--- title: CEO INSIGHTS – Week Ending 23 July 2021 By NAOS Asset Management description: “Internet streaming has been amazingly consistent, prolific. As you get new competition in, you get validation, more reasons to get a smart TV or unlimited broadband. So, I think, for at least the next several years, the growth story of streaming as a whole is very intact” Reed Hastings, Co-CEO, Netflix Inc image: https://blog.naos.com.au/hubfs/Streaming%20Video.jpg --- ##### [Subscribe to NAOS NEWS & Insights](https://www.naos.com.au/subscribe) [![](https://assets.website-files.com/5b3d7f5582ecae7f1e026ce2/60be9de099c2716fb2efb4a7_naos.svg) ![](https://assets.website-files.com/5b3d7f5582ecae7f1e026ce2/640666256ede5e8ae8e33da0_B-Corp-Logo-Black-RGB.png)](https://blog.naos.com.au/) [Home](https://www.naos.com.au) About [About NAOS](https://www.naos.com.au/about-our-firm) [Our Team](https://www.naos.com.au/about-our-firm#people) [Why invest with NAOS](https://www.naos.com.au/about-our-firm#why-invest) [Our Investment Beliefs](https://www.naos.com.au/about-our-firm#beliefs) [Our Investment Process](https://www.naos.com.au/about-our-firm#how-we-invest) Listed Investment Companies [NCC: NAOS Emerging Opportunities Company Limited](https://www.naos.com.au/ncc-naos-emerging-opportunities-company-limited) [NSC: NAOS Small Cap Opportunities Company Limited](https://www.naos.com.au/nsc-naos-small-cap-opportunities-company-limited) [NAC: NAOS Ex-50 Opportunities Company Limited](https://www.naos.com.au/nac-naos-ex50-opportunities-company-limited) [Our Listed Investment Companies](https://www.naos.com.au/our-lics-compare-our-lics) [How to Invest](https://www.naos.com.au/our-lics-compare-our-lics#how-to-invest) Private Opportunities [NAOS Private Opportunities Fund](https://www.naos.com.au/npof-naos-private-opportunities-fund) [NAOS Ideas Network](https://www.naos.com.au/naos-ideas-network) E.S.G. [ESG and our investment Process](https://www.naos.com.au/esg-esg-and-our-investment-process) [Our Road to Sustainability](https://www.naos.com.au/esg-our-road-to-sustainability) [Our Investee Companies and their ESG Journey](https://www.naos.com.au/esg-our-investor-companies-and-their-esg-stories) News & Insights [News & Insights](https://blog.naos.com.au/news-media) [Events](https://www.naos.com.au/events) [Shareholder Education](https://www.naos.com.au/shareholder-education) [CEO Insights](https://blog.naos.com.au/ceo-insights) [Broker Research](https://blog.naos.com.au/broker-research) [Companies Making a Difference](https://blog.naos.com.au/companies-making-a-difference) [Podcast & Book Reviews](https://blog.naos.com.au/podcast-reviews) [Contact](https://www.naos.com.au/contact) ##### [NAOS CEO Insights](https://blog.naos.com.au/ceo-insights) # CEO INSIGHTS – Week Ending 23 July 2021 By NAOS Asset Management ###### July 23, 2021 “Internet streaming has been amazingly consistent, prolific. As you get new competition in, you get validation, more reasons to get a smart TV or unlimited broadband. So, I think, for at least the next several years, the growth story of streaming as a whole is very intact” *Reed Hastings, Co-CEO, Netflix Inc* As part of the NAOS investment process, we pay particular attention to the comments made by company CEOs and business leaders in order to gain a greater understanding of the current investment environment and key trends that may be emerging. Below are quotes from the week which in our view detail some of the most important and prominent industry trends and economic factors impacting their businesses.     If you do not already subscribe and wish to receive this weekly publication of “CEO Insights” via email please click **[here](https://www.naos.com.au/subscribe).**    **Media & Advertising** “Looking at client sectors, the picture is also one of comprehensive acceleration. Each of our eight major sectors \[auto, retail, consumer goods, tech & telecom, healthcare, food & beverage, financial services and other\] had double-digit increases from a year ago” *Philippe Krakowsk, CEO, The Interpublic Group of Companies Inc \[one of the largest advertising agencies in the world\]* **Streaming** “Internet streaming has been amazingly consistent, prolific. As you get new competition in, you get validation, more reasons to get a smart TV or unlimited broadband. So, I think, for at least the next several years, the growth story of streaming as a whole is very intact” *Reed Hastings, Co-CEO, Netflix Inc* “What we’re seeing is people are going to where the content they want is. The challenge they \[streaming providers\] have is making sure that they keep them on that platform, because it’s not hard to cancel a subscription and re-sign when a different piece of content comes in” *Australian Entertainment & Media Outlook 2021 Report, PricewaterhouseCoopers* **Labour Market Shortages** “We are at a crisis point in terms of skills, we can’t get people to come to Australia because they are concerned about being locked in and trapped here” *Catherine Livingstone, Chairman, Commonwealth Bank of Australia* “The increased tightness in Western Australia’s labour market continues, in particular shortages of roles relating to structural, mechanical, electrical and instrumentation disciplines, which is amplified by ongoing COVID-19 travel restrictions” *Market Statement, Rio Tinto Ltd* **Workplace** “While there will be a lot more flexibility in work practices, the latest lockdown has shown the need for a \[central\] place where staff can gather to work, collaborate and innovate, which are key drivers of corporate culture” *Darren Steinberg, CEO, Dexus* **Domestic Economy** “While we are seeing the economy stalling at the moment, we saw economies bounce back very quickly when things opened up again, and we expect the economy to bounce back again” *Ross McEwan, CEO, National Australia Bank Ltd* “We’re not at the point of requiring stand downs in our domestic operations at this stage. But to be honest, we can’t rule it out if multiple states keep their borders closed for extended periods” *Alan Joyce, CEO, Qantas Group Ltd* **Construction & Infrastructure** “We’re seeing an increased volume of work coming to the market as a result of the various economic stimulus packages. The $10.4 billion in new work we secured in the past six months exceeds the $6.8 billion won in the 12 months to the end of 2020 and there is a substantial pipeline of work yet to be awarded” *Juan Santamaria, CEO, CIMIC Group Ltd* **Transport & Logistics** “The supply chain remains very fragile not only for our business, but for every global manufacturer” *Gina Goetter, CFO, Harley-Davidson Inc* **Technology** “We have a sizable opportunity to become a holistic digital leader. Digital is of the utmost importance” *James Quincey, CEO, The Coca-Cola Company* **Consumer Behaviour** “We can see that consumer excitement and optimism is returning” *Jochen Zeitz, CEO, Harley-Davidson Inc* **Financial Markets & Superannuation** “Continued global interest in financial markets, amid the search for higher yield, led to industry trading volumes that are still above the activity level of 2020 in most products” *Paul Brody, CFO, Interactive Brokers Group Inc* “I think we are going to see a completely changed landscape over the next few years, with fewer funds and bigger funds as a result” *Steve Bracks, Chairman, Cbus Super* **Insurance** “The second quarter marks the 15th consecutive quarter of rate increases in the commercial P&C \[property & casualty\] insurance marketplace” *Dan Glaser, CEO, Marsh & McLennan Companies, Inc \[largest insurance broker in the world\]* “We are seeing a flight to quality and stability, which is contributing to high levels of business growth... and there's a long runway for growth as we think about major protection gaps around the world, new emerging risks, digitisation, workforce of the future and under penetrated market such as small commercial” *Dan Glaser, CEO, Marsh & McLennan Companies, Inc \[largest insurance broker in the world\]* **SMEs** “\[Research indicates\] for SMEs, access to credit remains a fundamental problem. Over the past 12 months, SMEs were declined $23.9 billion in credit. The rebound now being witnessed among SMEs has seen the appetite to invest in their future increase further.” *Greg Moshal, CEO, Prospa Group Ltd* **Energy & Resources** “The momentum for cleaner energy projects continues to increase around the world” *Lorenzo Simonelli, CEO, Baker Hughes Co \[major multinational oil field services company\]* Important information: This material has been prepared by NAOS Asset Management Limited (ABN 23 107 624 126, AFSL 273529) (NAOS) for general information purposes only and must not be construed as investment advice. Certain economic, market or company information contained in this material may have been obtained from published sources prepared by third parties. Nothing contained herein should be construed as granting by implication or otherwise, any license or right to use such third party content without the written permission of the owner.   ###### [CEO Insights](https://blog.naos.com.au/ceo-insights/topic/ceo-insights) [NAOS Insights](https://blog.naos.com.au/ceo-insights/topic/naos-insights) ###### Share this post ### Comments ##### NAOS Asset Management ![](https://uploads-ssl.webflow.com/5b09df434e359cb73f2f80b5/5b09df434e359c362d2f81c4_location-icon-white.svg) Level 34, 25 Martin Place Sydney NSW 2000 ![](https://uploads-ssl.webflow.com/5b09df434e359cb73f2f80b5/5b09df434e359c121c2f81c8_mail-icon-white.svg) [enquiries@naos.com.au](mailto:enquiries@naos.com.au?subject=NAOS%20Website%20Contact) ![](https://uploads-ssl.webflow.com/5b09df434e359cb73f2f80b5/5b09df434e359ce0f62f81c9_phone-icon-white.svg) +61 2 9002 1576 ##### Our Listed Investment Companies [ASX: NCC - NAOS Emerging Oportunities Company Limited](http://www.naos.com.au/ncc-naos-emerging-opportunities-company-limited) [ASX: NSC - NAOS Small Cap Opportunities Company Limited](http://www.naos.com.au/nsc-naos-small-cap-opportunities-company-limited) [ASX: NAC - NAOS Ex-50 Opportunities Company Limited](http://www.naos.com.au/nac-naos-ex50-opportunities-company-limited) [NAOS Private Opportunities Fund](https://www.naos.com.au/npof-naos-private-opportunities-fund) [Listed Investment Companies](http://www.naos.com.au/our-lics-compare-our-lics) [Share Registry](https://boardroomlimited.com.au/) [Corporate Governance](http://www.naos.com.au/corporate-governance) ##### More Links [Privacy Policy](http://www.naos.com.au/privacy-policy) [Terms & Conditions](http://www.naos.com.au/terms-conditions) ##### Follow NAOS [![](https://uploads-ssl.webflow.com/5b3d7f5582ecae7f1e026ce2/5b3d7f5582ecae7e51026d27_twitter-icon-white.svg)](https://twitter.com/naosassetmgmt) [![](https://uploads-ssl.webflow.com/5b09df434e359cb73f2f80b5/5b09df434e359c11092f818c_facebook-icon-white.svg)](https://www.facebook.com/NAOSAssetManagement) [![](https://uploads-ssl.webflow.com/5b3d7f5582ecae7f1e026ce2/5b3d7f5582ecae133c026dca_Group%20261.svg)](https://www.linkedin.com/company/naos-asset-management) [![](https://uploads-ssl.webflow.com/5b3d7f5582ecae7f1e026ce2/5bf6115a4ae34255e68089e1_Asset%201Chart4.svg)](https://www.instagram.com/naos_asset_management/) Join our investment community. Be the first to receive NAOS News, Insights and Invitations. [Subscribe](http://www.naos.com.au/subscribe)[Book a Chat](http://www.naos.com.au/book-a-chat) © 2023 NAOS Asset Management Ltd Site by [DAVIDNOLAN](http://www.davidnolan.com.au)