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You're listening to Strictly Business
Podcast with Lindsay Williams.

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JSC has closed its doors for another day,
so it's time for the 5 o'clock shadow.

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And as always on a Wednesday, I speak to
Skulk Lowe, Portfolio Manager at PSG

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Wealth Old Oak in Cape Town.

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I've got a few things scribbled on my
list, Skulk.

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One is Alphabet, one is Apple, one is
State of the Nation Address, one is Trump,

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and then I've got Sappy and Sassl as well.

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I've also got the gold price written down
because it's done rather well.

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And yeah, so...

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If you want to add anything to it, of
course, that's absolutely fine.

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But can we start with tech and
particularly Alphabet?

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Because the market didn't seem to like the
fact that it's spending so much money on

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research and development into artificial

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intelligence.

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And I'd like your broader view as well as
to whether companies are investing too

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much in that particular sphere in

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the future.

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Look, Lindsay, firstly, hi there and hello
to all the listeners.

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Thank you.

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When you say, people, we're going to, you
know, we're going to, I mean,

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the analysts went big.

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The analysts originally went like, because
they know they're going to spend.

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I mean, there's this big thing.

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I mean, we've had deep seek and we know
the whole thing around AI.

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But when analysts go in this optimism and
say, well,

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they're going to most probably spend 58
billion US dollars.

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And they come out and say, well, we plan
to not spend only that.

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We're actually planning to spend another
$17 billion or $75 billion.

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I mean, that is just crazy.

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It's too much, isn't it?

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Yeah, I think so.

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I think so.

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I think so.

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That's the thing about these tech
companies.

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And we saw that in the 90s.

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A lot of people said, well, you don't need
to be focused on earnings.

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You need to be focused on… on revenue
growth because that's ultimately what it

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gets you.

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Now, lately, you know, the past few years,
we've had these Amazons, Googles, Apples,

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these companies bringing out quite solid
earnings growth and it sort of became

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normal

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companies.

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And now we're going back to that scenario
where you say, well, we believe in AI and

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we do,

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but we're going to spend a hell of a lot
of money to actually make this pay over

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the...

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very, very, very long term.

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So yeah, you're right.

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I mean, it is a bit of a worry.

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Naturally, if you look at as we're
currently sitting here, I mean,

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Google down 8%, 8.2%.

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Yeah, and it's not, that's big.

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That is big.

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That is big.

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Market telling us exactly what they're
thinking.

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They're worried.

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They are, they're worried.

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Okay, we'll see what happens.

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It's also the fear of missing out.

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I mean, I know that Zuckerberg did it with
meta.

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I still don't understand what the
metaverse is.

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But anyway, now going huge on AI.

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So let's see, maybe in five years time,
that 75 billion will seem like a bargain,

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like a drop in the ocean.

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But the jury is out.

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What about Apple?

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China, of course, involved in a trade war.

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with mr trump's administration so the
first thing they do is have a go at apple

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and and apple has fallen as well i don't
know

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by how much not as much as alphabet has
fallen but nonetheless under a bit of

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pressure yeah yeah i mean

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not eight percent you know movement still
one percent movement today um but i mean

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chinese regulators got the

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got the nice art i mean chinese regulators
you know it's still considering and that's

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what what Bloomberg reported today,

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if I'm not mistaken, where they said,
well, they're going to open a formal probe

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into iPhones, you know,

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their app store fees and their policies.

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So I know they're definitely not
Chinese-friendly,

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but this could be interesting as well.

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And again, the share price is telling us
they're worried, very, very worried.

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Okay, so we've got Alphabet and Apple, two
of the pillars of the tech industry.

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in Silicon Valley, in the United States,
in the stock market, of course.

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And then we've got Trump.

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Now, you know, I wouldn't say it's an
obsession, but it's a fascination that I

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have with this fellow.

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And I've had it for years.

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But it's becoming more and more
fascinating to me.

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I wake up every day and I think, what's he
going to do next?

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He can't do what he did yesterday because
that was outrageous.

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And this morning...

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Well, tomorrow morning I'm going to wake
up and say he can't do what he did

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yesterday.

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He can't say he's going to take Gaza over.

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He can't do that.

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He can't say he wants to buy Greenland and
he wants Canada to be the 51st state.

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And he's closing down the CIA or rather
saying to everyone at the CIA,

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you can go if you want to, we'll give you
a nice severance package.

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He can't involve...

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Yeah.

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FBI agents that were involved in the
January the 6th investigations.

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You can't say that you're under
investigation and you might be sacked

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because of it or even prosecuted.

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There's no way you can beat all that.

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But of course he beat it with the Gaza
story.

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Unbelievable.

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It's unbelievable.

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He wants to buy Gaza and turn it into the
Riviera of the Middle East.

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Come on now.

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It is unbelievable.

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I mean, and it's not backing down on this
51st state thing of Canada as well.

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I mean, turning around and saying, well,
we don't need Canada.

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We really don't need Canada.

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We need nothing from Canada.

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Neither do we need anything from Mexico.

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And then he'll just throw out and say,
well, we don't need anything from China.

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Yes, you do.

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Yes, you do.

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Yes, you do, Mr.

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Trump.

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or President Trump.

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I mean, he's going to have a fun time.

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But like you said, I just love it.

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I mean, we said it when he got elected.

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We knew we're going to have a few years
again of fun and games.

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He just makes it fun, really.

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I know he is.

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He's really good fun.

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He's a real hoot, actually, as an American
would say.

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He's a hoot.

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And I shall miss him when he's gone.

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And he's saying to himself, unlike the
first term,

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where he was a little bit more tempered in
his activity.

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The second term, which is obviously his
last, he can't run again unless he changes

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the constitution,

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which I wouldn't put past him like Putin
did.

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He might say, no, sorry, I can run as long
as I like.

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But he is just going head down and saying,
I can do what I like.

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And it is quite extraordinary, and I will
miss him.

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He's very, very good fun, but dangerous
fun, so he mustn't make light of it.

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The State of the Nation address is, isn't
it tomorrow night?

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Yes, tomorrow night.

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My...

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Experience of the State of the Nation
Address.

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I've even sort of attended it in Cape Town
and reported upon it when I was on

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television.

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What happens normally is the EFF disrupts
everything and then the president talks a

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lot of nonsense which no one listens to

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and it's completely inconsequential.

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And I don't know about the EFF and whether
it will be inconsequential this time, but

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it leaves me a little bit cold, Skalk, and
I'm sorry to be a cynic.

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Yeah, I think, well, he's sort of in hot
water lately.

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I don't want to, you know, go talk about
expropriation without compensation and how

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this has been.

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I just think the way it's been done, most
probably not the best.

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But be that as it may, I think with the
run-up to Sona, I think people will need

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to hear something, you know,

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warm and fuzzy.

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They will need to hear something.

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Otherwise, I think, like you mentioned, if
it's going to be another sonar of a lot of

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nothings, then

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I do think that we might see the rant slip
again.

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I mean, I've got no doubt.

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This is one of the things where the world
is going to start.

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They're going to listen to what President
Ramaphosa is saying.

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And they would like to see us move in the
right direction.

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We've done a few things, but currently the
GNU is really, really wonky.

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This whole Trump really attacking

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Ramaphosa on expropriation without
compensation.

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Let's just hope there's something on that
and let's hope he calms the country.

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It's time for leadership, I think, is what
you're saying here.

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It's time to stand there and say, listen,
the expropriation bill has been on the

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table for a long time,

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but show me where land has been
expropriated.

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No, there hasn't been any.

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So just watch out.

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And Mr.

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Trump, you're wrong.

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And everything's fine.

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And the government of national unity, we
are still working together.

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So it's fine.

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The greatest thing, of course, would be to
say, well, we're tackling unemployment and

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we're looking forward to a growth driven
economy.

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But unfortunately, those last two things I
mentioned seem a long, long way away,

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Skulk.

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Hopefully that's going to be the case.

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I really, really hope that this is going
to.

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He's going to focus on that, because he
hasn't done that over the past two, three

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years.

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We want him to focus on that.

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We've got the GNU in place now.

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Now we should start focusing on
implementing all these great things that

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the GNU are working on.

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Yes, we can only hope so.

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We'll find out on Thursday night.

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A couple of companies on the JSC today
that caught my eye.

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uh notably sappy very very volatile stock
it reprised quarterly um share price down

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over four percent uh

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today the second one was sassel which
continues to astound uh it didn't do much

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today it was um i think up a little

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bit actually after its trading update uh
but sappy first of all probably not one

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that features in your life too much skull

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that's my feeling i've never made money

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on this company never ever i mean uh as i
doubled every now and then maybe you know

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but if you're Bob, you know, like I said,
this is not a company for orphans and

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widows.

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It's just such a volatile company.

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And today was no different.

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I mean, they came out.

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I mean, look at the financial highlights.

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The results for Q1-25, I don't think it
would look too bad.

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I mean, they were talking about EBITDA of
$203 million.

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A refinitive had them at $200 million, so
fairly in line with expectations.

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I saw JP Morgan was somewhat a little bit
more bullish.

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They had them at $213 million on the
EBITDA.

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And we can continue.

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But in general, I thought that this was...

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pretty much in line but then they
mentioned that the market conditions and

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and the outlook did

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look quite quite negative they were
talking about uh the maintenance shutdowns

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that they're going to have in in q2

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that's that's usually not good for these
bulb bulb companies so um you know the

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somerset uh

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pm2 project they they're going to be
shutting that

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down then they also mentioned that the
paper fault um oversupply persist um and

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and that

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But the paper demand is really,

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really recovering way slower than they
actually anticipated.

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So that's also not looking good in terms
of the outlook.

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I did mention that there's some price
stabilities now.

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We had that supply chain hiccups a few
years ago, and there was a bit of price,

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I don't want to say manipulation, but
price volatility.

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And that seemed to be, let's call it,
stabilizing.

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And then let me just mention that the
paper demand remains stable in North

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America and South Africa.

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But I would say that the outlook sort of
just swing the normal

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EPS outlook and EBITDA outlook towards
people are worried and the share price got

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clapped.

239
00:12:17.818 --> 00:12:21.280
I mean, 5%, 4.76% down today.

240
00:12:22.141 --> 00:12:23.021
You mentioned Sasol.

241
00:12:23.301 --> 00:12:26.343
I mean, what you didn't mention is as
this.

242
00:12:26.847 --> 00:12:31.288
This, let's call it a trading update where
it was released.

243
00:12:31.288 --> 00:12:35.490
And this is the trading statement for the
six-month end at 31st December.

244
00:12:37.430 --> 00:12:39.551
The share price skyrocketed.

245
00:12:40.431 --> 00:12:42.952
It was trading close to 92.

246
00:12:42.952 --> 00:12:47.993
I don't know if the highs and lows here,
but it was up over 5%, close to 6% for the

247
00:12:47.993 --> 00:12:48.213
day.

248
00:12:48.674 --> 00:12:50.754
Yeah, yeah, yeah.

249
00:12:50.774 --> 00:12:51.835
And I went through it.

250
00:12:52.255 --> 00:12:52.955
When you look at the...

251
00:12:53.495 --> 00:13:00.157
the the hips expectation versus versus
both are well just look at morgan stanley

252
00:13:00.157 --> 00:13:02.157
and also uh refinitive

253
00:13:02.157 --> 00:13:06.939
it's fairly in line there's no no beat no
um they did mention that the previous year

254
00:13:06.939 --> 00:13:07.159
hips

255
00:13:07.519 --> 00:13:14.441
uh was gonna it was 20 round 37 that it's
going to come out 13 ran to 15 ran this

256
00:13:14.441 --> 00:13:16.441
year and but

257
00:13:16.441 --> 00:13:21.083
if you drill through we know that they
made losses the the previous six months

258
00:13:21.083 --> 00:13:23.083
but but if they're going to continue

259
00:13:23.083 --> 00:13:28.729
producing these type of top of earnings
yes it's not going to be matching the

260
00:13:28.729 --> 00:13:30.729
previous year but still we're looking

261
00:13:30.729 --> 00:13:34.791
at a forward p in a for sassel of 2.9
times that's that's that's miniscule

262
00:13:35.771 --> 00:13:42.573
that's miniscule that's that's really
really i mean such a i mean this is a

263
00:13:42.573 --> 00:13:44.573
company that's that's been trading at
fairly low

264
00:13:44.573 --> 00:13:45.454
uh price earnings multiple bills but but

265
00:13:45.574 --> 00:13:50.135
still i mean three times i mean i've
backed it in i think 15 years

266
00:13:50.475 --> 00:13:53.957
They're sitting at around about close to
nine times earnings.

267
00:13:53.957 --> 00:13:58.820
And when you take 20 years, Cecil is
sitting at 11, 12 times average P-E ratio.

268
00:14:00.200 --> 00:14:05.263
Let's just take half of that and say,
well, it goes back to a 6-P-E ratio.

269
00:14:05.663 --> 00:14:11.807
Then this company can pretty much very,
very easily double up and still not be

270
00:14:11.807 --> 00:14:13.807
expensive trading at a 6-P-E.

271
00:14:13.807 --> 00:14:15.949
After the spike-up of which you spoke so
enthusiastically, where is it now?

272
00:14:15.969 --> 00:14:18.250
It's come back to about 86, 87, hasn't it?

273
00:14:18.631 --> 00:14:19.331
Yep, done.

274
00:14:19.651 --> 00:14:26.017
It actually closed the day down after the
great performance originally, down 11

275
00:14:26.017 --> 00:14:28.017
basis points, closed at 87 rand.

276
00:14:28.017 --> 00:14:30.017
Okay.

277
00:14:30.017 --> 00:14:32.017
We'll come to the share price movements in
a moment.

278
00:14:32.017 --> 00:14:35.845
Any other shares, though, that I've missed
on the Stock Exchange news service or any

279
00:14:35.845 --> 00:14:37.845
other ones that really caught your eye?

280
00:14:37.845 --> 00:14:39.845
No, no.

281
00:14:39.845 --> 00:14:41.910
I think the only one that I maybe was Sea
Harvest,

282
00:14:42.651 --> 00:14:46.795
but it's a fairly small company, but they
also came out with a trading statement.

283
00:14:47.395 --> 00:14:49.676
for the year in the 31st of December.

284
00:14:50.336 --> 00:14:51.036
Okay.

285
00:14:51.276 --> 00:14:51.976
Dollar-Rand.

286
00:14:51.976 --> 00:14:54.217
The dollar's had, sorry, the Rand has had
a good day.

287
00:14:54.457 --> 00:14:57.858
The US dollar has fallen over 2% against
the mighty Rand.

288
00:14:57.858 --> 00:15:00.639
1856, that exchange rate.

289
00:15:00.979 --> 00:15:02.959
British pound against the Rand, 2321.

290
00:15:02.959 --> 00:15:07.080
And the Euro-Rand is 1934 with the
Euro-Dollar, 10420.

291
00:15:07.661 --> 00:15:11.322
That's a euro that's gained one and three
quarters percent against the dollar.

292
00:15:12.022 --> 00:15:15.363
British pound, 125.05 against the
greenback.

293
00:15:15.923 --> 00:15:16.623
Now.

294
00:15:17.741 --> 00:15:19.002
The gold price has done well.

295
00:15:19.744 --> 00:15:20.585
It's up $20.

296
00:15:21.609 --> 00:15:26.651
$28, $2,873 per ounce.

297
00:15:27.692 --> 00:15:28.532
What else have we got here?

298
00:15:28.572 --> 00:15:34.034
Platinum and palladium, both in the,
solidly into four figures,

299
00:15:34.495 --> 00:15:39.757
$10.20 per ounce for platinum, up 1.8%,
and palladium, 10.10,

300
00:15:40.717 --> 00:15:41.778
up just very slightly.

301
00:15:41.878 --> 00:15:46.780
But anyway, encouraging to see it going
from three figures, both of them, to four

302
00:15:46.780 --> 00:15:48.780
figures.

303
00:15:48.780 --> 00:15:53.207
Now, if we continue with the commodity
theme, What's going on on the big ones and

304
00:15:53.207 --> 00:15:55.207
that's the energy sector.

305
00:15:55.207 --> 00:15:59.252
We've got West Texas crude oil $71.55
which is down 1.6%

306
00:15:59.473 --> 00:16:05.758
and Brent crude oil $75.08 per barrel
which is down just under one and a half

307
00:16:05.758 --> 00:16:05.917
percent.

308
00:16:05.917 --> 00:16:09.861
Natural gas prices after going up eight
percent yesterday just very slightly

309
00:16:09.861 --> 00:16:11.861
weaker.

310
00:16:11.861 --> 00:16:13.861
Anything else there?

311
00:16:13.861 --> 00:16:14.465
Coal prices down 2.7.

312
00:16:14.505 --> 00:16:15.205
Not much.

313
00:16:15.786 --> 00:16:19.489
So we'll go straight to S&P 500 futures.

314
00:16:20.229 --> 00:16:26.113
6,050, off their lows, but still down
0.5%.

315
00:16:26.213 --> 00:16:27.634
We'll talk about that in a moment.

316
00:16:27.634 --> 00:16:32.698
It just seems to me the market's a little
bit nervous about what's going on

317
00:16:32.698 --> 00:16:34.698
geopolitically and politically,

318
00:16:34.698 --> 00:16:34.899
domestically in the United States of
America.

319
00:16:35.280 --> 00:16:37.341
So down 0.5%.

320
00:16:37.341 --> 00:16:38.041
U.S.

321
00:16:38.041 --> 00:16:41.244
10-year Treasury bond yield, 4.43%.

322
00:16:41.244 --> 00:16:48.109
The South African 10-year. Now, I put out
a tweet yesterday because I thought

323
00:16:48.109 --> 00:16:50.109
there'd been this huge spike in yields,
but apparently it was a...

324
00:16:50.109 --> 00:16:55.512
a technical anomaly because it's the
contracted change it's 10.74 percent for

325
00:16:55.512 --> 00:16:57.512
the south african 10 year

326
00:16:57.512 --> 00:16:58.934
and bitcoin to complete the picture

327
00:16:59.274 --> 00:17:06.177
98 300 and a bit which is down 1.7 percent
skunk what were the big movers

328
00:17:06.197 --> 00:17:13.080
on the jsc today i'll weigh in with mine
in a minute but what it what are your big

329
00:17:13.080 --> 00:17:15.080
movers up and down gold gold

330
00:17:15.080 --> 00:17:19.534
baby i mean there we go Creeping ever so
closely to that $2,900.

331
00:17:19.554 --> 00:17:22.475
We know gold today, again, making all new
all-time highs.

332
00:17:22.495 --> 00:17:25.516
I mean, this is something sort of been a
theme over the past week.

333
00:17:25.736 --> 00:17:29.897
Gold price making new all-time highs
pretty much every second day.

334
00:17:30.237 --> 00:17:31.417
But today, there's no different.

335
00:17:31.417 --> 00:17:35.478
I mean, we're seeing the gold price, as
you just mentioned, making new highs.

336
00:17:35.478 --> 00:17:38.419
And that really helped most of these gold
counters.

337
00:17:38.559 --> 00:17:40.760
Gold fields up 4.2%.

338
00:17:40.840 --> 00:17:42.820
This is Anglo Gold, 2.1%.

339
00:17:42.820 --> 00:17:45.681
Durban, the road up to a deep 4.8%.

340
00:17:45.781 --> 00:17:49.842
8% and all money sort of lagging a little
bit, 1%, 1.1%.

341
00:17:49.842 --> 00:17:53.403
But still, I mean, if it was digging, it
was growing today.

342
00:17:53.463 --> 00:17:57.364
So, yeah, I would say I would highlight
the gold counters.

343
00:17:57.364 --> 00:18:03.106
But also, I mean, you mentioned, I mean,
some of these platinum counters,

344
00:18:03.146 --> 00:18:08.427
PGM counters also looking very, very good,
you know,

345
00:18:08.648 --> 00:18:13.589
with the platinum and palladium prices
going four figures.

346
00:18:14.825 --> 00:18:17.566
So, yes, that's also helping.

347
00:18:17.586 --> 00:18:23.127
So, in general, I would say it's been a
very solid day for resources.

348
00:18:23.508 --> 00:18:28.649
And that's after a phenomenal January. I
mean, when I say phenomenal,

349
00:18:28.989 --> 00:18:34.531
I think I can't remember when last one of
the sectors, and in this case, it's the

350
00:18:34.531 --> 00:18:36.531
resource sector,

351
00:18:36.531 --> 00:18:37.291
grown close to 20% in one month.

352
00:18:37.291 --> 00:18:42.493
It was 17, let's call it 17.5% growth for
the sector.

353
00:18:43.513 --> 00:18:50.238
in the month of january alone you're
talking resources now yeah yeah yeah

354
00:18:50.238 --> 00:18:52.238
that's that's very good he's had a

355
00:18:52.238 --> 00:18:57.182
tough time of course but that is a
spectacular performance what a recovery

356
00:18:57.182 --> 00:18:59.182
and it is it doesn't seem like it's
stopping anytime

357
00:18:59.182 --> 00:19:03.547
soon because uh as we mentioned today it's
running again so that's good i mean that

358
00:19:03.547 --> 00:19:05.547
usually is it's been it's back

359
00:19:05.547 --> 00:19:10.111
in the days was way better for for the jse
but still i mean we still are very very

360
00:19:10.111 --> 00:19:12.111
strong and predominantly resource

361
00:19:12.111 --> 00:19:14.770
driven type of indice or of um market.

362
00:19:15.290 --> 00:19:20.612
So, yeah, when you've got days like today,
I mean, we'll cover the indices today,

363
00:19:20.632 --> 00:19:27.495
but when you've got a day like today where
both the industrials and financials was

364
00:19:27.515 --> 00:19:34.478
in negative territory, but still your all
share was in positive territory, then you

365
00:19:34.478 --> 00:19:36.478
know it was a resource day.

366
00:19:36.478 --> 00:19:38.478
Very good.

367
00:19:38.478 --> 00:19:40.478
I'll just weigh in with a couple of
others.

368
00:19:40.478 --> 00:19:42.478
Pick and pay up 2.5% today.

369
00:19:42.478 --> 00:19:42.481
Anglo Platte, a 2.9% winner.

370
00:19:42.781 --> 00:19:48.704
On the downside, the aforementioned SAPI
down 4.75%, Aspen down 4%,

371
00:19:49.024 --> 00:19:52.985
Redefine down 3.6%, BigVest down 2.75%.

372
00:19:52.985 --> 00:19:54.486
Didn't that go shooting up the other day?

373
00:19:54.906 --> 00:20:00.649
Anyway, and DataTech down 2.75%. Skulk,
you mentioned the indices.

374
00:20:00.909 --> 00:20:07.692
Give us the indices and start with the
good ones and start with resources in

375
00:20:07.692 --> 00:20:09.692
particular and

376
00:20:09.692 --> 00:20:11.692
wipe that smile off your face, please.

377
00:20:11.692 --> 00:20:13.692
Let's do that.

378
00:20:13.692 --> 00:20:15.692
Let's do that.

379
00:20:15.692 --> 00:20:17.692
So the resource index today closed the day
at 1.6%.

380
00:20:17.692 --> 00:20:21.538
As I mentioned, the industrials, they were
down nine basis points and financials down

381
00:20:21.538 --> 00:20:23.538
eight basis points.

382
00:20:23.538 --> 00:20:25.500
Even the asset property were down 1.11%
for the day.

383
00:20:25.540 --> 00:20:26.240
But

384
00:20:26.240 --> 00:20:32.854
well all share were looking good all share
86 611 points and this pretty muted

385
00:20:33.354 --> 00:20:40.336
day globally and they still managed to
keep themselves in a in a in positive

386
00:20:40.336 --> 00:20:42.336
territory 18 basis points and the jc uh
top

387
00:20:42.336 --> 00:20:47.218
40 they actually closed the day 78 000
points 558 that's uh 0.28 positive

388
00:20:47.238 --> 00:20:53.700
uh the turnover on the market didn't look
too shabby as well i mean we didn't have

389
00:20:53.700 --> 00:20:55.700
the 25 billion day yesterday but

390
00:20:55.700 --> 00:20:57.921
We take this close to 23 billion value
traded on the market any day.

391
00:20:57.921 --> 00:21:00.382
So a very good day for South Africa.

392
00:21:01.022 --> 00:21:01.722
Very nice.

393
00:21:01.722 --> 00:21:03.763
Okay, Skalk, thank you very much for your
analysis.

394
00:21:03.883 --> 00:21:05.163
Excellent as always.

395
00:21:05.403 --> 00:21:06.444
We shall speak next week.

396
00:21:06.524 --> 00:21:13.165
We should digest the State of the Nation
address and try and digest whatever Trump

397
00:21:13.165 --> 00:21:15.165
has done in the next week.

398
00:21:15.165 --> 00:21:17.165
I mean, who knows?

399
00:21:17.165 --> 00:21:19.165
Fascinating stuff.

400
00:21:19.165 --> 00:21:21.165
There will be something new.

401
00:21:21.165 --> 00:21:23.165
There has to be.

402
00:21:23.165 --> 00:21:25.165
Gosh, who's he going to try and buy next?

403
00:21:25.165 --> 00:21:27.165
Skalk Lowe is a portfolio manager at...

404
00:21:27.165 --> 00:21:29.165
PSG Wealth Old Oak in Cape Town.

405
00:21:29.165 --> 00:21:31.165
And that was the 5 o'clock shadow.

406
00:21:31.165 --> 00:21:32.876
The views and opinions expressed in these
podcasts are those of Lindsay Williams and

407
00:21:32.876 --> 00:21:34.876
various contributors and do not reflect
the policy,

408
00:21:34.876 --> 00:21:36.618
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409
00:21:36.938 --> 00:21:41.582
employer or company associated with
StrictlyBusinessPodcast.com.

410
00:21:42.042 --> 00:21:49.027
Assumptions made on the analyses are not
reflective of the position of any other

411
00:21:49.027 --> 00:21:51.027
entity other than the speaker or the
author.

412
00:21:51.027 --> 00:21:53.027
And since we are critically...

413
00:21:53.027 --> 00:21:57.332
thinking human beings, these views are
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414
00:21:57.332 --> 00:21:59.332
rethinking at any time.

415
00:21:59.332 --> 00:22:00.034
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