1 00:00:04,019 --> 00:00:06,450 Sean Aylmer: Welcome to the Fear and Greed daily interview. I'm Sean 2 00:00:06,450 --> 00:00:09,539 Sean Aylmer: Aylmer. Reporting season has wrapped up. I described it last 3 00:00:09,539 --> 00:00:13,110 Sean Aylmer: week as being solid but not really spectacular. One of 4 00:00:13,110 --> 00:00:15,000 Sean Aylmer: the most interesting sectors to watch, of course, is the 5 00:00:15,000 --> 00:00:17,040 Sean Aylmer: tech sector. So I wanted to speak to one of 6 00:00:17,040 --> 00:00:20,489 Sean Aylmer: our favorite guests about how the tech stocks performed. Remember, 7 00:00:20,489 --> 00:00:22,560 Sean Aylmer: this is general information only and you should speak to 8 00:00:22,650 --> 00:00:26,910 Sean Aylmer: a professional advisor before making any investment decisions. Elise Kennedy is the 9 00:00:27,240 --> 00:00:30,871 Sean Aylmer: Vice President of equity research at Jarden. Elise, welcome back to Fear and Greed. 10 00:00:30,871 --> 00:00:33,479 Elise Kennedy: Great to be here as always, Sean. 11 00:00:34,020 --> 00:00:36,720 Sean Aylmer: So in a sentence or two or three, how did 12 00:00:36,720 --> 00:00:40,380 Sean Aylmer: the tech stocks perform? Bit unfair because it's a very 13 00:00:40,380 --> 00:00:41,879 Sean Aylmer: varied group of stocks size. 14 00:00:42,420 --> 00:00:44,820 Elise Kennedy: It is a very mixed bunch of stocks. I think 15 00:00:44,820 --> 00:00:47,430 Elise Kennedy: there were a few little disappointments which at first that 16 00:00:47,430 --> 00:00:50,310 Elise Kennedy: opened down, but then you would have some commentary cause 17 00:00:50,310 --> 00:00:52,199 Elise Kennedy: and by the end of the day the stock would be 18 00:00:52,200 --> 00:00:54,750 Elise Kennedy: up. So even volatile within the short period of your 19 00:00:54,750 --> 00:00:56,790 Elise Kennedy: time, which we are getting quite accustomed to in the 20 00:00:56,790 --> 00:00:58,980 Elise Kennedy: tech space. But a few winners in there on a 21 00:00:58,980 --> 00:01:01,770 Elise Kennedy: few good cause and really some that we were watching 22 00:01:01,770 --> 00:01:02,790 Elise Kennedy: for the second half. 23 00:01:03,300 --> 00:01:06,839 Sean Aylmer: Okay. We'll get into some specifics in a moment, but 24 00:01:06,840 --> 00:01:09,270 Sean Aylmer: if I think of the big tech stocks out of 25 00:01:09,270 --> 00:01:13,260 Sean Aylmer: Wall Street, the whole cost situation that they seem to 26 00:01:13,260 --> 00:01:17,039 Sean Aylmer: have matured or suddenly they're not the growth businesses that 27 00:01:17,100 --> 00:01:18,960 Sean Aylmer: we once thought they were in a way. Did we see 28 00:01:19,200 --> 00:01:20,790 Sean Aylmer: that at all locally? 29 00:01:21,180 --> 00:01:23,759 Elise Kennedy: It's quite funny that you say that. That is absolutely 30 00:01:23,760 --> 00:01:28,001 Elise Kennedy: what we saw and what really drove those 'beats' versus 'meets' 31 00:01:28,770 --> 00:01:31,050 Elise Kennedy: or there otherwise. So I think for us with the 32 00:01:31,050 --> 00:01:34,709 Elise Kennedy: key thing around that cost base is I think investors 33 00:01:34,709 --> 00:01:37,110 Elise Kennedy: rewarded those that were taking out the costs. Whereas you 34 00:01:37,110 --> 00:01:39,509 Elise Kennedy: go back say even just a year and would've been 35 00:01:39,510 --> 00:01:41,610 Elise Kennedy: did they do well enough on that top line. I 36 00:01:41,610 --> 00:01:44,069 Elise Kennedy: think we are starting to see a maturation and that 37 00:01:44,069 --> 00:01:46,709 Elise Kennedy: makes sense given the backdrop that we've got around the 38 00:01:46,709 --> 00:01:47,730 Elise Kennedy: funding costs. 39 00:01:48,240 --> 00:01:50,970 Sean Aylmer: Okay, so let's talk about some of the standout performers. 40 00:01:51,600 --> 00:01:52,950 Sean Aylmer: Who did you really like? 41 00:01:53,580 --> 00:01:56,850 Elise Kennedy: Look, I can't go past WiseTech. They continue to defy 42 00:01:56,850 --> 00:01:59,160 Elise Kennedy: the odds and I keep highlighting this one when it 43 00:01:59,160 --> 00:02:02,340 Elise Kennedy: comes to those coming through saying it's too expensive, Elise, 44 00:02:02,700 --> 00:02:04,169 Elise Kennedy: it's time to short it. 45 00:02:04,230 --> 00:02:05,790 Sean Aylmer: It's been too expensive for three years. 46 00:02:06,150 --> 00:02:09,000 Elise Kennedy: Oh it's more since it listed back in 2017. I 47 00:02:09,000 --> 00:02:11,669 Elise Kennedy: remember an argument when we were doing the IPO, was it going to 48 00:02:11,669 --> 00:02:16,590 Elise Kennedy: be $3.30 or $ 3. 35? So it's $ 62. It's going to be 49 00:02:16,590 --> 00:02:19,380 Elise Kennedy: hard for those that declined back then too. So I 50 00:02:19,380 --> 00:02:22,139 Elise Kennedy: think what they did is around the strength of the 51 00:02:22,139 --> 00:02:25,889 Elise Kennedy: free cashflow coming through and then they've started to utilise 52 00:02:25,889 --> 00:02:28,169 Elise Kennedy: their balance sheet. They made a number of acquisitions actually 53 00:02:28,169 --> 00:02:30,960 Elise Kennedy: before the result, but we were able to see strong 54 00:02:30,960 --> 00:02:34,260 Elise Kennedy: organic growth combined with acquisitive growth and that is started 55 00:02:34,260 --> 00:02:37,020 Elise Kennedy: to see the stock continue to appreciate. 56 00:02:37,590 --> 00:02:40,950 Sean Aylmer: When people talk about WiseTech and of course it's the tracking 57 00:02:40,950 --> 00:02:44,460 Sean Aylmer: software, so if you get a parcel from a deliverer, often 58 00:02:44,460 --> 00:02:48,389 Sean Aylmer: you will be using WiseTech product, people always talk about management. 59 00:02:49,440 --> 00:02:53,880 Elise Kennedy: Look, Richard White has been the founder and is still the CEO. 60 00:02:53,880 --> 00:02:56,639 Elise Kennedy: He is absolutely so passionate about the job that he 61 00:02:56,639 --> 00:03:00,179 Elise Kennedy: does and really bringing in those acquisitions on his journey. Also, 62 00:03:00,419 --> 00:03:04,139 Elise Kennedy: invest his own funding across other investments in the tech environment. 63 00:03:04,139 --> 00:03:06,899 Elise Kennedy: So that just to me is a highlight of the 64 00:03:06,990 --> 00:03:10,470 Elise Kennedy: passion that he has. Still owns about 40%, sells a 65 00:03:10,470 --> 00:03:13,889 Elise Kennedy: say 1% per annum, just part of diversifying your funds 66 00:03:13,889 --> 00:03:14,580 Elise Kennedy: as that share price keeps ... 67 00:03:15,660 --> 00:03:16,051 Sean Aylmer: As you do. 68 00:03:16,051 --> 00:03:19,350 Elise Kennedy: ... going up. As you do. So, yes, very impressive management there. 69 00:03:19,919 --> 00:03:22,380 Sean Aylmer: Okay, so what about, not necessarily the other side of 70 00:03:22,380 --> 00:03:25,829 Sean Aylmer: the coin, but others who disappointed somewhat. So REA Domain? 71 00:03:26,639 --> 00:03:31,769 Elise Kennedy: Yeah, look, I think their struggle is the cycle. For example, 72 00:03:31,770 --> 00:03:34,890 Elise Kennedy: house price corrections, they stalled a bit in February. Down 0.1% 73 00:03:35,190 --> 00:03:38,190 Elise Kennedy: month a month, but it's 8% roughly year on year 74 00:03:38,460 --> 00:03:41,460 Elise Kennedy: and that's unlikely to be over in our view. We've 75 00:03:41,460 --> 00:03:45,420 Elise Kennedy: still got another three RBA rate hikes coming through, which 76 00:03:45,420 --> 00:03:47,490 Elise Kennedy: is again the risk of more if we keep seeing 77 00:03:47,490 --> 00:03:50,730 Elise Kennedy: inflation come through. Now we talked about the costs when 78 00:03:50,730 --> 00:03:54,120 Elise Kennedy: you started this and I think the biggest challenge with these 79 00:03:54,120 --> 00:03:56,700 Elise Kennedy: names is about delivering on that cost out and how 80 00:03:56,700 --> 00:03:59,700 Elise Kennedy: much more can you get? I think it's harder for Domain 81 00:04:00,090 --> 00:04:03,150 Elise Kennedy: as a number two player when that top line around 82 00:04:03,150 --> 00:04:06,270 Elise Kennedy: the cycle is really just getting harder and harder and harder. 83 00:04:06,450 --> 00:04:09,090 Elise Kennedy: So I think it's a part of function of the 84 00:04:09,090 --> 00:04:11,370 Elise Kennedy: environment that they're in and the cycle that they're in, 85 00:04:11,370 --> 00:04:13,710 Elise Kennedy: but then also the challenges that they face in taking 86 00:04:13,710 --> 00:04:14,760 Elise Kennedy: out those costs. 87 00:04:15,180 --> 00:04:17,039 Sean Aylmer: What about Seek? I would've thought they should have had 88 00:04:17,040 --> 00:04:19,920 Sean Aylmer: a great time given the unemployment rate is so low. 89 00:04:19,920 --> 00:04:21,960 Sean Aylmer: It's under 4% and even if it does climb a 90 00:04:21,960 --> 00:04:23,760 Sean Aylmer: bit, a lot of people have jobs and a lot 91 00:04:23,760 --> 00:04:26,730 Sean Aylmer: of people looking for jobs. How did it perform and 92 00:04:26,730 --> 00:04:28,500 Sean Aylmer: what's the outlook for Seek? 93 00:04:29,010 --> 00:04:33,000 Elise Kennedy: I think the thing that investors missed on this is really important 94 00:04:33,000 --> 00:04:35,460 Elise Kennedy: is this stock sold off because of the guidance that 95 00:04:35,460 --> 00:04:37,589 Elise Kennedy: they put out for the rest of the year and 96 00:04:37,589 --> 00:04:40,290 Elise Kennedy: it looked a bit softer than what everyone was expecting there, 97 00:04:40,290 --> 00:04:42,870 Elise Kennedy: but that's because they brought forward some of that spend 98 00:04:42,870 --> 00:04:44,820 Elise Kennedy: because as you rightly put, we're at a point in 99 00:04:44,820 --> 00:04:48,480 Elise Kennedy: the cycle where it's probably going to be getting harder 100 00:04:48,630 --> 00:04:51,120 Elise Kennedy: looking forward. So wouldn't you think, well if I want 101 00:04:51,120 --> 00:04:53,370 Elise Kennedy: to remove some of the volatility in my earnings, let 102 00:04:53,370 --> 00:04:55,740 Elise Kennedy: me bring forward the extra cash that I'm getting in 103 00:04:55,740 --> 00:04:58,049 Elise Kennedy: this good environment now so then when it comes to 104 00:04:58,050 --> 00:05:01,409 Elise Kennedy: future years where the cycle isn't working for me, then 105 00:05:01,410 --> 00:05:03,720 Elise Kennedy: I have the tools to be able to pull the 106 00:05:03,720 --> 00:05:06,270 Elise Kennedy: levers to be able to get more out of their 107 00:05:06,270 --> 00:05:08,940 Elise Kennedy: bank for buck now because I can't invest. So that's 108 00:05:08,940 --> 00:05:11,370 Elise Kennedy: what they're doing and that to me is something that 109 00:05:11,370 --> 00:05:13,650 Elise Kennedy: investors missed and why the stock was a bit softer 110 00:05:13,650 --> 00:05:15,839 Elise Kennedy: on the day. But if you are a long- term 111 00:05:15,839 --> 00:05:18,600 Elise Kennedy: strategic holder, to me this is a name that's setting 112 00:05:18,600 --> 00:05:22,920 Elise Kennedy: itself up for a strong returns looking forward and beyond 113 00:05:22,920 --> 00:05:26,159 Elise Kennedy: just the volatility that exists within the jobs market. 114 00:05:26,460 --> 00:05:28,350 Sean Aylmer: Stay with me Elise, we'll be back in a minute. 115 00:05:34,470 --> 00:05:37,349 Sean Aylmer: My guest today is Elise Kennedy, Vice President of equity 116 00:05:37,350 --> 00:05:40,979 Sean Aylmer: research at Jarden. Another stock that we all loved during 117 00:05:40,980 --> 00:05:43,890 Sean Aylmer: the pandemic was Xero, though it's sort of it's lost 118 00:05:43,950 --> 00:05:46,800 Sean Aylmer: some of its luster, I dare say. Where's that one 119 00:05:46,800 --> 00:05:47,160 Sean Aylmer: up to? 120 00:05:47,820 --> 00:05:49,740 Elise Kennedy: So that is one of the good ones that often 121 00:05:49,740 --> 00:05:51,779 Elise Kennedy: you can hide in through reporting season because they have a 122 00:05:51,779 --> 00:05:55,380 Elise Kennedy: march year- end, but at this point in time, February 123 00:05:55,380 --> 00:05:58,920 Elise Kennedy: is when the new CEO has now started. Now there 124 00:05:58,920 --> 00:06:01,320 Elise Kennedy: were some articles out there with her in the press 125 00:06:01,320 --> 00:06:04,500 Elise Kennedy: talking down over and spending in the US but I 126 00:06:04,500 --> 00:06:07,350 Elise Kennedy: think the biggest challenge for these guys at the moment 127 00:06:07,350 --> 00:06:11,099 Elise Kennedy: is what's happening in their environment around small businesses. They are 128 00:06:11,130 --> 00:06:15,089 Elise Kennedy: experience enormous amounts of inflation and that obviously puts on 129 00:06:15,089 --> 00:06:18,599 Elise Kennedy: economic challenges. It's hard to push through harder prices or 130 00:06:18,600 --> 00:06:20,400 Elise Kennedy: are you going to really take up other products and 131 00:06:20,640 --> 00:06:23,160 Elise Kennedy: perhaps less so in Australia at this point in time 132 00:06:23,160 --> 00:06:25,380 Elise Kennedy: but in key markets like the UK. I think that's 133 00:06:25,380 --> 00:06:27,029 Elise Kennedy: some of the challenges that are there. But with a 134 00:06:27,029 --> 00:06:30,479 Elise Kennedy: new CEO yet to really show how she's going to 135 00:06:30,480 --> 00:06:34,170 Elise Kennedy: navigate those headwinds. I think some investors are still in 136 00:06:34,170 --> 00:06:36,810 Elise Kennedy: the book of wait and see, but I'm still positive 137 00:06:36,810 --> 00:06:38,490 Elise Kennedy: on the name longer term because I just think it's 138 00:06:38,490 --> 00:06:40,740 Elise Kennedy: a good fundamental business. Just might have a little bit 139 00:06:40,740 --> 00:06:42,240 Elise Kennedy: of ups and downs along the way. 140 00:06:43,110 --> 00:06:44,940 Sean Aylmer: Now Elise Kennedy from Jarden and one of the companies 141 00:06:44,940 --> 00:06:47,610 Sean Aylmer: that you brought to my attention at some point was 142 00:06:47,610 --> 00:06:49,169 Sean Aylmer: Siteminder. Where's that one up to? 143 00:06:49,890 --> 00:06:51,540 Elise Kennedy: Well, I hope it brought it to your attention and 144 00:06:51,540 --> 00:06:52,290 Elise Kennedy: you had a good look at it. 145 00:06:52,290 --> 00:06:52,830 Sean Aylmer: The right time. 146 00:06:54,630 --> 00:06:58,500 Elise Kennedy: Up materially since we did start initiating this stock last year and 147 00:06:58,890 --> 00:07:00,690 Elise Kennedy: as we say it's packed and ready to go. So 148 00:07:00,690 --> 00:07:04,860 Elise Kennedy: accommodation software stock and it was up around 20% on 149 00:07:04,860 --> 00:07:07,260 Elise Kennedy: the day of its result, pulled back a little bit 150 00:07:07,260 --> 00:07:10,080 Elise Kennedy: and still well off the $ 7 share price it was 151 00:07:10,080 --> 00:07:14,040 Elise Kennedy: at around $ 3. 80 odd. So that is moving towards 152 00:07:14,040 --> 00:07:19,200 Elise Kennedy: this pathway to profitability. It's growing its transactions products materially. So 153 00:07:19,200 --> 00:07:22,590 Elise Kennedy: for example, it's average price that it pays was up 154 00:07:22,620 --> 00:07:27,000 Elise Kennedy: 20%, only 2% came from price increases but transaction products. 155 00:07:27,000 --> 00:07:29,340 Elise Kennedy: So that's like think about add- on products to its 156 00:07:29,340 --> 00:07:34,350 Elise Kennedy: core accommodation software bookings platform that is getting really strong 157 00:07:34,350 --> 00:07:37,380 Elise Kennedy: growth in there. And why that is important is because 158 00:07:37,380 --> 00:07:40,290 Elise Kennedy: that's helpful for margins. If I can sell your product 159 00:07:40,620 --> 00:07:42,840 Elise Kennedy: to my same person, it's a lot cheaper than having 160 00:07:42,840 --> 00:07:44,580 Elise Kennedy: to go find a new customer and sell them the 161 00:07:44,580 --> 00:07:46,800 Elise Kennedy: whole suite. So that's going to help bring through them 162 00:07:46,860 --> 00:07:50,190 Elise Kennedy: through to that pathway of profitability and that lifetime value 163 00:07:50,190 --> 00:07:51,900 Elise Kennedy: is growing. Those are the things that we like to 164 00:07:51,900 --> 00:07:53,400 Elise Kennedy: see for any of our tech stocks. 165 00:07:53,940 --> 00:07:57,630 Sean Aylmer: Okay. So in this point of the cycle, how difficult is it 166 00:07:57,810 --> 00:08:00,420 Sean Aylmer: to buy a company that isn't profitable? 167 00:08:00,750 --> 00:08:03,870 Elise Kennedy: There's still a lot out there, but they're really pushing 168 00:08:03,870 --> 00:08:06,420 Elise Kennedy: hard to show how they're going to get there. So 169 00:08:06,450 --> 00:08:08,670 Elise Kennedy: for example, buy now, pay later, it's going to be 170 00:08:08,670 --> 00:08:11,460 Elise Kennedy: a hard rocky road for them because of the rates 171 00:08:11,460 --> 00:08:15,300 Elise Kennedy: that they have to borrow at continues to get harder, 172 00:08:15,840 --> 00:08:18,360 Elise Kennedy: but they are all going to profitability so you can 173 00:08:18,360 --> 00:08:20,310 Elise Kennedy: find them. But if they're telling you no, we're going 174 00:08:20,310 --> 00:08:23,250 Elise Kennedy: to just keep on investing, they're probably the harder ones 175 00:08:23,250 --> 00:08:25,620 Elise Kennedy: to come by than those that perhaps aren't going to 176 00:08:25,620 --> 00:08:28,230 Elise Kennedy: get the market appetite from investors. 177 00:08:28,500 --> 00:08:31,830 Sean Aylmer: So you mentioned buy now, pay later, Zip, Sezzle, those sorts 178 00:08:31,830 --> 00:08:36,600 Sean Aylmer: of companies. We saw Openpay collapse. I suppose fewer players 179 00:08:36,600 --> 00:08:39,540 Sean Aylmer: is good for those players remaining, but it must be 180 00:08:39,540 --> 00:08:40,860 Sean Aylmer: a struggle for some of these guys. 181 00:08:41,460 --> 00:08:44,940 Elise Kennedy: It is an absolute still struggle, I think, as the 182 00:08:44,940 --> 00:08:47,819 Elise Kennedy: challenge where we aren't able to push them as hard 183 00:08:47,820 --> 00:08:50,550 Elise Kennedy: and why I think that is comes down to the 184 00:08:50,550 --> 00:08:55,230 Elise Kennedy: uncertainty around where the margins, credit margins rates, risks of 185 00:08:55,230 --> 00:08:59,309 Elise Kennedy: that being a relatively new product in terms of the 186 00:08:59,309 --> 00:09:03,209 Elise Kennedy: economic challenges that may lie ahead or are ahead. And 187 00:09:03,210 --> 00:09:06,090 Elise Kennedy: then I think when you are lending, as we say, 188 00:09:06,450 --> 00:09:08,849 Elise Kennedy: if you have to borrow money at 6% and you 189 00:09:08,850 --> 00:09:11,130 Elise Kennedy: have charging your merchant 6%, then you got to take 190 00:09:11,130 --> 00:09:13,770 Elise Kennedy: out the other fees of HR and marketing and so 191 00:09:13,770 --> 00:09:15,570 Elise Kennedy: on and so forth. It's a very simple way to 192 00:09:15,570 --> 00:09:17,970 Elise Kennedy: just think. There's not much fat in that to be 193 00:09:17,970 --> 00:09:20,760 Elise Kennedy: able to get material profits and that's the challenge. 194 00:09:21,450 --> 00:09:24,540 Sean Aylmer: Those Afterpay boys look like the smartest guys in the 195 00:09:24,540 --> 00:09:26,070 Sean Aylmer: room at the moment. They sold out when it was 196 00:09:26,070 --> 00:09:26,970 Sean Aylmer: going was good, I think. 197 00:09:26,970 --> 00:09:27,030 Elise Kennedy: They certainly did. 198 00:09:29,820 --> 00:09:32,520 Sean Aylmer: Elise Kennedy, you are Vice President of Equity Research at Jarden, 199 00:09:32,520 --> 00:09:35,850 Sean Aylmer: which means a lot more than tech stocks. Mind you, 200 00:09:35,850 --> 00:09:38,310 Sean Aylmer: I think tech stocks are at... That's where your heart is. 201 00:09:38,460 --> 00:09:42,300 Sean Aylmer: What about investing in tech versus other sectors on the ASX? 202 00:09:42,720 --> 00:09:44,940 Elise Kennedy: Yeah, look, we do have to keep a relative call 203 00:09:44,940 --> 00:09:47,010 Elise Kennedy: around that at the moment. I feel like tech is 204 00:09:47,010 --> 00:09:50,970 Elise Kennedy: very sold off and has a lot of opportunities for 205 00:09:50,970 --> 00:09:54,150 Elise Kennedy: those that are able to hold that longer term. So 206 00:09:54,150 --> 00:09:57,720 Elise Kennedy: that's where I think for me, it might not be the stocks 207 00:09:57,720 --> 00:10:00,300 Elise Kennedy: that you choose now, perhaps those that are going to 208 00:10:00,300 --> 00:10:04,710 Elise Kennedy: give more capital returns or dividends. Obviously it's all relative 209 00:10:04,710 --> 00:10:08,490 Elise Kennedy: to your own individual portfolio as well. However, I feel 210 00:10:08,490 --> 00:10:11,220 Elise Kennedy: as though this could be the time where you go 211 00:10:11,220 --> 00:10:12,660 Elise Kennedy: and you look back and you think, oh, I should've 212 00:10:12,660 --> 00:10:14,489 Elise Kennedy: gone and put into that stock, or I should've put 213 00:10:14,490 --> 00:10:16,740 Elise Kennedy: in that stock. So even if you think there's going 214 00:10:16,740 --> 00:10:19,410 Elise Kennedy: to be more volatility, second half of this year to the 215 00:10:19,410 --> 00:10:22,590 Elise Kennedy: first half next year is probably a time where you 216 00:10:22,590 --> 00:10:25,650 Elise Kennedy: start to see some more appetite for tech come back 217 00:10:25,650 --> 00:10:29,459 Elise Kennedy: in and that assumption of that is based around the stabilisation 218 00:10:29,460 --> 00:10:31,620 Elise Kennedy: and rates, but it will take some time. 219 00:10:32,130 --> 00:10:34,020 Sean Aylmer: Elise, thank you for talking to Fear and Greed. 220 00:10:34,320 --> 00:10:35,910 Elise Kennedy: Thank you as always for having me. 221 00:10:36,330 --> 00:10:39,270 Sean Aylmer: That was Elise Kennedy, Vice President of Equity Research at Jarden. 222 00:10:40,050 --> 00:10:42,870 Sean Aylmer: This is the Fear and Greed daily interview. Remember, this 223 00:10:42,870 --> 00:10:45,360 Sean Aylmer: is general information only and you should speak to a 224 00:10:45,360 --> 00:10:49,500 Sean Aylmer: professional advisor before making any investment decisions. Join us every 225 00:10:49,500 --> 00:10:51,689 Sean Aylmer: morning for the full episode of Fear and Greed, Australia's 226 00:10:51,690 --> 00:10:55,109 Sean Aylmer: most popular business podcast. I'm Sean Aylmer, enjoy your day.