Interview: Why are investors so interested in cash ETFs right now?

1
00:00:03,870 –> 00:00:06,990
Jennifer Duke: Welcome to the Fear and Greed Business Interview. I’m Jennifer

2
00:00:06,990 –> 00:00:09,599
Jennifer Duke: Duke. Every Monday here on Fear and Greed, we like

3
00:00:09,599 –> 00:00:12,449
Jennifer Duke: to look at investing, and one of our regular guests

4
00:00:12,450 –> 00:00:15,599
Jennifer Duke: is Chris Brycki, the founder and CEO of online investment

5
00:00:15,599 –> 00:00:19,439
Jennifer Duke: advisor Stockspot. He often talks about exchange traded funds or

6
00:00:19,440 –> 00:00:23,279
Jennifer Duke: ETFs, what’s popular and why they’re appealing to investors. And

7
00:00:23,280 –> 00:00:26,280
Jennifer Duke: today I wanted to focus on one particular type, cash

8
00:00:26,280 –> 00:00:30,450
Jennifer Duke: ETFs. Firstly though, remember, this is general information only. You

9
00:00:30,450 –> 00:00:34,079
Jennifer Duke: should definitely seek professional advice before making any investment decisions.

10
00:00:34,469 –> 00:00:36,179
Jennifer Duke: Chris, welcome back to Fear and Greed.

11
00:00:36,900 –> 00:00:38,340
Chris Brycki: Thanks for having me back on, Jennifer.

12
00:00:39,510 –> 00:00:41,940
Jennifer Duke: Let’s start with the very basics. What exactly is a

13
00:00:41,940 –> 00:00:42,780
Jennifer Duke: cash ETF?

14
00:00:43,860 –> 00:00:45,780
Chris Brycki: I think a lot of the listeners you have probably

15
00:00:45,780 –> 00:00:48,750
Chris Brycki: have heard of ETFs generally before, which are these listed

16
00:00:48,750 –> 00:00:51,450
Chris Brycki: funds that enable you to diversify and invest in a

17
00:00:51,450 –> 00:00:55,410
Chris Brycki: whole bunch of different companies or securities at once. Cash

18
00:00:55,410 –> 00:00:58,230
Chris Brycki: ETFs are a little bit more unusual, I don’t think

19
00:00:58,230 –> 00:01:00,300
Chris Brycki: too many people have heard of them before, but they’re

20
00:01:00,510 –> 00:01:03,990
Chris Brycki: a way of essentially earning a interest rate from the

21
00:01:03,990 –> 00:01:06,539
Chris Brycki: big banks, but rather than depositing your money with the

22
00:01:06,539 –> 00:01:10,109
Chris Brycki: banks, you’re actually buying something off the stock exchange that

23
00:01:10,109 –> 00:01:13,110
Chris Brycki: gives you access to deposits.
And these ETFs go and

24
00:01:13,110 –> 00:01:15,779
Chris Brycki: shop around for the best deposit rates. And they have

25
00:01:15,780 –> 00:01:18,420
Chris Brycki: a lot of buying power because they’re investing billions of

26
00:01:18,420 –> 00:01:20,940
Chris Brycki: dollars, and then they pass on those better rates to

27
00:01:20,940 –> 00:01:24,690
Chris Brycki: everyone. So they’re more of an alternative to savings accounts

28
00:01:24,690 –> 00:01:27,689
Chris Brycki: or high interest savings accounts compared to other ETFs that

29
00:01:27,690 –> 00:01:29,969
Chris Brycki: allow you to invest into, for instance, shares.

30
00:01:30,600 –> 00:01:32,520
Jennifer Duke: So you’re finding that more people are looking at cash

31
00:01:32,520 –> 00:01:33,600
Jennifer Duke: ETFs at the moment?

32
00:01:34,560 –> 00:01:36,959
Chris Brycki: Definitely over the last year or two, there’s been a

33
00:01:36,959 –> 00:01:39,839
Chris Brycki: huge explosion in interest, Jennifer. And the reason is that

34
00:01:39,840 –> 00:01:42,509
Chris Brycki: the interest rates have obviously gone up a lot, and

35
00:01:42,509 –> 00:01:46,709
Chris Brycki: so people are more interested in savings interest generally. There’s

36
00:01:46,709 –> 00:01:49,650
Chris Brycki: also a little bit of reluctance to invest in shares

37
00:01:49,650 –> 00:01:52,350
Chris Brycki: at the moment because the economy is volatile, people are

38
00:01:52,350 –> 00:01:56,400
Chris Brycki: a bit worried about inflation and economic growth and unemployment

39
00:01:56,400 –> 00:01:58,320
Chris Brycki: and what could be happening in the future. So I

40
00:01:58,320 –> 00:02:00,359
Chris Brycki: think those two combined have led to quite a lot

41
00:02:00,360 –> 00:02:03,149
Chris Brycki: of interest in these products. The other big factor that’s

42
00:02:03,150 –> 00:02:05,910
Chris Brycki: really driven interest is that the difference in the interest

43
00:02:05,910 –> 00:02:09,270
Chris Brycki: rate offered on these ETFs compared to what most people

44
00:02:09,270 –> 00:02:13,139
Chris Brycki: are getting in their bank savings accounts has really become

45
00:02:13,139 –> 00:02:15,960
Chris Brycki: a lot larger.
So these ETFs now are paying a

46
00:02:15,960 –> 00:02:19,469
Chris Brycki: bit over the RBA cash rate, and listeners would know

47
00:02:19,469 –> 00:02:21,209
Chris Brycki: that the RBA cash rate at the moment is 4.1%.

48
00:02:22,559 –> 00:02:26,940
Chris Brycki: These ETFs are paying around 4.2% per year, whereas most

49
00:02:26,940 –> 00:02:30,450
Chris Brycki: bank accounts are only paying around 2% a year, unless, of

50
00:02:30,450 –> 00:02:32,759
Chris Brycki: course, you’ve found one of these high interest accounts, but

51
00:02:32,760 –> 00:02:35,790
Chris Brycki: often they have a lot of other strings attached. You

52
00:02:35,790 –> 00:02:37,440
Chris Brycki: might need to use a card a certain amount of

53
00:02:37,440 –> 00:02:40,410
Chris Brycki: times per month or you might need to not make

54
00:02:40,410 –> 00:02:43,140
Chris Brycki: withdrawals or other rules like that.

55
00:02:44,070 –> 00:02:46,350
Jennifer Duke: So can you take me through the different options available

56
00:02:46,350 –> 00:02:47,400
Jennifer Duke: with cash ETFs?

57
00:02:48,210 –> 00:02:50,579
Chris Brycki: Sure. So at the moment on the ASX, there are

58
00:02:50,580 –> 00:02:53,910
Chris Brycki: three different products listed. Now, in other markets like the US,

59
00:02:53,910 –> 00:02:57,480
Chris Brycki: there are dozens of them, so I would expect over

60
00:02:57,480 –> 00:03:00,060
Chris Brycki: the next couple of years, there’ll be more options available.

61
00:03:00,299 –> 00:03:04,320
Chris Brycki: Right now there are three, their ASX codes are AAA,

62
00:03:04,380 –> 00:03:08,160
Chris Brycki: which is the BetaShares High Interest Cash ETF. That’s the

63
00:03:08,160 –> 00:03:10,440
Chris Brycki: one that we recommend to our clients for cash that

64
00:03:10,440 –> 00:03:13,258
Chris Brycki: they have that they don’t want to invest because they

65
00:03:13,258 –> 00:03:15,599
Chris Brycki: need it probably in the next three years, but they

66
00:03:15,599 –> 00:03:20,369
Chris Brycki: also want to earn a high return. And that’s paying just around 4. 19%

67
00:03:20,430 –> 00:03:23,940
Chris Brycki: at the moment. And then the other two are iShares products.

68
00:03:23,940 –> 00:03:28,200
Chris Brycki: There’s the iShares Core Cash ETF. BILL is the code. And

69
00:03:28,200 –> 00:03:31,859
Chris Brycki: the third one is the iShares Enhanced Cash ETF, ISEC.

70
00:03:32,820 –> 00:03:36,389
Chris Brycki: And they’re all pretty similar. The big difference between them

71
00:03:36,389 –> 00:03:39,810
Chris Brycki: is that they’re depositing in different banks. And what I

72
00:03:39,810 –> 00:03:43,290
Chris Brycki: would say is generally they’re all in very low credit

73
00:03:43,290 –> 00:03:47,940
Chris Brycki: risk and highly regarded banks. And so from my perspective,

74
00:03:47,940 –> 00:03:50,280
Chris Brycki: in terms of the recommendation we’re making to our clients,

75
00:03:50,670 –> 00:03:53,009
Chris Brycki: I would say the money is pretty safe. The only

76
00:03:53,010 –> 00:03:55,260
Chris Brycki: caveat I would say is unlike when you deposit your

77
00:03:55,260 –> 00:03:58,050
Chris Brycki: money in a bank, in a savings account, you don’t

78
00:03:58,050 –> 00:04:02,520
Chris Brycki: actually benefit from the government guarantee. So that’s the main difference.

79
00:04:03,360 –> 00:04:06,540
Jennifer Duke: There’ll be investors of all different types of experience listening

80
00:04:06,540 –> 00:04:08,760
Jennifer Duke: to this. How would they access a cash ETF?

81
00:04:10,289 –> 00:04:12,510
Chris Brycki: Well, the most common way would be through a online

82
00:04:12,510 –> 00:04:15,900
Chris Brycki: stockbroker. And so if any of the listeners already have

83
00:04:15,900 –> 00:04:19,440
Chris Brycki: an online broking account, you can easily access them through

84
00:04:19,440 –> 00:04:22,920
Chris Brycki: those accounts. The only extra cost you have to be

85
00:04:23,190 –> 00:04:26,009
Chris Brycki: aware of, as well as the management fees that are

86
00:04:26,009 –> 00:04:29,789
Chris Brycki: built into these ETFs, is actually brokerage costs. And so

87
00:04:29,789 –> 00:04:33,120
Chris Brycki: you should be calculating what’s the impact of brokerage costs

88
00:04:33,180 –> 00:04:36,150
Chris Brycki: on your transaction.
And that’s why for investments of less

89
00:04:36,150 –> 00:04:39,540
Chris Brycki: than three months, I’d still recommend to listeners that leaving

90
00:04:39,540 –> 00:04:41,219
Chris Brycki: the money in the bank is for most people the

91
00:04:41,219 –> 00:04:45,058
Chris Brycki: best option. But once you’re looking to park that savings

92
00:04:45,059 –> 00:04:47,459
Chris Brycki: for three months to three years, and that might be

93
00:04:47,459 –> 00:04:49,560
Chris Brycki: to save up to a goal of going on a

94
00:04:49,560 –> 00:04:53,339
Chris Brycki: holiday or saving up for your kids’ education or putting

95
00:04:53,339 –> 00:04:56,550
Chris Brycki: money aside for something like that, that’s when these products

96
00:04:56,550 –> 00:04:57,690
Chris Brycki: tend to make good sense.

97
00:04:58,050 –> 00:05:00,210
Jennifer Duke: And how does it compare to, say, a term deposit

98
00:05:00,210 –> 00:05:01,139
Jennifer Duke: or something like that?

99
00:05:02,190 –> 00:05:04,980
Chris Brycki: Well, term deposits are really priced off the interest rate

100
00:05:04,980 –> 00:05:08,428
Chris Brycki: curve, which means where are interest rates priced in the

101
00:05:08,430 –> 00:05:11,820
Chris Brycki: futures market and the swap market, one month, three months

102
00:05:11,820 –> 00:05:14,580
Chris Brycki: or six months or 12 months into the future. Now

103
00:05:14,580 –> 00:05:16,770
Chris Brycki: at the moment in Australia, the interest rate curve is

104
00:05:16,770 –> 00:05:20,009
Chris Brycki: pretty flat, which means that the interest rate we have

105
00:05:20,009 –> 00:05:23,609
Chris Brycki: today, which is 4.1%, is very similar to the interest

106
00:05:23,609 –> 00:05:26,910
Chris Brycki: rates three months, six months, 12 months into the future.

107
00:05:27,180 –> 00:05:29,279
Chris Brycki: And so what we’re seeing on term deposits at the

108
00:05:29,279 –> 00:05:32,130
Chris Brycki: moment is that the best rates out there that I’ve

109
00:05:32,130 –> 00:05:35,159
Chris Brycki: seen are around 5% at the moment. And that’s for people

110
00:05:35,160 –> 00:05:38,039
Chris Brycki: if they’re prepared to lock up their money for 12

111
00:05:38,040 –> 00:05:41,008
Chris Brycki: to 24 months.
So certainly if you’re prepared to lock

112
00:05:41,010 –> 00:05:43,800
Chris Brycki: up your money for a bit longer, the rates available

113
00:05:43,800 –> 00:05:45,990
Chris Brycki: are a little bit higher than these ETFs. The big

114
00:05:45,990 –> 00:05:48,419
Chris Brycki: downside to locking the money in obviously is that you

115
00:05:48,420 –> 00:05:50,339
Chris Brycki: don’t have access to it in the short term. So

116
00:05:50,339 –> 00:05:52,980
Chris Brycki: if an opportunity comes up, for instance if there’s a

117
00:05:52,980 –> 00:05:56,099
Chris Brycki: share market crash and you really wanted to invest, there

118
00:05:56,099 –> 00:05:57,899
Chris Brycki: are some penalties to pull your money out of the

119
00:05:57,900 –> 00:06:01,589
Chris Brycki: term deposit, whereas with cash ETFs, there’s no penalties. So

120
00:06:01,589 –> 00:06:04,410
Chris Brycki: you’re earning a little bit less but you have more flexibility.

121
00:06:04,740 –> 00:06:06,570
Jennifer Duke: Stay with me, Chris. We’ll be back in a minute.

122
00:06:12,839 –> 00:06:16,678
Jennifer Duke: I’m speaking to Chris Brycki, CEO of Stockspot. How do you

123
00:06:16,680 –> 00:06:19,470
Jennifer Duke: say that cash ETS would fit into a broader portfolio, and

124
00:06:19,470 –> 00:06:21,960
Jennifer Duke: how should investors be thinking about them in that context?

125
00:06:23,040 –> 00:06:25,589
Chris Brycki: Well, the way that we explain it to our clients

126
00:06:25,589 –> 00:06:28,019
Chris Brycki: is that if you’re planning to invest for more than

127
00:06:28,020 –> 00:06:30,029
Chris Brycki: three years, or for any money that you don’t need

128
00:06:30,029 –> 00:06:33,119
Chris Brycki: for the next three years, we don’t really see a

129
00:06:33,120 –> 00:06:35,998
Chris Brycki: place for having too much cash in your portfolio. Because

130
00:06:36,180 –> 00:06:39,990
Chris Brycki: over the medium and long run, cash historically has done

131
00:06:39,990 –> 00:06:43,140
Chris Brycki: pretty poorly as an investment asset class and has lagged

132
00:06:43,140 –> 00:06:46,229
Chris Brycki: even inflation. And so it’s not a great place because

133
00:06:46,230 –> 00:06:48,990
Chris Brycki: you’re going to lose purchasing power and lose value of

134
00:06:48,990 –> 00:06:52,469
Chris Brycki: money over time for longer periods. So for longer periods

135
00:06:52,469 –> 00:06:56,070
Chris Brycki: of time, the portfolios we’re recommending to clients don’t have

136
00:06:56,279 –> 00:06:59,640
Chris Brycki: much if any cash. They’re mainly in other asset classes,

137
00:06:59,640 –> 00:07:03,928
Chris Brycki: like bonds and shares and property and infrastructure.
However, for

138
00:07:03,928 –> 00:07:06,750
Chris Brycki: shorter term goals of up to three years, that’s where

139
00:07:06,750 –> 00:07:09,360
Chris Brycki: cash has a great place in a portfolio. And that’s

140
00:07:09,360 –> 00:07:12,569
Chris Brycki: because investing in the share market over shorter periods, and

141
00:07:12,600 –> 00:07:14,370
Chris Brycki: I think some listeners might think a short period is

142
00:07:14,370 –> 00:07:16,260
Chris Brycki: a week or two. The way that we would frame

143
00:07:16,260 –> 00:07:18,360
Chris Brycki: it to clients is actually anything up to three years

144
00:07:18,360 –> 00:07:21,510
Chris Brycki: is a short period in the share market. For that

145
00:07:21,510 –> 00:07:24,599
Chris Brycki: sort of period, your probability of actually earning a good

146
00:07:24,599 –> 00:07:28,110
Chris Brycki: return isn’t good enough to justify investing, in my view,

147
00:07:28,770 –> 00:07:30,990
Chris Brycki: into the share market. And that’s where a cash ETF

148
00:07:31,560 –> 00:07:34,140
Chris Brycki: would have a good place, I think, in a portfolio.

149
00:07:34,860 –> 00:07:37,410
Jennifer Duke: And given that sort of big boom in the popularity that

150
00:07:37,410 –> 00:07:39,929
Jennifer Duke: you mentioned in cash ETFs, where do you think the

151
00:07:39,929 –> 00:07:41,699
Jennifer Duke: market’s going to be for these funds in the next

152
00:07:42,000 –> 00:07:42,960
Jennifer Duke: five to 10 years?

153
00:07:44,099 –> 00:07:47,579
Chris Brycki: Well, it’s interesting. Historically, there was a huge explosion in

154
00:07:47,580 –> 00:07:49,500
Chris Brycki: these sorts of products, if you look back in history

155
00:07:49,500 –> 00:07:53,400
Chris Brycki: in the 1970s when there was a similar fast increase

156
00:07:53,400 –> 00:07:57,150
Chris Brycki: in interest rates and bout of inflation. And money market funds —

157
00:07:57,150 –> 00:07:59,370
Chris Brycki: they were at that point in time not ETFs, because

158
00:07:59,370 –> 00:08:03,420
Chris Brycki: ETFs didn’t exist — absolutely skyrocketed in popularity and they stayed

159
00:08:03,420 –> 00:08:07,410
Chris Brycki: pretty popular for a whole decade because they were offering relatively

160
00:08:07,410 –> 00:08:09,660
Chris Brycki: good interest rates compared to what the banks were offering.

161
00:08:09,840 –> 00:08:11,820
Chris Brycki: And I think we’re seeing a similar trend at the moment,

162
00:08:11,820 –> 00:08:14,880
Chris Brycki: that this is really the start of probably a trend

163
00:08:14,880 –> 00:08:18,390
Chris Brycki: that will continue for the next decade, which is that

164
00:08:18,929 –> 00:08:22,590
Chris Brycki: banks are relying on people being lazy and not shopping

165
00:08:22,590 –> 00:08:25,200
Chris Brycki: around for better interest rates. Sadly, like a lot of

166
00:08:25,200 –> 00:08:28,860
Chris Brycki: other service providers in Australia. But for anyone that’s savvy

167
00:08:28,860 –> 00:08:31,980
Chris Brycki: and prepared to shop around, these products are actually giving

168
00:08:31,980 –> 00:08:35,069
Chris Brycki: a much better yield or interest rate compared to what

169
00:08:35,070 –> 00:08:38,309
Chris Brycki: you can get in the bank. And while that difference exists,

170
00:08:38,309 –> 00:08:42,059
Chris Brycki: and at the moment it’s about 2%, the average cash

171
00:08:42,059 –> 00:08:45,510
Chris Brycki: ETF return versus the average savings account return is 2%.

172
00:08:46,170 –> 00:08:48,900
Chris Brycki: While you can earn that extra 2%, I think the

173
00:08:48,900 –> 00:08:52,588
Chris Brycki: popularity of these products will continue to increase. Worth noting,

174
00:08:52,590 –> 00:08:55,950
Chris Brycki: in the US that difference is even larger, it’s around 3%.

175
00:08:56,730 –> 00:08:59,249
Chris Brycki: And there’s been an even bigger level of growth in

176
00:08:59,250 –> 00:09:01,800
Chris Brycki: these products in the US, just because so many more

177
00:09:01,800 –> 00:09:05,190
Chris Brycki: people are realizing it’s a better way to earn an

178
00:09:05,190 –> 00:09:05,760
Chris Brycki: interest rate.

179
00:09:06,480 –> 00:09:07,950
Jennifer Duke: Do you think it might actually give the banks a bit of

180
00:09:07,950 –> 00:09:10,920
Jennifer Duke: a kick to outplay game and pass through some better

181
00:09:10,920 –> 00:09:12,270
Jennifer Duke: interest rates to consumers?

182
00:09:12,990 –> 00:09:18,270
Chris Brycki: Look, you’d hope so, but unfortunately the Australian banking regime

183
00:09:18,300 –> 00:09:21,449
Chris Brycki: isn’t particularly competitive when it comes to deposits because there’s

184
00:09:21,450 –> 00:09:23,939
Chris Brycki: a lot of people that are, sadly, just prepared to

185
00:09:23,940 –> 00:09:26,760
Chris Brycki: leave their deposits in bank accounts and don’t put a

186
00:09:26,760 –> 00:09:30,000
Chris Brycki: lot of thought into the interest they’re receiving, especially for short-

187
00:09:30,000 –> 00:09:33,569
Chris Brycki: term goals and needs that they have. So in a

188
00:09:33,570 –> 00:09:37,650
Chris Brycki: perfectly competitive market environment, absolutely. You’d think that banks would

189
00:09:37,650 –> 00:09:40,830
Chris Brycki: be competing for those deposits. But we don’t exist in

190
00:09:40,830 –> 00:09:44,639
Chris Brycki: that world and unfortunately there isn’t enough competition to really

191
00:09:44,639 –> 00:09:48,208
Chris Brycki: drive banks to increase interest rates anywhere near that sort

192
00:09:48,210 –> 00:09:50,219
Chris Brycki: of four or four and a bit percent that we’re

193
00:09:50,219 –> 00:09:53,549
Chris Brycki: seeing in these cash ETFs. So my guess would be

194
00:09:53,549 –> 00:09:54,090
Chris Brycki: probably not.

195
00:09:55,170 –> 00:09:58,770
Jennifer Duke: Moving away from cash ETFs quickly, what other trends are you seeing in the

196
00:09:58,860 –> 00:10:01,380
Jennifer Duke: ETF market right now? Is there still a fascination with

197
00:10:01,410 –> 00:10:04,078
Jennifer Duke: AI and technology like semiconductors?

198
00:10:05,219 –> 00:10:07,710
Chris Brycki: Look, at any point in time, Jennifer, there’s always little

199
00:10:07,710 –> 00:10:11,159
Chris Brycki: trends that emerge in the investing landscape. And they tend

200
00:10:11,160 –> 00:10:14,640
Chris Brycki: to transpire now in the ETF world as well because not

201
00:10:14,640 –> 00:10:17,880
Chris Brycki: only can people buy direct shares to access a different

202
00:10:17,880 –> 00:10:20,460
Chris Brycki: thematic in the markets, but an ETF allows them to

203
00:10:20,460 –> 00:10:23,309
Chris Brycki: do that as well. So over the last year, for

204
00:10:23,309 –> 00:10:27,088
Chris Brycki: instance, yes, all the ETFs that are focused on AI have

205
00:10:27,089 –> 00:10:29,969
Chris Brycki: really seen a lot of money come into them because

206
00:10:29,969 –> 00:10:32,400
Chris Brycki: the stocks that are within those ETFs have performed very

207
00:10:32,400 –> 00:10:36,720
Chris Brycki: well. The NVIDIAs of the world have really seen huge increases

208
00:10:36,720 –> 00:10:39,660
Chris Brycki: in their share prices. The other theme that’s done quite

209
00:10:39,660 –> 00:10:42,809
Chris Brycki: well in the ETF landscape, that mirrors what’s happening underlying

210
00:10:42,809 –> 00:10:49,290
Chris Brycki: shares, is around lithium and the technologies around batteries.
So

211
00:10:49,320 –> 00:10:52,590
Chris Brycki: those sorts of ETFs have also performed quite well. But

212
00:10:52,590 –> 00:10:55,650
Chris Brycki: these are very niche themes and I’d say to listeners, if

213
00:10:55,650 –> 00:10:58,200
Chris Brycki: you’re investing into these, just be careful not to invest

214
00:10:58,200 –> 00:11:00,869
Chris Brycki: too much of your portfolio. Because just as they can

215
00:11:00,870 –> 00:11:04,049
Chris Brycki: go up 80 or 100% in a year, they can also fall

216
00:11:04,049 –> 00:11:06,630
Chris Brycki: by 50% in a year. And that’s what we saw

217
00:11:06,630 –> 00:11:09,840
Chris Brycki: with some of these cryptocurrency ETFs over the last year that

218
00:11:09,840 –> 00:11:13,050
Chris Brycki: actually fell by 80%. So you can’t have too much

219
00:11:13,050 –> 00:11:15,360
Chris Brycki: of your portfolio on these products, otherwise you’re going to weather

220
00:11:15,360 –> 00:11:17,549
Chris Brycki: some pretty enormous ups and downs.

221
00:11:18,150 –> 00:11:20,399
Jennifer Duke: Chris, that was fabulous. Thank you very much for talking

222
00:11:20,400 –> 00:11:21,119
Jennifer Duke: to Fear and Greed.

223
00:11:21,929 –> 00:11:22,620
Chris Brycki: My pleasure.

224
00:11:22,980 –> 00:11:25,530
Jennifer Duke: That was Chris Brycki, the founder and CEO of online

225
00:11:25,530 –> 00:11:28,590
Jennifer Duke: investment advisor Stockspot. This is the Fear and Greed Business

226
00:11:28,590 –> 00:11:31,679
Jennifer Duke: Interview. Remember, this is general information only and you should

227
00:11:31,679 –> 00:11:35,458
Jennifer Duke: seek professional advice before making any investment decisions. Join us

228
00:11:35,460 –> 00:11:37,620
Jennifer Duke: every morning for the full episode of Fear and Greed,

229
00:11:37,620 –> 00:11:41,639
Jennifer Duke: Australia’s best business podcast. I’m Jennifer Duke, economics correspondent at

230
00:11:41,639 –> 00:11:44,069
Jennifer Duke: Capital Brief. I’m filling in for Sean Aylmer. Have a

231
00:11:44,070 –> 00:11:44,608
Jennifer Duke: great day.