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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. Are

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

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Speaker 1: Our weekend show is obviously vastly different. This is a

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Speaker 1: completely different beast to the weekday show. It is about

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Speaker 1: the two of us, each nominating what we think is

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

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Speaker 1: a sleeper story, and then our favorite story. And it

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Speaker 1: is a competition. We need to win, well, one of

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Speaker 1: us needs to win. We can't both win. And to

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Speaker 1: do that we need to judge. That judge every week

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Speaker 1: most weeks, actually not every week, and I'll come to

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Speaker 1: that in a second. That judge is our Fear and

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Speaker 1: Greed colleague, Adam Lang Adam, good.

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Speaker 2: Morning, Good morning Michael.

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Speaker 3: Look, last week I was judging shambles, absolute shambles. The

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Speaker 3: show went for forty six minutes. We're trying to do

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Speaker 3: thirty minute shows. Michael the judge, therefore he speaks less

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Speaker 3: than the competitors. What happened fifty percent longer?

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Speaker 1: No, what happened was Sean. Finally, finally we had somebody

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Speaker 1: willing to impose law and order.

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Speaker 4: On this program forty six minutes. Yep, sometimes justice takes time, Sean.

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Speaker 3: I apologize to listeners out there who thought they're in

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Speaker 3: for a thirty minute listen. They got forty six minutes.

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Speaker 2: Now.

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Speaker 3: Obviously every word of gem so I'm sure everyone kept

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Speaker 3: it that forty six minutes today though, thirty minutes, guarantee.

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Speaker 4: Let's do it. That's our challenge.

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Speaker 1: We're going to keep this short, Adam, with brevity in mind.

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Speaker 1: What are you looking for today in your judging criteria?

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Speaker 5: Okay, topicality obviously, timeliness has to be from this week.

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Speaker 5: Economic impact has to be related to business. It has

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Speaker 5: to play to my pure subjective bias a little bit

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Speaker 5: and a good dose of melodrama.

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Speaker 2: I hope.

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Speaker 4: I love that you say.

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Speaker 1: Obviously after a few of those, there's nothing obvious about

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Speaker 1: your judging criteria, and there's nothing obvious about the way

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Speaker 1: that they are implemented. Last week I introduced demerit points

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Speaker 1: for misbehavior, and I'm just saying that was received very

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Speaker 1: very well, not by either of you two, but by well.

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Speaker 3: I ended up with four demerit points and I still won, Adam.

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Speaker 2: Go on by a la slide. Tim Burrows, he was

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Speaker 2: rewarding sledging.

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Speaker 3: He was rewarding sledging.

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Speaker 1: Yeah, so we've had some variety that's misbehavior.

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Speaker 4: I would have penalized that. Goodness.

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Speaker 1: Maybe maybe Tim and I should just judge each other

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Speaker 1: and or just penalize each other all over the place.

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Speaker 4: Well that sounds moving on.

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Speaker 3: I'm going to tell you the biggest story of the week,

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Speaker 3: because I do not want to go anywhere where Michael's

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Speaker 3: mind is going at the moment. Biggest story of the week, Adam,

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Speaker 3: one of the biggest stories of the year, I reckon.

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Speaker 3: Federal Treasurer Jim Chalmers directed the Future Fund to prioritize

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Speaker 3: investments in housing, renewable energy, and infrastructure. He told the

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Speaker 3: Future Fund how to invest. It's the first time in

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Speaker 3: the fifteen year history that the government's actually mandated fifteen years,

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Speaker 3: like eighteen years, eighteen year history, how the governments mandated

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Speaker 3: how the Future Fund should invest.

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Speaker 4: Your credibility is shot now, Sean, just just eighteen years.

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Speaker 3: Yep, that's strugg two hundred and thirty billion dollar fund.

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Speaker 3: Jim Chalmers said, you knew it. We're going to tell

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Speaker 3: the Future Fund how to invest. But it won't come

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Speaker 3: at the expense of performance, and we are committed to

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Speaker 3: its independence and commercial focus. Hello, that's not how it works,

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Speaker 3: Jim oh. Established in two thousand and six by the

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Speaker 3: Howard government, the idea was to pay for federal government

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Speaker 3: employee pensions, and new mandate says the Future Fund must

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Speaker 3: consider Australia's national priorities, stuff like residential housing, supporting the

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Speaker 3: energy transition, and delivering improved infrastructure. I have no issues

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Speaker 3: with any of those. They're really important national priorities. But

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Speaker 3: call it what it is. Don't actually try and lie

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Speaker 3: to us and say, hey, let's just change the mandate

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Speaker 3: and the returns will be the same. Say we're going

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Speaker 3: to use the Future Fund from really important stuff and

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Speaker 3: be upfront about it. I actually have no problems with that. Now,

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Speaker 3: the Future Farm doesn't have members. It's only got one

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Speaker 3: member really, which is just one government, which is actually

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Speaker 3: every one of us. Michael said, Chill, it's a bit

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Speaker 3: different to this.

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Speaker 4: You should just penalize him, Adam, penalize him.

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Speaker 1: Or interrupting because he's using deliberately suggestive language talking about

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Speaker 1: the Future Fund having one member.

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Speaker 2: Well, that's hardly a first.

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Speaker 3: Oh hello, goodness, me superfunds for trillion dollar industry, millions

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Speaker 3: of members, no doubt. However, the superannuation I mean Jim

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Speaker 3: Talmers wants the superannuation funds to put money into some

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Speaker 3: of these ideas too. How are you childish boys? The

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Speaker 3: thing is a superfund is legislated to look after the

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Speaker 3: members financial interest interest, where as the not the future fund,

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Speaker 3: the superannuation funds are the future funds. I've totally lost

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Speaker 3: end of the day, Right, it's a good idea of not. Kristall,

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Speaker 3: the former chair, says no. David Murray, the first chair,

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Speaker 3: is more he said, Look, basically, investment returns more vulnerable.

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Speaker 3: Everyone loses in an interventionist world. Anytime you put restrictions

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Speaker 3: on investing, it can hurt returns. Sometimes that's a good thing, right,

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Speaker 3: I don't want to invest in tobacco companies. I think

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Speaker 3: they should invest more in ESG issues like that. Right,

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Speaker 3: But call it for what it is, Jim Chalmers. Don't say, oh,

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Speaker 3: we're doing this, it won't hurt returns. You're lying. The

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Speaker 3: fund's actually done really well. It's everything about eight point

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Speaker 3: three percent over the past decade. Thing I'm worried about

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Speaker 3: a bit of a slippery slope. This you start playing

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Speaker 3: around with it, who knows where it goes? Michael, get

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Speaker 3: your mind off the members. Biggest story of the week

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Speaker 3: for you. Gotta say that was very long, Sean. Oh dear,

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Speaker 3: that was unintended that your story took a long time

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Speaker 3: to cover.

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Speaker 4: There we go, How is it you?

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Speaker 1: We are trying to do it in thirty minutes? Are

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Speaker 1: under and you have used what of our time and

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Speaker 1: just one story?

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Speaker 2: Have you actually made ground on your story yet? Yeah?

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Speaker 3: I don't think so. Don't think of sa.

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Speaker 4: This isn't about me. This is you know what demerit?

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Speaker 4: You both now have one demerit.

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Speaker 3: Thanks give me one week, one week's judging and off

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Speaker 3: of guys. Oh go on.

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Speaker 1: Biggest story this week is actually all about culture. Culture, culture, culture, culture,

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Speaker 1: I'll say it again culture.

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Speaker 4: Rio tinto this week.

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Speaker 1: And I know that I'm appealing to your subjective bias here, Adam,

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Speaker 1: because this is this is something that you live and

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Speaker 1: breathe good corporate culture.

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Speaker 3: Stop sucking up to the jarge to get on with

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Speaker 3: the story, mate.

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Speaker 4: I'm not sucking up.

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Speaker 1: That's that would be dishonorable, and I have to demerish myself.

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Speaker 1: Rio Tinto released this is part two of its report

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Speaker 1: into workplace culture at the miner. This is this is

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Speaker 1: a long ongoing process. There are two years now into

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Speaker 1: this whole process. This has been a long term commitment

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Speaker 1: to fixing a lot of the problems of the past

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Speaker 1: and the present at Rio Tinto. So Liz Broderick, who was,

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Speaker 1: of course the former Sex Discrimination Commissioner, conducted a massive

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Speaker 1: survey of eleven six hundred staff more than one thousand,

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Speaker 1: three hundred interviews. There are a lot of written submissions

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Speaker 1: and everything as well, just assessing where Rio was up

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Speaker 1: to with its cultural transformation. Bullying is still systemic, racism

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Speaker 1: and sexual harassment are common, but there were signs of

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Speaker 1: positive change. Half of respondents said that things are better.

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Speaker 1: There were more reported cases of harassment and racism, so

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Speaker 1: it was kind of like there was there was a

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Speaker 1: bit of a there was a bit of good news,

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Speaker 1: a bit of bad news, but what there was was

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Speaker 1: transparency a little bit of an odd development and Sean

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Speaker 1: You kind of talked a bit about this during the week.

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Speaker 1: The backlash against the company's efforts to promote gender diversity

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Speaker 1: and inclusion. There are some men now claiming that they

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Speaker 1: feel undervalued and overlooked, kind of a form of reverse

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Speaker 1: discrimination or something.

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Speaker 4: Overall, though this I've.

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Speaker 3: Got to interrupt here, right. You know what's quite funny.

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Speaker 3: The men are out there saying I feel undervalued and overlooked. Well, hello,

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Speaker 3: welcome to the world of being a woman for the

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Speaker 3: last two thousand years.

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Speaker 4: Yeah it is now.

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Speaker 1: The fact is to me, Rio deserves to be applauded

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Speaker 1: for what they are doing. They are two years, as

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Speaker 1: I mentioned, into a long term program, and it's not

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Speaker 1: just that they're doing it, it is the fact that

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Speaker 1: they are doing it so publicly. They are making the

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Speaker 1: reports available publicly. They are a massive company and it

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Speaker 1: does have the ability to lead the way almost on

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Speaker 1: cultural accountability after a very very very problematic past. Right

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Speaker 1: and culture has obviously been such a big issue in

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Speaker 1: recent weeks Think nine, Think Wise, Tech, Global, Think Mineral Resources.

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Speaker 1: This story, i would say, is an extraordinary, extraordinary demonstration

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Speaker 1: of the cultural reckoning that has now arrived for Australian companies,

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Speaker 1: led this week by Rio.

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Speaker 3: Tinto One thing I'd like to add to this because

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Speaker 3: we spoke to Liz about this, well not actually about

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Speaker 3: this report. Earlier in the week. We spoke to her

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Speaker 3: and she made the comment to Michael and I that

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Speaker 3: she'd been in the Gobi Desert. Interviewing people like Ria

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Speaker 3: went that far now then made me think, where exactly

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Speaker 3: is the Gobi Desert? Right, Adam? Question for you, mister Powderfinger.

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Speaker 3: Where is the Gobi Desert.

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Speaker 2: In South Australia, isn't it?

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Speaker 3: Yeah?

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Speaker 4: Nice?

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Speaker 3: Start ouch, Yeah it's in Asia and yeah, first let's

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Speaker 3: go out of the country.

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Speaker 2: Why is she in the Gobi Desert?

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Speaker 4: Then this is the highlight of the weekend edition.

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Speaker 3: Ema, Why is she in the Gabi Desert?

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Speaker 2: Then?

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Speaker 3: Oh, that's actually really got me going the Gaby Desert. Michael,

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Speaker 3: do you know what the Gaby Desert is?

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Speaker 1: It's largely in Mongolia and that's where there is a.

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Speaker 3: Big in Rio. Have operations in Mongolia.

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Speaker 4: A massive facility there, don't they a massive facility?

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Speaker 2: So?

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Speaker 5: Did this report expand around the world not just Australia?

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Speaker 3: You got you gotta listen to Fearing Green more often,

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Speaker 3: Adam than you'd understand.

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Speaker 2: I did listen to that interview.

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Speaker 1: You know what, No, that is personal sledging. Next, Adam,

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Speaker 1: join with me, demerit just just say it.

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Speaker 3: It feels good. Demerit anyone demerit. By point, Liz Broderick

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Speaker 3: was in the Gabie Desert. There are an out of

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Speaker 3: Mongolia interviewing people as part of this report, and I

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Speaker 3: mean she didn't say, but you've got to give it

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Speaker 3: to Rio for at least having a crack trying to

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Speaker 3: work out what's going on. Michael said that I like

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Speaker 3: the tree experience anyway to you. Judge Lang.

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Speaker 2: Even endeared me very well.

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Speaker 4: Sere now crush him.

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Speaker 2: I oh god. Both are such big stories. So Michael, culture.

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Speaker 4: Don't do me first. Whoever goes first always losers. It's

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Speaker 4: like a negotiation, isn't it? So?

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Speaker 2: Sean Future Fund?

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Speaker 5: Right, So on the one hand, we've got culture, which

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Speaker 5: is so so important to everybody. However, this change by

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Speaker 5: the Future Fund direction, I think it is an intervention

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Speaker 5: by government and I don't think it's allowing the independence

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Speaker 5: and the free flow of the market. And so I

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Speaker 5: think it was a very interesting choice.

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Speaker 2: But I'm going to do the double.

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Speaker 5: However, on this one I'm going to call I'm going

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Speaker 5: to call it a draw because they both such interesting stories. Really,

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Speaker 5: I think quite controversial by the government to direct the

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Speaker 5: Future Fund, and I really have to applaud Rio tinto. So, yes,

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Speaker 5: we're making progress, but jeez, we've got a long way

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Speaker 5: to go.

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Speaker 3: I'm very very, very very seldom am I satisfied with

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Speaker 3: a drawer. I would say never, in fact, never, and

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Speaker 3: I am today. And I looked at Michael, and he's like, well,

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Speaker 3: that's a fair call. Like, I think both stories are

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Speaker 3: really important.

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Speaker 2: They're great stories.

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Speaker 1: I personally thought I should have won, and when I

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Speaker 1: factor in your two demerit points, I technically did.

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Speaker 4: Now most remarkable story.

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Speaker 3: Go for it, Michael, go for it quickly.

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Speaker 1: Keeping it brief, Keeping it brief because we are We're

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Speaker 1: almost halfway through the allotted time. This is not good,

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Speaker 1: so I'm going to keep it brief. It is Summit season,

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Speaker 1: everyone's favorite season.

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Speaker 3: Summit season. What's that mean?

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Speaker 1: It's summer season when they hold all the international summits,

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Speaker 1: you know, like the G twenty and Apex and all

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Speaker 1: the weathers.

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Speaker 3: They wear the special T shirts.

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Speaker 1: Yeah shit, it's good fun. Everyone, everyone's favorite season. Infinitely

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Speaker 1: better than say spring or summer or any of those

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Speaker 1: nonsense times of year. Summit season, and it has been

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Speaker 1: both remarkable and remarkably unremarkable at the same time, allow

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Speaker 1: me to explain why.

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Speaker 3: Yeah, you're going to have to.

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Speaker 1: Be Prime Minister Anthony Alberanezi attended APEX in Peru, which is,

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Speaker 1: of course the home of Paddington Bear.

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Speaker 4: What it's true, factually accurate?

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Speaker 2: Thank you.

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Speaker 3: You know, Michael's in trouble when he just starts to

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Speaker 3: bring in obscure things like Pattington Bear comes from Peru.

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Speaker 1: Well, can I stay on topic then? On the topic

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Speaker 1: of Peru. Did you see the bloke this month at

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Speaker 1: customs at the airport in Peru.

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Speaker 3: There's more than one Lima okay.

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Speaker 1: At the Lima airport, let's say, I'm assuming it was.

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Speaker 1: And so anyway, he had apped to himself three hundred

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Speaker 1: tarantulas that he was smuggling through through custom live ones, yeah,

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Speaker 1: live ones.

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Speaker 2: Yeah.

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Speaker 1: They were all in like the little containers or jars

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Speaker 1: and all these things like it's just like waddling through.

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Speaker 4: Wow, isn't that cool? Really cool?

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Speaker 2: Yeah?

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Speaker 1: Yeah, I mean they haven't identified him. I'm going to

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Speaker 1: assume that it was not Anthony Albanezi.

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Speaker 3: Back on track.

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Speaker 1: Highly unorthodox for the Prime minister to be smuggling spiders.

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Speaker 1: The we obviously had the PM attending APEC in Peru.

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Speaker 1: Then the G twenty in Brazil. First the remarkable, the

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Speaker 1: big push towards free trade deals. Overall, there's this overall,

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Speaker 1: just this commitment towards free trade. At Apex, everyone was

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Speaker 1: talking about it, despite the fact that in what six

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Speaker 1: and a half seven weeks, Donald Trump becomes president and

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Speaker 1: has pledged tariff's galore, the exact opposite of free trade.

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Speaker 3: Why do you reckon? They were talking about it.

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Speaker 1: Michael, Yeah, but this can I just do this briefly.

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Speaker 1: I really want to do this fast. Please please, no interruptions, demerit, Penn,

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Speaker 1: I've got it, Hovery, I'm going to give you one.

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Speaker 4: I can remove it if I need to.

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Speaker 1: The global security side as well. US President Joe Biden

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Speaker 1: shaking hands with Jijinping. That's good, but see above. Obviously

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Speaker 1: Donald Trump coming in and everything can change potentially in

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Speaker 1: six and a half weeks. Okay, So we've got kind

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Speaker 1: of obviously trade, we've got global security. Then at the

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Speaker 1: G twenty, we had Elbow sitting down with President g

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Speaker 1: who said that all Chinese tariffs and other restrictions on

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Speaker 1: twenty two billion dollars worth of Australian goods were now

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Speaker 1: officially going to be removed, all right, so great, great, fantastic,

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Speaker 1: excellent for Australia in exchange, though China wants more access

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Speaker 1: for Chinese companies investing into Australia. That is the definition

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Speaker 1: of a diplomatic pickle to me. Finally, finally, all of

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Speaker 1: that is remarkable, right because of the impact on global security,

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Speaker 1: on the globebal economy and the Australian economy.

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Speaker 4: There we go, tik tik, tik tik, ticked all of

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Speaker 4: your boxes.

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Speaker 1: There, adam to the remarkably unremarkable just how weak these

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Speaker 1: bodies are and have been in this particular summit season

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Speaker 1: at committing to any kind of meaningful global action. Take

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Speaker 1: the G twenty final communicate, Russia, China, and India essentially

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Speaker 1: allowed to keep polluting beyond twenty fifty, little direction about

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Speaker 1: the war in the Middle East, Russia and Ukraine not

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Speaker 1: even mentioned. I think this is genuinely remarkable that an

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Speaker 1: event that should that should have global impact bring about meaningful,

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Speaker 1: permanent change for the betterment of the entire planet instead

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Speaker 1: had no impact whatsoever. So that's what I mean that

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Speaker 1: it is it is remarkably unremarkable how little they were

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Speaker 1: able to actually achieve at these things. So there you go.

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Speaker 1: That is my story done in record time. Just what

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Speaker 1: thirty eight seconds? What's go about?

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Speaker 4: There are lots of things drove to rehash.

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Speaker 3: No, no, I'm happy to summarize.

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Speaker 1: I reckon I could summarize in about the same time

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Speaker 1: it took me to do the story.

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Speaker 4: Record done.

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Speaker 3: Good, let me move on. I'm not sure what Michael's

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Speaker 3: talking about. I think he was talking about some theoretical

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Speaker 3: trade thing. In me jig, I'm talking about real life

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Speaker 3: cross border transactional.

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Speaker 4: Stuff at Tarantula's.

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Speaker 3: I was talking about that, and well, like that was

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Speaker 3: interesting that part.

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Speaker 4: Of Yeah, that was cross border transactions.

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Speaker 3: The world's largest packaging group Mcore, which did you know

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Speaker 3: that it began as a paper miller on the banks

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Speaker 3: of the Yarra River in Melbourne back in the eighteen sixties.

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Speaker 1: Wow, how many legs would three hundred tarantulas have.

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Speaker 3: When it moved to the New York Stock Exchange. Adam,

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Speaker 3: you would at least have to pretend that you're listening.

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Speaker 4: What did you say? What did you say, Adam?

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Speaker 2: About twenty four hundred isn't it?

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Speaker 4: Did you just do that in your head?

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Speaker 2: Adam?

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Speaker 1: Human calculator Lang. I'm assuming there'd be a couple that

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Speaker 1: have got some missing though. Sorry, Sean, are you guys

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Speaker 1: interested in the show or not? I'm kind of more

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Speaker 1: interested in spiders.

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Speaker 2: To be honest, I'm interested in Sean's story.

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Speaker 3: Now. I'm very put out, now, very very put out.

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Speaker 5: Mcred Australian Company or Origin.

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Speaker 3: Well, yeah, you know, listen to New York if you're

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Speaker 3: back in twenty nineteen, because I've spent about seven billion

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Speaker 3: US buying a company called beamus Co. Anyway, it has

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Speaker 3: made a bid for Berry, which is another big packaging group.

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Speaker 3: If successful, four hundred packaging plants, seventy five thousand staff

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Speaker 3: around the world. The biggest deal on the market, or

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Speaker 3: at least the ASEX. It's kind of secondary trading is

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Speaker 3: on the ASEX, so we're going to include it. But

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Speaker 3: the biggest deal on the second biggest deal because the

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Speaker 3: air Trunk was brought by Blackstone. So in terms of

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Speaker 3: Australian company, the second biggest deal private or public all

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Speaker 3: year and calls all about flexible packaging, buried about Ridge.

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Speaker 3: I've lost interest in the story totally. What I do

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Speaker 3: want to say, though, Adam, massive deal and it's another

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Speaker 3: story of Ossie company doing well between you two fools.

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Speaker 2: Is it a big package of a deal, Sean.

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Speaker 3: It's a package of a deal that's right flexible. I

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Speaker 3: want you to to give me five companies, four companies

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Speaker 3: that are massive, massive, four large companies that have done

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Speaker 3: well overseas in the last ten years.

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Speaker 4: CSL yep, canvas Alassian yep, Busy.

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Speaker 3: James Hardy, a bit longer, a bit longer, James Hardial's thrown. Yeah, anyway,

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Speaker 3: you get that, I get.

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Speaker 4: The aristocrat, Aristocrat, leisure machines.

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Speaker 3: Yep, yep, yep. Mike's got my notes in front of him.

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Speaker 3: Fair advantage, unfair advantage. There you go, Adam Mats Australia

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Speaker 3: thirteen billion dollar. This is, you know, for an listed company,

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Speaker 3: biggest one of the year, et cetera, et cetera. It's

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Speaker 3: actually got something real and tangible about my story.

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Speaker 5: I'm going to try and throw you with my however's

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Speaker 5: this week Michael has his button, his double button, his

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Speaker 5: triple butt.

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Speaker 2: I'm going to throw.

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Speaker 4: I'm sorry, please.

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Speaker 5: Okay, he's starting them ripping Australian story. However, Michael remarkably unremarkable. Jeez,

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Speaker 5: don't these gatherings just prove to be a good exercise

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Speaker 5: for people to have chats. Like Sean, you wrote about

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Speaker 5: this in your newsletter this week. They're good that they

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Speaker 5: happen because the chats happen and they're booked in the calendar,

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Speaker 5: but not a lot happens at the actual meeting. So

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Speaker 5: back to the however, Sean wins love the Amcoorse story,

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Speaker 5: Absolutely love it. Remarkable success in business, well played.

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Speaker 3: Excellent one, Nill, Michael.

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Speaker 4: It's one a half me of the half point that

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Speaker 4: I fought for.

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Speaker 2: Subject to Michael's demerits.

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Speaker 3: We'll be back in a moment with the rest of

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Speaker 3: the show, all.

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Speaker 1: Right, Sean, and we are looking for a sleeper story.

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Speaker 1: A sleeper being a story that is flying under the

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Speaker 1: radar a little bit, not getting the attention that we

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Speaker 1: feel it deserves, and whose fuse has been lit.

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Speaker 4: This week week.

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Speaker 3: So do you know what's happened this week where the

401
00:21:36,119 --> 00:21:39,199
Speaker 3: fuse has been lit and not getting the attention it

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Speaker 3: really deserves. Yes, please, it's the fact that we three

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00:21:44,560 --> 00:21:51,280
Speaker 3: are wearing spectacularly good T shirts this week. We have

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Speaker 3: is that diesel wearing a decent shirt? Adam, you got

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Speaker 3: a powder figure I've got a poor Kelly T shirt.

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Speaker 3: Why are we wearing these? Adam?

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Speaker 5: You bought them for OZ Music T Shirt Day next Thursday.

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Speaker 2: Get to the website.

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00:22:06,720 --> 00:22:11,360
Speaker 5: Support OZ music artists who continue to have careers where

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Speaker 5: they challenge sometimes to remember COVID where they couldn't earn

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Speaker 5: money at all, and now they.

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Speaker 2: Are back on the road again. But cheese, there's plenty

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Speaker 2: of falling on hard times.

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Speaker 5: So culturally very important music in my life and I

415
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Speaker 5: know yours too. So let's support our Australian music industry

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Speaker 5: and particularly the artists themselves.

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Speaker 2: So get on.

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Speaker 5: Board to OZ Music T Shirt Day, buy a T shirt,

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Speaker 5: wear proud, get to a gig.

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Speaker 3: Let's not make it a sleeper story. My sleeper story

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Speaker 3: for the week. Have you guys noticed this week how

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Speaker 3: all these market economists, and we love the market economists,

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Speaker 3: they're our friends. Yes, quietly, let's putting up these little

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Speaker 3: notes saying, ah, we know we said they'd be a

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Speaker 3: rate cut in February to maybe a bit later. This

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Speaker 3: week we had a national Australia bank pushed back to

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Speaker 3: May the earliest. Lysiellas from Westpac. She used to be

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Speaker 3: the chief economist of the Reserve Bank. She's pushed back

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Speaker 3: at least May, so it could be further. The consensus

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Speaker 3: view has gone to May. Well, actually at least May,

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Speaker 3: markets are pricing in a rate cut by September. What

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Speaker 3: happened specifically this week is at the Reserve Bank Board.

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Speaker 3: When its came out, it showed that the Reserve Bank

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Speaker 3: once two quarters, not months, two quarters of low inflation figures.

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Speaker 3: We haven't got that yet. We know that, so the

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Speaker 3: next potential to get that is January, and then the

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Speaker 3: one after that is April. So if they're both low,

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Speaker 3: then we might get a rate cut in May. This

439
00:23:37,920 --> 00:23:40,160
Speaker 3: is a sleeper story because we're not really talking about

440
00:23:40,160 --> 00:23:42,440
Speaker 3: the fact that the whole view. I mean, if you're

441
00:23:42,480 --> 00:23:44,640
Speaker 3: in the market, you probably know, but the rest of us,

442
00:23:45,000 --> 00:23:47,280
Speaker 3: we're not talking about rates. We're not talking about the

443
00:23:47,320 --> 00:23:52,760
Speaker 3: fact that market economists and bond investors now, I don't

444
00:23:52,760 --> 00:23:55,119
Speaker 3: think there's going to be another rate cut until the

445
00:23:55,160 --> 00:23:59,720
Speaker 3: middle of next year. That's twelve months after many people

446
00:23:59,760 --> 00:24:03,359
Speaker 3: thought they should kick in inflation being the problem, not

447
00:24:03,359 --> 00:24:05,800
Speaker 3: even guaranteed we're going to have one. Then, I think

448
00:24:05,800 --> 00:24:07,919
Speaker 3: it's a great sleeper story because interest rates affect all

449
00:24:07,960 --> 00:24:09,480
Speaker 3: of us well not all of us, but most of us.

450
00:24:10,160 --> 00:24:16,240
Speaker 3: And brief, Michael, it wasn't brief. What I like about

451
00:24:16,280 --> 00:24:18,920
Speaker 3: that is the only thing against that story you could

452
00:24:18,920 --> 00:24:21,000
Speaker 3: say wasn't brief?

453
00:24:21,359 --> 00:24:22,800
Speaker 1: Well, no, I was just pointing it out, and I

454
00:24:22,840 --> 00:24:24,960
Speaker 1: was trying to do it quietly and subtly, so that

455
00:24:25,000 --> 00:24:26,960
Speaker 1: it almost didn't look like I said anything, and that

456
00:24:27,040 --> 00:24:28,920
Speaker 1: Adam would think that it was inside his own head

457
00:24:28,960 --> 00:24:31,639
Speaker 1: and then he had to write it down. It's basically

458
00:24:31,720 --> 00:24:34,360
Speaker 1: a psychological manipulation ventriloquism.

459
00:24:34,680 --> 00:24:36,720
Speaker 4: Yeah, pretty much, look my sleeper.

460
00:24:36,800 --> 00:24:39,480
Speaker 1: Sorry, I would like to point out that it is

461
00:24:39,640 --> 00:24:42,480
Speaker 1: just a week exactly a week now since our best

462
00:24:42,520 --> 00:24:48,000
Speaker 1: ever judge handed down a sterling decision.

463
00:24:49,840 --> 00:24:52,159
Speaker 4: In this category. That was obviously me.

464
00:24:52,640 --> 00:24:59,560
Speaker 1: That's the judge awarding Sean full points full points minus demerits.

465
00:24:59,560 --> 00:25:02,919
Speaker 1: Obviously for a cracker of a story about the blowtorch

466
00:25:03,000 --> 00:25:04,800
Speaker 1: being applied to super funds.

467
00:25:05,240 --> 00:25:10,320
Speaker 4: It was a great story. But brace yourself. What's that look.

468
00:25:10,280 --> 00:25:11,760
Speaker 2: For, Adam?

469
00:25:11,800 --> 00:25:16,040
Speaker 5: Well, I'm first you slam the existing judge and then

470
00:25:16,119 --> 00:25:18,399
Speaker 5: you still haven't got into your sleeper story.

471
00:25:18,440 --> 00:25:21,720
Speaker 1: It's not a criticism of existing judges to recognize that

472
00:25:21,880 --> 00:25:24,840
Speaker 1: other judges were best superior.

473
00:25:24,560 --> 00:25:28,600
Speaker 3: Only in your mind, Michael, only in your mind. Get

474
00:25:28,600 --> 00:25:30,560
Speaker 3: into it. Come on, I'm trying to hurry it so along.

475
00:25:30,600 --> 00:25:32,480
Speaker 3: I've got to guarantee thirty minutes here, and I tell

476
00:25:32,520 --> 00:25:33,800
Speaker 3: you what we put. We're up against it.

477
00:25:33,880 --> 00:25:36,200
Speaker 4: We are certainly up against So there is there's another superstory.

478
00:25:36,200 --> 00:25:38,080
Speaker 1: I'm going to keep this one short because it is very,

479
00:25:38,200 --> 00:25:42,240
Speaker 1: very very different, but it is still another superstory. Go on, yes,

480
00:25:42,400 --> 00:25:45,199
Speaker 1: but it is a different superstory. It's still about superannuation,

481
00:25:45,280 --> 00:25:48,000
Speaker 1: but it's because the things need to not It is

482
00:25:48,080 --> 00:25:51,639
Speaker 1: not dull. It is vitally important and affects every single

483
00:25:51,640 --> 00:25:53,480
Speaker 1: one of us. And it's not getting the attention that

484
00:25:53,520 --> 00:25:56,439
Speaker 1: it deserves because the government has flagged change as to

485
00:25:56,480 --> 00:26:00,400
Speaker 1: how retirees will be able to use their super anduation

486
00:26:01,160 --> 00:26:03,520
Speaker 1: super ANUA. It feels like I put too many syllables

487
00:26:03,520 --> 00:26:09,280
Speaker 1: into that, but but they are hoping that the funds

488
00:26:09,920 --> 00:26:14,520
Speaker 1: will offer more innovative products. The government wants reforms basically

489
00:26:14,560 --> 00:26:18,520
Speaker 1: so that super funds can make payments in installments rather

490
00:26:18,600 --> 00:26:22,359
Speaker 1: than upfront large sums, and also provide money back guarantees. Now,

491
00:26:22,400 --> 00:26:25,520
Speaker 1: these are reforms for the decumulation stage. Obviously, the accumulation

492
00:26:25,560 --> 00:26:27,360
Speaker 1: stage has been the focus for so long has been

493
00:26:27,359 --> 00:26:29,520
Speaker 1: fine tuned, but there is enormous room for improvement in

494
00:26:29,560 --> 00:26:33,600
Speaker 1: what happens next, what happens next to all of us

495
00:26:33,760 --> 00:26:38,120
Speaker 1: who are retiring. I say that as though I am retiring,

496
00:26:38,160 --> 00:26:41,080
Speaker 1: but I am still quite some distance from that. So

497
00:26:41,119 --> 00:26:42,880
Speaker 1: it is in my interest, in all of our interests,

498
00:26:42,920 --> 00:26:47,280
Speaker 1: to see that this is sorted out. The fuze was

499
00:26:47,480 --> 00:26:53,359
Speaker 1: lit this week for reform, reform. Feel that, Adam, deep

500
00:26:53,359 --> 00:26:58,240
Speaker 1: in your bodies, you love reform. Two point five million

501
00:26:58,480 --> 00:27:02,720
Speaker 1: Australians retire in the next deck in the next decade.

502
00:27:02,800 --> 00:27:05,159
Speaker 1: That's just ten years, two and a half millions. That

503
00:27:05,320 --> 00:27:07,479
Speaker 1: is a buttload of people that are affected by this.

504
00:27:07,640 --> 00:27:08,720
Speaker 3: Oh you like that, don't you.

505
00:27:09,480 --> 00:27:13,480
Speaker 1: It's a heck ton of people that are affected by this.

506
00:27:13,480 --> 00:27:18,280
Speaker 1: This is a four trillion dollar sector. There is no

507
00:27:18,400 --> 00:27:22,440
Speaker 1: way that this story cannot win. As a former esteemed

508
00:27:22,720 --> 00:27:28,560
Speaker 1: judge myself, I would impartially give it full marks and

509
00:27:28,640 --> 00:27:33,080
Speaker 1: I would offer myself my most sincere congratulations. Well done, Michael,

510
00:27:34,400 --> 00:27:35,280
Speaker 1: You've done us proud.

511
00:27:36,240 --> 00:27:37,960
Speaker 2: Sean Wins. I'm getting on with it.

512
00:27:38,080 --> 00:27:39,560
Speaker 3: Thanks fall that's moving on.

513
00:27:39,720 --> 00:27:40,480
Speaker 4: Full PLoP.

514
00:27:41,040 --> 00:27:43,200
Speaker 3: Favorite story of the week. Can I go? You go first?

515
00:27:43,480 --> 00:27:44,520
Speaker 3: Or do you want me to go first.

516
00:27:44,960 --> 00:27:47,639
Speaker 4: Oh, I don't know. I need some time to sulk.

517
00:27:49,480 --> 00:27:54,520
Speaker 3: My favorite story blake called justin Sun Su, and I

518
00:27:54,520 --> 00:27:58,159
Speaker 3: haven't got the pronunciation there. Right. He's the Chinese founder

519
00:27:58,200 --> 00:28:03,280
Speaker 3: of crypto platform Tron Toron. He's got a lot of money.

520
00:28:04,119 --> 00:28:09,080
Speaker 3: This week he paid six point two million US dollars

521
00:28:09,160 --> 00:28:12,920
Speaker 3: let's talk Aussie dollars ten million dollars for an artwork

522
00:28:13,880 --> 00:28:16,439
Speaker 3: out of an auction in New York. It was a

523
00:28:16,480 --> 00:28:23,080
Speaker 3: banana taped door wall and it's worth looking up. It's

524
00:28:23,080 --> 00:28:24,480
Speaker 3: just a bit of duct tape over a banana on

525
00:28:24,520 --> 00:28:26,480
Speaker 3: a wall and that's it.

526
00:28:26,480 --> 00:28:28,200
Speaker 4: It's got artistic merit though, doesn't it.

527
00:28:28,280 --> 00:28:30,560
Speaker 3: Yeah, Well, the presalestment was one and a half million,

528
00:28:30,720 --> 00:28:32,120
Speaker 3: or up to one and a half million. He paid

529
00:28:32,160 --> 00:28:36,040
Speaker 3: six This is us so obviously what I liked about.

530
00:28:36,080 --> 00:28:38,360
Speaker 3: I mean, the piece itself is known as comedian, which

531
00:28:38,400 --> 00:28:42,560
Speaker 3: has to be ironic. I liked the way Sun described it.

532
00:28:43,160 --> 00:28:46,160
Speaker 3: I quote, it's not just an artwork. It represents a

533
00:28:46,200 --> 00:28:50,440
Speaker 3: cultural phenomenon that bridges the worlds of art means and

534
00:28:50,480 --> 00:28:56,800
Speaker 3: the cryptocurrency community. Even better, when asked what are you

535
00:28:56,840 --> 00:29:00,440
Speaker 3: going to do with it? His response to eat the

536
00:29:00,480 --> 00:29:03,560
Speaker 3: Banana in coming days as part of this unique artistic

537
00:29:03,680 --> 00:29:10,000
Speaker 3: experience honoring its place in both art history and popular culture.

538
00:29:11,280 --> 00:29:15,880
Speaker 3: Full stop. Oh my god, what do you say about

539
00:29:15,960 --> 00:29:19,680
Speaker 3: people with too much money? Michael? Your favorite story?

540
00:29:20,160 --> 00:29:20,400
Speaker 2: Right?

541
00:29:20,760 --> 00:29:21,120
Speaker 4: Okay?

542
00:29:23,040 --> 00:29:25,400
Speaker 1: I mean Adam just I know we are really up

543
00:29:25,400 --> 00:29:28,400
Speaker 1: against it for time, but just remembering the criteria that

544
00:29:28,480 --> 00:29:31,959
Speaker 1: you are looking for, economic impact, all that kind of stuff.

545
00:29:32,160 --> 00:29:35,920
Speaker 1: I want to talk about markets because I love markets.

546
00:29:37,840 --> 00:29:42,360
Speaker 1: I love the fact that there are records everywhere, Records

547
00:29:42,680 --> 00:29:46,560
Speaker 1: being broken, records falling. It has been a record breaking

548
00:29:46,640 --> 00:29:51,480
Speaker 1: bonanza this week. The ASX hit a new record high

549
00:29:51,560 --> 00:29:54,600
Speaker 1: this week. Our biggest company, Comwealth Bank hit a record

550
00:29:54,720 --> 00:29:59,480
Speaker 1: high this week. Other companies at or near record highs

551
00:29:59,520 --> 00:30:04,240
Speaker 1: throughout the that just like the ASX was littered with records,

552
00:30:05,240 --> 00:30:08,040
Speaker 1: and like they are big companies that we're either add

553
00:30:08,080 --> 00:30:10,160
Speaker 1: or near these highs, like kind of Goodman Group and

554
00:30:10,280 --> 00:30:14,280
Speaker 1: Quantus and Aria and JB Hi Fi and why Set Global.

555
00:30:14,320 --> 00:30:15,600
Speaker 4: It did take a bit of a bit.

556
00:30:15,440 --> 00:30:16,920
Speaker 1: Of a tumble towards the end of the week, let's

557
00:30:16,960 --> 00:30:18,640
Speaker 1: not go into too much detail. And that one's zero

558
00:30:19,000 --> 00:30:23,640
Speaker 1: as well. It is positively bursting with records. Obviously a

559
00:30:23,720 --> 00:30:27,040
Speaker 1: lot of confidence on Wall Street and lower taxes under

560
00:30:27,080 --> 00:30:30,080
Speaker 1: Donald Trump, the potential for that to happen, the hope

561
00:30:30,400 --> 00:30:34,360
Speaker 1: somewhat diminishing of imminent interest rate cuts. You put it

562
00:30:34,400 --> 00:30:38,840
Speaker 1: all into the fear and greed kitchen aid, right, and

563
00:30:39,120 --> 00:30:42,920
Speaker 1: it's and it is giving investors a bit of hope.

564
00:30:43,120 --> 00:30:46,600
Speaker 1: And that matters to all of us, particularly those of

565
00:30:46,680 --> 00:30:49,200
Speaker 1: us with superannuation, all that kind of thing. Just one

566
00:30:49,240 --> 00:30:55,960
Speaker 1: more record, of course, Bitcoin soaring, hitting a new record high, Gold.

567
00:30:55,760 --> 00:30:58,320
Speaker 4: Is booming, It just keeps on going. It's just amazing.

568
00:30:58,360 --> 00:31:01,000
Speaker 1: But look, you know what, in a week of so

569
00:31:01,080 --> 00:31:04,600
Speaker 1: many records, just another record like Bitcoin. It's just kind

570
00:31:04,640 --> 00:31:07,440
Speaker 1: of like white noise, isn't it a little bit like me?

571
00:31:07,680 --> 00:31:11,120
Speaker 1: Towards the end of towards the end of an episode

572
00:31:11,400 --> 00:31:17,400
Speaker 1: of the Weekend Edition. So I humbly submit this to you.

573
00:31:18,000 --> 00:31:21,280
Speaker 1: Second best judge of all time?

574
00:31:22,520 --> 00:31:24,160
Speaker 2: Well, Tim Burrows is pretty good.

575
00:31:24,680 --> 00:31:29,120
Speaker 1: Oh that's right, the gender job too, the koo. Look

576
00:31:29,160 --> 00:31:32,040
Speaker 1: you know what Adam you were, you were definitely you're

577
00:31:32,080 --> 00:31:35,600
Speaker 1: in the top five. Sharrell Murphy, you're in the top six.

578
00:31:36,400 --> 00:31:42,440
Speaker 1: Give us your judgment, brokay.

579
00:31:40,920 --> 00:31:43,880
Speaker 3: Can I just before the judgment comes? Right, we've done

580
00:31:43,960 --> 00:31:46,080
Speaker 3: pretty well. We're almost at thirty minutes, only over a

581
00:31:46,080 --> 00:31:51,480
Speaker 3: little bit. Please take into account that Michael this week

582
00:31:52,520 --> 00:31:55,720
Speaker 3: has spent a lot of time on his socials, sitting

583
00:31:55,720 --> 00:31:58,560
Speaker 3: in the backyard with that cute little puppy. He's just

584
00:31:58,600 --> 00:31:59,520
Speaker 3: got out.

585
00:32:00,400 --> 00:32:03,920
Speaker 2: Yes, Monty is Yeah.

586
00:32:04,040 --> 00:32:08,600
Speaker 1: Head along to Michael Thompson author on Instagram. Follow me,

587
00:32:10,600 --> 00:32:13,000
Speaker 1: check out Relentless, check out my picks.

588
00:32:13,320 --> 00:32:18,440
Speaker 3: Nauseating it's not it's justified, Adam.

589
00:32:18,640 --> 00:32:21,239
Speaker 5: So look, we're talking about OZ music T shirt day

590
00:32:21,240 --> 00:32:24,320
Speaker 5: earlier favorite story, Sewan good nomination. It's one way to

591
00:32:24,320 --> 00:32:27,120
Speaker 5: support the arts, isn't it spend a million bucks on

592
00:32:27,160 --> 00:32:29,680
Speaker 5: a banana or sorry, I should say six point two

593
00:32:29,760 --> 00:32:32,880
Speaker 5: million US ten million Aussie on a banana.

594
00:32:33,560 --> 00:32:38,320
Speaker 2: One way to support the arts. The fact that the markets.

595
00:32:37,840 --> 00:32:41,240
Speaker 5: Are winning as they are amongst all of this turmoil

596
00:32:41,560 --> 00:32:42,840
Speaker 5: around the world, to me.

597
00:32:43,240 --> 00:32:45,160
Speaker 2: Is my favorite story of the week.

598
00:32:45,600 --> 00:32:49,920
Speaker 4: So well done, Michael, Thank you, Adam and may So

599
00:32:50,000 --> 00:32:51,360
Speaker 4: what's that two?

600
00:32:51,560 --> 00:32:51,800
Speaker 2: All?

601
00:32:52,600 --> 00:32:52,680
Speaker 3: No?

602
00:32:53,240 --> 00:32:55,440
Speaker 2: Two and a half to short one and a half

603
00:32:55,480 --> 00:32:55,880
Speaker 2: to you?

604
00:32:56,680 --> 00:32:58,600
Speaker 4: Okay? And then what did it come down to on

605
00:32:58,640 --> 00:32:59,960
Speaker 4: the points?

606
00:33:00,400 --> 00:33:04,040
Speaker 2: You had a fairly good eighty eight points.

607
00:33:04,280 --> 00:33:04,920
Speaker 4: Oh that's good.

608
00:33:05,920 --> 00:33:10,360
Speaker 2: Sean had a even more fairly good ninety two points.

609
00:33:10,560 --> 00:33:13,440
Speaker 1: Oh no, even with my three demerit points that I

610
00:33:13,480 --> 00:33:14,360
Speaker 1: gave him as we went.

611
00:33:15,040 --> 00:33:17,960
Speaker 4: Ah, he's still still one.

612
00:33:19,040 --> 00:33:21,760
Speaker 5: But what about who do you take my judges demerit

613
00:33:21,760 --> 00:33:23,880
Speaker 5: points off both of you Neither.

614
00:33:24,120 --> 00:33:26,840
Speaker 1: No, they go into it to running tally bank. I'm

615
00:33:26,840 --> 00:33:28,440
Speaker 1: just gonna okay, I'm going to add them up across

616
00:33:28,760 --> 00:33:30,880
Speaker 1: many week of demerit. Yeah, and at the end of

617
00:33:30,920 --> 00:33:33,480
Speaker 1: the year, I'll let you know what your annual tally was, Adam.

618
00:33:33,520 --> 00:33:36,960
Speaker 1: This year you lost forty seven demerit points. And yeah,

619
00:33:37,200 --> 00:33:39,560
Speaker 1: it really has no bearing on anything, but it should

620
00:33:39,600 --> 00:33:40,880
Speaker 1: be fun of the Fear and Greed Christmas.

621
00:33:40,960 --> 00:33:43,080
Speaker 2: It's kind of those with the most demerit points from

622
00:33:43,120 --> 00:33:44,720
Speaker 2: Michael wins in a way.

623
00:33:45,120 --> 00:33:47,479
Speaker 3: Even when we're trying to get to thirty minutes, we're finished,

624
00:33:47,480 --> 00:33:50,440
Speaker 3: the shade to it carrying on. Thanks very much for

625
00:33:50,520 --> 00:33:52,360
Speaker 3: being part of it. Nice to speak to you both.

626
00:33:52,480 --> 00:33:55,800
Speaker 1: Goodbye, goodbye, good bye, Sean, Thank you, Adam, and look,

627
00:33:55,840 --> 00:33:58,320
Speaker 1: don't forget to hit follow on the podcast head along

628
00:33:58,400 --> 00:33:59,959
Speaker 1: to our social media as well.

629
00:34:00,000 --> 00:34:00,120
Speaker 4: Well.

630
00:34:00,280 --> 00:34:03,920
Speaker 1: Follow us on Facebook, LinkedIn, Instagram, TikTok. Send us a

631
00:34:03,920 --> 00:34:06,240
Speaker 1: little note if you want to be involved on Fearangreed

632
00:34:06,280 --> 00:34:07,280
Speaker 1: dot com dot au.

633
00:34:08,239 --> 00:34:10,520
Speaker 4: I'm Michael Thompson. That was fear and greed. Have a

634
00:34:10,560 --> 00:34:11,200
Speaker 4: great weekend.

635
00:34:11,280 --> 00:34:13,920
Speaker 2: Buy a T shirt for Z Music Day. Yes a

636
00:34:14,040 --> 00:34:14,520
Speaker 2: good cause.

637
00:34:14,600 --> 00:34:17,279
Speaker 4: Yes, very good one. Well said Adam, Thank you,