1 00:00:05,640 --> 00:00:08,600 Speaker 1: Welcome to the Fear and Greed business Interview. I'm Sean Almam. 2 00:00:08,720 --> 00:00:11,240 Speaker 1: In recent years one of the true darlings of the 3 00:00:11,240 --> 00:00:14,760 Speaker 1: local stock market has been wis Tech Global, and in 4 00:00:14,840 --> 00:00:17,880 Speaker 1: just the past few months, the tracking company's share price 5 00:00:17,920 --> 00:00:20,720 Speaker 1: has surged off the back of strong revenue growth forecasts. 6 00:00:20,960 --> 00:00:23,840 Speaker 1: But while some investors say wise Tech and other tech 7 00:00:23,880 --> 00:00:28,160 Speaker 1: stocks like Promedicus are getting too expensive, others say these 8 00:00:28,160 --> 00:00:31,720 Speaker 1: companies are solving a huge efficiency problem for businesses and 9 00:00:31,880 --> 00:00:34,720 Speaker 1: are setting themselves up for future growth. Remember this is 10 00:00:34,800 --> 00:00:37,520 Speaker 1: general information only. You should always see professional advice before 11 00:00:37,560 --> 00:00:41,479 Speaker 1: making investment decisions. Toushco Badgick is head of Australian Equery's 12 00:00:41,520 --> 00:00:45,600 Speaker 1: Growth at First Centire Investors, a two hundred billion dollar 13 00:00:45,800 --> 00:00:49,760 Speaker 1: active manager covering around three hundred Australian stocks. Toushco. Welcome 14 00:00:49,800 --> 00:00:50,480 Speaker 1: to Fear and Greed. 15 00:00:51,040 --> 00:00:52,360 Speaker 2: Thank you very much, Sean. 16 00:00:52,720 --> 00:00:56,000 Speaker 1: Wise Tech Wise Tech What a story it was? I 17 00:00:56,000 --> 00:00:58,160 Speaker 1: mean probably twelve months ago at one point it was 18 00:00:58,200 --> 00:01:01,160 Speaker 1: quite out of favor, but since then it's doubled its 19 00:01:01,160 --> 00:01:03,920 Speaker 1: share price over the past twelve months or so. What 20 00:01:04,160 --> 00:01:06,800 Speaker 1: is it? Why do people love wystecks so much? 21 00:01:07,240 --> 00:01:09,319 Speaker 2: Well, it's interesting, I mean a lot of column inches 22 00:01:09,319 --> 00:01:12,560 Speaker 2: are devoted to why whystick isn't a great idea to 23 00:01:12,640 --> 00:01:17,000 Speaker 2: invest in? And what dominate there is the valuation, and 24 00:01:17,040 --> 00:01:18,880 Speaker 2: I think therein lies the opportunity. A lot of people 25 00:01:18,920 --> 00:01:22,280 Speaker 2: look at the high pe and that's where the work 26 00:01:22,280 --> 00:01:25,039 Speaker 2: and the research stops. One hundred times pe. That's not 27 00:01:25,160 --> 00:01:28,800 Speaker 2: for me, and people just walk away, Whereas I think 28 00:01:28,840 --> 00:01:31,400 Speaker 2: that really is disguising the opportunity here. It's a company 29 00:01:31,720 --> 00:01:34,880 Speaker 2: that listed in April twenty sixteen. It had eight and 30 00:01:34,920 --> 00:01:38,960 Speaker 2: a half cents per share of EPs back then, and 31 00:01:39,040 --> 00:01:42,319 Speaker 2: today we're looking at a dollar thirty one forecast of 32 00:01:42,360 --> 00:01:45,520 Speaker 2: earnings per share in twenty twenty five, So we're talking 33 00:01:45,520 --> 00:01:49,800 Speaker 2: about fifteen times higher earnings per share than when ipo'd 34 00:01:50,080 --> 00:01:53,480 Speaker 2: a little over eight years ago. So that impressive track 35 00:01:53,560 --> 00:01:56,520 Speaker 2: record of growth that it has already achieved, I think 36 00:01:56,600 --> 00:01:59,600 Speaker 2: is a very good window into its future. It has 37 00:01:59,680 --> 00:02:03,160 Speaker 2: about half of the world's top twenty five global freightforwarders 38 00:02:03,280 --> 00:02:05,920 Speaker 2: on its books as customers, and I think has a 39 00:02:06,000 --> 00:02:08,840 Speaker 2: very bright future and excellent prospects to get quite a 40 00:02:08,840 --> 00:02:11,840 Speaker 2: few more on board to keep driving that twenty to 41 00:02:11,880 --> 00:02:15,519 Speaker 2: thirty percent growth in revenues and earnings for share growing 42 00:02:15,800 --> 00:02:18,040 Speaker 2: north of that thirty to forty percent per annum. 43 00:02:18,680 --> 00:02:23,320 Speaker 1: Is the software tracking technology better? Is that where it's 44 00:02:23,360 --> 00:02:25,000 Speaker 1: competitive advantage is? 45 00:02:25,560 --> 00:02:28,840 Speaker 2: That's a good question. So it provides software to freight 46 00:02:28,919 --> 00:02:33,320 Speaker 2: forwarders and logistics companies and effectively it's something like straight 47 00:02:33,320 --> 00:02:36,280 Speaker 2: through processing for all the contract notes and the movements 48 00:02:36,320 --> 00:02:38,240 Speaker 2: of the goods that need to be booked from the 49 00:02:38,240 --> 00:02:42,640 Speaker 2: place of production to where the product is consumed. And 50 00:02:42,680 --> 00:02:46,080 Speaker 2: what Wistek does is it really enables those freightforwards to 51 00:02:46,080 --> 00:02:49,440 Speaker 2: become very efficient. It lets them grow without putting on staff. 52 00:02:50,320 --> 00:02:53,200 Speaker 2: It reduces errors and fines. You know, there are a 53 00:02:53,200 --> 00:02:57,160 Speaker 2: lot of rules and potential sanctions around trade flows, you know, 54 00:02:57,280 --> 00:03:01,359 Speaker 2: different import and export duties at different size of containers 55 00:03:01,400 --> 00:03:04,320 Speaker 2: and volume of different products that are being moved. And 56 00:03:04,360 --> 00:03:07,040 Speaker 2: if you like it, it basically has a data lake 57 00:03:07,320 --> 00:03:10,120 Speaker 2: where it has all of the information of the movements, 58 00:03:10,160 --> 00:03:13,160 Speaker 2: all of the information in terms of customs, rules and regulations, 59 00:03:13,680 --> 00:03:17,280 Speaker 2: and it uses that data to create software which means 60 00:03:17,280 --> 00:03:21,160 Speaker 2: booking this through is tremendously efficient for freight forwarders. And 61 00:03:21,200 --> 00:03:24,400 Speaker 2: I think probably the most potent example of how well 62 00:03:24,440 --> 00:03:27,520 Speaker 2: it does for its customers is the fact that when 63 00:03:27,600 --> 00:03:30,639 Speaker 2: you look at those top twelve global freight forwarding companies 64 00:03:31,480 --> 00:03:35,320 Speaker 2: growth rates over the last decade plus. Their businesses have 65 00:03:35,360 --> 00:03:38,880 Speaker 2: grown by eighty two percent over that decade, whereas freight 66 00:03:38,960 --> 00:03:41,600 Speaker 2: forwarders that don't use ystec software, which is known as 67 00:03:41,600 --> 00:03:44,320 Speaker 2: cargo wise one, they have only grown by twelve percent. 68 00:03:45,240 --> 00:03:48,960 Speaker 2: So it's actually an enabler of market share gains for 69 00:03:49,040 --> 00:03:52,720 Speaker 2: its customers. So it's really solving an efficiency problem and 70 00:03:52,800 --> 00:03:56,120 Speaker 2: Australians being in a very high labor cost economy, I 71 00:03:56,120 --> 00:03:59,160 Speaker 2: think it's actually pretty natural for good Australian software engineers 72 00:03:59,200 --> 00:04:02,880 Speaker 2: to be does designing products that add to productivity and 73 00:04:03,000 --> 00:04:05,840 Speaker 2: reduce the units of labor and I think that's really 74 00:04:05,840 --> 00:04:07,880 Speaker 2: been the story of success for wyse Tech, and I 75 00:04:07,920 --> 00:04:11,080 Speaker 2: think the decade ahead looks quite prospective as well. 76 00:04:11,320 --> 00:04:14,400 Speaker 1: What's the risk with wys teach, Because every time you 77 00:04:14,480 --> 00:04:17,080 Speaker 1: invest in something there's a plus and a minus to 78 00:04:17,120 --> 00:04:20,159 Speaker 1: it all. What would you be worried about with wys Tech? 79 00:04:20,320 --> 00:04:23,239 Speaker 2: Yeah, that's a really good question. I'm less worried about 80 00:04:23,360 --> 00:04:26,640 Speaker 2: its competitor set now looking at the next decade than 81 00:04:26,680 --> 00:04:28,719 Speaker 2: I was seven or eight years ago when we first 82 00:04:28,800 --> 00:04:31,960 Speaker 2: first started looking and researching the company and the reason 83 00:04:32,040 --> 00:04:34,479 Speaker 2: being is there are very few companies that cut you know, 84 00:04:34,680 --> 00:04:37,200 Speaker 2: when you get an RFP a a request for proposal, 85 00:04:37,800 --> 00:04:41,480 Speaker 2: quite often these days it's only Wystech. So really, the 86 00:04:41,520 --> 00:04:45,560 Speaker 2: software that Wisick is now displacing is the internal software, 87 00:04:46,000 --> 00:04:49,120 Speaker 2: the internal system of a freight forwarder, and that's been 88 00:04:49,200 --> 00:04:52,280 Speaker 2: stitched together over a series of decades, and it's literally 89 00:04:52,320 --> 00:04:55,520 Speaker 2: breaking out the seams. Businesses don't have the budget, all 90 00:04:55,560 --> 00:04:59,920 Speaker 2: the expertise to actually update the software. So really display 91 00:05:00,000 --> 00:05:03,360 Speaker 2: seeing the internal piece of software or system that's been 92 00:05:03,480 --> 00:05:05,520 Speaker 2: used that's now creaking out the scenes because it hasn't 93 00:05:05,520 --> 00:05:07,760 Speaker 2: been developed for the best part of a decade or 94 00:05:07,839 --> 00:05:11,440 Speaker 2: more so, I don't see too much in terms of 95 00:05:11,480 --> 00:05:14,040 Speaker 2: the competitor set. There were a couple of competitors that 96 00:05:14,279 --> 00:05:16,440 Speaker 2: you used to hear about, but they're not even showing 97 00:05:16,520 --> 00:05:21,280 Speaker 2: up at these RFPs and so really the key investment risk, 98 00:05:21,400 --> 00:05:23,120 Speaker 2: if you like, and this is where I do agree 99 00:05:23,120 --> 00:05:26,039 Speaker 2: with the critics, is evaluation. You know, when you do 100 00:05:26,160 --> 00:05:27,600 Speaker 2: have a pe of a one hundred times, you do 101 00:05:27,640 --> 00:05:31,240 Speaker 2: need to deliver. And like I said, the last decade's 102 00:05:31,279 --> 00:05:34,920 Speaker 2: been about cargo wise generating thirty three percent compound annual 103 00:05:35,000 --> 00:05:38,640 Speaker 2: growth in revenues and higher growth in earnings per share, 104 00:05:39,320 --> 00:05:41,560 Speaker 2: and you know there is an expectation in the marketplace 105 00:05:41,600 --> 00:05:44,680 Speaker 2: that that continues at this kind of pee evaluation. But 106 00:05:44,720 --> 00:05:46,600 Speaker 2: I think the prospects are very good and I can 107 00:05:46,640 --> 00:05:48,839 Speaker 2: talk about why that's the case in a minute. 108 00:05:49,360 --> 00:05:51,360 Speaker 1: So just jump into that because I'll want to move 109 00:05:51,400 --> 00:05:53,599 Speaker 1: off wise tech, but just quickly, so how can it 110 00:05:53,680 --> 00:05:56,040 Speaker 1: keep sustaining this sort of growth rate? 111 00:05:56,480 --> 00:05:59,680 Speaker 2: Yeah, just really quickly. I think it's become essentially the 112 00:05:59,720 --> 00:06:02,680 Speaker 2: micro Soft Excel or the Microsoft three six five of 113 00:06:02,800 --> 00:06:05,800 Speaker 2: freight forwarding. You get to a point when your product 114 00:06:06,240 --> 00:06:09,240 Speaker 2: is helping you game market share so effectively that the 115 00:06:09,240 --> 00:06:11,720 Speaker 2: people who don't use you have to use you as 116 00:06:11,760 --> 00:06:15,880 Speaker 2: a matter of survival. It's like Excel and word word 117 00:06:15,920 --> 00:06:19,240 Speaker 2: Perfect and Quatro might have been better products twenty five 118 00:06:19,320 --> 00:06:22,280 Speaker 2: years ago, but you can't emailsing a Quatro or a 119 00:06:22,320 --> 00:06:26,000 Speaker 2: word perfect documents to anyone off The three six five 120 00:06:26,000 --> 00:06:28,560 Speaker 2: has become industry standard. I think cargo wise one and 121 00:06:28,600 --> 00:06:32,919 Speaker 2: cargo Wise next, which is an next iteration, is industry standard. 122 00:06:33,320 --> 00:06:39,719 Speaker 1: Stay with me, do We'll be back in a minute. 123 00:06:42,800 --> 00:06:46,880 Speaker 1: My guest today is Doshco Bagic from First Centire investors. 124 00:06:47,880 --> 00:06:50,479 Speaker 1: I want to move on to pro Medicus, the medical 125 00:06:50,520 --> 00:06:55,520 Speaker 1: imaging company. That's another one of those Australian software based 126 00:06:55,560 --> 00:06:59,000 Speaker 1: companies that seems to have done way beyond what anyone 127 00:06:59,080 --> 00:07:02,719 Speaker 1: expected a few year years back. What's behind its run? 128 00:07:03,440 --> 00:07:05,680 Speaker 2: Yeah, that's a good question. Again, these are companies that 129 00:07:05,720 --> 00:07:09,720 Speaker 2: are generating thirty percent plus revenue growth converting into forty 130 00:07:09,760 --> 00:07:13,160 Speaker 2: percent growth in earnings. Those numbers are pretty similar to 131 00:07:13,160 --> 00:07:15,360 Speaker 2: what I just quoted in terms of why stacks, So 132 00:07:15,400 --> 00:07:18,040 Speaker 2: please don't think that this is something that happens commonly. 133 00:07:18,840 --> 00:07:22,280 Speaker 2: They're rare assets, their prices rare assets. In the case 134 00:07:22,280 --> 00:07:26,280 Speaker 2: of Promticus, you know, it's just superior image viewing software. 135 00:07:26,360 --> 00:07:30,560 Speaker 2: So they design software that radiologists use to view images 136 00:07:30,880 --> 00:07:35,040 Speaker 2: and diagnose images. And they have both a return on 137 00:07:35,120 --> 00:07:40,120 Speaker 2: investment argument because they increase productivity. So basically a radiologist 138 00:07:40,160 --> 00:07:43,400 Speaker 2: can get through twenty to thirty percent more scanned images 139 00:07:43,400 --> 00:07:47,000 Speaker 2: and diagnoses per day off the back of using the viewer. 140 00:07:47,160 --> 00:07:50,480 Speaker 2: The visage viewer, but also has a clinical benefit in 141 00:07:50,560 --> 00:07:53,240 Speaker 2: terms of accuracy of diagnosis. So when you put those 142 00:07:53,240 --> 00:07:56,560 Speaker 2: two things together, it's pretty powerful. And the other thing 143 00:07:56,600 --> 00:07:59,960 Speaker 2: that's interesting is clearly it takes ten, fifteen, twenty years 144 00:08:00,120 --> 00:08:03,160 Speaker 2: to create a radiologist. They're not getting created at the 145 00:08:03,160 --> 00:08:06,200 Speaker 2: same rate as there is growth in terms of images 146 00:08:06,240 --> 00:08:09,760 Speaker 2: being scanned and required diagnostics. So you know, it's solving 147 00:08:09,880 --> 00:08:13,000 Speaker 2: an inherent bottleneck where you don't have enough radiologists to 148 00:08:13,400 --> 00:08:15,440 Speaker 2: view and diagnose the amount of images which is sort 149 00:08:15,440 --> 00:08:18,280 Speaker 2: of growing four or five percent peranum, and so you know, 150 00:08:18,360 --> 00:08:20,120 Speaker 2: it really is solving for that equation. 151 00:08:20,920 --> 00:08:25,960 Speaker 1: In both as cases Wistech and Promedicus, they're in sectors 152 00:08:26,680 --> 00:08:29,600 Speaker 1: that are growing, so it's not just what they're good at, 153 00:08:29,760 --> 00:08:33,559 Speaker 1: they're actually operating in areas where the demand is growing 154 00:08:33,800 --> 00:08:34,360 Speaker 1: as well. 155 00:08:34,640 --> 00:08:37,720 Speaker 2: Yes, if I can just quickly step back, the underlying 156 00:08:37,760 --> 00:08:41,920 Speaker 2: market for Promedicus is inverted commas, only growing at four 157 00:08:41,920 --> 00:08:44,440 Speaker 2: to five percent in terms of volume, but because of 158 00:08:44,480 --> 00:08:47,920 Speaker 2: its contract wins, the revenue for Promedicus is growing north 159 00:08:47,920 --> 00:08:51,360 Speaker 2: for thirty percent peranum. And also it's also the case 160 00:08:51,400 --> 00:08:55,280 Speaker 2: that within Wysteck, the underlying freight forwarding market, it's only 161 00:08:55,320 --> 00:08:59,120 Speaker 2: growing one to three percent, but again it's the market 162 00:08:59,160 --> 00:09:01,840 Speaker 2: share gains that means that they can convert that into 163 00:09:01,880 --> 00:09:04,960 Speaker 2: thirty percent plus growth for themselves. So the underlying market 164 00:09:05,040 --> 00:09:10,160 Speaker 2: while it's growing. It's not stellar growth. It's actually the 165 00:09:10,320 --> 00:09:14,439 Speaker 2: product gaining tremendous market share and then allowing the customers 166 00:09:14,440 --> 00:09:17,400 Speaker 2: of the product to gain market share within market that 167 00:09:17,520 --> 00:09:19,120 Speaker 2: creates that explosive growth rate. 168 00:09:19,440 --> 00:09:23,120 Speaker 1: Okays, So what about Zero? Where's this? Where does that 169 00:09:23,200 --> 00:09:26,560 Speaker 1: company sit in terms of kind of the successful Australian 170 00:09:26,600 --> 00:09:27,280 Speaker 1: tech groups. 171 00:09:27,880 --> 00:09:30,200 Speaker 2: So I would argue Zero is close to being as 172 00:09:30,280 --> 00:09:34,120 Speaker 2: dominant as Promedicus and Weistek are in their respective markets. 173 00:09:34,160 --> 00:09:37,000 Speaker 2: When it comes to Australia and New Zealand, it really 174 00:09:37,080 --> 00:09:40,960 Speaker 2: does own the cloud accounting SME product set in terms 175 00:09:41,000 --> 00:09:43,360 Speaker 2: of market share, in terms of the efficacy of its 176 00:09:43,360 --> 00:09:47,400 Speaker 2: product and how well it's growing and how hard it 177 00:09:47,440 --> 00:09:51,440 Speaker 2: is to displace. But when it comes to offshore market, 178 00:09:51,840 --> 00:09:55,880 Speaker 2: nowhere near as dominant, whereas Promedicus dominates in the US 179 00:09:56,160 --> 00:09:59,319 Speaker 2: and wise dominates in Europe and is really gaining a 180 00:09:59,320 --> 00:10:02,240 Speaker 2: lot of sharing and Asia now as well. But when 181 00:10:02,280 --> 00:10:05,559 Speaker 2: it comes to Zero, it has a very good market 182 00:10:05,559 --> 00:10:08,719 Speaker 2: position in the UK where we can see elements of 183 00:10:08,760 --> 00:10:11,080 Speaker 2: it being able to replicate Australia New Zealand in terms 184 00:10:11,080 --> 00:10:14,880 Speaker 2: of its success, but in terms of the US it 185 00:10:14,960 --> 00:10:18,120 Speaker 2: is a distant second player to the dominant player which 186 00:10:18,200 --> 00:10:20,840 Speaker 2: is owned by into It. Quick Books isn't the product 187 00:10:21,360 --> 00:10:24,320 Speaker 2: which dominates off the back of its TurboTax product, and 188 00:10:24,400 --> 00:10:26,880 Speaker 2: so we've never really put anything in our modeling or 189 00:10:26,920 --> 00:10:31,120 Speaker 2: evaluation for success in the US for zero. But I 190 00:10:31,160 --> 00:10:34,120 Speaker 2: think with a new management team which is largely North 191 00:10:34,160 --> 00:10:37,719 Speaker 2: American based and has an amazing track record in terms 192 00:10:37,760 --> 00:10:41,400 Speaker 2: of their previous careers at Silicon Valley companies, for the 193 00:10:41,440 --> 00:10:46,560 Speaker 2: first time the business has reasonable prospects for gaining some 194 00:10:46,679 --> 00:10:49,640 Speaker 2: market share and a decent footing in the US. So 195 00:10:49,679 --> 00:10:52,680 Speaker 2: we're hopeful that that may play out over the next 196 00:10:52,720 --> 00:10:54,800 Speaker 2: five to ten years, although we're not putting anything in 197 00:10:54,880 --> 00:10:56,240 Speaker 2: terms of our forecast in there just. 198 00:10:56,240 --> 00:10:59,240 Speaker 1: Yet to just cover we're out of time. But we've 199 00:10:59,280 --> 00:11:04,280 Speaker 1: just spoken three success stories. When you're looking at tech 200 00:11:04,360 --> 00:11:07,480 Speaker 1: stocks looking for growth, obviously, what is it I mean, 201 00:11:07,520 --> 00:11:10,520 Speaker 1: are the common elements that you really want to see 202 00:11:10,640 --> 00:11:14,680 Speaker 1: in tech stocks with long term growth prospects visa the 203 00:11:14,840 --> 00:11:17,880 Speaker 1: other textocks. There's plenty of textalks around, right and there 204 00:11:17,880 --> 00:11:20,040 Speaker 1: are a bunch of duds as well. What is it 205 00:11:20,040 --> 00:11:21,319 Speaker 1: that you're looking for at tech stock? 206 00:11:22,040 --> 00:11:26,760 Speaker 2: Well, alignment is always really important, product efficacy and what 207 00:11:26,840 --> 00:11:29,240 Speaker 2: market share of a large addressable market do you have 208 00:11:29,640 --> 00:11:32,960 Speaker 2: In the case of Promenicus and Wistek, we're blessed by 209 00:11:32,960 --> 00:11:35,520 Speaker 2: the fact that we've got long term founders who are 210 00:11:35,559 --> 00:11:37,520 Speaker 2: managing this business with a ten twenty year of you 211 00:11:38,440 --> 00:11:41,479 Speaker 2: and their interests are very aligned with minority equity holder interests. 212 00:11:42,000 --> 00:11:43,280 Speaker 2: You know, it's not always the case. 213 00:11:43,320 --> 00:11:43,480 Speaker 1: You know. 214 00:11:43,679 --> 00:11:46,560 Speaker 2: Probably Seek is an example of a company that was 215 00:11:46,679 --> 00:11:49,560 Speaker 2: really performing well twenty years ago, but it's sort of 216 00:11:49,920 --> 00:11:51,640 Speaker 2: had a lost decade. If you look at the earnings 217 00:11:51,679 --> 00:11:54,200 Speaker 2: for share of Seek, it's actually twenty percent lower than 218 00:11:54,200 --> 00:11:57,800 Speaker 2: it was ten years ago, compared to Wyse, whose earnings 219 00:11:57,880 --> 00:12:01,720 Speaker 2: is fifteen times higher. So not all growth stocks are 220 00:12:01,720 --> 00:12:04,400 Speaker 2: made equal, and so that's the lens through which we 221 00:12:04,840 --> 00:12:06,760 Speaker 2: sort of try and pick the stocks that we put 222 00:12:07,040 --> 00:12:08,000 Speaker 2: inside our funds. 223 00:12:08,400 --> 00:12:10,240 Speaker 1: DUIs, thank you for talking to Fear and Greed. 224 00:12:10,520 --> 00:12:11,079 Speaker 2: Thank you Sean. 225 00:12:11,520 --> 00:12:14,560 Speaker 1: That was douschco budget head of Australian Equities Growth at 226 00:12:14,640 --> 00:12:18,199 Speaker 1: First Centier Investors. This is the Fear and Greed Business Interview. 227 00:12:18,240 --> 00:12:20,960 Speaker 1: Remember this is general information only, and you should seek 228 00:12:20,960 --> 00:12:24,160 Speaker 1: professional advice before making investment decisions. Join us every morning 229 00:12:24,160 --> 00:12:26,880 Speaker 1: for the full episode of Fear and Greed Daily business 230 00:12:26,960 --> 00:12:29,520 Speaker 1: years for people who make their own decisions. I'm Sean A. Elmer. 231 00:12:29,920 --> 00:12:35,240 Speaker 1: Enjoy your day.