1
00:00:06,000 --> 00:00:07,960
Speaker 1: Welcome to Fear and Greed Q and A, where we

2
00:00:08,000 --> 00:00:11,520
Speaker 1: ask and answer questions about business, investing, economics, politics and more.

3
00:00:11,600 --> 00:00:14,159
Speaker 1: I'm Michael Thompson and every Monday morning we're joined by

4
00:00:14,200 --> 00:00:17,200
Speaker 1: economists Stephen Cookoulis to look at the week ahead. You'll

5
00:00:17,200 --> 00:00:19,439
Speaker 1: find him at the kook dot com. That's t h

6
00:00:19,480 --> 00:00:22,160
Speaker 1: e k o uk dot com and on X using

7
00:00:22,200 --> 00:00:24,480
Speaker 1: the handle the Kirk. Stephen, Good morning.

8
00:00:24,600 --> 00:00:25,560
Speaker 2: Good morning, Michael.

9
00:00:26,120 --> 00:00:29,880
Speaker 1: This week we get inflation figures. And there's never too

10
00:00:30,000 --> 00:00:32,199
Speaker 1: much information when it comes to inflation of fields at

11
00:00:32,240 --> 00:00:34,040
Speaker 1: the moment, because it is the thing that everyone is

12
00:00:34,120 --> 00:00:39,600
Speaker 1: watching so closely. January figures. Let's start with the basics.

13
00:00:40,760 --> 00:00:45,000
Speaker 1: What can this figure tell us and what can't it

14
00:00:45,120 --> 00:00:48,760
Speaker 1: tell us? I suppose I'll start with what it can't

15
00:00:48,960 --> 00:00:49,480
Speaker 1: tell us.

16
00:00:50,200 --> 00:00:53,120
Speaker 2: It can't be definitive in terms of tracking a turning

17
00:00:53,159 --> 00:00:56,560
Speaker 2: point higher all are in the inflation rate. It's one

18
00:00:56,600 --> 00:00:59,840
Speaker 2: month's number. It will be heavily influenced by things like

19
00:01:00,080 --> 00:01:02,600
Speaker 2: petrol prices, which we know were down in the month.

20
00:01:03,480 --> 00:01:07,639
Speaker 2: We've got to remember that January tends to be not always,

21
00:01:07,680 --> 00:01:10,640
Speaker 2: but tends to be a seasonal month where prices go up.

22
00:01:10,880 --> 00:01:12,920
Speaker 2: Firms say first of January, I'm putting up the price

23
00:01:12,920 --> 00:01:16,679
Speaker 2: of my cappuccinos and my for cuts and whatever, and

24
00:01:16,720 --> 00:01:18,200
Speaker 2: so that sort of tends to be a bit of

25
00:01:18,200 --> 00:01:22,200
Speaker 2: a seasonally high month. Okay, So that's what it can't

26
00:01:22,240 --> 00:01:25,959
Speaker 2: really say. That isn't just noise. What it can tell

27
00:01:26,040 --> 00:01:30,920
Speaker 2: us is some guide on the components of inflation. So

28
00:01:31,040 --> 00:01:35,080
Speaker 2: where has the inflation momentum gone up or down? And

29
00:01:35,240 --> 00:01:40,440
Speaker 2: you're building another monthly data point on things like electricity subsidies,

30
00:01:40,680 --> 00:01:44,200
Speaker 2: things like the cost of healthcare, the things that have

31
00:01:44,280 --> 00:01:47,559
Speaker 2: been increasing at a rapid pace. Are there any turning points?

32
00:01:47,640 --> 00:01:51,560
Speaker 2: Dwelling rent is another one. So we'll see the top

33
00:01:51,600 --> 00:01:55,320
Speaker 2: line number. You're probably still holding high in headline turns

34
00:01:55,360 --> 00:01:57,880
Speaker 2: around about three point seven three point eight percent, so

35
00:01:57,960 --> 00:02:01,040
Speaker 2: obviously well above the target range. But the trimmed mean

36
00:02:01,160 --> 00:02:03,720
Speaker 2: might be down to about three point two with a

37
00:02:03,720 --> 00:02:07,720
Speaker 2: bit of luck, so tracking no higher. But we'll just

38
00:02:07,760 --> 00:02:10,880
Speaker 2: be looking at that obviously as the main game in town.

39
00:02:11,680 --> 00:02:15,280
Speaker 1: Okay. And so in terms of the ones that if

40
00:02:15,280 --> 00:02:19,160
Speaker 1: you're Michelle Bullock looking at this data, the items that

41
00:02:19,200 --> 00:02:21,359
Speaker 1: you would be really kind of focusing on to those

42
00:02:21,400 --> 00:02:26,120
Speaker 1: ones that you just mentioned, kind of electricity dwelling, health.

43
00:02:26,400 --> 00:02:28,960
Speaker 1: Those are the big ticket ones where we could actually

44
00:02:29,120 --> 00:02:32,400
Speaker 1: see or get a bit of an indication from them.

45
00:02:32,680 --> 00:02:36,760
Speaker 2: Insurance, education, it's private sector services basically is the one

46
00:02:36,760 --> 00:02:39,799
Speaker 2: that the RBA tends to tends to look at a

47
00:02:39,840 --> 00:02:43,680
Speaker 2: little bit more. Your goods prices, petrol for example, you know, food,

48
00:02:43,919 --> 00:02:46,239
Speaker 2: these sort of things, electronic goods, they're very cheap. The

49
00:02:46,280 --> 00:02:48,960
Speaker 2: Aussie dollar going up in the last couple of months

50
00:02:49,280 --> 00:02:50,880
Speaker 2: or probably a bit too early to have an impact

51
00:02:50,919 --> 00:02:53,200
Speaker 2: in January, but the fact that the Aussie dollar is

52
00:02:53,200 --> 00:02:55,360
Speaker 2: now above seventy whereas what was it three or four

53
00:02:55,400 --> 00:02:58,160
Speaker 2: months ago, it was sixty five ish sense means that

54
00:02:58,160 --> 00:02:59,679
Speaker 2: a lot of the items that are being imported wild

55
00:02:59,680 --> 00:03:02,880
Speaker 2: a little cheaper. Motivehicles, for example, we import one hundred

56
00:03:02,880 --> 00:03:05,960
Speaker 2: percent of them. So if you're a motivehicle dealer right now,

57
00:03:07,120 --> 00:03:11,560
Speaker 2: you can probably keep your selling price unchanged car inflation

58
00:03:11,680 --> 00:03:14,920
Speaker 2: being zero percent, but you'll build your margin because the

59
00:03:14,919 --> 00:03:17,840
Speaker 2: cost of buying that imported car from Korea or Japan

60
00:03:18,040 --> 00:03:21,760
Speaker 2: or from Germany is cheaper because the Aussie dollar's gone up.

61
00:03:23,040 --> 00:03:25,639
Speaker 1: I suppose the big picture and if it take a

62
00:03:25,680 --> 00:03:28,320
Speaker 1: step back from it, how much of inflation right now

63
00:03:29,000 --> 00:03:33,520
Speaker 1: is genuine demand pressure and how much of it is

64
00:03:33,600 --> 00:03:37,920
Speaker 1: just like the cost of living machine, you're housing your

65
00:03:38,040 --> 00:03:42,320
Speaker 1: energy insurance premiums just doing what they almost do naturally

66
00:03:42,400 --> 00:03:42,960
Speaker 1: over time.

67
00:03:43,000 --> 00:03:45,960
Speaker 2: Anyway, that and I think if I've just added to

68
00:03:45,960 --> 00:03:49,000
Speaker 2: your comment, that won't be impacted much by interst rates

69
00:03:49,000 --> 00:03:51,280
Speaker 2: going up or down for that matter. Yeah, yeah, yeah,

70
00:03:51,320 --> 00:03:53,760
Speaker 2: So if interesstrates were to go up or down, most

71
00:03:53,800 --> 00:03:56,000
Speaker 2: of us will still buy the same amount of electricity

72
00:03:56,000 --> 00:03:57,760
Speaker 2: because we have to have to turn on our lights

73
00:03:57,760 --> 00:03:59,760
Speaker 2: at home and all these other things, or will still

74
00:03:59,760 --> 00:04:03,640
Speaker 2: have our insurance premiums to pay. So it's a really

75
00:04:03,680 --> 00:04:06,600
Speaker 2: good point, and the RBA has identified this. Andrew howse As,

76
00:04:06,640 --> 00:04:08,920
Speaker 2: Deputy Governor, as I think we alluded to last week,

77
00:04:08,960 --> 00:04:12,880
Speaker 2: gave us speech two weeks ago now and he noted

78
00:04:12,960 --> 00:04:18,440
Speaker 2: that some of that inflation lift that we saw in

79
00:04:18,520 --> 00:04:22,320
Speaker 2: September and December quarters last year was exactly those prices

80
00:04:22,320 --> 00:04:26,400
Speaker 2: that you referred to, the unwinding of the electricity rebates.

81
00:04:26,800 --> 00:04:29,839
Speaker 2: So instead of getting a seventy five dollars a quarter rebate,

82
00:04:30,000 --> 00:04:33,120
Speaker 2: we're getting nothing. So the cost electricity for us will

83
00:04:33,120 --> 00:04:35,440
Speaker 2: be seventy five dollars higher. That's going to be in

84
00:04:35,839 --> 00:04:38,480
Speaker 2: the inflation numbers, so there's still an element of that

85
00:04:38,520 --> 00:04:41,080
Speaker 2: to wash through. There is always an element of those

86
00:04:41,120 --> 00:04:44,680
Speaker 2: prices being added or subtracted. Excise is indexed, so the

87
00:04:44,800 --> 00:04:48,520
Speaker 2: xis on although frozens are on beer, but excise on

88
00:04:48,680 --> 00:04:52,159
Speaker 2: petrol and tobacco is still going up. And that's sort

89
00:04:52,160 --> 00:04:55,920
Speaker 2: of something that the RBA tries to distance itself from,

90
00:04:56,080 --> 00:04:59,040
Speaker 2: not because they're not cost of living for smokers and

91
00:04:59,160 --> 00:05:03,440
Speaker 2: drinkers and car drivers of internal combustion engine car drivers,

92
00:05:04,160 --> 00:05:07,839
Speaker 2: but they're sort of they're not the thing that interest

93
00:05:07,920 --> 00:05:11,359
Speaker 2: rates influenced. They'll impact the holidays that we take. So

94
00:05:11,400 --> 00:05:13,919
Speaker 2: holiday travel is actually a really important part of what

95
00:05:14,120 --> 00:05:17,719
Speaker 2: they look at. Demand for takeaway food, restaurant meals. These

96
00:05:17,760 --> 00:05:19,720
Speaker 2: are the sort of things that are considered to be

97
00:05:19,839 --> 00:05:23,080
Speaker 2: more discretionary. You don't have to go on a holiday,

98
00:05:23,160 --> 00:05:24,680
Speaker 2: you don't have to eat out, but you do have

99
00:05:24,760 --> 00:05:29,719
Speaker 2: to pay your basic food and basic lifestyle issues.

100
00:05:30,240 --> 00:05:34,440
Speaker 1: Okay, all right. The other thing this week is CAPEX,

101
00:05:34,600 --> 00:05:36,800
Speaker 1: So let's talk kind of business investment for a bit,

102
00:05:36,839 --> 00:05:41,560
Speaker 1: because last this is for the December quarter, and in

103
00:05:41,600 --> 00:05:45,839
Speaker 1: the September quarter we saw a big jump in data

104
00:05:45,880 --> 00:05:48,680
Speaker 1: center spending there's a lot of money being spent on

105
00:05:49,480 --> 00:05:51,560
Speaker 1: building data centers and this is not just a uniquely

106
00:05:51,560 --> 00:05:53,680
Speaker 1: Australian thing. This is kind of happening all around the

107
00:05:53,680 --> 00:05:55,760
Speaker 1: world as part of the AI boom. Are we going

108
00:05:55,800 --> 00:05:58,440
Speaker 1: to see that continue or was it a bit of

109
00:05:58,480 --> 00:06:02,200
Speaker 1: a just a one off surge.

110
00:06:02,880 --> 00:06:05,279
Speaker 2: There was a spike in the September quarter caught us

111
00:06:05,320 --> 00:06:07,560
Speaker 2: all off guard, including the RBA, and it's good news.

112
00:06:07,760 --> 00:06:09,640
Speaker 2: We want to see capex. We want to see business

113
00:06:09,680 --> 00:06:13,760
Speaker 2: investment and bed in machinery and equipment or warehouses or

114
00:06:13,839 --> 00:06:17,520
Speaker 2: hotels or data centers because that's improving the efficiency of

115
00:06:17,560 --> 00:06:20,840
Speaker 2: the economy down the track. Now, my understanding is they

116
00:06:20,839 --> 00:06:23,719
Speaker 2: don't build a data center in one quarter because this

117
00:06:23,800 --> 00:06:26,440
Speaker 2: is actual capex. So you might put the foundations in

118
00:06:26,480 --> 00:06:28,159
Speaker 2: and the walls and the why.

119
00:06:28,720 --> 00:06:30,560
Speaker 1: If you can't build a house in a quarter, I

120
00:06:30,560 --> 00:06:32,920
Speaker 1: don't think it's going to be building a data center

121
00:06:32,960 --> 00:06:33,720
Speaker 1: in a quarter either.

122
00:06:33,920 --> 00:06:35,919
Speaker 2: Yeah. The bottom line, it's going to continue. It's not

123
00:06:35,960 --> 00:06:38,960
Speaker 2: a one and done, you know, whereas if you buy

124
00:06:38,960 --> 00:06:41,640
Speaker 2: a if you're BHP and you buy a couple of

125
00:06:41,680 --> 00:06:44,240
Speaker 2: big diggers, they're just in that quarter and they don't

126
00:06:44,279 --> 00:06:47,200
Speaker 2: necessarily reprint it. Next quarter. A lot of the construction

127
00:06:47,400 --> 00:06:51,599
Speaker 2: side and data centers are part of the construction part

128
00:06:51,640 --> 00:06:54,080
Speaker 2: of the CAPEX numbers, so it's probably going to remain strong,

129
00:06:54,080 --> 00:06:56,760
Speaker 2: which is good news. So we'll be looking at the

130
00:06:56,920 --> 00:07:01,200
Speaker 2: other parts of CAPEX because we know, oh, talk about productivity,

131
00:07:01,279 --> 00:07:04,159
Speaker 2: Oh my goodness. One of the reasons, and there are many,

132
00:07:04,640 --> 00:07:06,920
Speaker 2: One of the reasons why our productivity Austray has been

133
00:07:07,000 --> 00:07:11,600
Speaker 2: so rotten for so long is because our private sector,

134
00:07:11,680 --> 00:07:14,040
Speaker 2: this is not throwing stones at the private sector hasn't

135
00:07:14,080 --> 00:07:17,360
Speaker 2: invested enough in CAPEX, in machinery and equipment so we

136
00:07:17,440 --> 00:07:19,760
Speaker 2: can all do our jobs more efficiently. So we want

137
00:07:19,800 --> 00:07:25,760
Speaker 2: to see private sector CAPEX growing to help boost productivity

138
00:07:25,800 --> 00:07:26,400
Speaker 2: down the track.

139
00:07:26,920 --> 00:07:29,920
Speaker 1: So what is the chain reaction then that that follows.

140
00:07:29,920 --> 00:07:35,200
Speaker 1: So when CAPEX is strong, what what's the order in

141
00:07:35,240 --> 00:07:38,200
Speaker 1: which things happen. Is it an improvement of productivity? Does

142
00:07:38,280 --> 00:07:41,560
Speaker 1: it impact wages? Hiring? Kind of what's the chain reaction

143
00:07:41,680 --> 00:07:44,119
Speaker 1: that follows.

144
00:07:44,240 --> 00:07:46,880
Speaker 2: I'll try to give a stylized example to make this

145
00:07:46,960 --> 00:07:50,360
Speaker 2: please easy for both me and hopefully to understand and

146
00:07:50,440 --> 00:07:55,720
Speaker 2: for me. Yeah, you buy some machinery, you're you're manufacturer

147
00:07:55,720 --> 00:07:59,600
Speaker 2: of something, and you might have had a process where

148
00:07:59,640 --> 00:08:04,040
Speaker 2: you had five five workers, a couple of decent machines,

149
00:08:04,080 --> 00:08:07,200
Speaker 2: and you churned out your finished product. You invest a

150
00:08:07,280 --> 00:08:10,800
Speaker 2: chunk of money in a new machine. So this is

151
00:08:10,880 --> 00:08:14,440
Speaker 2: capital intensive productivity, and you think, well, I can produce

152
00:08:15,360 --> 00:08:19,240
Speaker 2: double the amount with my new whiz bang super efficient machine.

153
00:08:19,760 --> 00:08:21,880
Speaker 2: I only need to employ two people to run it.

154
00:08:22,960 --> 00:08:26,440
Speaker 2: And after the capital cost, which of course is a

155
00:08:26,440 --> 00:08:31,080
Speaker 2: thing you can depreciate, you can be more profitable. So

156
00:08:31,160 --> 00:08:35,839
Speaker 2: it does require the initial capex to happen first, then

157
00:08:35,880 --> 00:08:39,040
Speaker 2: you see how efficiently it runs. Then you see do

158
00:08:39,120 --> 00:08:41,200
Speaker 2: I need as many workers as I did? So you

159
00:08:41,240 --> 00:08:44,000
Speaker 2: can lose jobs because of this. That's the sort of

160
00:08:44,640 --> 00:08:46,800
Speaker 2: I call it a dilemma. But that's how productivity improves

161
00:08:46,840 --> 00:08:50,800
Speaker 2: more output per worker, and so you hopefully get that

162
00:08:51,520 --> 00:08:55,839
Speaker 2: productivity from better machinery, more efficient road transport. And that

163
00:08:55,880 --> 00:08:59,520
Speaker 2: includes things like infrastructure, which is why so many productivity people,

164
00:08:59,520 --> 00:09:05,280
Speaker 2: including the Productivity Commission, Daniel Woods, logistics and transport. Infrastructure

165
00:09:05,360 --> 00:09:09,120
Speaker 2: is a critical part of the whole productivity puzzle.

166
00:09:10,800 --> 00:09:15,040
Speaker 1: All right, less, No, it's an interesting thing, and I

167
00:09:15,080 --> 00:09:17,160
Speaker 1: was just thinking about how that then plays out for wages.

168
00:09:17,440 --> 00:09:21,040
Speaker 1: For instance, say those two remaining workers or the two

169
00:09:21,080 --> 00:09:25,240
Speaker 1: or three that were left now using that new machine.

170
00:09:25,520 --> 00:09:28,600
Speaker 1: Because arguably you could say that, hey, wages could either

171
00:09:28,679 --> 00:09:32,880
Speaker 1: remain quite level because there's more people unemployed out there

172
00:09:32,880 --> 00:09:35,280
Speaker 1: those two that have already left then, and so there's

173
00:09:35,360 --> 00:09:38,640
Speaker 1: more competition for jobs. But also those jobs that are

174
00:09:38,760 --> 00:09:42,400
Speaker 1: left have become more skilled because they're using a more

175
00:09:42,440 --> 00:09:48,640
Speaker 1: advanced piece of technology. So there is a cause therefore

176
00:09:48,679 --> 00:09:49,520
Speaker 1: wages to rise.

177
00:09:50,200 --> 00:09:53,920
Speaker 2: And the firm is making more money from being more

178
00:09:53,960 --> 00:09:58,400
Speaker 2: efficient in its production process. So in addition to the profitability,

179
00:09:58,760 --> 00:10:01,560
Speaker 2: profits going up. Because I've got an efficient machine that

180
00:10:01,600 --> 00:10:03,800
Speaker 2: does all this stuff, I can afford to pay my

181
00:10:03,920 --> 00:10:07,480
Speaker 2: workers a little bit more retain my talent. That's often

182
00:10:07,520 --> 00:10:09,640
Speaker 2: been an issue that I've heard when I speak to

183
00:10:09,679 --> 00:10:13,360
Speaker 2: a lot of businesses that not only is it somewhat

184
00:10:13,400 --> 00:10:17,319
Speaker 2: difficult to attract new talent new workers to my particular business,

185
00:10:17,679 --> 00:10:20,240
Speaker 2: but the existing workers I'm scared of losing them that

186
00:10:20,280 --> 00:10:22,640
Speaker 2: are competitive will take them. So if you bump up

187
00:10:22,640 --> 00:10:24,640
Speaker 2: their pay a little bit, you're probably more inclined to

188
00:10:24,720 --> 00:10:27,640
Speaker 2: keep them. So that's how the wage thing settles for

189
00:10:27,679 --> 00:10:30,400
Speaker 2: the workers who have lost their jobs. Why you've got

190
00:10:30,440 --> 00:10:32,640
Speaker 2: to grow the economy. This is why we economists are

191
00:10:33,440 --> 00:10:36,319
Speaker 2: obsessed about continued economic growth because if you lose your

192
00:10:36,440 --> 00:10:41,080
Speaker 2: job in the car industry, hopefully there's another part of

193
00:10:41,080 --> 00:10:45,560
Speaker 2: the economy that is growing, building data centers, data centers.

194
00:10:45,920 --> 00:10:49,240
Speaker 2: I know the labor is not necessarily automatically transferable, of course,

195
00:10:49,280 --> 00:10:51,600
Speaker 2: of course, but if your economy is going strongly enough,

196
00:10:51,760 --> 00:10:54,320
Speaker 2: you do create enough jobs to keep the unemployment rate

197
00:10:54,400 --> 00:10:55,080
Speaker 2: relatively low.

198
00:10:55,840 --> 00:10:57,600
Speaker 1: All right, we are well and truly out of time.

199
00:10:57,679 --> 00:11:02,640
Speaker 1: In thirty seconds last week, we had wages with real

200
00:11:02,679 --> 00:11:05,920
Speaker 1: wages going backwards, and we had a labor market that

201
00:11:06,080 --> 00:11:08,520
Speaker 1: is still tight, unemployment rate at four point one percent.

202
00:11:08,600 --> 00:11:10,040
Speaker 1: Put it all together, what's it mean?

203
00:11:10,840 --> 00:11:14,680
Speaker 2: They were good numbers basically Okay, the real wages numbers

204
00:11:14,880 --> 00:11:17,200
Speaker 2: were a little bit weaker, wages increasing in the pace

205
00:11:17,280 --> 00:11:21,640
Speaker 2: slower than the inflation rate. But from an inflation management perspective,

206
00:11:21,960 --> 00:11:25,080
Speaker 2: the RBA would not be unhappy with those results, because,

207
00:11:25,320 --> 00:11:28,200
Speaker 2: as we just discussed, labor costs are an important part

208
00:11:28,240 --> 00:11:31,600
Speaker 2: of business costs, and while we want to see wages increasing,

209
00:11:32,040 --> 00:11:35,080
Speaker 2: there's this goldilocks not too hot, not too cold, three

210
00:11:35,120 --> 00:11:38,200
Speaker 2: point four increase in the WPI Wage price index is

211
00:11:38,200 --> 00:11:42,400
Speaker 2: about right. Labor market lovely four point one unemployment rate

212
00:11:42,480 --> 00:11:46,440
Speaker 2: that's close to or at full employment. Another seventeen eighty

213
00:11:46,559 --> 00:11:51,080
Speaker 2: thousand jobs created in the month. So we've got the RBA.

214
00:11:51,160 --> 00:11:54,640
Speaker 2: We're sort of focusing on their inflation mandate. They've also

215
00:11:54,679 --> 00:11:57,160
Speaker 2: got a mandate for full employment. On the full employment

216
00:11:57,200 --> 00:12:01,280
Speaker 2: part of their mandate undoubtedly a tick. Now they've got

217
00:12:01,280 --> 00:12:03,120
Speaker 2: to work on the inflation side to get that back

218
00:12:03,160 --> 00:12:05,440
Speaker 2: to the target band. But on the full employment side

219
00:12:05,480 --> 00:12:09,120
Speaker 2: of the ledger from the RBA mandate to maintain full

220
00:12:09,160 --> 00:12:11,960
Speaker 2: employment for every Australian. I think we can give them

221
00:12:12,480 --> 00:12:13,920
Speaker 2: nine point five out of ten.

222
00:12:14,640 --> 00:12:18,280
Speaker 1: That's a pretty good score. He's an excellent score. All right, Stephen,

223
00:12:18,559 --> 00:12:21,240
Speaker 1: Once again I've used you as my economics tutor. Thank

224
00:12:21,280 --> 00:12:23,000
Speaker 1: you very much for your time. Enjoy the week ahead.

225
00:12:23,559 --> 00:12:24,160
Speaker 2: Thanks Michael.

226
00:12:24,320 --> 00:12:26,920
Speaker 1: That was economist Stephen Coo Coolest, better known as the Kok.

227
00:12:27,040 --> 00:12:29,240
Speaker 1: You can find him at the kouk dot com and

228
00:12:29,280 --> 00:12:31,480
Speaker 1: follow him on excusing the handle of the Kok. Oh

229
00:12:31,520 --> 00:12:33,480
Speaker 1: Michael Thompson And this is Fear and Greed Q and

230
00:12:33,559 --> 00:12:33,599
Speaker 1: a