James Thompson

That would be based on real data coming from across the Westpac customer base.

So I thought that was really interesting that they would not only go and make the provision, but talk so openly about why they're making it.

I don't get this.

I've been watching your reporting on all these company profit warnings, and then you keep just reading, oh, markets are up again, and markets are up again.

And then you hear about the next thing in the, you know, Donald Trump's closed blockade of the Strait of Hormuz.

What do markets do?

They go up again.

Yeah.

This feels, you know, I know there's some investors out there who are saying, you know, this is the start of another great bull run on markets.

You know, don't be too bearish at the moment.

And I get that because you want to be invested in the market over the long term.

You don't want to miss these periods where the market really shoots up.

And so, you know, people talk about time in market rather than trying to time markets.

Totally legitimate advice, good advice.

But there's something a little bit nuts about this.

I mean, the US market's up 11% since it bottomed on March 30.

And yet oil is higher today than it was on March 30.

The pain, as you've just described, in the Australian economy is much clearer than it was on March 30.

The size of this energy shock is much larger than it was on March 30.

And yet stocks are up.