Latest / Merryn Talks Money / Are Markets Just Plain Wrong to Keep 'Looking Through' The Iran War?

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Are Markets Just Plain Wrong to Keep 'Looking Through' The Iran War? · Merryn Talks Money

• 0:00
  Speaker 1: M Bloomberg Audio Studios, podcasts, radio news.
• 0:18
  Speaker 2: Welcome to the Marrion Talks Money Market Rap.
• 0:20
  Speaker 1: We were talking about the biggest weeks on the market
• 0:21
  Speaker 1: this week and what is driving them.
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  Speaker 2: I am marrion' dunset, web editor at largely Bloompogy.
• 0:26
  Speaker 3: Go well, and I'm joined Stowic senior reporter and author
• 0:30
  Speaker 3: of the award winning money Distilled News Later.
• 0:33
  Speaker 2: Yeah, don't you You've got to say, and I'm just saying, right,
• 0:39
  Speaker 2: how long ago is that award?
• 0:40
  Speaker 3: Edge cool Movie's a couple of years now. Yeah, for
• 0:44
  Speaker 3: some more, I.
• 0:44
  Speaker 1: Think we should enter for some wards. I do know
• 0:46
  Speaker 1: what entering for awards is really boring?
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  Speaker 2: Admin?
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  Speaker 1: If anyone knows of any wards that we can be
• 0:52
  Speaker 1: entered for without having to do any admin at all,
• 0:55
  Speaker 1: and it will probably win deeply to let us know,
• 0:57
  Speaker 1: because that's a lot easier.
• 0:58
  Speaker 3: Maybe they could get EI to do it. Ei to
• 1:01
  Speaker 3: do it. I was like, meant to be good for
• 1:03
  Speaker 3: boarding paperwork, but.
• 1:05
  Speaker 2: Also makes mistakes, make mistakes. What have it entered us into?
• 1:09
  Speaker 1: I don't know, sports podcast complication or something like that.
• 1:14
  Speaker 3: If we win.
• 1:17
  Speaker 1: One of those competitions, are only people with the correct ideology.
• 1:21
  Speaker 3: When that's going on.
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  Speaker 2: We don't want any of this anyway.
• 1:25
  Speaker 1: I wanted to move straight from that onto things people
• 1:28
  Speaker 1: don't deservetles, brutal markets.
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  Speaker 2: So here we are.
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  Speaker 1: There's a lot going on. The world is changing very dramatically.
• 1:41
  Speaker 1: Geopolitics is absolutely nuts. We've talked over and over and
• 1:45
  Speaker 1: over about how the world has changed as it is
• 1:49
  Speaker 1: material stuff, not ethereal stuff that matters.
• 1:51
  Speaker 2: All these things we've talked about over and over.
• 1:53
  Speaker 1: We can look around us, we can see the geopolitical conflict,
• 1:56
  Speaker 1: we can see the risks of further geopolitical conflict. Very
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  Speaker 1: good podcast coming out on the on Monday, by the way,
• 2:01
  Speaker 1: do you watch out for it. And even though all
• 2:03
  Speaker 1: these things are happening around US, erratic leaders, bizarrely lefty leaders,
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  Speaker 1: all these things, markets are.
• 2:10
  Speaker 2: At new hives.
• 2:13
  Speaker 3: Sure, so the S and.
• 2:15
  Speaker 1: Pes keeps going up back where it was the Japanese
• 2:19
  Speaker 1: market is that you know.
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  Speaker 2: This year, John, help me out here. It's going on.
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  Speaker 2: Can we really can we really look through all this?
• 2:31
  Speaker 2: We can look through.
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  Speaker 1: An energy crisis, we can look through in actual war
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  Speaker 1: and say it's okay, now that's really mad.
• 2:39
  Speaker 2: He is.
• 2:39
  Speaker 1: Let's think instead about earnings forecasts for individual companies.
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  Speaker 3: Said, I just don't think so, and I don't like
• 2:49
  Speaker 3: saying that because I hate seeing the market is wrong
• 2:54
  Speaker 3: exactly because.
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  Speaker 2: The market is wrong. It's so arrogant and it's so
• 2:59
  Speaker 2: ridiculous happen.
• 3:00
  Speaker 1: You know, when a market is wrong, where a market
• 3:01
  Speaker 1: is right, the market is a whole maybe picking up
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  Speaker 1: thing that you and I don't understand, maybe ridiculously pessimistic.
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  Speaker 2: We maybe do cinnicle, We may not understand something. They
• 3:10
  Speaker 2: would say, the market is wrong, the crowd is wrong, right, embarrassing.
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  Speaker 3: Not all I've learned plenty of times in the past
• 3:18
  Speaker 3: that you know, yeah, if you think the market is wrong,
• 3:21
  Speaker 3: it is probably not. The market is probably you. And also,
• 3:24
  Speaker 3: you know, geopolitics famously doesn't affect markets that much for
• 3:30
  Speaker 3: that length of time. Usually, you know, it's every time
• 3:33
  Speaker 3: something like this happens, you get a big list of
• 3:35
  Speaker 3: all the other times like crazy things happened, like GfK
• 3:39
  Speaker 3: getting assassinated barely put a dent in the market. You know,
• 3:42
  Speaker 3: even something like September eleventh didn't put a big dent
• 3:45
  Speaker 3: in the market relative to the economic stuff that was
• 3:47
  Speaker 3: going on at the time. So you know, we sort
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  Speaker 3: of should have learned from that. But at the same time,
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  Speaker 3: I mean, this is a very clear escalation down the
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  Speaker 3: road to the kind of world that I suppose we've
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  Speaker 3: been on and off, you know, I good few a
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  Speaker 3: lot of years now.
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  Speaker 1: Well, I suppose the key point is that it's not
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  Speaker 1: just geopolitics, right. We know often when we're talking about
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  Speaker 1: geopolitics from something very far away that doesn't have a
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  Speaker 1: particularly impact on your day to day life. This isn't
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  Speaker 1: just geopolitics. This is a massive, massive, one of the
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  Speaker 1: greatest energy shocks that you and I have known in
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  Speaker 1: our careers. So it's going to affect not just the
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  Speaker 1: price of energy, but the price of everything else. That's
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  Speaker 1: going to affect everybody's cost base. It's going to feed
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  Speaker 1: through into inflation. It makes although the Bank of England
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  Speaker 1: governor in the UK this week has been talking about
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  Speaker 1: her we shouldn't jump the gum on rate rises and
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  Speaker 1: he doesn't know yet and don't assume there's going to
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  Speaker 1: be a rate rise after rate rises?
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  Speaker 2: Who can possibly tell that not jump the gun excepter.
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  Speaker 2: But nonetheless, we.
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  Speaker 1: Know that in an inflationary environment, and we are now
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  Speaker 1: in an inflationary environment, that's going to feed through.
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  Speaker 2: Into great rises. So this is not distant geopolitics.
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  Speaker 1: It's slow burn right, And there's I was talking seven
• 4:52
  Speaker 1: earlier in fact, on my podcast That's the Monday, who
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  Speaker 1: was pointing out that this is a crisis that moves
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  Speaker 1: at the speed of a tanker fifteen miles an hour
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  Speaker 1: something like that. So it's slow burns. It's easy to
• 5:03
  Speaker 1: forget quite how serious it is. But it's not small.
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  Speaker 1: It's big. And I find it extraordinary that everyone can
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  Speaker 1: just look through it and market can be back at
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  Speaker 1: their house.
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  Speaker 3: And I suppose part of the problem is that the
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  Speaker 3: oil price itself, although it's gone up an awful lot,
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  Speaker 3: it's not going up as much as it did, say
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  Speaker 3: in twenty eleven, or even in twenty twenty two. I
• 5:27
  Speaker 3: think that's maybe one thing. Well, the most visible oil
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  Speaker 3: price hasn't. I'm vaguely aware that lots of other things
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  Speaker 3: kind of have. But I'm also wondering if this is
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  Speaker 3: one of those situations where it's a little bit like
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  Speaker 3: we keep getting We've talked about this before, but the
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  Speaker 3: idea that the wake up call that we all get
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  Speaker 3: this time round is not going to be a price shock,
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  Speaker 3: is going to be an actual shock, you know.
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  Speaker 2: I mean, I'm.
• 5:50
  Speaker 3: Hearing people talking about kind of europe run jet fuel,
• 5:54
  Speaker 3: you know, in like six weeks reach John.
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  Speaker 2: But I'm both beginning to.
• 5:58
  Speaker 4: Great exactly exactly would someone think of the tourists. I mean,
• 6:06
  Speaker 4: but it is whenever things like people get their holidays
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  Speaker 4: canceled because there just isn't a flight anymore, that you know,
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  Speaker 4: maybe we start to see a panic. And also, I
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  Speaker 4: guess the other issues. America is still by far the
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  Speaker 4: biggest stock market in the world, and it is to
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  Speaker 4: a great extent the police that is most insulated from
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  Speaker 4: this because it actually has its own energy. So I
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  Speaker 4: do wonder how much that's got to do with it.
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  Speaker 4: And also the constant talking de escalation. I mean, nobody,
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  Speaker 4: we're still in a place, I think where nobody wants
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  Speaker 4: to get caught on the wrong side of a massive
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  Speaker 4: bounce in the market. And that's why we actually haven't
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  Speaker 4: had a big fall at all, because everyone actually has
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  Speaker 4: been buying the dip basically all the way through this.
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  Speaker 4: And that's one also, I mean arguably, I mean, I
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  Speaker 4: think it's very hard to say that trumps necessarily thinking,
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  Speaker 4: particularly strategically, but I do think that his kind of
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  Speaker 4: strategy would be the wrong thing. It's just instinctively got
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  Speaker 4: that ability. It's on the poke people in the vulnerable spot.
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  Speaker 4: And he keeps doing that whether it looks as if
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  Speaker 4: anyone's going to give in to you know, disappaired as
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  Speaker 4: it well.
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  Speaker 2: Yeah exactly.
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  Speaker 1: So you know, everyone is frightened that they're going to
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  Speaker 1: end up missing out on the piece. And Dena has
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  Speaker 1: a phrase for it, fomo opp.
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  Speaker 3: For fair missing out on peace on pace of of course.
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  Speaker 3: Oh yeah, oh yeah, okay.
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  Speaker 2: By not being fully invested.
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  Speaker 1: When it turns and add that to S and P
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  Speaker 1: five hundred, earnings rising at a very fast pace, and
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  Speaker 1: suddenly everything kind of looks okay, except that it kind
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  Speaker 1: of doesn't.
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  Speaker 3: How can they be rising? This is the thing that
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  Speaker 3: I do struggle away, the idea that earlings are going
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  Speaker 3: to rise even the low all these costs of residents
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  Speaker 3: like we I mean, okay, I guess the other thing
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  Speaker 3: is just general and I think general inflation has sort
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  Speaker 3: of because we live in this much more inflation in
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  Speaker 3: the environment. I think prices are probably less reliable in
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  Speaker 3: a lot of ways than the you know, than they
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  Speaker 3: have been. That's a very vague feeling. But I think
• 8:16
  Speaker 3: it's when the recession, for example, it's just because there's
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  Speaker 3: a load of money constantly going in with her, and
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  Speaker 3: it's always hard to actually measure things in real terms.
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  Speaker 1: All right, listen, I'm going to introduce yet and the
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  Speaker 1: new what we've had today, we've had it's just forgotten already,
• 8:42
  Speaker 1: fair of missing apple piece. And then there is another
• 8:45
  Speaker 1: one in circulation, the biffs.
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  Speaker 3: Ah, yeah, we've heard this one this morning.
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  Speaker 1: It's remember the pigs right around the pigs, etcetera, etcetera.
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  Speaker 2: Now we have the.
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  Speaker 1: Biffs, who are the three European economy as well Europe
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  Speaker 1: plus US who have the nastiest debt problem. So the
• 9:08
  Speaker 1: biggest rises in borrowing cross from mccustomers likely to find
• 9:11
  Speaker 1: themselves and come home of physical crisis, and they are Italy,
• 9:16
  Speaker 1: France and Britain. The best of our round Britain franceff.
• 9:24
  Speaker 1: I don't know anyway, We mustn't we mustn't do French.
• 9:26
  Speaker 1: Remember what they've talked about us.
• 9:27
  Speaker 3: Doing French before. The listeners don't like it.
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  Speaker 1: Anyway, So we have this, and this makes you look
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  Speaker 1: at the UK, and we do have to think about
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  Speaker 1: the UK rise we've got this incredibly high tax burden already,
• 9:42
  Speaker 1: we've got this.
• 9:43
  Speaker 2: Awful physical problem, incredibly a.
• 9:45
  Speaker 1: High level of debt to GDP, and a government that
• 9:50
  Speaker 1: keeps promising more spending on anything except for defense obviously,
• 9:54
  Speaker 1: which seems to be the one thing They're not prepared
• 9:55
  Speaker 1: to shine anything up. And at the same time we
• 9:58
  Speaker 1: have this really odd dynam this report out recently when
• 10:01
  Speaker 1: everyone knows that that UK GDP per head is but
• 10:05
  Speaker 1: not everyone actually, but we know that UK.
• 10:08
  Speaker 2: Gdpeeperhead is bizarrely low.
• 10:10
  Speaker 1: And there was this and the last few years everyone
• 10:13
  Speaker 1: was looking at UK gdpeeperhead relative to gdpeeper per head
• 10:16
  Speaker 1: in Mississippi, which is the poorest state in the US.
• 10:19
  Speaker 2: Are we going to slip follow them or not?
• 10:22
  Speaker 1: But there's recent study looked at how rich most people
• 10:25
  Speaker 1: in the UK think the UK is. So it turns
• 10:28
  Speaker 1: out that in fact, the majority of people in the
• 10:30
  Speaker 1: UK believe that the UK is rich rich, like Switzerland
• 10:34
  Speaker 1: or something like that. Now, crucially, it is absolutely true
• 10:36
  Speaker 1: that the UK has one of the biggest economies in
• 10:38
  Speaker 1: the world, right I think we're number six.
• 10:40
  Speaker 3: Number six.
• 10:41
  Speaker 1: Having the sixth largest economy in the world does not
• 10:43
  Speaker 1: mean that your individual members of the population are the
• 10:48
  Speaker 1: six richest people in the world. Because, of course, when
• 10:50
  Speaker 1: you break it down to GDP per head in the UK,
• 10:54
  Speaker 1: things have been absolutely horrible for decades. Real inflation adjusted
• 10:57
  Speaker 1: gdpeeperheads literally barely moved for twenty years since the financial crisis,
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  Speaker 1: So in fact, individually we're really we're very poor.
• 11:06
  Speaker 3: I mean, well, it's interesting because someone pulled the Green
• 11:09
  Speaker 3: Party leader Zac Polanski up for this on Twitter the
• 11:11
  Speaker 3: other day. I noticed because he described the UK as
• 11:14
  Speaker 3: being the sixth sixth wealthiest country in the world, and
• 11:18
  Speaker 3: the two things are not the same at all, And
• 11:21
  Speaker 3: I do think, I mean rather that suggested to me that,
• 11:24
  Speaker 3: I mean, obviously people use these terms sometimes with a
• 11:28
  Speaker 3: kind of mendacious intent they wanted to sound as if
• 11:31
  Speaker 3: we're richer than we are. But also think a lot
• 11:33
  Speaker 3: of politicians are genuinely confused. It's like back in the
• 11:37
  Speaker 3: day whenever David Cameron used to get confused with deficit
• 11:42
  Speaker 3: and debt, and one thing that most politicians didn't seem
• 11:46
  Speaker 3: to have a handle on is what was the difference
• 11:48
  Speaker 3: between your annual deficit and the overall national debt? And
• 11:50
  Speaker 3: they would use the terms interchangeably that's stopped because of
• 11:54
  Speaker 3: I guess I kind I would say a kind of
• 11:56
  Speaker 3: media education campaign. Actually maybe this will be the same
• 12:00
  Speaker 3: with gdpeople head. But yeah, no, it's pretty disastrous. But
• 12:04
  Speaker 3: I thought you were making a really good point about
• 12:07
  Speaker 3: how that can this kind of miss and misperception explains
• 12:11
  Speaker 3: why people are so angry angry.
• 12:14
  Speaker 2: Yeah, and I think it might.
• 12:16
  Speaker 1: I mean, one of the one of the problems we've
• 12:18
  Speaker 1: had in the UK is people simply not getting richer
• 12:22
  Speaker 1: gdpeper head in real time, simply not going up. So
• 12:25
  Speaker 1: your life one year of the next, one year of
• 12:27
  Speaker 1: the next, one year of the.
• 12:28
  Speaker 2: Next is not improving. It's not improving, and that's going
• 12:30
  Speaker 2: to make you pretty irritated to begin with.
• 12:32
  Speaker 1: And if you believe that the UK is a very
• 12:35
  Speaker 1: rich country but you are not getting richer year after
• 12:39
  Speaker 1: year after year, you must think that there is money
• 12:43
  Speaker 1: somewhere that other people have and you should have.
• 12:46
  Speaker 2: And I think that's.
• 12:46
  Speaker 5: Where we get this demand for wealth taxes and this
• 12:50
  Speaker 5: redistribution and all this sort of thing. It comes from
• 12:53
  Speaker 5: this idea that everyone feels that they are pull but
• 12:57
  Speaker 5: looking at the numbers, maybe everyone else isn't.
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  Speaker 3: I think there's probably a lot of truth to that.
• 13:03
  Speaker 3: I mean, I do. I think there's a lot goes
• 13:05
  Speaker 3: into the general kind of sense of anger, and there's
• 13:08
  Speaker 3: ploy all kinds of things tied up with anxiety and
• 13:12
  Speaker 3: chaos and the sense of a lackey control over one's
• 13:15
  Speaker 3: own environment. But definitely the idea that other people must
• 13:19
  Speaker 3: be doing better than you, because how else do people
• 13:23
  Speaker 3: afford all these rising prices? And yeah, the promise is
• 13:27
  Speaker 3: also it's going to make things worse, because you know,
• 13:31
  Speaker 3: I was just we just saw that some of the
• 13:33
  Speaker 3: SMP did their manifesto this morning and one of the
• 13:36
  Speaker 3: things that they've explicitly said they'll imposes price controls on
• 13:40
  Speaker 3: the price of essential goods. And I kind of like, well, man,
• 13:44
  Speaker 3: you can't have a maximum price for bread and milk,
• 13:48
  Speaker 3: surely in the UK. This is not South America circa
• 13:52
  Speaker 3: the nineteen seventies. This is you know, this is even
• 13:56
  Speaker 3: more obviously disastrous and rent controls, and you know, we've
• 13:59
  Speaker 3: talked about them enough times and yeah, this is the
• 14:02
  Speaker 3: sort of thing that people are talking about, you know,
• 14:04
  Speaker 3: and the Greens talking about how there should be a
• 14:06
  Speaker 3: no bigger gap between the highest paid person in an
• 14:09
  Speaker 3: organization the lowest paid than a kind of issue of
• 14:13
  Speaker 3: you know, ten to one. So we really are looking
• 14:15
  Speaker 3: at some really pretty radical suggestions.
• 14:19
  Speaker 1: On going down to that idea of the top which
• 14:24
  Speaker 1: should not be more than ten times a lower wage, etcetera.
• 14:26
  Speaker 2: I mean, they're talking about pre tax and pre welfare.
• 14:29
  Speaker 1: And one of the things that you and I were
• 14:30
  Speaker 1: looking at last week, was it last week or the
• 14:33
  Speaker 1: week before, was the extent of the compression of net
• 14:36
  Speaker 1: incomes in the UK?
• 14:37
  Speaker 2: Yes, and such that.
• 14:39
  Speaker 1: After tag ex after the endless benefits paid to working people,
• 14:45
  Speaker 1: that gap is already down to not much more than
• 14:48
  Speaker 1: three times.
• 14:49
  Speaker 2: I mean, it's really fascinating.
• 14:50
  Speaker 3: Wasn't it. Wasn't it the statistic that somebody had found
• 14:53
  Speaker 3: that Britain, in terms of income equality was had actually
• 14:58
  Speaker 3: achieved greater kind of like compression. And then the Soviet Union. Yes, yeah,
• 15:02
  Speaker 3: So I mean, well this is the other night you
• 15:05
  Speaker 3: think like a lot of people still believe that not.
• 15:08
  Speaker 3: I mean, wealth inequality is a slightly different issues, more complicated,
• 15:11
  Speaker 3: it's hard to measure, but income an equality is definitely
• 15:15
  Speaker 3: going down. It peaked in about two thousand and seven
• 15:19
  Speaker 3: and it has gone down significantly since then. That you can.
• 15:23
  Speaker 3: You cannot make the argument that income an equality in
• 15:25
  Speaker 3: this country has gone up, and yeah, lots of people
• 15:29
  Speaker 3: do so, I mean, yeah, I think there's a lot
• 15:31
  Speaker 3: to what you're saying about people just thinking who the
• 15:34
  Speaker 3: hell has got all the money? Because I know I don't.
• 15:37
  Speaker 2: Yeah, but I suppose that. I mean.
• 15:38
  Speaker 1: The key thing with you, however people feel about it
• 15:41
  Speaker 1: or don't feel about it, The key thing is that
• 15:43
  Speaker 1: it is proper economic growth, the pie getting bigger round
• 15:48
  Speaker 1: that makes people happy. And that's why governments are always
• 15:51
  Speaker 1: so desperate to talk about growth.
• 15:53
  Speaker 2: And we're going to get growth, and we're going to get.
• 15:54
  Speaker 1: Growth because you say, what we really need them to
• 15:56
  Speaker 1: do is start stop talking about growth and start talking
• 15:59
  Speaker 1: about grow head individual incomes rising.
• 16:03
  Speaker 2: And they don't because of course we judge.
• 16:05
  Speaker 1: Them on growth, Delware glimally everyone checked out these jdpumber
• 16:09
  Speaker 1: They didn't talk about individual anyway. We're getting bogged down, John,
• 16:12
  Speaker 1: We're getting bugged down interesting and it is worrying. We
• 16:18
  Speaker 1: better say something else in that market.
• 16:20
  Speaker 3: Do you know what? It's something I wrote about this
• 16:22
  Speaker 3: week The listeners might find interesting if they didn't read it,
• 16:26
  Speaker 3: because it actually contained something approximating that kind of share
• 16:29
  Speaker 3: tip in it was do you know how the other
• 16:32
  Speaker 3: day you had a very good podcast with the Yanish Maraki,
• 16:35
  Speaker 3: who was great. I thought it was a great guest,
• 16:37
  Speaker 3: really interesting. It was basically talking about how AI is
• 16:40
  Speaker 3: quite possibly massively overhyped, and I was on the look
• 16:44
  Speaker 3: at all the software as the service companies that sold
• 16:47
  Speaker 3: off in the UK, and there's still so they took
• 16:49
  Speaker 3: a dive in January and they're still sort of floating
• 16:52
  Speaker 3: around the same level that they bottomed out in February,
• 16:56
  Speaker 3: and I was just thinking, if you're looking for a
• 16:57
  Speaker 3: hedge and an easy hedge against massive EI disappointment, then
• 17:02
  Speaker 3: maybe buying a small basket of those stocks would be
• 17:05
  Speaker 3: quite a good diversifier for your portfolio. And conveniently they're
• 17:10
  Speaker 3: all held by Nick Train's investment Trust, So I thought,
• 17:14
  Speaker 3: as is quite an easy one to.
• 17:17
  Speaker 5: No.
• 17:18
  Speaker 3: It's been doing atrociously, like really badly, and for a
• 17:21
  Speaker 3: good reason, because you know, the the quality style has
• 17:24
  Speaker 3: been out of favor. It's the same way what's his name,
• 17:26
  Speaker 3: Terry Smith, this sort of stuff has done poorly. But
• 17:31
  Speaker 3: looking at again, you're kind of like, well, over fifty
• 17:34
  Speaker 3: percent of the portfolio is in these you know, stocks
• 17:37
  Speaker 3: that have been battled by the idea that AI is
• 17:40
  Speaker 3: going to destroy their business models. So maybe if AI
• 17:43
  Speaker 3: does turn out to be incredibly disappointing, then that will benefit.
• 17:47
  Speaker 1: From it the pleasure to go maybe maybe one of
• 17:51
  Speaker 1: these portfolios and has quite a lot of them in
• 17:54
  Speaker 1: luxury good.
• 17:55
  Speaker 3: No, I don't think that one is in Diageo or
• 18:00
  Speaker 3: but also inshrewed those which obviously did already because it
• 18:02
  Speaker 3: had our bed for it. So I don't think you
• 18:05
  Speaker 3: know it's Budby. It's called Baldbury, but again.
• 18:08
  Speaker 2: That that's what I was thinking of. Is that a
• 18:10
  Speaker 2: luxury good.
• 18:11
  Speaker 3: I don't know much of it fashion obviously, but I've
• 18:13
  Speaker 3: always been a little bit skeptical of the idea of
• 18:15
  Speaker 3: Budbury as a kine you know. I mean, it's always
• 18:18
  Speaker 3: had that problem, hasn't it. I mean, anyway, John, I think.
• 18:22
  Speaker 1: Anyone who's ever seen you on stage at any of
• 18:24
  Speaker 1: our live events would say.
• 18:25
  Speaker 2: That you know a lot about fashion.
• 18:27
  Speaker 3: That's that's extremely caned. I'm just gonna let that one
• 18:31
  Speaker 3: sit there with a responding to it.
• 18:33
  Speaker 1: Okay, and I'm going to end our conversation and just
• 18:35
  Speaker 1: leave that one.
• 18:40
  Speaker 2: Thanks for listening to this week's Mary Talks Money debrief.
• 18:43
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• 18:45
  Speaker 2: you listen to, podcasts also be shown.
• 18:47
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• 18:49
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• 18:51
  Speaker 2: This episode was produced by some SIDI production support and
• 18:54
  Speaker 1: Sound design by Moses and Questions and comments on this
• 18:57
  Speaker 1: show and all the shows are always welcome our show
• 18:59
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