This Pirates

team, it's been an interesting year for you guys, hasn't it? It's been better.

You know, it's not what I think fans had hoped or even the Pirates themselves, management.

You know, really high expectations to at the very least make the postseason.

They've not given up on that.

They're breathing.

in that respect.

yeah seems like a lot of hope to me because I mean Griffin once he gets healthy you got on the pitching side so much talent the headliner is obviously the guy who's going to go tonight and that's Paul Skeens and it's been a a different kind of year for him hasn't it been

This Pirates team, it's been an interesting year for you guys, hasn't it?

It's been better.

It's not what I think fans had hoped or even the Pirates themselves.

Man, it's been really high expectations to at the very least make the postseason.

They've not given up on that.

They're breathing in that respect.

Six games out will take a miracle.

And it's been a different kind of year for him, hasn't it, Ben?

So how do you think about how they should be thinking about their, I'm at a very high level, that's their thinking in the architecture?

So, I mean, there's the business architecture and then there's the technology architecture.

So fundamentally, AI will over time shift the way that people think about technology architecture.

At the moment, technology architecture is predominantly structured around processes and around human-led processes,

fundamentally.

Actually, if you look at genuine kind of pure end-to-end automation within kind of services-based businesses rather than product-based businesses, there is a huge amount of...

Actually, a lot of it is about decision-making.

And what generative AI can do is help make decisions.

And at the end of the day, maybe have a floating museum, which will be part of history of our Great Swan River.

We've engaged and they've offered their services for free, which is amazing.

Unbelievable.

Everick Heritage have written a detailed heritage plan for the vessel, and the plan is to actually take it back as far as possible to the look it had when it was first launched, be it that you still have to have some things that have been added over the years left in to accommodate the sorts of trips you're going to do on the river.

So they will do storyboards, they will have an audio visual of the history of this one river, Aboriginal settlement and the development of the whole river which started in 1830 or thereabouts when the first ferries plied up the river.

So it will be a floating museum.

It'll be an experience, an educational experience when you get on board, but it will still be able to do things like weddings and corporate events and so on because we need to, be it a not-for-profit, we need still to raise funding for ongoing maintenance of the vessel.

I love that

Uh, how does CurveBeam's technology fit into that world?

Uh, look, it really helps the workflow in- instead of, um, having to go to the surgeon, he then refers you out to get an image, you come back.

He'll look at that image, diagnose the condition.

He can send that CT off to get a surgical plan ready for your surgery to be done by the robot or to be guided by the robot.

Now, in some cases, if you're over sixty or six-- over sixty-five, you'll need a bone density test.

You're then referred off again.

You come back and after, you know, three visits with the surgeon, two referrals out to radiology, uh, you're ready for surgery.

Who are they, and what does that partnership mean for the business?

Where can they find employment or self-employment if someone is thinking about being a CFI?

Well, in today's world, we know it's a challenging thing.

It's more challenging than it was when you and I became CFIs, right? Everyone at that time went to a, a private, a business, a Part 61 operation, excuse the expression, and so it was much easier to go in and get hired.

Now, of course, the, the academies are training a large number of people.

If you perform well at your academy and can qualify to go to work for them, that's desirable.

That's a good reason to do well at the academy and to make connections and friends at, i- in the management at the academy.

Because we all know that right now it's a tight market, and this is a theme through everything I've done in my whole career.

Please, go ahead

This isn't even all of them.

She has a really great TED Talk from earlier this year, like maybe April, where she talks about how she got started and what the idea was.

And what you have to underst- understand about her story, and, and she, you know, she tells the story at a TED Talk, so I- I think I can share it, is that she started her life with a lot, a lot of performance anxiety.

And so when she got motivated to really play around with creating things like robots, at first she was really locked down.

Um, and the thing that sort of unlocked her was, was allowing herself to, you know, to s- to sort of flip the script, to sort of say, "Well, I'm not gonna build good robots.

I'm actually gonna build crappy robots, and that'll be fun." And as soon as it's fun, good ideas start to flow.

If you watch her TED Talk and you're very perceptive, you'll notice that, um, that she has a, she has a very funny sort of swollen eyelid in the TED Talk.

Oh.

Greg Brown of the Brewers Alley in Frederick, what are you drinking

tonight? I'm drinking the Brewers Alley 30th Anniversary Ale Ale.

Carl can speak more details about this beer, but basically we put this together as basically a nod back to what, uh, the brewers were doing.

I don't know, back in like 1996, um, to really, to really showcase and demonstrate the capability, um, of the craft brewers, uh, back at that time and also really showcase the quality of, uh, uh, American, uh, hops, and, uh, and malt.

So, um, this one's all brewed with American, American malt, Brees, who's also, I think they're, aren't they having their 150th anniversary this year? Fifth generation, um, brewing company.

So we get the bulk of our, uh, of our, uh, grain, uh, from Brees.

They're a phenomenal partner of ours.

I think it's a cool part of the Brewer's Alley story and a Frederick story, too.

Is that the kind of thing that we're looking at here?

Not quite.

So the government has been in a bit of a topsy-turvy evolution on this.

So the former industry minister, Ed Husic, who had carriage of AI, he supported an AI Act, and that would've been a set of specific laws that would've targeted AI only.

Once he moved out of that portfolio, Tim Ayres, who is now the industry minister, and I think very crucially, Andrew Charlton went into assistant technology minister.

Now, he is a former founder of an AI company or a company that used a lot of AI and made a lot of money out of it.

So they actually decided against the AI Act, which the unions were pushing for very strongly.

So where do the unions kind of end up on data centers?

Bowen is in charge of the clean energy transition, but our economy is still very much reliant on fossil fuels.

So he's really used this opportunity to talk up the government's efforts that we have massively diversified where we're buying fuel and crude oil from.

So previously, we were buying 90% of our fuel from Asia, and they were buying their crude oil from the Middle East largely that was coming through the Strait of Hormuz.

So there was obviously problems potentially down the road for Australia when this war started, but he talks about some of the government actions, including through underwriting fuel cargos that has helped Australia buy fuel from places like Argentina, Algeria, the United States, really diversify where we're getting our petrol and diesel and jet fuel from.

So his argument is that this helps promote Australia's existing agenda and gives it more influence, and he actually makes the point that the Canadian President Mark Carney was in federal parliament earlier this year, and he really talked up the need for active middle powers to play a greater role in international diplomacy.

Obviously, this is in relation to Donald Trump going a bit off the script, typically.

Now, Chris Bowen links it back to Mark Carney's speech in parliament and says this is an example of Australia being an active middle power.

Do you think that's a reaction to some of the labor policies that have been introduced recently that haven't been received particularly well by business and by the mining sectors?

What did you feel like was his biggest adjustment when he got into the college game?

I'm sure it was playing against bigger, stronger guys, but it was a quick adjustment for him.

He came in, I remember, I missed the Christmas tournament from World Juniors, but when he came in, I think our first weekend was against Providence, who plays a heavy brand of hockey, and he fit right in.

He was very comfortable in his surroundings.

He, at 17, was really impressive for him.

What do you find that usually has to catch up when you have such an early growth spurt and you're a 17- or an 18-year-old player playing in a pretty large body?

yeah most of the time is getting comfortable in your body you know they've grown so much as teenagers so um just getting used to their their body and getting the man strength that that they'll need to play at the nhl level both of them have high level skill sets which you don't always see when kids are that tall sometimes the skill set that has to develop or catch up to the size But both those guys are very coordinated, very adept already with their stick skills at that size.

That'll serve them well going forward.

But sometimes I think the more time I spend thinking about the other, my other partners and colleagues, the more successful I end up being without even trying.

Find a niche within the market that you're passionate about and be the best in that niche.

Work your butt off, but find a category that you think is underserved and then develop the skill set and the people around you It always takes a great team.

There's no one person who has done everything themselves.

Develop a great team and go become the best in that category.

That involves a lot of patience.

It's like, what did people do wrong? You've got to plant seeds, in my view, where you're not sure of the timing of the payback.

What is the change that they're making here, and do you think this is an admission that it was a terrible idea in the first place?

Well, this was just 101.

I mean, as soon as this appeared on the front page of The Australian a couple of days after the budget by James Kirby, and the story was that if you're receiving an inheritance from a discretionary testamentary trust, you'll be paying higher taxes.

Now, it's not that hard for your political opponents to frame that as an effective death tax.

So when this came out, they were like, "Oh no, it's rubbish.

We've got no death taxes.

No death taxes." And it was just an obvious one just to kill it straight away.

Do you think the government didn't quite get that those are actually the people who were going to be the most annoyed?

What are the takeaways from that report?

So very similar to the enhanced underwriting report, where broadly we divided things into a couple of buckets.

So one was just defining what it is.

Two is saying, "How would you describe in more detail? What does it mean?" And then third one is, "Well, what should people be doing as a result?" For the first one, the first question was what is a leader in the market? What is a leader in the London market? What defines leadership? And we very quickly found out that actually leadership is not a technical thing.

There are technical leaders, leader on the slip, Lloyd's lead, et cetera.

But actually, if you're talking to people about what makes a leader, it's much more qualitative than it is quantitative or specific or technical.

So we defined a spectrum of leadership.

So even if you're a leader in that line of business, how do you adapt to those two types of different risks? So challenging lead needs to be human underwriting, but the, I'm also challenging the opposite, right? It's like if you are a follower, if you follow it, should it be fully automated or not? So what are your thoughts on that?

What do you think about that?

I'm of the view that it's all very relevant.

I think you see people on both sides deny the other.

Particularly we're seeing with the Labor Party and people from the left, they're denying that migration is part of it.

They're saying it's all economic factors, and people, when they're angry, they're not getting ahead, they look at migrants, and that's when they become angry.

Where if, if their own lives were going well, they wouldn't be doing that.

I think that is absolutely a major factor.

If, let's say hypothetically, the Coalition was to form some form of new coalition with One Nation, how far would those ideas be able to get? You know, would the deal involve having to do some of these things that One Nation wants?

Sorry.

Yeah.

So I think, you know, we all get stuck during change.

We have to identify it.

But the problem is when we're stuck in change, You know, from a neuroscience perspective, we don't know we're stuck sometimes because your brain's flooded with cortisol, you've got adrenaline coursing through your body, your reactive brain's in gear, and you forget.

You're like, oh my gosh, I can't figure this out, I don't know how to do this.

And then you realize, oh, I'm stuck.

People reject you.

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Surrender your mobile phone, smartwatch, and other devices

So I, I knew immediately it was him.

The long, drawn-out divorce, the fact that he had a girlfriend, the fact that he was a millionaire, the fact that this was an embarrassment to his practice.

All these things are called motive.

Alone in the shed that night, tempers flared, especially, Brown says, after Jennifer read over those documents.

She crumpled them up.

She may have said something offensive to him.

She may have scratched his face, and at that point in time, he made a decision that he was going to kill his wife.

The defendant took out his knife.

Tell me about these strategies, A, when you use them, and also, when could they go awry?

Quantino, AQ- AQR and others have these strategies that, um ...

And, and they work in many scenarios, um, so there are kind of different flavors of them, but the, the sort of first and probably largest one of those is called the 130:30.

And, uh, think of, think of the 100 part of the 130 as being a core portfolio, and, uh, the 30 up and 30 down is, uh, is where we borrow against the base position, uh, to add 30%, uh, levered access to th- the, the longs that the manager likes, and then we simultaneously short 30%, um, and, and get a short interest rebate from the custodian that covers the cost almost entirely of the, of the margin.

Um, so that th- the net effect of that is you're getting the core underlying exposure you would have had to begin with, whether that's in an S&P 500-... portfolio, or it's in concentrated assets that you don't even want to sell, you can, you know, do that as well.

They call it an overlay portfolio.

And then in a, a market where, you know, good things go up, uh, you lose on the shorts, and, and in a market where, uh, things go down, you make money on the shorts, but lose on the, the 30% long.

If you could go back 19 years ago when you co-founded CapRock, what is one piece of advice that you wish you knew that would have either accelerated your career or helped you avoid costly mistakes?