The Weekend Edition | 14-15 Sep 2024

Published Sep 13, 2024, 6:45 PM

Sean Aylmer and Michael Thompson go head to head on the top business stories of the week, with Adam Lang adjudicating.

This is the weekend edition of Fear and Greed, daily business news for people who make their own decisions. I'm Michael Thompson, and good morning, Sean Aylmer.

Good morning, Michael.

Now Sean. Our weekend show is all about the two of us eats, nominating what we think is the biggest business story of the week, the most remarkable business story, a sleeper story, one that's flying under the radar a little bit, and then our favorite business related or business adjacent story. Really and every week. Because this is a very fierce, a very ferocious competition, we need a judge to pick a winner. And that judge is our Fear and Greed colleague, Adam Lang. Adam, good morning.

Good morning. I've got a new little invention to show today, a little bit of show and tell.

Yeah, that's good for audio. O.

What a new spreadsheet. It's a paper based spreadsheet.

Is a customized scoreset ready for today. I'm no longer handwritten. It's a new and improved scoeshet.

Look. I think it's wonderful. But Michael, I've got to ask the question. We are so pushed for time throughout the week. Is that a good use of Adam it's a value.

Ad you know what I think. I think it is the most Adam invention imaginable. And the fact that I even described it as a paper based spreadsheet instead of a scorecard tells me that I've been hanging around with Adam way too long.

Ye Now, I'd just like to think the great Tim Burrows for the last couple of weeks efforts. Now I've been away obviously, so he judged you to and I love the way he started aggressive, stayed aggressive, and finished aggressive, often against Adam. Tim quite true, the great man from Unmade who remained very aggressive about the CEO of nine Mike sneedsby this week, leaving very aggressive Tim, keep it up, well done, thank you, Yes.

Well played. Burrows, welcome back anytime.

And I will go get to his contribution a little later because it's going to have an impact on the way that these stories are judged today. Though in a very Adam kind of style, I'm not going to tell you about the change to the criteria or the categories until we get to it. The Shall we jump straight into the biggest story just quickly, Adam in if this is possible in fifteen seconds or less, can you tell us what you are looking for.

Today, topicality, timeliness. We want it to be very timely, economic impact, a little bit of my subjective bias play to that, and a lot of melodrama.

If you please, a lot of melodrama, I'm might as.

Well sprightly today.

Do you add that the Almer family motto? You know mot families have mottoes. So we sold the family home a couple of years ago when mum moved into aged can. My father died thirty years ago and we found the Alma plaque. Do you know what the Almer family motto is? The word used steady? How boring can that be?

That is just steady, steady.

The opposite to melodrama. So rather than being melodramatic, I am talking about a story today that actually matters to listeners. That's what it should be all about. The Australian share market. The past week we've seen record highs from Comwealth Bank, Macquarie Group, Wistead Global, the other three big banks are the seven year highs. West Farmers has come off a bit, but it's within striking distance of a record. Even Telstra is training around a one year high. Maybe not CSL, maybe not the big miners. They're the lithium and uranium stocks. Didn't they have a cracking week on threats of supply reduction from China in the lithium case and Russia in the uranium case. There's this growing confidence that the economy is going to land softly, as in not going recession, and we will start to get rate cuts next year. The stretch of inflation is still there, but it's receding and that's giving investors confidence. The talk is increasingly turning to the labor market and keeping unemployment lobe. This week we had the Reserve Bank Chief economists Sarah Hunter, give a talk on full employment. That's when the labor market neither adds nor to tracts inflationary pressures to the economy. It's a tricky one to pin down, but market economists think it's about four point five percent. We're at four point two percent. Reserve Bank reckons will get four point four percent by the end of the year. That's when we can start looking for rate cuts. Just the fact that we're talking about the labor market, not inflation, well not quite as much, that is very significant. Anyway, all is calm about the economy is helping equity markets. This is coming as all the earnings season news is factored in. We're a couple of weeks past that, and so Adam, if you go and look at your superinnuation balance, it'll look pretty good at the moment. And this week it really has been all about the market. Michael, stop frowning like that.

I'm not frowning. How many stories do you want to combine into one here?

Don't get thrown off your game, Sean, No, stay strong, Steady.

Fear and greed, Steady fear and greed. It's all fear and greed. The name comes from Benjamin Graham. I think it was that said all markets are driven by fear or greed, which is hence the name of our podcast. So if you're not backing a market story, then stop trying, Michael. Why you beat that?

Oh golly goodness, gracious me. I mean obviously, Oudam. It's up to you to rule on the point of order of how many stories that Sean just combined into one. Tim Burrow has never stood for an omnibus story. That's going to point that out. The biggest single story I'm going to make that distinction here, the biggest single story, not just in Australia, but right around the world this week. And keep in mind, please keep in mind that we are a true relevance, a truly global podcast. We are a global podcast. So this is a global story with global ramifications stretching obviously right around the world, because that is global. The campaign to become the next president of the United States was blown wide open this week by the debate between Donald Trump and Krmala Harris. According to pretty much every poll and plenty of commentators on both sides, I will point out on both sides, Krmala Harris won the debate. Now, the thing that gets me is just how different a display it was from the last debate between Trump and Joe Biden. To an extent, Karmala Harris went into this and unknown quantity for a lot of voters and tens of millions of people watched as she laid trap after trap for the former president, for Donald Trump, and he just walked right into them. He had illegal immigrants eating people's pets, he had sex change operations for illegal aliens in jail, the execution of babies after birth, an endorsement from the Hungarian Prime Minister, who is widely considered to be a dictator Trump's multiple bankruptcies. It was a far cry from the last debate when Trump ran rings around Joe Biden. And in case, that wasn't enough to invigorate the Democrats who were already quite invigorated. But now they are ultra invigorated.

So what would that be like it quite invigorated to ultra invigorated.

It's about a forty percent increase in invigoration. Like if I must quantify it as forty to forty three, it would mega be sixty or seventy percent, sixty to sixty eight percent. Correct, rights got to be precise about this. Write that down, please, Adam on your new little paper based spreadsheet after the debate was done. After the debate was done, And Adam, I know that you enjoy music, and so this is really for you. Taylor Swift. Taylor Swift gave her endorsement, which may actually prove to be more influential than any debate performance. Two hundred and eighty four million Instagram followers, a lot of them younger Americans. The debate was Tuesday night, the endorsement came shortly after. By two pm the next day, more than three hundred and thirty thousand people had clicked on Taylor Swift's link that she provided in her Instagram stories to register to vote. So this is actually this is people then becoming engaged in the political process and suddenly they are potential voters on either side, but they are just engaging with the process, which is really what you want to see. Will there be another debate? No, there will not. Kamala Harris ons one. Trump has said he is not going to have one. It doesn't really matter.

He'll have one on Fox with Sean Hennerdy.

I'd say that, yeah, yeah, Seah, that is true. I can't imagine that that is actually going to happen. Is they're not. It doesn't matter because now we have had this year two debates, both debates for the ages and considering though the impact of the vote in November on the world's biggest economy, on our alliance with our strongest partner globally, this was the biggest story of the week, not just for the global impact, but if you zero in right back here on Australia, this is going to have an enormous, enormously significant impact. The repercussions are unable to be fully described in the time limit that I have allowed myself.

Can can you over melodramatize?

You can I overreg it?

I reckon, Yeah, I've still pulled up short of that. Anyway, there we go. That was the biggest story of the week.

Clearly, Okay, maybe I should have steady as a criteria, just to be fair to the Almer family's tradition. He's worthy of consideration. But for the moment, melodrama is it? And Michael wins.

For just on melodrama or the whole category.

You've won the story, Michael by the narrowest of margins.

But surely the melodrama is the reason that got him over the line.

Oh yeah, yeah, yeah, yeah, yeah.

It's not actually the content. It's the melodrama.

John, I have never never claimed to be about the content ever. All right, that's good one, Nil, Hey yeah, did you have any additional judging comments you wish to make or happy?

Just to let the overall I thought it was a spectacular debate, and also these Sean, I gained so much heart out of the possible retreating inflation that economically is so significant on this one, the US economy being the biggest in the world, and just the ramifications for our trade, the US election to.

Us and not that much. It actually doesn't. I mean Michael started by saying, this week it was blown wide open. Not really, we've blown wide open on July twenty one when Krmla Harris will mid July, when Karmlala Harris replaced Joe Biden, it wasn't fly wide open.

This week Karmala Harris said, you need to stop looking backward, Sean, and we've got to look to the future.

That's right. Please?

Shall we move on to the most remarkable?

Yeah, go for it, Michael, What is it?

Well, there is only one contender actually that fits all of the criteria. I've worked through that little list that Adam has given us, and I've ticked myself in every box. Here the world's biggest company making a remarkable pivot from just straightforward, straight up tech business to a business that puts health first.

Wow, this that happened this week.

This is remarkable. This is remarkable. This week we had tech bet don't pull that face at you. Are you angry at Sean's like interjection then? Or are you questioning my statement?

I'm going to be impressed if you can connect those last two cents.

This week. This week, tech behemoth Apple launched its new range of iPhones, Apple watches, air pods. And when the company is worth three point five trillion US dollars and its fortunes and the fortunes of its investors largely rely on the success of the iPhone, then you can guarantee that this story is going to get plenty of attention. Maybe this should have been the biggest story of the week. It actually probably could have fit into pretty much every category here today because the attention was there not just for the AI component of this or Apple Intelligence. All the features that were kind of emphasized during the presentation, They are all being rolled out to make our lives easier in the new iPhones and all of the various like you can write an email faster, use AI for that. Everyone's doing that, though, and I will make that point. Everyone is already doing that. All these other tech companies are doing that. If you want to summarize some text, you can use AI. You want to add stuff to your to your calendar, use AI for that. Apple they've kind of caught up with that. But but the fascinating, truly remarkable thing was how Apple has cleverly zeroed in on something that we all need help with. It is health. It is an aging population and our increased focus on our health because we all want to live healthy, productive lives. And Apple has decided that, you know what, we are the ones who are going to help you do that AirPods that test hearing loss, and those same AirPods can then work as a clinical hearing aid. What that is amazing? An Apple watch that can detect sleep happening?

Are these sponsors of ours, Adams Apple.

Sean, They're not unless Michael's done a little side is.

A side deal going on here?

There is no side deal? Oh I am what.

Laptop are you using?

I don't think that matters. It feels like you are trying.

To I like being I like you that, I like being an independent journalistic outfit. It's really important.

Go on, Michael, I'm not swayed by the type of laptop that I'm using, or by the type of phone that I use, or by the type of watch that I wear.

It is.

Yes, all three coincidence and the fact that that Apple Watch can detect sleep apnea.

Yeah, it's working. It's actually judging mine is judging me right now.

Oh savage, not cool. That is not cool. But interestingly, interestingly, this then has an effect on other companies res Med, like the sleep app near the Sleep technology company actually welcomed then this news that more people are going to be kind of testing there how well they are sleeping. Then, of course, than a company like ResMed benefits from that because you need to go out and get the the cpat machine and all that kind of stuff. Anyway, anyway, a minor irrelevant detail, but it does show you the impact that a company like Apple has on other companies, even companies that are considered large in their space. They are all hanging off every word from Apple.

This is getting this, is actually getting trump esca. That's the only way I can put it. Is getting trump esc It is just so over the top, just like he won the debate during the week. In fact, it was the best debate he's ever done.

Michael, add it all together just in ten seconds. Health benefits, faster charging times, better and bigger screens, the AI enhancements and get this, get this frequences do sound like I'm advertising for Apple.

Oh my god, it's horrendous.

The phones won't even cost more. In fact, in many cases, the products will actually cost less than they have in the past.

Can I just say we have never ever had a commercial agreement with Apple, We don't expect to have one. We have absolutely nothing to do with them.

And in a cost of living crisis, Apple is doing it's bit to help, and I truly believe that to be remarkable.

Do you want to profess your true love for Apple right now?

Michael and I have not just read from their press release.

You you've been a journalist for more than fifteen years, don't you cringe a little bit of what you say?

Sure, and that suggests that I have some kind of awareness and kind of self assessment and anything along those lines that. No, No, you say things, you put them out there and you let other people judge good.

I'm going to put mine out there. We're dropping you, Michael. The most remarkable story or this week, in fact, the rast remarkable person Rupert Murdoch. Why this week? Because you can't turn on a TV or read a website without seeing some sort of reference to the murdochs Now, my take is just a little bit different. I would say, without doubt, Rupert Murdoch is Australia's greatest ever business person if measured purely on the basis of money and influence, no one comes near him. He took his father's Adelaide based Herald and Weekly Times business created one of I mean, possibly the most but certainly one of the most powerful media companies pre digital in the world. Next week, the ninety three year old mister Murdoch and his son Lachlan are going to court to argue that the latter, the son, Lachlan, should get control over the family trust when Rupert dies. It'd be a difficult argument to make him court with't it. Our dad hasn't got that much longer. However. Anyway, Ruben Murdock basically he won.

I'm right here, you.

Know, yeah, I'm here. I'm breathing. Rupert wants Lachlan, who's more conservative than the other three Prudence, James, and Elizabeth, to take control. And the argument that Rupert is making in court is that the business model relies on Fox News, et cetera being conservative, so the best person to run that business model is the conservative son. The Murdocks are fighting very hard to stop other media outlets covering the court case airing any dirty laundry. Ironic to say the least. Then this week we had a shareholder file a resolution to eliminate the dual class structure of News Corp when mister Murdock dies. So the poor mister Murdoch is coming at him from all sides, even though he is alive. As it stands, Rupert owns fourteen percent of the shares and controls forty percent of the votes. The shareholder asks why should that continue when the children own the shares, which is a very good question. The Murdoch drama is going to fill our lives for the next few weeks, and the news will overwhelmingly be anti news Corp because the competitors of News Corp will be reporting on it. Now, don't get me wrong, News Corp has been the evil emprioritt time, certainly to some people, so I'm not arguing for news Corp. But undoubtedly Rupert Murdock has created a phenomenally powerful company, lauded and loathed by presidents and prime ministers and kings and queens all sorts of people, like it or not. His kingdom has actually helped democracy evolve. It's been a very loud voice for conservative politics. Maybe you don't like it right, but it's actually put that side of politics and the arguments from that side of politics forward and made it a major player. So Fox News is the antithesis of CNN News in the US. That's not a bad thing to have two sides of the story. Keep all that in mind as the new His Corp drama unfolds in coming weeks. Like him, all loath him. Rupert Murdoch is truly remarkable, Adam.

Not a difficult choice this one, Sean wins.

Oh Michael's face, Michael's paid advertorial for Apple.

On the one side, unpaid advertorial I should stress versus Rupert Murdoch. Even just one element, Sean, quite aside from his achievements, the irrevocable trust being challenged in court to revoke it. That is remarkable. The voting class very interesting, and it's quite spectacular in Reno, Nevada. Isn't it that in this courthouse a very significant decision will be made. It's it is remarkable.

Yeah, what about what about the hearing aids with the airports?

So look, yes, there's elements of remarkability about it, but there's nothing particularly revolutionary. This week, I would argue that they're all evolutionary and they've been on this journey for some time.

These are the biggest product redesigns and relaunch one one.

Let's go to the break. We'll be back in just a moment.

All right, Sean. We are looking for a sleeper story. Now. A sleeper story is one that is flying under the radar a little bit, or or is going to become a bigger story further down the track. Now, Now, can I just quickly point out something? And I know that to probably kind of wear my ability to do anything quickly, but I will just just kind of point this out to you that Tim Burrows who filled in as judge obviously over the last couple of weeks and did an admirable job, not saying that our present judge does not do an admirable job, but notes, please Adam, because Tim provided us with really it was an epiphany. He gave us some clarity, some much needed clarity over the judging of the sleeper story. So I think Tim Burrow is in this particular case, he is the High Court. He is he is setting a precedent that now filters. It now filters down to all lower courts like this one. And his ruling related to our constant references to a sleeper story either being one that's flying under the radar or one that will be a bigger story further down the track. And as Tim said, the latter relies on the fuse having been lit this week. To me, that is that is particularly it's it's it's vital clarification. It may not affect your story, Sean, but sure as heck will change mine. Would you like to go first?

Now?

Please?

Sure the sleeper story this week? In a week where we had markets as the biggest story or his second biggest story being you know the debate, we all Apple, et cetera, et cetera, right, got the sleeper story this week. We had a bunch of news around new chief executives and chairs. There's a bit of it going around the old firing and hiring. These people are extremely influential because they run these massive organizations and employ a lot of people that have shareholders that provide services to all of us. Westpac, for example, it will get a new CEO with a boss of business banking, Anthony Miller taking out of the top job in December. Interesting character. I think he had siblings who were Olympians. His daughter plays for the Australian rugby sevens team. Quite a competitive fellow. It seems he'll take over a much simpler organization than it was five years ago. They've sold things like general insurance, life insurance, BT funds management, et cetera. His big job, according to analysts, is to simple Westpax Tech stack. It's got one hundred and eighty platforms at the moment. That's phenomenal. He needs to get it down to sixty. Good luck to him. The chair of the asx Amien Roach this week said he'll retire next month after four years as head of the board of the share market operator now I Space. He is going to be remembered for overseeing the absolute failed rollout of Chess, which is a critical which is a settlement and clearing infrastructure business. He's been under the garden for that. He's going. And ib CEO Mike Fitzgibbon, well, he's been in that job for twenty years running that insurer. He's going under five. Boss of nine Mike Sneezebee said, well, time for him to go. The company's share price has dropped more than fifty percent since he took the job. Looks like shareholders have had enough to think about all this management matters. We've all had, all three of us have had some dodgies. I'm talking. I mean not just CEO's boards, c suite executives like we have had. Would we all agree with had some dodges?

Yes.

I love how we're out of silently nodding. Gotta never mind the fact that it's a podcast anyway.

Yeah, So I mean, like, I think we should all name our dodgers. Boss, Michael, you start.

Oh, how do you narrow it down?

Look, the point of all this, there's going to be a bunch of new CEO's chairs. And do you know Michael who I think would be a wonderful option as a CEO of a listed company, beat in health insurance, beat in media where he has a background, be it in the sex all that matters. Do you know the man? And it may it may Yes, I think we're on the same page here.

I know exactly where you're going, and you know it's already got one hundred percent support.

It may mean a little less interaction with you and I nothing to do with this, But I don't know who do you reckon would be a good option?

Well that's let's look around the room. Is it me, Sean? Probably not you. No, Michael, I don't think it's you. Has no place, no place at the top of a listed company.

Who's left?

Would it be one Adam McClure Lang.

Well, hello, this is excruciating. Hold the phone. Hold the retrenchment fee. Not the retrenchment fee that's three years down the track. Anyway. I'm just I'm just just putting it out there. The ABC needs a new boss too. Doesn't like Kim william David Anderson stepping down Kim Williams. My point of my story is that all these there's such a changeover in CEO's and chairs, so that makes a great sleep of story. But I'm adding more. I'm adding more on that High Court president thinking me jig that Tim was talking about. I'm lighting the fuse Adam Lang for king or CEO somewhere. We don't care.

Where as long as it's not here, it's not here.

In fact, that's that's that is the other thing, Adam. This week you were removed to CEO also by Mike and I made this is a lot and your payout is love.

We thought we'd record it for posterity.

We we've started some pretty dodgy campaigns greed in the past, and I'm going to say this is not the dodgiest this is. This is this is actually leagues on a relative basis.

Yeah, well Adam has run a listed company.

Yeah, yep, yep. If you had to pick one of those, Adam, which one would you want to do?

Oh God, can we move on?

ASEX and IB nine Media ABC or fear and Greed.

Well, the one I know least about would be the AX, but it's also the one where I fear I could do the least harm ASEX.

Let's on it. We're on it, all right, signed up chair, that is by the way, chair and that's a chair. Michael Sleeper story.

All right, quick sleeper, very very quick sleeper. Fuse the fuse it was Tim Burrows fuse. It is pertinent for me that that particular clarification for my sleeper story this week because this week this week, in the last seven days, we have seen a fuse lit in Canberra. In fact, it wasn't just one fuse. It was like, you know, like the old fashioned kind of cartoons where like they like the big bundle of fuses and they all go off in different directions to the TNT and stuff all over them.

I can feel a bunch of stories coming on. No, I can feel an omnibus.

No, there is not, there is not. Tim Burrows would still be okay with this one. Fuse number one. I mean, obviously not a good sign when I'm listing now the fuses, but bear with me. Fuse number one social media bands for teenagers. Yes, there's been this for a while, but this week, this week it became a commitment from the government.

A vow you're going to say it happened and it's a commitment.

Well, this is why it's a sleeper story. This is why it's a sleeper story, because it is going to happen this year. The fuse was lit, right, There was a vow that a ban will be introduced this year. That sounds to me like a fuse being lit, and I suspect it sounds like that to both of you too. They are just consulting now over the age them at fourteen sixteen. Who knows, but this could be a head on collision with the social media giants. I think this is all fantastic news. I think any kind of clarification, particularly for parents over this kind of thing and if you are actually them relying on the rules the law that are in the laws that are in place, then it makes that decision.

This podcast is taking a long time this morning, isn't it that?

Fuse number one? Fuse number two the biggest overhaul in aged care funding in three decad the Government and the Opposition striking a deal on the Aged Care Act, including extra funding for supported home new laws to protect older Australians, but wealthier older Australians will have to pay more. These are big changes designed to both save the budget money, make the system more sustainable into the future, and hopefully make the aged care support, particularly the at home care, more accessible. This was fuse number two lit this week, set to become a bigger story as all of the details are revealed and older Australians understand just how it's going to affect them. I could go on with other futures going on. I'm not going on, Sean, I'm just adding the color. I'm not going to expand on any other fuses because you know the other sleeper element that unites these two stories, right, it is a very very very exceedingly rare case of bipartisanship in camera doesn't happen very often anymore. But here we've got Labor and the Coalition agreeing that something needs to be done about social media because it was an opposition policy and now it is a government policy as well. And then we've got Labor and the Coalition agreeing to aged care reform. A remarkable sleeper story. Two prongs to the sleeper story. One that these stories are going to become bigger stories further down the track. And then two the fact that there's actually by partisanship, there is actually coaboration in camera. We never see this done. I'm done, I'm done, I'm done, I'm stopped, I'm finished.

Yes, both very interesting, actually hard to split, so I'm going to call it a draw. Sean, Absolutely true. There's a real changing of the guard in executive and board ranks on a six listed companies and very very interesting social media bands. God, that's going to be interesting to watch. That'll be explosive if that comes in hkare funding as you mentioned too, Michael. But I'm just going to focus on fuse number one, trying to limit your omnibus tendencies social media. That's a big one. So split draw even one point five each.

One point five to one point five. It all comes down to the favorite story.

Would you like me to go first on this one? Michael, Yes, sure, go for it. I will favorite story the Cavendish banana.

Well, hello, good call.

Why so many uses the Cavendish banana? Last weekend to biotechnologists went to Diamond Drove the Kacanoo Road to Humpty Doo and they tasted the first genetically modified banana grown in Australia. Bananas of the country's highest selling fruit. Five million bananas are eaten every day. The GM banana dubbed qcav four was guaranteed final approval for human consumption in April. Only now have they been able to grow it. Let me tell you about bananas. This, why's my favorite story. Cavendish bananas account for ninety seven percent of sales right now. Commercial bananas are sterile, meaning they're propagated by cutting steamers from a parent plant. That means every single Cavendish banana ever grown is a clone of a single seed, probably produced as a naturally occurring high but probably about a thousand years ago. So we all have the same forefather. Well, every banana has the same forefather. Now the lack of genetic diversity means it's vulnerable to a bacterial disease. It's a thing called the Panama disease many years ago in South America that wiped out huge amounts of bananas. They're trying to avoid that again, hence this genetic modification. But bananas themselves are fascinating. They thought to be the world's first cultivated fruit.

Bananas themselves are fascinating. That is actually the sound of somebody clutching at straws there.

Did you know that they're actually a herb? Did you know that?

I don't think I did. I actually don't know whether I cared.

What's bunch of bananas called a hand? Well done? Oh it's a hand?

Okay, no it is.

It's a hand, And a single banana is a finger. Absolutely low in calories, no fat, no sodium, no cholesterol, plenty of vitamin C, vitamin B six and potassium. Did you know did you know you're going to white in your teeth? Rub bananas on your teeth? You know, sunburn? Rub your banana, the banana skin inside a banana skin on your somen burn. The scientific name is Musa m Usa sapientum, probably not very Latin s A p I E N t U N. You know what it means in English? Safe rush of the wise men.

Yeah, I was the thinking sapient.

Yeah, Adam, this is you. Yah. Banana's float in water? Huh. You know they're growing big time in Latin South America.

Shortage research.

Fastest marathon ever run by a competitor dressed as a fruit?

Was it a banana?

Was Patrick Whiteman in the UK? Those surprises? There? Two hours fifty eight minutes at the Barcelona Marathon in twenty eleven? What was he dressed as a banana? The record for eating banana? I mean in India on eighty one bananas in half an hour. Oh and to bring it home, Adam m Lang. More songs have been written about bananas than any other fruit.

I'm thinking of one. Can you guess what it is?

It's got pajamas involved.

Harry Belafonte's Banana boat song.

Yeah, pajamas. Yeah, there you go. I close my case.

Hard to be okay, banana facts. Can we talk about business? Can we be serious please? Because this is a serious business podcast. We need to be serious. My favorite story we need to talk about OnlyFans.

And there's no crime between these two stories.

In particular the extraordinary growth of a platform that only began eight years ago. Eight years ago. Since then, the number of creator accounts has grown to four point one million miles. What are they creating though, I'm glad you asked. They are creating content, They are creating.

A particular genre.

Michael, Oh, please, Adam, this is a serious business podcast. And yes, yes, my understanding is that the majority of content, my understanding, Friendhi, is somewhat adult in nature. But it is not just erotica. Sports stars, musicians, chefs. Plenty of people also have content creator accounts producing content of a non erotic variety. Why is this my favorite story? Excellent question, because only fans, regardless of what you think about it from a moral standpoint. Has been a remarkable business success, and we found out this week just how successful it has been. Eight years ago. The founder started it with a ten thousand dollars loan from his father. Can you imagine that conversation? Can I borrow ten grand? What are you going to do with it? Content creators?

So you had that guy that he did that ten grand and he actually got I think it was a uk erotica Star on board early, and it was genius because I don't think he actually set out to create an erotica site.

No, but just a platform.

Yeah yeah, And she came on board and suddenly pawn stars were paid directly, which, Michael, I don't want to support your story, but content providers should be paid directly.

And this is the thing that we found out this week that using that model, Only Fans has paid out six point six billion dollars in the last year to content creators. This is actually going to the people making the content. Now, the six hundred and thirty million dollars went to Leonard Radvinski, the man who now owned the site. Now, I did do a little research into Only Fans, not your kind of research, Adam, not a deep dive, just some superficial googling. But I discovered that ninety eight percent, ninety eight percent of content on OnlyFans is considered adult in nature or what I like to call saucy VIDs. That means, that means that two percent is not a saucy vid, and that two percent is where fear and greed comes in. Because two percent, two percent of that six point six billion dollars is still one hundred and thirty two million, one hundred and thirty two million.

Dollars creed only fans.

We deserve a share of that. And even if that means that we're having to do business news with just our socks on and maybe a neck, a tie or something, just it's a very niche kind of appeal, I suspect, but we deserve a share of that one hundred and thirty two million. And Adam, I'm suggesting that as the the.

The soon to be XE.

Yeah, as the incoming chairman of the ASX, that you should spear this this move onto only fans for fear and greed, But it isn't that a fantastic story overall?

I'd like you to spearhead the move to on only fans.

Yep, it'samous me.

Oh god, I'm too steady, Mike's too metal dramatic. We need someone, someone in the middle, the.

Only one of the time.

So suddenly the ASX is looking very enticing.

Please Okay, great work bananas versus only fans, Cavendish bananas, Win, I think this is a wonderful story. I know this is purely subjective bias, Michael, because yours is a red height crack. I shouldn't use that terminology, and.

There's no terminology you can use without some inference or euphemism.

That is, it's a great story. The only Fans business model is incredible. Like what it's done to people able to earn money for themselves on this platform quite incredible. But I love the fact that Australia becoming the food bowl of the world and we've another way to make more crops here, more food. And the staggering fact that there's five million bananas eating every day in this country. That's incredible. So clearly that matters to more people.

And teeth whitener stuff like that sunburn.

Two point five to one point five, Yeah, thank you. What was the what was the score?

Well, Michael, a very creditable eighty nine points and sean ninety two mm.

That isn't truncing.

Well, thank you. Adam Prude mclang, Adam Prude, McLain mclange. I've given him like a full kind of a Scottish kind of surname. I just I feel as though I have been discriminated against here just by going for the saucy angle. And if i'd go gone with like boring old fruit and vegetables or herbs. As Sean told us, okay.

Legit story, you went for these, so yes.

Yeah, look, I think it's the people's choice, but it's not up to them, it's up to Adam. So Adam, thank you very much for you judging today.

Oh, thank you for Sean, and thank you Michael.

Thank you very much, Sean, congratulations Michael, thanks Adam, well done.

And make sure you're following the podcast. Join us online on LinkedIn, Instagram, TikTok, Facebook, and X. I'm Michael Thompson. And that was Fear and Greed. Have a great weekend.