Speaker 1: Hello and welcome to this episode of Shared Lunch. We
Speaker 1: were going to focus on the Australian market off the
Speaker 1: back of the recent earning season.
Speaker 2: We're also going to chat about what to.
Speaker 1: Look for when investing in small to medium sized companies.
Speaker 3: Investing involves for risk you might lose the money you
Speaker 3: start with. We recommend talking to a licensed financial advisor.
Speaker 3: We also recommend reading product disclosure documents before deciding to invest.
Speaker 3: Everything you're about to see and here is current at
Speaker 3: the time of recording.
Speaker 1: My name's Sonya Williams. I'm the co founder and co
Speaker 1: CEO at Shears's and today I'm joined by the City
Speaker 1: based Michelle Lopez, head of Australasian Equities and portfolio manager
Speaker 1: at Pie Funds. Welcome, Michelle, Hi, Sonja. Before we get started,
Speaker 1: I'd like to acknowledge the traditional custodians of the land,
Speaker 1: water and sky on which we come to you from today,
Speaker 1: the Gettigill people of the Aura nation, and pay my
Speaker 1: respects to their elders, past, present and emerging.
Speaker 2: So thanks Heeps for joining us. Michelle.
Speaker 1: Before we get into it chatting all things a six,
Speaker 1: can you tell us about you and what does a
Speaker 1: day to day look like for you.
Speaker 4: Yeah.
Speaker 5: Sure.
Speaker 4: Firstly, thanks very much for having me on your podcast, Sonya.
Speaker 4: I'm always really happy to share a bit about the
Speaker 4: exciting world of investing and really what.
Speaker 5: Moves and shakes it.
Speaker 4: So, as you mentioned, I'm based here in Sydney, and
Speaker 4: as the accent is probably given away, I am at
Speaker 4: Aussie and by a way of background, I joined Pithon's
Speaker 4: early last year in twenty twenty three as a portfolio
Speaker 4: manager and as you mentioned, head of this Australation equity team,
Speaker 4: and I brought with me probably twenty years of experience
Speaker 4: investing inequities, most recently as the head of OSSI Equities
Speaker 4: at a large global fund manager, where I trained very
Speaker 4: much much on the job as a fundamental analyst and really.
Speaker 5: Lucky to have learned.
Speaker 4: From some incredibly well respected and successful portfolio managers and
Speaker 4: fund managers in the region.
Speaker 1: Markets are volatile of nature, and especially of late we've
Speaker 1: seen the A six has been down in the recent
Speaker 1: days due to some concerns around the US growth. Did
Speaker 1: this have any bearing to the end of the earning
Speaker 1: season in Australia. Yes, so.
Speaker 5: August which we've just come out of.
Speaker 4: You would think was a pretty you know, benign month
Speaker 4: if you looked at the performance over the month, which
Speaker 4: was virtually flat, but it certainly had a lot of volatility.
Speaker 4: And to your point, Sonya, the first week of August,
Speaker 4: you know, we had a five percent draw down which
Speaker 4: was which is quite brutal, and then it just recovered
Speaker 4: all of that as we sort of progressed through it.
Speaker 5: To your point, yes, a.
Speaker 4: Big driver was started coming out of the US, but
Speaker 4: as as you would.
Speaker 5: Know, August is really all about earnings.
Speaker 4: For US and companies reporting, so we saw a lot
Speaker 4: of big moves just on a stop by stock basis.
Speaker 4: And again if I sort of think through and I
Speaker 4: considered the earnings outcomes, again at a high level, it
Speaker 4: looked like it was quite evenly matched between companies that
Speaker 4: beat expectations and those that missed expectations. But again looking
Speaker 4: underneath the surface, there was there was a lot of
Speaker 4: callouts from the reporting season. The first, first and biggest
Speaker 4: trend that we saw and this probably isn't going to
Speaker 4: be a surprise for most was really around the cost
Speaker 4: of living pressures and these remained persistent and widespread. So
Speaker 4: there are a number of companies referring to changed consumer
Speaker 4: behaviors in response to kind of household budget pressures.
Speaker 5: And this was across the board, So this.
Speaker 4: Was retailers, it was supermarkets, which you think are quite defensive,
Speaker 4: It was the utility players, it was travel. However, I
Speaker 4: would actually say that the consumer has shown great resilience
Speaker 4: if you think about sort of where we've come from
Speaker 4: from an interest rate perspective and inflation being really high,
Speaker 4: and in fact we're starting to see signs that the
Speaker 4: trough in the consumer activity is could be behind us.
Speaker 4: So that'd be the first one. The second one is margins.
Speaker 4: So interesting that ebit DA, which is earnings before interest, tax,
Speaker 4: depreciation and amaltization, which is quite a common terminology in
Speaker 4: our market. The margins were revised lower for every single
Speaker 4: sector throughout August, and you know, one of the key
Speaker 4: drivers obviously inflation. But in our view again looking forward,
Speaker 4: which is really important is we feel that the margins
Speaker 4: should begin to recover from here. So we are seeing
Speaker 4: cost stabilize and importantly we're seeing labor supply improving and
Speaker 4: then maybe the final ones balance sheets.
Speaker 5: So balance sheets are strong.
Speaker 4: So the Australian corporates have remained lowly geared and they've
Speaker 4: had shown actually very little appetite to lever up. As
Speaker 4: you would know, we're probably at an inflection point from
Speaker 4: a rates perspective in Australia. We're lagging probably New Zealand
Speaker 4: in that sense, so there is an expectation that cuts
Speaker 4: will come next you And again we'll say kind of
Speaker 4: where the balance sheets go from there, but it's meant
Speaker 4: that there's been.
Speaker 5: A number of buybacks that companies have been able to do.
Speaker 4: The other thing I'd probably highlight from reporting season is
Speaker 4: more on the guidance and the outlook statements. And again
Speaker 4: the one thing was where companies did provide guidance, they
Speaker 4: were very it was very conservatively set as I mentioned
Speaker 4: the living and interest rate on uncertainties, and that actually
Speaker 4: meant that downgrades outpaced upgrades. If you look into the
Speaker 4: next fiscal year so FY twenty five, and on average
Speaker 4: forty six percent of the companies had earnings downgrades and
Speaker 4: that sort of versus twenty percent that had upgrades. So
Speaker 4: again there was a skew to having revisions revised downwards
Speaker 4: earnings revised downwards.
Speaker 1: Yeah, and when you say the downgrades and upgrades, do
Speaker 1: you want to just explain that what you mean by that.
Speaker 5: Yeah, of course, So upgrades.
Speaker 4: It essentially means that the management provide guidance that is
Speaker 4: ahead of where market expectations are. So in our world,
Speaker 4: earnings really drives share prices, so having an understanding of
Speaker 4: where earnings are going.
Speaker 5: So an upgrade is now we think earnings are going.
Speaker 4: To be higher next year than what we originally thought,
Speaker 4: and downgrades is the inverse of that.
Speaker 5: So we've had to revise earnings.
Speaker 4: Down in light of what management commentary has been.
Speaker 1: And so were there any surprises or anything that struck
Speaker 1: struck you as surprising?
Speaker 6: There's always surprises, So there's always surprises, and by surprises,
Speaker 6: the direct correlation here is just share price moves.
Speaker 4: So when we look at the beat versus miss ratio,
Speaker 4: a couple of things to call out. So from a
Speaker 4: sector perspective, we had healthcare the highest rates of beats,
Speaker 4: and then we had energy and utilities as the highest
Speaker 4: rate of misses. But to your question on surprises, you know,
Speaker 4: when I look at share price reactions, and in fact
Speaker 4: I pulled out I pulled out a report just just
Speaker 4: before our meeting, and they actually gave some numbers around
Speaker 4: this which I thought was quite interesting.
Speaker 5: This is a JP Morgan report, but as you'd.
Speaker 4: Expect, so if it met expectations, share price was benign
Speaker 4: and in line with market. If they beat consensus by
Speaker 4: more than two percent, that those that bucket of companies
Speaker 4: outperformed by three percent. So in a flat market, which
Speaker 4: was what we had in August, they are up three
Speaker 4: percent as a whole.
Speaker 5: The interesting part is the missus.
Speaker 4: So those companies that missed expectations by two percent or more,
Speaker 4: that group actually fell by six percent.
Speaker 5: And that's that skew to the downside.
Speaker 4: Is why you'll hear industry veterans saying all the time
Speaker 4: arou our reporting season that the goal is really to
Speaker 4: avoid the blowups.
Speaker 5: Because you can see that skew.
Speaker 4: Companies that exceeded by two percent were up three those
Speaker 4: that disappointed by two percent were down six.
Speaker 1: Are there any particular industries that you're keeping your eye
Speaker 1: on over the next six months.
Speaker 5: Yeah, I suppose i'd call out.
Speaker 4: I'd probably call out three again months is a very
Speaker 4: very short time horizon for us. But let me just
Speaker 4: call something out and then I'll cave.
Speaker 5: It all of it. But the first one would probably.
Speaker 4: Be infrastructure and construction so we've got a really solid pipeline.
Speaker 4: It's actually one point seven trillion worth of work for
Speaker 4: the next seven years, and importantly, this continues to be replenished,
Speaker 4: so there's a real tailwind within that set. And then
Speaker 4: if I can just narrow it in more construction. In particular,
Speaker 4: there's two hundred and forty thousand new homes that are
Speaker 4: required annually to achieve government supply targets. We're well below
Speaker 4: that level from an approvals perspective, and this has been
Speaker 4: a problem now for a couple of years, but it's
Speaker 4: really coming to a head. We've got a chronic shortage
Speaker 4: of in housing and we need to see this addressed.
Speaker 4: So I think over the next six months that's one
Speaker 4: that I've sort.
Speaker 5: Of been looking I'll be looking at closely.
Speaker 4: The second one is probably those consumer exposed sectors.
Speaker 5: So as I mentioned earlier, we are starting.
Speaker 4: To see signs of a trough and consumer activity. We've
Speaker 4: had retailers come up with trading updates throughout sort of
Speaker 4: July and into August and showing an improvement, not a
Speaker 4: huge improvement, but at least it's positive.
Speaker 5: So again, we've got tax cuts.
Speaker 4: That have started to filter through the economy, and we've
Speaker 4: got interest rate cuts coming next year, so I think
Speaker 4: that's going to be quite stimulatory for the consumer. And
Speaker 4: then finally, just real estate, with interest rates now sort
Speaker 4: of entering a new phase. I think that's going to
Speaker 4: look interesting from a valuation perspective. But as I mentioned,
Speaker 4: look that that's just kind of sectors, and importantly for US,
Speaker 4: we're bottom up fundamental investors, and that means that we
Speaker 4: approach investing at the company level rather than kind of
Speaker 4: at a sector level.
Speaker 1: And are there any big milestones or announcements that you're
Speaker 1: coming up that you think will impact the markets in
Speaker 1: any way?
Speaker 4: Oh, there's always announcements. I mean, you just don't know
Speaker 4: what you're going to wake up to and sort.
Speaker 5: Of overnight moves.
Speaker 4: But I mean, I suppose the very near term ones
Speaker 4: that we're look looking for.
Speaker 5: You know, macro data out of the US is always important.
Speaker 4: Payrolls which we've had just very recently, we're about to
Speaker 4: enter or we're in the campaigning of the politic of
Speaker 4: the US elections, that that could have quite an impact
Speaker 4: on our market from a policy setting perspective.
Speaker 5: The other big sort of announcements or I suppose.
Speaker 4: External factors if you wanted to call it, that is
Speaker 4: just commodity prices. Just to be aware that our market
Speaker 4: is quite levered to commodity prices for better or worse.
Speaker 4: But yeah, they represent a large part of our exports.
Speaker 4: So any data and announcements around China policy will have
Speaker 4: will have an impact, will have an impact there as well.
Speaker 1: Yeah, so that's a nice threat to follow there around like,
Speaker 1: what are some of the external factors that impact the
Speaker 1: Australian market.
Speaker 4: Yeah, so I suppose, like most countries, Australia is absolutely
Speaker 4: intertwined with global markets, so we really can't say we
Speaker 4: sort of stand alone. So there's always going to be
Speaker 4: external factors. I mentioned commodities. That's a big one for
Speaker 4: us if you think about and the reason for that
Speaker 4: if you think about the top three contributors to trade,
Speaker 4: So our biggest exports there Idal, CALL and LNG, so
Speaker 4: again really important.
Speaker 5: Just the demand for those in particular.
Speaker 4: The other one I would probably call out, and this
Speaker 4: is again not just for Australia, but you know, geopolitics
Speaker 4: can can really impact sort of markets and then the
Speaker 4: energy situation.
Speaker 5: So I try to desensitize.
Speaker 4: Sort of big words and I don't think it's a crisis,
Speaker 4: so we'll call it the energy transition. But again that's
Speaker 4: that's what's proving out, is that it's slower and it's
Speaker 4: harder than what maybe we had hoped for and what
Speaker 4: government's policy had had sort of factored in.
Speaker 5: And what we've also found out is it's most.
Speaker 4: Likely going to need gas, so we've had no hydrogen
Speaker 4: as as an example of a renewable source that we
Speaker 4: were trying to develop, capitals being.
Speaker 5: Sort of pulled out actually one of the major.
Speaker 4: Ones just because there the returns are not there, so
Speaker 4: to stimulate that level. So that's a you know, the
Speaker 4: energy transition is another one that's that's playing playing out
Speaker 4: in our market.
Speaker 1: So with the US election coming up, like how does
Speaker 1: that vector into how you know your investing decisions?
Speaker 4: Taking a step back, what do elections mean? It could
Speaker 4: potentially make a change in And the difficult part at
Speaker 4: this juncture is the Biden Harris administration haven't got firm
Speaker 4: policies in place. I think the Trump jd Vance does
Speaker 4: have all a bit more and it's the one thing
Speaker 4: I would say is both parties are going to be
Speaker 4: very stimulatory, and this is typically quite positive for equity
Speaker 4: markets if I think about the risks either one way
Speaker 4: or the other that we're considering, So renewables as a really.
Speaker 5: Topical policy, the Inflation Reduction Act.
Speaker 4: Which was introduced by Biden, that stimulated a lot of
Speaker 4: investment into renewables, a lot of incentives into that.
Speaker 5: Part of the market.
Speaker 4: So a question mark around whether that remains under Trump.
Speaker 4: I would say it's difficult to unwind something like that.
Speaker 4: So although it's a risk, I would say it's a hugely.
Speaker 5: Likely to happen.
Speaker 4: But I think in totality we're not overly concerned one
Speaker 4: way or the other what way it falls and lands.
Speaker 4: We're positioned and we've positioned our portfolio such that there's
Speaker 4: no great risk either way, and in fact we see
Speaker 4: it as a positive, a stimulatory type of response from
Speaker 4: both parties.
Speaker 1: Like now kind of honing in on one of the
Speaker 1: funds that you offer, talking about, you know, managing the
Speaker 1: risk or how you look at creating those things.
Speaker 2: One of the interesting things.
Speaker 1: About the PIG High Growth Fund is that you look
Speaker 1: to a lot of small to medium listed companies. What
Speaker 1: do you define as small to medium, Like we've heard
Speaker 1: a lot of the big companies or the big industries, like, yeah,
Speaker 1: how do you define that?
Speaker 4: Yes, So there's probably two ways to look at it. Firstly,
Speaker 4: is just market cap, so the size of the business
Speaker 4: itself and small we've just given our given our size
Speaker 4: at the moment, we really do need to be mindful
Speaker 4: of liquidity risk, so we kind of say from the
Speaker 4: small end of two hundred million market cap all the
Speaker 4: way up to say fifteen billion for a mid size business.
Speaker 4: And you know, we deliberately try to keep our vestable
Speaker 4: universe as broad as we can and as deep as possible.
Speaker 4: We don't want to limit ourselves within that. So that's
Speaker 4: the first kind of categorization. It's by market cap, it's
Speaker 4: by size. The second way to look at it, which
Speaker 4: is which is properly industry practice, is more is around
Speaker 4: the indices that they're in. So we focus on the
Speaker 4: small ordinaries for small caps, which is anything from if
Speaker 4: I think about size of companies stopping UMBER one hundred
Speaker 4: and one, so X one hundred all the way down
Speaker 4: to the three hundred mark. And then for midcaps, we
Speaker 4: look at everything outside of the X fifty, so the
Speaker 4: top fifty names we tend to classify as large cap.
Speaker 1: Is the way that you consider those different to how
Speaker 1: you would consider some of the larger companies, like how
Speaker 1: you evaluate them.
Speaker 2: Good question.
Speaker 5: I think.
Speaker 4: Look, the approach to investing and what we call our
Speaker 4: guess our investment process is very consistent regardless of the
Speaker 4: size of the company. So the characteristics that we're looking
Speaker 4: for in the businesses, which again we could probably to
Speaker 4: a whole nother podcast on that because it's kind of
Speaker 4: obviously live and breathe and love it, so but the
Speaker 4: characteristics themselves and the kind of questions that we're trying
Speaker 4: to solve for are consistent.
Speaker 5: The one thing I would say, though, and the reason
Speaker 5: why we have.
Speaker 4: A preference for the smaller MidCap over the large cap,
Speaker 4: is that potential for our performance is a lot greater
Speaker 4: within the smaller MidCap space.
Speaker 5: And there's a number of reasons for that.
Speaker 4: The first ones that they're much there's much less research
Speaker 4: available on them, and that allows for some more mispricing opportunities,
Speaker 4: and it's also a much less efficient part of the market.
Speaker 4: So again that potential for our performance is there. The
Speaker 4: other thing I'd say around small caps is that the
Speaker 4: growth is typically stronger. So when you think about the
Speaker 4: companies that they're typically younger companies, they're at an earlier
Speaker 4: stage of development, so that growth trajectory is stronger. And
Speaker 4: then the final piece which has probably missed a little bits,
Speaker 4: you know, merger and acquisition or i PO so initial
Speaker 4: public offerings. Within our markets, they've been a constant tailwind
Speaker 4: for smaller mid caps, and in fact, ninety five percent
Speaker 4: of merger and acquisition targets in terms of the number
Speaker 4: of deals have been in companies that have got a
Speaker 4: market cap of less than US fifty bill and the
Speaker 4: average premium that they get when they're bid for is
Speaker 4: you know, thirty to forty percent, and that's created a
Speaker 4: really strong tailwind within that part of the market. So
Speaker 4: that's the differences i'd call out between sort of the
Speaker 4: large versus smaller mid But what we're looking for in
Speaker 4: a company would be consistently applied in the.
Speaker 5: Large type as well.
Speaker 1: Some would say that the A six provides more retail
Speaker 1: or better retail opportunities than the insidets currently. What do
Speaker 1: you think about this or what do you think the
Speaker 1: main points of difference are.
Speaker 4: Yeah, I think it just comes back to the depth
Speaker 4: of opportunities. Really, there's just much more or many more
Speaker 4: stocks in Australia. There's a greater diversity of companies and
Speaker 4: industries available for us to invest in. You know, New
Speaker 4: Zealand traditionally has been quite a high yield market, dominated
Speaker 4: by infrastructure and property names, and whilst there's actually a
Speaker 4: very strong concentration in the Australian large cap part of
Speaker 4: the market. So if you think banks, you know, the
Speaker 4: big miners, a couple of supermarkets. If you strip that out,
Speaker 4: and again maybe one of the reasons we tend to
Speaker 4: focus on smaller MidCap it offers a real diversity of
Speaker 4: businesses and in fact there's some real global leaders amongst
Speaker 4: that pack as well. So I suppose if I had
Speaker 4: to just really zoom out, it would be that that
Speaker 4: there's just more stocks, greater depth of opportunities. Having said that, though,
Speaker 4: I think for the first time, well the first time
Speaker 4: since I joined PI eighteen months ago, we're seriously looking
Speaker 4: at some New Zealand investments. You know that there are
Speaker 4: companies over there with very solid fundamentals, and importantly, share
Speaker 4: prices at the moment are probably factoring in continued kind
Speaker 4: of challenges and derma and gloom that the NZ market
Speaker 4: has really muddled through and.
Speaker 5: That presents some really good buying opportunities.
Speaker 4: Right, So we're absolutely not dismissing New Zealand, and I
Speaker 4: think probably this is the time to start really kicking
Speaker 4: the tires.
Speaker 2: What kind of opportunities do you see?
Speaker 4: There's a two that we're sort of really down. We're
Speaker 4: doing quite detailed work on. One of them is actually
Speaker 4: in the logistics company. And again, what we like about
Speaker 4: this investment opportunity in particular is, yes, there's a large
Speaker 4: proportion of their earnings tied and pinned to the New
Speaker 4: Zealand economy, which we think is at an inflection point.
Speaker 4: But they've also so that's the near term sort of
Speaker 4: thesis and earnings driver. But then they've all I got
Speaker 4: optionality and upside through a US through the US side
Speaker 4: of the business. So again that's that's one. The other
Speaker 4: one is more in the property side of things. So
Speaker 4: again with interest rates being quite high in Zealand up
Speaker 4: until recently, and also you know, the valuation of a
Speaker 4: lot of these property companies have come down in a
Speaker 4: training you know, at book value or well below book value,
Speaker 4: and this particular company has got a really strong pipeline
Speaker 4: of development sort of in the age care space. So
Speaker 4: again that's just a couple of examples that we're looking
Speaker 4: at that the valuation we think underpins quite a bit of.
Speaker 5: Upside from here.
Speaker 1: Well, one company, if it springs to mind, that you
Speaker 1: wish you invested in ten years ago, and why you
Speaker 1: know what, this.
Speaker 4: One's easy for me because I also wish I invested
Speaker 4: in a PA. You know what for me, it's Promedicuse
Speaker 4: Promedicus is. It's a healthcare IT company specializing in.
Speaker 5: Radiology imaging software. And I have been I have been a.
Speaker 4: Shareholder from a professional capacity, and it's in the funds today.
Speaker 5: But the stock was a dollar ten years ago.
Speaker 4: I think it was a dollar. I'll have to check that.
Speaker 4: I think it was a dollar close to a dollar.
Speaker 4: It's one hundred and fifty today, so you know, but
Speaker 4: that that type of return, I'm not sure there are many,
Speaker 4: if any other companies. And importantly, this was not just
Speaker 4: a one hit wonder. It wasn't just that they I
Speaker 4: don't know, hit drill results in a gold mine and
Speaker 4: character this has been a really consistent compounder. And you know,
Speaker 4: it's a super high quality business. It's like and sorry
Speaker 4: by high quality the revenues are recurring, so it's it's
Speaker 4: you know, locked in revenues five percent locked in through
Speaker 4: very long term contracts.
Speaker 5: The profit margins are industry leading.
Speaker 4: They've got a globally leading product, their customers and their
Speaker 4: clients are top deer academic universities in the US, so
Speaker 4: you know, think Mayo, you know, and importantly, a really
Speaker 4: solid earnings trajectory. Even as we stand here today, they've
Speaker 4: got a very clear pathway to be generating thirty percent
Speaker 4: per annum for the next three probably ten years. And
Speaker 4: the reason is their penetration is still very low. They're
Speaker 4: you know, seven percent penetrated. And they've got new adjacencies
Speaker 4: so I mentioned radiology, they're getting into cardiology, they're you know,
Speaker 4: just being accredited the highest level of security for the
Speaker 4: US Department of Defense.
Speaker 5: So there's all these other growth avenues. So yeah, I
Speaker 5: still am an investor, and I still think that there's.
Speaker 4: A really long trajectory of growth. But I don't think
Speaker 4: we're going to get the fifteen thousand percent return. I
Speaker 4: think it was for a dollar to a dollar fifty
Speaker 4: for the next ten years. But I think we can
Speaker 4: get a really solid consistent return still yeah.
Speaker 1: Yeah, And do you think, like the power of hindsight,
Speaker 1: do you think there would have been signs signs ten
Speaker 1: years ago that would have would have like what would
Speaker 1: have been the signs ten years ago that it was
Speaker 1: getting to end up on that path? Yeah.
Speaker 4: I mean I probably started investing in this company six
Speaker 4: years ago, seven six or seven years ago, I would say, yeah,
Speaker 4: I just I think this is a really good example
Speaker 4: of a company that when you see these really solid
Speaker 4: fundamentals and you can see a global market and they're
Speaker 4: winning off the major incumbent companies like Phillips and Semens,
Speaker 4: it's it's clearly gaining traction and you've got to listen
Speaker 4: and the repeatability of it. So if they're able to
Speaker 4: do that consistently for three four years, you know, I
Speaker 4: think sometimes valuation is evaluation has been the real blocking
Speaker 4: reason people haven't been invested in it. But I think
Speaker 4: you need to approach a company like this from a
Speaker 4: different lens, from a valuation perspective. Yeah.
Speaker 2: Well, thanks thanks for joining us, Michelle and sharing your
Speaker 2: insights with us.
Speaker 5: No, it's been pleasure, been absolute pleasure. So thanks for having.
Speaker 1: Me awesome and thanks everyone for tuning in. You can
Speaker 1: Watch this Shared Lunch episode on YouTube, or follow the
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Speaker 1: and a comment about what you'd like to hear about next.
Speaker 1: Thanks everyone, and goodbye.