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He gets to eyeball Australia’s big-name CEOs and chairmen. This is what he asks them</p></header><div class="_47207bf25e6443e48904"><section class="_7302278d284fb75d742b"><div class="_4d22830be8e035459d36" data-testid="ArticleTimestamp"><time data-testid="ArticleTimestamp-time">Nov 22, 2024 – 5.01am</time></div><div class="_2a6dc840ff6bc204ff53" data-testid="ArticleTools"><div class="_9f146e4c46884f388d0e"><button aria-describedby="articleToolsLoginTooltip" class="_13dba38c2689588db954 _7cd6d3a619318b4274cf" data-click-outside-ignore="true" data-testid="SaveArticle-button" type="button"><span class="_82522fbabfe2be1d6f63"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" class="dd6db77aa2c85e94be85" focusable="false" height="1em" aria-hidden="true" width="1em"><path stroke="#111" stroke-width="1.2" d="M6.607 5c0-.221.179-.4.4-.4H17c.22 0 .4.18.4.4v13.077a.4.4 0 0 1-.63.328l-3.851-2.702a1.6 1.6 0 0 0-1.838 0l-3.85 2.701a.4.4 0 0 1-.63-.328z"></path></svg></span><span class="_2ccae20c023bf51c13bc">Save</span></button><div 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He and his team get to eyeball Australia’s big-name CEOs and chairmen on post-results roadshows, investor days and the like, with the sort of access only available to the country’s top-tier stock pickers.</p><p>What he asks them is surprising. CEOs normally tell us fund managers want hints about the next trading update (beat or miss), while chairmen say they slog through meetings about environmental targets and management incentives.</p><div class="_398b6c5e39701f15a1a2">Loading...<figure></figure><figure></figure><figure></figure><figure></figure></div><div></div></div><div class="_2e1de52e69e1d969aea3"><div class="a368146c81ee0410b134"><span class="_1a6f5d6fad2874362309" data-testid="AuthorCard"><span><strong><a class="d1dba0c3091a3c30ebd6" data-testid="AuthorURL" href="/by/anthony-macdonald-j7gcx">Anthony Macdonald</a></strong> is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.</span><span class="ebf04f7a6858148cabbd _449cf37f9ae646047903" data-testid="Author-Social"><span> Connect with Anthony on <a class="_86e1121a0a44d2d45f97" href="//twitter.com/amacfirst?lang=en" rel="noopener noreferrer" target="_blank">Twitter</a>.</span><span> Email Anthony at <a class="c5a5b7d2f686623f7687" href="mailto:a.macdonald@afr.com">a.macdonald@afr.com</a></span></span></span></div></div><div class="a3b28a4f67a674b57863" data-testid="ArticleFooter"><div class="_9e5858bb5e9aa47354b4"><div class="_9f146e4c46884f388d0e"><button aria-describedby="articleFooterLoginTooltip" class="_13dba38c2689588db954 _7cd6d3a619318b4274cf" data-click-outside-ignore="true" data-testid="SaveArticle-button" type="button"><span class="_82522fbabfe2be1d6f63"><svg xmlns="http://www.w3.org/2000/svg" fill="none" viewBox="0 0 24 24" 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He gets to eyeball our big-name CEOs and chairmen. This is what he asks them.","allowComments":false,"body":"\u003Cp\u003ESchroders head of Australian equities Martin Conlon is one of the lucky ones. He and his team get to eyeball Australia’s big-name CEOs and chairmen on post-results roadshows, investor days and the like, with the sort of access only available to the country’s top-tier stock pickers.\u003C\u002Fp\u003E\u003Cp\u003EWhat he asks them is surprising. CEOs normally tell us fund managers want hints about the next trading update (beat or miss), while chairmen say they slog through meetings about environmental targets and management incentives.\u003C\u002Fp\u003E\u003Cx-placeholder id=\"2765ec985927bea702bc7f53e22ca67698a0cc6b\"\u003E\u003C\u002Fx-placeholder\u003E\u003Cp\u003EConlon, whether it helps him in this frothy market or not, is a long-term thinker. 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A lot of companies are heavily reliant on Google\u002FMicrosoft\u002FSalesforce\u002FSAP\u002Fsome other global giant for their day-to-day operating systems and communications, and have no viable backup.\u003C\u002Fp\u003E\u003Cp\u003ETheir reliance increases with cloud adoption, industry consolidation and big tech’s relentless march and ability to invest into whatever is new – generative AI is the latest.\u003C\u002Fp\u003E\u003Cp\u003EIt is a big business risk, even if it isn’t explicitly called out in prospectuses or capital raising presentations. Conlon worries where that leaves Australian companies.\u003C\u002Fp\u003E\u003Cp\u003EHow will management keep a lid on costs when they have no alternative suppliers for core functions or software?\u003C\u002Fp\u003E\u003Cp\u003E“Too many businesses have put themselves in a situation where they are totally dependent on someone else’s technology,” he says.\u003C\u002Fp\u003E\u003Cp\u003EBut, hang on. We’ve also heard fund managers like Conlon argue Australian companies can waste millions of dollars of shareholders’ money on IT integration projects (\u003Cx-placeholder id=\"00aafe6c809e3e01e7401c1d47ebd9bcb33d57a7\"\u003E\u003C\u002Fx-placeholder\u003E) or building their own software (Westpac’s Panorama).\u003C\u002Fp\u003E\u003Cp\u003ESo which is it: buy from big tech and be prey to their future price rises, or build?\u003C\u002Fp\u003E\u003Cp\u003E“There is no happy medium,” he says.\u003C\u002Fp\u003E\u003Cp\u003EIf a company is building, he says it needs to be able to show that it will pay off in terms of productivity, which likely means reducing employees. Fewer jobs are not going to be good for people in the real economy, although hopefully the productivity uplift can increase living standards.\u003C\u002Fp\u003E\u003Cp\u003E“We find it interesting that all the businesses under pressure that no one really wants to buy are our big employers: hospitals, healthcare, supermarkets,” he says.\u003C\u002Fp\u003E\u003Cp\u003E“A lot of those businesses with profit pressures have profit pressures because they employ a lot of people.”\u003C\u002Fp\u003E\u003Cp\u003EConlon talks a lot about the real economy. He’s worried about the complete mismatch between the real economy – living standards, how people are feeling – and financial markets, which are at all-time highs.\u003C\u002Fp\u003E\u003Cp\u003ETo what extent can the stock market, asset prices, house prices disconnect from the people under economic pressure but doing the work?\u003C\u002Fp\u003E\u003Cp\u003EConlon doesn’t have the answers, but points out the system is completely out of whack. He talks a lot about common sense, and common sense tells him it is not sustainable.\u003C\u002Fp\u003E\u003Cp\u003E“Most of the real economy is starting to do a bit tougher,” he says, pointing to Commonwealth Bank of Australia’s now\u003Cx-placeholder id=\"57c37abd8b72c8f8c24e970ad52a5d378353890e\"\u003E\u003C\u002Fx-placeholder\u003E and Donald Trump’s re-election.\u003C\u002Fp\u003E\u003Cp\u003E“The reality is that a lot of people aren’t feeling the benefit of a stockmarket that’s gone crazy and the money that’s been pumped into the world to prop it up is not being passed around very evenly. That strikes me as the real issue.”\u003C\u002Fp\u003E\u003Cp\u003EHe says the other way to look at it is by asking: Is there enough income in the world to support asset values? Is there enough private-sector profit in the world for the big tech companies to keep growing earnings 15 per cent a year into perpetuity?\u003C\u002Fp\u003E\u003Cp\u003EIt is thought-provoking – and you can see why Conlon is a favourite among some of Australia’s big superannuation fund CIOs.\u003C\u002Fp\u003E\u003Cp\u003EThe problem is, those same funds can make the same common-sense observations yet also need somewhere to invest billions of dollars a year in fund contributions. So, what do they buy? 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