WEBVTT 1 00:00:00.392 --> 00:00:05.516 You're listening to Strictly Business Podcast with Lindsay Williams. 2 00:00:05.577 --> 00:00:09.440 The JSC has closed its doors for another day, so it's time for the five o'clock 3 00:00:09.440 --> 00:00:09.539 shadow. 4 00:00:09.539 --> 00:00:15.065 And as always on a Thursday, I have the doubleheader dream team edition with Viv 5 00:00:15.065 --> 00:00:17.065 Govender from Rands Swiss and 6 00:00:17.065 --> 00:00:18.287 David Shapiro from Sasson Securities, both in Johannesburg. 7 00:00:18.568 --> 00:00:24.533 Now, Viv, we were chatting just before David joined us about the extraordinary, 8 00:00:24.533 --> 00:00:26.533 what is it now, three days, four days? 9 00:00:26.533 --> 00:00:28.533 I don't know. 10 00:00:28.533 --> 00:00:30.533 It seems like three years, four years, about the executive orders. 11 00:00:30.533 --> 00:00:32.977 that Mr Trump with his giant felt-tip pen signs into law. 12 00:00:32.977 --> 00:00:35.458 I mean, it's extraordinary. 13 00:00:35.458 --> 00:00:42.400 I mean, apart from the ridiculous 1,500 criminals being pardoned, there's all 14 00:00:42.400 --> 00:00:44.400 sorts of things regarding 15 00:00:44.400 --> 00:00:45.961 DEI and all sorts of other things. 16 00:00:46.181 --> 00:00:50.462 But you've looked deeper into it, not just the headline grabbers, Viv. 17 00:00:51.782 --> 00:00:52.482 Most certainly. 18 00:00:52.482 --> 00:00:57.584 Look, I think the biggest thing he's done beyond the 1,500 people here and there 19 00:00:57.584 --> 00:00:59.584 doesn't really make a difference. 20 00:00:59.584 --> 00:01:01.887 the US probably that's more than that, you know, guilty could go out in any single 21 00:01:01.887 --> 00:01:03.887 week in the US. 22 00:01:03.887 --> 00:01:05.910 But the change he did to Lyndon B. 23 00:01:05.950 --> 00:01:09.133 Johnson's, you know, anti discrimination executive order, 24 00:01:09.914 --> 00:01:14.097 the US government basically can't discriminate in terms of employment. 25 00:01:14.477 --> 00:01:18.821 But the way the phrase it was, you know, you kind of a disparate impact kind of 26 00:01:18.821 --> 00:01:19.201 thing. 27 00:01:19.201 --> 00:01:20.482 So it was Lyndon B. 28 00:01:20.522 --> 00:01:23.945 Johnson and Nixon thereafter, where they basically came out of the thing of 29 00:01:23.945 --> 00:01:25.945 disparate impact. 30 00:01:25.945 --> 00:01:27.568 So you've seen cases in the last couple years, for instance, I 31 00:01:27.884 --> 00:01:34.686 teachers have sued and won because certain groups of teachers underscored lesson 32 00:01:34.686 --> 00:01:36.686 tests and therefore were not hired or something because of that uh well 33 00:01:36.686 --> 00:01:41.508 firemen uh it was who also imagined you know sue and win because you know certain 34 00:01:41.508 --> 00:01:43.508 tests uh had different impacts in different communities 35 00:01:43.508 --> 00:01:47.009 uh not only has he removed it he's removed and replaced it with something new that is 36 00:01:47.029 --> 00:01:53.171 basically going to be pretty much the reverse of what the last thing was and 37 00:01:53.171 --> 00:01:55.171 that's going to affect you know like i said if you look at the amount of people 38 00:01:55.171 --> 00:01:57.171 whose 39 00:01:57.171 --> 00:01:58.373 incomes depend somewhere another depend on the us government from the state to local 40 00:01:58.373 --> 00:02:00.373 level and, you know, 41 00:02:00.373 --> 00:02:03.156 to the national level, it approaches half of the US population in terms of 42 00:02:03.156 --> 00:02:03.356 workforce. 43 00:02:03.937 --> 00:02:07.479 And so there's something that's going to affect all of those people in some way or 44 00:02:07.479 --> 00:02:07.859 another. 45 00:02:08.239 --> 00:02:11.481 Yes, it's certainly been sweeping changes. 46 00:02:11.521 --> 00:02:18.065 He'd obviously been planning it and he'd got those lovely folders and, as I said, 47 00:02:18.065 --> 00:02:20.065 got his felt-tip pens ready to do. 48 00:02:20.065 --> 00:02:22.065 I don't think he was planning it. 49 00:02:22.065 --> 00:02:24.065 I don't think he would have known this stuff. 50 00:02:24.065 --> 00:02:26.065 I think Trump is going out. 51 00:02:26.065 --> 00:02:29.130 and looking at 60 year old uh you know uh legislative orders from uh lindley b 52 00:02:29.130 --> 00:02:31.130 johnson no uh i in fact 53 00:02:31.130 --> 00:02:36.412 i i see a guy literally this is a little clip of vivek ramos farming is no longer 54 00:02:36.412 --> 00:02:38.412 part of doge literally in a 55 00:02:38.412 --> 00:02:41.013 podcast talking to somebody and coming up with this idea literally 56 00:02:41.214 --> 00:02:48.096 you wrote it down but you actually had the idea in a book and you wrote it down you 57 00:02:48.096 --> 00:02:50.096 can just see doing it writing it down and that is the kind of 58 00:02:50.096 --> 00:02:54.510 planning that's coming to here because Trump is not looking at old orders and 59 00:02:54.510 --> 00:02:56.510 thinking, he's thinking change the Gulf of Mexico to the Gulf of America. 60 00:02:56.510 --> 00:02:58.510 That's what he's thinking. 61 00:02:58.510 --> 00:03:00.732 He's not thinking, how can I fundamentally change how the US government works and 62 00:03:00.732 --> 00:03:02.732 know which laws to change? 63 00:03:02.732 --> 00:03:04.732 That's not Trump. 64 00:03:04.732 --> 00:03:06.732 No, well, we know what Trump is. 65 00:03:06.732 --> 00:03:07.695 And David Shapiro is a man after my own heart when it comes to this sort of thing. 66 00:03:07.975 --> 00:03:14.638 David, your impression of the first very few days and hours of Trump's latest 67 00:03:14.638 --> 00:03:16.638 administration? 68 00:03:16.638 --> 00:03:18.160 What's shaken me is that no one's protested. 69 00:03:18.340 --> 00:03:19.040 Exactly. 70 00:03:19.884 --> 00:03:26.470 No, you know, I haven't seen, I read The Atlantic, I've been reading as much as I 71 00:03:26.470 --> 00:03:26.810 can, 72 00:03:26.810 --> 00:03:29.613 I enjoy The Atlantic, having a go at him, 73 00:03:30.013 --> 00:03:36.879 but I haven't seen people storming in the streets and protesting against his 74 00:03:36.979 --> 00:03:43.405 change of genders, you know, no more will gender appear on your passport, it's going 75 00:03:43.405 --> 00:03:45.405 to be sex, either male or female, 76 00:03:45.405 --> 00:03:46.307 simple as that, you know, and any government stories. 77 00:03:47.472 --> 00:03:51.133 No such thing as DEI in any federal government committee. 78 00:03:51.173 --> 00:03:58.056 He's put everybody associated with those committees or those areas of the federal 79 00:03:58.056 --> 00:04:00.056 government on leave, 80 00:04:00.056 --> 00:04:02.056 on paid leave. 81 00:04:02.056 --> 00:04:04.056 He's going to review the whole thing. 82 00:04:04.056 --> 00:04:06.056 But I thought, where's the outcry? 83 00:04:06.056 --> 00:04:07.039 And all they're doing is fawning over him. 84 00:04:07.399 --> 00:04:10.860 If you saw the gallery behind him at... 85 00:04:11.200 --> 00:04:14.101 at the inauguration from Zuckerberg to you name it. 86 00:04:14.121 --> 00:04:15.302 Which I did, yes. 87 00:04:15.302 --> 00:04:18.423 To Bezos and Bezos'new puffed-out wife. 88 00:04:18.843 --> 00:04:20.884 You know, all those kind of people. 89 00:04:21.444 --> 00:04:22.344 No one cares. 90 00:04:22.925 --> 00:04:28.767 And, you know, as you say, as Viv said, these laws have been entrenched since 91 00:04:29.327 --> 00:04:30.288 Lyndon Johnson. 92 00:04:31.108 --> 00:04:35.810 A lot of changes have tried to be introduced, you know, to create equality. 93 00:04:35.830 --> 00:04:37.571 I mean, it's been an ongoing issue. 94 00:04:38.131 --> 00:04:40.572 And in one fell swoop, boop, gone. 95 00:04:41.756 --> 00:04:42.557 And no one cares. 96 00:04:43.958 --> 00:04:45.318 I'm talking about the gallery. 97 00:04:45.378 --> 00:04:50.982 I don't know whether you, you know, I'm just looking, I'm saying, why is no one 98 00:04:50.982 --> 00:04:52.982 protesting? 99 00:04:52.982 --> 00:04:53.303 Why aren't there placards? 100 00:04:53.383 --> 00:04:56.765 Why isn't Washington, isn't there an outcry? 101 00:04:56.765 --> 00:04:58.686 And everybody gets on and says, oh, you know what? 102 00:04:59.362 --> 00:05:00.383 The S&P's up. 103 00:05:01.484 --> 00:05:02.184 We're going to grow. 104 00:05:02.404 --> 00:05:03.485 We're going to create job. 105 00:05:03.565 --> 00:05:04.446 America first. 106 00:05:04.566 --> 00:05:05.266 We'll see. 107 00:05:05.266 --> 00:05:05.666 Okay. 108 00:05:05.666 --> 00:05:07.568 You know what I'm saying? 109 00:05:08.488 --> 00:05:09.188 Okay. 110 00:05:09.188 --> 00:05:13.152 Well, talking about the gallery, and obviously the number one in the gallery is 111 00:05:13.152 --> 00:05:15.152 Elon Musk. 112 00:05:15.152 --> 00:05:16.634 Did you see the close-ups of him? 113 00:05:18.135 --> 00:05:20.777 I mean, I'm not saying that he was on ketamine. 114 00:05:21.077 --> 00:05:23.899 I'm not saying he was on ketamine because who do we know? 115 00:05:23.939 --> 00:05:26.221 I mean, who are we to say that he was drugged up? 116 00:05:26.241 --> 00:05:27.842 But he has a history of drug use. 117 00:05:28.230 --> 00:05:34.976 but he was waving his head all over the place and his eyes are up in the sky that 118 00:05:34.976 --> 00:05:36.976 that is a conversation that apparently 119 00:05:36.976 --> 00:05:41.881 like a week before he announced he had gone for a neck surgery so there was a so 120 00:05:41.881 --> 00:05:43.881 he had surgery on his neck like a week or so before 121 00:05:43.881 --> 00:05:48.747 uh and that is why that is why that happened but he wasn't on ketamine i mean 122 00:05:48.747 --> 00:05:50.747 i i did talk to you guys about in the past that i think he was 123 00:05:50.747 --> 00:05:55.393 but in this case it would probably have to do with the fact that he announced like a 124 00:05:55.393 --> 00:05:57.393 week or two earlier that he had to get the next 125 00:05:57.393 --> 00:05:59.393 surgery done uh 126 00:05:59.393 --> 00:06:04.204 you know um but the speaking of elon musk uh apparently um remember i told you guys 127 00:06:04.204 --> 00:06:06.204 that he's not going 128 00:06:06.204 --> 00:06:10.609 to be caring about um the government spending and whatnot and it's going to be 129 00:06:10.609 --> 00:06:12.609 changing regulations that's the bigger thing for him 130 00:06:12.609 --> 00:06:15.293 apparently that's why vivek ramaswamy was kicked out because ramaswamy was going in 131 00:06:15.293 --> 00:06:17.293 there trying 132 00:06:17.293 --> 00:06:21.958 to do what they were talking about doing apparently around you know cutting 133 00:06:21.958 --> 00:06:23.958 spending and doing all this stuff and musk was much more you know 134 00:06:23.958 --> 00:06:26.322 focused on communications and doing things to help his company 135 00:06:27.991 --> 00:06:31.753 Speaking of which, did you guys see the announcement about the 500? 136 00:06:31.753 --> 00:06:38.738 Yes, this was my main thrust with you, Aviv, because you've got Oracle, SoftBank 137 00:06:38.738 --> 00:06:40.738 and 138 00:06:40.738 --> 00:06:42.738 Chat. 139 00:06:42.738 --> 00:06:43.882 Yeah. Yeah. 140 00:06:43.902 --> 00:06:50.306 And Trump suddenly stands up there at the lectern as he does and says, we're going 141 00:06:50.306 --> 00:06:52.306 to be investing 500 billion, in other words, 142 00:06:52.306 --> 00:06:52.488 half a trillion US dollars in this thing. 143 00:06:52.788 --> 00:06:55.390 And Musk, who he and Altman hate each other. 144 00:06:55.882 --> 00:07:02.568 And they're standing there and then and then Musk says, which was, of course, the 145 00:07:02.568 --> 00:07:04.568 beginning of the end of their relationship. 146 00:07:04.568 --> 00:07:06.568 He says, no, this is a load of rubbish. 147 00:07:06.568 --> 00:07:08.568 They haven't got the money. 148 00:07:08.568 --> 00:07:08.754 He says that SoftBank has only got $10 billion secured. 149 00:07:08.794 --> 00:07:11.536 So where does the $500 billion come from? 150 00:07:11.556 --> 00:07:12.397 But Viv, you know more about this than I do. 151 00:07:12.397 --> 00:07:13.097 So please carry on. 152 00:07:13.097 --> 00:07:13.518 So, OK, and there's a little bit after that. 153 00:07:13.538 --> 00:07:14.479 Certainly, there was enough electricity. 154 00:07:14.479 --> 00:07:19.644 I don't know about the $500 billion. 155 00:07:20.044 --> 00:07:22.226 I know that I was doing $80 billion per year. 156 00:07:22.950 --> 00:07:29.935 okay and the time of the police not one soft for the entire opinions could be over 157 00:07:29.935 --> 00:07:31.935 multiple years so uh 80 billion per year adds up to like a lot 158 00:07:31.935 --> 00:07:36.860 of projects very soon and he says i'm good for the 80 billion you know that's a flex 159 00:07:36.860 --> 00:07:38.860 you know what i mean to say i'm good for my 80 160 00:07:38.860 --> 00:07:41.543 billion i i i'm able to split that kind of money and even musk is admitted that such 161 00:07:41.543 --> 00:07:41.762 has the 162 00:07:41.762 --> 00:07:44.945 money for this afterwards there's a thing about him saying he has such a lot of 163 00:07:44.945 --> 00:07:45.425 money 164 00:07:45.425 --> 00:07:51.790 so this is even though he wasn't on the lectern uh it does appear that a large 165 00:07:51.790 --> 00:07:53.790 chunk of that bankroll comes from um 166 00:07:53.790 --> 00:07:55.790 Microsoft. 167 00:07:55.790 --> 00:07:58.754 And the second part to it is Softbank, I don't know if you've ever seen one of his 168 00:07:58.754 --> 00:07:58.793 pitch books. 169 00:07:59.254 --> 00:08:03.916 It looks like, not to be weird about it, it looks like a teenage kid's wish 170 00:08:03.976 --> 00:08:08.579 board. 171 00:08:09.960 --> 00:08:12.201 He raised a hundred billion dollars from the Saudis. 172 00:08:14.502 --> 00:08:18.384 He's made some really good bets, including things like ARM, which has really done 173 00:08:18.384 --> 00:08:18.484 well for him. 174 00:08:19.485 --> 00:08:21.866 He's made some huge investments. 175 00:08:22.026 --> 00:08:22.967 and done really, really well. 176 00:08:23.487 --> 00:08:27.491 And so even though it's weird and he does all these things, the big swings he does 177 00:08:27.491 --> 00:08:29.491 sometimes do work out. 178 00:08:29.491 --> 00:08:30.834 And he could probably get some kind of money, if not more, from the Saudis. 179 00:08:30.834 --> 00:08:37.299 I mean, they're not going to spend a trillion dollars on a buy, basically. 180 00:08:37.299 --> 00:08:38.300 It's all there already. 181 00:08:38.500 --> 00:08:41.523 I don't think there's anything new. 182 00:08:41.603 --> 00:08:42.303 I don't know why. 183 00:08:42.624 --> 00:08:44.425 Maybe that Oracle's coming in. 184 00:08:44.545 --> 00:08:48.689 But Oracle, in their results, they've made it quite clear. 185 00:08:48.749 --> 00:08:49.590 Maybe the JV. 186 00:08:50.342 --> 00:08:56.727 but in terms of the absolute numbers i don't think there's anything new in in in 187 00:08:56.727 --> 00:08:58.727 those numbers and i think 188 00:08:58.727 --> 00:09:04.132 this one's been writing in this kind of expansion into data centers whoever was 189 00:09:04.132 --> 00:09:06.132 going to do it yeah but 190 00:09:06.132 --> 00:09:06.814 i think what what scares me is 191 00:09:06.854 --> 00:09:13.798 that trump thinks he's doing a deal he's acting like a business yeah we'll take a 192 00:09:13.798 --> 00:09:15.798 bit of this you know with the tick tock yeah we 193 00:09:15.798 --> 00:09:20.622 want to have a share of tick tock as well for government i said what kind of matter 194 00:09:20.622 --> 00:09:22.622 I don't always get TikTok. 195 00:09:22.622 --> 00:09:24.622 Musk. 196 00:09:24.622 --> 00:09:26.622 Yes. 197 00:09:26.622 --> 00:09:27.744 I think the Chinese government is vetting Musk to take over TikTok. 198 00:09:28.244 --> 00:09:34.286 And TikTok, as you know, basically, even though it's not technically Chinese 199 00:09:34.286 --> 00:09:36.286 government, it is the Chinese government, and they have to give the approval for 200 00:09:36.286 --> 00:09:38.286 this. 201 00:09:38.286 --> 00:09:40.286 And so they look at Musk, and if Musk gets TikTok and Twitter... 202 00:09:40.286 --> 00:09:44.749 The interesting thing that Trump said, he said, I don't know why people are so 203 00:09:44.749 --> 00:09:46.749 worried about the Chinese government monitoring 204 00:09:46.749 --> 00:09:47.950 some US teenagers'stupid videos. 205 00:09:51.453 --> 00:09:52.153 That's Donald Trump. 206 00:09:52.153 --> 00:09:52.615 What was he with the Mustang? 207 00:09:52.976 --> 00:09:56.040 Musk is not going to get a bad deal on TikTok because they have no choice. 208 00:09:56.421 --> 00:09:57.462 The Chinese government says yes. 209 00:09:57.522 --> 00:09:58.223 Trump says yes. 210 00:09:58.544 --> 00:09:59.866 He's going to get TikTok at a steal. 211 00:10:00.602 --> 00:10:03.123 And TikTok is worth, you know, a fortune. 212 00:10:03.483 --> 00:10:06.264 I think it's like $200-300 billion in total. 213 00:10:06.404 --> 00:10:11.386 But even if it's just a piece of the American part, it's got to be worth, you 214 00:10:11.386 --> 00:10:13.386 know, $10, $15, maybe $100 billion. 215 00:10:13.386 --> 00:10:15.386 And he's going to get that at a discount. 216 00:10:15.386 --> 00:10:17.329 And then he's going to have TikTok along with, you know, Twitter 217 00:10:17.829 --> 00:10:20.470 X. That is a combination that's very powerful. 218 00:10:20.630 --> 00:10:25.511 But I saw a very interesting interview with a chap on CNN in the early hours, 219 00:10:25.551 --> 00:10:28.752 and he's somebody who's put 20 billion on the table and says, 220 00:10:28.852 --> 00:10:34.714 I'll buy the American division of TikTok so the Chinese government can carry on. 221 00:10:34.994 --> 00:10:40.156 And he said that there's five billion lines of algorithmic formula, 222 00:10:40.576 --> 00:10:43.316 and you're not allowed to use one line of those five billion. 223 00:10:43.737 --> 00:10:44.437 You're not allowed. 224 00:10:44.437 --> 00:10:48.558 And that is what TikTok is all about, those algorithmic formula. 225 00:10:49.018 --> 00:10:51.399 And so they've got to write it all again themselves. 226 00:10:51.439 --> 00:10:56.840 It's not quite as simple as somebody going in and buying it and replicating the 227 00:10:56.840 --> 00:10:58.840 current model, Viv. 228 00:10:58.840 --> 00:11:00.840 No, no. 229 00:11:00.840 --> 00:11:04.162 But the thing is that the model itself, the Chinese government wants the model to 230 00:11:04.162 --> 00:11:04.242 be in place. 231 00:11:04.582 --> 00:11:06.103 But the model is extremely addictive. 232 00:11:06.343 --> 00:11:10.644 TikTok basically has the highest level of addiction, I think, of any of these social 233 00:11:10.644 --> 00:11:12.644 media things. 234 00:11:12.644 --> 00:11:14.085 But I don't think Musk is out there just for the addictiveness. 235 00:11:14.105 --> 00:11:15.866 He's out there for the influence peddling. 236 00:11:16.226 --> 00:11:16.926 You know what I mean? 237 00:11:17.106 --> 00:11:24.009 it's going to be a youtube uh you know competitor it's going to be a facebook 238 00:11:24.009 --> 00:11:26.009 tick tock plus twitter together is is 239 00:11:26.009 --> 00:11:30.972 comparable to like you know facebook it's comparable to you know youtube it's it's 240 00:11:30.972 --> 00:11:32.972 it's going to make him automatically a big player in the in 241 00:11:32.972 --> 00:11:37.915 the uh in that space and even though he may have overpaid he's not gonna be for 242 00:11:37.915 --> 00:11:39.915 tick tock and the thing is that it doesn't matter who wants to buy this thing even if 243 00:11:39.915 --> 00:11:41.915 you put 244 00:11:41.915 --> 00:11:42.656 like 20 billion or 50 billion whatever it is the chinese government has to say yes 245 00:11:42.656 --> 00:11:44.656 and the chinese government 246 00:11:44.656 --> 00:11:49.324 says yes to musk because he has dealings in china already they know they have him 247 00:11:49.324 --> 00:11:51.324 by the proverbial, you know, whatever, 248 00:11:51.324 --> 00:11:51.346 because of his operations in China. 249 00:11:51.746 --> 00:11:52.887 Because he has the factories in China. 250 00:11:52.887 --> 00:11:54.309 He has the operations in China already. 251 00:11:54.609 --> 00:11:59.353 So they know he can't be too against China because of the operations that he has in 252 00:11:59.353 --> 00:11:59.653 China. 253 00:11:59.954 --> 00:12:04.718 So that's why I think, and also Trump, if Musk wants it, he's not going to say no to 254 00:12:04.718 --> 00:12:04.897 Musk. 255 00:12:04.897 --> 00:12:09.942 It's an easy thing for him to say yes, because not only is he going to keep his 256 00:12:09.942 --> 00:12:11.942 friend Elon Musk happy, 257 00:12:11.942 --> 00:12:13.505 still he needs the money for it to make sure that the Congress and Senate do it 258 00:12:13.505 --> 00:12:13.705 once. 259 00:12:15.130 --> 00:12:16.791 So TikTok is going to be very friendly to Trump. 260 00:12:17.111 --> 00:12:21.433 You know, Viv, I was listening to a chap who impressed me immensely. 261 00:12:22.073 --> 00:12:28.256 He was a young fellow by the name of, he's a representative from Massachusetts, 262 00:12:28.256 --> 00:12:30.256 fellow by the name of Jake, I think, 263 00:12:30.256 --> 00:12:32.256 Oshensloss. 264 00:12:32.256 --> 00:12:34.256 I can't pronounce his name. 265 00:12:34.256 --> 00:12:36.256 Harvard man. 266 00:12:36.256 --> 00:12:38.300 And very articulate, exceptionally well-versed in these issues. 267 00:12:39.060 --> 00:12:42.782 And the way that he put it across, because I think he's been on 268 00:12:43.234 --> 00:12:50.060 the kind of committees that um you know the congress committees and that that look 269 00:12:50.060 --> 00:12:52.060 at these things and the way 270 00:12:52.060 --> 00:12:56.685 he spoke this is not a gimme you know you can't get this through congress there's so 271 00:12:56.685 --> 00:12:58.685 many other elements to this 272 00:12:58.685 --> 00:13:04.092 and uh you know he was he was making the comment he says you know tick tock in 273 00:13:04.092 --> 00:13:06.092 china is completely different from tick tock 274 00:13:06.092 --> 00:13:11.378 in america and tick tock in china is educational and tick tock in in uh you 275 00:13:11.378 --> 00:13:13.378 know is is 276 00:13:13.378 --> 00:13:16.240 prying into your personal affairs or your personal life in America. 277 00:13:17.120 --> 00:13:23.443 But he also, you know, he was highly critical to first, obviously he's a 278 00:13:23.443 --> 00:13:25.443 Democrat in that, but, you know, 279 00:13:25.443 --> 00:13:25.804 suggesting that this is not going to go through. 280 00:13:26.184 --> 00:13:28.925 You know, you're not going to be able just to push these things through. 281 00:13:29.526 --> 00:13:32.367 Trump has been speaking about, oh, well, we'll take 40%. 282 00:13:32.767 --> 00:13:35.148 You're going to get, you know, it's got to go through a process. 283 00:13:36.328 --> 00:13:39.850 You can't decide, okay, I'm going to give it to my mates. 284 00:13:41.162 --> 00:13:46.945 Trump won't be able to do it himself, but Elon Musk and his guys will have the 285 00:13:46.945 --> 00:13:48.945 ability to make sure that this is 286 00:13:48.945 --> 00:13:51.947 structured in such a way that there's a law in place at the moment and it has to 287 00:13:51.947 --> 00:13:52.167 be sold. 288 00:13:52.967 --> 00:13:58.650 And he'll be able to, that's the thing, this current Trump administration is not 289 00:13:58.650 --> 00:14:00.650 the same as the last one because now he 290 00:14:00.650 --> 00:14:00.991 has people in there that are much more competent. 291 00:14:01.451 --> 00:14:05.012 See what you want about Musk, see what you want about the kind of people he has in 292 00:14:05.012 --> 00:14:07.012 place right now. 293 00:14:07.012 --> 00:14:07.774 They are not amateurs, they know what they're doing. 294 00:14:09.182 --> 00:14:10.302 If Musk wants to get 295 00:14:10.702 --> 00:14:17.564 TikTok, he will make sure he gets it by sheer 296 00:14:17.664 --> 00:14:20.405 ownership or whatever it needs to be done to make sure that he controls it. 297 00:14:20.745 --> 00:14:24.006 And the thing is that, again, like you say, what's good or what's bad for the 298 00:14:24.006 --> 00:14:24.366 country? 299 00:14:24.446 --> 00:14:26.687 What's good or what's bad for the politician matters more, I think. 300 00:14:27.207 --> 00:14:31.008 And Republicans are going to love the fact that suddenly TikTok is controlled by a 301 00:14:31.008 --> 00:14:31.208 Republican. 302 00:14:31.668 --> 00:14:32.368 You know what I mean? 303 00:14:32.709 --> 00:14:37.870 And that, I think, is why it goes through, not because they are looking at, oh, it's 304 00:14:37.870 --> 00:14:39.870 bad for people or it's not going to give them the right thing. 305 00:14:39.870 --> 00:14:41.870 One more thing before we stop on Trump. 306 00:14:41.870 --> 00:14:43.870 You've got to mention this, that meme coin. 307 00:14:43.870 --> 00:14:45.870 Did you see that thing? 308 00:14:45.870 --> 00:14:47.870 No. 309 00:14:47.870 --> 00:14:49.870 I've got a lovely story for you. 310 00:14:49.870 --> 00:14:51.870 Go, go, go. 311 00:14:51.870 --> 00:14:53.870 Trump launched a meme coin, okay? 312 00:14:53.870 --> 00:14:55.870 Oh, yes. 313 00:14:55.870 --> 00:14:57.870 And also Melania's got one as well. 314 00:14:57.870 --> 00:14:59.870 Right. 315 00:14:59.870 --> 00:15:01.870 I think that was an overstep. 316 00:15:01.870 --> 00:15:03.870 It actually caused the Trump coin to fall, okay? 317 00:15:03.870 --> 00:15:04.202 But Trump launched the meme coin, and it becomes because he holds 80% of the thing, 318 00:15:04.202 --> 00:15:06.202 and it just rockets up after, like, you know, no time. 319 00:15:06.202 --> 00:15:07.997 I think it was at one point in time, what 80% of his total net worth. 320 00:15:08.778 --> 00:15:12.060 So all the other stuff he had was worth basically nothing. 321 00:15:12.080 --> 00:15:14.623 This was what 80% of his total net worth. 322 00:15:15.103 --> 00:15:15.803 Okay. 323 00:15:15.803 --> 00:15:21.048 And you know, the thing that's interesting here is that if you look at what people 324 00:15:21.048 --> 00:15:23.048 are saying about it, and 325 00:15:23.048 --> 00:15:26.913 David has mentioned the fact that, you know, we are seeing, you know, people 326 00:15:26.913 --> 00:15:28.913 coming around and talking about, you know, Congress, whatever, 327 00:15:28.913 --> 00:15:31.898 this is well as the pardoning, even JD Vance. 328 00:15:32.098 --> 00:15:34.239 We'll pardon people, but we won't pardon people that commit violence. 329 00:15:34.559 --> 00:15:36.299 Even the people in Congress, we won't pardon people. 330 00:15:36.519 --> 00:15:37.399 He pardoned everybody. 331 00:15:37.399 --> 00:15:39.220 It was like a blanket pardon, okay? 332 00:15:42.041 --> 00:15:44.041 The Republicans will bend to his will on this thing. 333 00:15:44.041 --> 00:15:48.302 We've already seen that happen with people like Pete Hedges and so on going through, 334 00:15:48.302 --> 00:15:50.302 black people go through. 335 00:15:50.302 --> 00:15:51.163 We've already seen that happen with the stuff that's already gone through the 336 00:15:51.163 --> 00:15:53.163 executive orders. 337 00:15:53.163 --> 00:15:57.425 The kind of stuff happening around TikTok, I would not be surprised if Musk or some, 338 00:15:57.705 --> 00:16:01.606 like Larry Ellison or one of his new friends that were behind him in that 339 00:16:01.606 --> 00:16:01.786 stage. 340 00:16:02.294 --> 00:16:08.738 get a hold of TikTok at a discount and not because it's just about you know 341 00:16:08.738 --> 00:16:10.738 protecting American interests is because 342 00:16:10.738 --> 00:16:16.022 TikTok is now going to be like Twitter is a far more right-leaning thing because 343 00:16:16.022 --> 00:16:18.022 Trump's in power and it has to be like 344 00:16:18.022 --> 00:16:22.966 that to make him happy okay everybody it's just yeah it's scary the whole thing is 345 00:16:22.966 --> 00:16:24.966 scary in my opinion I mean I'm not 346 00:16:24.966 --> 00:16:28.770 I'm not analyzing it as Viv has and you have David but I watch it religiously and 347 00:16:28.770 --> 00:16:29.170 I 348 00:16:29.294 --> 00:16:31.336 I just read the room, I read 349 00:16:31.996 --> 00:16:38.902 Trump. It is extremely disturbing and it's certainly distressing what has happened 350 00:16:38.902 --> 00:16:40.902 and it's only day three 351 00:16:40.902 --> 00:16:42.902 for goodness sake. 352 00:16:42.902 --> 00:16:44.902 It's only three days, four days. 353 00:16:44.902 --> 00:16:46.902 He's talking a little later. 354 00:16:46.902 --> 00:16:48.902 Oh, devil's sake. 355 00:16:48.902 --> 00:16:51.392 I just, and my son, you know, who's a journalist in Australia, 356 00:16:51.553 --> 00:16:58.018 he's with the Sydney, sorry, not with Sydney, with the Financial Review, the 357 00:16:58.018 --> 00:17:00.018 Australian Financial Review. 358 00:17:00.018 --> 00:17:03.181 review the AFR, they wrote a story about a meme coin, or a meme whatever you call it, 359 00:17:03.921 --> 00:17:09.084 and he launched one called Johnny Coin, him, you know, with the newspaper. 360 00:17:09.624 --> 00:17:12.646 Within a few minutes it had run up to $6 million. 361 00:17:12.646 --> 00:17:16.148 $6 million, 362 00:17:16.808 --> 00:17:21.531 and came back to a value now of around about $100,000. 363 00:17:22.051 --> 00:17:27.974 As a joke, this was an article that he says was launched in so many different 364 00:17:27.974 --> 00:17:29.974 places. 365 00:17:29.974 --> 00:17:31.974 countries and so many different languages. 366 00:17:31.974 --> 00:17:34.737 You know, it's insane. 367 00:17:34.777 --> 00:17:35.477 Sorry. 368 00:17:35.477 --> 00:17:37.338 The guy that runs Ethereum is called Vitalik, right? 369 00:17:38.418 --> 00:17:42.460 And he basically is considered to be like the genius in the commerce of crypto. 370 00:17:43.140 --> 00:17:48.863 And he complains about the fact that every time somebody launches one of these meme 371 00:17:48.863 --> 00:17:50.863 currencies, what they do is they give him a whole chunk of it, 372 00:17:50.863 --> 00:17:52.863 trying to associate themselves with him. 373 00:17:52.863 --> 00:17:56.646 So like every so often he gets like a message saying, somebody's effectively 374 00:17:56.646 --> 00:17:58.646 giving you like a couple of tens of billions of dollars. 375 00:17:58.646 --> 00:18:04.366 Because just the association with him means that the meme coin has some 376 00:18:04.366 --> 00:18:06.366 credibility and therefore is 377 00:18:06.366 --> 00:18:08.366 worth billions of dollars. 378 00:18:08.366 --> 00:18:12.631 And he complains about the fact that people are scabbing people by giving him 379 00:18:12.631 --> 00:18:14.631 billions of dollars. 380 00:18:14.631 --> 00:18:18.034 Anyway, that's the world. 381 00:18:18.034 --> 00:18:19.114 I still don't know what it is. 382 00:18:19.195 --> 00:18:24.858 And you can say as much as you like, Viv, about it being 80% of Donald Trump's 383 00:18:24.858 --> 00:18:26.858 wealth, but he can't redeem it. 384 00:18:26.858 --> 00:18:29.461 And next week it'll be 20% of his wealth because it's collapsed. 385 00:18:29.461 --> 00:18:32.703 There's no way you can go out there and say... 386 00:18:33.003 --> 00:18:34.585 This term they use is called rug pulling, right? 387 00:18:35.005 --> 00:18:38.487 So what they do is that you release it into the public, you hold your assets 388 00:18:38.487 --> 00:18:38.587 behind, 389 00:18:38.587 --> 00:18:42.050 and what happens is then you start selling at some crisp-fab time. 390 00:18:42.050 --> 00:18:43.191 And I think he started selling. 391 00:18:43.571 --> 00:18:49.215 If you look back at that thing, okay, the share price basically halved in like a 392 00:18:49.215 --> 00:18:51.215 couple of seconds a few days ago. 393 00:18:51.215 --> 00:18:51.937 That was probably him selling a whole bunch of it into the market. 394 00:18:52.297 --> 00:18:53.438 He's gotten out probably... 395 00:18:54.290 --> 00:18:57.712 millions, maybe even hundreds of millions of dollars, all of this thing already. 396 00:18:59.633 --> 00:19:06.136 And you think, okay, it can't be true, but there's people who put real money into it 397 00:19:06.136 --> 00:19:08.136 at like, you know, 70, and now it's about 40. 398 00:19:08.136 --> 00:19:08.178 Okay. 399 00:19:08.778 --> 00:19:15.701 And the kind of movements you see, these big drops of like, you know, 70 to like 40 400 00:19:15.701 --> 00:19:17.701 in like a couple of minutes here, that is basically some big success into it. 401 00:19:17.701 --> 00:19:19.701 And that's probably him. 402 00:19:21.286 --> 00:19:22.787 It's a scam in other words, it's a Ponzi scheme. 403 00:19:22.787 --> 00:19:23.487 It's a scam, it's a scam. 404 00:19:23.487 --> 00:19:24.068 This is a total scam. 405 00:19:24.708 --> 00:19:28.732 He's done this, and like I said, it cost him zero to create it. 406 00:19:28.852 --> 00:19:34.857 Literally, you can create it like David's son created it for nothing, and he made 407 00:19:34.857 --> 00:19:36.857 probably, like I said, 408 00:19:36.857 --> 00:19:40.282 if not tens of millions, hundreds of millions of dollars, maybe even a billion 409 00:19:40.282 --> 00:19:42.282 plus dollars of this thing possible, but at least... 410 00:19:42.282 --> 00:19:47.499 tens of billions tens of millions of dollars on the thing it's sickening i'm 411 00:19:47.499 --> 00:19:49.499 sorry i'm sorry i have no idea what either of you are 412 00:19:49.499 --> 00:19:54.484 talking about i just for me it's just going to be david i have no idea what it 413 00:19:54.484 --> 00:20:01.369 is and melania's got a meme is the memory you know the whole thing is so concerned 414 00:20:01.369 --> 00:20:03.369 you know so concerning i 415 00:20:03.369 --> 00:20:04.771 think more concerning than the people sitting in the white house you 416 00:20:04.771 --> 00:20:08.754 know and and and their antics and what they're up to where this is leading 417 00:20:09.178 --> 00:20:16.163 it's quite scary so i just watched the market lindsay yes we're talking about 418 00:20:16.163 --> 00:20:18.163 that today she's down yeah talking about 419 00:20:18.163 --> 00:20:22.887 that let me go through it because you've got to talk about your business day 420 00:20:22.887 --> 00:20:24.887 article because these are things i understand i understand that one us dollar 421 00:20:24.887 --> 00:20:28.851 buys you 18.56 south african rooms okay that is easy for me to understand the 422 00:20:28.932 --> 00:20:35.736 round against the round is 2286 and the euro round is 1930 the euro dollar is 423 00:20:35.736 --> 00:20:37.736 103.95 424 00:20:37.736 --> 00:20:41.320 british pound against the us dollar 123.20 Gold price 27.43, which is up a bit. 425 00:20:41.988 --> 00:20:44.409 Platinum is up 13 to 960. 426 00:20:44.530 --> 00:20:50.473 Palladium has gone into four figures again, 1,014, which is up $13.50. 427 00:20:50.473 --> 00:20:55.976 Other commodities, I don't know what drill baby drill is doing for Trump, but the oil 428 00:20:55.976 --> 00:20:57.976 price is still quite high, 429 00:20:57.976 --> 00:20:59.998 $79.54, which is up three-quarters of a percent. 430 00:21:00.218 --> 00:21:01.199 That's Brent crude. 431 00:21:01.699 --> 00:21:05.981 And West Texas crude is $75.87, which is up 0.6%. 432 00:21:06.021 --> 00:21:10.444 Natural gas price is up 2% to $4.04. 433 00:21:10.444 --> 00:21:11.144 That's quite a move. 434 00:21:11.752 --> 00:21:13.353 And what else have we got here? 435 00:21:13.814 --> 00:21:19.818 Nothing really, but S&P 500 futures, the high on the futures, all-time high, 6178. 436 00:21:20.178 --> 00:21:25.321 Currently 6,116. 437 00:21:25.321 --> 00:21:28.544 US 10-year Treasury bond yield, still up there, 4.65%. 438 00:21:28.964 --> 00:21:33.027 And the South African 10-year is 9.25%. 439 00:21:33.587 --> 00:21:37.810 Bitcoin, been speaking about memes and coins and stuff, I just don't know. 440 00:21:37.810 --> 00:21:40.412 104,000 and a small amount of change. 441 00:21:40.712 --> 00:21:47.296 down very slightly and yeah that's about it david you wrote an article in business 442 00:21:47.296 --> 00:21:49.296 day which you 443 00:21:49.296 --> 00:21:53.921 posted on linkedin yeah that's what we would you were telling me on monday just 444 00:21:53.921 --> 00:21:55.921 sort of go through it for viv's 445 00:21:55.921 --> 00:21:56.843 benefit if you would what 446 00:21:57.503 --> 00:22:04.088 this is uh there's half truths in what i wrote i mean when i say half truths i 447 00:22:04.088 --> 00:22:06.088 wrote it like a novelist i mean you 448 00:22:06.088 --> 00:22:10.272 know the characters coming back from holiday which is true people did get hold 449 00:22:10.272 --> 00:22:12.272 of me complaining about 450 00:22:12.272 --> 00:22:17.407 you know why or uh we haven't kept up with the uh the s&p by last year they 451 00:22:17.527 --> 00:22:24.370 underperformed and this happens you know and i always say every december i love it 452 00:22:24.370 --> 00:22:26.370 because people go to the 453 00:22:26.370 --> 00:22:28.092 beach and every i said every man uh 454 00:22:28.092 --> 00:22:34.875 you know and his dog well i used the the stanley cup you know because everybody now 455 00:22:34.875 --> 00:22:36.875 walks around with that stanley cup you know what those are 456 00:22:36.875 --> 00:22:40.061 lindsey no you know that you know Everybody goes to gym with this Stanley 457 00:22:40.061 --> 00:22:40.161 Cup, 458 00:22:40.161 --> 00:22:45.803 which is quite an expensive quencher that keeps your water cold, you know, 459 00:22:45.924 --> 00:22:49.465 and that's the thing you walk around with drinking or sipping out of this. 460 00:22:49.905 --> 00:22:55.147 So they all come back from their holidays and discussing the market with their 461 00:22:55.147 --> 00:22:57.147 friends on the beach. 462 00:22:57.147 --> 00:23:00.830 And I always say, I don't, not one of my clients, you know, 463 00:23:00.890 --> 00:23:03.871 every one of my clients has got a friend that did better than him. 464 00:23:04.831 --> 00:23:05.772 That's it. 465 00:23:05.772 --> 00:23:06.472 Why? 466 00:23:07.188 --> 00:23:08.049 Yeah, right. 467 00:23:08.049 --> 00:23:10.730 So, which is true. 468 00:23:10.810 --> 00:23:14.272 And so the whole thing is that what it's all about is NVIDIA. 469 00:23:14.913 --> 00:23:17.454 You either had NVIDIA or not NVIDIA, you know. 470 00:23:17.594 --> 00:23:23.337 And also the risks that I try to highlight is that last year, the S&P, which was up 471 00:23:23.838 --> 00:23:30.201 23%, really driven by seven stocks or eight stocks, whatever it was, take those 472 00:23:30.201 --> 00:23:30.241 away, 473 00:23:30.681 --> 00:23:32.863 the S&P was up 12 or 13%. 474 00:23:32.903 --> 00:23:35.284 So I think from any kind of... 475 00:23:35.796 --> 00:23:42.561 risk approach, you know, if you're managing a portfolio, you would never have 476 00:23:42.561 --> 00:23:44.561 put all your stocks or, 477 00:23:44.561 --> 00:23:46.583 you know, all the money in a handful of stocks unless you're taking high risk. 478 00:23:46.844 --> 00:23:51.587 Now, you can take high risk for yourself, but you can't do it if you're running a 479 00:23:51.587 --> 00:23:53.587 pension fund or provident fund. 480 00:23:53.587 --> 00:23:54.389 You have to have a certain, you know, 481 00:23:55.249 --> 00:24:01.533 you've got to do risk analysis and you've also got to be a lot more careful about 482 00:24:01.533 --> 00:24:03.533 what you do with people's money, 483 00:24:03.533 --> 00:24:05.533 especially savings money. 484 00:24:05.533 --> 00:24:07.533 So that's what I was trying to compare. 485 00:24:07.533 --> 00:24:11.817 And saying yes, you know, we're going into this year, it's going to be a pretty 486 00:24:11.817 --> 00:24:13.817 decent year, I think, as well. 487 00:24:13.817 --> 00:24:17.521 But you can't carry on just waiting in tech shares, 488 00:24:17.581 --> 00:24:22.725 because what history has taught us is that things can go wrong and do go wrong. 489 00:24:23.086 --> 00:24:29.491 We've seen it throughout the history of the stock market, particularly in 490 00:24:29.491 --> 00:24:31.491 technology. 491 00:24:31.491 --> 00:24:33.491 And if you look back... 492 00:24:33.491 --> 00:24:35.874 And Vivian, you will remember IBM's computers which were replaced, 493 00:24:36.095 --> 00:24:41.378 or IBM's systems were replaced by Microsoft, you know, 494 00:24:42.778 --> 00:24:46.260 Windows 95 and so on, or Windows and then 95 and so on. 495 00:24:47.181 --> 00:24:53.565 Intel, Cisco, all of those things change, and therefore you've got to remain very 496 00:24:53.565 --> 00:24:55.565 vigilant, 497 00:24:55.565 --> 00:24:57.107 very agile if you're going to go into the tech market. 498 00:24:57.187 --> 00:24:59.148 And we've got so many developments, you heard. 499 00:24:59.652 --> 00:25:06.414 You know, you've listened to a lot to what Viv has to say, and he highlights just how 500 00:25:06.414 --> 00:25:08.414 things are, 501 00:25:08.414 --> 00:25:09.535 you know, how different things are and how difficult things are. 502 00:25:09.555 --> 00:25:11.195 So that's my message. 503 00:25:11.515 --> 00:25:12.516 Yes, I'm a tech freak. 504 00:25:12.596 --> 00:25:16.917 I love tech, but you've got to remain, you've got to have your feet on the 505 00:25:16.917 --> 00:25:17.137 ground. 506 00:25:17.657 --> 00:25:24.359 So, but the whole thing, sorry to keep going on, but, you know, with NVIDIA, what 507 00:25:24.359 --> 00:25:26.359 I also try to highlight, 508 00:25:26.359 --> 00:25:30.940 and during 22, You know, post-COVID with NVIDIA, 509 00:25:31.301 --> 00:25:38.050 that was a time that they had built up huge stocks because of blockchain and huge 510 00:25:38.050 --> 00:25:40.050 stocks because of gaming. 511 00:25:40.050 --> 00:25:45.400 When people were stuck at home, there was a lot of computer buying and so on, and 512 00:25:45.400 --> 00:25:47.400 they were stuck with a lot of excess stock. 513 00:25:47.400 --> 00:25:52.261 or certainly through their supply channels, no one was buying because they 514 00:25:52.261 --> 00:25:54.261 were stuck with stocks. 515 00:25:54.261 --> 00:25:57.886 So NVIDIA, which had gone up 450% over a few years, dropped 60%. 516 00:25:58.206 --> 00:26:00.048 Now, it doesn't mean 450 minus 60. 517 00:26:01.029 --> 00:26:03.531 It's 60% of that 450, you know. 518 00:26:04.371 --> 00:26:06.673 So it came down crashing, and everybody, 519 00:26:06.773 --> 00:26:12.879 all the clients that we had put them into NVIDIA kept saying, why we got NVIDIA? 520 00:26:13.099 --> 00:26:14.480 Why you got NVIDIA, you know? 521 00:26:14.900 --> 00:26:21.702 And then a year later, when ChatGPT was launched and it became one of the hot 522 00:26:21.702 --> 00:26:21.762 stocks, 523 00:26:22.102 --> 00:26:26.243 everybody comes back to us and saying, why aren't we in video? 524 00:26:26.403 --> 00:26:28.944 When you lose money, David, it's your fault. 525 00:26:28.944 --> 00:26:33.646 When you make money and they're at a briar on the beach, it was all to do with them. 526 00:26:33.706 --> 00:26:34.406 We know that. 527 00:26:34.566 --> 00:26:36.026 Now, here's a quote for you, Viv. 528 00:26:36.887 --> 00:26:38.387 I'm not worried about our relations. 529 00:26:38.407 --> 00:26:41.248 I spoke to him soon after he was elected, congratulated him. 530 00:26:41.568 --> 00:26:45.269 And we both said we are looking forward to continued dealings and engagements. 531 00:26:45.769 --> 00:26:52.411 And that was on the fringe of the World Economic Forum in Davos when this 532 00:26:52.411 --> 00:26:54.411 particular person was on the phone. 533 00:26:54.411 --> 00:26:55.712 Who who was from whom was that quote? 534 00:26:57.633 --> 00:27:01.054 No, no, no, no, no, no, no. 535 00:27:01.094 --> 00:27:01.934 It's your man. 536 00:27:02.014 --> 00:27:03.294 It's sort of a remote pose. 537 00:27:03.534 --> 00:27:07.235 And when I can just see Trump on the phone down and saying, who's this guy? 538 00:27:07.715 --> 00:27:09.396 He's from one of those asshole countries. 539 00:27:11.037 --> 00:27:12.517 in Africa or something. 540 00:27:12.697 --> 00:27:14.638 I can't see Trump ever visiting Africa. 541 00:27:14.738 --> 00:27:21.661 I can't see Trump picking up the phone to Ramaphosa and saying, yeah, you really are 542 00:27:21.661 --> 00:27:23.661 very important because you've got PGMs and everything and we need 543 00:27:23.661 --> 00:27:25.661 them. 544 00:27:25.661 --> 00:27:27.661 I just don't see it happening. 545 00:27:27.661 --> 00:27:29.661 It's just a lot of nonsense. 546 00:27:29.661 --> 00:27:31.661 But anyway, maybe I'm being pessimistic. 547 00:27:31.661 --> 00:27:32.245 I can't compose my idea with Trump because I think people now know what I'm talking 548 00:27:32.245 --> 00:27:32.665 about, 549 00:27:32.665 --> 00:27:36.167 which is basically flattering outrageously. 550 00:27:36.607 --> 00:27:38.508 And I think Ramaphosa understands that. 551 00:27:38.988 --> 00:27:45.832 is the thing about you know i think biden was the first president and i don't know 552 00:27:45.832 --> 00:27:47.832 how many each was decades the u.s president sitting u.s 553 00:27:47.832 --> 00:27:50.214 president to visit africa and he did it like in his last month before he went to 554 00:27:50.214 --> 00:27:52.214 angola yeah 555 00:27:52.214 --> 00:27:56.717 yeah yeah we don't even appear on the on the radar of these guys unfortunately but 556 00:27:56.737 --> 00:28:03.041 yeah i i i do worry about like you said like the the um the craziness of Trump, 557 00:28:03.041 --> 00:28:04.862 but I do think that now people know what to do. 558 00:28:04.862 --> 00:28:08.285 And unfortunately, what they know how to do is how to flatter him and give it to 559 00:28:08.285 --> 00:28:10.285 whatever he wants to. 560 00:28:10.285 --> 00:28:14.951 And that is not exactly the stress of people who are great preachers for the 561 00:28:14.951 --> 00:28:16.951 country or for the world. 562 00:28:16.951 --> 00:28:17.153 I worry more about it. 563 00:28:17.153 --> 00:28:23.978 As you know, in fact, there was a good article by Peter Bruce this morning just 564 00:28:23.978 --> 00:28:25.978 highlighting the worry 565 00:28:25.978 --> 00:28:27.701 is more Rubio than Trump. 566 00:28:28.422 --> 00:28:30.544 Rubio, who's the foreign secretary now, 567 00:28:31.276 --> 00:28:37.201 is an extremely aware man and very pro-Israel, 568 00:28:38.162 --> 00:28:39.183 whether you like it or not. 569 00:28:39.443 --> 00:28:41.485 Those are his sentiments that he's expressed. 570 00:28:42.026 --> 00:28:47.671 And I don't think we've exactly endeared ourselves in that area, South Africa. 571 00:28:48.371 --> 00:28:53.215 And the other point he made up was that he raised, Peter, 572 00:28:53.416 --> 00:28:58.220 Peter Bruce raised that whole issue round about the ship in Simon's town. 573 00:28:59.264 --> 00:29:04.886 loading and that's never been explained properly so I but but the point is that 574 00:29:05.706 --> 00:29:12.668 South Africa doesn't exist and Trump if he takes this attitude towards his allies can 575 00:29:12.668 --> 00:29:14.668 you imagine what he's going to take towards Africa 576 00:29:14.668 --> 00:29:15.049 you know he he's his whole point 577 00:29:15.749 --> 00:29:22.451 I just sorry to go on I heard him about Canada and he kept saying why do we need 578 00:29:22.451 --> 00:29:24.451 Canada why do we need their cars 579 00:29:24.451 --> 00:29:28.752 why do we need their milk is milk you mentioned milk yes And he was saying, we 580 00:29:28.752 --> 00:29:30.752 don't need it. 581 00:29:30.752 --> 00:29:30.753 All their forests. 582 00:29:30.753 --> 00:29:31.793 He also said the forests. 583 00:29:31.793 --> 00:29:33.074 He said, we've got beautiful forests. 584 00:29:33.934 --> 00:29:34.954 We don't need their timber. 585 00:29:35.634 --> 00:29:36.355 He's a nutter. 586 00:29:37.235 --> 00:29:37.935 Totally. 587 00:29:37.935 --> 00:29:42.356 But, I mean, you've got to sit in front of him, and he's not scared to bring up these 588 00:29:42.356 --> 00:29:42.436 things. 589 00:29:43.077 --> 00:29:44.457 He's not there for the photo shoot. 590 00:29:45.617 --> 00:29:47.918 Okay, let's get back to reality now. 591 00:29:48.558 --> 00:29:50.679 This is all like Alice in Wonderland stuff. 592 00:29:52.019 --> 00:29:55.000 On the episode on the JSC today, British American tobacco was the one. 593 00:29:55.200 --> 00:30:02.065 point six percent winner david's uh one of david's favorites richmond four percent uh 594 00:30:02.065 --> 00:30:04.065 sebastian stillwater managed a 595 00:30:04.065 --> 00:30:09.071 just over one percent gain a resilient the property company at one point one percent 596 00:30:09.071 --> 00:30:11.071 as well downside i don't know how many of these ex uh div what i want 597 00:30:11.071 --> 00:30:13.071 to highlight 598 00:30:13.071 --> 00:30:17.217 is a sassel down four point four and two-thirds outshines down 3.8 it's a bad 599 00:30:17.217 --> 00:30:19.217 bad 600 00:30:19.217 --> 00:30:21.852 what's the name of that trading uh trading update yeah Yeah, 601 00:30:21.932 --> 00:30:27.454 I don't know how with the oil price $80 a barrel for Brent crude and the RAND still 602 00:30:27.454 --> 00:30:29.454 relatively weak, 603 00:30:29.454 --> 00:30:30.035 how SAS will continue to be. 604 00:30:30.075 --> 00:30:32.936 It's an 87 RAND share for God's sake. 605 00:30:33.296 --> 00:30:38.237 David, please give us the closing JSE indices and the value trading. 606 00:30:39.218 --> 00:30:40.938 We've gone into negative territory now. 607 00:30:41.959 --> 00:30:46.180 So the oil share index is right across the board down. 608 00:30:46.992 --> 00:30:48.273 and quite severe losses. 609 00:30:48.313 --> 00:30:52.635 The All Share Index was down 0.84% at 83944. 610 00:30:53.055 --> 00:30:54.756 So that makes us negative for the year. 611 00:30:55.957 --> 00:31:02.421 All the major indices were down, resources down 1.09%, just spread evenly amongst all 612 00:31:02.421 --> 00:31:04.421 the miners. 613 00:31:04.421 --> 00:31:06.623 Banks as well, under a bit of pressure, down 1.6%. 614 00:31:07.143 --> 00:31:10.605 And the industrials also down slightly. 615 00:31:10.705 --> 00:31:15.568 They were helped up by British American Tobacco, Richemont and so on, but those 616 00:31:15.568 --> 00:31:15.628 are not... 617 00:31:15.992 --> 00:31:22.898 you know those are not local stocks um lindsay just to to to give what we are 618 00:31:22.898 --> 00:31:24.898 seeing now 619 00:31:24.898 --> 00:31:29.943 certainly what we're picking up and it's evident again there's been quite big set 620 00:31:29.943 --> 00:31:31.943 off in retails okay you know we had quick results 621 00:31:31.943 --> 00:31:34.527 mr price results yet there's just this persistent um 622 00:31:34.667 --> 00:31:41.593 selling of of retail it's after last year we had very good gains there i think the 623 00:31:41.593 --> 00:31:43.593 reality is biting and 624 00:31:43.593 --> 00:31:46.697 uh you know either profit taking or looking elsewhere for uh for gains. 625 00:31:47.978 --> 00:31:50.459 Okay, value traded, what was it did you say? 626 00:31:50.960 --> 00:31:57.144 First under 20 billion, I'll give you the exact numbers yeah, around about yeah, 627 00:31:57.144 --> 00:31:59.144 about 18, 628 00:31:59.144 --> 00:32:02.548 19 billion and for the second day in the row, First Rand has been the top trader, 629 00:32:02.969 --> 00:32:04.530 out-surpassing NASPES. 630 00:32:04.570 --> 00:32:08.933 NASPES is still there but quite a bit of interest in First Rand and Capitec, 631 00:32:08.993 --> 00:32:12.916 another one that has been among the high traders over the last few days. 632 00:32:13.356 --> 00:32:14.056 Okay, very good. 633 00:32:14.237 --> 00:32:15.918 Gentlemen, thank you very much for your time as always. 634 00:32:15.958 --> 00:32:19.581 Viv Govender is from Ransuisse and David Shapiro from Sasson 635 00:32:19.641 --> 00:32:23.404 Securities. 636 00:32:23.645 --> 00:32:27.308 That was the 5 637 00:32:28.028 --> 00:32:37.036 o'clock 638 00:32:38.297 --> 00:32:40.298 shadow. 639 00:32:42.320 --> 00:32:45.142 any other entity other than the speaker or the author. 640 00:32:45.423 --> 00:32:51.328 And since we are critically thinking human beings, these views are always subject to 641 00:32:51.328 --> 00:32:53.328 change, revision, 642 00:32:53.328 --> 00:32:53.470 and rethinking at any time. 643 00:32:53.770 --> 00:32:56.192 Please do not hold us to them in perpetuity.