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Mike O'Neill

Mike O'Neill

Michael O'Neill (PhD FIAA) is a Portfolio Manager at Investors Mutual Limited (IML) in Sydney, co-managing the All Industrials Share Fund and Equity Income Fund and overseeing the Financials sector.

Aug 26, 2026

18:03
So this is in PowerShell?
18:04
Clean block.
18:05
This is PowerShell.
18:06
So when you – another tip and trick, right? So when you're in ISE, Windows PowerShell ISE, there's a shortcut called start snippets, Control-J.
18:14
I remember very few shortcuts, right? Control-A, select all, CV, copy, paste.
18:18
But Control-J is start snippets.
18:21
It's kind of like pre-AI.

8 MINS LATER

26:50
Yeah.
22:10
Um, I'm curious from your perspective too, and, you know, you talked about it at the start of the, of the episode with kind of the, the three legs or service lines of the business, um, you know, one of those being, you know, leadership development, right? And so I'm curious with your work, if you find a lot of companies are focused on one level maybe of the organization and, you know, what does that do ultimately to the rest of the leadership folks? You know, do you see people that or companies rather that are more focused on investing at that C-suite level and kind of remaining hopeful that it just trickles down to the rest of the org? Or is that something where you see holistic investment across the board with orgs that are starting to think about how to upskill their leadership folks? And to your point, build the bench.
23:10
This may surprise you, but one of the reasons why I was drawn to supervisor training versus, quote, management training or director training is, at least in my experience, most companies do a very poor job preparing their line supervisors to lead others.
23:31
They identify people who are really good in individual roles.
23:37
They're out there and they're hustling.
23:39
They got drive and they named them supervisor.
23:43
And they just assume that they know what it takes to be a successful supervisor.
23:49
At least in my experience, the hardest transition for anybody is going from being a peer to being a supervisor.

11 MINS LATER

34:46
So one of the things I wanted to ask you too, Mike, more specific about, because you had mentioned the program that you guys do for frontline leaders, but maybe you can, and hopefully this isn't giving away too much, but I'm curious, like, what are the activities ultimately that kind of get done in between the learning elements that help to reinforce the things that folks are learning? You don't have to give away the whole thing, but I'm curious if you can talk about maybe one or two kind of practical things that folks are going out and executing against to maybe reinforce the learning that is happening in some of these sessions.
3:59
Mike, what are they getting wrong? What are all the brokers getting wrong?
4:03
Well, look, I, I agree that the management team are high quality, that they certainly have capabilities, uh, in bringing infrastructure to the projects, great capital partners and, and dialing down their exposure directly by taking on development profits and management fees.
4:18
So no, no question it's a well-run business.
4:21
The question is valuation.
4:22
Um, when you've got so much of the valuation of the business tied to the work in progress, when 40% of the work in progress that they've got has tenants, the other 60% doesn't, and the 40% that does is skewed more to industrial, you know, the long lead time of data centers and the risk attached to that being such a high component of the valuation, at... it's, it's really... to me it's, it's an asymmetric trade-off.
4:45
There's more downside risk.
4:46
There's not enough margin of safety in the share price.

8 MINS LATER

12:43
What would flip you to make you a buyer?
2:15
Talk about why you see it that way.
2:17
This is a law that was involved.
2:19
Mississippi has passed a law and it's not that dissimilar to other states that have instituted mail ballot voting via mail ballot.
2:26
This is a law in question in Mississippi that permitted the receipt of postmarked mail ballots up to five days after Election Day.
2:35
And so we know that the mail ballot process is inherently risky process.
2:40
The opening of that window post Election Day really promotes or incentivizes malfeasance and mischief.
2:46
So the question was whether that law, Mississippi law, was in violation with a federal law stating that Election Day is to be the first Tuesday after the first Monday in November.
5:20
But more than that, doesn't this also bring to bear, I know we were all hoping it would strike down the idea of mail-in balloting um shouldn't there be a better case than brought to it uh mike to specifically challenging the constitutionality of mail-in balloting
20:23
a nice way of saying cheating.
20:25
Yeah, exactly, exactly.
20:27
I'm trying to be a little diplomatic there, but absolutely right.
20:30
And so it's a process that's fraught with all kinds of problems.
20:33
Mississippi allows – they have a law in the books in Mississippi that allows these mail ballots to be received – As long as they're postmarked by Election Day, received up to five days after Election Day.
20:43
Now, the question here before the court was whether that law was proper, whether it conflicted with an existing federal law that says that Election Day is to be the first Tuesday after the first Monday in November.
20:55
And the issue that the court grappled with was whether – the meaning of election.

8 MINS LATER

29:00
What say you?
11:38
What does that interoperability done right look like then for rural-focused ACOs? And again, where do you see those biggest opportunities for them to close care and data gaps in those communities?
11:51
Hmm.
11:51
Yeah.
11:52
This is, this is a very timely, uh, topic.
11:55
Um, I think first of all, for, for rural ACOs or the, the, the rural participants in ACOs, uh, interoperability, it, it has to be, uh, you know, uh, the ultimate in, in terms of being practical and- And being scalable.
12:11
I said practical because there are generally limited resources.
12:14
There's no, no resource, uh, uh, to waste.
17:05
[laughs]
1:35
[laughs]
1:35
Now, what am I talking about? I'm talking about something called the Post-Completion Optional Practical Training program, or Post-Completion OPT program.
1:43
What does it allow? It allows individuals who are students here who come to the United States to study under the F-1 visa, that's your student visa category here.
1:52
You come to the United States, you study, you're enrolled in a university.
1:54
You graduate from that college or university, have a degree, whether it's a master's degree, a undergraduate degree, or a PhD.
2:01
You're allowed under the Post-Completion OPT program to remain in the United States for up to three years in certain fields, in STEM-related fields, for example.
2:09
You're allowed to re- remain in the United States for up to three years and obtain employment in a lot of, in any kind of company you can obtain employment with.
4:47
Do you agree with that?
3:00
But anyway, Supreme Court! Yay! They're in their last cases.
3:07
Yeah, almost the homestretch here.
3:08
I mean, we're talking about we're in early June, and we're going to be seeing these decisions be dropping.
3:13
There's one that they're going to be some dropping today, and then over the next couple of weeks, look for some big cases.
3:18
I want to start out with a really important one that I think is going to resonate with most people today.
3:23
is the Watson v. Republican National Committee.
3:26
This is an issue regarding the receipt of mail ballots, right? So certain states, particularly, let's talk about, we could talk about California, obviously, because we're seeing it play out in real time.
7:48
What's going on there?
13:45
Can you talk a little bit about that?
13:47
Yeah, sure.
13:48
I guess I would say for a native FHIR system, there's nothing inherently more complex or less complex that would say, well, hey, just if you implement a native FHIR data platform, it's just automatically cheaper.
14:05
it's still a system that requires design and support and maintenance and so forth.
14:12
I think the way that it helps an organization in terms of cost and complexity and so forth is by it allows you to structure how you solve all of these problems.
14:23
I mean, if you're a CIO who's got to deal with the acquisition of the latest health system and integrating that data, EHR integration, supporting new clinical workflows.
14:32
How does AI fit into this? I've got to exchange it.

6 MINS LATER

21:01
So when you look at that in terms of what that means to sort of look towards the future of what enterprise healthcare deployments look like today,

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