: city on the Moon, which could be achieved in less

481
00:27:07,720 --> 00:27:09,600
Speaker 1: than ten years.

482
00:27:10,119 --> 00:27:13,920
Speaker 2: Isn't this downgrading your dream though? We went from Mars

483
00:27:13,960 --> 00:27:14,440
Speaker 2: to the Moon.

484
00:27:14,720 --> 00:27:16,760
Speaker 1: Yeah, I know, but it's also what he believes is

485
00:27:16,800 --> 00:27:21,480
Speaker 1: achievable and Central Sahara or somewhere like that. You know,

486
00:27:22,119 --> 00:27:23,600
Speaker 1: it's on the Earth, but it's not a place that

487
00:27:23,600 --> 00:27:26,640
Speaker 1: would never live before. Mars is still an ambition. Mars

488
00:27:26,720 --> 00:27:30,760
Speaker 1: is still an ambition according to Router's but he said,

489
00:27:30,960 --> 00:27:36,080
Speaker 1: he said, and I quote, the overriding priority is securing

490
00:27:36,400 --> 00:27:42,119
Speaker 1: the future of civilization, and the Moon is faster. They'll

491
00:27:42,160 --> 00:27:44,640
Speaker 1: be able to do this with the moon. And once

492
00:27:44,680 --> 00:27:47,320
Speaker 1: you've done it with the Moon. I'm no space expert,

493
00:27:47,440 --> 00:27:49,560
Speaker 1: but I'm pretty sure you can do it anywhere. Right,

494
00:27:50,000 --> 00:27:51,960
Speaker 1: you build one, you can build a million.

495
00:27:53,240 --> 00:27:54,440
Speaker 3: A lack of expertise.

496
00:27:55,200 --> 00:27:59,080
Speaker 2: Melodrama. That's why Michael likes Alonso mask It's the melodrama

497
00:27:59,119 --> 00:27:59,680
Speaker 2: part of it.

498
00:28:00,040 --> 00:28:03,200
Speaker 1: Yeah he is, he is business melodrama.

499
00:28:03,359 --> 00:28:05,200
Speaker 3: Every big show he is, and.

500
00:28:05,119 --> 00:28:08,480
Speaker 1: He's aiming for an uncrude Luna landing in about thirteen

501
00:28:08,480 --> 00:28:10,679
Speaker 1: months time and from there a self growing city. It

502
00:28:10,720 --> 00:28:13,359
Speaker 1: does not get any bigger or anymoretimistic. They're going to

503
00:28:13,440 --> 00:28:16,760
Speaker 1: self grow from an unmanned lunar landing. No, so they're

504
00:28:16,760 --> 00:28:18,560
Speaker 1: going to grow new people up there are They've got

505
00:28:18,600 --> 00:28:21,880
Speaker 1: to they have to test the technology for the landing

506
00:28:21,920 --> 00:28:23,920
Speaker 1: and all of that. And look, honestly, as I said,

507
00:28:24,000 --> 00:28:27,439
Speaker 1: within ten minutes, ten months, ten years, they will have

508
00:28:27,480 --> 00:28:28,280
Speaker 1: a settlement there.

509
00:28:29,040 --> 00:28:32,000
Speaker 2: It is just you head it here first.

510
00:28:32,240 --> 00:28:34,080
Speaker 1: This is the future, Sean.

511
00:28:34,320 --> 00:28:39,200
Speaker 2: I know. Valentine's Day twenty six, Michael Thompson has Toldence.

512
00:28:38,840 --> 00:28:41,560
Speaker 1: Hey, happy Valentine's Day. This is the way I like

513
00:28:42,160 --> 00:28:43,320
Speaker 1: Valentine's Day with you.

514
00:28:44,880 --> 00:28:45,800
Speaker 2: Who love.

515
00:28:47,200 --> 00:28:49,200
Speaker 1: Look, this is this is the big picture. This is

516
00:28:49,280 --> 00:28:51,440
Speaker 1: the future, Adam. And if you vote, if you go

517
00:28:51,520 --> 00:28:54,680
Speaker 1: against this one, you are assigned. You are saying you

518
00:28:54,720 --> 00:28:56,960
Speaker 1: would rather a company that's one hundred and seventy five

519
00:28:57,080 --> 00:28:59,400
Speaker 1: years old making glass than a company that is going

520
00:28:59,480 --> 00:29:04,880
Speaker 1: to say of humanity. Honestly, do you hate our misery

521
00:29:05,480 --> 00:29:06,160
Speaker 1: way over time?

522
00:29:06,880 --> 00:29:07,240
Speaker 3: Shan?

523
00:29:14,920 --> 00:29:23,200
Speaker 1: This is absolute yeah, bs codswallop nonsense, baloney, Adam.

524
00:29:23,320 --> 00:29:28,440
Speaker 3: But okay, look, marvelous show by Elon Mask yet again.

525
00:29:28,560 --> 00:29:30,120
Speaker 3: You know, I can just imagine sending up a couple

526
00:29:30,120 --> 00:29:33,880
Speaker 3: of Petri dishes, one with nanobots and one with you know, people,

527
00:29:34,200 --> 00:29:36,480
Speaker 3: and trying to grow this thing up on the moon.

528
00:29:36,560 --> 00:29:38,480
Speaker 3: It is a bit science fiction esque.

529
00:29:39,160 --> 00:29:43,000
Speaker 2: Yeah. The point of that, the point the point of

530
00:29:43,040 --> 00:29:45,440
Speaker 2: that story is that I saw that Michael was talking

531
00:29:45,440 --> 00:29:48,080
Speaker 2: to me about it. I just thought, it's just more

532
00:29:48,440 --> 00:29:51,600
Speaker 2: on masks, carry on. I couldn't be myself even doing

533
00:29:51,640 --> 00:29:53,080
Speaker 2: the story. And Michael at the end of the week

534
00:29:53,600 --> 00:29:56,440
Speaker 2: that that is a great story. That's my favorite. You

535
00:29:56,600 --> 00:29:56,960
Speaker 2: go for it.

536
00:29:57,640 --> 00:29:58,560
Speaker 1: It's my favorite.

537
00:29:58,640 --> 00:29:59,400
Speaker 2: It's my favorite.

538
00:29:59,480 --> 00:30:01,080
Speaker 1: What I love it is the fact, though, that he

539
00:30:01,360 --> 00:30:05,680
Speaker 1: changed the entire direction of such a massive company, and

540
00:30:05,840 --> 00:30:06,920
Speaker 1: he didn't tell anyone.

541
00:30:07,240 --> 00:30:10,440
Speaker 2: He just assumed that everyone kind of knew it. Head.

542
00:30:10,720 --> 00:30:14,160
Speaker 1: Yeah, and yet this is a company that's worth arguably

543
00:30:14,200 --> 00:30:18,360
Speaker 1: a trillion dollars based on its most recent valuations, and

544
00:30:18,520 --> 00:30:22,440
Speaker 1: yet he just changed the entire course of this company,

545
00:30:22,560 --> 00:30:24,640
Speaker 1: and I just I amped up. Of course the science

546
00:30:24,640 --> 00:30:26,720
Speaker 1: fiction element of it, but just the business side of it.

547
00:30:26,760 --> 00:30:28,240
Speaker 1: The fact that he just goes you know, what we

548
00:30:28,320 --> 00:30:30,600
Speaker 1: really love this now for I'm not going to tell anyone.

549
00:30:30,760 --> 00:30:33,440
Speaker 1: Don't you find that fake hold engagement? Don't you find

550
00:30:33,480 --> 00:30:34,680
Speaker 1: that fascinating.

551
00:30:35,680 --> 00:30:36,080
Speaker 2: Anyway?

552
00:30:37,640 --> 00:30:41,640
Speaker 3: And yet on the show goes got the point score

553
00:30:41,680 --> 00:30:45,160
Speaker 3: there and we do this week look for Neil. But

554
00:30:45,240 --> 00:30:47,000
Speaker 3: it's narrower than you might think.

555
00:30:47,760 --> 00:30:50,760
Speaker 2: Of course, at least four points eighty eight to what

556
00:30:51,880 --> 00:30:57,640
Speaker 2: to eighty two six? I take it as a win. Michael,

557
00:30:58,320 --> 00:30:59,600
Speaker 2: I don't think any of us a bit of a thing.

558
00:30:59,680 --> 00:31:03,480
Speaker 2: Got eighty two. When Adam's judging Burrows and that are judging,

559
00:31:03,560 --> 00:31:07,200
Speaker 2: we can get zero. Adam hates the news, Yeah, he

560
00:31:07,280 --> 00:31:08,440
Speaker 2: hates the news. He hates theater.

561
00:31:08,520 --> 00:31:10,760
Speaker 1: We've established that he hates the future of humanity. So

562
00:31:11,320 --> 00:31:15,120
Speaker 1: he hates text reform. Yeah, that's the list of things

563
00:31:16,200 --> 00:31:22,160
Speaker 1: I don't hate Woodsy Woods Now, Yeah, good work. Thank you,

564
00:31:22,640 --> 00:31:25,400
Speaker 1: Thank you, Adam, thank you, Michael, thank you, Sean, Thanks Sean,

565
00:31:25,600 --> 00:31:28,280
Speaker 1: thank you both. Make sure you're following the podcast and

566
00:31:28,360 --> 00:31:30,440
Speaker 1: head to Fear and Greed dot com dot au to

567
00:31:30,520 --> 00:31:33,080
Speaker 1: sign up for our free daily newsletter. Makes a great

568
00:31:33,120 --> 00:31:35,480
Speaker 1: Valentine's Day gift to yourself. I'm Michael Thompson and that

569
00:31:35,560 --> 00:31:36,280
Speaker 1: was Fear and Greed.

570
00:31:36,600 --> 00:31:37,360
Speaker 2: Have a great weekend,