WEBVTT 1 00:00:22.456 --> 00:00:27.718 You know, when you're a sailor and you get stuck in a particular weather system, and 2 00:00:27.718 --> 00:00:29.718 it's called the doldrums. 3 00:00:29.718 --> 00:00:31.718 I mean, there's obviously lots going on all the time. 4 00:00:31.718 --> 00:00:35.801 But at the moment, we've had the election, we've had interest rate decisions, we've 5 00:00:35.801 --> 00:00:37.801 had inflation data this week from the United States, 6 00:00:37.801 --> 00:00:38.302 we've had all the results out. 7 00:00:38.583 --> 00:00:44.385 And as I said, the thing that's really fascinating me, David, is the appointment 8 00:00:44.385 --> 00:00:46.385 of the Trump cabinet, 9 00:00:46.385 --> 00:00:47.226 which is quite outrageous in certain ways. 10 00:00:47.506 --> 00:00:48.206 What do you think? 11 00:00:49.127 --> 00:00:50.207 It is outrageous. 12 00:00:50.207 --> 00:00:55.477 I know there's some, you know, People are celebrating certain people like Marco 13 00:00:55.477 --> 00:00:57.477 Rubio. 14 00:00:57.477 --> 00:00:58.379 On the other hand, 15 00:00:59.379 --> 00:01:06.202 what interests me is that this is a very pro-Israel 16 00:01:06.802 --> 00:01:08.223 cabinet or appointments. 17 00:01:08.783 --> 00:01:13.545 If you understand the people that are there in terms of what they represent, 18 00:01:14.285 --> 00:01:19.647 and it's Mark Huckabee, another appointment as ambassador to Israel. 19 00:01:19.747 --> 00:01:20.447 So... 20 00:01:21.628 --> 00:01:26.973 And it's, you know, from that point of view, it's very, very interesting. 21 00:01:27.413 --> 00:01:32.838 I didn't think that he'd go to those levels or so, obviously, in that 22 00:01:32.838 --> 00:01:34.838 direction. 23 00:01:34.838 --> 00:01:38.583 Which does, I don't know what that means and how this is going to unfold. 24 00:01:39.403 --> 00:01:42.666 But he certainly makes his sentiment known. 25 00:01:44.287 --> 00:01:46.769 And we'll wait to, you know, wait to see the rest. 26 00:01:47.410 --> 00:01:49.472 Yeah, it's interesting with Huckabee because... 27 00:01:50.156 --> 00:01:51.857 The footage has emerged, of course. 28 00:01:51.857 --> 00:01:58.261 I mean, I don't know why these people say these things and then get surprised when 29 00:01:58.261 --> 00:02:00.261 six, seven years later they resurface. 30 00:02:00.261 --> 00:02:02.643 He was talking to a couple of Jewish chaps and he said, 31 00:02:02.683 --> 00:02:06.925 there is no such thing as a Palestinian and the West Bank doesn't exist. 32 00:02:07.225 --> 00:02:08.246 Now, I don't know. 33 00:02:08.246 --> 00:02:08.946 I don't know. 34 00:02:09.167 --> 00:02:12.028 If you were Donald Trump, Viv, would you look at that and say, 35 00:02:12.408 --> 00:02:18.532 can't inflame attentions any more than they are by appointing this chap? 36 00:02:18.592 --> 00:02:19.292 I mean. 37 00:02:19.292 --> 00:02:19.872 I don't know. 38 00:02:20.092 --> 00:02:22.713 I know Trump is like nobody else in politics, 39 00:02:22.773 --> 00:02:28.735 but it just seems to me that he should have maybe withdrawn that ambassadorial 40 00:02:28.735 --> 00:02:30.735 role for Huckabee. 41 00:02:30.735 --> 00:02:32.735 Am I wrong? 42 00:02:32.735 --> 00:02:33.896 Trump is the one that said he wants to turn Gaza into a fucking... 43 00:02:34.696 --> 00:02:38.957 Like, I mean, Trump is very anti-Palestine, very pro-Israel. 44 00:02:39.477 --> 00:02:45.839 I think if you're looking at it as a larger scale, what he's going to do is 45 00:02:45.839 --> 00:02:47.839 he's going to go pro-Israel and go anti-Ukraine. 46 00:02:47.839 --> 00:02:48.560 That is going to be his general kind of thing. 47 00:02:49.172 --> 00:02:55.394 and I think he's going to use the support for Israel, which is always, I think, a 48 00:02:55.394 --> 00:02:57.394 bit deeper than the support for Ukraine was, 49 00:02:57.394 --> 00:02:58.255 to basically use one to cover the other. 50 00:02:58.315 --> 00:02:59.155 That's my impression. 51 00:02:59.815 --> 00:03:02.756 David, I think also, did you mention the UN ambassador? 52 00:03:03.096 --> 00:03:04.817 Oh, yeah, very, very much. 53 00:03:05.077 --> 00:03:11.619 She was the one that was highly critical of the colleges. 54 00:03:12.119 --> 00:03:16.240 Remember, she was the one they mocked all the time for her shrieky voice. 55 00:03:16.960 --> 00:03:23.485 But she was the one who challenged all the presidents from Harvard, 56 00:03:23.525 --> 00:03:26.087 who else, from Columbia and so on. 57 00:03:26.547 --> 00:03:32.011 Very not, I don't know whether to call her right wing, but certainly conservative. 58 00:03:32.451 --> 00:03:36.354 And to put her at the UN, you know what's going to happen, sure. 59 00:03:37.455 --> 00:03:44.260 But also, this is actually the conventional text. 60 00:03:44.600 --> 00:03:51.303 the unconventional picks is the person for defense which is going to be excellent 61 00:03:51.303 --> 00:03:53.303 exit yeah gosh 62 00:03:53.303 --> 00:03:58.706 he's a major right in this international card look he did serve in in war uh right 63 00:03:58.706 --> 00:04:00.706 but he was not it's not like a a 64 00:04:00.706 --> 00:04:02.567 general which is that you go for uh he's the crocs news host then 65 00:04:02.588 --> 00:04:09.370 there's tulsi gabbard who's going to be in charge of uh national intelligence okay 66 00:04:09.370 --> 00:04:11.370 and uh she's gotten 67 00:04:11.370 --> 00:04:13.312 some very strong links to assad and putin i doubt like 68 00:04:13.452 --> 00:04:20.234 people say that she's actually as a a asset because nowadays if you were an 69 00:04:20.234 --> 00:04:22.234 asset i mean how would you communicate they would bug your 70 00:04:22.234 --> 00:04:26.996 phones it's impossible to be like you know uh and not be caught like if you're 71 00:04:26.996 --> 00:04:28.996 watching you if they're not watching you yeah you can get away with but they're 72 00:04:28.996 --> 00:04:33.077 watching you you'll be caught so i doubt is that right she definitely has you know 73 00:04:33.077 --> 00:04:35.077 sympathies that are against uh 74 00:04:35.338 --> 00:04:40.800 you know uh um weird one we were talking about this before matt gates 75 00:04:42.524 --> 00:04:45.206 So we understand that case. 76 00:04:45.206 --> 00:04:49.630 That case is a congressman from Florida who, let me say, 77 00:04:49.710 --> 00:04:56.535 has been credibly accused of paying for encounters with ladies that were under the 78 00:04:56.615 --> 00:04:57.315 age. 79 00:04:57.456 --> 00:05:03.921 OK, I think it was charged, but like some people have accused along with him have 80 00:05:03.921 --> 00:05:05.921 been charged and have gone to prison. 81 00:05:05.921 --> 00:05:07.411 And so this is something weird. 82 00:05:07.832 --> 00:05:13.817 Also, he immediately resigned from the Congress as soon as he was nominated by 83 00:05:13.817 --> 00:05:13.896 Donald Trump. 84 00:05:14.477 --> 00:05:17.960 And this also comes from Congress. 85 00:05:17.980 --> 00:05:21.463 Immediately, there was an investigation inside Congress about his conduct. 86 00:05:21.923 --> 00:05:24.225 And that investigation ends because he's out of Congress. 87 00:05:24.645 --> 00:05:25.486 So make of that what you will. 88 00:05:25.486 --> 00:05:32.452 But the Gates one, I don't understand because, you know, there's some things 89 00:05:32.452 --> 00:05:34.452 that I think are too far for anybody to basically justify. 90 00:05:34.452 --> 00:05:36.452 The Gates one looks a bit weird to me. 91 00:05:36.452 --> 00:05:40.116 Yeah, this is where even the Republicans are up in arms about whether they have the 92 00:05:40.116 --> 00:05:42.116 guts to vote against the nomination because they can. 93 00:05:42.116 --> 00:05:44.116 It can be rejected. 94 00:05:44.116 --> 00:05:46.116 I'm a shallow person compared to you two. 95 00:05:46.116 --> 00:05:50.902 When I see Matt Goetz, I think first thing I think is, goodness me, that's a creepy 96 00:05:50.902 --> 00:05:52.902 looking fella. 97 00:05:52.902 --> 00:05:54.902 His eyes are weird. 98 00:05:54.902 --> 00:05:56.902 He looks like some kind of vampire. 99 00:05:56.902 --> 00:06:00.307 But when you hear his story and you hear his rhetoric about what he's tried to do 100 00:06:00.307 --> 00:06:02.307 in the past and what he has never done, 101 00:06:02.307 --> 00:06:03.749 which is hold any sort of position of authority. 102 00:06:04.365 --> 00:06:06.807 He's got absolutely no experience whatsoever. 103 00:06:07.127 --> 00:06:10.349 All he's got is the fact that he's a lapdog for Donald Trump. 104 00:06:10.349 --> 00:06:14.372 And it was very interesting because John Bolton, the ex-security advisor to Donald 105 00:06:14.372 --> 00:06:14.512 Trump, 106 00:06:14.512 --> 00:06:18.455 was being interviewed yesterday and his opening gambit was, 107 00:06:19.175 --> 00:06:24.759 in ancient times when the barbarian leader had to go to the Emperor of Japan, 108 00:06:25.099 --> 00:06:32.064 the Emperor of Japan would make him prostrate himself on the floor in front of 109 00:06:32.064 --> 00:06:34.064 him and bang his forehead 110 00:06:34.064 --> 00:06:36.064 three times on the floor. 111 00:06:36.064 --> 00:06:36.487 And John Bolton said, these people are not just yes-men. 112 00:06:36.847 --> 00:06:39.930 They are the barbarians at the foot of the emperor. 113 00:06:40.310 --> 00:06:41.871 And Trump is the emperor, of course. 114 00:06:42.251 --> 00:06:44.953 And it's a little bit disturbing, I think. 115 00:06:45.134 --> 00:06:47.415 Sorry, I'll go on now because I'm on a bit of a roll. 116 00:06:47.675 --> 00:06:53.480 Peter Hegseth, I sent a tweet out, or rather an X, a message on X the other 117 00:06:53.480 --> 00:06:53.739 night. 118 00:06:53.739 --> 00:06:55.421 And I said, yeah, he's a brave chap. 119 00:06:55.421 --> 00:06:56.542 He's got two bronze stars. 120 00:06:56.542 --> 00:07:00.385 He's done two tours of duty, Iraq and Afghanistan. 121 00:07:00.785 --> 00:07:01.766 He's clever. 122 00:07:02.086 --> 00:07:03.848 He's got a great education, etc. 123 00:07:04.608 --> 00:07:10.994 And the reason he's being put in is because he's, in speech marks, an American 124 00:07:10.994 --> 00:07:12.994 hero, because that's what 125 00:07:12.994 --> 00:07:14.994 Trump called him, an American hero. 126 00:07:14.994 --> 00:07:18.200 And then at the end, I said, Forrest Gump is also an American hero, because he did, 127 00:07:19.261 --> 00:07:22.284 I don't know if you're familiar with the film, but he was a war hero as well. 128 00:07:22.504 --> 00:07:24.646 It doesn't make him the defence secretary. 129 00:07:25.086 --> 00:07:26.567 So it's all very odd, David. 130 00:07:27.568 --> 00:07:28.268 No, I... 131 00:07:29.337 --> 00:07:30.337 It's coming through now. 132 00:07:30.397 --> 00:07:37.320 I must admit I'm not as close to these characters as maybe Rivers but some of 133 00:07:37.320 --> 00:07:37.379 them, I mean, 134 00:07:38.600 --> 00:07:44.022 when you look at Matt Gaetz, he's got that eyebrow that kind of... 135 00:07:44.162 --> 00:07:47.263 What's his name? 136 00:07:47.383 --> 00:07:48.943 He's like the film star. 137 00:07:49.603 --> 00:07:51.104 One flew over the cuckoo's nest. 138 00:07:51.184 --> 00:07:52.404 Jack Nicholson, yeah. 139 00:07:52.644 --> 00:07:54.205 Jack Nicholson. 140 00:07:55.489 --> 00:07:56.650 And he's pretty young. 141 00:07:57.110 --> 00:07:59.392 I don't think he's over 40. 142 00:08:01.293 --> 00:08:04.395 You know, very, very strange appointment. 143 00:08:04.635 --> 00:08:07.057 This is for a very high position. 144 00:08:08.218 --> 00:08:13.381 Who else was the there was someone else that also 145 00:08:16.523 --> 00:08:17.223 Not his. 146 00:08:17.804 --> 00:08:21.107 I'm trying to think of the other one. 147 00:08:21.127 --> 00:08:24.269 I've lost my train of thought at the moment as you were talking there. 148 00:08:24.309 --> 00:08:30.173 But Listen, what we're also interested in, who's going to be Secretary of the 149 00:08:30.173 --> 00:08:30.313 Treasury? 150 00:08:30.313 --> 00:08:32.295 I don't know if he's made any appointments there yet. 151 00:08:33.936 --> 00:08:34.636 Not yet, no. 152 00:08:34.636 --> 00:08:36.117 No. 153 00:08:36.218 --> 00:08:38.799 But, of course, we haven't mentioned… He's talking to people. 154 00:08:39.320 --> 00:08:44.324 We haven't mentioned Elon Musk yet, of course, and his partner. 155 00:08:44.584 --> 00:08:45.524 Gosh, what is his name? 156 00:08:46.025 --> 00:08:46.725 Rawaswami. 157 00:08:47.186 --> 00:08:47.886 Rawaswami. 158 00:08:47.886 --> 00:08:48.486 Rawaswami. 159 00:08:48.486 --> 00:08:51.189 Yeah, anyway, the rent. 160 00:08:51.893 --> 00:08:58.316 The second fellow unleashed on the world, I think it was in 2022 or something about, 161 00:08:58.316 --> 00:09:00.316 we're going to get rid of the 162 00:09:00.316 --> 00:09:02.217 Department of Education, we're going to dismantle the FBI, etc. 163 00:09:02.417 --> 00:09:03.418 And it goes on and on. 164 00:09:04.098 --> 00:09:06.459 And of course, Elon Musk is loving this. 165 00:09:06.459 --> 00:09:10.180 And they've called it the Department of Government Efficiency, which is Doge. 166 00:09:11.749 --> 00:09:14.851 Obviously, we know what Doge is apart from... 167 00:09:15.171 --> 00:09:16.892 It's not a government department, by the way. 168 00:09:16.932 --> 00:09:20.954 It's just a consultancy that goes to the government. 169 00:09:20.954 --> 00:09:21.654 So it's strange. 170 00:09:21.654 --> 00:09:25.137 Viv, you must have an idea on this Elon Musk story. 171 00:09:25.937 --> 00:09:30.760 You know, the point is that if you appointed him into a government position, 172 00:09:30.760 --> 00:09:32.760 then 173 00:09:32.760 --> 00:09:34.282 Elon Musk would have to resign all his directorships. 174 00:09:34.282 --> 00:09:35.082 Exactly. 175 00:09:35.643 --> 00:09:37.764 So he doesn't have to do that. 176 00:09:37.784 --> 00:09:39.645 You know, he can carry on as an advisor. 177 00:09:40.141 --> 00:09:45.043 or almost as a consultant. 178 00:09:45.043 --> 00:09:45.943 Exactly what David has said. 179 00:09:46.303 --> 00:09:50.165 So the people are saying that this is not a department and therefore something newly 180 00:09:50.165 --> 00:09:52.165 created and therefore 181 00:09:52.165 --> 00:09:54.786 Trump is kind of letting these guys off with a fake prize effectively, 182 00:09:55.346 --> 00:09:59.588 not realizing that they can't get a real department because if either of these guys 183 00:09:59.588 --> 00:10:01.588 got a real department, 184 00:10:01.588 --> 00:10:03.509 Musk would have to get rid of his shares in Tesla and SpaceX etc. 185 00:10:04.250 --> 00:10:08.351 And even to remember, he's not as rich as Musk, but he's still a billionaire. 186 00:10:08.899 --> 00:10:11.661 and has a 7% stake in a company called Roivut. 187 00:10:12.182 --> 00:10:14.103 And here is my thesis on this, right? 188 00:10:14.704 --> 00:10:18.267 I believe neither Ramaswamy or Musk care that much about the debt. 189 00:10:18.587 --> 00:10:19.648 They don't care about spending. 190 00:10:20.088 --> 00:10:25.233 Okay, because how does, if the US basically drops its deficit by 50%, how 191 00:10:25.233 --> 00:10:27.233 will it affect Musk's net worth? 192 00:10:27.233 --> 00:10:29.233 Not at all, right? 193 00:10:29.233 --> 00:10:31.618 But what really Musk is concerned about and Ramaswamy are regulations. 194 00:10:32.279 --> 00:10:37.523 Musk has an issue with SpaceX because they are stopping him from getting his rockets 195 00:10:37.523 --> 00:10:39.523 up as fast as possible, right? 196 00:10:39.523 --> 00:10:43.727 There's an issue with Tesla because they are preventing him from getting, you know, 197 00:10:43.727 --> 00:10:45.727 that robot taxi on the road as quickly as he might want to. 198 00:10:45.727 --> 00:10:48.090 Also with, it's called Neuralink because, you know, 199 00:10:48.130 --> 00:10:52.273 obviously there's regulations about how easy it is to put stuff in people's 200 00:10:52.273 --> 00:10:54.273 brains. 201 00:10:54.273 --> 00:10:55.355 Or with the Boring Company about how easy it is to dig underground. 202 00:10:55.675 --> 00:10:56.375 You know what I mean? 203 00:10:56.375 --> 00:10:56.936 This is construction. 204 00:10:57.596 --> 00:11:02.260 Now, if you're looking at all those companies here, you want to reduce 205 00:11:02.260 --> 00:11:04.260 regulation, SpaceX would be more profitable. 206 00:11:04.260 --> 00:11:06.260 Tesla would be more profitable. 207 00:11:06.260 --> 00:11:07.103 Neuralink, who knows what the future might hold for that company, but it will 208 00:11:07.103 --> 00:11:09.103 progress faster. 209 00:11:09.103 --> 00:11:14.229 and the same thing with the boring company and on the other side robert its business 210 00:11:14.229 --> 00:11:16.229 model was entirely finding drugs 211 00:11:16.229 --> 00:11:21.396 that were basically developed by other people and they're taking them and buying 212 00:11:21.396 --> 00:11:23.396 them off them and then taking them through the the approval 213 00:11:23.396 --> 00:11:27.822 process at the fda so literally they were totally involved in regulations around 214 00:11:27.822 --> 00:11:29.822 drug drugs 215 00:11:29.822 --> 00:11:34.867 and the reason i say that i don't think that the two of them together there is a 216 00:11:34.867 --> 00:11:36.867 bad thing from their point of view is that Musk doesn't concern himself with drugs. 217 00:11:36.867 --> 00:11:41.329 And I don't think Ramaswamy concerns himself with construction or with, you 218 00:11:41.329 --> 00:11:41.809 know, 219 00:11:41.809 --> 00:11:42.970 space or with driving, et cetera. 220 00:11:43.510 --> 00:11:50.012 And so they each have the ability to target parts of the regulatory environment 221 00:11:50.012 --> 00:11:52.012 that is going to benefit each of them specifically and 222 00:11:52.012 --> 00:11:53.032 also is going to make them much more wealthy. 223 00:11:53.613 --> 00:11:55.313 And here's another thing to be concerned about. 224 00:11:55.653 --> 00:11:58.054 People are talking about the fact that Donald Trump's a lame duck president. 225 00:11:58.674 --> 00:11:59.874 That's not the case in reality. 226 00:12:00.415 --> 00:12:01.995 Not to say that I think he's going to have a third term. 227 00:12:02.451 --> 00:12:07.172 The people say it's a lame duck president because he doesn't have the ability to 228 00:12:07.172 --> 00:12:09.172 affect you after his term. 229 00:12:09.172 --> 00:12:12.254 And so people normally with a lame duck president, by halfway through his second 230 00:12:12.254 --> 00:12:14.254 term, they kind of stop looking at you. 231 00:12:14.254 --> 00:12:15.114 The difference this time around is that he has Musk on his side. 232 00:12:15.114 --> 00:12:20.156 And Musk has said that if anybody votes against Trump's, like, you know, approved 233 00:12:20.156 --> 00:12:22.156 candidates, 234 00:12:22.156 --> 00:12:25.637 he will basically finance rivals against them in the next election. 235 00:12:26.578 --> 00:12:29.758 Now, this is Russia stuff. 236 00:12:29.758 --> 00:12:30.458 It really is. 237 00:12:30.458 --> 00:12:31.119 Russia stuff. 238 00:12:31.199 --> 00:12:31.899 Yeah. 239 00:12:31.899 --> 00:12:32.299 Russia stuff. 240 00:12:34.540 --> 00:12:40.782 for another term i mean no consecutive terms because of that but also because it 241 00:12:40.782 --> 00:12:42.782 doesn't also it's going 242 00:12:42.782 --> 00:12:45.823 to be i've told you guys before it's not going to it's all like 243 00:12:46.303 --> 00:12:52.705 30 percent chance it doesn't make it if you have to go get an actuarial like an 244 00:12:52.705 --> 00:12:54.705 insurance textbook and look at the matter of his age and his weight 245 00:12:54.705 --> 00:12:59.692 he's not going to be another four years guaranteed you know it's like two-thirds 246 00:12:59.692 --> 00:13:01.692 chance but he'll be all but a little bit But here's the thing, it doesn't need to 247 00:13:01.692 --> 00:13:03.692 be another thing. 248 00:13:03.692 --> 00:13:05.692 Once you change the laws, it takes a long time to change the laws back. 249 00:13:05.692 --> 00:13:08.998 And SpaceX will have four years, maybe five or six years of, you know, ability to 250 00:13:08.998 --> 00:13:10.998 get rockets into space much more easily. 251 00:13:10.998 --> 00:13:13.942 And Musk says he can get rockets fast into space, they can do the paperwork. 252 00:13:14.282 --> 00:13:18.845 If you take out the paperwork, suddenly he's going to have much more ability to 253 00:13:18.845 --> 00:13:20.845 get this, you know, Starlink and stuff in space. 254 00:13:20.845 --> 00:13:21.367 Roy Wins would have a huge, like, you know, uptake. 255 00:13:21.367 --> 00:13:24.769 There's probably tons of, like, you know, drugs that they're pushing for the FDA 256 00:13:24.769 --> 00:13:26.769 right now. 257 00:13:26.769 --> 00:13:27.131 You take out some of the regulation of that, they're going to be... 258 00:13:27.775 --> 00:13:30.736 Super profitable. 259 00:13:30.756 --> 00:13:32.436 So, yeah, these guys are going to make billions. 260 00:13:32.796 --> 00:13:38.318 With Musk, it's going to be $70 billion just on Tesla in the last week. 261 00:13:39.758 --> 00:13:40.579 Yes, it's unbelievable. 262 00:13:40.819 --> 00:13:46.760 Just before we leave the Musk story, do you think Musk approached Trump or do you 263 00:13:46.760 --> 00:13:48.760 think Trump approached Musk? 264 00:13:48.760 --> 00:13:49.581 Because Musk must have said to himself, if he gets in, 265 00:13:49.861 --> 00:13:56.443 then he's quite easily manipulated because he loves people just saying how wonderful 266 00:13:56.443 --> 00:13:58.443 he is and I can get somewhere, I can get in. 267 00:13:58.443 --> 00:14:03.509 and get the regulations that you've just spoken of viv quashed and etc who came 268 00:14:03.509 --> 00:14:05.509 first the chicken or the 269 00:14:05.509 --> 00:14:10.635 egg david do you think i think i'm sure that that musk has been making overtures 270 00:14:10.635 --> 00:14:12.635 in terms of 271 00:14:12.635 --> 00:14:17.681 uh you know social media which must have attracted trump um he's you know he's that 272 00:14:17.681 --> 00:14:19.681 kind of character but he's been 273 00:14:19.681 --> 00:14:24.387 a supporter for some time it's not though he's just come onto the scene overnight 274 00:14:24.387 --> 00:14:26.387 it's been 275 00:14:26.387 --> 00:14:29.875 It's been at a distance, but now that he's taking the stage, that was a big surprise. 276 00:14:30.236 --> 00:14:36.942 You know, and to a point where he started to give away a million dollars and so on, 277 00:14:36.942 --> 00:14:38.942 you know, there he really upped the ante. 278 00:14:38.942 --> 00:14:39.083 No one believed that he would take it that far. 279 00:14:39.904 --> 00:14:46.210 And what his agenda was, I think Viv has spelled out quite eloquently now. 280 00:14:47.190 --> 00:14:51.234 I think it's more an agenda than to serve the American people. 281 00:14:51.234 --> 00:14:52.395 It's more his own agenda. 282 00:14:53.355 --> 00:14:55.036 I don't think he's the kind of people, 283 00:14:55.696 --> 00:15:01.859 he's the kind of person who wants to hold babies or do any kind of civil work or 284 00:15:01.859 --> 00:15:03.859 something like 285 00:15:03.859 --> 00:15:05.859 that. 286 00:15:05.859 --> 00:15:05.861 I think he's completely self-interested. 287 00:15:06.341 --> 00:15:10.243 Vivian, you were about to say something when David gave his answer. 288 00:15:10.283 --> 00:15:10.983 Please go ahead. 289 00:15:11.994 --> 00:15:13.935 Again, my consultancy theory around Peter Thiel. 290 00:15:14.315 --> 00:15:18.197 Peter Thiel found PayPal with Elon Musk. 291 00:15:18.537 --> 00:15:22.698 Peter Thiel was the first guy to support Donald Trump in 2016. 292 00:15:23.039 --> 00:15:25.299 Peter Thiel is the guy that financed J.D. 293 00:15:25.460 --> 00:15:30.241 Vance's business and basically financed his entry to the Senate. 294 00:15:30.241 --> 00:15:33.483 I think Peter Thiel had a role to play in this, almost certainly. 295 00:15:34.363 --> 00:15:35.063 Okay. 296 00:15:35.063 --> 00:15:37.024 You know what was very interesting yesterday? 297 00:15:37.424 --> 00:15:40.926 I picked up Bill Ackman is a former Democrat who 298 00:15:42.014 --> 00:15:48.817 you know who switched sides and he tweeted something very interesting yesterday he 299 00:15:48.817 --> 00:15:50.817 said and he said that there's giddy 300 00:15:50.817 --> 00:15:55.780 excitement you know over trump's administration uh by businessmen you know 301 00:15:55.780 --> 00:15:57.780 even businessmen who had 302 00:15:57.780 --> 00:15:58.361 formally voted or didn't vote 303 00:15:58.401 --> 00:16:05.224 for trump and this was more a business tweet than than anything else and very 304 00:16:05.224 --> 00:16:07.224 excited about what's 305 00:16:07.224 --> 00:16:12.091 happening about obviously his economic policies but he made another comment he 306 00:16:12.091 --> 00:16:14.091 said you know that Where confidence, 307 00:16:14.091 --> 00:16:15.573 where you're confident, where people are confident, it becomes self-fulfilling. 308 00:16:16.194 --> 00:16:21.778 And he expected business now to spend a lot more, invest a lot more, 309 00:16:22.478 --> 00:16:27.862 which is very productive, increases productivity and also increases wealth and 310 00:16:27.862 --> 00:16:29.862 the stock market. 311 00:16:29.862 --> 00:16:34.086 But the other point he said that with regulations being looked at, 312 00:16:35.247 --> 00:16:39.450 he said that's going to unleash a huge amount of M&A. 313 00:16:41.079 --> 00:16:42.540 So, this was it. 314 00:16:43.060 --> 00:16:44.321 Today, I think you can tweet. 315 00:16:44.381 --> 00:16:46.643 You're not confined to a few letters. 316 00:16:48.205 --> 00:16:51.888 This was quite a long tweet, but very, very positive business-wise. 317 00:16:53.029 --> 00:16:55.431 And I think that's what we've been seeing in the markets. 318 00:16:55.451 --> 00:17:01.916 I know we're taking a bit of a breather now, but there does seem to be this spirit 319 00:17:01.916 --> 00:17:03.916 of enthusiasm and spirit of, okay, 320 00:17:03.916 --> 00:17:05.359 we've got Trump, but… Let's focus on the economy. 321 00:17:05.919 --> 00:17:07.219 That's where we are. 322 00:17:07.219 --> 00:17:09.680 It's an interesting one, especially with the bond market doing what it's doing. 323 00:17:09.700 --> 00:17:10.881 OK, it's not getting hammered. 324 00:17:10.921 --> 00:17:15.943 But on the other hand, when Trump talks about, I'll get inflation down, I'll get 325 00:17:15.943 --> 00:17:17.943 energy prices down. 326 00:17:17.943 --> 00:17:22.926 In fact, if what you've been talking about goes ahead and if he cuts taxes and if he 327 00:17:22.926 --> 00:17:24.926 imposes tariffs, then inflation, 328 00:17:24.926 --> 00:17:26.007 of course, is going to go up, certainly in the short to medium term. 329 00:17:26.368 --> 00:17:30.049 And therefore, his inflation call has been the first of his lies. 330 00:17:30.509 --> 00:17:31.830 Because the. 331 00:17:32.010 --> 00:17:36.574 the cost to the average person going to Walmart will undoubtedly go up. 332 00:17:36.674 --> 00:17:42.178 David, just quickly sticking with you, Melania Trump, did you look up that Russia 333 00:17:42.178 --> 00:17:44.178 story that I I did. 334 00:17:44.178 --> 00:17:46.178 And did you see it? 335 00:17:46.178 --> 00:17:48.178 I saw it, yes. 336 00:17:48.178 --> 00:17:49.684 I'll just tell Viv what happened. 337 00:17:50.485 --> 00:17:52.667 For our eyes, they blanked out a lot of stuff. 338 00:17:52.887 --> 00:17:53.587 Yes. 339 00:17:53.587 --> 00:17:55.909 But it's quite fascinating. 340 00:17:55.909 --> 00:18:02.763 And what's also fascinating is that, you know, you alerted me to this as well, that 341 00:18:02.763 --> 00:18:04.763 She refused 342 00:18:04.763 --> 00:18:05.925 Jill Biden's invitation to the White House. 343 00:18:06.266 --> 00:18:10.129 Donald Trump met with Biden yesterday, but she refused. 344 00:18:10.129 --> 00:18:13.011 You know, she held back whether she was embarrassed, whatever it is. 345 00:18:13.011 --> 00:18:16.734 She doesn't feel that she can hold a conversation. 346 00:18:16.834 --> 00:18:17.534 I don't know. 347 00:18:17.875 --> 00:18:19.577 But there's something not right. 348 00:18:20.137 --> 00:18:23.199 You know, she makes very few appearances. 349 00:18:23.880 --> 00:18:28.564 And, you know, I don't think she supported the second term. 350 00:18:28.584 --> 00:18:30.886 And I'm sure you're not going to see too much of her. 351 00:18:32.066 --> 00:18:34.567 Only when she's absolutely forced to be there. 352 00:18:34.808 --> 00:18:37.269 Well, she said she won't live at the White House. 353 00:18:37.429 --> 00:18:43.651 She's going to spend time between Trump Tower and Mar-a-Lago because her son, 354 00:18:43.651 --> 00:18:43.731 Barron, 355 00:18:43.991 --> 00:18:45.412 is at college in New York. 356 00:18:45.512 --> 00:18:48.773 So she's made it very clear she's not going to go to the White House. 357 00:18:49.114 --> 00:18:53.195 And obviously the marriage is on the rocks and she's paid to make certain 358 00:18:53.195 --> 00:18:55.195 appearances. 359 00:18:55.195 --> 00:18:59.478 But Viv, what happened, or you may have seen it, is that when Trump was confirmed 360 00:18:59.478 --> 00:19:01.478 as president-elect, 361 00:19:01.478 --> 00:19:03.708 The Washington Post said that he'd phoned up Putin and said, you must de-escalate 362 00:19:03.708 --> 00:19:05.708 the war. 363 00:19:05.708 --> 00:19:09.111 And the first thing that Putin said, you can imagine, put the phone down and said, 364 00:19:09.111 --> 00:19:11.111 OK, let's escalate the war. 365 00:19:11.111 --> 00:19:15.975 And so he sent 145 drones into Ukraine the next day, which was the biggest attack of 366 00:19:15.975 --> 00:19:17.975 the year so far. 367 00:19:17.975 --> 00:19:21.058 So that was the first finger to Trump. And then the next day, state media, 368 00:19:21.358 --> 00:19:27.122 both television and newspapers, which is, of course, controlled by the Putin regime. 369 00:19:28.158 --> 00:19:34.483 plastered themselves with pictures from a long time ago of Melania Trump posing 370 00:19:35.404 --> 00:19:37.406 as a soft porn model, essentially. 371 00:19:37.866 --> 00:19:42.650 And they were all laughing about her, saying, here's the first lady getting 372 00:19:42.650 --> 00:19:44.650 ready for her next term. 373 00:19:44.650 --> 00:19:47.594 So it's Putin saying to Trump, Viv, I'm in charge. 374 00:19:47.654 --> 00:19:48.355 Don't mess with me. 375 00:19:48.715 --> 00:19:49.415 Don't you think? 376 00:19:50.396 --> 00:19:51.096 Yeah, I think he is. 377 00:19:51.096 --> 00:19:53.459 But I think that is silly on his part, if he is doing that. 378 00:19:54.019 --> 00:19:56.982 Because quite frankly, the one thing you know about Trump is, if you look back, 379 00:19:57.282 --> 00:20:04.187 the reason he's president is because people made fun of him at a party with uh 380 00:20:04.187 --> 00:20:06.187 barack obama everybody says that yeah the reason 381 00:20:06.187 --> 00:20:11.593 ronald trump is president is because there was a one of those press uh things you 382 00:20:11.593 --> 00:20:13.593 know uh nights with barack 383 00:20:13.593 --> 00:20:15.336 obama and for something the correspondence yeah 384 00:20:15.336 --> 00:20:21.180 and they made fun of trump and apparently he fumed on it for all this time and he's 385 00:20:21.180 --> 00:20:23.180 basically gone after you know 386 00:20:23.180 --> 00:20:27.897 the presidency because of that the reason that he's basically appointed the people 387 00:20:27.897 --> 00:20:29.897 supporting right now and says no to like you know uh 388 00:20:29.897 --> 00:20:34.463 Pompeo and to uh Nikki Haley was because he felt that they had like kind of 389 00:20:34.463 --> 00:20:36.463 slighted his honor and 390 00:20:36.463 --> 00:20:40.968 the people he's speaking right now in terms of you know who's going to be in 391 00:20:40.968 --> 00:20:42.968 charge uh is not so much about their expertise but for loyalty like you 392 00:20:42.968 --> 00:20:44.968 mentioned because 393 00:20:44.968 --> 00:20:47.934 he wants people that believe what he says this I think is one of the things that 394 00:20:47.934 --> 00:20:49.934 Putin could actually do that will make Trump actually support Ukraine 395 00:20:49.934 --> 00:20:55.499 because of the fact that uh he has a very very certain skin and if you if you do do 396 00:20:55.499 --> 00:20:57.499 something like this here he 397 00:20:57.499 --> 00:21:00.263 will you know it's called uh retaliate so it doesn't make sense from that point of 398 00:21:00.263 --> 00:21:02.263 view it's why you'd want to 399 00:21:02.263 --> 00:21:07.227 do that it's it's uh it's it's it's a this is a this is a very silly part for putin 400 00:21:07.227 --> 00:21:09.227 putin is uh 401 00:21:09.227 --> 00:21:14.072 maybe not the world's baddest person but he's he should be smart enough not to to 402 00:21:14.072 --> 00:21:16.072 see that this is an opportunity be flattered donald trump that's the 403 00:21:16.072 --> 00:21:20.864 that's the thing like musk is doing and then you know basically get what you 404 00:21:20.864 --> 00:21:22.864 wanted you know disassociate yourself afterwards But yeah, 405 00:21:22.864 --> 00:21:23.045 it kind of makes no sense as to why they would do this. 406 00:21:23.065 --> 00:21:29.848 It doesn't, because they are likely to get Ukraine, or the part of Ukraine they 407 00:21:29.848 --> 00:21:31.848 already have, they are likely to get an ending to sanctions. 408 00:21:31.848 --> 00:21:37.210 And they are likely to basically get Ukraine not joining NATO if Trump 409 00:21:37.210 --> 00:21:39.210 basically, you know, is just left alone. 410 00:21:39.210 --> 00:21:39.411 What would they want? 411 00:21:40.071 --> 00:21:40.812 Yeah, true. 412 00:21:41.112 --> 00:21:41.812 Anyway. 413 00:21:41.952 --> 00:21:43.633 Yeah, it's fascinating, the whole thing. 414 00:21:43.633 --> 00:21:44.654 And it will go on and on. 415 00:21:44.714 --> 00:21:47.556 It's the one thing that still keeps me awake at night. 416 00:21:47.556 --> 00:21:52.519 Anyway, the other thing is Bitcoin got to in the low 90,000s yesterday. 417 00:21:52.759 --> 00:21:57.483 And I remember earlier in the year looking at it, and it was something like 16,000, 418 00:21:57.483 --> 00:21:59.483 17,000. 419 00:21:59.483 --> 00:22:01.483 This year, that is. 420 00:22:01.483 --> 00:22:02.126 Not two years ago or three, but this year, it's been as low as that and has rocketed. 421 00:22:02.566 --> 00:22:07.049 And I saw a graph which superimposed Bitcoin over the Nasdaq. 422 00:22:07.870 --> 00:22:10.752 Bitcoin's a tech stock, Viv, and I'll stay with you on this one. 423 00:22:10.752 --> 00:22:11.452 They are at... 424 00:22:11.472 --> 00:22:13.233 Absolutely identical. 425 00:22:13.293 --> 00:22:14.693 How do you explain that? 426 00:22:15.994 --> 00:22:16.994 I think it would have been a year ago. 427 00:22:18.815 --> 00:22:20.056 I think it was last year on that level. 428 00:22:20.496 --> 00:22:21.396 That's not of last year. 429 00:22:21.556 --> 00:22:24.938 I think this year the low has been about 40,000. Oh, okay. 430 00:22:25.018 --> 00:22:26.298 Time goes quickly at my age. 431 00:22:28.539 --> 00:22:34.161 I did a seminar on this just before the election, and I had three picks if Trump 432 00:22:34.161 --> 00:22:34.301 wins. 433 00:22:34.301 --> 00:22:36.662 It was Palantir, Tesla, and Bitcoin. 434 00:22:36.703 --> 00:22:37.543 I bought two out of the three. 435 00:22:37.543 --> 00:22:39.504 I did not buy Bitcoin because I'm too old. 436 00:22:39.544 --> 00:22:40.244 I don't like... 437 00:22:40.432 --> 00:22:47.096 the idea of cryptocurrencies i've never invested in them even though i did pick 438 00:22:47.096 --> 00:22:49.096 them but coin has been one of the things that's going to go up uh if uh trump did 439 00:22:49.096 --> 00:22:51.096 win uh 440 00:22:51.096 --> 00:22:54.820 look trump is going to come in he's going to be much more open to uh the uh the 441 00:22:54.820 --> 00:22:56.820 crypto space in 442 00:22:56.820 --> 00:22:58.962 fact uh if you look at the podcast he went to some of the big podcasts he went to 443 00:22:58.962 --> 00:22:59.242 were very 444 00:22:59.242 --> 00:23:02.705 crypto focused yeah uh and young men in the u.s 445 00:23:02.825 --> 00:23:08.548 with a substantial portion of young men in the u.s that actually helped uh with the 446 00:23:08.548 --> 00:23:10.548 election uh in fact 447 00:23:10.548 --> 00:23:15.930 big thing is not uh bitcoin it's doge i know we use doge for the uh the the 448 00:23:15.930 --> 00:23:15.990 institution 449 00:23:15.990 --> 00:23:22.192 that uh muslims are running but doge is up 300 percent this year okay and it's up 450 00:23:22.352 --> 00:23:27.733 150 percent uh from the election to that that's like a week and a half uh so 451 00:23:27.833 --> 00:23:34.555 that is the one that's really going up uh but crypto in general he's gonna promote 452 00:23:34.555 --> 00:23:36.555 it uh i personally don't 453 00:23:36.555 --> 00:23:38.656 trust crypto i don't know what it does and if i stay away but uh yeah 454 00:23:38.896 --> 00:23:42.597 But it's definitely a troubling phenomenon. 455 00:23:42.597 --> 00:23:48.199 You know, Viv, you raise a point which I can't get my head around. 456 00:23:49.079 --> 00:23:55.761 He's still, regardless of whether he's a supporter or not, and whether people who, 457 00:23:55.761 --> 00:23:57.761 which is exactly right, 458 00:23:57.761 --> 00:24:01.863 there was a whole lot of young rich people in the Bitcoin area and those areas that 459 00:24:01.863 --> 00:24:03.863 supported him, 460 00:24:03.863 --> 00:24:03.863 and maybe this is his payback. 461 00:24:03.923 --> 00:24:06.744 But I'm trying to get my head around how... 462 00:24:08.072 --> 00:24:09.273 You're going to regulate this. 463 00:24:09.433 --> 00:24:12.634 You know, I still can't irregulate a dollar. 464 00:24:12.674 --> 00:24:13.955 You regulate a currency. 465 00:24:14.015 --> 00:24:14.715 You regulate. 466 00:24:14.935 --> 00:24:21.698 I know that the whole point was to bypass and have a currency that is not dictated 467 00:24:21.698 --> 00:24:23.698 like gold by 468 00:24:23.698 --> 00:24:26.340 central bank policy or overspending or whatever. 469 00:24:27.341 --> 00:24:32.403 But still, you know, somewhere along the line, you've got to have control over this 470 00:24:32.403 --> 00:24:32.442 currency. 471 00:24:32.843 --> 00:24:34.844 Otherwise, exactly what it's used for will be. 472 00:24:35.440 --> 00:24:38.162 money laundering and all dodgy type of dealings. 473 00:24:38.562 --> 00:24:41.964 So I'm saying, okay, they're going to help. 474 00:24:42.044 --> 00:24:44.705 They're going to be more forward-looking towards it. 475 00:24:45.005 --> 00:24:45.705 But how? 476 00:24:45.866 --> 00:24:52.610 How are you going to regulate it in terms of people using it for 477 00:24:53.350 --> 00:24:58.393 either investment or for settling transactions? 478 00:24:58.893 --> 00:25:02.355 I still can't in my own mind work out where the benefits are. 479 00:25:02.435 --> 00:25:03.676 We still price it in dollars. 480 00:25:04.536 --> 00:25:11.340 hey yeah you know we still so it's still got a dollar value you know it's it's uh 481 00:25:11.340 --> 00:25:13.340 uh in the old days of barter you'd 482 00:25:13.340 --> 00:25:17.743 you'd you'd have a cow and you'd take it to the market and you'd come home with 483 00:25:17.743 --> 00:25:19.743 carrots and tomatoes do you know what i mean 484 00:25:19.743 --> 00:25:21.305 yeah so where did we how do we get from bitcoin at 90 485 00:25:21.645 --> 00:25:28.369 000 to carrots and tomatoes and and cows do you know what i mean and then so they 486 00:25:28.369 --> 00:25:30.369 said no well let's say a cow will be worth a 487 00:25:30.369 --> 00:25:32.369 dollar and for a dollar you can work 488 00:25:32.369 --> 00:25:38.961 you can go and buy carrots and tomatoes okay yeah but you're getting the wrong way 489 00:25:38.961 --> 00:25:40.961 around david i don't think donald trump's 490 00:25:40.961 --> 00:25:45.583 uh donald trump's entire second president term is about reducing the power of the 491 00:25:45.583 --> 00:25:47.583 u.s state it's 492 00:25:47.583 --> 00:25:51.124 about reducing regulations he wants to defy the irs he wants to put people in 493 00:25:51.124 --> 00:25:53.124 charge of 494 00:25:53.124 --> 00:25:55.806 uh the different departments who are going to reduce their power 495 00:25:56.186 --> 00:26:03.008 reduce their overreach as he felt because he thinks the cia he thinks the fbi thinks 496 00:26:03.008 --> 00:26:05.008 all those institutions have overdone their power over the last 497 00:26:05.008 --> 00:26:10.030 couple years uh bitcoin is a crypto is actually a way to reduce uh regulatory 498 00:26:10.030 --> 00:26:12.030 oversight not not to 499 00:26:12.030 --> 00:26:16.792 say that he wants to bring this into regular oversight he wants to reduce it 500 00:26:16.792 --> 00:26:18.792 because the people that he kind of seems to believe that that 501 00:26:18.792 --> 00:26:22.993 the state has turned against the deep state as he calls it has turned against 502 00:26:22.993 --> 00:26:24.993 him so he wants to kind of reduce 503 00:26:24.993 --> 00:26:29.175 the power of the deep state and that means basically having a currency that can't be 504 00:26:29.175 --> 00:26:31.175 regulated and can't be tracked. 505 00:26:31.175 --> 00:26:33.516 That means basically… I mean, the people who have gone to that are far-reaching. 506 00:26:37.277 --> 00:26:43.219 So I reckon these people who are getting carried away and buying just because 507 00:26:43.219 --> 00:26:45.219 they're buying, as you say, you avoid it. 508 00:26:45.219 --> 00:26:46.100 Somewhere along the line, I think, are in for a bit of a shock. 509 00:26:46.360 --> 00:26:53.082 But I heard this Mike Novogratz, Scott, or whatever his name is, saying, you know, 510 00:26:53.082 --> 00:26:55.082 this is $500,000, 511 00:26:55.082 --> 00:26:57.082 you know. 512 00:26:57.082 --> 00:26:57.103 And everybody's, oh, $500,000 is only 90 we better buy. 513 00:26:57.763 --> 00:27:04.505 So it is being propped up by a lot of the cheerleaders for this, for crypto. 514 00:27:04.505 --> 00:27:06.085 Because you can't challenge it. 515 00:27:06.125 --> 00:27:09.266 You can't say, oh, there's earnings or anything around it. 516 00:27:09.466 --> 00:27:11.467 You can just put this up to wherever you want to. 517 00:27:11.467 --> 00:27:12.447 It's just a vehicle. 518 00:27:12.487 --> 00:27:14.768 It's just a speculative vehicle, isn't it? 519 00:27:14.768 --> 00:27:19.409 I mean, unless you're a criminal and you're laundering money, it's something 520 00:27:19.409 --> 00:27:21.409 that you buy because everyone else is buying it. 521 00:27:21.409 --> 00:27:23.409 And then you sell it. 522 00:27:23.409 --> 00:27:25.409 And you've never owned it. 523 00:27:25.409 --> 00:27:27.409 You've done it via. 524 00:27:27.409 --> 00:27:27.755 And of course, the ETF market has boosted it a lot because now suddenly you can buy 525 00:27:27.755 --> 00:27:27.954 a small 526 00:27:27.954 --> 00:27:30.117 chunk in whatever increment you want. 527 00:27:30.697 --> 00:27:32.819 It's very, it disturbs me. 528 00:27:32.819 --> 00:27:35.941 And the reason it disturbs me is because I don't understand it like you, David. 529 00:27:35.962 --> 00:27:40.405 I really don't understand it and I don't want to. 530 00:27:40.706 --> 00:27:46.210 Next key point is going to be Trump has discussed having Bitcoin as part of the 531 00:27:46.210 --> 00:27:48.210 US's national reserves. 532 00:27:48.210 --> 00:27:50.474 So if that does happen. 533 00:27:51.010 --> 00:27:57.475 okay then you could see i don't know you could see 500 000 you could see it go up 534 00:27:57.475 --> 00:27:59.475 from here and i was i still wouldn't buy it because i just 535 00:27:59.475 --> 00:28:01.377 like i've selected the school with david i think it can fall immediately uh you know 536 00:28:01.658 --> 00:28:07.622 because of whatever happens but i think that the next point is and the thing is 537 00:28:07.622 --> 00:28:09.622 that other countries have done this already 538 00:28:09.622 --> 00:28:15.868 uh because uh we've already seen other countries uh already go and have bitcoin 539 00:28:15.868 --> 00:28:17.868 as basically el salvador is the 540 00:28:17.868 --> 00:28:22.192 big one that has done it uh and uh I think also, I think Nepal or somewhere else in 541 00:28:22.192 --> 00:28:24.192 Asia has done it. 542 00:28:24.192 --> 00:28:26.192 Bhutan, sorry, has done that. 543 00:28:26.192 --> 00:28:28.437 So we are seeing, you know, other countries already starting to look at 544 00:28:28.437 --> 00:28:30.437 Bitcoin as a reserve like gold. 545 00:28:30.437 --> 00:28:32.437 And I think if the U.S. 546 00:28:32.437 --> 00:28:34.437 gets into that as well, we could see 500,000. 547 00:28:34.437 --> 00:28:36.144 But like I said, this is not about getting a better functioning U.S. 548 00:28:36.204 --> 00:28:36.904 state. 549 00:28:36.904 --> 00:28:37.665 It's about getting the U.S. 550 00:28:37.725 --> 00:28:39.266 state significantly less powerful. 551 00:28:39.847 --> 00:28:41.588 And I think that's what Musk is about. 552 00:28:41.728 --> 00:28:43.009 That's what Trump is about. 553 00:28:43.590 --> 00:28:45.091 That's what a lot of the things that he's doing is about. 554 00:28:45.111 --> 00:28:46.532 It's not regulating debt. 555 00:28:46.952 --> 00:28:48.073 It's regulating less. 556 00:28:48.554 --> 00:28:49.254 All right. 557 00:28:49.254 --> 00:28:52.252 David, let's get back briefly to the markets. 558 00:28:52.432 --> 00:28:56.574 And I noticed when I was looking at the JSC page today that Rechambeau was doing 559 00:28:56.574 --> 00:28:56.874 well. 560 00:28:56.874 --> 00:28:57.735 And I thought, why is that happening? 561 00:28:57.735 --> 00:28:59.055 And then I saw the Burberry numbers. 562 00:28:59.075 --> 00:29:03.478 I think the share price rose about 20% on the news of restructuring, I think it was. 563 00:29:03.618 --> 00:29:04.318 Is that what it is? 564 00:29:04.358 --> 00:29:07.040 Was Burberry the catalyst for all luxury stocks? 565 00:29:07.040 --> 00:29:07.740 I made a statement. 566 00:29:08.261 --> 00:29:14.724 I made a very statement that they can see Chinese demand recovery. 567 00:29:16.225 --> 00:29:18.026 OK, I mean, this is Burberry. 568 00:29:18.530 --> 00:29:21.912 Now, no other company has reported anything close to that. 569 00:29:23.233 --> 00:29:29.316 You saw Richemont's results, which were earlier on the week, particularly on watch 570 00:29:29.316 --> 00:29:31.316 sales, really under a lot of pressure. 571 00:29:31.316 --> 00:29:34.620 So I'm still trying to work out why Burberry's results, you know, that 572 00:29:34.620 --> 00:29:34.679 statement, 573 00:29:34.679 --> 00:29:36.981 because this is a very low level. 574 00:29:37.021 --> 00:29:39.102 In fact, it's up 20% as I look now. 575 00:29:39.883 --> 00:29:43.765 You know, for me, it was a very low level luxury brand. 576 00:29:43.925 --> 00:29:45.206 And why Burberry would... 577 00:29:45.622 --> 00:29:48.603 Leader recovery, it's just beyond me. 578 00:29:49.124 --> 00:29:55.827 So I don't know whether it just sparked some kind of view that maybe that side of 579 00:29:55.827 --> 00:29:55.847 the market is 580 00:29:55.907 --> 00:29:56.607 oversold. 581 00:29:57.028 --> 00:30:02.150 But I think it's a bit premature to call a turnaround in Chinese demand. 582 00:30:03.210 --> 00:30:08.033 I don't think Burberry is going to be the leader of that kind of turnaround. 583 00:30:08.053 --> 00:30:12.896 Maybe it was just looking for an excuse, the whole sector, and also the Trump 584 00:30:12.896 --> 00:30:14.896 factor, and maybe 585 00:30:14.896 --> 00:30:16.758 China will start to stabilize at least. 586 00:30:17.178 --> 00:30:20.700 But Richemont was up, all of them came, 4.5%. 587 00:30:21.841 --> 00:30:25.483 So a lot of the luxury companies went up as well. 588 00:30:25.683 --> 00:30:29.845 I just, you know, in Europe as well, ASML came out with a report as well. 589 00:30:29.885 --> 00:30:31.226 You know, ASML has been under... 590 00:30:31.286 --> 00:30:32.026 of pressure. 591 00:30:32.066 --> 00:30:33.407 That's from your part of the woods. 592 00:30:33.747 --> 00:30:39.831 And they came out with quite a positive view over the next five years about 593 00:30:39.831 --> 00:30:41.831 increasing demand for 594 00:30:41.831 --> 00:30:42.712 artificial intelligence. 595 00:30:42.732 --> 00:30:48.536 And of course, that's going to mean that they sell more machines and that shares up 596 00:30:48.536 --> 00:30:50.536 about over 6% today as well. 597 00:30:50.536 --> 00:30:52.878 So why bring that up as together with Burberry? 598 00:30:53.519 --> 00:30:56.600 I just think Europe has oversold Lindsay. 599 00:30:56.620 --> 00:30:59.202 I mean, I think it had been taken too much and... 600 00:30:59.886 --> 00:31:04.688 People looking or investors just looking for some kind of trigger to say, OK, let's 601 00:31:04.688 --> 00:31:04.828 go in. 602 00:31:05.448 --> 00:31:10.891 But I don't think either in ASML they said anything particularly different from what 603 00:31:10.891 --> 00:31:12.891 they had been saying. 604 00:31:12.891 --> 00:31:14.891 I love the company. 605 00:31:14.891 --> 00:31:16.891 I enjoy it. 606 00:31:16.891 --> 00:31:17.073 And, you know, but certainly Burberry is a bit of a mystery. 607 00:31:18.013 --> 00:31:18.713 All right. 608 00:31:18.713 --> 00:31:19.874 Let's have a look at some markets, shall we, gentlemen? 609 00:31:19.954 --> 00:31:24.456 The dollar round 1823, British pound against the round 2316. 610 00:31:24.456 --> 00:31:26.957 Euro round is 1927. 611 00:31:26.957 --> 00:31:28.798 Euro dollar 105.70. 612 00:31:29.378 --> 00:31:31.039 on its way to parity, methinks. 613 00:31:31.519 --> 00:31:33.801 British pound 127.05. 614 00:31:33.801 --> 00:31:37.663 Gold price has had a bit of a time recently, 25.71 today, down $10. 615 00:31:38.223 --> 00:31:43.967 Platinum and palladium both in three figures again, 9.46 for platinum, 616 00:31:44.007 --> 00:31:49.690 although it is up eight on the day, and palladium is unchanged at $930 an ounce. 617 00:31:49.770 --> 00:31:53.012 The oil price looked a bit dodgy earlier in the week, but it's recovered a bit. 618 00:31:53.012 --> 00:31:54.333 It was below 71. 619 00:31:54.333 --> 00:31:55.634 It's now 73. 620 00:31:56.150 --> 00:31:57.391 And three cents per barrel. 621 00:31:57.531 --> 00:32:01.474 Oh, no, it's suddenly gone 72.83, which is only up three quarters of a percent. 622 00:32:01.514 --> 00:32:02.775 That's the Brent crude variety. 623 00:32:03.075 --> 00:32:07.898 And West Texas is $68.93, which is also up three quarters. 624 00:32:08.439 --> 00:32:10.480 S&P is still holding on. 625 00:32:10.600 --> 00:32:12.582 It's 6,009. 626 00:32:12.582 --> 00:32:13.362 Who would have thought that? 627 00:32:13.422 --> 00:32:18.746 6,009 and has just dipped below 6,000, as my screen updates, 5,000,000. 628 00:32:18.826 --> 00:32:19.526 U.S. 629 00:32:19.526 --> 00:32:21.708 10-year Treasury bond yield, 4.42%. 630 00:32:21.708 --> 00:32:24.570 The South African 10-year, 9.34%. 631 00:32:25.146 --> 00:32:26.566 And let's have a look at Bitcoin. 632 00:32:27.287 --> 00:32:31.568 It was looking for all the world as though it would make an assault on 100,000 before 633 00:32:31.568 --> 00:32:33.568 the end of the year. 634 00:32:33.568 --> 00:32:35.568 And of course, it still can. 635 00:32:35.568 --> 00:32:37.970 But currently down 3.4% to 88,826. 636 00:32:38.130 --> 00:32:39.790 Actually down just over 4% now. 637 00:32:40.190 --> 00:32:40.950 What else have we got? 638 00:32:41.171 --> 00:32:47.312 Viv, any of your South African stocks in your portfolios catching your eye, doing 639 00:32:47.312 --> 00:32:49.312 well, doing badly? 640 00:32:49.312 --> 00:32:50.873 Look at the gold price and look at the gold stocks today. 641 00:32:51.013 --> 00:32:52.814 They're all publicly that great. 642 00:32:53.686 --> 00:33:00.549 look i'm i'm a bit concerned also about the rod i mean the rod that you said it's 643 00:33:00.549 --> 00:33:02.549 a 1820 it was 1830 something earlier in the day 644 00:33:02.549 --> 00:33:08.613 uh it's been incredibly vulnerable and the reason i'm looking at some currency in 645 00:33:08.613 --> 00:33:10.613 that yes part of it is the dollar but if you look at the movement against the 646 00:33:10.613 --> 00:33:14.875 powder you know it's about half the movement is just the rod it's not the 647 00:33:14.875 --> 00:33:16.875 dollar yeah or just the dollar and so what 648 00:33:16.875 --> 00:33:20.498 did i don't know if david said anything that's why is the rod being so weak 649 00:33:20.498 --> 00:33:22.498 recently what's what's the kind of beauty about that 650 00:33:22.498 --> 00:33:22.847 It could be commodities. 651 00:33:22.907 --> 00:33:27.229 It could be commodity prices, which are under pressure, just the general state of 652 00:33:27.229 --> 00:33:27.308 the economy. 653 00:33:27.549 --> 00:33:33.091 I also think, you know, this whole emerging market story has been overdone. 654 00:33:33.631 --> 00:33:40.294 And the more I look at Europe, the more I look at emerging markets, the more I'm 655 00:33:40.294 --> 00:33:42.294 concerned about where things go, 656 00:33:42.294 --> 00:33:42.895 particularly with China still pretty weak. 657 00:33:43.376 --> 00:33:47.177 And I think that I know that there's views that. 658 00:33:49.098 --> 00:33:49.899 rates in the U.S. 659 00:33:49.959 --> 00:33:52.840 might not come down as far as everybody had anticipated. 660 00:33:53.160 --> 00:33:54.941 I still think they're on a weakening bias. 661 00:33:55.021 --> 00:34:00.825 There's still calls that inflation is now getting very sticky and it's going to go 662 00:34:00.825 --> 00:34:02.825 sideways, whatever that is. 663 00:34:02.825 --> 00:34:03.927 I think it's more to do with money going into the U.S. 664 00:34:04.407 --> 00:34:09.830 I think investors taking a view on the U.S., whether they're buying 665 00:34:10.550 --> 00:34:12.031 Bitcoin or whatever they buy. 666 00:34:13.772 --> 00:34:19.315 But I think there's this view, as Bill actually said, said that America is going 667 00:34:19.315 --> 00:34:21.315 to dominate, 668 00:34:21.315 --> 00:34:21.856 that it's going to be the place to invest. 669 00:34:21.856 --> 00:34:27.158 So I think you've got to build that in as well, as well as other factors that 670 00:34:27.158 --> 00:34:29.158 normally affect currencies. 671 00:34:29.158 --> 00:34:29.819 But the Rand has been incredibly weak. 672 00:34:30.440 --> 00:34:35.822 For us, we were at 1830, I think two weeks ago, we were kind of 17. 673 00:34:36.902 --> 00:34:39.864 And the people calling 1650. 674 00:34:39.964 --> 00:34:43.305 Big houses here calling 1650. 675 00:34:43.305 --> 00:34:44.005 Yeah. 676 00:34:44.005 --> 00:34:45.446 I was actually looking at the research I got from the different banks. 677 00:34:46.279 --> 00:34:49.942 When the round was 18-30 and most of the stuff was talking about how much stronger 678 00:34:49.942 --> 00:34:51.942 the round was going to be. 679 00:34:51.942 --> 00:34:56.168 Last week they were talking about, you know, you're talking about below 17, 680 00:34:56.168 --> 00:34:58.168 breaking through 17, and it was 18-30. 681 00:34:58.168 --> 00:35:00.168 I'm thinking none of these guys predicted this stuff. 682 00:35:00.168 --> 00:35:06.132 You know what will happen, of course, if the Trump inflation play comes into 683 00:35:06.132 --> 00:35:08.132 fruition, then what will happen is, 684 00:35:08.132 --> 00:35:10.132 of course, that inflation goes up. 685 00:35:10.132 --> 00:35:12.454 The US Federal Reserve stops cutting rates no matter who is in charge of the Fed. 686 00:35:12.774 --> 00:35:15.415 Maybe Powell will get kicked out by Trump. 687 00:35:15.455 --> 00:35:16.155 I don't know. 688 00:35:16.155 --> 00:35:21.616 But undoubtedly, rates will stop falling and may even start to tick up again if 689 00:35:21.616 --> 00:35:23.616 inflation rises. 690 00:35:23.616 --> 00:35:25.616 So the dollar rises as well. 691 00:35:25.616 --> 00:35:27.698 And therefore, emerging market currencies are in hiding to nothing, because not only 692 00:35:27.698 --> 00:35:29.698 does it mean... 693 00:35:29.698 --> 00:35:31.115 The dollar is strong and therefore the emerging market currency is weak. 694 00:35:31.175 --> 00:35:37.157 But African governments, for example, it makes it much more difficult to service 695 00:35:37.157 --> 00:35:39.157 their debt with interest rates rising. 696 00:35:39.157 --> 00:35:40.517 So we could be in for a torrid time should inflation start to rise. 697 00:35:40.537 --> 00:35:41.237 What do you think? 698 00:35:42.538 --> 00:35:43.398 I would disagree with that. 699 00:35:43.818 --> 00:35:44.518 OK, good. 700 00:35:45.519 --> 00:35:49.940 Because I do believe if all the deregulation that Musk is going to put 701 00:35:49.940 --> 00:35:50.160 into play, 702 00:35:50.560 --> 00:35:56.382 that deregulation in the US is massively overregulated when it comes to 703 00:35:56.382 --> 00:35:58.382 construction, massively overregulated when it comes to manufacturing. 704 00:35:58.382 --> 00:36:02.191 If Trump, if Musk goes in there and he significantly reduces the ability of the 705 00:36:02.191 --> 00:36:04.191 EPA and the 706 00:36:04.191 --> 00:36:07.433 ability of these federal agencies to stop construction in the U.S., it's still the 707 00:36:07.433 --> 00:36:09.433 world's largest economy. 708 00:36:09.433 --> 00:36:11.054 And they have a huge backlog of things that they need to do and need to build. 709 00:36:11.554 --> 00:36:14.655 And if you have, you know, he's not going to do it for the good of the country. 710 00:36:15.135 --> 00:36:16.615 You know, that's our thesis anyway. 711 00:36:16.936 --> 00:36:19.556 He's doing it more for SpaceX and Boeing and Tesla and so on. 712 00:36:19.936 --> 00:36:22.437 The knockout effects for the whole economy in the U.S. 713 00:36:22.497 --> 00:36:24.978 could mean a construction manufacturing boom in the U.S. 714 00:36:25.538 --> 00:36:26.238 And that would. 715 00:36:26.238 --> 00:36:29.219 cause a huge uptick in demand for commodities, which would help Africa. 716 00:36:29.780 --> 00:36:31.220 It could easily replace China. 717 00:36:31.841 --> 00:36:32.801 And the second thing is this. 718 00:36:33.161 --> 00:36:37.363 The Chinese economy, they did that stimulus last week, which was $1.6 719 00:36:37.363 --> 00:36:39.363 trillion, right? 720 00:36:39.363 --> 00:36:39.584 It was focused on the municipalities. 721 00:36:40.044 --> 00:36:45.667 Now that they see Trump coming into play, they know they need to have higher 722 00:36:45.667 --> 00:36:47.667 stimulus to keep that economy afloat 723 00:36:47.667 --> 00:36:48.588 because of the fact that what's happening there. 724 00:36:48.948 --> 00:36:53.190 And what they're going to have to do is they're going to have to basically put 725 00:36:53.190 --> 00:36:55.190 that stimulus into parts of the economy that are going to be growing. 726 00:36:55.190 --> 00:36:56.513 That means more manufacturing, more cars or whatever they're going to be doing. 727 00:36:56.873 --> 00:36:59.435 And that also could be a huge source of commodity demand. 728 00:36:59.815 --> 00:37:03.158 So I'm not so negative with the commodity space as some people are. 729 00:37:03.158 --> 00:37:08.803 I just think that what Musk is doing, what Trump is doing, could actually make 730 00:37:08.803 --> 00:37:10.803 commodities really attractive for the next few years as 731 00:37:10.803 --> 00:37:12.803 people start building because they have to. 732 00:37:12.803 --> 00:37:14.803 OK, well, it's good for the South African economy. 733 00:37:14.803 --> 00:37:19.392 But what I'm saying is generally emerging markets would suffer with a rising dollar 734 00:37:19.392 --> 00:37:21.392 and potentially stabilising or rising 735 00:37:21.392 --> 00:37:23.392 interest rates. 736 00:37:23.392 --> 00:37:25.392 Anyway, on the upside today... 737 00:37:25.392 --> 00:37:26.177 The thing is, in America, they build with cardboard and sticky tape. 738 00:37:26.177 --> 00:37:31.721 You know, I know they build bridges and everything, but most of the houses are 739 00:37:31.721 --> 00:37:33.721 cardboard. 740 00:37:34.843 --> 00:37:36.204 Shapiro Construction Inc. 741 00:37:36.264 --> 00:37:39.026 with his analysis of the US infrastructure build. 742 00:37:39.807 --> 00:37:45.191 Okay, on the upside on the JSC today, Telcom up nearly 6%, Richemont up 3.4%, 743 00:37:45.511 --> 00:37:47.432 AB InBev up 3.3%. 744 00:37:47.472 --> 00:37:49.634 Downside, four of the five are diggers. 745 00:37:49.954 --> 00:37:51.434 Harmony down 5.4%. 746 00:37:51.434 --> 00:37:53.295 Anglo-Goldish Ante down nearly 4%. 747 00:37:53.355 --> 00:37:55.135 Northam's down 3.6%. 748 00:37:55.456 --> 00:37:58.076 And Sibania's still water 3.25% weaker. 749 00:37:58.116 --> 00:38:01.217 Closing JSC indices, please, David, and value traded. 750 00:38:01.937 --> 00:38:07.139 Yeah, the value traded a little over $20 billion, which was up on the last couple 751 00:38:07.139 --> 00:38:09.139 of days. 752 00:38:09.139 --> 00:38:09.759 We ended flat, up 753 00:38:10.200 --> 00:38:16.221 0.04% at 8.3%, 754 00:38:16.261 --> 00:38:17.241 8.34%. 755 00:38:17.241 --> 00:38:17.941 So very little. 756 00:38:17.941 --> 00:38:19.242 It was a toss-up between the minerals and... 757 00:38:19.794 --> 00:38:26.419 financials and industrials you know resources down again we've mentioned that 758 00:38:26.419 --> 00:38:28.419 you know gold shares were down you said 759 00:38:28.419 --> 00:38:33.105 harmony anglo gold sabania all of those sassle and that took the uh you know the 760 00:38:33.105 --> 00:38:35.105 the resource indices 761 00:38:35.105 --> 00:38:40.030 down but uh financials and um consumer stocks and sorry industrial is pretty 762 00:38:40.030 --> 00:38:42.030 steady and a lot had to do 763 00:38:42.030 --> 00:38:47.416 with those that you mentioned richmond up quite significantly on the back of 764 00:38:47.416 --> 00:38:49.416 burberry uh abn bev also up 765 00:38:49.416 --> 00:38:54.240 you know the rand also plays its part, the much weaker and also played its part in 766 00:38:54.240 --> 00:38:56.240 supporting some of those big offshore 767 00:38:56.240 --> 00:38:58.240 companies on translation. 768 00:38:58.240 --> 00:38:59.923 But a fair day, nothing dramatic there. 769 00:38:59.983 --> 00:39:03.184 I think we're in a bad period now. 770 00:39:03.224 --> 00:39:04.185 I like nothing dramatic. 771 00:39:04.225 --> 00:39:06.606 Just final story and it's to do with China. 772 00:39:06.646 --> 00:39:08.526 It's the most interesting China story of the week. 773 00:39:08.547 --> 00:39:10.347 Have you seen the dumpling story, both of you? 774 00:39:11.208 --> 00:39:12.448 Anyone seen the dumpling story? 775 00:39:12.548 --> 00:39:13.248 Okay. 776 00:39:13.369 --> 00:39:16.210 Four students in a city in China. 777 00:39:16.450 --> 00:39:22.712 decided to cycle to an historic city because they had a craving for these soup 778 00:39:22.712 --> 00:39:24.712 dumplings that this 779 00:39:24.712 --> 00:39:24.992 historic town was famous for. 780 00:39:25.352 --> 00:39:32.214 So the four of them rode off and decided to post it on social media 781 00:39:32.274 --> 00:39:32.974 platforms. 782 00:39:33.235 --> 00:39:33.975 This went viral. 783 00:39:34.335 --> 00:39:40.857 Within a week, there was 100,000 young cyclists cycling at night with their lamps 784 00:39:40.857 --> 00:39:42.857 on and everything, 785 00:39:42.857 --> 00:39:44.857 and mostly with hired bikes. 786 00:39:44.857 --> 00:39:45.438 And they went to this town, blocking traffic, etc. 787 00:39:45.658 --> 00:39:48.684 And And what does the Chinese government do? 788 00:39:48.724 --> 00:39:50.166 It says, no, this is bad. 789 00:39:50.226 --> 00:39:51.947 This is a gathering of young people. 790 00:39:51.947 --> 00:39:57.132 And we know what has happened before with gatherings of young people in China, and 791 00:39:57.132 --> 00:39:59.132 they shut it all down immediately. 792 00:39:59.132 --> 00:39:59.434 They didn't say, oh, good, this is healthy. 793 00:40:00.034 --> 00:40:02.276 There's 19% youth unemployment in China. 794 00:40:02.296 --> 00:40:04.998 So it's giving them something to do and express themselves. 795 00:40:05.319 --> 00:40:09.082 And it's doing this town the power of good with all the extra money coming in. 796 00:40:09.082 --> 00:40:11.444 But no, they just said, sorry, no good. 797 00:40:11.804 --> 00:40:13.626 Viv, passing shot on that one from you. 798 00:40:15.232 --> 00:40:17.693 Yeah, look, I mean, China is in a bit of a disarray at the moment. 799 00:40:17.713 --> 00:40:18.494 I don't know. 800 00:40:18.494 --> 00:40:20.735 This is much more dark and sorry to go dark as this. 801 00:40:21.055 --> 00:40:24.777 There was also a massive mass killing in China as well. 802 00:40:24.797 --> 00:40:28.359 35 people dead in a car attack by the individual. 803 00:40:28.719 --> 00:40:30.380 Apparently, these things are rising dramatically. 804 00:40:30.380 --> 00:40:34.563 I don't know if you saw the report of the BBC about it, where they tried to stop the 805 00:40:34.563 --> 00:40:36.563 reporter from reporting. 806 00:40:36.563 --> 00:40:38.563 Yes, I saw that chap. 807 00:40:38.563 --> 00:40:40.563 Yes, he got hassled by that chap relentlessly. 808 00:40:40.563 --> 00:40:42.563 Yeah. 809 00:40:42.563 --> 00:40:44.168 So the tensions in China, this is a situation where there is a society under 810 00:40:44.168 --> 00:40:46.168 huge pressure. 811 00:40:46.168 --> 00:40:50.993 and i think the chinese government sees that and yes you might be like oh it's 812 00:40:50.993 --> 00:40:52.993 whatever but they know these kind of things can take off you know wherever 813 00:40:52.993 --> 00:40:58.938 like you know out of nowhere uh and so yeah i think this is actually a society at 814 00:40:58.938 --> 00:41:00.938 a huge pressure at the moment you know what what what 815 00:41:00.938 --> 00:41:06.023 really interested me about that story because when i saw the visuals i mean they 816 00:41:06.023 --> 00:41:08.023 were literally you know blocking 817 00:41:08.023 --> 00:41:12.268 the highway but the fact that this can go viral you know and when it goes viral that 818 00:41:12.268 --> 00:41:14.268 it can attract 819 00:41:14.268 --> 00:41:15.245 That number of people, that was quite astonishing. 820 00:41:15.265 --> 00:41:20.708 And as you said, there was only four girls, I think, that decided to make this 821 00:41:20.708 --> 00:41:22.708 trip at night. 822 00:41:22.708 --> 00:41:24.708 It's quite a phenomenal story. 823 00:41:24.708 --> 00:41:26.708 It is a great story. 824 00:41:26.708 --> 00:41:28.613 Immediately they came down and clamped down and said, oh, you know, you can ride 825 00:41:28.613 --> 00:41:30.613 in threes and fours, 826 00:41:30.613 --> 00:41:30.814 but not like in multi-thousands. 827 00:41:31.635 --> 00:41:32.755 But I'm with you in this. 828 00:41:32.895 --> 00:41:37.038 I think there are a lot of outbreaks that are not reported. 829 00:41:37.218 --> 00:41:37.918 Definitely. 830 00:41:37.918 --> 00:41:41.160 A lot of protests and that that no one ever hears of. 831 00:41:42.144 --> 00:41:46.325 happening around China because the press are not there and it's never reported. 832 00:41:46.745 --> 00:41:50.827 I think things are a lot worse than we're led to believe. 833 00:41:50.967 --> 00:41:56.588 And that's a problem where you have a dictatorship, but it would probably happen 834 00:41:56.588 --> 00:41:58.588 in Russia as well, 835 00:41:58.588 --> 00:41:59.949 where you never hear the true stories. 836 00:42:01.029 --> 00:42:03.530 Okay, gentlemen, thank you very much for your extended time today. 837 00:42:03.590 --> 00:42:06.271 Fascinating stuff, as always, on a variety of subjects. 838 00:42:07.011 --> 00:42:08.852 David Shapiro is from Sasson Securities. 839 00:42:09.152 --> 00:42:10.512 Viv Govender from Ransuisse. 840 00:42:10.732 --> 00:42:13.173 both in Johannesburg, and that was the 5 o'clock shadow. 841 00:42:13.614 --> 00:42:20.557 The views and opinions expressed in these podcasts are those of Lindsay Williams and 842 00:42:20.557 --> 00:42:22.557 various contributors and do not reflect the policy, 843 00:42:22.557 --> 00:42:25.080 position, or opinion of any other agency, organisation, employer, 844 00:42:25.420 --> 00:42:29.262 or company associated with StrictlyBusinessPodcast.com. 845 00:42:29.742 --> 00:42:36.706 Assumptions made on the analyses are not reflective of the position of any other 846 00:42:36.706 --> 00:42:38.706 entity other than the speaker or the author. 847 00:42:38.706 --> 00:42:42.179 And since we are critically thinking human beings, These views are always subject to 848 00:42:42.179 --> 00:42:42.277 change, 849 00:42:42.460 --> 00:42:45.028 revision and rethinking at any time. 850 00:42:45.328 --> 00:42:47.756 Please do not hold us to them in perpetuity.