WEBVTT 1 00:00:00.404 --> 00:00:04.568 You're listening to Strictly Business Podcast with Lindsay Williams. 2 00:00:05.289 --> 00:00:09.213 It's Monday, so it's time for Shapiro World with David Shapiro from Sasson 3 00:00:09.213 --> 00:00:11.213 Securities. 4 00:00:11.213 --> 00:00:13.213 And David, here we are bumbling along. 5 00:00:13.213 --> 00:00:15.639 I think the last couple of chats that we've had, either on our own or with Viv 6 00:00:15.639 --> 00:00:15.698 Govender, 7 00:00:16.419 --> 00:00:19.522 it's almost as though we are waiting for something, but we don't know what it is. 8 00:00:20.103 --> 00:00:25.408 And do you ever get the feeling that something seismic is going to happen with 9 00:00:25.408 --> 00:00:27.408 the man Trump and his... 10 00:00:27.408 --> 00:00:30.402 Slightly controversial, that's the politest way I can say it, is slightly 11 00:00:30.402 --> 00:00:32.402 controversial cabinet. 12 00:00:32.402 --> 00:00:36.626 Do you think something might trigger the market to say, wait a second, something's 13 00:00:36.626 --> 00:00:38.626 not right or something is very right? 14 00:00:38.626 --> 00:00:38.987 It's funny, 15 00:00:39.247 --> 00:00:45.991 I spent a lot of time reading this weekend in an effort to try and interpret 16 00:00:47.172 --> 00:00:50.954 what's come out, what's been said and how this is going to be applied. 17 00:00:51.474 --> 00:00:54.936 And the backdrop to that is that, okay, we've got to... 18 00:00:55.424 --> 00:00:57.245 We've got to reposition portfolios. 19 00:00:57.285 --> 00:00:58.905 Is there anything we need to do? 20 00:00:59.625 --> 00:01:03.846 You know, I like to, I don't like to make broad statements, you know, buy the UK. 21 00:01:04.587 --> 00:01:08.928 If you say to me, buy the UK, I'll say, okay, which companies, you know, what 22 00:01:08.928 --> 00:01:08.968 should I buy? 23 00:01:09.348 --> 00:01:10.448 Or buy small caps. 24 00:01:10.528 --> 00:01:11.228 Okay. 25 00:01:11.288 --> 00:01:14.029 Give me a handful because I don't want to buy the bad small caps. 26 00:01:14.469 --> 00:01:16.070 So I like to interpret it. 27 00:01:16.070 --> 00:01:20.611 I like to take the theme and then say, okay, how does it play out? 28 00:01:20.691 --> 00:01:21.411 What should we do? 29 00:01:22.231 --> 00:01:25.852 And the thing is that as I started to read, you know, 30 00:01:25.872 --> 00:01:31.314 and I spent quite a lot of time and many of the statements were the same. 31 00:01:31.334 --> 00:01:36.896 It said, okay, if there's going to be, if he's going to impose tariffs, 32 00:01:37.356 --> 00:01:38.436 where's he going to impose them? 33 00:01:39.116 --> 00:01:39.856 Is it broad? 34 00:01:40.557 --> 00:01:42.377 You know, is it against Mexico? 35 00:01:43.037 --> 00:01:44.338 Is it only against China? 36 00:01:44.958 --> 00:01:45.658 How much? 37 00:01:45.918 --> 00:01:46.718 Which industries? 38 00:01:46.899 --> 00:01:48.219 You know, those kinds of questions. 39 00:01:48.539 --> 00:01:51.920 And Lindsay, after asking a lot of questions, even on tax cuts. 40 00:01:52.800 --> 00:01:54.061 What kind of tax cuts? 41 00:01:54.661 --> 00:01:56.122 And for which demographic? 42 00:01:56.262 --> 00:01:59.064 And for which incomes stream? 43 00:02:01.026 --> 00:02:02.607 It's all bluster at the moment, isn't it? 44 00:02:02.707 --> 00:02:05.569 That's exactly what, that's the exact conclusion. 45 00:02:05.629 --> 00:02:09.952 I said, I can't, I know what he's going to say and what he's going to do, 46 00:02:10.472 --> 00:02:16.657 but how it's applied still remains very difficult to grasp, you know, to 47 00:02:16.657 --> 00:02:18.657 understand. 48 00:02:18.657 --> 00:02:21.480 And it's obvious this hasn't been thought through. 49 00:02:21.720 --> 00:02:22.580 in great detail. 50 00:02:22.880 --> 00:02:27.902 You know, even Elon Musk is going to trim, you know, the czar of the budget, 51 00:02:28.102 --> 00:02:30.443 or he's going to be the minister of efficiency. 52 00:02:31.143 --> 00:02:32.863 You know, where? 53 00:02:33.043 --> 00:02:34.904 You know, yes, there could be waste. 54 00:02:35.224 --> 00:02:36.284 I'm not going to question that. 55 00:02:36.344 --> 00:02:39.165 Sometimes you might be able to take out waste and everything. 56 00:02:39.565 --> 00:02:46.147 But I don't think anything has been translated or put into a clear policy. 57 00:02:46.347 --> 00:02:49.268 So, you know, I think whatever drove us, 58 00:02:50.028 --> 00:02:53.731 before I think is going to continue to drive us for the meantime. 59 00:02:54.051 --> 00:03:00.595 But I must admit that my first conclusions as well, 60 00:03:00.595 --> 00:03:05.679 if I'm going on a bit, is to say, okay, you know, the UK, I mean, if you look at 61 00:03:05.679 --> 00:03:07.679 the UK markets, 62 00:03:07.679 --> 00:03:09.542 they've been under a lot of pressure. 63 00:03:09.602 --> 00:03:15.186 Really a sell-off, I think, on concerns about growth, on concerns about tariffs, 64 00:03:15.186 --> 00:03:17.186 on concerns about China, 65 00:03:17.186 --> 00:03:18.248 and it started to look cheap. 66 00:03:18.644 --> 00:03:20.245 You know, seriously cheap. 67 00:03:20.726 --> 00:03:23.368 And then, oh, you've got to worry about luxury goods. 68 00:03:23.388 --> 00:03:27.792 I say, well, hold on, you know, Xi, I'm a bit worried about China, 69 00:03:27.852 --> 00:03:31.195 but he's got a lot of levers to pull, you know, 70 00:03:31.495 --> 00:03:37.140 and he's got to do things to get China out of the kind of, not mess, 71 00:03:37.240 --> 00:03:40.383 but the melee that they're in at the moment, just this indifference. 72 00:03:40.864 --> 00:03:43.946 So I'm saying, do I really want to sell out of good companies? 73 00:03:44.046 --> 00:03:45.508 Maybe not, you know, maybe. 74 00:03:46.792 --> 00:03:50.013 Maybe the opportunities in some of the companies that have been smashed. 75 00:03:50.013 --> 00:03:56.955 So, you know, there's a lot of questions that I have to kind of sort out in my mind 76 00:03:56.955 --> 00:03:58.955 that are not clear. 77 00:03:58.955 --> 00:04:00.516 But I don't want to act impetuously. 78 00:04:00.576 --> 00:04:01.276 You know what I mean? 79 00:04:01.276 --> 00:04:07.998 I don't want to just do stupid things as well because you've got to give what's 80 00:04:07.998 --> 00:04:09.998 happening now a lot of 81 00:04:09.998 --> 00:04:11.998 thought. 82 00:04:11.998 --> 00:04:13.998 Seriously, a lot of thought. 83 00:04:13.998 --> 00:04:15.160 It's very interesting that you talk about luxury goods because it suddenly occurred 84 00:04:15.160 --> 00:04:17.160 to me that who buys luxury goods now? 85 00:04:17.160 --> 00:04:19.160 Is it people? 86 00:04:19.160 --> 00:04:23.423 This is a stupid example, but I remember in the, I think it was in the 87 00:04:23.763 --> 00:04:28.545 80s, you used to see football fans with Burberry caps on because it was 88 00:04:28.545 --> 00:04:30.545 aspirational. 89 00:04:30.545 --> 00:04:34.228 And it's like the lipstick factor, you know, you can't, during hard economic 90 00:04:34.228 --> 00:04:36.228 times, 91 00:04:36.228 --> 00:04:41.091 women and men would buy lipstick instead of buying a really fine dress 92 00:04:42.511 --> 00:04:44.172 from Armani or something like that. 93 00:04:44.588 --> 00:04:51.390 But in order to feel as though they were having something luxurious for a night 94 00:04:51.490 --> 00:04:54.211 out, they would buy a really good lipstick. 95 00:04:54.551 --> 00:04:57.112 Now, is that the case with the football fans? 96 00:04:57.112 --> 00:04:58.052 They can't afford it. 97 00:04:58.292 --> 00:05:03.173 They couldn't afford the whole gear, you know, the raincoat and everything from 98 00:05:03.173 --> 00:05:03.353 Burberry. 99 00:05:03.353 --> 00:05:04.354 So they bought the cap. 100 00:05:04.714 --> 00:05:05.694 And maybe it was a ripoff. 101 00:05:05.734 --> 00:05:06.434 I don't know. 102 00:05:06.434 --> 00:05:12.976 But you see what I'm saying is in China, there are so many millionaires being 103 00:05:12.976 --> 00:05:14.976 created, literally every single... 104 00:05:14.976 --> 00:05:15.317 day and they can afford luxury goods. 105 00:05:15.577 --> 00:05:18.498 The super rich are buying luxury goods all the time. 106 00:05:18.538 --> 00:05:25.321 But do you think the aspirational side has now gone a little bit and not so many 107 00:05:25.321 --> 00:05:27.321 millionaires are being created? 108 00:05:27.321 --> 00:05:28.543 Is that what's impacting the sales in China? 109 00:05:28.563 --> 00:05:32.724 In other words, the ones that are coming through the millionaire system? 110 00:05:33.105 --> 00:05:34.405 Have I explained myself? 111 00:05:34.765 --> 00:05:35.566 It's up to now. 112 00:05:36.126 --> 00:05:38.747 I think it has up to now, but those things pass. 113 00:05:39.691 --> 00:05:46.013 And the problem or not, no, the issue with luxury companies, yes, they did. 114 00:05:46.373 --> 00:05:48.714 China did make up quite a big percentage. 115 00:05:49.354 --> 00:05:54.695 But we go into a new base because that base was hurt over the last year. 116 00:05:54.715 --> 00:05:58.136 So we're off a much lower base now as we look forward. 117 00:05:58.476 --> 00:06:01.897 The rest of the world's doing fine, you know, in Europe, in the U.S. 118 00:06:02.257 --> 00:06:04.158 Things are going along very nicely there. 119 00:06:04.218 --> 00:06:06.298 Japan, the rest of Asia. 120 00:06:06.718 --> 00:06:08.679 I don't know the Indian market at all. 121 00:06:09.503 --> 00:06:11.364 whether there is a demand there for luxury. 122 00:06:12.664 --> 00:06:16.245 So you're coming off a low base, which the market has already discounted. 123 00:06:17.025 --> 00:06:21.967 And it's funny that you mentioned Burberry because if you looked at Burberry, 124 00:06:23.307 --> 00:06:30.109 it bounced back something like 20% last week simply on a restructuring program and 125 00:06:30.109 --> 00:06:30.129 also some 126 00:06:30.149 --> 00:06:36.452 very encouraging remarks that came out of management saying, You know, it's not 127 00:06:36.452 --> 00:06:38.452 going to go away. 128 00:06:38.452 --> 00:06:38.533 In other words, they didn't say this is the end of the world. 129 00:06:38.553 --> 00:06:41.736 You know, we're never going to sell another cap or coat in China. 130 00:06:42.456 --> 00:06:48.280 And I just hesitated and said, you know, I'm not quite sure that I want to get rid 131 00:06:48.280 --> 00:06:50.280 of my LVMH. 132 00:06:50.280 --> 00:06:50.762 You know, they've served me well. 133 00:06:50.842 --> 00:06:51.883 They're a good product. 134 00:06:52.143 --> 00:06:53.684 Their balance sheet is strong. 135 00:06:54.085 --> 00:06:54.785 You know what I mean? 136 00:06:55.125 --> 00:06:59.008 The fact that China let them down didn't mean that they lost money. 137 00:06:59.308 --> 00:07:01.290 They still make huge amounts of money. 138 00:07:01.870 --> 00:07:02.611 So that's... 139 00:07:04.244 --> 00:07:10.988 What I'm getting at through this conversation is that just don't be too 140 00:07:10.988 --> 00:07:12.988 quick to jump to conclusions about 141 00:07:12.988 --> 00:07:13.150 tariffs, about immigration, 142 00:07:13.310 --> 00:07:19.014 about all the issues that Trump has spoken about until you've really thought it 143 00:07:19.014 --> 00:07:19.294 through. 144 00:07:19.594 --> 00:07:23.177 Because I'm not quite sure who he's going to impose tariffs against. 145 00:07:23.957 --> 00:07:26.559 You remember, Lindsay, you know what happened last time? 146 00:07:27.260 --> 00:07:27.960 What? 147 00:07:27.960 --> 00:07:30.462 When they started to impose tariffs on China. 148 00:07:30.962 --> 00:07:31.863 So what happened? 149 00:07:32.407 --> 00:07:39.371 is an American company was producing widgets or whatever it is in 150 00:07:39.471 --> 00:07:40.171 China. 151 00:07:40.171 --> 00:07:42.773 It said, okay, we'll move that factory not back to America. 152 00:07:42.833 --> 00:07:43.873 We'll move it to Vietnam. 153 00:07:44.914 --> 00:07:48.836 Or we'll move it somewhere else, India or whatever it is. 154 00:07:49.216 --> 00:07:51.377 So that's the whole thing. 155 00:07:51.417 --> 00:07:52.758 They'll just shuffle around. 156 00:07:55.580 --> 00:07:59.362 And the other thing that I thought, you know, you don't want a week. 157 00:07:59.982 --> 00:08:01.423 They want a week in Mexico. 158 00:08:02.071 --> 00:08:06.874 You know, he's got it in for Mexico because of the trade balance, because a 159 00:08:06.874 --> 00:08:08.874 lot of motor manufacturers set up there. 160 00:08:08.874 --> 00:08:10.874 We're going to get those boys. 161 00:08:10.874 --> 00:08:14.660 And then suddenly the last country you want to destabilize on your border is 162 00:08:14.660 --> 00:08:14.700 Mexico. 163 00:08:16.021 --> 00:08:22.626 If you think, you know, you think they're not going to be able to go under the fence 164 00:08:22.626 --> 00:08:24.626 or over the fence or around the fence, whatever it is. 165 00:08:24.626 --> 00:08:26.626 You know, if they're desperate, they'll come. 166 00:08:26.626 --> 00:08:29.911 So there's a lot of thought that has to go into so many of the things that Trump 167 00:08:29.911 --> 00:08:30.111 said. 168 00:08:30.455 --> 00:08:34.656 You know, I, and also if you start on Europe, 169 00:08:36.577 --> 00:08:39.017 if you get to Europe, that's okay. 170 00:08:39.197 --> 00:08:40.678 We'll find other markets, you know. 171 00:08:41.338 --> 00:08:44.079 We'll find something, we'll find somewhere else to sell our goods to. 172 00:08:44.559 --> 00:08:46.679 You know, we'll make our own packs. 173 00:08:46.759 --> 00:08:53.641 Remember Canada and Mexico and all the other nations in that region with Asia, 174 00:08:54.101 --> 00:08:59.663 they made their own trading packs which ignored Trump at that stage in the 2016. 175 00:08:59.743 --> 00:09:02.244 So they came to their own. 176 00:09:02.284 --> 00:09:08.587 So just a lot to, you know, a lot that I couldn't clear up in my mind, you know, no 177 00:09:08.587 --> 00:09:10.587 new joke reaction. 178 00:09:10.587 --> 00:09:13.469 I loved it when the markets went off, but I think you've got to think a lot more 179 00:09:13.469 --> 00:09:13.508 about it. 180 00:09:15.249 --> 00:09:19.031 Two quite, one funny and one pertinent. 181 00:09:19.251 --> 00:09:20.171 Let's start with the funny one. 182 00:09:20.412 --> 00:09:26.854 There was a picture of, it must have been the Trump jet, and there was a group of 183 00:09:26.854 --> 00:09:28.854 them sitting there, 184 00:09:28.854 --> 00:09:30.854 a group of chaps. 185 00:09:30.854 --> 00:09:32.854 There was Trump. 186 00:09:32.854 --> 00:09:34.854 sitting by the window. 187 00:09:34.854 --> 00:09:36.854 And next to him, of course, was his new man. 188 00:09:36.854 --> 00:09:37.242 It's almost like the Siamese twins, these two, Elon Musk. 189 00:09:38.963 --> 00:09:44.808 How did he manage to get the ear of the 47th president of the United States? 190 00:09:44.808 --> 00:09:45.989 But anyway, he's done it. 191 00:09:46.510 --> 00:09:48.551 And he looks so pleased with himself about it. 192 00:09:48.571 --> 00:09:50.193 Anyway, he's sitting there next to Trump. 193 00:09:50.613 --> 00:09:55.017 Opposite is Donald Trump Jr. 194 00:09:55.777 --> 00:09:57.199 and also RFK. 195 00:09:58.083 --> 00:09:59.544 Jr., Robert F. 196 00:09:59.624 --> 00:10:00.324 Kennedy. 197 00:10:00.384 --> 00:10:04.845 And in the background is the Speaker of the House, Rob Johnson, I think his name 198 00:10:04.845 --> 00:10:05.205 is. 199 00:10:05.205 --> 00:10:06.265 Johnson, right, yeah. 200 00:10:06.425 --> 00:10:12.027 And they're all sitting there, and in front of them is a great big table full of 201 00:10:12.027 --> 00:10:14.027 McDonald's, you know, 202 00:10:14.027 --> 00:10:15.048 Big Macs and chips and fries and everything. 203 00:10:15.468 --> 00:10:16.748 And this RFK Jr. 204 00:10:16.808 --> 00:10:20.610 fellow is the new Health Secretary, and his slogan is Make America Health Again. 205 00:10:20.630 --> 00:10:25.731 And there he is tucking in to this greasy salt and sugar-laden. 206 00:10:26.491 --> 00:10:33.296 a fast food thing and i sent that out and i must tell you something the south 207 00:10:33.296 --> 00:10:35.296 africans are generally pro-trump because 208 00:10:35.296 --> 00:10:40.501 i get nothing but abuse i don't get any democrats coming in and saying yes linda 209 00:10:40.501 --> 00:10:42.501 you're absolutely right i get stuff from um from from 210 00:10:42.501 --> 00:10:46.225 right wingers and not no you know obviously not the right wingers that are 211 00:10:46.225 --> 00:10:48.225 down in mississippi or 212 00:10:48.225 --> 00:10:53.030 something but um you know people that support trump so it's straight anyway that 213 00:10:53.030 --> 00:10:55.030 was the funny one what was the other one i was 214 00:10:55.030 --> 00:10:59.465 going to talk about um oh yeah food prices I saw an interview with a farmer, and he 215 00:10:59.465 --> 00:11:01.465 said, well, 216 00:11:01.465 --> 00:11:06.227 if they get rid of undocumented migrants, and even some of the other ones, 217 00:11:06.507 --> 00:11:09.008 he said, Americans won't take this job. 218 00:11:09.028 --> 00:11:15.351 They're not going to pick beetroots and strawberries and apples and pears, and 219 00:11:15.351 --> 00:11:17.351 prices are going to go through the roof. 220 00:11:17.351 --> 00:11:20.593 So this anti-inflation stance that Trump has taken is complete nonsense. 221 00:11:20.613 --> 00:11:22.134 It'll be exactly the opposite. 222 00:11:22.454 --> 00:11:24.515 And it'll be very interesting to see if he can. 223 00:11:24.991 --> 00:11:27.913 deport over a number of months, maybe even a couple of years, 224 00:11:28.273 --> 00:11:34.838 all these poor people who have been in America for years and doing a good job and 225 00:11:34.838 --> 00:11:36.838 enjoying a good 226 00:11:36.838 --> 00:11:39.721 lifestyle because they work hard at jobs that Americans don't want to do, David. 227 00:11:40.582 --> 00:11:41.282 All the time. 228 00:11:41.302 --> 00:11:44.304 Listen, I don't live on a when I'm there, I'm not on a farm. 229 00:11:44.805 --> 00:11:51.489 But I can see when those huge trucks come from 230 00:11:51.629 --> 00:11:58.033 Amazon or from the the food companies, you know, the grocery companies, or even from 231 00:11:58.753 --> 00:12:04.556 Whole Foods, you know, who've got tricycles and they offload these packages 232 00:12:04.556 --> 00:12:06.556 similar to our 60-60 here. 233 00:12:06.556 --> 00:12:08.556 Yeah. 234 00:12:08.556 --> 00:12:10.556 There's not one American. 235 00:12:10.556 --> 00:12:14.580 You don't see the white-haired, blonde-haired college boys, you know, 236 00:12:14.580 --> 00:12:16.580 wearing windbreakers or something. 237 00:12:16.580 --> 00:12:18.580 Forget it. 238 00:12:18.580 --> 00:12:20.580 These are Dominican Republic, you know. 239 00:12:20.580 --> 00:12:20.943 These are all Central Americans from El Salvador and so on. 240 00:12:21.243 --> 00:12:25.687 or alternatively from Eastern Europe. 241 00:12:26.007 --> 00:12:28.830 And then you go into Central Park or something, 242 00:12:28.830 --> 00:12:34.835 and the chaps who are selling the bicycle rides or peddling around or riding the 243 00:12:34.835 --> 00:12:36.835 horses, you know, 244 00:12:36.835 --> 00:12:38.739 those very romantic buggies that you see. 245 00:12:39.059 --> 00:12:43.783 You know, not one of those people is American. 246 00:12:43.783 --> 00:12:45.605 You know, not one. 247 00:12:46.226 --> 00:12:46.926 So I don't know. 248 00:12:46.986 --> 00:12:47.686 And then. 249 00:12:47.687 --> 00:12:51.189 When you've got to take out the scaffolding around a building because, you 250 00:12:51.189 --> 00:12:51.629 know, 251 00:12:51.829 --> 00:12:56.432 all the buildings are inspected every couple of years or you've got to tar a 252 00:12:56.432 --> 00:12:56.611 road. 253 00:12:56.852 --> 00:12:59.313 There's not one American that does any of that work. 254 00:12:59.333 --> 00:13:04.356 So where they're going to find people to replace these workers, 255 00:13:05.156 --> 00:13:07.678 the economy will just grind to a standstill. 256 00:13:08.738 --> 00:13:12.380 Behind Starbucks, wherever you go, you know, whether it's Starbucks, 257 00:13:12.440 --> 00:13:17.363 whether you go to Bloomingdale's or whatever, they're all foreigners. 258 00:13:18.443 --> 00:13:25.225 a lot yeah all foreigners but the immigrant i mean for goodness sake i mean 259 00:13:25.225 --> 00:13:27.225 look what happened when the irish uh suddenly left ireland because of 260 00:13:27.225 --> 00:13:31.788 famines etc they all went there and they went to you know the you've got the the 261 00:13:31.788 --> 00:13:33.788 statue of liberty there and that was 262 00:13:33.788 --> 00:13:38.990 that was that was the most incredible thing i mean some of the stories that you 263 00:13:38.990 --> 00:13:40.990 read about people that sought their fortune in the united 264 00:13:40.990 --> 00:13:45.696 states of america 100 years ago 50 years ago it doesn't matter you It's the land of 265 00:13:45.696 --> 00:13:47.696 opportunity, and it still is, David. 266 00:13:47.696 --> 00:13:51.719 I know you're very US-centric, and I have to say, I would agree with you to a 267 00:13:51.719 --> 00:13:53.719 certain extent, 268 00:13:53.719 --> 00:13:58.061 but if you've got half a brain and you've got an idea and you can work hard, 269 00:13:58.601 --> 00:14:02.103 I can't think of anywhere better to go than the United States. 270 00:14:02.203 --> 00:14:02.903 I don't know about you. 271 00:14:03.803 --> 00:14:10.426 No, well, if you look, even if Vance, his wife, her parents were American, I mean, 272 00:14:10.666 --> 00:14:11.366 sorry, Indian. 273 00:14:11.407 --> 00:14:12.107 Yes. 274 00:14:12.387 --> 00:14:14.749 But Kamala's parents came from all over. 275 00:14:14.849 --> 00:14:19.333 Trump's father came from where Germany or his grandfather came from Germany. 276 00:14:19.353 --> 00:14:25.078 So wherever you go, they're not third or fourth, fifth generation Americans at all. 277 00:14:25.978 --> 00:14:27.660 So think this one through. 278 00:14:28.481 --> 00:14:29.561 This is a lot of noise. 279 00:14:29.682 --> 00:14:33.665 I understand that they have to make the borders more secure. 280 00:14:34.986 --> 00:14:36.707 I'm not going to challenge that in any way. 281 00:14:36.828 --> 00:14:40.831 And the argument there that I heard, and it's correct. 282 00:14:41.251 --> 00:14:47.896 He said, you know, Lindsay, if you want to get an American visa, you've got to stand 283 00:14:47.896 --> 00:14:49.896 outside the consulate, fill out forms, 284 00:14:49.896 --> 00:14:51.896 or if you want a green card. 285 00:14:51.896 --> 00:14:52.619 Whereas these chaps just go in, you know, just kind of scale the wall. 286 00:14:52.639 --> 00:14:57.903 And therefore, why should they be given citizenship or acknowledgement? 287 00:14:57.983 --> 00:15:01.506 And you can't, going through all of this, present your bank account and so on. 288 00:15:01.866 --> 00:15:06.890 So I think there's a little bit of concern about the leaky borders, not necessarily 289 00:15:06.890 --> 00:15:08.890 the immigrants. 290 00:15:08.890 --> 00:15:10.890 But what... 291 00:15:10.890 --> 00:15:14.515 What we're talking about now is that there's a lot of bluster, and to use your 292 00:15:14.515 --> 00:15:14.714 words, 293 00:15:14.955 --> 00:15:21.619 around what has been said and what will be implemented because it's a lot more 294 00:15:21.619 --> 00:15:21.658 difficult 295 00:15:21.679 --> 00:15:25.801 than just standing up there and making these promises. 296 00:15:26.302 --> 00:15:30.664 So I'm still trying to kind of work at it. 297 00:15:30.824 --> 00:15:37.668 I think from my point of view, okay, so I'll go back to… what I've been saying the 298 00:15:37.668 --> 00:15:39.668 whole year, where we've been going the whole year. 299 00:15:39.668 --> 00:15:42.090 So, okay, if there is, I like the deregulation side of that. 300 00:15:42.110 --> 00:15:46.692 If that can come through and make things easier, I think that's going to be a 301 00:15:46.692 --> 00:15:46.851 driver. 302 00:15:46.852 --> 00:15:50.493 I think that we will still see interest rates being cut. 303 00:15:50.961 --> 00:15:53.162 I think there are a lot of conflicting views. 304 00:15:53.162 --> 00:15:53.862 I know that. 305 00:15:53.862 --> 00:15:57.965 Well, it depends who the new Treasury Secretary is, because the new Treasury 306 00:15:57.965 --> 00:15:59.965 Secretary, whoever it is, 307 00:15:59.965 --> 00:16:03.588 is going to have the ear of Donald Trump. 308 00:16:03.608 --> 00:16:06.850 In other words, now I'm saying it the wrong way around. 309 00:16:08.171 --> 00:16:11.693 His ear will be constantly jabbered into by Trump. 310 00:16:11.733 --> 00:16:14.794 Because let's face it, Trump has got really big debt problems. 311 00:16:15.415 --> 00:16:19.617 He's got a $1.9 billion debt, which rises by something like like 312 00:16:20.037 --> 00:16:23.380 300 million every month or something. 313 00:16:23.420 --> 00:16:28.363 So his main priority, being president, is to preserve Trump, 314 00:16:28.583 --> 00:16:30.685 not to preserve the average American. 315 00:16:30.765 --> 00:16:34.828 So he will want interest rates to, at worst, 316 00:16:34.828 --> 00:16:39.811 stay where they are or to come down to relieve the burden on the Trump 317 00:16:39.811 --> 00:16:41.811 organization's debt. 318 00:16:41.811 --> 00:16:43.811 And that's my opinion. 319 00:16:43.811 --> 00:16:44.474 It's not anybody else's, but that's what I think. 320 00:16:45.455 --> 00:16:48.137 And his stock portfolio, et cetera. 321 00:16:49.077 --> 00:16:49.777 That's what it is. 322 00:16:49.777 --> 00:16:56.020 So the new Treasury Secretary, which will be announced in the next week or so, is 323 00:16:56.020 --> 00:16:56.060 terribly, 324 00:16:56.100 --> 00:16:57.341 terribly important, David. 325 00:16:58.601 --> 00:16:59.741 Yeah, I'm sure. 326 00:16:59.882 --> 00:17:02.583 Listen, it's a very important position. 327 00:17:04.784 --> 00:17:10.346 It's, you know, the Chancellor of the Chequer, ex-Chequer, lives next door to 328 00:17:10.346 --> 00:17:12.346 the Prime Minister in the UK. 329 00:17:12.346 --> 00:17:15.088 How does that work? 330 00:17:15.088 --> 00:17:16.428 He holds the purse strings, sure. 331 00:17:17.068 --> 00:17:18.109 So I think it is... 332 00:17:18.409 --> 00:17:21.771 pretty important position. 333 00:17:21.931 --> 00:17:23.232 And I don't know who it's going to be. 334 00:17:23.292 --> 00:17:25.113 That's why there is a delay. 335 00:17:25.553 --> 00:17:27.414 This hasn't quite been announced yet. 336 00:17:27.494 --> 00:17:29.335 So I think everybody's waiting for that. 337 00:17:29.815 --> 00:17:34.958 But you know with Trump, though, your Elon Musks, your 338 00:17:35.798 --> 00:17:42.402 Kennedys, all those characters you saw from the last administration, they last 339 00:17:42.402 --> 00:17:44.402 three months. 340 00:17:44.402 --> 00:17:46.402 They won't last. 341 00:17:46.402 --> 00:17:48.402 Exactly right. 342 00:17:48.402 --> 00:17:50.402 Three or four months and then they're gone. 343 00:17:50.402 --> 00:17:52.402 That's how things happen with Trump. 344 00:17:52.402 --> 00:17:54.402 He's got no staying powers. 345 00:17:54.402 --> 00:17:55.535 You can't tell him from one day to the next. 346 00:17:55.535 --> 00:17:56.276 It's very interesting. 347 00:17:56.276 --> 00:17:57.577 I saw an interview. 348 00:17:57.897 --> 00:18:01.000 It was talking about the Palestine-Israel situation. 349 00:18:01.841 --> 00:18:05.444 And he's a well-regarded author. 350 00:18:05.984 --> 00:18:09.667 He'd written a story about the history of Palestine, et cetera, 351 00:18:09.727 --> 00:18:13.130 and the conflict between the two entities. 352 00:18:13.771 --> 00:18:16.493 And he said, what do you think that Donald Trump is going to do? 353 00:18:16.533 --> 00:18:23.138 do when he gets into power regarding you know gaza and uh west bank etc he says 354 00:18:23.138 --> 00:18:25.138 simple 355 00:18:25.138 --> 00:18:30.403 depends what day it is depends who he's talking to depends how he feels it 356 00:18:30.403 --> 00:18:32.403 completely depends on how he is when he wakes up in 357 00:18:32.403 --> 00:18:36.207 the morning yeah yeah and it's it it's that sort of thing is a bit scary i think 358 00:18:36.207 --> 00:18:36.406 david 359 00:18:37.087 --> 00:18:42.351 yeah no i think that's who he is um everybody knows that you know that's 360 00:18:42.351 --> 00:18:44.351 that's who he 361 00:18:44.351 --> 00:18:49.315 is is uh depends on the last person he spoke So you've got no idea what you're 362 00:18:49.315 --> 00:18:49.375 going to get. 363 00:18:49.375 --> 00:18:50.076 And he says that. 364 00:18:50.336 --> 00:18:51.877 He says that he's effing crazy. 365 00:18:52.657 --> 00:18:56.619 He says that's why Xi is scared of him because you never know what he's going to 366 00:18:56.619 --> 00:18:57.099 do. 367 00:18:57.219 --> 00:18:58.580 And I don't think he's wrong. 368 00:18:58.880 --> 00:19:00.701 I don't think you know what? 369 00:19:00.741 --> 00:19:07.225 I was having a talk this morning with some people and just talking about 370 00:19:07.225 --> 00:19:09.225 administration. 371 00:19:09.225 --> 00:19:11.225 Lindsay, 372 00:19:11.225 --> 00:19:16.670 people forget that running a country is not a matter of getting up on a soap box 373 00:19:16.670 --> 00:19:18.670 and making all these promises. 374 00:19:18.670 --> 00:19:22.573 The worst thing is that Trump's got to wake up in the morning, and this is where 375 00:19:22.573 --> 00:19:24.573 he failed in his first term. 376 00:19:24.573 --> 00:19:28.236 And his chief of staff present him all kinds of memos that have come in and 377 00:19:28.276 --> 00:19:30.197 reports. 378 00:19:30.677 --> 00:19:31.558 He's got to read them. 379 00:19:31.618 --> 00:19:32.318 Yeah, exactly. 380 00:19:32.318 --> 00:19:32.959 He's got to read them. 381 00:19:32.959 --> 00:19:34.740 He's got to read them. 382 00:19:34.740 --> 00:19:37.061 It's like when people say. 383 00:19:37.701 --> 00:19:40.323 You know, you're standing in front of this church in D.C. 384 00:19:41.084 --> 00:19:45.407 with the Bible and you're saying, yeah, and suddenly he's a great Christian. 385 00:19:45.928 --> 00:19:49.231 And the interviewer said to him, you know, he was digging away. 386 00:19:50.091 --> 00:19:56.877 And he said, what's your favorite quote from the Bible, your favorite apostle or 387 00:19:56.877 --> 00:19:58.877 whatever it was? 388 00:19:58.877 --> 00:19:58.898 And he said, you know, that's very personal. 389 00:19:58.938 --> 00:20:00.420 I don't want to say that. 390 00:20:00.560 --> 00:20:02.561 That's between me and God. 391 00:20:03.442 --> 00:20:05.464 In other words, you have never read the Bible. 392 00:20:05.784 --> 00:20:06.484 Ever. 393 00:20:06.585 --> 00:20:07.285 Ever. 394 00:20:07.705 --> 00:20:12.048 And I think that's one thing about going into politics. 395 00:20:12.048 --> 00:20:18.593 So do you think Musk listen, Musk's built up some wonderful business, but do you 396 00:20:18.593 --> 00:20:20.593 think he's going to go through 300 pages? 397 00:20:20.593 --> 00:20:22.593 I don't know how big the American budget is. 398 00:20:22.593 --> 00:20:24.593 Have you ever seen it? 399 00:20:24.593 --> 00:20:26.593 How many trillions is it? 400 00:20:26.593 --> 00:20:28.593 Yeah, they show it to you when it's published. 401 00:20:28.593 --> 00:20:32.562 I mean, it's like five, six inches thick, and he's not going to go through this. 402 00:20:33.022 --> 00:20:34.263 None of these chaps are. 403 00:20:34.303 --> 00:20:35.424 They haven't got the time. 404 00:20:35.424 --> 00:20:36.645 They haven't got the inclination. 405 00:20:37.049 --> 00:20:41.593 They're not, there's a special brand of administrators, you know, remember what 406 00:20:41.593 --> 00:20:41.793 was it? 407 00:20:41.793 --> 00:20:42.434 Yes, minister. 408 00:20:42.454 --> 00:20:43.515 Remember the show? 409 00:20:43.875 --> 00:20:46.317 Yes, there was yes minister and then yes prime minister. 410 00:20:46.377 --> 00:20:48.760 Yes, it was a very, very clever program. 411 00:20:49.512 --> 00:20:56.496 but they the chaps who run the country you know they do it and uh the chaps above 412 00:20:56.496 --> 00:20:58.496 them haven't got the inclination 413 00:20:58.496 --> 00:21:03.280 and they switched all around you know suddenly you're you're you're in charge of 414 00:21:03.280 --> 00:21:05.280 treasury in the next month we don't like you so we're putting you to health 415 00:21:05.280 --> 00:21:10.524 you know how can you know what's happening yeah okay there's only a couple of things 416 00:21:10.524 --> 00:21:12.524 that came out from south africa 417 00:21:12.524 --> 00:21:15.306 today um astral uh result um difficult time 418 00:21:15.326 --> 00:21:17.768 for them the one that really stood out is telcom 419 00:21:18.108 --> 00:21:22.752 I was very bearish of Telcom and suddenly my target has doubled. 420 00:21:22.992 --> 00:21:25.675 I thought it was going down to around 15 Rand a share. 421 00:21:26.015 --> 00:21:29.038 It's currently 30 Rand, above 30 Rand, David. 422 00:21:29.478 --> 00:21:31.320 It smacks of corporate activity. 423 00:21:31.940 --> 00:21:36.004 I think the results came out today, but it tells me there's going to be some 424 00:21:36.004 --> 00:21:38.004 corporate activity. 425 00:21:38.004 --> 00:21:41.449 And the market's known about it because obviously it's a very leaky institution. 426 00:21:41.589 --> 00:21:42.490 I'm not being nasty. 427 00:21:43.090 --> 00:21:44.832 But it's done very well recently. 428 00:21:45.476 --> 00:21:49.699 Is Telkom something that could be a takeover target because of its 429 00:21:49.699 --> 00:21:51.699 infrastructure? 430 00:21:51.699 --> 00:21:53.302 They've had that, you know what the danger is there. 431 00:21:54.222 --> 00:21:58.085 And I think the big danger is they've still got the legacy business. 432 00:21:58.725 --> 00:22:00.046 And they can't get rid of it. 433 00:22:00.086 --> 00:22:03.629 And they're forced to, because of history, to maintain that. 434 00:22:04.830 --> 00:22:05.690 And that's costly. 435 00:22:06.251 --> 00:22:11.815 I know slowly the other areas are taking over and people are not using those fixed 436 00:22:11.815 --> 00:22:13.815 lines. 437 00:22:13.815 --> 00:22:15.815 But, you know, sometimes... 438 00:22:15.815 --> 00:22:17.815 you've still got to have them. 439 00:22:17.815 --> 00:22:22.515 I mean, if you look at Telcom, it looks, you know, if you look at a chart of 440 00:22:22.515 --> 00:22:24.515 Telcom, I mean, this is a company that's come from, 441 00:22:24.515 --> 00:22:24.937 what, five or six years ago. 442 00:22:24.997 --> 00:22:28.440 It's come from about 90 Rand down to where it is now. 443 00:22:29.020 --> 00:22:34.785 And it's slowly trying to creep its way up as it improves certain parts of its 444 00:22:34.785 --> 00:22:34.925 business, 445 00:22:34.925 --> 00:22:41.130 but it's still dragged down by that, you know, that old stuff, that old, and it's 446 00:22:41.130 --> 00:22:43.130 hard to get rid of it. 447 00:22:43.130 --> 00:22:45.130 No one wants that, you know. 448 00:22:45.130 --> 00:22:46.333 No one wants the copper in the ground or those old-type phones. 449 00:22:46.553 --> 00:22:48.954 Funny enough, I've got an old phone. 450 00:22:48.954 --> 00:22:50.934 Oh, you've still got an old phone? 451 00:22:51.314 --> 00:22:52.194 A landline, you mean? 452 00:22:52.194 --> 00:22:53.015 Yes, a telecom service. 453 00:22:54.575 --> 00:22:55.515 So I've got a landline. 454 00:22:55.515 --> 00:23:01.337 So the phone rings and you pick it up, and it's not anything to do with mobile 455 00:23:01.337 --> 00:23:03.337 cellular telephony. 456 00:23:03.337 --> 00:23:04.318 It's an old-fashioned 011. 457 00:23:04.598 --> 00:23:06.219 Well, a lot of businesses have them. 458 00:23:06.239 --> 00:23:11.020 You know, if I look at businesses, most of them are on the 011 numbers, which are… 459 00:23:11.420 --> 00:23:13.521 which are good old-fashioned landlines, you know. 460 00:23:14.241 --> 00:23:18.022 So I think that's the only thing dragging them back. 461 00:23:18.322 --> 00:23:23.443 The other part of it, Lindsay, is that, and we've discussed this often, 462 00:23:23.483 --> 00:23:29.325 is that if you really want to expand your mobile service and your digital, you know, 463 00:23:29.465 --> 00:23:32.106 you're up against MTN and you're up against Vodacom. 464 00:23:32.926 --> 00:23:35.187 And they don't want to let in ground. 465 00:23:35.187 --> 00:23:37.467 You know, Telcom are trying very, very hard. 466 00:23:38.007 --> 00:23:43.738 But I think as soon as they get a bit bossy or something, Remember, I think MTN 467 00:23:43.738 --> 00:23:45.738 wanted to buy Telkom. 468 00:23:45.738 --> 00:23:47.738 Well, they couldn't do it. 469 00:23:47.738 --> 00:23:49.738 They weren't allowed to do it. 470 00:23:49.738 --> 00:23:51.738 So maybe somewhere along the line this is allowed. 471 00:23:51.738 --> 00:23:54.326 But you know the worry with our local market? 472 00:23:54.686 --> 00:23:55.387 That's what we do. 473 00:23:55.867 --> 00:23:58.449 We look for these kind of deals. 474 00:23:58.789 --> 00:24:01.131 There's not much excitement in the local market. 475 00:24:01.411 --> 00:24:02.391 There's not much to buy. 476 00:24:02.472 --> 00:24:04.753 So we're always looking for something like this. 477 00:24:04.793 --> 00:24:05.694 Is it a takeout? 478 00:24:05.734 --> 00:24:06.454 Is it going to happen? 479 00:24:06.474 --> 00:24:07.695 I don't know. 480 00:24:07.695 --> 00:24:08.636 It doesn't appeal to me. 481 00:24:09.112 --> 00:24:09.992 No, I know it doesn't. 482 00:24:10.753 --> 00:24:13.634 The one thing I would say about our chat we've had today is that you, 483 00:24:14.214 --> 00:24:18.476 for once there was a slight hesitancy when it came to luxury goods. 484 00:24:18.476 --> 00:24:20.597 You said, should I keep them? 485 00:24:21.277 --> 00:24:22.138 Should I not keep them? 486 00:24:22.418 --> 00:24:26.419 Yeah, it obviously hasn't plagued you, 487 00:24:26.500 --> 00:24:32.782 but it's sowed a few seeds of doubt recently, recent results and recent 488 00:24:32.782 --> 00:24:34.782 economic trends. 489 00:24:34.782 --> 00:24:36.782 But you're sticking with them, right? 490 00:24:36.782 --> 00:24:38.782 I am. 491 00:24:38.782 --> 00:24:40.782 And that's, you know, I'm... 492 00:24:40.782 --> 00:24:42.755 I'm scared to make a poor decision because these things can turn around. 493 00:24:43.316 --> 00:24:44.636 Structurally, they're not bad. 494 00:24:44.857 --> 00:24:46.037 This is a China story. 495 00:24:46.618 --> 00:24:48.839 And you know what also prompted me this? 496 00:24:49.980 --> 00:24:51.460 My son's down in Australia. 497 00:24:51.581 --> 00:24:52.381 He's a journalist. 498 00:24:52.381 --> 00:24:59.185 He went down to Adelaide where every year they're following an example said by 499 00:24:59.365 --> 00:25:01.586 SOHN, the SON, every year. 500 00:25:01.707 --> 00:25:07.938 And it's a lovely story, the SON story, where… They raise money for, I think, 501 00:25:07.938 --> 00:25:09.938 pediatric cancer. 502 00:25:09.938 --> 00:25:13.381 The reason is that one of the Son's brothers died at a very early age in his 503 00:25:13.841 --> 00:25:18.544 20s from cancer, and they put back into cancer research. 504 00:25:18.884 --> 00:25:25.848 So they hold a conference in New York, and it's a donation rather than a ticket. 505 00:25:26.268 --> 00:25:31.811 You give a donation, and they get fund managers, 10, 12, or whatever it is, 506 00:25:32.291 --> 00:25:33.332 to give it. 507 00:25:33.756 --> 00:25:35.620 An investment idea, that's it. 508 00:25:35.760 --> 00:25:38.325 You don't get up there and start talking about interest rates. 509 00:25:38.766 --> 00:25:40.189 You give an investment idea. 510 00:25:40.770 --> 00:25:45.420 And among the investment ideas, so they do this in Australia as well. 511 00:25:46.192 --> 00:25:52.176 And one of the stocks that was chosen was Estee Lauder, you know, coming back from 512 00:25:52.176 --> 00:25:52.375 the dead. 513 00:25:52.436 --> 00:25:55.578 Just simply, they've got such really good brands. 514 00:25:55.618 --> 00:26:00.000 What happened is that management just got the whole Chinese stories wrong. 515 00:26:00.581 --> 00:26:01.621 And that can be tweaked. 516 00:26:01.701 --> 00:26:05.283 You know, it's not like the brands are not well supported. 517 00:26:05.464 --> 00:26:07.485 They've got incredible brands. 518 00:26:09.026 --> 00:26:12.528 And then you think, hold on, those brands are good, you know, with a little bit of 519 00:26:12.528 --> 00:26:14.528 tweaking. 520 00:26:14.528 --> 00:26:18.779 and proper management as we've seen in the past with Gucci and things like this, 521 00:26:18.779 --> 00:26:20.779 things can turn around fast. 522 00:26:20.779 --> 00:26:22.762 So that alerted me to say, well, hold on, maybe not so fast. 523 00:26:23.742 --> 00:26:26.824 So I think shares Lindsay, you know what I'm going to do? 524 00:26:27.064 --> 00:26:27.764 What are you going to do? 525 00:26:28.965 --> 00:26:29.866 Tell me. 526 00:26:29.866 --> 00:26:34.529 We must get I did this once with you, remember, with local stocks. 527 00:26:35.089 --> 00:26:39.351 But I think we must get some fallen angels in the U.S. 528 00:26:39.431 --> 00:26:40.131 market. 529 00:26:40.512 --> 00:26:41.212 Okay. 530 00:26:41.313 --> 00:26:45.817 Well, maybe we should look at what I often do. 531 00:26:45.897 --> 00:26:46.998 In fact, I do it every year. 532 00:26:47.018 --> 00:26:51.262 As I note down the worst performers in the S&P, actually, sorry, the JSE, 533 00:26:52.002 --> 00:26:54.184 and the best performers. 534 00:26:54.585 --> 00:26:56.026 And I say, right, this is my hedge fund. 535 00:26:56.326 --> 00:27:01.131 The worst five I'm going to buy, the best five I'm going to sell. 536 00:27:01.191 --> 00:27:02.772 That's my hedge fund. 537 00:27:02.932 --> 00:27:05.534 And sometimes it works spectacularly well, David. 538 00:27:05.574 --> 00:27:07.116 I've done it for about five years now. 539 00:27:08.552 --> 00:27:13.176 I think this is going to be a good time to do it. 540 00:27:13.616 --> 00:27:18.680 And if I go through the U.S. 541 00:27:18.780 --> 00:27:21.762 market and I look and say, what are the dogs? 542 00:27:21.782 --> 00:27:27.006 It has been Walgreens and CVS. 543 00:27:27.486 --> 00:27:29.468 A lot has to do with health there. 544 00:27:29.708 --> 00:27:31.870 And those two, it's like boots. 545 00:27:32.590 --> 00:27:35.092 Those two companies are like boots, I think, in fact. 546 00:27:35.664 --> 00:27:37.745 It is, you know, Walgreens own boots. 547 00:27:38.346 --> 00:27:45.110 And if you go to America, if you go into New York, Duane Reade, which is part of 548 00:27:45.110 --> 00:27:47.110 Walgreens, you know, 549 00:27:47.110 --> 00:27:49.110 it's on every corner. 550 00:27:49.110 --> 00:27:51.110 And these are like click. 551 00:27:51.110 --> 00:27:53.110 And all it needs is, they just lost. 552 00:27:53.110 --> 00:27:55.110 They just became messy. 553 00:27:55.110 --> 00:27:57.110 You know, never looked at their shops. 554 00:27:57.110 --> 00:27:57.798 And all it needs is a little bit of tweaking. 555 00:27:57.918 --> 00:28:01.260 I know they've come under a lot of pressure also because of their exposure. 556 00:28:01.788 --> 00:28:06.172 to health care, you know, to offering health care services. 557 00:28:06.172 --> 00:28:07.372 So you're looking at that. 558 00:28:07.413 --> 00:28:08.674 You're looking at Estee Lauder. 559 00:28:09.154 --> 00:28:10.255 I don't know about Intel. 560 00:28:10.675 --> 00:28:12.296 It's going to be with a canter. 561 00:28:12.637 --> 00:28:15.259 Boeing, Boeing, Boeing is one. 562 00:28:15.959 --> 00:28:16.659 Nike. 563 00:28:16.659 --> 00:28:20.263 You know, there are a number of companies there that we've got. 564 00:28:20.263 --> 00:28:21.223 Pelotons maybe. 565 00:28:21.323 --> 00:28:22.024 I don't know. 566 00:28:22.985 --> 00:28:25.747 Peloton companies like that that have been whacked. 567 00:28:25.747 --> 00:28:26.447 I think Europe. 568 00:28:26.828 --> 00:28:27.528 Yeah. 569 00:28:27.664 --> 00:28:29.426 Okay, well, let's do this. 570 00:28:29.506 --> 00:28:34.390 Let's make it into a social media thing and say, this is the principle, this is 571 00:28:34.390 --> 00:28:34.430 what we're doing, 572 00:28:34.710 --> 00:28:37.072 these are the stocks that you've chosen, 573 00:28:37.112 --> 00:28:41.896 because you're the one with the facts and statistics at your fingertips. 574 00:28:42.497 --> 00:28:43.918 And we should do it. 575 00:28:44.198 --> 00:28:47.381 I reckon so, whether we put it on X or not, or not threads. 576 00:28:47.381 --> 00:28:48.081 What's the other one? 577 00:28:48.081 --> 00:28:48.662 Blue Sky. 578 00:28:49.503 --> 00:28:50.584 I'm going to Blue Sky. 579 00:28:50.604 --> 00:28:52.726 I'm not going to get off X, but I'm going to Blue Sky. 580 00:28:52.746 --> 00:28:58.489 You know, the day after the election, David, X lost 115,000 people in one day. 581 00:28:58.549 --> 00:28:59.770 They just said, no more Musk. 582 00:28:59.970 --> 00:29:00.710 Thank you very much. 583 00:29:00.970 --> 00:29:03.352 I know it's a tiny amount compared to how many they've got. 584 00:29:04.192 --> 00:29:06.933 But still, it was a statement from people saying, 585 00:29:07.213 --> 00:29:13.136 we don't like the toxic dictatorial stance that the owner of X has taken, 586 00:29:13.456 --> 00:29:20.359 trying to divert people's attention with his rhetoric and influence a political 587 00:29:20.419 --> 00:29:21.119 outcome. 588 00:29:21.880 --> 00:29:23.602 So anyway, that was just an aside. 589 00:29:23.662 --> 00:29:24.362 Okay, we'll do it. 590 00:29:24.923 --> 00:29:26.184 I think that was very real. 591 00:29:26.865 --> 00:29:30.269 I think what you're saying there, their influence was very real. 592 00:29:31.290 --> 00:29:35.153 And, you know, I was reading in The Guardian. 593 00:29:36.134 --> 00:29:37.015 You read The Guardian. 594 00:29:37.195 --> 00:29:37.895 I do. 595 00:29:37.895 --> 00:29:41.460 I don't know if you only read the sports pages, but I mean, there's… David, don't 596 00:29:41.460 --> 00:29:41.499 be nasty. 597 00:29:41.740 --> 00:29:44.523 Of course I read the headlines. 598 00:29:44.603 --> 00:29:47.145 The cat who's… I can't remember his name. 599 00:29:47.165 --> 00:29:48.907 I just know he's got a big mop of hair. 600 00:29:49.267 --> 00:29:53.571 He's already in his 70s, and for 40 years he's been forecasting the outcome. 601 00:29:53.571 --> 00:29:55.913 And he got it wrong, and he explained why. 602 00:29:56.213 --> 00:30:01.959 He says what happened was the influence of social media, 603 00:30:02.199 --> 00:30:08.444 a huge amount of, and to put it in my words, not theirs, the lies that were 604 00:30:08.444 --> 00:30:10.444 spread, the false news, 605 00:30:10.444 --> 00:30:12.268 had an enormous impact on voters. 606 00:30:12.904 --> 00:30:13.604 Yes. 607 00:30:13.785 --> 00:30:19.950 But he did, I love one comment, because he's not a fan of the, well, he's 608 00:30:19.950 --> 00:30:21.950 democratic, 609 00:30:21.950 --> 00:30:23.950 but not a fan. 610 00:30:23.950 --> 00:30:26.736 He just said, he says, the Republicans, he says the Republicans have no principle. 611 00:30:27.116 --> 00:30:29.158 He says the Democrats have no spine. 612 00:30:29.758 --> 00:30:35.903 And that was one of the reasons that they tried to satisfy every 613 00:30:36.524 --> 00:30:39.526 kind of part of the party. 614 00:30:39.986 --> 00:30:41.908 And at the end of the day, it went nowhere. 615 00:30:43.332 --> 00:30:47.669 And the Republicans just went on lying, doing what they do so well. 616 00:30:48.506 --> 00:30:50.007 So, yeah. 617 00:30:50.368 --> 00:30:51.068 Yeah. 618 00:30:51.108 --> 00:30:53.210 Anyway, it's all terribly interesting. 619 00:30:53.250 --> 00:30:58.794 But I've got a binding social contract with you now, David, 620 00:30:58.814 --> 00:31:01.036 to do this thing for the new year. 621 00:31:01.997 --> 00:31:06.580 Sell the best, buy the worst, and see what happens as a hedge fund. 622 00:31:06.961 --> 00:31:07.661 Okay. 623 00:31:07.681 --> 00:31:09.963 We want to talk about sport because there isn't any sport. 624 00:31:09.983 --> 00:31:12.225 I don't want to talk about England against South Africa. 625 00:31:13.546 --> 00:31:18.469 But this time next week, we'll be talking about Ipswich beating Manchester United, 626 00:31:18.469 --> 00:31:20.469 which is next Sunday, by the way. 627 00:31:20.469 --> 00:31:23.752 And it's Ruben Amarim's first game for Manchester United as manager. 628 00:31:23.912 --> 00:31:27.053 And I think Ipswich are going to disappoint him. 629 00:31:30.916 --> 00:31:31.616 David Shapiro. 630 00:31:32.036 --> 00:31:32.736 Yeah, go on. 631 00:31:33.437 --> 00:31:39.560 No, I'm just saying the one thing that I watched, which was, besides Cheslin Colby, 632 00:31:39.560 --> 00:31:41.560 you know, 633 00:31:41.560 --> 00:31:42.022 those are the two most exciting things I saw, was... 634 00:31:42.442 --> 00:31:46.543 the Indian knock on Friday night in a T20, which was across the road from me. 635 00:31:46.963 --> 00:31:47.864 Floodlights were on. 636 00:31:48.384 --> 00:31:49.804 Just unbelievable. 637 00:31:50.464 --> 00:31:51.885 280 odd. 638 00:31:51.945 --> 00:31:53.185 No, incredible. 639 00:31:53.685 --> 00:31:54.385 Absolutely. 640 00:31:54.385 --> 00:31:56.546 They just wiped the poor Proteus. 641 00:31:56.686 --> 00:31:59.447 But two of the best innings I've ever seen. 642 00:31:59.767 --> 00:32:04.788 Indian made 284 or whatever it was in 643 00:32:05.569 --> 00:32:07.229 20. In a T20? 644 00:32:07.409 --> 00:32:08.109 Gosh. 645 00:32:08.109 --> 00:32:09.130 In a T20. 646 00:32:09.130 --> 00:32:10.050 I've never seen. 647 00:32:10.450 --> 00:32:12.752 Batting like that, it was just outstanding. 648 00:32:12.772 --> 00:32:19.356 And then I listened for the crowds because I know when there's a wicket, you hear the 649 00:32:19.356 --> 00:32:21.356 whole stadium erupt. 650 00:32:21.356 --> 00:32:24.159 And then when it's a protea wicket, there's just silence. 651 00:32:24.859 --> 00:32:30.303 The whole time I was watching, but you could hear the stadium was absolutely 652 00:32:30.303 --> 00:32:32.303 stunned. 653 00:32:32.303 --> 00:32:34.303 They were absolutely murdered. 654 00:32:34.303 --> 00:32:36.303 Very good. 655 00:32:36.303 --> 00:32:38.303 I must look at the highlights. 656 00:32:38.303 --> 00:32:40.303 Thank you for that. 657 00:32:40.303 --> 00:32:41.718 David Shapiro is from Sesson Securities, lives in Corlett Drive and works in Mayor 658 00:32:41.718 --> 00:32:43.718 Roy's Arch and that was Shapiro World. 659 00:32:43.718 --> 00:32:49.243 The views and opinions expressed in these podcasts are those of Lindsay Williams and 660 00:32:49.243 --> 00:32:51.243 various contributors and do not reflect the policy, 661 00:32:51.243 --> 00:32:52.986 position or opinion of any other agency, organisation, 662 00:32:53.326 --> 00:32:57.969 employer or company associated with StrictlyBusinessPodcast.com. 663 00:32:58.429 --> 00:33:05.394 Assumptions made on the analyses are not reflective of the position of any other 664 00:33:05.394 --> 00:33:07.394 entity other than the speaker or the author. 665 00:33:07.394 --> 00:33:10.860 And since we are critically thinking human beings, these views are always subject to 666 00:33:10.860 --> 00:33:10.959 change, 667 00:33:11.140 --> 00:33:13.703 revision and rethinking at any time. 668 00:33:14.003 --> 00:33:16.426 Please do not hold us to them in perpetuity.