WEBVTT 1 00:00:00.404 --> 00:00:04.565 You're listening to Strictly Business Podcast with Lindsay Williams. 2 00:00:05.546 --> 00:00:08.826 JSC has closed its doors for another day, so it's time for the 5 o'clock shadow. 3 00:00:08.867 --> 00:00:12.908 And as always, on a Wednesday, it's populated by Skulk Lowe, 4 00:00:12.948 --> 00:00:18.509 Portfolio Manager at PSG Wealth Old Oak in Cape Town. Here we are, Skulk. 5 00:00:18.929 --> 00:00:19.629 What is it today? 6 00:00:19.629 --> 00:00:24.131 The 20th of November. Just a few weeks away from Christmas. 7 00:00:25.271 --> 00:00:27.812 Just about four weeks away from Christmas. 8 00:00:28.072 --> 00:00:33.593 the season of the early Christmas party and the season of just looking back a 9 00:00:33.593 --> 00:00:33.753 little bit, 10 00:00:33.834 --> 00:00:36.654 but also looking forward because last week, Skulk, 11 00:00:36.994 --> 00:00:43.696 we both put forward the idea that perhaps it's not going to be the smoothest 12 00:00:43.696 --> 00:00:45.696 transition from 13 00:00:45.696 --> 00:00:46.177 2024 to 2025. 14 00:00:46.177 --> 00:00:49.338 Do you still believe that or were you just, you know, talking your book? 15 00:00:50.338 --> 00:00:51.218 No, no, no, no. 16 00:00:51.538 --> 00:00:57.520 And as I sit here, I'm not, I'm not, I mean, I do think that listeners are. 17 00:00:57.660 --> 00:01:04.365 there should to definitely be looking at at over exposure to anything i mean for 18 00:01:04.365 --> 00:01:06.365 now i think the over 19 00:01:06.365 --> 00:01:11.089 exposure still to to u.s stocks u.s tech stocks um and one should know that that's 20 00:01:11.089 --> 00:01:11.129 not gonna 21 00:01:11.409 --> 00:01:17.934 not gonna not actually be a good thing if you look at just the cabinet that that 22 00:01:17.934 --> 00:01:19.934 trump is now uh you know choosing 23 00:01:19.934 --> 00:01:23.738 or looking at i mean none of them are really really these these global tech 24 00:01:26.520 --> 00:01:31.422 lovers I mean, we know Elon Musk's view on he don't like 25 00:01:33.584 --> 00:01:35.185 Bill Gates and all those. 26 00:01:35.385 --> 00:01:38.406 So I think it's going to be interesting looking at it. 27 00:01:38.526 --> 00:01:43.889 I mean, we had this conversation last week where we just looked at 28 00:01:44.930 --> 00:01:48.212 Trump's three major things. 29 00:01:48.212 --> 00:01:49.973 I mean, it's the beautiful tax cuts. 30 00:01:50.433 --> 00:01:55.496 I mean, bringing down the corporate tax rate to a wonderful. 31 00:01:55.656 --> 00:01:57.457 It's going to be huge, 15%. 32 00:01:57.897 --> 00:02:02.840 I mean, yes, it sounds wonderful on paper, 33 00:02:02.900 --> 00:02:09.183 but this is a country that when it took office for the first time had 34 00:02:09.784 --> 00:02:13.046 less than a half a trillion dollars budget deficit. 35 00:02:13.946 --> 00:02:17.968 I mean, and back then, and we know that the U.S. 36 00:02:17.968 --> 00:02:21.350 has been running a deficit for over two decades. 37 00:02:21.510 --> 00:02:22.731 So that's nothing new. 38 00:02:22.891 --> 00:02:27.701 And somewhere along the line, just by the way, You know, for the listeners out 39 00:02:27.701 --> 00:02:29.701 there, what I'm talking about, 40 00:02:29.701 --> 00:02:32.003 it's like you sitting in the beginning of the month and say, well, 41 00:02:32.823 --> 00:02:39.586 my salary is going to be a hundred grand and this is how I'm budgeting to spend 42 00:02:39.586 --> 00:02:41.586 this hundred 43 00:02:41.586 --> 00:02:43.586 grand. 44 00:02:43.586 --> 00:02:45.586 Yeah. 45 00:02:45.586 --> 00:02:46.729 And end of the month, inevitably, if you if you're the US back when when when 46 00:02:47.569 --> 00:02:54.412 Trump had his first term, end of the month, he inevitably didn't spend a 47 00:02:54.412 --> 00:02:56.412 hundred grand is is. 48 00:02:56.412 --> 00:03:01.817 team spended 198 rand you know or you know pretty much went way 49 00:03:01.957 --> 00:03:08.401 over uh i mean nowadays it's it's it's even more so so half a trillion dollars 50 00:03:08.401 --> 00:03:10.401 deficit 51 00:03:10.401 --> 00:03:15.847 and we know how he just went on he started that 2017 uh perspective rate cut and they 52 00:03:15.867 --> 00:03:18.348 said that now i want to continue that rate 53 00:03:18.388 --> 00:03:23.372 cut um a structure that that he proposed back in 2017. 54 00:03:23.372 --> 00:03:28.114 what what When you look at the last fiscal period, which now ended September 55 00:03:28.534 --> 00:03:33.956 2024, they had a deficit of 56 00:03:35.577 --> 00:03:38.238 just close to $1.9 trillion. 57 00:03:39.078 --> 00:03:39.778 Trillion. 58 00:03:39.778 --> 00:03:44.180 So please tell me, as a really just this very, 59 00:03:44.300 --> 00:03:49.242 very simplistic guy, the south tip of Africa, 60 00:03:51.363 --> 00:03:53.384 how do you propose, Mr. 61 00:03:53.564 --> 00:03:54.465 Trump or President 62 00:03:55.105 --> 00:04:01.090 Trump, how do you propose cutting the tax rates from 63 00:04:01.310 --> 00:04:08.296 21% to 15% if you're sitting with a deficit 64 00:04:08.336 --> 00:04:09.036 you're currently doing? 65 00:04:09.257 --> 00:04:11.218 So let's say he's going to find ways. 66 00:04:11.258 --> 00:04:13.480 He's going to talk about the tariffs, which I'm going to get to. 67 00:04:13.520 --> 00:04:15.081 He's going to be talking about the tariffs. 68 00:04:15.942 --> 00:04:20.205 And these are the ways how he's going to be sort of do this kite flying thing. 69 00:04:21.647 --> 00:04:23.128 But let's say, let's say. 70 00:04:23.768 --> 00:04:28.051 He gets it right, and he managed to bring the deficit down. 71 00:04:29.812 --> 00:04:31.052 What do you think, Lindsay, 72 00:04:32.233 --> 00:04:38.957 will happen to inflation if you do bring these tax rates down as we just said? 73 00:04:38.977 --> 00:04:42.799 He has campaigned as a president who will bring down inflation. 74 00:04:43.219 --> 00:04:43.919 Now, 75 00:04:44.059 --> 00:04:50.963 what he failed to say to his slavishly loyal supporters is that 76 00:04:51.103 --> 00:04:52.304 inflation went shooting up. 77 00:04:53.076 --> 00:04:57.680 Not because of Biden and Harris, but because of external affairs, i.e. 78 00:04:58.780 --> 00:05:02.743 supply chain issues, China, and of course, the war in Europe. 79 00:05:02.823 --> 00:05:03.984 And it is a war in Europe. 80 00:05:04.024 --> 00:05:05.265 And let's not forget about that. 81 00:05:05.325 --> 00:05:08.007 It is a war in Europe, and it's getting worse and worse. 82 00:05:08.308 --> 00:05:15.253 And it's very disturbing what's happened in the last 48 hours with the revamp of 83 00:05:15.253 --> 00:05:17.253 the nuclear policy of 84 00:05:17.253 --> 00:05:19.253 Russia. 85 00:05:19.253 --> 00:05:21.253 But anyway, never mind nuclear. 86 00:05:21.253 --> 00:05:23.253 The fact is... 87 00:05:23.253 --> 00:05:25.253 Why was there a revamp? 88 00:05:25.253 --> 00:05:27.253 Why was it revamped? 89 00:05:27.253 --> 00:05:29.253 Well, because Biden said you can shoot whatever you like out of Russia with the 90 00:05:29.253 --> 00:05:31.253 missiles that we gave you. 91 00:05:31.253 --> 00:05:33.253 I mean, I can't believe it. 92 00:05:33.253 --> 00:05:35.253 But Putin must be sitting there gnashing his teeth. 93 00:05:35.253 --> 00:05:35.903 And Sergei Lavrov at the G20 meeting saying, why am I sitting here with you 94 00:05:35.903 --> 00:05:36.083 people? 95 00:05:36.243 --> 00:05:43.086 You've just given our enemy the ability to target 200 96 00:05:43.166 --> 00:05:44.767 miles into. 97 00:05:45.287 --> 00:05:47.027 It's unbelievable what's going on. 98 00:05:47.027 --> 00:05:48.128 I don't even want to talk about it. 99 00:05:48.248 --> 00:05:53.930 But the point is, my inflation point was that he was campaigning on a lower 100 00:05:53.930 --> 00:05:55.930 inflation ticket. 101 00:05:55.930 --> 00:05:58.652 And that ticket, unfortunately, has just been ripped up because with tax cuts, 102 00:05:59.453 --> 00:06:04.214 whether it be at the corporate level or at the retail, the consumer level, i.e. 103 00:06:04.695 --> 00:06:05.755 Joe in the street. 104 00:06:06.675 --> 00:06:11.237 The fact is that that plus tariffs is going to increase inflation. 105 00:06:11.417 --> 00:06:13.578 And then people will say, no, wait a second. 106 00:06:13.598 --> 00:06:15.379 My shopping basket's gone up under Trump. 107 00:06:15.759 --> 00:06:17.680 It's now a 5% increase. 108 00:06:18.200 --> 00:06:24.965 rather than the 2% we had under Biden-Harris. There's all sorts of 109 00:06:24.965 --> 00:06:26.965 anomalies, Skalk, 110 00:06:26.965 --> 00:06:31.809 but it's going to be an incredibly difficult year for you wealth managers, 111 00:06:31.809 --> 00:06:33.809 you finance people in 2025. 112 00:06:33.809 --> 00:06:35.809 Very difficult, Skalk. 113 00:06:35.809 --> 00:06:37.809 Have a good holiday, I say. 114 00:06:37.809 --> 00:06:40.315 All roads lead to high inflation, no matter how you look at this. 115 00:06:40.415 --> 00:06:41.115 Yes. 116 00:06:41.115 --> 00:06:43.097 Every single road we're looking. 117 00:06:43.437 --> 00:06:46.660 I mean, it's like Google Maps to high inflation all over. 118 00:06:46.820 --> 00:06:47.520 No matter. 119 00:06:47.520 --> 00:06:49.342 which way you look at this. 120 00:06:49.742 --> 00:06:52.764 Because, I mean, we talk about the tax cuts, inflation. 121 00:06:53.124 --> 00:06:58.348 I mean, we're talking about these immigration policies that he proposed. 122 00:06:58.548 --> 00:07:02.752 I mean, concentration camp type of stuff that they're talking about. 123 00:07:03.192 --> 00:07:03.993 Immigration policy. 124 00:07:04.093 --> 00:07:04.793 Well, okay. 125 00:07:05.073 --> 00:07:11.658 I mean, a typical American, and please, I mean, to all the American listeners out 126 00:07:11.658 --> 00:07:13.658 there, I mean, 127 00:07:13.658 --> 00:07:15.658 I'm not really. 128 00:07:15.658 --> 00:07:17.658 But. 129 00:07:17.658 --> 00:07:19.658 Typically, they're not the hardest workers. 130 00:07:19.658 --> 00:07:23.668 I mean, so now you're going to be shipping off all these Mexicans and people. 131 00:07:23.868 --> 00:07:30.351 People that come to the United States because they want to have a better life 132 00:07:30.351 --> 00:07:32.351 and they're willing to work hard for that better life, 133 00:07:32.351 --> 00:07:35.553 whether it be picking beetroots or strawberries or apples or whatever it is. 134 00:07:35.993 --> 00:07:42.916 You put an ad in the paper to say an apple pick is needed because my undocumented 135 00:07:42.916 --> 00:07:44.916 Mexican has had 136 00:07:44.916 --> 00:07:46.916 to go back. 137 00:07:46.916 --> 00:07:48.054 to Mexico City or wherever it is, you're not going to get any replies. 138 00:07:48.434 --> 00:07:49.554 I mean, it's a point. 139 00:07:49.795 --> 00:07:55.377 And it's not being disparaging against Americans or Mexicans or Ecuadorians or 140 00:07:55.377 --> 00:07:57.377 whoever it is. 141 00:07:57.377 --> 00:07:58.998 The fact is that certain people will do certain things. 142 00:07:59.739 --> 00:08:01.860 And that's the way the world works. 143 00:08:02.160 --> 00:08:04.321 It's called demarcation, Skulk. 144 00:08:04.681 --> 00:08:10.123 And it's going to be a disaster if he gets millions of people out there over the next 145 00:08:10.123 --> 00:08:12.123 couple of years. 146 00:08:12.123 --> 00:08:14.123 A disaster for America. 147 00:08:14.123 --> 00:08:16.166 An absolute disaster because, I mean, who's going to do the jobs? 148 00:08:16.166 --> 00:08:20.008 I mean, as we sit here, the unemployment rate is 4.1 percent. 149 00:08:20.028 --> 00:08:25.551 And one can argue that that 4.1 percent is pretty much people that do not want to 150 00:08:25.551 --> 00:08:27.551 find a job. 151 00:08:27.551 --> 00:08:32.035 I mean, so now you ship out all these immigrants, 152 00:08:32.095 --> 00:08:33.535 you get this immigration policy. 153 00:08:34.076 --> 00:08:37.357 A typical American citizen will say, OK, 154 00:08:37.458 --> 00:08:41.720 I earned $100 last year. 155 00:08:42.120 --> 00:08:47.485 And this year, they're going to increase it to $102.50, 2.5%, 156 00:08:47.485 --> 00:08:49.466 because that's what their inflation aim is. 157 00:08:49.726 --> 00:08:56.312 A typical American citizen now can pick and choose whichever job he wants to do 158 00:08:56.312 --> 00:08:56.451 because 159 00:08:57.012 --> 00:09:03.017 the people that want to do the jobs has been deported or put in a concentration 160 00:09:03.017 --> 00:09:05.017 camp, whatever you want to call it. 161 00:09:05.017 --> 00:09:08.322 I mean, he or she is just going to say, no, no, no, no, wait a minute, wait a 162 00:09:08.322 --> 00:09:10.322 minute. 163 00:09:10.322 --> 00:09:10.664 You either pay me 5%, 6%. 164 00:09:11.044 --> 00:09:17.106 more because I need to do more work, or I'll just go from company A to company B. 165 00:09:17.446 --> 00:09:20.227 Now, that, again, is inflationary. 166 00:09:20.507 --> 00:09:24.888 You know, you've got inflation written absolutely all over it. 167 00:09:24.888 --> 00:09:28.549 And then my absolute favorite, and that's the tariffs. 168 00:09:29.589 --> 00:09:31.710 The tariffs, the beautiful tariffs. 169 00:09:32.050 --> 00:09:33.450 They're going to be, they're going to be. 170 00:09:33.691 --> 00:09:38.592 It's the most beautiful word in the English dictionary, I think he said once, 171 00:09:38.592 --> 00:09:40.592 the word tariff. 172 00:09:40.592 --> 00:09:40.821 I mean, come on now. 173 00:09:41.441 --> 00:09:43.682 The people he's preaching to have already voted for him. 174 00:09:43.722 --> 00:09:45.403 Why does he have to say these things? 175 00:09:46.123 --> 00:09:49.725 Tariffs are the consequences of tariffs we need not go into. 176 00:09:49.865 --> 00:09:52.466 But let me tell you, there are so many consequences. 177 00:09:52.786 --> 00:09:55.168 And it's not to him that's going to worry about it. 178 00:09:55.528 --> 00:09:57.289 It's the person that goes to Walmart. 179 00:09:57.489 --> 00:10:00.270 Good numbers from Walmart, by the way, this week. 180 00:10:00.530 --> 00:10:06.513 But it's the person with the Walmart trolley that is going to suffer over the 181 00:10:06.513 --> 00:10:08.513 next year under Trump. 182 00:10:08.513 --> 00:10:13.370 Yeah, no, well, Target, they reported, 183 00:10:13.470 --> 00:10:16.813 and the share price pretty much slumped 17%. 184 00:10:16.833 --> 00:10:22.438 So, you know, what we won on the Walmart side, we definitely lost on the 185 00:10:22.438 --> 00:10:22.517 roundabouts. 186 00:10:22.517 --> 00:10:25.700 But you're 100% right. 187 00:10:25.740 --> 00:10:32.046 I mean, we're sitting with these tariffs that will definitely be inflationary. 188 00:10:32.346 --> 00:10:35.589 And it's like I said, this is Google Maps to inflation. 189 00:10:36.409 --> 00:10:37.150 straight on. 190 00:10:37.590 --> 00:10:38.430 Don't even pass go. 191 00:10:38.450 --> 00:10:44.694 We're going to be straight going into an inflationary environment if the Trump 192 00:10:44.694 --> 00:10:46.694 trade actually comes into fruition. 193 00:10:46.694 --> 00:10:50.797 So 20th of January, I think, is going to be a very important day for me because 194 00:10:51.338 --> 00:10:56.981 I want to see how many and how strong is he going to come over and mention 195 00:10:58.141 --> 00:11:02.564 these things, like I said, tax cuts and immigration laws and tariffs. 196 00:11:02.564 --> 00:11:04.345 How strongly is he going to come over? 197 00:11:04.785 --> 00:11:07.627 Because if he's going to be really, really strong, 198 00:11:08.487 --> 00:11:13.370 I'm going to change my tune from we had inflation in South Africa and we'll get to 199 00:11:13.370 --> 00:11:13.529 that now. 200 00:11:13.529 --> 00:11:19.393 But I'm definitely going to be changing my tune from, yeah, I think we're going to be 201 00:11:19.393 --> 00:11:21.393 seeing quite a few rate cuts next year to 202 00:11:21.393 --> 00:11:22.635 I think we're going to see one or two. 203 00:11:22.975 --> 00:11:28.778 And then brace yourself because we're most probably in the latter part of next year, 204 00:11:28.778 --> 00:11:30.778 beginning of 2026, 205 00:11:30.778 --> 00:11:32.300 going to start looking at the neck hiking cycle. 206 00:11:32.740 --> 00:11:37.682 And boy, oh boy, I don't think it's going to be pretty this time around in actual 207 00:11:37.682 --> 00:11:39.682 fact i think brace 208 00:11:39.682 --> 00:11:40.644 yourself because it might look a lot worse than than 209 00:11:41.744 --> 00:11:48.707 you know you know my view is on this whole rate cut thing and rate rise thing and 210 00:11:48.707 --> 00:11:50.707 interest rate policy is that he 211 00:11:50.707 --> 00:11:55.430 will put somebody in some patsy as the u.s treasury secretary obviously ellen's gonna 212 00:11:55.430 --> 00:11:57.430 gonna have to go and she 213 00:11:57.430 --> 00:11:58.111 will go uh and he will put someone in 214 00:11:58.751 --> 00:12:05.454 he'll phone them up and say you've got to cut rates and the reason why because First 215 00:12:05.454 --> 00:12:07.454 of all, he's a populist. 216 00:12:07.454 --> 00:12:11.499 And secondly, because his so-called empire, which isn't an empire at all, it's 217 00:12:11.499 --> 00:12:13.499 a crumbling edifice, 218 00:12:13.499 --> 00:12:16.523 is heavily in debt, and he needs his interest rate payments to come down. 219 00:12:16.583 --> 00:12:21.748 So he wants lower interest rates, never mind if inflation is at 2.5% or 5.5%. 220 00:12:22.028 --> 00:12:26.111 So he will put someone in, and when he phones them up, they will do what he says. 221 00:12:26.452 --> 00:12:29.054 So watch out for the new US Treasury Secretary. 222 00:12:30.375 --> 00:12:31.616 Yeah, he needs... 223 00:12:31.956 --> 00:12:32.997 Because if... 224 00:12:33.337 --> 00:12:39.722 what you say actually had to happen and he forces interest rates to come down, 225 00:12:41.223 --> 00:12:45.126 that will mean that the dollar will be under the most pressure. 226 00:12:45.306 --> 00:12:50.510 And we know, we've heard him say that he feels the dollar is way too strong. 227 00:12:50.550 --> 00:12:53.952 He wants the dollar to be quite a bit weaker. 228 00:12:53.952 --> 00:12:54.652 And why? 229 00:12:54.652 --> 00:12:56.814 I mean, you can't bring in these tariffs. 230 00:12:57.074 --> 00:13:00.397 And because a stronger dollar would just sort of just. 231 00:13:00.833 --> 00:13:03.195 to neutralize these tariffs. 232 00:13:03.335 --> 00:13:05.937 So I think you're right. 233 00:13:06.117 --> 00:13:11.060 Then we'll see a much weaker dollar. 234 00:13:11.420 --> 00:13:14.603 And I think that's a dangerous trade, really, really dangerous trade. 235 00:13:14.743 --> 00:13:15.844 I don't know. 236 00:13:16.404 --> 00:13:20.987 I just get a very, very uncomfortable feeling as I'm sitting here. 237 00:13:21.167 --> 00:13:23.809 And then while we're sitting here, as you mentioned, 238 00:13:23.869 --> 00:13:29.333 we've got the outgoing president standing in the Amazon and saying, guys, we're 239 00:13:29.333 --> 00:13:29.513 going to be... 240 00:13:29.693 --> 00:13:36.175 Yeah, you can take all our crown war jewels, Lord of War, and then, I don't 241 00:13:36.175 --> 00:13:38.175 know if you've seen the clip, 242 00:13:38.175 --> 00:13:41.776 then he ends off and he turns around and he starts walking into the forest. 243 00:13:43.557 --> 00:13:44.957 He's probably still walking. 244 00:13:45.037 --> 00:13:46.358 Did he go the wrong way again? 245 00:13:46.698 --> 00:13:48.638 He's done that before. 246 00:13:48.638 --> 00:13:49.438 No shame. 247 00:13:49.778 --> 00:13:50.699 The forest. 248 00:13:51.899 --> 00:13:53.720 Anyway. 249 00:13:53.740 --> 00:13:58.061 I think that Joe Biden is basically saying that I'm only in here for another couple 250 00:13:58.061 --> 00:13:58.201 of weeks. 251 00:13:58.361 --> 00:13:59.061 Let me stuff. 252 00:13:59.341 --> 00:14:02.463 Trump up a little bit because he's going to have to reverse all these policies. 253 00:14:02.724 --> 00:14:05.185 So he said, you can send your missiles wherever you like. 254 00:14:05.445 --> 00:14:11.329 You can have these anti-personnel landmines, which he's just approved as 255 00:14:11.329 --> 00:14:13.329 well, and to hack off 256 00:14:13.329 --> 00:14:17.994 Putin because then Trump will have to rebuild the extraordinary relationship he 257 00:14:17.994 --> 00:14:19.994 has with Putin. 258 00:14:19.994 --> 00:14:21.994 And that's it. 259 00:14:21.994 --> 00:14:23.994 I'm sure it's just spite. 260 00:14:23.994 --> 00:14:25.994 I'm absolutely certain of it. 261 00:14:25.994 --> 00:14:27.994 Let's have a look at the JSC today. 262 00:14:27.994 --> 00:14:29.994 And the one thing that stands out is a company that you and I both have dealings 263 00:14:29.994 --> 00:14:31.994 with. 264 00:14:31.994 --> 00:14:33.994 It's 91. 265 00:14:33.994 --> 00:14:35.994 The share price is up a couple of percent. 266 00:14:35.994 --> 00:14:37.994 Let me ask you this question. 267 00:14:37.994 --> 00:14:39.994 You have to ask me honestly. 268 00:14:39.994 --> 00:14:41.994 Would you choose 91 or would you choose an S&P combined with a JSC 269 00:14:41.994 --> 00:14:43.994 ETF tracker, for example? 270 00:14:43.994 --> 00:14:46.976 What is the difference between buying 91 and buying the two products that I just 271 00:14:46.976 --> 00:14:47.016 mentioned? 272 00:14:47.877 --> 00:14:49.198 The pros and the cons of both. 273 00:14:49.739 --> 00:14:50.900 That's a poser for you. 274 00:14:51.900 --> 00:14:55.043 I mean, okay, so firstly, why choose? 275 00:14:55.043 --> 00:14:57.425 I mean, as a wealth manager. 276 00:14:58.041 --> 00:14:59.382 I don't need to choose. 277 00:14:59.802 --> 00:15:01.082 I can use them all three. 278 00:15:01.162 --> 00:15:03.843 And in a lot of circumstances, it's great to use them all three. 279 00:15:05.684 --> 00:15:06.685 Well, I'm asking you to choose. 280 00:15:06.705 --> 00:15:11.767 That's why I'm just saying if you had the choice of the two and you're not allowed 281 00:15:11.767 --> 00:15:13.767 to have all three, which one would it be? 282 00:15:13.767 --> 00:15:14.748 Would it be the two ETFs or would it be 91? 283 00:15:15.860 --> 00:15:17.261 I would still use 91. 284 00:15:17.321 --> 00:15:23.685 I mean, I know, I mean, these are people that previously I've worked with, this is 285 00:15:23.685 --> 00:15:25.685 people that I've, 286 00:15:25.685 --> 00:15:29.029 you know, I mean, 91 basically is the year this company started. 287 00:15:29.329 --> 00:15:32.191 1991. 288 00:15:32.191 --> 00:15:38.836 Yeah, the year we started this company, I saw this company being born, how this 289 00:15:38.836 --> 00:15:40.836 company has grown, and it is a wonderful. 290 00:15:40.836 --> 00:15:46.257 wonderful company i can say this because i'm not invested and i can say it as well 291 00:15:46.257 --> 00:15:48.257 and even though that they've supported me over the years it really 292 00:15:48.257 --> 00:15:52.942 is an amazing company and the reason i say that i mean apart from their performances 293 00:15:52.942 --> 00:15:54.942 and everything and the wealth that they've 294 00:15:54.942 --> 00:15:56.304 created is that they retain their staff i 295 00:15:56.324 --> 00:16:02.308 mean i'm talking to people today that i was speaking to a dozen years ago no 296 00:16:03.429 --> 00:16:07.392 they do i mean i mean look at the fund managers in those i mean 297 00:16:08.012 --> 00:16:14.674 I'm not even going to name names because then people are going to think I'm just 298 00:16:14.674 --> 00:16:16.674 name dropping. 299 00:16:16.674 --> 00:16:20.075 But you can look at these fund managers, head fund managers in their teams. 300 00:16:20.616 --> 00:16:23.056 This is individuals that have been managing funds. 301 00:16:23.516 --> 00:16:24.357 I mean, Bicard. 302 00:16:24.997 --> 00:16:26.217 I was going to say Bicard, yeah. 303 00:16:26.357 --> 00:16:27.057 Look at him. 304 00:16:27.057 --> 00:16:30.098 He's in New York now, but he's still a 91 person through and through. 305 00:16:31.478 --> 00:16:32.359 Client research. 306 00:16:32.359 --> 00:16:35.239 I mean, you can call all of them. 307 00:16:35.279 --> 00:16:39.741 I mean, the individual says… been with the company for many, many years. 308 00:16:39.781 --> 00:16:45.742 But I mean, yeah, I mean, you mentioned it, you know, the results today, nothing 309 00:16:45.742 --> 00:16:47.742 really new. 310 00:16:47.742 --> 00:16:48.323 And why I'm saying this, because they guided very, very well. 311 00:16:48.783 --> 00:16:51.864 We know that they've had some serious outflows. 312 00:16:53.104 --> 00:16:55.825 So net assets has grown, 313 00:16:56.525 --> 00:17:00.546 but there's been some serious outflows during this period. 314 00:17:00.887 --> 00:17:02.247 The big surprise today. 315 00:17:02.587 --> 00:17:06.268 And this, I mean, immediately when I saw this announcement, I started 316 00:17:06.388 --> 00:17:13.252 calling around because i didn't i mean i didn't get it even get a whiff of this and 317 00:17:13.252 --> 00:17:15.252 i started calling around some of my old 318 00:17:15.252 --> 00:17:19.816 colleagues and friends and i said well did you did you had any idea and everybody 319 00:17:19.816 --> 00:17:21.816 said this was the 320 00:17:21.816 --> 00:17:24.598 best kept secret under the sun and that that is sun 321 00:17:24.678 --> 00:17:30.522 long basically all the active managed yes goes to 91. 322 00:17:30.522 --> 00:17:34.684 yeah and that's 400 billion rands worth of assets 323 00:17:34.964 --> 00:17:37.685 That's now going to be transferred to 91. 324 00:17:37.685 --> 00:17:42.928 So everything that we've had in the trading updates recently by saying, well, 325 00:17:42.948 --> 00:17:47.891 we have these major outflows, or we had quite a bit of outflows, 326 00:17:48.711 --> 00:17:52.473 now sort of just been neutralized with this one, let's call it, announcement 327 00:17:52.473 --> 00:17:52.513 today. 328 00:17:54.094 --> 00:17:57.476 That is, I would say, a very, very big announcement. 329 00:17:57.476 --> 00:18:02.139 And I think for a company like Asanlam to feel that, well, 330 00:18:03.099 --> 00:18:04.700 they're active management. 331 00:18:05.040 --> 00:18:09.664 is going to be in better hands being in 91 than trying to do it in us. 332 00:18:09.944 --> 00:18:14.648 I mean, that sort of answers your first question, what would I choose? 333 00:18:14.928 --> 00:18:20.213 I mean, even Sunlum said, well, if we want somebody to actively manage funds, 334 00:18:20.713 --> 00:18:21.954 we will put it in 91. 335 00:18:22.174 --> 00:18:22.995 There's a little bit of a but. 336 00:18:23.636 --> 00:18:29.300 The big but is Sunlum naturally said, well, they're going to keep their 337 00:18:29.300 --> 00:18:29.480 passives. 338 00:18:29.841 --> 00:18:31.862 So they're going to be growing their passives as well. 339 00:18:32.062 --> 00:18:35.460 And for the listeners out there, don't know the passives. 340 00:18:36.121 --> 00:18:39.121 When you see anything Satrix, that is Sanlam as well. 341 00:18:39.161 --> 00:18:43.903 So they're going to be keeping the passive side, the Satrix side, 342 00:18:44.543 --> 00:18:47.484 but all the actives will be now, in the future, be managed. 343 00:18:47.504 --> 00:18:52.885 It's a huge story, and as you quite rightly say, in a very leaky financial 344 00:18:52.885 --> 00:18:54.885 services world in South Africa, 345 00:18:54.885 --> 00:18:55.186 to have kept this a secret. 346 00:18:56.226 --> 00:18:57.806 Congratulations to both sides. 347 00:18:58.447 --> 00:19:03.568 And what a coup for 91. And well done to Sanlam to say, look, put my hands up. 348 00:19:03.864 --> 00:19:06.365 We haven't got the skills and we're going to give it to you. 349 00:19:07.005 --> 00:19:08.285 We think you can do better. 350 00:19:09.305 --> 00:19:10.005 So well done. 351 00:19:10.086 --> 00:19:13.567 And that's one of the reasons why the share price has done so well today. 352 00:19:13.627 --> 00:19:15.527 Scalp, let's have a look at the markets now. 353 00:19:15.527 --> 00:19:16.707 The RAND, that's okay. 354 00:19:17.008 --> 00:19:17.928 That's actually pretty good. 355 00:19:18.008 --> 00:19:19.548 18.12 against the US dollar. 356 00:19:20.148 --> 00:19:22.749 British pound against the RAND is 22.93. 357 00:19:22.769 --> 00:19:26.290 And the Euro RAND is 19.08. 358 00:19:27.867 --> 00:19:33.850 Eurodollar is 105.25, the British pound against the US dollar is 126.55, 359 00:19:33.850 --> 00:19:36.532 the gold price 26.46. 360 00:19:36.912 --> 00:19:41.314 Was I looking at this last week and it was $100 lower than that, 25.50 or something? 361 00:19:41.514 --> 00:19:45.857 Anyway, whatever it is, it's up $19 today to 26.46. 362 00:19:46.137 --> 00:19:52.020 Platinum price still mired in three figures at $9.67 an ounce, which is down 363 00:19:52.020 --> 00:19:54.020 $6. 364 00:19:54.020 --> 00:19:54.862 And Palladium has regained four figures. 365 00:19:55.298 --> 00:19:56.719 At 10.20 in the last few days. 366 00:19:57.019 --> 00:19:59.520 At 10.21, which is down 14, though. 367 00:20:00.020 --> 00:20:04.822 Other commodities, Brent crude oil, $73.68, which is up half a percent. 368 00:20:05.302 --> 00:20:09.944 And West Texas crude, 69.38, which is up 0.2 percent. 369 00:20:10.024 --> 00:20:11.345 Copper up half a percent. 370 00:20:11.505 --> 00:20:12.365 What else have we got here? 371 00:20:12.385 --> 00:20:13.186 Anything interesting? 372 00:20:13.566 --> 00:20:14.266 No, not really. 373 00:20:14.406 --> 00:20:18.688 The S&P 500 futures market was looking today at the high for the year. 374 00:20:18.728 --> 00:20:22.270 6,053 was the high for the futures. 375 00:20:22.910 --> 00:20:29.153 December futures currently 5,888, down nearly 1%, which is, 376 00:20:29.253 --> 00:20:31.213 you know, Trump won't like that. 377 00:20:31.614 --> 00:20:36.295 The South African 10-year is 9.30%. 378 00:20:36.416 --> 00:20:41.077 The U.S. 10-year Treasury bond yield is 4.40%. 379 00:20:41.097 --> 00:20:43.518 And Bitcoin, which has had an astonishing time, 380 00:20:44.019 --> 00:20:49.601 is now 94,637, up 2.4%, 381 00:20:49.601 --> 00:20:51.802 at an all-time record high, as we... 382 00:20:52.478 --> 00:20:57.021 And speak, Skull, the Bitcoin trade is amazing, isn't it? 383 00:20:57.442 --> 00:21:00.684 If a client comes to you and says, look, here's my portfolio. 384 00:21:00.724 --> 00:21:04.707 I've got 10 million to give to you at PSG Wealth Older. 385 00:21:05.067 --> 00:21:08.749 Would you say, yeah, let's put a bit into Bitcoin if they asked you to do so? 386 00:21:09.890 --> 00:21:11.111 No, I don't. 387 00:21:11.752 --> 00:21:12.452 I haven't done it. 388 00:21:13.032 --> 00:21:17.616 I will most probably not do it anytime soon until it's probably properly, 389 00:21:17.616 --> 00:21:19.616 properly. 390 00:21:19.616 --> 00:21:20.658 I'm not talking about these worse than things, you know. 391 00:21:21.078 --> 00:21:27.964 moving towards when it's properly regulated um then then naturally i will 392 00:21:27.964 --> 00:21:34.469 be looking at it and but but anything i mean usually when something sounds too 393 00:21:34.469 --> 00:21:36.469 good to be true it often is 394 00:21:36.469 --> 00:21:41.275 and you just mentioned it we're approaching a hundred thousand dollars per 395 00:21:41.275 --> 00:21:43.275 bitcoin you know this conversation a few 396 00:21:43.275 --> 00:21:46.479 weeks ago when we say yeah it's most probably on its way again to sixty 397 00:21:46.479 --> 00:21:48.479 thousand dollars and we 398 00:21:48.479 --> 00:21:49.041 know if we're going to take the clock back 399 00:21:50.458 --> 00:21:57.285 three four years ago it was trading at four or five thousand dollars per bitcoin 400 00:21:57.285 --> 00:21:59.285 so a year and a half ago it was fifteen 401 00:21:59.285 --> 00:22:04.353 thousand now look at it six times higher more than six times higher so so how i 402 00:22:04.353 --> 00:22:06.353 mean as a wealth manager i'm 403 00:22:06.353 --> 00:22:09.078 really going to be struggling you know putting putting a lot of my clients 404 00:22:09.198 --> 00:22:13.482 even even if it's well regulated into something that can go from 15,000 405 00:22:13.903 --> 00:22:18.286 US dollars to 100,000 US dollars in a matter of a year. 406 00:22:18.286 --> 00:22:23.670 When you can't actually say, when you say to someone who's invested in it, most 407 00:22:23.670 --> 00:22:25.670 people, I would say, 408 00:22:25.670 --> 00:22:27.670 why are you investing in it? 409 00:22:27.670 --> 00:22:29.670 And they'll say, well, because it's going up. 410 00:22:29.670 --> 00:22:32.176 I mean, I don't know, the South Sea bubble and all sorts of other bubbles over 411 00:22:32.176 --> 00:22:34.176 centuries. 412 00:22:34.176 --> 00:22:34.817 The tulip bubble in the Netherlands, for example. 413 00:22:34.857 --> 00:22:35.898 Why are you buying a tulip? 414 00:22:36.238 --> 00:22:37.759 Because the price is going up. 415 00:22:38.500 --> 00:22:39.541 Do you think that will happen? 416 00:22:39.661 --> 00:22:41.262 Do you think it has the potential? 417 00:22:41.502 --> 00:22:48.368 but one day people say no it's got no use whatsoever it uses too much energy to 418 00:22:48.368 --> 00:22:50.368 produce the 419 00:22:50.368 --> 00:22:55.193 the blasted things and all the encryption and all that sort of thing do you think 420 00:22:55.193 --> 00:22:57.193 one day it will be one of the biggest um 421 00:22:57.193 --> 00:23:00.578 financial disasters ever or do you think that we are being too pessimistic i 422 00:23:00.578 --> 00:23:07.043 i do think it's got the the the possibility um of being one of the the 423 00:23:07.043 --> 00:23:09.043 worst financial 424 00:23:09.043 --> 00:23:13.907 disasters yes i do think it can happen i mean if you if you read what's happened 425 00:23:13.907 --> 00:23:15.907 with the old tulip mania of the 426 00:23:15.907 --> 00:23:20.529 1600s. I mean, there's not a major difference between the two. 427 00:23:21.609 --> 00:23:22.309 You're quite right. 428 00:23:23.170 --> 00:23:24.350 No one needs a tulip bulb. 429 00:23:25.390 --> 00:23:26.090 No. 430 00:23:26.090 --> 00:23:26.871 What are you going to do with it? 431 00:23:27.391 --> 00:23:31.552 But, okay, be that as it may, we're living in very, very difficult times. 432 00:23:32.833 --> 00:23:37.274 I mean, we know that there's quite a few countries that's got sanctions on them. 433 00:23:38.014 --> 00:23:41.136 These guys can't trade in, for instance, Russian rubles. 434 00:23:41.597 --> 00:23:43.278 So what do they trade in? 435 00:23:43.858 --> 00:23:45.099 They go and buy Bitcoin. 436 00:23:45.119 --> 00:23:49.282 And they can merrily, merrily continue doing business as usual. 437 00:23:51.543 --> 00:23:52.824 Yeah, well done to Ecuador. 438 00:23:52.844 --> 00:23:53.905 I think it's Ecuador, isn't it? 439 00:23:53.925 --> 00:23:58.848 That was the first country that the huge reserve bank said, look, 440 00:23:59.289 --> 00:24:05.873 we are going to invest in this almost as not an asset of national reserve 441 00:24:06.213 --> 00:24:07.014 to support the... 442 00:24:07.974 --> 00:24:14.789 the country but for goodness sake that was around about 15 20 000 when they decided 443 00:24:14.789 --> 00:24:16.789 to do that so they've made five times their money 444 00:24:16.789 --> 00:24:18.789 almost 445 00:24:18.789 --> 00:24:22.984 yeah yeah no for sure for sure but because it's um yeah it's it's always i mean 446 00:24:23.244 --> 00:24:29.830 naturally any everyone feels one of the kids call it fomo the fear of missing out 447 00:24:29.830 --> 00:24:31.830 i mean we all we all feel 448 00:24:31.830 --> 00:24:33.053 fomo when when something goes up especially 449 00:24:33.053 --> 00:24:40.039 if it's something as well known as a thing called a bitcoin um but i i i don't know i 450 00:24:40.059 --> 00:24:43.122 just when whenever i look at something and i think man 451 00:24:43.598 --> 00:24:50.520 this could really end in tears yeah then i'll mess out gladly i'll mess out gladly 452 00:24:50.520 --> 00:24:52.520 i can tell 453 00:24:52.520 --> 00:24:56.762 you something as you get older skunk which we all are every single day we've got 454 00:24:56.762 --> 00:24:58.762 older since we first started speaking 15 minutes ago 455 00:24:58.762 --> 00:25:04.104 the fomo factor disappears you say someone's made some money good good luck 456 00:25:04.104 --> 00:25:06.104 to you i hope it makes you happy 457 00:25:06.104 --> 00:25:11.185 that's what i always say to people did you buy this did you buy that no i didn't i 458 00:25:11.185 --> 00:25:13.185 did i said well good luck mate well 459 00:25:13.185 --> 00:25:13.206 done spend it wisely 460 00:25:13.426 --> 00:25:19.892 your profits that is on the jsc today we buy cars i can't even bring myself to say 461 00:25:19.892 --> 00:25:21.892 that name for a company 462 00:25:21.892 --> 00:25:27.218 anyway it's up nearly five percent pick and pay up four and a half percent a 463 00:25:27.218 --> 00:25:29.218 sassel up four percent we've spoken about that company 464 00:25:29.218 --> 00:25:31.362 so many times just below 97 rand a share tfg used 465 00:25:31.362 --> 00:25:37.928 to be called for sheening up 3.7 percent and could buy an or at 3.4 percent on the 466 00:25:37.928 --> 00:25:39.928 downside the ones that i can 467 00:25:39.928 --> 00:25:43.111 recognize northam's down 1.8%, SAPPY down 1.8% as well, 468 00:25:43.671 --> 00:25:48.752 1.7% down for Bytes, and DRD Gold down 1.6%. 469 00:25:48.752 --> 00:25:50.533 Do you think gold's running out of steam, Skulk? 470 00:25:51.433 --> 00:25:52.673 No, no, not at all. 471 00:25:53.474 --> 00:25:54.174 I don't think so. 472 00:25:55.034 --> 00:26:01.756 Lindsay, I mean, we started off this conversation talking about Trump trade, 473 00:26:01.756 --> 00:26:03.756 and we will be ending this conversation. 474 00:26:03.756 --> 00:26:08.798 I mean, when you look at his first term as president of the United States in 2016, 475 00:26:08.798 --> 00:26:10.798 that period between... 476 00:26:10.798 --> 00:26:14.482 2016 and 2020, the gold price increased by 69% in his first term. 477 00:26:15.043 --> 00:26:17.385 Do I think the second verse will sound like the first? 478 00:26:17.725 --> 00:26:23.730 Yes, I do think so because naturally I mean we're talking about a guy that's 479 00:26:23.730 --> 00:26:25.730 already saying, well, 480 00:26:25.730 --> 00:26:27.730 we're going to do tax cuts. 481 00:26:27.730 --> 00:26:29.730 We're going to do immigration. 482 00:26:29.730 --> 00:26:31.730 We're going to do these tariffs. 483 00:26:31.730 --> 00:26:32.557 Effectively, he's not going to be reducing the U.S. 484 00:26:32.657 --> 00:26:33.357 debt. 485 00:26:33.357 --> 00:26:35.019 He's going to be increasing the U.S. 486 00:26:35.079 --> 00:26:35.779 debt. 487 00:26:35.779 --> 00:26:38.402 And man, oh man, do I mean just go 488 00:26:38.702 --> 00:26:45.525 draw a graph just go draw a graph the debt to well u.s debt to gdp or what they call 489 00:26:45.525 --> 00:26:45.965 it 490 00:26:45.965 --> 00:26:50.047 public u.s public debt to gdp what is it now what's the percentage over 100 percent 491 00:26:50.987 --> 00:26:57.670 120 percent and remember when he started office 2016 was 98 492 00:26:57.930 --> 00:27:04.593 and we know how frowned upon uh everybody was two weeks ago when when when it came 493 00:27:04.593 --> 00:27:06.593 out that the uk is trading at 98 percent 494 00:27:06.593 --> 00:27:12.116 uh public debt to gdp but leave that 120 we know he's going to be increased but 495 00:27:12.116 --> 00:27:14.116 just take that graph just go say public 496 00:27:14.116 --> 00:27:14.437 debt to gdp add the gold price 497 00:27:14.477 --> 00:27:21.400 on the exactly same graph and draw it out over 20 years and man then you tell me you 498 00:27:21.400 --> 00:27:21.740 don't 499 00:27:21.740 --> 00:27:28.083 think the gold price will will continue running as he merrily increase the debt of 500 00:27:28.083 --> 00:27:30.083 the u.s okay so let's say it goes up 501 00:27:30.083 --> 00:27:34.605 60 70 what's 60 of the current level of 2650 that's another what 502 00:27:34.605 --> 00:27:40.870 1500 on the top So this thing is going to $4,000 to $5,000 per ounce, 503 00:27:41.150 --> 00:27:43.051 according to your calculations. 504 00:27:44.773 --> 00:27:45.974 No, no, no, no, no. 505 00:27:46.434 --> 00:27:48.356 I think you might be putting words in my mouth. 506 00:27:48.436 --> 00:27:49.156 I mean, you're asking. 507 00:27:49.156 --> 00:27:49.856 What do you mean? 508 00:27:49.856 --> 00:27:54.321 You just said when he was first in office, the price went up 69%. 509 00:27:54.381 --> 00:27:57.603 And you're talking about a replication of that performance. 510 00:27:58.865 --> 00:28:03.028 So, yes, I do think we're going to see a similar trajectory. 511 00:28:03.108 --> 00:28:05.170 I mean, and I think what we've seen. 512 00:28:05.654 --> 00:28:09.537 in the gold price over the past, let's call it, remember, 513 00:28:09.597 --> 00:28:12.780 gold price was started this year at $2,000. 514 00:28:13.360 --> 00:28:17.203 I mean, it's now trading, you know, $2,600 and something. 515 00:28:17.203 --> 00:28:19.926 25% higher, yeah, more than that. 516 00:28:20.166 --> 00:28:24.509 A lot of these stuff we just mentioned has really now been priced in. 517 00:28:24.930 --> 00:28:31.255 But I don't want to call it, I like to lean on people that's way more intelligent 518 00:28:31.255 --> 00:28:33.255 than I am. 519 00:28:33.255 --> 00:28:35.058 We just had Goldman Sachs that came out. 520 00:28:36.579 --> 00:28:42.603 I think it was two, three days ago, where they mentioned, well, they see a world 521 00:28:42.603 --> 00:28:44.603 price anything between 522 00:28:44.603 --> 00:28:44.985 $70 and $85. 523 00:28:45.065 --> 00:28:47.506 That doesn't sound too weird. 524 00:28:48.067 --> 00:28:53.210 But they're seeing a gold price over $3,000 by December next year. 525 00:28:54.931 --> 00:28:56.633 I think that's rather conservative, actually. 526 00:28:56.993 --> 00:28:57.833 I do think so. 527 00:28:58.014 --> 00:29:00.375 Time-wise, anyway. 528 00:29:00.655 --> 00:29:02.497 So will I be selling my gold anytime soon? 529 00:29:02.577 --> 00:29:03.277 We'll know. 530 00:29:03.277 --> 00:29:03.857 No, you won't. 531 00:29:03.857 --> 00:29:04.358 You'll be adding. 532 00:29:04.682 --> 00:29:10.250 on any dips i would imagine give us the closing jsc indices and the value traded 533 00:29:10.250 --> 00:29:12.250 if you would scalp low 534 00:29:12.250 --> 00:29:17.719 so the jsc closed today at 85 275 points that is a beautiful i can quote my 535 00:29:18.560 --> 00:29:25.226 student incoming president a beautiful 90 basis points in the green today the jc top 536 00:29:25.226 --> 00:29:25.385 40 537 00:29:25.726 --> 00:29:29.089 also closed 84 basis points positive while 538 00:29:29.089 --> 00:29:36.075 the resources were up 93 basis points industrials up 65 basis points with the 539 00:29:36.075 --> 00:29:38.075 financials doing doing really really 540 00:29:38.075 --> 00:29:39.558 well one point two two percent and even the sap 541 00:29:39.738 --> 00:29:46.382 property index they were positive today uh in this in the case of 0.23 percent when 542 00:29:46.382 --> 00:29:46.521 we look at the 543 00:29:46.662 --> 00:29:53.626 the current uh well let's just cover the value trade value trade today just have 20 544 00:29:53.626 --> 00:29:55.626 billion traded on the jsc 545 00:29:55.626 --> 00:29:57.626 so that's 546 00:29:57.626 --> 00:30:02.330 19.5 not too bad but we still want to see it you know suppose that it's called a 20 547 00:30:02.330 --> 00:30:04.330 billion mark and i think the one 548 00:30:04.330 --> 00:30:08.714 you mentioned at the the the s p 500 yes s p 500 549 00:30:08.894 --> 00:30:15.816 did recover somewhat some of its its early losses now trading you know 60 basis 550 00:30:15.816 --> 00:30:17.816 points negative nasdaq down 80 551 00:30:17.816 --> 00:30:22.598 basis points and the dow jones are now just shy just shy of going into positive 552 00:30:22.598 --> 00:30:24.598 territory did i ask you this last week 553 00:30:24.598 --> 00:30:26.679 and the question is have you had your christmas party yet and 554 00:30:26.799 --> 00:30:32.780 if not when is it and where are you going okay so so we had this we'll keep this 555 00:30:32.860 --> 00:30:37.682 quiet i'm sorry my short-term memory uh lost 556 00:30:38.702 --> 00:30:45.626 he's trying me another conversation where just by the way whatever you remember yeah 557 00:30:45.626 --> 00:30:47.626 whatever your name is 558 00:30:50.469 --> 00:30:56.673 oh man oh man we are getting old lindsay we are getting old but we're getting 559 00:30:56.673 --> 00:30:58.673 better it's like red wine okay 560 00:30:58.673 --> 00:31:03.857 good scalp thank you very much your time as always scalp glow is a portfolio 561 00:31:03.857 --> 00:31:05.857 manager at psg wealth old oak in cape town and 562 00:31:05.857 --> 00:31:10.047 that was the five o'clock shadow The views and opinions expressed in these podcasts 563 00:31:10.047 --> 00:31:12.047 are those of Lindsay Williams and 564 00:31:12.047 --> 00:31:16.529 various contributors and do not reflect the policy, position or opinion of any 565 00:31:16.529 --> 00:31:18.529 other agency, organisation, 566 00:31:18.529 --> 00:31:21.510 employer or company associated with StrictlyBusinessPodcast.com. 567 00:31:21.970 --> 00:31:28.932 Assumptions made on the analyses are not reflective of the position of any other 568 00:31:28.932 --> 00:31:30.932 entity other than the speaker or the author. 569 00:31:30.932 --> 00:31:35.394 And since we are critically thinking human beings, these views are always subject to 570 00:31:35.394 --> 00:31:37.394 change, revision and revision. 571 00:31:37.394 --> 00:31:39.394 and rethinking at any time. 572 00:31:39.394 --> 00:31:39.962 Please do not hold us to them in perpetuity.