That's it

... and you just know something is gone.

Well, okay, that wasn't enough for me.

Uh, y- you know, a quiet knowing, you know? Well, so I needed more, and I asked for more, and I saw, and I'm gonna say it was a spiritual sight, not necessarily with the retinas and everything, but in a spiritual sight, saw four angels, um, and they were as tall as the ceiling.

Uh, you know, and they were like the angels that you might imagine, big, broad-shouldered warrior angels with, uh, you know, shiny swords and all that.

Final thoughts and, and where can people find you?

Yeah.

I would, I, I think that my final thought would be, um, to get curious rather than, uh, thinking that we have all the answers.

Greg, reading the tea leaves, I think we all know, what's your expectation for this afternoon's announcement?

Yeah, morning.

I think a 25 basis point increase is pretty much a lock-in, so it's the consecutive ones.

So to 2.75%, that's pretty much market pricing.

I think the more interesting thing will be the signaling around the journey from here, so sort of what's next.

so they've made the intentions clear to normalize interest rates to get back to neutral which is where a point where you're neither restricting or restraining the economy or stimulating it so that could be around three to three and a half percent but there's some pretty aggressive market pricing out there about going beyond that so i think it'll be interesting to see what I think a calm one's probably in order.

Headline inflation is above target, but core inflation's doing pretty well, and the economy's still quite subdued in patches.

Is the Reserve Bank actually getting that balance right? Is it achieving it?

I don't mean to put that on you, Brandy, but it's just like that story to me fits exactly what you're saying.

Gil, I couldn't agree more.

I think that...

You know, Jesus talked about loving our enemies.

And for us, sometimes the demons in quotation marks, maybe those parts of ourselves that seem problematic or, you know, those kind of things, those can be enemies to us, but they also serve a purpose.

Our enemies in life are there to teach us lessons that we need to learn.

So when we love our enemies, then we're open to them and we're open to what they want to show us about ourselves.

Yeah.

I get the sense that Kevin Warsh didn't quite say what, uh, Trump would have wanted him to say.

Yeah, that's right.

I mean, uh, that was the big surprise, wasn't it, is what he refused to say.

Um, so yeah, market's looking for clues from the Fed governor on the next move from the central bank.

Uh, instead he delivered a lecture on how the Fed should govern itself.

So, uh, he's still worried about inflation.

Obviously, there's been some improvement there, but he says that doesn't show meaningful improvement in the underlying trend.

Speaking of turnarounds, did we get enough from Air New Zealand to call it a turnaround or not?

Have they said when they think they will get back to profit?

Well, so prior to the conflict, uh, it was gonna be next year, so FY27.

I think that, that's off the table.

So they're talking about FY27 being a transitional year, which I think sort of gives you a bit of a hint.

So they're still working through some of those issues.

There's still, uh, costs in terms of the engine availability.

It's not completely 100%, so you need obviously to, to, um, you, you need planes in the air basically to make revenue, right? And if you've got constraints there...

So they've got fuel going through the roof, and then non-fuel aviation costs up 30% or more.

And we've got a bit of guidance, forward guidance from the warehouse ahead of its next set of results, right? They're saying, hey, summer's coming kind of thing, basically.

Yeah, that was really interesting.

So they're guiding for the full year, which ends 3rd August, of $20 million to $24 million operating profit.

Now, that compares to $1.3 million the year previous.

So that's huge.

huge turnaround um so obviously they've got their own sort of uh revitalization efforts if you like uh the real cost margin improvement at like sort of no leaming warehouse stationary the final quarter for the warehouse is doing better they're still saying that customers are subdued so we're not getting too carried away there uh but they're still spending and hunting for bargains so yeah the warehouse is trying to sort of revitalize itself um Yeah, positive move in the share price.

But yeah, this is one that's sort of really been through the ringer, down around about 80% since pre-COVID.

What's going on?

Exports good news, imports higher, but are the imports higher solely because of petrol, therefore once we get through that it'll sort itself out or not?

Pretty much.

I think you've hit the nail on the head there.

So yeah, our, our monthly trade deficit for July was one point nine billion.

So at first glance it looks u-ugly, but yeah, the exports actually growing s- pretty strong.

So it's just that imports are growing even faster.

So largely, as you point out, we're paying more for fuel.

Yeah.

So let me jump in with the question of what is one pivotal moment in your life?

So a lot of the things you described at the beginning of the podcast, the book, my podcast, a lot of the work that I'm doing, actually my core purpose today came from a major pivot in my life.

And one of my favorite quotes is from a guy by the name of Viktor Frankl.

I don't know if you know Viktor Frankl.

He wrote a book called Man's Search for Meaning.

And he was a Holocaust survivor and a psychologist.

And his stuff is amazing.

and

Take your pick on who you want to talk about there.

Yeah, two really interesting results.

So we've got BHP, which is the most valuable company on the Australian Stock Exchange and the world's biggest miner.

Those shares are up around about 40% year to date.

Big story, Garth.

Copper.

It's now counting for more of its earnings than iron ore, which is that steel-making ingredient.

CSL's been on a real downer down in Australia, hasn't it? But they've come back.

It feels like oil prices have been elevated for long enough, right? What's the path looking like there?

Oh yeah, it's a huge variable really though, isn't it? Most central banks have said that we're going to look through the initial spike in petrol prices for a war that was meant to last a few weeks.

It's into its sixth month, let's remember that.

So they can only ignore it for so long, and the picture seems to change to them.

minute a minute almost right so um yeah they are dealing with that variable but you put that aside yeah inflationary pressures are easing like new zealand australia is getting uh spare capacity into its economy uh the housing market's already softened we talked yesterday about how westpac's mortgage applications were down 20 since the budget so it is a bit of a mixed picture uh not yeah and inflation from australia's point of view is still above the rba's target which is sort of very relevant And when you get that, you're never going to get the head of a central bank going, job done with respect to inflation.

So, yeah, Australian borrowers can rest a little bit easier, but not completely relaxed

This is like a huge amount of capital that they're looking at forming.

Yeah, we have a new financial asset class, according to NVIDIA.

That's not where they're going with this, is it?

Well, that's right, they're repurposing an existing facility.

And there's sort of two ways of looking at that.

Yes, it is going to consume huge amounts of electricity, that's right.

But if that's also sort of used to build out renewables, which Contact is also doing, which has a large amount of CapEx, obviously also a lot of intention as well in addition to electricity usage.

water usage, but the CDC uses a system of closed-loop cooling, which basically means the water recirculates through the facility rather than being continuously drawn out like sometimes happens overseas, so it's a bit more ESG-friendly from that perspective.

You took a bit of a dive into that, didn't

you? Absolutely.

But how critical was that? Because when you have gaps in festivals, sometimes they lose their appeal.

Yeah, I mean, I think it was more about putting a stake in the ground that this is something that people wanted.

That's something that I think we want to be here for future years.

You know, 49 and a half because of the scale back celebration.

So in my mind, it really was a step on the pathway to our 50th, which will be next summer.

in a larger scale and and the society as as you are well aware through conversations and folks will be aware obviously you know there's there's eight of us in all on this interim board um who who want to to get some stability back in into the coffers there so i mean you think about the last five months five and a half months we pulled off a successful fundraiser uh to raise the funds to help pay off the debts that were there uh and then we had this event on the weekend that was uh A free admission event for families to come down.

That was, you know, thanks to our funding partners through the government, provincial government and the city of St. John's.

How important is it for artists in Newfoundland and Labrador, particularly those of the folk genre, to have multiple places to play their music and bring people in?

To make matters worse, the previous two months were revised

revised... lower as well by a combined 103,000.

So yeah, markets reacted, um, bad news was good news for the equity markets that it rallies.

Uh, and the chance of a Fed rate hike in September has reduced dramatically.

Dollar weakened, Treasury yields fell.

Um, but look, there were were some takeaways as always, uh, beneath the, the, the headlines.

Um, so if you look at that loss of 23,000 jobs, it perhaps wasn't as bad as it looked.

What about Airbnb?

I mean, how does Ronald McDonald sort of thrive in that environment?

Yeah, it's fascinating, isn't it? And also given members of the White House administration love a Big Mac, as we know.

But yeah, obviously there is a bit of a push in terms of obesity and the likes, and you mentioned Zempik.

So they're struggling a bit.

The shares are actually at around about two year lows.

They're up sort of slightly overnight.

Quite an interesting comparison.

What are we expecting there later this week?

people have said that.

Brandy, when you talk about tarot and the act of reading tarot, not the manifestation of whichever card is turned over, but when the practitioner is doing the reading, you said something about that they go into their higher consciousness as they're reading that.

I think that that does relate to Jesus.

We said we'd bring Jesus in here somewhere because he talked about when you pray, go into your inner chamber And I think usually when we read that scripture, we think about, well, don't stand on the street corners, but go into your bedroom.

And I've heard a lot of evangelicals talking about, I built me a prayer closet, and they have an actual closet where they go pray.

That's not what Jesus was talking about.

That inner chamber is getting in touch with that higher consciousness.

Well

Wow.

So yeah, demand's [chuckles] not the issue.

Uh, quarter itself was really strong, so revenue up sixteen percent, uh, to more than a hundred and nine billion.

iPhone sales up twenty-two percent.

Uh, uh, the 17, it's flying off the shelves.

Uh, Mac sales, they were a standout as well.

So still buying them.

We're back.

So twelve and a half straight to quarter, I would imagine, aren't we?

Yeah, absolutely, I think you're spot on there.

Yeah, so another, uh, if the, uh, war in Iran wasn't enough, we've got a tariff grenade being flown back into, uh, global markets.

So yeah, we're directly in the fire line.

So yeah, of course, the 10% global tariffs expire on Friday.

Uh, we go from ten percent to twelve and a half percent.

I suppose the mildly positive news is that, um, a great matter for three of our export carriers look like they're still exempt, so beef and reportedly kiwi fruit.

Numbers, please.

This AI spending is a bubble, isn't it?

it?Yeah, there's certainly a lot of focus on it.

So they've reminded investors that, uh, yeah, there's companies making huge amounts of money, but it's costing a fortune trying to stay ahead.

So yeah, that spooked investors.

Google shares down over six percent.

So I, I mean, you look at the numbers, I think they're actually pretty good.

So revenue up twenty-four percent to almost under twenty billion.

What did Elon have to say?

Yeah.

Right? And so when I got into this industry, I recognized that people did not look at these, like you said earlier, you know, it's not just modules and inverter anymore, it's very complex systems, but people don't look at it as a h- a, a complete architecture.

They look at it as different pieces.

And so what I see in the industry is a lack of understanding of how these things work so that, you know, even something very minor during the design or installation phase will disrupt the entire life cycle of these systems.

Yeah.

But, but to the point, you know, we have all these AHJs, and they can enforce whatever parts, uh, of the code they want or, and, you know, demand more.

So I always tell people, you know, you don't wanna get into a pissing contest with your inspector, 'cause that's not gonna be good for anybody, you know?

We are now seeing 30,000 women a week, so credentialing effectively and in an efficient way is critical to bridging between the woman who needs our care and a clinician who can actually deliver it.

So my name is Greg Smith.

I am the director of operations for Cigna Healthcare, specifically the provider experience.

So when you think about how care gets to a Cigna member, somebody holding that Cigna membership card, we make sure that the provider's data is accessible to that, that member, so a directory, a claim payment system, and behind the scenes, credentialing and onboarding new providers and existing providers in our system.

So we would work with a company like Midi to make sure that the standards that we, that we uphold and, and the guidelines that we operate by, provided by our partners at NCQA, are met.

And so we validate and make sure that those standards of care are being delivered and available to our patients.

So when Sharon brings a network to us to participate, and we say, "Yes, we'd love to have you," we make sure that our patients see the best possible providers, and Sharon and team make that easy by providing the right credentials and an understanding of where specialty is and care delivery where it matters most.

[laughs]

How many guys do you think are ready for prime time out of the gate?

Yeah.

And I think there's a, there's a third part of that discussion too, which is at your allocation of financial resources, right? Like you can no longer afford to a, like have a lot of money tied up into those guys, those top line guys, if they're not performing and they're not developing and playing, and you can't overspend on those three star guys as you wait for them to develop either.

But then you can't underpay them if they're developing behind the scene because then they leave, right? So that adds a whole different situation to it.

But as far as you know, how many of the guys are ready to contribute? I think that you still have to be able to have some balance because it's not going to be possible to have every guy that comes in into a recruiting class be able to come in and play right away.

And I think that even in this era, I think a lot of kids still realize that the trick of it is It's finding those kids that you can be upfront and honest with and say, hey, you need a little bit of seasoning.

You need some time with Coach Corey Campbell to behind the Chris and Coggin and get your nutrition right.

Start with Rule and then touch on his staff with how they're being received and what kind of connection they make.

Who do you think stays in power? Who do you think might become new power in the league and who's a threat to maybe lose some of their power?

Yeah, I think I'll start at the end.

Lose some of the power.

USC is still a team that I just never, I just can't get on board with Lincoln Riley and the fit within the Big Ten.

And I feel like this is a road we have been down around here a bunch with various coaches and trying to figure out if they fit inside of the Big Ten.

And no matter what happens, it just doesn't seem to come together, right? So I think that Lincoln Riley and USC are kind of doomed, in my opinion, even though they've done a lot of retooling.

I think the team that I think will be back though they don't have fa I think that Kyle Willing will be awesome in the bi that it kind of depends w they're going to do this y think bryce Underwood is kind of to me what that's And then a team that could make some noise is a team that people won't want to hear about it.

Bama was, I think, is kind of his, like, dream school, but I don't know how... hard there pursuing him, but where are we right now as we're closer to the sixth?

Um, the gas goes down below four bucks on average and your confidence goes up.

Yeah, pretty much.

Um, so yeah, Americans are feeling less miserable, but they're still far from happy 'cause this is the, uh, [lip smacks] University of Michigan Con- Consumer Sentiment Index.

So it lifted 10% in June to 41.5.

So it sounds pretty, pretty good, but still one of the weakest readings since the '70s.

Uh, but yeah, you're quite right.

Petrol prices, they've fallen.

This OpenAI postponement, what are we reading into that?

Visit DisneyWorld.com slash preschool to learn more.

It is, it's always crazy that we, it feels like every year we get, we get faster on this stuff, right? And part of this is if you go and look, go look at just how many kids in 2027 are already committed.

That's the trickle down effect of why we're seeing so many 2028 visits and why guys like me are talking about 2028 visits already.

I think we only have I think it's three five stars that are uncommitted in the 2027 class.

Wow.

And I want to say two of them I think are coming off the board this week and the other one is coming off the board maybe next week.

So it won't be very long.

That could be a 30-minute answer, but if you just want to condense it down into however short you want to make it, like

So KiwiSaver's back in a big way, eh?

That's right.

We see it become a major political focus in the election, so we have it.

So, uh, yeah, the proposal's pretty clear, isn't it? Obviously, there's some familiarity with, uh, other proposals, but, uh, yeah, lift the employee-employer contributions to six percent by twenty thirty-two and make it compulsory, uh, and obviously the baby bonus.

But, uh, look, you know, aiming for six plus six, that's actually something we've been calling for, mentioned that a few times and, uh, yeah, that's gonna be key to achieving better retirement outcomes.

Another good way of looking at it, Mike, you know, it took, uh, Australia thirty-three years to get to twelve percent, so we will have done it in about twenty-five years if that's, uh, twenty thirty-two.

But yeah, just other points on that, I think, you know, contribution rates only, only part of the equation.

Now, this thing, the, I mean, this export story just keeps getting better and better.