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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.

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Speaker 2: Good Morning, Michael, Squirrel, Thompson, Sean.

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Speaker 1: For any new listeners to the show, and there's been

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Speaker 1: quite a few of them this week. A quick rundown

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Speaker 1: on what this show is about. It is different to

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Speaker 1: the weekday show. The weekend show is all about the

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Speaker 1: two of us working through a series of categories and

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Speaker 1: nominating a story in each one. And the categories are

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

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Speaker 1: business story, a mystery category that we change every week,

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Speaker 1: and our favorite business related story. And it is a competition.

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Speaker 1: It is like old fashioned high school debating, except well

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Speaker 1: without the skill. Yeah, and with more sledging and yeah,

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Speaker 1: a lot more vitriol. But we need a judge. We

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Speaker 1: need an adjudicator to pick a winner. And that judge is,

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Speaker 1: as always, our very studious Fear and Greed colleague, Adam Langy,

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Speaker 1: brings his marking sheets into the studio every week.

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Speaker 3: Adam good Morning, Good Morning, Michael, Good morning, Sean.

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Speaker 1: Morning Now for the benefit of new listeners, but also

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Speaker 1: for our own benefit. Because the criteria, what are you

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Speaker 1: going to be marking us on in each category today?

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Speaker 2: Why do we even ask him this? Well, because it's

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Speaker 2: just ridiculous. He just asks me.

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Speaker 3: Well, it's a very rigid criteria that I interpret liberally

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Speaker 3: every week.

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Speaker 1: So Number one, it's a pity that microphones can't pick

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Speaker 1: up eye roll.

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Speaker 2: That's right, I.

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Speaker 4: Could hear them.

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Speaker 3: Oh yeah, yeah, So we have topicality, timeliness. I really

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Speaker 3: want economic impact to feature in the stories. Of course,

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Speaker 3: play a little bit to my subjective bias. The mention

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Speaker 3: of the word reform would be good. And then melodrama.

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Speaker 1: Okay, all right, we can deliver on all of those.

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Speaker 1: Let's get straight into it. The biggest story of the week.

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Speaker 1: There was only one big story this week, and that was,

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Speaker 1: of course, the launch of the Fear and Greed daily newsletter.

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Speaker 3: Who where Sean is full of glee?

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Speaker 4: What a week to kick off our daily newsletter.

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Speaker 2: You had me updating it, you had me doing all

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Speaker 2: sorts of things I didn't expect to be doing.

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Speaker 4: That's terrific.

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Speaker 1: Anyway, if you haven't subscribed, I've hijacked the start of

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Speaker 1: the show. Clearly, head along to fearangreed dot com dot

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Speaker 1: au and pop your email address in and you too

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Speaker 1: can take part in Sean's glee every day. Let's get

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Speaker 1: onto the real biggest story of the week. Once again,

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Speaker 1: there actually was only one big story this week, Sean,

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Speaker 1: would you like to kick us off? We are colluding

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Speaker 1: a little bit on this week.

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Speaker 2: Including but you need to judge good right, the big

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Speaker 2: story it's really over the last ten days. It's more

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Speaker 2: than a week.

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Speaker 3: So who sells it better?

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Speaker 5: Oh no, no, no, We've got because we actually have

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Speaker 5: a different opinion about what the most important part of

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Speaker 5: the story is good.

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Speaker 2: So, without a doubt, the biggest part of the story

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Speaker 2: is the implementation of tariffs them kicking in, which happened

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Speaker 2: this week, and what happened to markets, which actually started

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Speaker 2: late last week but followed through this week. Wall Street

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Speaker 2: lost literally trillions of dollars in value. In fact, on

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Speaker 2: one day we had markets down ten percent. That is

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Speaker 2: phenomenal outside COVID GFC just doesn't happen In Australia, we

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Speaker 2: lost about two hundred billion dollars over three sessions, all

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Speaker 2: on the back of Donald Trump saying we are going

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Speaker 2: to implement tariffs against countries he had his leaderboard made

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Speaker 2: no sense whatsoever. The way they calculated everyone agreed on

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Speaker 2: that calculated. The tariffs kicked in. You had China coming

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Speaker 2: back with retaliatory tariffs. Donald Trump came back hit more

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Speaker 2: tariffs one hundred and four percent at one point. There

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Speaker 2: the fact that he instituted these tariffs ad nauseum. Ad nauseum,

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Speaker 2: don't know that's right word. Yeah, with abandons.

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Speaker 4: Whenever you want, Just there you go.

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Speaker 2: What it did to global markets phenomenal. The Aussie dollar

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Speaker 2: under sixty cents, the whole lot, that is by far

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Speaker 2: the biggest story. And just think of how much money

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Speaker 2: was lost. You want an economic impact, money lost?

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Speaker 4: Michael Sewn, that is important. That was all very important.

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Speaker 4: I mean to understate that egan to be.

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Speaker 1: But I respectfully put to you that the implementation of

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Speaker 1: the tariffs is all now largely.

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Speaker 4: Irrelevant because of the backflip.

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Speaker 1: The backflip by Donald Trump early Thursday morning announcing a

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Speaker 1: pause on most of those reciprocal tariffs. Ninety days of

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Speaker 1: breathing space for countries like Vietnam and Cambodia and Japan

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Speaker 1: and countries in the EU or with big tariffs reduced

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Speaker 1: to just that the ten percent base rate imposed on

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Speaker 1: good friends like a markets took off Wall Street up

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Speaker 1: more than ten percent, the best day since the GFC

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Speaker 1: ASX best day in five years.

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Speaker 4: He had to do it.

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Speaker 1: He bowed to pressure, really, the pressure on financial markets,

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Speaker 1: including US government bonds, just too much. And the acknowledge

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Speaker 1: it like the quote was so interesting, wasn't it, The

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Speaker 1: one about the thought that people were jumping a little

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Speaker 1: bit out of line, they were getting a little bit yippy,

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Speaker 1: a little bit afraid yippy.

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Speaker 2: Presume it's like golfing term getting the yips when you're yeah,

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Speaker 2: I presume that's where yippe comes from.

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Speaker 4: Probably right.

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Speaker 1: But but but but but actually you can have four

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Speaker 1: you know what at the moment, keep it going. But

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Speaker 1: but but China, China did not show enough respect, did they.

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Speaker 1: So they they got tariffs of one hundred and twenty

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Speaker 1: five percent, which actually then turned out to be one

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Speaker 1: hundred and forty five percent once the calculations were redone

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Speaker 1: by the White House and just actually remembered actually already

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Speaker 1: put twenty percent on, so it's one hundred and forty five.

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Speaker 4: Yeah. And then of course, as the invitation as well

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Speaker 4: for countries to continue to negotiate, and they can even

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Speaker 4: get countries like Australia can get lower than the ten

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Speaker 4: percent that we already have, depending on what's in it

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Speaker 4: for the United States.

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Speaker 2: Really, so I like the join hands bit too. I

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Speaker 2: think we should add that into it.

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Speaker 1: Yeah, yeah, that is a good point, the fact that

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Speaker 1: we could potentially join hands with China to present a

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Speaker 1: united front against the US in a trade war, which

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Speaker 1: just all sounds very and.

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Speaker 2: Then we open reopen free trade negotiations with the European Union.

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Speaker 2: The world has changed. I like this. This is a

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Speaker 2: big effort, but at the end of the day, right

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Speaker 2: is the implementation or the change bigger? How do you

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Speaker 2: judge that? Well, I would just say that the share

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Speaker 2: markets down five percent from when it started to where

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Speaker 2: it is now.

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Speaker 1: If you are insisting that Adam needs to judge it,

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Speaker 1: then we can get technical and say that technically the

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Speaker 1: implementation was the previous week.

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Speaker 2: Just to say, so, when did the karts kick off?

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Speaker 1: Well, I mean they were announced the previous when they

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Speaker 1: kick off, but they kicked off and.

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Speaker 4: They were only.

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Speaker 1: But Adam involved in this backflip temporary reprieve.

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Speaker 4: Market tumbled again.

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Speaker 1: Trade war continues, backflip, backflip, backflip.

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Speaker 4: It is all about the backflip.

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Speaker 3: Thank you, Michael, Probably one hundred years worth of stories

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Speaker 3: in the last couple of weeks. Certainly the implementation this

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Speaker 3: week happened. The backflip happened. I think what is left

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Speaker 3: behind sewn and you underline this in particular doing fear

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Speaker 3: and greed all the time, is the uncertainty remains. And

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Speaker 3: so I think the original kicking in of the tariffs

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Speaker 3: is the biggest element of this. It was wiping out trillions.

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Speaker 3: It's still making its way back, but who knows where this.

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Speaker 4: Is going to go.

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Speaker 3: So, yes, Sewan wins.

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Speaker 1: I am a good spot. I accept the judgment that

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Speaker 1: that is a fair decision. However, during your judgment, during

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Speaker 1: your judgment, Sean was sticking his finger up at me.

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Speaker 4: He was mean to you. He was he was.

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Speaker 2: Mean, respectful winner, but I'm not.

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Speaker 3: Can you knock an occasional gloat?

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Speaker 1: Can you knock a couple of points off for the

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Speaker 1: finger with the story is so good?

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Speaker 4: It does stand, Yeah, it does. Look what he's talking about, Michael,

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Speaker 4: Fine today this topic.

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Speaker 2: Right now, I wouldn't extend it for the whole.

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Speaker 1: The most remarkable story politics, politics, politics.

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Speaker 4: We are in an election campaign. We are getting closer

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Speaker 4: and closer and closer, and guess what, we're actually getting

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Speaker 4: some policies. Now.

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Speaker 1: Who would have thought we're into what week two or

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Speaker 1: three of the campaign.

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Speaker 4: We're finally hearing what they stand for.

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Speaker 1: The coalition had policies on gas and energy and a

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Speaker 1: twenty billion dollar future fund for the Bush. We had

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Speaker 1: labor with it, a two point three billion dollar home

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Speaker 1: battery program, and a stack of money for mental health

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Speaker 1: funding as well. The headline though, the of this week

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Speaker 1: was the debate. We love a good debate, but I

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Speaker 1: don't know if this was one of those, right. It

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Speaker 1: was fairly humorless, It was fairly just kind of run.

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Speaker 1: It was a bit run of the mill, and I

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Speaker 1: don't necessarily think it's a bad thing, because you just

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Speaker 1: you do want steady hands debating the future of the country.

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Speaker 1: You don't want the erratic kind of nature of the

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Speaker 1: Trump v. Biden debate where it was descending into discussion

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Speaker 1: of who had the best golf swing and just like

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Speaker 1: really quite personal sledging against against the two. So in

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Speaker 1: a way that was actually quite good to see that

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Speaker 1: it was very boring what.

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Speaker 2: Are you trying to get the remarkable part of it?

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Speaker 4: Oh? I'm getting to it all right, right, right, I'm

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Speaker 4: hoping Toil is still listening. No, no, no, they're listening.

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Speaker 1: They're listening because they are expecting something big, and I

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Speaker 1: am really sorry, I'm going to disappoint. It is quite remarkable, right,

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Speaker 1: this entire campaign. Finally we are getting some policies. Finally

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Speaker 1: we've had a debate, the thrilling debate that we had,

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Speaker 1: but the fact that this is all happening under the heavy,

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Speaker 1: heavy shadow of tariffs and questions about whether we should

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Speaker 1: partner up with China in a trade war against the US.

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Speaker 1: This is a remarkable and weird election campaign. It is

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Speaker 1: remarkable for those reasons.

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Speaker 2: You say it enough, it becomes remarkable.

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Speaker 1: I feel like that's the only way I can convince

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Speaker 1: that m it's just if I keep reminding him of

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Speaker 1: the category remarkable election campaign.

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Speaker 4: It has been remarkable, surely remarkable.

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Speaker 2: What else has been remarkable is that there's been corporate

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Speaker 2: news happening that Adam has not been taking any notice

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Speaker 2: on whatsoever. And it is some remarkable stuff happening. I mean,

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Speaker 2: we've had the Board of Star and Entertainment agreeing to

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Speaker 2: Dexino over to Bally's Corporation in three hundred million dollar deal.

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Speaker 2: Pretty remarkable. That's because it did everything it could do,

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Speaker 2: handed over to Bully's Corporation and eventually did Bell's end

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Speaker 2: up with about fifty seven percent of the company. We

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Speaker 2: had James Harding imploding the chair and Lloyd major institutional

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Speaker 2: investors about the backlash over Hardy's deal to merge with

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Speaker 2: US based AASEC, which is a decking company. Truly interesting

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Speaker 2: stuff X.

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Speaker 1: So far we're talking building materials and DEXX gambling.

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Speaker 2: There's quite that. I mean, that share price is down.

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Speaker 2: It's hard to judge how much is the market and

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Speaker 2: how much is the deal. It's down about thirty five

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Speaker 2: percent because they've got a raise billions of dollars. The

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Speaker 2: number is really important. We just sort of sup.

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Speaker 4: But people are hating on this thing.

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Speaker 2: Yeah, they are hating it. It's a forteen billion dollar merger.

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Speaker 2: People are hating on it. That's a really good way

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Speaker 2: of putting it. You know what's incredible though, under the deal,

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Speaker 2: actual James Hardy shareholders don't get a vote. AX shareholders

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Speaker 2: get a vote, but not James hard and James Hardy

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Speaker 2: is the one doing that lifting.

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Speaker 1: It's actually little wonder that shareholders are feeling completely jibbed

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Speaker 1: down this Yeah, like we want to say in the

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Speaker 1: future of our company and the fact that you're going

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Speaker 1: to spend this fortune.

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Speaker 2: And in the market, Valley's down five billion dollars or

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Speaker 2: something of the announcement's ridiculous market.

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Speaker 1: And in any other week that would be a remarkable story.

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Speaker 2: The other thing, which is really remarkable is how industrial

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Speaker 2: property is getting on the notes because everyone has loved

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Speaker 2: industrial property since COVID, because we all went online and

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Speaker 2: needed fulfillment centers, and Michael particularly who refuses to go

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Speaker 2: to the wall, would go online and get his team, etc.

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Speaker 2: It's got to come from somewhere. Big factory does that well.

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Speaker 2: Three point five million square meters of space this year

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Speaker 2: is expected to be added to supply two and a

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Speaker 2: half million next year. That's huge. So all of a sudden,

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Speaker 2: industrial properties on the nurse slightly just kind of remarkable

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Speaker 2: stuff going on in the corporate world, particularly the James

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Speaker 2: Hardy stuff and the Star stuff. But we're not really

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Speaker 2: taking much notice of this.

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Speaker 1: If you had to nominate one of those stories, because

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Speaker 1: assuming that under the rules, you weren't allowed to do

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Speaker 1: an omnibus story. If you had to nominate just one,

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Speaker 1: would you say, James Hardy.

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Speaker 2: Well, my question to you is, if you had to

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Speaker 2: do one in your.

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Speaker 6: Story, which particular promise from the government would it would

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Speaker 6: be the two point three home battery program, would be

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Speaker 6: the one billion dollars in spending regional fund it.

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Speaker 1: Would be, It would be the entire circus of the

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Speaker 1: election campaign.

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Speaker 2: Mine is the entire circus of corporate Australian.

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Speaker 3: Oh, okay, choose your favorite circus. There is no there's

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Speaker 3: not much splitting these two. It's very very close decision,

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Speaker 3: but there is a decision. So just on James Hardy,

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Speaker 3: and I'm going to go back a little bit because

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Speaker 3: corporate history here and asbestos and how they agreed to

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Speaker 3: handle some of those things. They've had some really questionable

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Speaker 3: behavior in the past, right, and so for them to

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Speaker 3: execute this particular transaction in this way I think is remarkable.

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Speaker 2: It is I'm like this because I'm going to win,

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Speaker 2: but I just think we'd better be careful because James Hardy,

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Speaker 2: it had the asbestos issue and people will not be happy,

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Speaker 2: but it had a redress screen redress scheme and has

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Speaker 2: done the right thing. I mean, you are the worse

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Speaker 2: people who will argue against that. But for ten, fifteen,

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Speaker 2: twenty years, I can't even remember how long ago they

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Speaker 2: have done the right thing. So like I think we

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Speaker 2: James Hardy is sort of synonymous with asbestos in Australia.

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Speaker 2: It's a real problem for them. But I actually do

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Speaker 2: think they have done the right thing.

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Speaker 3: And eventually they got eventually.

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Speaker 1: Yeah, it wasn't a willing kind of no, they've got

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Speaker 1: during that process.

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Speaker 3: Just in terms of where they are now and on

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Speaker 3: this transaction, I think there's so much odd about it,

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Speaker 3: like that the shareholders get to know, so why wouldn't

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Speaker 3: they be cross? So I think that that actually is

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Speaker 3: the most remarkable story of the week.

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Speaker 2: Oh there you go.

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Speaker 1: Oh. I thought it was one of those ones where

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Speaker 1: you start with Sean saying, yeah, this was good, but

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Speaker 1: the election campaign is certainly most remarkable.

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Speaker 4: Oh it's too n ill. This is not looking good

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Speaker 4: for Squirrel.

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Speaker 2: It's slide.

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Speaker 1: Okay, I can still get home, Squirrel, I can still

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Speaker 1: come back. We will take a very quick break and

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Speaker 1: then after the break our mystery category Adam, and we've

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Speaker 1: got a good one and I think you in particular, God,

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Speaker 1: I'm nervous now are going to You're going to make

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Speaker 1: me do something.

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Speaker 2: I love it.

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Speaker 1: We'll be back in a moment, Sean. We are now

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Speaker 1: looking for our mystery category. We are and look in

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Speaker 1: choosing our mystery category.

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Speaker 4: This week.

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Speaker 1: We go back to your criteria, Adam, and one of

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Speaker 1: your criteria is subjective bias, the stories that you feel

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Speaker 1: passionately about. And there were two stories this week that

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Speaker 1: we feel just slide naturally into a category of worthy stories.

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Speaker 1: But nobody except for Adam Lange really cares.

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Speaker 2: I love it now. To be honest, Michael, often there's

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Speaker 2: a few stories that fit into the category.

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Speaker 4: Very good point.

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Speaker 2: We're just saying, too naturally fitted into it this week.

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Speaker 4: But it's it's would I like to go first on sure, Adam, the.

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Speaker 5: Story kind of matters, it's worthy, but most of us

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Speaker 5: don't give it. It was It was the one about

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Speaker 5: Commonwealth being in Westpac talking about dropping the sixteen digits

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Speaker 5: on credit cards.

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Speaker 2: And debit cards. Of course, Adam, it matters to Adam

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Speaker 2: basically master cards arguing you're going to reduce fraud and scamming,

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Speaker 2: et cetera. If you have fewer credit card details on

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Speaker 2: your credit card. Now, I thought this is the no

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Speaker 2: brain and we're discussed it with Michael and he goes, oh,

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Speaker 2: I know, I like taking my credit card and put

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Speaker 2: the numbers in, And why is it a CVC and

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Speaker 2: a CCV, Like.

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Speaker 4: What's it changes?

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Speaker 2: Doesn't it?

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Speaker 7: Yeah?

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Speaker 4: Yeah? Yeah, but I know that's what I mean.

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Speaker 2: Like it.

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Speaker 1: It's some people are referred to it as a CVV,

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Speaker 1: So say CCV or CVC.

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Speaker 3: What do they all stand?

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Speaker 2: Like I said, I call it the number on the

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Speaker 2: back of the car.

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Speaker 4: Yeah, secret code, Yeah, the three secret digits.

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Speaker 2: Anyway, we've got to stop thinking about white laders here.

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Speaker 4: You watched the finale, didn't last night? Okay? Oh good

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Speaker 4: lord amore.

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Speaker 2: Basically the story is that the idea of actually taking

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Speaker 2: your sixteen digits off the Commonwealth Bank in Westpac cards,

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Speaker 2: it probably will happen. The idea is it will be

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Speaker 2: replaced by something called click to play, a biometric check

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Speaker 2: out process, which I presume means what's about your own

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Speaker 2: email and presumably how you look on a phone and

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Speaker 2: things like that. I did, I actually did think this

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Speaker 2: is a no brain. I thought it was a cracking

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Speaker 2: idea and then the show. Michael said, but you can't

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Speaker 2: put it in your wallet then and put the numbers in.

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Speaker 2: How are you going to like when you will pay

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Speaker 2: Google pay by something.

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Speaker 4: For the first face in the phone?

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Speaker 5: Let it go?

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Speaker 4: It sounds very hard.

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Speaker 2: Yeah, great story. I mean, I don't think any of

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Speaker 2: the listeners really care about it, but Adam does.

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Speaker 1: I don't know whether any of them are still going

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Speaker 1: to be listening after that. That was a That was

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Speaker 1: a that was a story. That's all that was, Adam, Adam.

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Speaker 1: We need, we need as a nation to change our passwords.

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Speaker 1: Australia's National cyber Security Coordinator, Lieutenant General Michelle McGinnis, which

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Speaker 1: is quite a mouthful.

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Speaker 2: Can you imagine the size of her business card.

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Speaker 3: She's impressive.

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Speaker 2: I know it's very impressive, but hell of a name.

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Speaker 1: But she says that we need to be vigilant about

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Speaker 1: our passwords. Certainly, Oh sure do cyber criminals Adam, did

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Speaker 1: you know this? They take advantage.

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Speaker 2: He's undermining it. Did you know there were things out

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Speaker 2: there called cyber criminals?

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Speaker 4: Well, they take advantage of uncertainty. No, they are out

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Speaker 4: there now.

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Speaker 1: One could be taking advantage of you right now while

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Speaker 1: you stand here you.

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00:19:00,440 --> 00:19:03,640
Speaker 2: Are trying to take advantage of Adam's good nature right now.

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00:19:04,359 --> 00:19:08,560
Speaker 4: Michelle McGinnis says, we need to use password managers and

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Speaker 4: different complex phrases to gain access to every single account.

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Speaker 4: And wait for it, Adam, wait for it.

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Speaker 1: We need to use multi factor authentication. I agree, this

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Speaker 1: is right up your alley because you live and breathe.

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Speaker 3: Multi factor authentication.

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Speaker 4: You certainly do. M bridget f A.

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Speaker 1: You have a million tabs open on your computer. I

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Speaker 1: have seen your computer.

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Speaker 2: To do with.

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Speaker 4: I would bet a lot of money that you would

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Speaker 4: use a different password for every single thing that you

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Speaker 4: were logged into pretty much. I think so you would

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Speaker 4: be a star pupil in Michelle mcginners this book.

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Speaker 2: So just hold off Macca for a moment. Here. What

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00:20:04,680 --> 00:20:11,320
Speaker 2: you're trying to say, lift Mecca? When all your passwords

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Speaker 2: are they all different?

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Speaker 4: There's a lot of different passwords.

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Speaker 2: I concede, Yes, that's just ridiculous.

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Speaker 4: But this is Adam's story. Like this story.

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Speaker 1: You know what, often in these kinds of situations, they

398
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Speaker 1: will find a case study, and that when a media

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Speaker 1: release comes out from the National cybersecurity kind of task force.

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Speaker 4: They will find it.

401
00:20:33,440 --> 00:20:35,359
Speaker 1: They will find a case study that they can hold

402
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Speaker 1: up and no further. Look at this young man. He's

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Speaker 1: doing the right thing, Young Adam Lang, you could be

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Speaker 1: the case study for the national cyber.

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Speaker 3: Passwords for everything I try to like broad couple. Yeah

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00:20:49,560 --> 00:20:53,440
Speaker 3: do you, Michael, He's not going to confirm or deny. Yes,

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Speaker 3: I do, Sean.

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Speaker 2: I've just started it. I didn't actually from this story

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Speaker 2: I started.

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00:21:00,000 --> 00:21:01,480
Speaker 3: I thought it's a bit of a mind twist.

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Speaker 4: And the best part is that I know a few

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Speaker 4: of your passwords.

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00:21:05,200 --> 00:21:07,520
Speaker 1: So if ever I have to log into something, I'm like,

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00:21:07,920 --> 00:21:10,240
Speaker 1: Sean's got a subscription here, and I'll just try your

415
00:21:10,280 --> 00:21:13,440
Speaker 1: email address, then try the various past Sweet.

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Speaker 4: I'm in the New York Times for me.

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Speaker 3: From that naughty fraud.

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Speaker 4: No no, no, no, it's it's a hypothetic.

419
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Speaker 2: Should lose he should lose points for being fraud.

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Speaker 1: No no, no, no, it was it was purely, purely theatric character.

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00:21:27,920 --> 00:21:29,920
Speaker 4: Hey, he didn't lose points for sticking his finger.

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Speaker 3: Michael wins, Oh, sweet night. So I dropped the digits

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00:21:33,440 --> 00:21:36,639
Speaker 3: on the credit cards, so logical love it. But actually

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Speaker 3: I do. I do like this, and I really it's

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Speaker 3: such a mind twister for everybody passwords. It's such a

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Speaker 3: pain in the very conversation we've had is what stops

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Speaker 3: them from being effected.

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Speaker 2: I wish, I wish that the listener could see passionate

429
00:21:49,640 --> 00:21:54,000
Speaker 2: that his body movement, his hands, the arms, they're flying.

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Speaker 4: He's enlivened.

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Speaker 1: I would like to also point out the fact that

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Speaker 1: statistically we have now spent the longest period of the

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Speaker 1: show to the most boring stories. So let's hurry on

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00:22:05,560 --> 00:22:12,160
Speaker 1: to the favorite story of the week. Sure, I think

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00:22:12,200 --> 00:22:14,760
Speaker 1: I might be a little bit in love with Jamie Diamond.

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00:22:14,800 --> 00:22:20,680
Speaker 4: Oh, dear right. The boss of JP Morgan Adam too.

437
00:22:21,520 --> 00:22:25,480
Speaker 1: We should start the JD f C Jamie Diamond Fan Club.

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Speaker 1: The boss of JP Morgan, the biggest bank in the US.

439
00:22:29,040 --> 00:22:32,560
Speaker 1: He just tells it like it is right. This week

440
00:22:32,760 --> 00:22:35,040
Speaker 1: it was having a crack at people checking their phones

441
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Speaker 1: and checking their emails during meetings.

442
00:22:37,600 --> 00:22:39,760
Speaker 3: He says, outrageous behavior.

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Speaker 1: Disgusting and I will not do it after today.

444
00:22:44,760 --> 00:22:47,840
Speaker 2: He always gives us Adam and I once we maybe

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00:22:47,960 --> 00:22:52,000
Speaker 2: no name, no Pactrell. We we have worked together for

446
00:22:52,040 --> 00:22:54,280
Speaker 2: a long time, indifferent and there was one of the

447
00:22:54,400 --> 00:22:56,399
Speaker 2: guys is that we work for both veterans. One of

448
00:22:56,440 --> 00:22:57,840
Speaker 2: the guys that we worked. I remember being in a

449
00:22:57,880 --> 00:23:00,399
Speaker 2: meeting with Adam and the consultants were in the someone's

450
00:23:00,400 --> 00:23:04,159
Speaker 2: got to a certain point and Adam goes sort of

451
00:23:04,400 --> 00:23:07,439
Speaker 2: nudges me in check and so we check to our boss.

452
00:23:08,040 --> 00:23:11,080
Speaker 2: And as soon as one area of the consulting, I'm

453
00:23:11,119 --> 00:23:13,879
Speaker 2: trying to hide everything here. When the consulting came in,

454
00:23:13,920 --> 00:23:16,240
Speaker 2: you could see our boss he just reaches into his

455
00:23:16,280 --> 00:23:19,960
Speaker 2: pocket and fine starts consult He was just rude.

456
00:23:20,440 --> 00:23:22,000
Speaker 3: He was tuned right out.

457
00:23:22,560 --> 00:23:25,159
Speaker 2: You could just see that part. He wasn't interested. And

458
00:23:25,200 --> 00:23:28,919
Speaker 2: of course then Adam, I just get the giggles, so

459
00:23:28,960 --> 00:23:30,880
Speaker 2: we weren't listening either. We were giggling too much.

460
00:23:31,280 --> 00:23:32,560
Speaker 3: Sure I'm giggling good now.

461
00:23:33,760 --> 00:23:36,439
Speaker 1: But it's it's just he says he always gives one

462
00:23:36,480 --> 00:23:39,040
Speaker 1: hundred percent of his attention to whatever meeting he is in.

463
00:23:39,119 --> 00:23:41,720
Speaker 1: And he says it's time for others in the organization.

464
00:23:41,840 --> 00:23:44,439
Speaker 1: This is a big organization to do the same. It

465
00:23:44,480 --> 00:23:48,920
Speaker 1: is the beginning of an etiquette revolution. And I say

466
00:23:48,920 --> 00:23:51,879
Speaker 1: it is long overdue. That's just and the fact that

467
00:23:51,880 --> 00:23:55,080
Speaker 1: the CEO of this company, this massive company, is having

468
00:23:55,119 --> 00:23:59,639
Speaker 1: to call out this, this terrible, terrible, upsetting behavior in

469
00:24:00,240 --> 00:24:05,840
Speaker 1: a really weird forum as well his annual letter to shareholders.

470
00:24:05,920 --> 00:24:07,560
Speaker 1: You think you would do it in like an internal

471
00:24:07,680 --> 00:24:09,560
Speaker 1: kind of memo to people, Hey guys, can you just

472
00:24:09,960 --> 00:24:12,960
Speaker 1: everyone involved? Just if you're in a meeting, if you're

473
00:24:12,960 --> 00:24:16,200
Speaker 1: in a meeting, just pay att Yeah. Instead, he writes

474
00:24:16,240 --> 00:24:19,000
Speaker 1: it in a letter to shareholders. Instead, he says people

475
00:24:19,000 --> 00:24:20,640
Speaker 1: should work smarter, not longer.

476
00:24:20,880 --> 00:24:25,560
Speaker 4: He had a crack at corporate lingo, yes, saying it's

477
00:24:25,560 --> 00:24:25,880
Speaker 4: one of.

478
00:24:25,840 --> 00:24:31,560
Speaker 1: His pet peeves. He told people to talk like you speak.

479
00:24:32,280 --> 00:24:34,720
Speaker 1: I don't know, but I'm going to take a punt

480
00:24:34,880 --> 00:24:41,120
Speaker 1: and say I reckon. Jamie Diamond would not like acronyms.

481
00:24:40,119 --> 00:24:44,040
Speaker 3: Or abbreviations, socialisms, any of that ludicrous talk.

482
00:24:44,359 --> 00:24:48,720
Speaker 1: Anyway, The Jamie Diamond Fan Club is currently signing up members.

483
00:24:49,440 --> 00:24:52,360
Speaker 4: I'm in, Adam, you're in, Oh, yes.

484
00:24:52,720 --> 00:24:55,240
Speaker 2: You remember when we first started and we're talking about

485
00:24:56,760 --> 00:24:59,040
Speaker 2: and Adam's like, we've got to call that Australia and

486
00:24:59,080 --> 00:25:02,760
Speaker 2: New Zealand bank. Well that's going to be reserved. Think

487
00:25:02,800 --> 00:25:06,639
Speaker 2: of Australia every single time, and we're like, I may

488
00:25:06,680 --> 00:25:07,640
Speaker 2: have pushed it too far.

489
00:25:08,800 --> 00:25:15,000
Speaker 6: Really, I may, oh my word hen.

490
00:25:13,840 --> 00:25:18,520
Speaker 2: And like the rule on acronyms for you idiots right

491
00:25:19,280 --> 00:25:24,239
Speaker 2: when you're communicating, if the acronym works better then the

492
00:25:24,280 --> 00:25:28,119
Speaker 2: real words used the acronyms. It was like UNESCO or

493
00:25:28,160 --> 00:25:31,040
Speaker 2: one of those ones really got caught up on and

494
00:25:31,480 --> 00:25:33,480
Speaker 2: quite a lot of the world. Would you have any

495
00:25:33,600 --> 00:25:36,480
Speaker 2: idea what ESCO means if we said United blah blah

496
00:25:36,480 --> 00:25:40,080
Speaker 2: blah blah. Anyway, gotta love Damie Dimon the fact that

497
00:25:40,119 --> 00:25:42,720
Speaker 2: he's paid how much money that's and that's what he's

498
00:25:42,720 --> 00:25:48,600
Speaker 2: thinking about. I'm America is really getting a tough time

499
00:25:48,640 --> 00:25:51,800
Speaker 2: at the moment. They they are, I mean the tarat stuff.

500
00:25:52,280 --> 00:25:57,080
Speaker 2: Whether you believe inves maybe, but but even even that

501
00:25:57,160 --> 00:26:00,560
Speaker 2: comment there at all is symbolic of the fact that

502
00:26:00,800 --> 00:26:02,240
Speaker 2: Americans are having a tough time.

503
00:26:03,240 --> 00:26:06,480
Speaker 4: And do you know what, I know where this is going.

504
00:26:07,680 --> 00:26:11,200
Speaker 2: People are attacking America. And it's not just people are

505
00:26:11,200 --> 00:26:16,959
Speaker 2: taking America. It's sea lions attacking Americans.

506
00:26:17,119 --> 00:26:19,000
Speaker 4: Set erb superb build up.

507
00:26:19,119 --> 00:26:25,720
Speaker 2: We have had cases of sea lions in California attacking children,

508
00:26:27,000 --> 00:26:34,199
Speaker 2: attacking surfers. They're actually The National Geographic Geographic has a

509
00:26:34,200 --> 00:26:37,360
Speaker 2: great heading sea lions aren't demonic.

510
00:26:39,359 --> 00:26:44,119
Speaker 4: Thanks for clarifying.

511
00:26:43,359 --> 00:26:51,080
Speaker 2: Aren't demonic. They're just eating too much algae just confused

512
00:26:51,160 --> 00:26:53,640
Speaker 2: nasty stuff in it, which is hurting your brains. Actually, they'ren'

513
00:26:53,640 --> 00:26:55,520
Speaker 2: even eating the algae. They're eating sardines, who are eating

514
00:26:55,520 --> 00:26:58,800
Speaker 2: the algae, who are hurting the sea lions. Anyway, Sea

515
00:26:58,840 --> 00:27:01,840
Speaker 2: lions do not attack youmans. We've all been swimming with

516
00:27:01,880 --> 00:27:02,439
Speaker 2: sea lions.

517
00:27:02,440 --> 00:27:02,720
Speaker 1: I have.

518
00:27:03,040 --> 00:27:11,840
Speaker 2: I have gorgeous, this smelly, don't you are? I actually

519
00:27:11,840 --> 00:27:14,040
Speaker 2: really like it in the water, having a shower all

520
00:27:14,040 --> 00:27:16,680
Speaker 2: the time. I have very smilly animals, salty.

521
00:27:17,119 --> 00:27:19,400
Speaker 1: Surely this is not a common thing to be swimming

522
00:27:19,400 --> 00:27:20,400
Speaker 1: with sea lions.

523
00:27:20,800 --> 00:27:22,040
Speaker 3: Not for me, but it was brilliant.

524
00:27:22,359 --> 00:27:24,040
Speaker 4: I mean, it's two.

525
00:27:23,920 --> 00:27:26,639
Speaker 1: Thirds of the people in the studio have swum with

526
00:27:26,720 --> 00:27:30,000
Speaker 1: sea lions. I do not think you you are representative

527
00:27:30,119 --> 00:27:34,080
Speaker 1: of the broader population now, isn't.

528
00:27:33,880 --> 00:27:38,560
Speaker 2: It's Michael talking. The point is the sea lions attacking

529
00:27:38,600 --> 00:27:45,200
Speaker 2: the Americans. It's just wrong. Sea lions back off right off.

530
00:27:45,560 --> 00:27:48,320
Speaker 4: We have a lot of sea lions, as talking.

531
00:27:48,440 --> 00:27:51,640
Speaker 2: Percent of sea lions that are kind of caught, and

532
00:27:51,680 --> 00:27:53,840
Speaker 2: that there's great pictures going around at the moment with

533
00:27:54,000 --> 00:27:57,320
Speaker 2: like these nets over the sea lions, and about fifty

534
00:27:57,320 --> 00:28:01,960
Speaker 2: percent they can help the other fift Unfortunately, they can't

535
00:28:02,240 --> 00:28:06,800
Speaker 2: and it's a real problem. But great story Americans being

536
00:28:06,840 --> 00:28:07,840
Speaker 2: attacked by sea.

537
00:28:07,680 --> 00:28:10,960
Speaker 3: Lions the Truth magazine.

538
00:28:11,000 --> 00:28:13,800
Speaker 4: It's like one of those Okay, is this real? Actually

539
00:28:13,800 --> 00:28:14,520
Speaker 4: it is the world?

540
00:28:14,800 --> 00:28:17,360
Speaker 2: Yeah, it is you, Adam.

541
00:28:17,840 --> 00:28:21,080
Speaker 3: Look, I think it's no surprise mister Diamond has to win.

542
00:28:22,320 --> 00:28:24,159
Speaker 2: Oh my god, that's dull, Adam.

543
00:28:24,280 --> 00:28:26,520
Speaker 1: No, no, no, that is great. That is great because

544
00:28:26,600 --> 00:28:29,119
Speaker 1: Jamie Diamond is striking a blow for etiquette. He's beginning

545
00:28:29,119 --> 00:28:31,840
Speaker 1: the etiuette revolution. I think it's fantastic. Well done, Adam,

546
00:28:31,880 --> 00:28:32,879
Speaker 1: your honorable cause.

547
00:28:33,000 --> 00:28:34,359
Speaker 2: Yes, certainly one of the points.

548
00:28:34,400 --> 00:28:42,200
Speaker 3: Give us so Sean ninety three points, Michael ninety two points.

549
00:28:43,480 --> 00:28:46,800
Speaker 4: You did that around the wrong way.

550
00:28:47,440 --> 00:28:48,040
Speaker 2: I didn't.

551
00:28:48,400 --> 00:28:51,600
Speaker 1: You did that stores fell out to get me excited,

552
00:28:52,920 --> 00:28:56,640
Speaker 1: made mine day. That is despicable. I want you to

553
00:28:56,680 --> 00:29:01,000
Speaker 1: go swimming in California. A lot copper sea lion.

554
00:29:02,440 --> 00:29:06,120
Speaker 4: Among on your leg. Well, that's disappointing.

555
00:29:07,360 --> 00:29:09,920
Speaker 2: I think that. I think the podcast. I think the

556
00:29:09,960 --> 00:29:11,960
Speaker 2: newsletter was a winner today.

557
00:29:12,040 --> 00:29:14,640
Speaker 4: Yes, yeah, let's let's leave on a positive note.

558
00:29:14,680 --> 00:29:17,280
Speaker 1: That's right, Darrenngreed dot com dot you sign up for

559
00:29:17,320 --> 00:29:18,840
Speaker 1: the free daily Day.

560
00:29:20,320 --> 00:29:23,080
Speaker 4: Well we agree, I don't write it.

561
00:29:23,280 --> 00:29:25,400
Speaker 2: We are unanimous. It is brilliant.

562
00:29:25,520 --> 00:29:29,520
Speaker 1: Yep indeed and the Sea Lions agree. I mean the

563
00:29:29,600 --> 00:29:30,560
Speaker 1: take home for me today.

564
00:29:33,000 --> 00:29:35,320
Speaker 7: Thank you Sean, thank you Michael, thank you Adam, thank

565
00:29:35,360 --> 00:29:38,800
Speaker 7: you Michael done. Don't forget to hit follow on the

566
00:29:38,800 --> 00:29:42,920
Speaker 7: podcast and join us online as well LinkedIn, Instagram, TikTok,

567
00:29:42,920 --> 00:29:43,600
Speaker 7: Facebook and XT.

568
00:29:43,800 --> 00:29:44,479
Speaker 4: Michael Thompson.

569
00:29:44,520 --> 00:29:45,640
Speaker 7: That was fear and greed.

570
00:29:45,680 --> 00:29:46,680
Speaker 1: We have a great weekend.