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Speaker 1: This is the weekend edition of Fear and Greed, daily

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Speaker 1: business news for people who make their own decisions. I'm

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

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: Our weekend show is all about the two of us,

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Speaker 1: each nominating what we think is the biggest business story

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Speaker 1: of the week, the most remarkable business story.

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Speaker 2: Laughing already, I'm.

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Speaker 1: Laughing because we haven't even introduced our judge yet, and

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Speaker 1: he's already there, just like warming up his smirky shadow

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Speaker 1: boxing shadow boxing. And look, we've got a sleeper story.

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Speaker 1: We've got our favorite story, and we have a judge

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Speaker 1: to decide a winner because it is a competition, and

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Speaker 1: that judge is the shadow boxer himself. Our Fear and

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Speaker 1: Greed colleague, Adam 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. Can I ask.

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Speaker 1: You at you about to call him Mouhammad Ali?

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Speaker 2: I was, but that I was going to change it

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Speaker 2: to Cassius because that was a better one.

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Speaker 1: I was going to that cass or if we're gone

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Speaker 1: with Muhammad a Lang, which is terrible, terrible anyway, Adam,

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Speaker 1: could you please give us a very quick rundown of

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Speaker 1: what you're looking for. Why today, Why new listeners? New

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Speaker 1: listeners to the show will come into this going, oh okay,

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Speaker 1: this is a serious business show. They are judging this

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Speaker 1: by serious criteria, and those criteria are sustained across multiple weeks.

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Speaker 1: They're not spoiler alert, Adam, changes new.

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Speaker 2: New listeners would have turned off after you said, Mohammed

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Speaker 2: a Lang, they're not here.

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Speaker 1: That's a good point. But if you manage to get

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Speaker 1: past that terrible, terrible one, here's with the arbitrary. Here

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Speaker 1: are the criteria. Go for it, Adam.

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Speaker 3: Yes, in the end, I go with the vibe. But

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Speaker 3: it's about topicality, timeliness, economic impact, my subjective bias, and

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Speaker 3: of course melodrama. We do like a splash of melodrama.

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Speaker 1: Yes, well, that's it all in theory, and now let's

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Speaker 1: see what happens in practice. Sure, would you like to

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Speaker 1: give us the biggest story of the week, as.

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Speaker 2: You, I will give you the biggest story. I'd just

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Speaker 2: like to remind all listeners I don't do economics anymore

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Speaker 2: because of some of the appalling judging previous episodes. And

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Speaker 2: nothing happened in the economy this week because nothing changed

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Speaker 2: so the biggest story of the week, biggest story of

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Speaker 2: the week retailing. Gosh, we love retailing. So much going

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Speaker 2: on in the world of retailing. Three big stories which

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Speaker 2: make one big story third to third to third one

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Speaker 2: three the first third. There's a new retail supergroup. Meyer

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Speaker 2: has teamed up with a bunch of brands from Premiere Investments.

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Speaker 2: Just Jeans, JJ's, Portman's, Dottie and Jackie. Billion dollar deal.

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Speaker 2: Common factor and all that is a guy called Solomon

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Speaker 2: lou one of Australia's great retailers. It's sort of all

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Speaker 2: sorts of carry on in terms of shareholdings and what not.

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Speaker 2: But by the end of it all, Maya's going to

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Speaker 2: use script to buy these five businesses from Premiere, but

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Speaker 2: Premier is going to contribute eighty two million dollars to

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Speaker 2: fund the integration of the business. In the end, Premier

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Speaker 2: Investments will end up with fifty one point five percent

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Speaker 2: of Mayer. That means Solomon Lee will earn about twenty

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Speaker 2: seven percent will at work. Who knows what Maya has

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Speaker 2: is fantastic may One brand loyalty, what the brands have

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Speaker 2: from Premier Investments, fantastic profit margins. Story Number one story

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Speaker 2: number two, Wooly share price. It fell six percent one

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Speaker 2: day this week after the supermarket lowered its profit forecast

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Speaker 2: for the current half year. Why because they're really struggling

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Speaker 2: to increase prices and customers are staying away and they're

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Speaker 2: buying less. In fact, customers now so Coal's came out

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Speaker 2: the next day, same story. Customers now using at least

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Speaker 2: three stores to do their shopping. It's not just Cole's

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Speaker 2: versus Woollies, versus Aldi versus IgA. There's also Bunning strain

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Speaker 2: in there. There's chemist warehouse strain in there, a lot

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Speaker 2: of cost of living prescious. What's great about this story, though,

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Speaker 2: analysts reckon because the two majors are struggling to keep customers.

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Speaker 2: They reckon there's going to be a lot more discounting

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Speaker 2: woo good news story there ads Mosaic Brands. This is

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Speaker 2: the third third story Mosaic Brands talking Katie's Miller's non

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Speaker 2: e b autograph placed in voluntary administration. Director has been

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Speaker 2: trying to get through a very tough period restructure they

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Speaker 2: will keep going through to the Christmas season. There's been

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Speaker 2: all sorts of stories about Mosaic not playing and paying

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Speaker 2: supplies et Crump put all these stories together, and we

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Speaker 2: have a bunch of brands Katie's Millers No settle, Settle, Settle, settle, settle.

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Speaker 2: The common theme retailers are doing it really, really tough.

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Speaker 2: We also had retail sales this week, which showed that

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Speaker 2: over the last quarter, even though we got those July

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Speaker 2: tax cuts and we got energy rebates, people didn't really

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Speaker 2: spend that buying goods and services. A lot going on

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Speaker 2: in retail easily easily the biggest story of the week, Michael.

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Speaker 1: It's certainly the biggest story in terms of the number.

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Speaker 2: Of words used. I'm going to time you see how you.

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Speaker 3: Go, Adam?

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Speaker 1: Before I start, Adam, can I make you a deal?

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Speaker 3: Here we go, Okay, a retail type deal.

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Speaker 1: I just want to make you a deal. I'll make

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Speaker 1: you an offer here. Sean took so long with his

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Speaker 1: story just then I am and he did three stories

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Speaker 1: and rolled it all into one. I'm going to do

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Speaker 1: my entire story in three sentences. That's it, just three sentences.

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Speaker 1: Because of a lack of knowledge or no this is

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Speaker 1: there is three sentences. The trade off is the melodrama.

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Speaker 1: There's not a lot of melodrama because obviously, that's where

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Speaker 1: I add the mayonnaise.

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Speaker 2: That's your value.

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Speaker 1: Add your valu ad three sentences to combat Sean's three stories.

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Speaker 1: Here we go. After three and a half years, headline

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Speaker 1: inflation has fallen to two point eight percent for the

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Speaker 1: year to the end of September, back into the Reserve

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Speaker 1: Bank's target range, with lower petrol prices and energy bill

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Speaker 1: rebates helping.

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Speaker 2: One.

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Speaker 1: The trimmed mean or underlying rate is still at three

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Speaker 1: and a half percent, which is above the target, but

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Speaker 1: it's coming down two. The RBA will be very happy

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Speaker 1: with this, but we'll want to see it sustainably there

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Speaker 1: before at lower's interest rates, so we can expect to

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Speaker 1: cut around May next year.

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Speaker 2: Done that is, Darlas.

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Speaker 3: There you go.

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Speaker 1: I told you the trade off. I told you the

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Speaker 1: trade off was melodrama.

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Speaker 2: Didn't tell us much.

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Speaker 1: Yeah, I told you everything you needed to know. Sure,

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Speaker 1: you know what it shows what brevity can do. Right,

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Speaker 1: give the facts. If we have any of those new

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Speaker 1: listeners still sticking with us after your omnibus story that

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Speaker 1: went on and on and on and on, you know

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Speaker 1: what they just received. They just received everything they need

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Speaker 1: to know about the economy.

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Speaker 3: This week.

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Speaker 1: You are welcome listeners. Men are the people here to

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Speaker 1: help you out.

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Speaker 2: And you know what, the melodrama is back and this

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Speaker 2: is much longer than the story itself. Keep going, Michael,

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Speaker 2: keep it up.

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Speaker 1: No, no, this is I'm taking up Adam's judging time.

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Speaker 3: Now.

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Speaker 1: Adam has started as judging and I'm just adding a

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Speaker 1: little bit of theater to hisudgment.

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Speaker 3: Right, Okay, So Sean Black Friday, Cyber Monday coming up

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Speaker 3: at the end of the month.

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Speaker 2: What's that got to do with anything? What's that got

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Speaker 2: to I didn't even mention it.

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Speaker 3: No, they could factor into the judgment anyway. This change

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Speaker 3: from retail physical to online and the way it's internationalizing retail.

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Speaker 2: I didn't mention that either.

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Speaker 3: I know at the end of this month, we've got.

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Speaker 2: To judge what I said. Can you judge what I

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Speaker 2: said as opposed to carrying on about what you like?

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Speaker 2: When I think about, Oh my.

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Speaker 3: God, so Christmas coming up, massive retail part of the year.

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Speaker 3: Retail is hugely important here, and there's been a big change,

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Speaker 3: you know, from internationalization of brands and what I'm seeing

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Speaker 3: in what you've talked about my own Premier wilworstlows profit

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Speaker 3: forecast mosaic brains. Mosaic brands.

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Speaker 2: Is all those brains. Good word, Adam, good word brain brain.

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Speaker 2: Not a lot of years going on here, go on.

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Speaker 1: I think he's making valid points.

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Speaker 3: Amalgamating really is as a competition to those very changes

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Speaker 3: in the industry. So I think your stories are absolutely fascinating.

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Speaker 3: Consumer spending is about sixty percent of the economy.

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Speaker 2: I'm gone, Michael, I'm gone.

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Speaker 3: So you really really good.

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Speaker 1: I'm sensing the SmackDown there.

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Speaker 3: Is, however, the fact that inflation is coming down, albeit

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Speaker 3: assisted by grants on energy by the government. This is

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Speaker 3: good news, and I think is the most important thing

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Speaker 3: is interest rates coming down. So for me, a bigger

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Speaker 3: story of the week is the headline inflation number.

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Speaker 2: So did you judge my story on my story or

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Speaker 2: your story?

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Speaker 3: Adam yours?

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Speaker 1: He was trying to help you out there, Sean. I

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Speaker 1: was trying to give you a bit of extra That

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Speaker 1: was the intent.

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Speaker 2: Mind you. Michael's better at Michael's better at economics when

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Speaker 2: he doesn't say much.

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Speaker 1: Isn't it funny? What this has taught me is that

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Speaker 1: you know what if I just if it's to the

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Speaker 1: bare minimum, there's a chance I could actually win.

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Speaker 2: Surely not most remarkable, most.

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Speaker 1: Remarkable story, Go for it. Look mine's actually a really

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Speaker 1: serious story. The most remarkable story this week was the

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Speaker 1: findings of an inquiry into the response to the COVID

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Speaker 1: pandemic this week, and it was so so wide ranging.

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Speaker 1: There was a public servant seen, a public servant, an epidemiologist,

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Speaker 1: and an economist examining every single aspect.

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Speaker 2: Is this like a joke?

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Speaker 1: Sounds like a joke, doesn't it They walk into a

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Speaker 1: bar yep, And so look, just highlighting a couple of

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Speaker 1: the key kind of findings because there was just so

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Speaker 1: it was just so broad. They did point out that

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Speaker 1: there were courageous decisions taken early on during the pandemic

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Speaker 1: by and these were by governments plural within Australia, so

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Speaker 1: both federal and state. Those courageous decisions included international border closures,

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Speaker 1: moving really quickly to do that, and also setting up

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Speaker 1: the National Cabinet, which they said worked really well to

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Speaker 1: begin with and was a very effective kind of tool

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Speaker 1: for getting information out there. They said, without these kind

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Speaker 1: of early decisions, the death toll would have been much higher,

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Speaker 1: so kind of a significant point. Those were the early

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Speaker 1: lockdowns the job keeper system as well helped to build

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Speaker 1: a sense of kind of national purpose, which I thought

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Speaker 1: was okay. That probably reflected a lot of people's experiences

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Speaker 1: within the early days of the pandemic that it felt

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Speaker 1: like everyone kind of was moving in the same direction.

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Speaker 1: There were decisions made quickly. The thing that the inquiry

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Speaker 1: really then pointed out was that that trust in government,

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Speaker 1: in the health system, etc. Was eroded as the lockdowns

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Speaker 1: wore on, and there was a lack of reasoning, a

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Speaker 1: lack of transparency as to why it was necessary, and

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Speaker 1: they were inconsistently applied from state to state, and that

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Speaker 1: there was the slow vaccine roll out, and that was

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Speaker 1: then eroding the trust. The social impact. See this is

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Speaker 1: how broad this report was, that it went into the

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Speaker 1: social impact then as well today, not just at the time,

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Speaker 1: the fact that it's still being felt with the impact

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Speaker 1: on children and mental health, their academic performance, an increase

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Speaker 1: in family and domestic violence as well during that period

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Speaker 1: which is still obviously being felt today. The economic impact profound,

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Speaker 1: enormously significant.

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Speaker 2: There was leave the economic impact that profound, Just move on,

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Speaker 2: I mean the huge Adam will like that one one word.

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Speaker 1: Profound, huge amount spent by governments that contributed obviously to

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Speaker 1: the inflation challenge, again something that we are still dealing

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Speaker 1: with today. As I mentioned in our lead story, our

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Speaker 1: lead story, my main story, which really became the lead

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Speaker 1: story of the show, didn't it, because it one the

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Speaker 1: whole thing today. This whole report remarkable because of its scope.

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Speaker 1: They looked at everything here and the most important part

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Speaker 1: is that it is designed to help develop a blueprint

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Speaker 1: for what to do because, as the Minister said when

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Speaker 1: they were handing down this report, there will be another pandemic.

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Speaker 1: We don't know when it will be, we don't know

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Speaker 1: what it will be, and that this is absolutely vital

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Speaker 1: to look at what worked, look at what didn't, so

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Speaker 1: that next time we are able to do it even better.

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Speaker 1: There you go. That's it short, I just did good.

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Speaker 2: It's a quick comment on that the pylon, on the

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Speaker 2: state governments that's happened since that report, and on the

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Speaker 2: Reserve Bank and others. I think it's really unfair. Hindsight

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Speaker 2: is twenty twenty, yeah right, And I just I think

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Speaker 2: the report's great. I mean obviously about stuff that happened

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Speaker 2: long time ago. So I've got nothing to do with

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Speaker 2: this week. But what I do think is difficult is

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Speaker 2: that they had this pylon saying are those premiers were

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Speaker 2: hopeless and they're all doing their best at the time,

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Speaker 2: And I think that's really unfair.

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Speaker 1: Sure, I think you're absolutely right. And this was the

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Speaker 1: funny thing was that so much of the coverage after

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Speaker 1: this report handed was handed down focused on all those

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Speaker 1: negative parts. And when I went back and kind of

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Speaker 1: did some more reading into it, I felt, actually the

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Speaker 1: report was not critical, It was not universally critical. The

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Speaker 1: fact that they said that there were a lot of

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Speaker 1: really good decisions made, and the fact is that the

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Speaker 1: end result is that the death toll in Australia would

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Speaker 1: have been much high if the government's plural had not

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Speaker 1: acted in the way that they did. Yeah, so I

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Speaker 1: completely agree with you.

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Speaker 2: Yeah dad. Story. So, the most remarkable story for mine

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Speaker 2: cepfernuation funds we found out this week spent more than

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Speaker 2: four hundred million dollars four hundred million dollars that's members

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Speaker 2: retirement savings on marketing and sponsorships. In the twenty twenty

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Speaker 2: three financial year. They gave about forty million dollars to unions.

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Speaker 2: The ten biggest spent three hundred million. Ossie super favorite

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Speaker 2: of all three of ours, I know, I did the

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Speaker 2: pacelips Osi Super sixty million dollars in marketing it was

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Speaker 2: the highest. Forty three million dollars of that was on advertising,

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Speaker 2: Australian Timement Trust forty two million, up there with SeaBus

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Speaker 2: Hester Aware super host Plus was thirty million, including twelve

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Speaker 2: million dollars on sponsorships Richmond Tigers, Thousanding, Rabbos, et cetera.

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Speaker 2: In total, super funds spent eleven billion dollars on expenses. Now,

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Speaker 2: more than one third of that was to investment related

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Speaker 2: ex spenses, eleven percent to advice. There's also wages administration.

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Speaker 2: I mean, these are massive, massive funds, right, So I

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Speaker 2: don't think eleven billion actually is that. It's a lot

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Speaker 2: of money, but I don't think it's out of control.

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Speaker 2: When they're talking about three or four trillion dollars of

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Speaker 2: management here, about five and a half percent of that

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Speaker 2: with marketing, advertising and sponsorship. So I think that's probably

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Speaker 2: the measure that you've got to think about. OPRA is

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Speaker 2: trying to crack down on inappropriate spending by superfunds. Now,

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Speaker 2: the funds themselves said that advertising and sponsorship deals are

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Speaker 2: cost effective ways of increasing their size and customer engagement,

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Speaker 2: which in turn benefits members. Definitely truth in that because

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Speaker 2: superfunds have been merging over the past few years, because

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Speaker 2: once there's great size, you get economies of scale. It

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Speaker 2: does help members. So this isn't just oh my god,

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Speaker 2: they've spent four hundred million dollars, what a waste. That's

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Speaker 2: not fair because it does actually give them economies of scale.

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Speaker 2: The Association of Super Funds of Australia Chief execut of

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Speaker 2: Mary Della Hunty, he's been on the show a few times.

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Speaker 2: She said marketing spend, when managed, effectively improved members financial

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Speaker 2: positions by helping them make more informed decisions. Pretty good

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Speaker 2: argument as well. The spending also helps funds compete, communicate

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Speaker 2: and deliver a value in a free market environment. According

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Speaker 2: to as tell A Hunting true. But the bottom line,

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Speaker 2: four hundred million dollars in spending on marketing it's a

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Speaker 2: remarkably large amount of money. I can't decide where I'm

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Speaker 2: falling on this story, whether it's money well spent or not.

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Speaker 2: And I think it's great that the regulator is keeping

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Speaker 2: an eye on this. I can't decide myself that I'm

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Speaker 2: happy or not happy about it because I actually think

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Speaker 2: the funds, the super funds have a very valid point

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Speaker 2: because if you can get more members in, you do

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Speaker 2: get economies of scale and that actually does lower cost

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Speaker 2: longer term. Anyway, remarkable amount of money, Adam.

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Speaker 3: Yeah, it's a huge investment, and show it to your point.

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Speaker 2: I think now I started with me again, Michael, we

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Speaker 2: knew where this was going and where this was going.

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Speaker 2: Go on, Adam, Sorry we interrupted.

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Speaker 3: It is a remarkable amount of money. There's an element too,

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Speaker 3: I think of financial education. Now. I know that's probably

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Speaker 3: not an obvious link, but it is great. We have

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Speaker 3: this asset in this country over the last thirty years

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Speaker 3: or so of superannuation. It's magnificent changed the country's financial

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Speaker 3: health and I see it as part education when no,

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Speaker 3: you don't. COVID report is so exceptional, courageous decisions taken

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Speaker 3: early on, and yep, we can all be grateful for

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Speaker 3: them now and we can learn from what we could

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Speaker 3: have done better. So I think it's such an exceptional thing.

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Speaker 3: It is a remarkable report and remarkable story of the

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Speaker 3: week for me. Do you know what that is?

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Speaker 1: Sean?

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Speaker 3: A key for you to gloat?

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Speaker 1: No, I was it's not. Look, I thought you would

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Speaker 1: have learned by now that I'm not a gloater. I

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Speaker 1: will just point that to the scoreboards. It's the grin

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Speaker 1: on your face, the sparkling the eyes. Yeah, the swagon hello, breathing.

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Speaker 2: And so it is.

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Speaker 1: It is two nil right now, which is a landslide. Which,

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Speaker 1: you know what, I don't hold out a lot of

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Speaker 1: hope for the for the sleeper story, only because only

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Speaker 1: because you know what's going to happen. Now. You're going

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Speaker 1: to get a pity point here, Sean.

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Speaker 2: Yeah, Adam does that. If you're down zip to it

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Speaker 2: the break.

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Speaker 4: You're basically away from it even well, I know, I'm

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Speaker 4: just I'm I mean, let's face inflation verse shops and

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Speaker 4: COVID verse, whatever the thing I was talking about, super

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Speaker 4: I mean, I never had a shot in either of

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Speaker 4: those two.

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Speaker 1: Yeah. Having said that, thank God in the past Adam

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Speaker 1: has been willing to make a four nil against me

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Speaker 1: so that there might be there make an opportun here,

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Speaker 1: all right, quick break and we'll come back with a

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Speaker 1: sleeper story.

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Speaker 3: Sean.

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Speaker 1: We are looking for a sleeper story of the week.

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Speaker 1: This is a story that's flying under the radar, or

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Speaker 1: is going to be a story that becomes bigger further

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Speaker 1: down the track, in which case the fuse has been

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Speaker 1: lit during this particular week, preferably not a fuse that

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Speaker 1: was lit perhaps the previous week and has then kind

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Speaker 1: of spilled over into the week that's just gone. What's

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Speaker 1: your story, Sean?

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Speaker 2: My story is I was gonna say about Pandora's Box,

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Speaker 2: but I don't think I will say that. It's actually

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Speaker 2: about the Quantus upgrade saga, which is opening a Pandora's

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Speaker 2: box of issues for politicians, for senior executives, for Quantus,

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Speaker 2: all sorts of issues. Joe Aston, a former commerce at

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Speaker 2: the AFR, lit the fire, so to speak when he

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Speaker 2: released his book on Quantus It infers and Albanez's Anthony

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Speaker 2: ab and Easy. The Prime Minster rang Alan Joyce and

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Speaker 2: asked for upgrades when he was Transport Minister. The Prime

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Speaker 2: Minister's office eventually this week said Miss Alberzi never rang

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Speaker 2: text or emailed mister Joyce for an upgrade, but it

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Speaker 2: took about four days to get there and he equivocated

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Speaker 2: about it non stop. That really lit things. Later in

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Speaker 2: the week, Opposition leader Peter Dunton, who'd been attacking the

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Speaker 2: Prime minister conceded his office had asked Gena Ryan Hart's

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Speaker 2: office to use her company's private jet to travel from

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Speaker 2: Queensland to Sydney to attend a barley bombing service earlier

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Speaker 2: in the year. Mister Duarton said he couldn't get commercial

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Speaker 2: fight the government refused a request for a raft plane

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Speaker 2: private Tartar unreasonable, so they rang Gina. Now the main

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Speaker 2: attack dog from the opposition has been Bridget McKenzie, the

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Speaker 2: opposition transport spokesperson. That's exactly what you'd expect. Late in

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Speaker 2: the week, she actually had to go and check with

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Speaker 2: airlines just in case she had received a few upgrades.

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Speaker 2: Misster Albernese came out. He was talking about greater transparency

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Speaker 2: and trust. This whole issue of the perks of office

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Speaker 2: is huge. This book has lit a fire. I actually,

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Speaker 2: what's interesting, I went to the book launch during the

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Speaker 2: week and Joe was interviewed by James Chesnelho's the editor

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Speaker 2: in chief of the Financial Review. Nowadays, plenty of media

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Speaker 2: types around, really interesting. Some of the fund managers and

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Speaker 2: those sorts of people were around, and basically, I mean,

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Speaker 2: I've known Joe for many years. Is incredible, incredible author.

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00:20:31,880 --> 00:20:33,760
Speaker 2: I was wondering who his sources were. So there I

391
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Speaker 2: was looking at people, and a lot of people looking

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Speaker 2: very sheepish, I must say, But they showed up. But

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Speaker 2: they showed up. The thing about it is that the

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Speaker 2: whole transparency of government and everyone's getting caught up. So

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Speaker 2: it's not just Albanezi and Dutton, it's all politicians. Same

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Speaker 2: with CEOs. There's this whole thing about the Chairman's Lounge,

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Speaker 2: which is an exclusive club quantits offers. I have no

398
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Speaker 2: problems with the Chairman's Lounge whatsoever, if that's its quantus.

399
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Speaker 2: It thinks makes business sense to offer important people member

400
00:21:02,440 --> 00:21:07,119
Speaker 2: the Chairman's lance. Good on whatever. But this thing about

401
00:21:07,320 --> 00:21:10,240
Speaker 2: perks and whatnot, I reckon. This is going to go

402
00:21:10,280 --> 00:21:13,280
Speaker 2: on right up to the next election. Sleeper story, Michael,

403
00:21:13,960 --> 00:21:14,520
Speaker 2: it's a good one.

404
00:21:16,960 --> 00:21:24,360
Speaker 1: Dismissive look at you. I'm not openly dismissive unlike you.

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00:21:24,680 --> 00:21:27,480
Speaker 1: Very quick one for me, A sleeper story that is

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00:21:29,240 --> 00:21:31,400
Speaker 1: stunningly brief. Here we go.

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Speaker 2: The fact is three sentences.

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00:21:36,040 --> 00:21:39,600
Speaker 1: I could probably actually do it in three sentences. By no,

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Speaker 1: I'm not going to don't count them because it might

410
00:21:41,440 --> 00:21:44,600
Speaker 1: be five I don't or six. So it just depends

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Speaker 1: on how much fluff I add it could and don't

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Speaker 1: count these either, because these these are preamble sentences. Okay,

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Speaker 1: by now pay Later is back. That's the heading that

414
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Speaker 1: doesn't count as a sentence. Zip Co, don't make that

415
00:22:01,200 --> 00:22:04,040
Speaker 1: face at me. Sure, way to go. It went away.

416
00:22:04,840 --> 00:22:06,720
Speaker 2: No, it's been growing NonStop.

417
00:22:06,960 --> 00:22:08,400
Speaker 1: No, it hasn't last.

418
00:22:09,240 --> 00:22:09,280
Speaker 4: No.

419
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Speaker 2: No.

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00:22:10,640 --> 00:22:15,480
Speaker 1: Twenty twenty three was a terrible, terrible year for buying

421
00:22:15,480 --> 00:22:19,640
Speaker 1: now pay later. Throughout the year, on various occasions, applications

422
00:22:19,640 --> 00:22:21,399
Speaker 1: for buying now pay later dropped by as much as

423
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Speaker 1: twenty five percent. All right, we had multiple operators collapse.

424
00:22:26,200 --> 00:22:29,560
Speaker 1: We had Layby which was one of them, lay Buy

425
00:22:30,200 --> 00:22:33,440
Speaker 1: and then Open pay as well. We had operators collapsing.

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Speaker 1: The sector was in trouble. It is rubbish. It has

427
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Speaker 1: been in trouble. Like the fact I've just laid out

428
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Speaker 1: the facts. You cannot argue with cold hard facts. Anyway,

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00:22:48,640 --> 00:22:51,320
Speaker 1: that's not I'll let you talk, I'll let you talk.

430
00:22:51,680 --> 00:22:56,080
Speaker 1: Let me keep going. Zipco has been the best performing

431
00:22:56,119 --> 00:22:59,280
Speaker 1: stock of the ASX two hundred over the last twelve months.

432
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Speaker 1: It is worth ten times what it was worth a

433
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Speaker 1: year ago when by Now pay Later was in the doldrums, right,

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Speaker 1: It is quite incredible. It is a comeback. ZIP has

435
00:23:16,680 --> 00:23:20,960
Speaker 1: had a remarkable September quarter used by four million people,

436
00:23:21,080 --> 00:23:25,119
Speaker 1: transactions up forty three percent forty three percent, a lot

437
00:23:25,160 --> 00:23:27,880
Speaker 1: of this being driven by the US of course, as

438
00:23:27,960 --> 00:23:30,760
Speaker 1: interest rates come back down, people are spending again. We've

439
00:23:30,800 --> 00:23:34,640
Speaker 1: seen that this week that by Now Pay Later, which

440
00:23:34,800 --> 00:23:38,000
Speaker 1: was for so long, had this. You had this kind

441
00:23:38,000 --> 00:23:41,200
Speaker 1: of period where it was it was the next big thing,

442
00:23:41,240 --> 00:23:43,440
Speaker 1: and after pay of course it was. It was an

443
00:23:43,480 --> 00:23:49,080
Speaker 1: absolute darling, an absolute Why are you looking at me

444
00:23:49,200 --> 00:23:49,520
Speaker 1: like that?

445
00:23:49,920 --> 00:23:53,200
Speaker 2: Because you're talking about the share prices and I'm talking

446
00:23:53,200 --> 00:23:56,440
Speaker 2: about the actual use of Buy Now, Pay Later. Millennials

447
00:23:56,480 --> 00:23:58,880
Speaker 2: have been using buy Now, Pay Later NonStop.

448
00:23:59,160 --> 00:24:02,919
Speaker 1: Twenty four percent drop in applications throughout last year. That

449
00:24:03,040 --> 00:24:06,600
Speaker 1: is not NonStop twenty four percent drop in applications, Yes,

450
00:24:06,880 --> 00:24:10,400
Speaker 1: in actual I mean that's essentially the use now volume

451
00:24:10,440 --> 00:24:13,199
Speaker 1: is the use. I can get the volume figure. I

452
00:24:13,280 --> 00:24:18,760
Speaker 1: just got one headline keeping it a brief, so you

453
00:24:18,800 --> 00:24:22,080
Speaker 1: cannot argue with the fact that we had multiple providers

454
00:24:22,160 --> 00:24:26,359
Speaker 1: actually collapsing because it is unsustainable anyway. It is back.

455
00:24:26,480 --> 00:24:29,560
Speaker 1: It is clearly clearly back. By Now Pay Later, which

456
00:24:29,560 --> 00:24:33,399
Speaker 1: had become a friendless sector. Oh yes, maybe one friend,

457
00:24:33,480 --> 00:24:37,640
Speaker 1: Sean Aylmer. But everyone else, everyone else just hated it.

458
00:24:37,640 --> 00:24:39,880
Speaker 1: It was the leper of the finance world. Of course,

459
00:24:39,920 --> 00:24:42,400
Speaker 1: one person brave enough to walk amongst the lepers, Sean

460
00:24:42,440 --> 00:24:45,240
Speaker 1: Aylmer once again. But it is coming back into favor.

461
00:24:45,560 --> 00:24:50,760
Speaker 1: It is the sleeper story of the millennium. Might have

462
00:24:50,800 --> 00:24:53,080
Speaker 1: overreached there at the end. I no, no, I don't

463
00:24:53,119 --> 00:24:58,679
Speaker 1: think anyway, adam okay millennium.

464
00:24:58,760 --> 00:25:08,280
Speaker 5: So look, uh, Sean wins in a vexed category because

465
00:25:08,359 --> 00:25:13,920
Speaker 5: both have lineage to previous weeks, of course, but I

466
00:25:13,960 --> 00:25:15,760
Speaker 5: think by now pay later.

467
00:25:15,840 --> 00:25:18,960
Speaker 3: It's been a progressively growing story over the last twelve months.

468
00:25:18,960 --> 00:25:24,840
Speaker 3: Michael twelve month window. It is an incredible recovery. What

469
00:25:24,920 --> 00:25:28,919
Speaker 3: a great Australian story too. But Joe Aston's book The

470
00:25:28,960 --> 00:25:32,560
Speaker 3: Chairman's Lounge was released this week and the challenges got deeper.

471
00:25:33,560 --> 00:25:35,720
Speaker 3: And I do think Sean has a point. There is

472
00:25:35,760 --> 00:25:41,359
Speaker 3: an uncomfortably cozy relationship between many brands. Quantus is a

473
00:25:41,440 --> 00:25:44,359
Speaker 3: rare one. Not many people have a chairman's lounge. Not

474
00:25:44,480 --> 00:25:46,960
Speaker 3: many politicians need a service like this for travel all

475
00:25:47,000 --> 00:25:49,680
Speaker 3: the time, so they get very close and in add

476
00:25:49,720 --> 00:25:51,760
Speaker 3: comfortable way. I really like that story.

477
00:25:52,080 --> 00:25:54,359
Speaker 2: You're a the of alisted company. Were you ever a

478
00:25:54,359 --> 00:25:55,760
Speaker 2: member of the Chairman's Lounge?

479
00:25:56,720 --> 00:25:57,640
Speaker 3: Ten beautiful years?

480
00:25:57,680 --> 00:26:07,440
Speaker 1: Sean, not anymore, though that's funny, ten beautiful years.

481
00:26:07,640 --> 00:26:10,119
Speaker 2: I love that I have this dreadful story, but I

482
00:26:10,160 --> 00:26:11,560
Speaker 2: don't know that I'm allowed to say it on air

483
00:26:12,720 --> 00:26:13,920
Speaker 2: about the Chairman's Lounge.

484
00:26:14,119 --> 00:26:16,320
Speaker 1: So anyway, you have to do it now. You can

485
00:26:16,400 --> 00:26:19,000
Speaker 1: change names to protect the identity of the innocent.

486
00:26:19,119 --> 00:26:19,280
Speaker 3: Yep.

487
00:26:19,400 --> 00:26:21,400
Speaker 2: So I know. I have a friend who was who

488
00:26:21,880 --> 00:26:25,520
Speaker 2: was an editor of a paper, and the friend was

489
00:26:25,560 --> 00:26:27,040
Speaker 2: a member of the Chairman's Lounge for four or five

490
00:26:27,080 --> 00:26:32,760
Speaker 2: years and this friend lost it, like moved on from

491
00:26:32,760 --> 00:26:37,399
Speaker 2: the job and had three months left at the Chairman's Lounge.

492
00:26:37,640 --> 00:26:41,800
Speaker 2: And this friend was taking his partner and kids, of

493
00:26:41,840 --> 00:26:47,719
Speaker 2: which he has many, and his brother and anyway, so

494
00:26:47,760 --> 00:26:49,720
Speaker 2: it was basically my last time ever to get to

495
00:26:49,720 --> 00:26:52,080
Speaker 2: deep my friends last time to get to the Chairman's lounge.

496
00:26:52,119 --> 00:26:55,479
Speaker 2: His friend we walked in. We walked in with eleven people.

497
00:26:57,640 --> 00:26:59,840
Speaker 2: The woman at the desk it was the international one

498
00:26:59,880 --> 00:27:01,600
Speaker 2: and said the airport she had.

499
00:27:01,920 --> 00:27:02,720
Speaker 3: How many.

500
00:27:04,000 --> 00:27:06,840
Speaker 2: Eleven? What am I? What did I have to lose?

501
00:27:07,240 --> 00:27:09,480
Speaker 2: My friend have to lose, and I said, yeah, they

502
00:27:09,640 --> 00:27:11,560
Speaker 2: we're all family literally, and she's.

503
00:27:11,480 --> 00:27:15,320
Speaker 3: Like, okay, well, if we have room.

504
00:27:15,359 --> 00:27:17,480
Speaker 2: She said, leave it with me. You go and help

505
00:27:17,520 --> 00:27:19,800
Speaker 2: yourself to the food. Leave it with me. But now,

506
00:27:19,960 --> 00:27:22,440
Speaker 2: lady she came back, said I can't done the paperwork,

507
00:27:22,440 --> 00:27:23,920
Speaker 2: thanks very much, Mistrailma. And that was that.

508
00:27:25,760 --> 00:27:27,240
Speaker 3: This friend was called mister Alma.

509
00:27:27,520 --> 00:27:28,879
Speaker 2: Yeah, yeah, a friend.

510
00:27:29,840 --> 00:27:32,040
Speaker 1: That is extraordinary.

511
00:27:32,200 --> 00:27:34,439
Speaker 2: It was very funny and I feel slightly bad that

512
00:27:34,480 --> 00:27:41,520
Speaker 2: I did it, but I've admitted it now. Moving on, Sean.

513
00:27:41,280 --> 00:27:44,160
Speaker 3: Wins not just for that last anecdote either.

514
00:27:44,560 --> 00:27:50,200
Speaker 1: Yeah, that was that was great, all right, Sean.

515
00:27:50,200 --> 00:27:53,679
Speaker 2: Yes, yes, I wish I hadn't said that story.

516
00:27:54,200 --> 00:27:57,560
Speaker 1: It's out there now. Shall I go first with this?

517
00:27:57,720 --> 00:27:57,960
Speaker 2: Yeah?

518
00:27:58,280 --> 00:28:02,840
Speaker 1: The favorite story, Favorite story, Favorite story. Only one option

519
00:28:03,600 --> 00:28:07,240
Speaker 1: available to us this week, and it is one that

520
00:28:07,240 --> 00:28:09,320
Speaker 1: we have talked about before, but it has to be

521
00:28:09,359 --> 00:28:13,720
Speaker 1: mentioned again because we are a news podcast and I've

522
00:28:13,720 --> 00:28:16,639
Speaker 1: got to mention the biggest global story of the week

523
00:28:16,760 --> 00:28:22,920
Speaker 1: of the year, the US election is finally, finally, finally

524
00:28:23,520 --> 00:28:26,520
Speaker 1: here the melodrama.

525
00:28:26,480 --> 00:28:31,280
Speaker 3: The theater, but a theater.

526
00:28:32,200 --> 00:28:37,159
Speaker 1: The theater but at its heart, at its heart, a

527
00:28:37,400 --> 00:28:41,719
Speaker 1: vitally important decision to be made the leader of the

528
00:28:41,720 --> 00:28:45,440
Speaker 1: free world, the leader of the world's largest economy. The

529
00:28:45,520 --> 00:28:48,800
Speaker 1: polls here, we are a couple of days out, a

530
00:28:48,840 --> 00:28:52,800
Speaker 1: couple of days out, and the polls are extraordinarily close.

531
00:28:53,040 --> 00:28:56,400
Speaker 1: It is staggering. Who knows where it'll end up. But

532
00:28:56,520 --> 00:28:58,480
Speaker 1: we need to talk about Donald Trump in a garbage

533
00:28:58,520 --> 00:29:06,120
Speaker 1: truck because that man has mastered the photo op, hasn't

534
00:29:06,160 --> 00:29:09,120
Speaker 1: he like it is just it is quite extraordinary when

535
00:29:09,120 --> 00:29:13,640
Speaker 1: you think about if you had said, could any other

536
00:29:13,800 --> 00:29:18,880
Speaker 1: politician have pulled off appearing in a garbage truck and

537
00:29:18,880 --> 00:29:21,880
Speaker 1: not have it reflect negatively on your campaign. It's the

538
00:29:21,960 --> 00:29:24,280
Speaker 1: kind of thing that any media adviser would be no, no, no,

539
00:29:24,320 --> 00:29:26,240
Speaker 1: do not stand near a garbage truck. Do not stand

540
00:29:26,240 --> 00:29:28,120
Speaker 1: near a garbage truck. People will associate you with a

541
00:29:28,160 --> 00:29:31,040
Speaker 1: garbage truck forever. Instead, he's not just standing near it,

542
00:29:31,200 --> 00:29:34,600
Speaker 1: he is driving the bloody thing. It is quite extraordinary.

543
00:29:34,680 --> 00:29:37,080
Speaker 1: And it started, obviously with a comedian. And this is

544
00:29:37,120 --> 00:29:39,880
Speaker 1: how amazing this campaign has been in the way that

545
00:29:39,880 --> 00:29:42,560
Speaker 1: these things have just been turned around. Started with comedian

546
00:29:42,640 --> 00:29:45,240
Speaker 1: at Trump's Madison Square Garden rally, which is an extraordinary

547
00:29:45,280 --> 00:29:48,160
Speaker 1: thing in itself. This week where the comedian called Puerto

548
00:29:48,240 --> 00:29:54,239
Speaker 1: Rico garbage. Joe Biden responded, Joe Biden, right, is he

549
00:29:54,320 --> 00:29:57,320
Speaker 1: with her still? Joe Biden, Well, you wouldn't have thought so.

550
00:29:57,840 --> 00:30:00,520
Speaker 1: And isn't this funny that he had been silent for

551
00:30:00,600 --> 00:30:04,640
Speaker 1: so long, months and months and months then finally pops

552
00:30:04,640 --> 00:30:09,160
Speaker 1: his head up just in time to make a gaff

553
00:30:09,520 --> 00:30:12,520
Speaker 1: right four days out from the election or whatever it was,

554
00:30:12,760 --> 00:30:17,080
Speaker 1: where he said that Trump's supporters were garbage. So Trump

555
00:30:17,160 --> 00:30:19,440
Speaker 1: then got himself into the garbage truck saying, no, they're

556
00:30:19,440 --> 00:30:23,040
Speaker 1: not garbage, they're Americans. And that basically sums up this

557
00:30:23,240 --> 00:30:24,440
Speaker 1: entire election campaign.

558
00:30:24,520 --> 00:30:24,720
Speaker 3: Right.

559
00:30:24,920 --> 00:30:28,480
Speaker 1: We've got rallies, we've got gaffes, and we've got photo opportunities.

560
00:30:28,520 --> 00:30:31,840
Speaker 1: It's been light on policy, it's been big on personality.

561
00:30:32,040 --> 00:30:36,520
Speaker 1: We've had two debates, two candidates from one party, two

562
00:30:36,600 --> 00:30:41,120
Speaker 1: assassination attempts. Joe Biden's intervention after months of silence, probably

563
00:30:41,160 --> 00:30:43,080
Speaker 1: says that they did make the right call in shifting

564
00:30:43,080 --> 00:30:45,320
Speaker 1: to Kamala Harris. Is it going to be enough? We

565
00:30:45,400 --> 00:30:49,240
Speaker 1: will find out on Tuesday, US time. It is my

566
00:30:49,280 --> 00:30:52,600
Speaker 1: favorite story of the week because we are finally, finally there,

567
00:30:52,800 --> 00:30:55,320
Speaker 1: and this week kind of summed up everything anyway, Sean

568
00:30:55,440 --> 00:30:55,960
Speaker 1: over to you.

569
00:30:56,240 --> 00:30:57,680
Speaker 2: So I think that's the biggest thing. I should have

570
00:30:57,760 --> 00:30:59,960
Speaker 2: dropped my retailers and done that as the biggest story

571
00:31:00,160 --> 00:31:03,960
Speaker 2: the week. But it is definitely not my favorite story

572
00:31:03,960 --> 00:31:06,560
Speaker 2: of the week because I reckon most people are sick

573
00:31:06,600 --> 00:31:08,720
Speaker 2: and tired of it. So favorite is the one that

574
00:31:08,760 --> 00:31:12,040
Speaker 2: you really like. The US and I love US politics.

575
00:31:12,080 --> 00:31:14,960
Speaker 2: I follow it, but I'm going to detox on the weekend.

576
00:31:15,080 --> 00:31:18,280
Speaker 2: I've had enough. I don't like it. Actually almost makes

577
00:31:18,320 --> 00:31:21,720
Speaker 2: me angry what's going on. So it's not a favorite story, Michael.

578
00:31:22,000 --> 00:31:24,160
Speaker 2: Mine however, mine, however.

579
00:31:23,840 --> 00:31:28,680
Speaker 1: Stop stop, Adam, do not nod at Sean's points, and

580
00:31:28,720 --> 00:31:31,120
Speaker 1: what was worse? You know, I just need to describe

581
00:31:31,240 --> 00:31:34,800
Speaker 1: what happened just then for anyone who kind of obviously

582
00:31:34,840 --> 00:31:37,320
Speaker 1: isn't in the studio with us, Adam.

583
00:31:37,400 --> 00:31:39,160
Speaker 2: If there's anyone out there that's not in the studio

584
00:31:39,200 --> 00:31:40,200
Speaker 2: with us, this is you.

585
00:31:40,440 --> 00:31:40,760
Speaker 3: Yes.

586
00:31:41,120 --> 00:31:44,280
Speaker 1: And then he picked up his pen. He picked up

587
00:31:44,280 --> 00:31:47,680
Speaker 1: his pen, and he made a note, how dare he?

588
00:31:48,040 --> 00:31:49,200
Speaker 2: Yes? How dare you?

589
00:31:49,600 --> 00:31:53,520
Speaker 1: After Sean made a point about my story, you changed

590
00:31:53,920 --> 00:31:59,160
Speaker 1: my score? I am I have seen you, Lang, I

591
00:31:59,200 --> 00:32:00,080
Speaker 1: have seen.

592
00:31:59,880 --> 00:32:04,160
Speaker 2: You, Mohammed A Lang. We have seen you. My favorite story,

593
00:32:05,080 --> 00:32:07,240
Speaker 2: which is actually a favorite story like something you should

594
00:32:07,280 --> 00:32:11,320
Speaker 2: be happy about, is all about the crisis at Starbucks.

595
00:32:12,240 --> 00:32:14,520
Speaker 2: Now sales at the world's biggest coffee chain of down,

596
00:32:14,640 --> 00:32:17,160
Speaker 2: fewer people coming into stores, grips share price hardly moved

597
00:32:17,200 --> 00:32:18,640
Speaker 2: this year. While it went down, then it went up.

598
00:32:19,720 --> 00:32:22,440
Speaker 2: The problem, according to the new CEO, a guy called

599
00:32:22,440 --> 00:32:27,520
Speaker 2: Brian Nickel, this is his list. Experience is transactional, Menus

600
00:32:27,560 --> 00:32:32,840
Speaker 2: are overwhelming, product is inconsistent, wait is too long, handoff

601
00:32:33,120 --> 00:32:37,400
Speaker 2: is too hectic. Few others added. Eight dollar lattes are

602
00:32:37,400 --> 00:32:41,560
Speaker 2: the coffee shops around eight ingredient drinks take too long

603
00:32:41,720 --> 00:32:44,760
Speaker 2: to make a third of orders a mobile, meaning thoyse

604
00:32:44,800 --> 00:32:46,640
Speaker 2: that you when you walk into a Starbucks and new

605
00:32:46,760 --> 00:32:50,680
Speaker 2: order you have to wait way, way too long. I

606
00:32:50,760 --> 00:32:56,760
Speaker 2: then went and asked what the biggest possible Starbucks order was,

607
00:32:57,800 --> 00:33:00,440
Speaker 2: and I'll give it to you. And I'm trying really

608
00:33:00,480 --> 00:33:03,480
Speaker 2: hard to do this quickly. You can order a quite

609
00:33:03,480 --> 00:33:06,240
Speaker 2: long shot grande and evented cup, half cup, double cup,

610
00:33:06,320 --> 00:33:08,760
Speaker 2: no sleeve, salted caramel mocha latte with two pumps of

611
00:33:08,800 --> 00:33:11,160
Speaker 2: vanilla substitute two pumps of white chocolate micro for moca

612
00:33:11,160 --> 00:33:13,080
Speaker 2: and substitute two pumps the fairs, not for toffee, not

613
00:33:13,200 --> 00:33:16,120
Speaker 2: half whole milk and half bread with no whipped cream,

614
00:33:16,160 --> 00:33:19,400
Speaker 2: extra hot, extra fame, extra caramel drizzle, extra salt, added

615
00:33:19,400 --> 00:33:22,320
Speaker 2: scoop of neila been powdered with light ice, well stirred.

616
00:33:23,440 --> 00:33:26,640
Speaker 1: Really it's quite order, isn't it.

617
00:33:26,640 --> 00:33:30,400
Speaker 2: It is quite the order. So the first steps after

618
00:33:30,440 --> 00:33:32,080
Speaker 2: all that, mister Nichol is going to not charge for

619
00:33:32,160 --> 00:33:35,880
Speaker 2: dairy milk. He's not going to increase prices, his goal

620
00:33:35,920 --> 00:33:39,239
Speaker 2: of people being served within four minutes. But I just

621
00:33:39,480 --> 00:33:41,960
Speaker 2: I kind of like this story of Starbucks at some

622
00:33:42,040 --> 00:33:46,680
Speaker 2: point waking up to itself and realizing all this crap

623
00:33:47,000 --> 00:33:51,640
Speaker 2: that people order actually isn't very good for business, and

624
00:33:51,680 --> 00:33:53,240
Speaker 2: the fact that he's going to make that easier. I

625
00:33:53,280 --> 00:33:56,200
Speaker 2: just think it's I always went to coffee tasting at

626
00:33:56,200 --> 00:34:02,040
Speaker 2: Starbucks in Seattle. No, it is, that is right. So

627
00:34:02,120 --> 00:34:04,240
Speaker 2: you know when you sniffer, you get a glass of

628
00:34:04,280 --> 00:34:09,920
Speaker 2: wine and you sniff it, coffee tasters snorted, oh, and

629
00:34:09,960 --> 00:34:13,680
Speaker 2: I'm not gonna I'm not gonna make the noise. But literally,

630
00:34:13,960 --> 00:34:15,799
Speaker 2: so you're walking around and there was this guy who

631
00:34:15,840 --> 00:34:19,040
Speaker 2: was a chief coffee taster and he's going, you know,

632
00:34:19,120 --> 00:34:23,640
Speaker 2: the noise snorting, noise go the next one were absolutely

633
00:34:24,960 --> 00:34:30,520
Speaker 2: off putting. Anyway, crazy story. Favorite story of the week, Adam.

634
00:34:30,840 --> 00:34:35,759
Speaker 3: Oh, ess, that's a good story. I really like this

635
00:34:36,080 --> 00:34:39,680
Speaker 3: CEO at Starbucks. I think that is awesome the way

636
00:34:39,719 --> 00:34:43,360
Speaker 3: he's come in very clinically going here are the problems

637
00:34:43,400 --> 00:34:47,040
Speaker 3: we need to fix. I think that's just terrific as

638
00:34:47,040 --> 00:34:49,840
Speaker 3: a business story. But the scale of the impact of

639
00:34:49,880 --> 00:34:52,920
Speaker 3: the US election has to get it for me. So

640
00:34:53,000 --> 00:34:57,520
Speaker 3: well known, Michael, it's three to one a landslide.

641
00:34:57,760 --> 00:35:00,919
Speaker 1: That is a landslide. May I ask the point as well, God,

642
00:35:00,920 --> 00:35:03,120
Speaker 1: please don't let it be that rare kind of anomaly

643
00:35:03,160 --> 00:35:05,719
Speaker 1: where suddenly Sean has beaten me on points, because.

644
00:35:05,440 --> 00:35:08,799
Speaker 2: But even before Adam it tells us it's also you know,

645
00:35:08,960 --> 00:35:11,319
Speaker 2: if it's three to one, so you expect to win

646
00:35:11,360 --> 00:35:13,719
Speaker 2: by six or seven points, so when it comes in

647
00:35:13,760 --> 00:35:16,560
Speaker 2: there's like two or three points difference. Disappoint it's a

648
00:35:16,640 --> 00:35:20,720
Speaker 2: dead heat. Yeah yeah, yeah, yeah, yeah yeah.

649
00:35:20,719 --> 00:35:24,840
Speaker 3: Well okay, so it's ninety points to Michael.

650
00:35:24,400 --> 00:35:25,400
Speaker 1: It should have been higher.

651
00:35:27,239 --> 00:35:28,359
Speaker 2: You won take the win.

652
00:35:30,480 --> 00:35:33,240
Speaker 3: Ninety points to Michael, eighty seven points to Sean.

653
00:35:34,760 --> 00:35:37,200
Speaker 1: All right, I'll take it. You know what a win

654
00:35:37,320 --> 00:35:40,719
Speaker 1: is a win that is a good new win. Thank

655
00:35:40,760 --> 00:35:43,600
Speaker 1: you very much, Adam. That is you know what, good

656
00:35:43,719 --> 00:35:49,719
Speaker 1: good judging. Thanks, thanks, thank you Adam for your contribution

657
00:35:50,400 --> 00:35:51,760
Speaker 1: today this week.

658
00:35:52,239 --> 00:35:53,760
Speaker 3: I've done a good job. Thank you, Michael.

659
00:35:53,960 --> 00:35:54,560
Speaker 1: You haven't dden.

660
00:35:54,600 --> 00:35:58,400
Speaker 2: Thank you, Sean, Thank you. Though, I'm just I'm just

661
00:35:58,480 --> 00:36:04,560
Speaker 2: upset that inflation and US election and massive Cavid report.

662
00:36:05,080 --> 00:36:07,160
Speaker 2: How can they win unfair.

663
00:36:08,040 --> 00:36:10,839
Speaker 1: Based on the ever shifting criteria that should have been

664
00:36:10,920 --> 00:36:15,720
Speaker 1: severely punished. That's right, Ah, goodness me market on account.

665
00:36:15,760 --> 00:36:16,080
Speaker 3: I reckon.

666
00:36:16,160 --> 00:36:19,080
Speaker 1: This is the first time that the criteria have actually

667
00:36:19,080 --> 00:36:20,160
Speaker 1: been applied.

668
00:36:21,480 --> 00:36:22,200
Speaker 2: Because you won.

669
00:36:22,680 --> 00:36:28,719
Speaker 1: Yeah, golly. Anyway, Look, make sure you're following the podcast

670
00:36:28,760 --> 00:36:32,960
Speaker 1: and please join us online on LinkedIn, Instagram, TikTok, Facebook,

671
00:36:33,000 --> 00:36:33,480
Speaker 1: and X.

672
00:36:33,800 --> 00:36:34,600
Speaker 3: I'm Michael Thompson.

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00:36:34,680 --> 00:36:35,520
Speaker 2: That was Fear and Greed.

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00:36:35,840 --> 00:36:36,720
Speaker 3: Have a great weekend.