Sean, how do you view it then?

I've got to disagree with Rudy on something, haven't I? You know, I think probably 8 out of 10 of the calls I'm on, we talk about WiseTech.

It's a pretty common stock and that's because a lot of people are sitting on a lot of pain.

And we are too.

It's one of the stocks we've got very wrong this year and we've held it.

We've underestimated the selling.

So I don't fully agree with what Rudy said about everyone owning it.

Pick it back

they'd be thanking you now, though.

Well, yeah, but then we bought back in at $200, give or take, a cappuccino and got out at $150 because it was all wrong.

So we haven't held it for a while.

And we lost that, didn't get exposed to that last bit of pain.

But the point I'm trying to make is it's a stock that most people in Australia have loved to love for a long, long time, and it hasn't rewarded them in the last few years.

And the problem with CSL, it's a huge, huge bemooth.

It's like a healthcare bemooth.

Still a great business and at some point might be worth looking at, but for now they've got some issues to address.

What are you seeing right now? And I guess particularly if we are looking at economic slowdown, given its exposure in retail, how it's likely to affect it.

Last year, we had what they call, we labeled the certainty trade, a lot of people called it the certainty trade, where a basket of stocks that the market thought could never go wrong, we're going to keep on making money, we're going to keep on paying dividends, were pushed up to crazy valuations.

Crazy is a loose word, but they were really, really sky-high valuations.

And amongst that group were CBA that almost got to $200.

West Farmers, JB Hi-Fi, another stock we're going to look at today, Aristocrat, they just get bought and bought and bought.

It's one of the things we have with ETFs in the market.

When stocks start to go higher, they make new all-time highs.

What do you think, Sean?

What about you, Sean?

We prefer resources to Rudy, or we invest in the space more often.

I agree with Rudy, especially on copper.

We're really, really keen on copper over the coming years.

We still own Sanfar.

It's run an awful long way.

It'd be hard to justify buying it here, and we have trimmed some off the top.

Where does ANZ fit into the future?

Or is Michael being a little bit too cautious when it comes to this strong thematic?

I don't think Michael and I would disagree on a few things.

I'm not quite going to disagree, but I would call this an aggressive buy.

I like to have the word aggressive beforehand.

This is a game-changing contract on paper.

I think you said €125 million with the currency conversion, €71.4 million.

Last year's revenue was only 177 million.

Yeah, so that's sort of the thing, isn't it, Sean, when you're talking about turnaround stories? Like, do you have to wait till you start to see that ship turning before you get on board?

did you know it was too far? Because at Chesky, Well, you

know, you've got CBA.

We had it in our income portfolio.

When you've got a stock in the income portfolio and your benchmark is, you know, the RBA cash rate plus, say, 2%, and you've got CBA in there with 5% waiting and suddenly it's nearer 8% or 9% waiting because it's doubled or tripled.

I think we made 250% of it.

Give you an idea how long we've held it.

And it's only yielding 2.8%.

How are you calling it?

You hold Telex, don't you, Sean?

No.

No, we don't.

And obviously, I'm not going to answer that question because I can't give personal advice.

But I do like the idea, which we often do, of scaling in and scaling out of positions.

So I think what the approach he's adopted there, it's done very well.

He didn't do it to the two stocks that have been going down.

Do you want to put your investment dollars in it now?

first.

Okay.

This is a business which always fascinates me because it's a reseller of hardware or a non-seller of hardware.

Founder led.

Absolutely, which is great.

And they're the leading player here and I think the second player in New Zealand.

So they're doing a lot of things right.

That's a shocking chart when you consider what gold's done.