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.
Are Michael Thompson and good morning, Sean.
Aylmer, Good morning, Michael, Sean.
Our weekend show is all about the two of us, each nominating what we think is the biggest business news story of the week, the most remarkable story, a sleeper story, one that's not getting the attention that it should, and then our favorite business ish story of the week. And it is a competition, so we need a judge to pick a winner. That judge is our Fear and Greed colleague Adam lang Adam, Good morning.
Good morning Michael, and good morning Sean.
Morning Adam. For listeners out there wondering why Michael could just be a little flat as we start this morning, it's because we've just had a conversation about the length of time he takes on this show, and our producer suggested that he was a little no what's a word.
There, wordy?
Yes, And then it came to you and I, Adam, We're both like yeah, yeah, and Michael his face dropped. He looked down and it was, as you put.
It, Adams, the shock of the feedback yeah.
Yeah, yeah, the spacetime continuum that it is not unaware of.
I think the key piece of feedback I received from Sean, the one that really shocked me, was I don't think you realize how much you go on, And to be honest, I don't think I do, because I just assume that everyone likes the sound of my voice as much as I do.
Anyway, this week, I'm all about the brevity, and I.
Said, for four weeks in a row, let's jump straight into it today the biggest story of the week, Sean, Please, you are the one that's filled the most minute so far.
Go for it.
This story deserves many, many more minutes. I won't do it, but it does because the biggest story of the week could also fit into the most Remarkable Story of the Week category. It is the rise and rise and rise of the Commonwealth Bank of Australia. This week, it unveiled a better than expected cash profit just under ten billion dollars. It hyped its dividend. The business itself is doing so well. The all important net interest margin, the difference between when a bank pays on deposits receives on loans, were steady at one point nine to nine percent. Given the mortgage market has been a lot more competitive in recent months, that's actually a really good result. While the economy might be slowing, people are still paying back their home loans, with the majority of mortgagees in front of their schedule payments. The bank's impaired loan expense lots of words there, but basically is what the bank puts aside for bad loans. It fell. That demonstrates the confidence the bank has in its loan book. It keeps winning customers. Proportion of Busie Bank customers who say Combank is their primary financial institution is thirty five point five percent. The next best, according to the Combank, is sixteen point four percent, so they have twice as many customers as the number two bank, Crazy. It's got twenty four point five percent of a home lending market, twenty six and a half percent of the household deposit market, about twenty six percent of the business market. Now there arefore major banks a bunch of smaller operators, so these numbers are very impressive. Combank is also getting better at convincing customers to use its channels rather than third parties. Its channels are much more profitable, so two thirds of CBA homelans are sold via its channels rather than mortgage brokers. For the overall market, it's twenty eight percent sixty six vers twenty eight percent. Be any great stock for shareholders, even though most professional analysts think it's overvalued. Its share price is up thirty percent over the past year, and for most shareholders, the two dollars fifty share final dividend takes a full year dividend to four dollars sixty five fully franc If you have held this stock for a year or more, and most people have, you're going to be getting a dividend yeal to five percent plus. Its market valuation is two hundred and twenty two billion dollars, more than the combined value of the next two biggest banks, NAB and Westpac. Can it keep going? I don't know, no idea, but for now, at least today, the rise and rise and rise with the common Off Bank is the biggest story of the week. Succinct timely.
I don't know whether the Commonwealth Bank can keep going, but you sure can. Oh goodness me, Michael, Michael.
When you have a big, big story, right, you have to get the facts out there. Do you think Watergate was done in three minutes. I don't think so like three years.
Oh God, Woodward and Bernstein.
Did you just.
Compare yourself to the two greatest journalists, Well, arguably some of the greatest journalists.
I compared you and I. I compared you and I.
Fairly so, Michael.
The biggest story this week comes from the the world of economics, because I've got to say, this is a world in which I'm finding myself increasingly comfortable. Even if I don't sound it, even if what I say is listed with inaccuracies, I still I'm I'm comfortable with those inaccuracies. There was a wealth, a wealth of data out this week. We are absolutely oils for information. But instead of wrapping it all together into one big story, I'm going to focus on one one single element, and that is jobs. The very backbone of the economy.
Is it, I suppose it is? It was quite you were.
Doing so well, getting comfortable in the world of economics, and you got the very backbone of the economy. And then there's this port I don't know about that.
Well, actually not, I just I suddenly thought, well, there's probably multiple elements.
To well economic growth. It's probably a backbone. But let's call jobs the arms and inflations the leagues. How about that?
Yeah, that's probably that's about right. I would say that aligns with my thinking on the matter.
Alignes nice work spinal reference.
It was, oh, well done, it was. There's quite a set of labor force numbers this place.
Sty eight fifty eight.
Thousand new jobs created in the economy. Pretty incredible, many more than expected. Adam important to write that down. But still the unemployment rate climbed to four point two percent, the highest since November twenty twenty one. And that's because there's a record number of people looking for a job. So the jobs market is cooling, but not a lot. The thing is, there is a lot of people coming into the workforce, pushed up by an influx of migrant workers. But the labor market, and this is this is the most remarkable thing.
This is it is still want to do I love about your presentation. You're going to say, well, you'd gotten into the story, you'd left all the middle drama behind, and after about four sentences you just you couldn't help you. So if you can put labor markets this is a really important thing. Like you just you know, you couldn't help yourself.
He hits the turbocharger in a way goes it.
Is because like it's actually because the labor market inspires me.
I am just I.
Am thrilled by it.
It just I think about it at night, and the fact that it is so it is so strong, it is strong enough to absorb. There's the number of people coming into the workforce. Then it doesn't exactly scream to the Reserve Bank that interest rates need to be cut in order to stimulate things. Speaking of stimulating though, which is one of our favorite topics on the show, there's plenty of other economic data out this week.
I don't want to.
Run the risk of muddying the waters and kind of confusing things and making it too difficult for Adam to kind of adjudicate.
But there were a couple of things I need to mention.
We had wages, no story of jobs, yes, go on.
We had wages data suggesting inflation pressures were easing, consumer sentiments still at very low levels, the NAB business Confidence survey suggesting inflation pressures were easing. There was just look, there was just a lot. God, you can feel my very tenuous grasp on the subject.
Matter watching you squirm. If any listeners could see your hands actually pulling together there, that's quite funny.
It all together, and this is the thing. You put it all together, and the Reserve Bank is going to have a heck of a time figuring out the state of the economy.
But in the end, the.
Biggest story this week is jobs, jobs, jobs, jobs. We all need one and those softening slightly. The labor market has proved itself. It has proven itself again and again and again every month to be remarkably resilient, and I think it's time that we give it the acknowledgment that it deserves, because it is the biggest story of the week.
Adam, you did not look convinced. Did I need more melodrama?
Maybe? Maybe?
Please know.
I found myself vexed on this one. Really hard to pick a winner, Adam.
Yeah, if you can't pick a winner out of these two efforts, you got no chance.
So well, Sean, I'm going to disappoint you.
Then, Oh my god.
Jobs are the biggest story of the week for me. Now I'm going to attempt to rationalize why because this number surprised right. Enormous number of new jobs and an increase in the unemployment rate, So what does that say? High participation because people need the money. To your point, Michael, we all need a job. Actually many of us need more than one job to get through, and I think that's coming through the data. So I almost couldn't split them. But just in the way this impacts people now, Sean, the CBA share price is just insane. I mean, it's incredible how highly value that company is for all the things it's doing so well, and as you said, it's the biggest bank thirty five point five percent people treated as their main bank, and so just incredible data coming through and a very very good performance by the company. Really hard to split, and I'm just going to give it to jobs this week.
I a quick question, yes, was is it for God's sake?
Why were you listening? That's my question, my god, Adam.
What are the criteria?
That is probably something we should we should have clarified earlier, But what are the criteria on which you were judging?
All right?
Topicality, timeliness, economic impact of the story, my subjective bias, and of course melodrama, and on this one, just the economic impact. I think it's incredible. The job started this week.
M well, arbitrariness. I think it's probably the main.
Sean, I lost interest.
I'm sorry, I've lost this kin a walk, I've lost interest.
The stun silence in the studio. Most remarkable story, Please, Sean.
I got nothing to say. You go first. I'm sorry, I'm still flawed.
Well, thank you for the opportunity to speak again. My story is remarkable, but it's actually not remarkable in a good way. And this is actually a very serious story. It is the extraordinary gap and we talked about this through the week in literacy and numeracy between kids from wealthy families compared to kids from less well off homes. Now, these results are from the twenty twenty four Naplan tests, and really there was a lot of coverage of them through the week and a lot of different interpretations of the data. And I don't think it matters which interpretation you were looking at. Every single one is absolutely shocking. An enormous gap between the rich and the poor in reading, writing, spelling, grammar, punctuation, numeracy. So this is not just in one particular discipline. It is across everything, and it's not just one year. It is across all grades. Now, if that's not a clear indication that something is absolutely horrendously wrong, then I don't know what is. Because the states spend about forty billion dollars on schools each year, the federal government to touch over twenty five billion. Timing is everything, though, of course, the state and federal governments are set to hammer out a new funding agreement this year. Massive argument over it over who will pay for the programs that are needed to get kids up to speed in these essential skills that will prepare them for the future. But these stats quoted this week by federal Education Minister Jason Clair, are damning. One in ten kids are below the overall standard, but it is one in three kids from poor families, one in three kids from the bush, one in three indigenous kids. We've got a golden opportunity this year to fix the funding model, to rectify some of these problems, because you look at this, you hear those numbers, and these stats are not what you would expect from a first world country that prides itself on education and prides itself on giving everybody a fair and equal opportunity. So I think this whole story is completely remarkable, and I went very serious. Then I do not apologize.
Yeah, it's pretty dull. I mean, I mean, it's remarkable. I'm not going to argue that. But you're much better when you you like turn it on. I don't know whether anyone remembers the previous story, the biggest story of the week, where you talk absolute garbage, but the melodrama seem to win over the best story. Do you remember anyway?
I have a vague recollection of it.
I'm sensing that you feel it, Sean, just to touch.
Do you know what I'm going to do from now? I Am not going to do another economic story for the rest of the year to demonstrate Adam's horrendous bias towards economics. So I'm out, Michael. You can have every economic story from here to the end of the year weekend edition. Then we'll find out.
That might test him.
No, No, Adam, it's a test of you. I'm sorry, it is not a test of Michael.
Okay, I accept the challenge.
As I said, I'm much more comfortable now swimming around in that world.
I think Michael's texting Stephen, I was please help go on, Sean.
Sorry to how I sound like a petulant child, but you know, that's just how it is. My most remarkable story this week. I'm still smarting here. It's hurting me. The corporate regulator ACK got something to do with economics, I'm sure, has come out and alleged that the ASEX Limited, that's the company, the share market operator, made misleading statements about how the overhaul of its clearing and settlement system was progressing months before it revealed the crucial upgrade was actually failing. Now a bit of background here. In twenty fifteen, the ASEX started working on a replacement for its clearing and settlements system, known as Chess. It's all the back off of stuff that happens when you buy sell securities. A mega technology transformation involving blockchain technology was never going to be easy. Was sort of going on and on, and they kept coming out and saying Yep, yep, we're doing Okay, we're doing AKA. Then in February twenty twenty two, ACIC is alleging that ASEX came out and said that the Chess project was on track to go live about fourteen months later April twenty twenty three, and Essex is alleging that in February twenty twenty two, AX is saying the project was progressing well. Now in November twenty twenty two, the end of that year, ten months later, the AX revealed that the project had unraveled. Now, none of this is new, We've known all this, but it is truly remarkable where it comes to this week. This week, the lawsuit in the federal court is the first litigation against AX for the botched upgrade of the system. AX faces a maximum penalty of more than half a billion dollars. The whole thing is an absolute debarkle. The ASEX chair Damien Roach, has been in that role since April twenty twenty one, been on the board for a decade, so he's been through the whole thing. He's definitely in the firing line on this one. I would be surprised if he makes it. I think he'll have to step down. The AX Limited, which oversees the exchange, allegedly hasn't followed its own rules and now it's being sued in the federal court. That is truly remarkable. It's kind of like the regulator breaking its own rules. I don't really know what it's like. It's like something. It's remarkable. The ASEX Limited in this area at least should really be beyond reproach. I get that it's not a news story. It's been traveling for a while, but the fact that it hit the Federal Court this week is why I'm making it my most remarkable story of the week.
These are both incredibly tough stories to hear and to read about during the week. I have to give you both a draw on this.
No, I know what a sympathy vote here, Adam, Come on, come on, don't believe that you just.
Got a pity point, Sean.
That's not true.
You know all the points you made, Sean are indeed incredibly remarkable. And there was also the question mark over let's just say, the legitimacy of some of the information disclosures that are going around trading and where we are comparing to other markets in the world, and that goes to the credibility of a whole trading system. And this is so incredibly important to have governance and respect for the institution that really is a sanctioned monopoly in Australia. So I think that is a remarkable story and incredibly concerning. We've all watched this implode in degrees as you've described. Then next to that you have literacy and education has to be the most important asset that we can give our children and next generations, and we are failing. And so it is just an indictment. We're spending more money and not getting it right now. Of course I would choose not to bring in my favorite reformation idea, which is states and federal government. There should be one national education system. This is where federalism and a federation of states, to me, is just not working. So I think that's a great story to draw one and a half to half.
God, it's a shocking show, that really is.
And my favorite part is that Sean just looks like you've.
Just shoulders are slumped. I know this is like the spirit the candle is dimming.
Which is the time for me to go in for the kill. We are going to take a quick break.
Snuff it out, Michael.
I will did you say snuff it out?
Yeah?
The candle?
Okay, all right, when I hear the word stuff, that's what I think of.
Okay, let's take a quick break and come back in a moment with the sleeper story of the week.
All right, Sewan, we are looking for a sleeper story. This is a story that's.
Not getting the attention that we feel it deserves, or perhaps is going to become a bigger story further down the track.
What have you dug up for us?
Profits have dominated the week, and if you do hard enough in profits, you're always going to find sleep of stories. I told you about Commwealth Bank a moment ago. I don't know whether you remember that, because obviously the unemployment still was so much better. Goodman Group delivered a higher than expected profit, but a week in an expected outlook, CSL said it's plasma collection business is back on track. Commonwealth Bank reported we did. The real surprises have come from some of the retailers. This is the sleeper part. JB HiFi kicked off the week saying turnover grew last financial year and is growing this financial year, and it's share price jumped ten percent. It also announced a big special dividend for shareholders. Then online Play, Temple and Webster came out, said sales to jump twenty six percent. Its share price was up twenty three percent. About thirty percent of its sales are now in its private label brand, which I'm sure is much much more profitable. Pretty fascinating. This comes just as all the economic news suggest households are struggling and retailers are suffering, and that's where the sleeper part comes in. People are still spending money and lots of it. Has seen a Temple and Webster and JB. High fight. Not every retailer is having a good time. Furniture Group Nick Scarley said, people aren't buying as many big ticket items at the moment. But when you look at what's happening in retail land, particularly in Tempela, Webster and JB. High Fight, there are just really good retailers out there who are somehow extracting dollars from people. Now, Michael had a really dodgy story earlier in this show about I can't remember what it was, fifty eight new jobs. That's the jobs that one forget. Well, what it did show, though, which Michael obviously didn't say. What it did show is people have a job, and when they have a job, they spend money. And that's why these retailers are still doing well. No, he meant that. If you're read between the lines, probably got that. But what is the sleeper story here is that these retailers this reporting season are actually looking better than we expected them. Still a long way to go. Plenty of retailers still to report. We'll find out more in the next couple of weeks. But really interesting to watch you too, pull yourself together, get out of yourself. This is a serious show.
This week Sean Almer, brought to you by a sense of injustice. Okay, my sleeper story. I have got some very very good news for one point two million people.
About the same number of shareholders as Commonwealth Bank go on.
One point twenty five million, maybe one point three million. But it is a sleeper story because the bad news seems to get all the attention. Everyone's talking about the thirteen percent drop in Telstra's net profit to one point seven nine billion dollars. And yes, that is bad because the enterprise part of the business, providing services to government and large companies, was written down by more than three hundred million dollars, and earnings in fixed enterprisings like phone, handsets and other equipment tumbled. But but, and here is both the sleeper story and the good news. Hidden behind all this negative, all this old school technology that nobody's using anymore, like landline phones and I'm guessing fax machines and things, is the fact that the mobile phone business is booming. Telstra boosted its earnings by nine percent in that space.
You don't even know what you're saying.
I absolutely do, because Sean, it's all about the numbers. Five hundred and sixty thousand new mobile customers, nine percent increase in earnings, one point two to one point three million shareholders, more shareholders for Telstra than any other company in Australia. This affects a lot of people. And the rise in earnings for their mobile phones came before Telstra upped its prices. So the sleeper story here is amazing news for those one point two million shareholders, the most shareholders, as I said, of any company in Australia. So the impact is broad because the future, ladies and gentlemen is in mobile telephony, dear, and on that count, Telstra is an absolute star. Not that you would know it because there was so much attention on the bad news and all those other elements, the old fashioned parts like landline phones and the enterprise business. But look at the real story underneath, the booming mobile part of the business. That is why I am here, the man of the people bringing the good news to the people.
Sleeper story of the week can.
I just interject here? Right, So five hundred and sixty thousand new mobile customers, excellent risings came before Telstra upped its prices. Now has millions of customers. So the man of the people bringing the good news to the people forgot to mention your mobile phone prices are going up.
It's going up everywhere, Sean.
But I'm thinking about the one point two to one point three million shareholders because this is this is it's the people's company as.
Opposed to the three or four million mobile All right, you know, may I gat? Oh you're here, Adam, Adam.
Sorry, go on while the sparring continues. So Michael tells her Vicky Brady done a great job two years in the role.
Can you can you explain who Vicky Brady is to Michael place, She's the chief executive.
So and Sean, you interviewed Brent smart on this podcast some time ago, and he talked about their rebranding highly consistent. They've got the better network. We've seen those great stop motion ads on TV.
You better explain who Brent smartest.
So he's the chief marketing officer of Telstra. And so I think this is a really it's an excellent result. Also, you'd see there's probably some customers gained from the Optus outage that's happened. So it tells you have capitalized and good results. But I just can't qualify this as a sleeper to me, this is a continuing story that's evolving the profits that Shawn's pointed out here, or the profits and reporting season CBA Goodman CSL, but also those retailers who retailers obviously we all buy the consumer economy. What is it, Shawn, two thirds of our economy.
Rule of thumb, household spending yep.
So you know that is a reflection of how we are spending. And to your point, Sean, you made it about a week ago that the worst may be behind us, and so I think this is reflective of that and full of hope. Actually, so yeah, this has to win for sleeper story of the week for me.
Ah, the worm has turned at the who Ronnie might say.
Does the melodrama count for anything at all with you anymore?
Adam, Well, it actually crounded for quite a lot. You would have been smashed if it wasn't for.
That, right, all right, favorite story? Am I going first on this one?
You are you are well.
My favorite story this week, Adam is all about courage. It is about having the courage to walk into a room full of people and tell him exactly what you think of them. And on that measure, I have a new idol, the new Deputy Governor of the Reserve Bank, Andrew Hawser, who this week walked onto the stage at an Economic Society of Australia events and told economists exactly what he thinks of them.
Well not maybe, not.
All economists perhaps, but he didn't mince words when it comes to those who make definitive predictions for the economy in an environment where the data keeps changing, the outlook keeps shifting, and there is no truly definitive prediction. He said that economic commentators, maybe in some cases I'm paraphrasing here, false prophets whose poor predictions could make people worse off. A world of winners and losers, gurus and Charlatan's geniuses and buffoons.
Now this is my favorite part.
Those seeing things differently are castigated as incompetent, biased, or on the make, which coincidentally are all words that I've used to describe Adam. After some of his judging decisions and after his decision in the Favorite story category today and probably Sean, if you want to unite with me on this in the Biggest story category as well, absolutely are perfectly relevant today. Andrew Hauser has told us what he thinks of your judging, Adam, But he did have a point to a agree that some commentators are presenting views that come across as very very very certain in a very very uncertain environment. And yes, there's a risk that it might mislead people and encourage them to make decisions that that well, it actually could harm their own financial welfare. But it does also overlook the fact that some very poor predictions in the past have come from within the Reserve Bank itself, like the idea that rates wouldn't rise until twenty twenty four. But look, you got to applaud him, right, You got to applaud the guy for just getting out there and saying something, because every part of what he said is a great headline, buffoons urus, false prophets. For an organization that is usually pretty dry, a little bit of Reserve Bank melodrama is something that I can get behind. It is my favorite story of the week, Suan.
Who know its really interesting? Man, well done, oh, you are really in a mood. You need to go straight to your room.
You need to check your privilege. That's good, Sorry, Whack, Just go on tell me.
I've just reaized. My story has got nothing to do with economics and yours has. So why should I even try? Why should I even try? You know, not a badge of the judge, Early, but why should I be even trying?
Early? Lefton?
He's just so cranky today, Adam, I was going I was going to go with Olympics for the third week in a row.
Michael's done two. I was going to do a third. No, I was going to do the English Premier League, which kicks off this weekend. Adam, big fan. No, no, no, I won't do that.
Go Chelsea.
That's a problem. But but forget the Olympics, forget the English Premier League. Think chess, crazy stuff. Chess first, Andrew Houser, what a crazy week we've got This week we found out that Russian at chess champion has been suspen ended after poisoning her childhood rival ahead of a match by smearing deadly mercury over her pieces. Not sure which one's prawns, Knights, Bishops Et cetera. They've prawnsed to me. Now the woman's name Amena A backer Over she's reported to her said she attacked. Now I'm not going to get this lady's name, Ulmagannet Osmanova, Osmanova or McGann at Osmanova. She attacked on McGann at Osmanov out of revenge for a personal insult. She's been arrested and faces up to three years jarly found guilty. This is all out of the Daily Telegraph of London. Security footage captures the moment a backer Over entered the hall where the tournament was to take place in Southern Russia. She appears to make preparations for the poisoning. She's looking around. She casually approaches her opponent's table. She takes something out of her bag, smears its contents on Osmanova's board and on some of the pieces. Now, Osmanov suffered severe disteiness and nausea. Soon after the game began. She required medical attention. A judge from the tournament reported the incident to police. Of course, it was all on CCTV footage, So a backer Avery is in all sorts of trouble here. Now there ain'ty allegations not proven yet, but the CCTV footage it's going to work against him. Now, Chess has a history of cheating. I mean the last couple of years there was the scan of the world number one Magnus Carlson basically ended a game against Hansnieman. He's sort of like the nineteen year old upstart. It was an online game and Carlson, the world champion, claimed that Nieman was cheating. Now, Neieman had been found guilty of cheating a couple of times previously. Carlson came in and said, oh, he's done a lot more than that, and it's actually Michael. Maybe we could put this in the news Arterter next week. Of the commentators when Carson stands up, it just walks away. It's quite funny.
Yep, it is good. Yes, we'll definitely do that.
There was one hundred million dollar lawsuit involved in that one. It was big. In nineteen ninety four, the go the greatest of all time, Gary Kasparov changed his move in a game against challenge at Udit Polgar after momentarily split second letting go of a piece. Now, anyone that knows chess knows you cannot remove a piece once you've taken your finger off it. He did, Kasparov went on to win. We're still talking about it today. American grand Master Bobby Fisher. He always complained that the top Soviet players would arrange easy drawers between themselves so they could use their brain power against him, but normally cheating didn't involve poison cracking story Adam.
Okay, both incredible, really and I completely get one. They're your favorites on this one over a chest poisoning in sidtident versus Andrew Hauser, the combative new Deputy governor of the RBA.
I have to give it to Michael now.
I say that because as a former economist, I felt he was targeting people like me and Sean.
As you pointed out.
Often our job, or our role in a conversation is to make a call, and that's what they're doing. But didn't he have a whack in almost like a John Cleese theatrical style, So I thought is remarkable. But what I love actually about it is that we've got a reserve bank that's speaking speaking its mind. So from Michelle Bullock to Andrew Hauser, I really welcome the conversation so on this one, I have to give it to Michael.
Yeah, righta whatever, economics, economics. As I said, I'm not doing economics again for the rest of the year. We'll just find out how biased you really are. Test my metal. Andrew Houser stuff, right, he's relatively new, so he probably can come out and say what he say, what he thinks. But I actually felt sorry for the market economists out there who all they toil away. They have to make a prediction totally. It's an uncertain world, right, I get that. And all the economists want a relationship with the Reserve Bank because we need one. Yeah, they need one. And yeah, I just thought it's been unfair to be honest two and a half to one and a half year when yeah, yeah, yeah, get on with it.
Well, that's it. That's actually tell us the score, the breakdown scores as well. It's a tie moral it's ninety two points each.
Ah, that isn't that is a sort of hollow victory. Hollow victory, Michael.
Did you just try to patch my victory away from me there? So you've tried to sour it a little?
All right? I think we have one clear loser today and that's me.
No, No, I've got to be perfectly honest, Adam. If people are listening to this, there is actually a one person that comes out of this with any decency whatsoever about and that is you, certainly not me. Certainly not me, And I'm not going to give anything to Michael. So you are actually probably the winner.
Or least loser.
Thank you very much, Adam sterling effort today.
Thank you Michael, and thank you Sean.
Thanks Michael, Thanks Adam. Thanks for keeping it so quick today too, Fellas that's.
What we do.
Thanks for you 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.