Anthony Macdonald

I think rates were on hold for 18 months at the time when no one could believe it.

How confident are you in this one?

Well, pre-pandemic, it was the opposite, right, James?

I mean, they did a decade of inflation below target, and that's one of the reasons why Jim Chalmers came in and sort of tried to rethink the whole RBA process and the monetary policy board and whatever.

I think we're seeing it doesn't matter what the structure is, whether inflation is low or high or whatever, that target, it's really hard to hit.

I mean, particularly on the company side, all of them have a story, right?

Stock picking is storytelling.

Investor relations is all about telling stories.

All these companies, they've got heaps of plans, strategic capital allocation, all that stuff.

They get knocked around by the external environment, but they all turn up and they twist and evolve that story to sort of tap into what's hot in the external environment.

Right now, that's AI, isn't it?

AI, AI CapEx, data center development, anything in the sort of material supply chain that can tap into that thematic.

So I thought the companies themselves were pretty positive.

I thought investors were more positive.

as well than I expected.

I mean, they're willing to look past what's actually going on at the moment and think about FY27.

Obviously, no one knows how long the oil price is going to stay up.

No one knows how long the Iran war is going to go for.

But I mean, companies are saying, you know, we're all right at the moment.

If these things...