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Welcome to the Systematic Investor Series.

Welcome all welcome back to this week's edition of the Systematic Investor series with Richard Brennan and I, Niels Castor Larsen,

where each week we take the polls of the global market

through the lens of a rules-based investor.

Rich, it is great to be back on the podcast after my three week being off air, and a big thank

you, of course, to Alan for allowing me to not having to record from various hotels during my

travels, and I thoroughly enjoyed the conversations that Alan had with Andrew, Nick and Rob

in the last three weeks. So, you and I have a tough act to follow today.

But it's been also a while since you and I have spoken. So I'm always curious to what's happening,

what's going on down under. Well, Nils, firstly, yep, congratulations to Alan. Great job he did.

And it's in good hands when you decide to have a bit of a break and a holiday. So it's been a great few episodes he's been looking after for you. So he's done a great job. But look, I suppose what's happening over here in Australia? Well, all eyes in Australia are pretty well

focused on the escalating tensions in the Middle East. So that's something that we're pretty

well concerned about over here. Fortunately, we live in a very safe country. So, but we are

concerned about that. And, you know, basically we're seeing this rising geopolitical tensions across the world

in certain hotspots, Ukraine, Middle East, etc.

So we are sort of entering a more unstable time.

But over here in Australia, we're also particularly focused on the interest rates. And

because here in Australia, we're very much dependent on our export trade, particularly to China,

etc. So the interest rates effectively significantly affect the exchange rates and our ability for our export economies to do well

over here. But also in Australia for at least the last two decades, Niels, we've had a significant

boom in residential property prices. You know, COVID, of course, sorted out commercial property

...