WEBVTT

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

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The JSC has closed its doors for another
day, so it's time for the five o'clock

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shadow.

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

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Wealth, Old Oak in Cape Town.

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Last week, we spoke a lot about gold,
Skulk, and

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I gave you free reign to talk for what
seemed an age about the yellow metal,

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and it was incredibly informative and I
had a good reaction to it.

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Today, I'm going to mention gold once, and
that's it.

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Okay.

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I was deeply, deeply disturbed and
offended earlier on when

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Donald Trump released on his social media
platform an AI-generated video of his

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vision of Gaza.

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He didn't make any comment about it, but
you got the inference.

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You saw that, obviously.

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You've seen that, obviously.

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And I don't know if it's a joke, but I
don't think he jokes about this sort of

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thing.

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I think it's serious.

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And the people of Gaza, if you've seen it,
then I understand if you're deeply...

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as deeply offended as I am.

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Should we leave it there?

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Gold statues of Trump?

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Yeah.

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Yeah, I think we leave it there, don't
you?

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Let's not mention the word gold, because,
yeah, hello, Lindsay, and hello to all the

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Strictly Business listeners.

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Thank you.

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As I start this podcast, I just want to
tell you guys that I got a bit

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reprimanded.

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By whom?

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By yourself.

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Don't switch, don't cut this out, please.

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No, no, don't say it.

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I was, I was, I was, you are going to,
because I was, I was told strictly that,

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that today we need to keep it around 15
minutes.

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And then Lindsay starts off by saying,
let's talk about gold.

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And that's what I am.

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It's the gold statue.

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I'm just trying to keep it to 15 minutes
because I've got another podcast

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afterwards, but that's okay.

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Let's get straight into other things
because of the things that have come out

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since we last spoke.

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The first is results from Sassl.

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And I know you're involved in Sassl and
you don't mind me saying that.

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The other.

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is the process NASPS just eat story.

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Where do you want to start?

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Well, I think they're both old news.

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Yes, I know, but I need your old news
analysis, please.

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So let's start with the process, just
eats.

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I think, firstly, I was actually quite
surprised.

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When I saw the reaction in the market
yesterday, when it opened up,

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and I think NASPS was down close to 7%
process as well, and Yes,

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I know investors might feel that they
could be overpaying slightly.

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But, I mean, my first reaction was, this
is nothing new.

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They've been guided pretty well that this
is the plan.

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They are going to buy the company.

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I think the price may be on the higher
side, which the investors expected.

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But where they started buying to just end
where they're now buying the company,

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they're getting it.

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cheaper than originally.

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So I thought yesterday was a harsh
reaction price-wise.

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And today's sort of reversion, we're
seeing process NASPAS, both of them up

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over 2% again today,

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is telling us that maybe a slight
overreaction.

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I don't think it's a...

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I like the fact that they're proactively
doing something else because I think the

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one thing about NASPAS and now in the
latter

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years process, is...

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It's always been the 10 cent show.

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It's cheap, I know, but it's always been
sort of just a 10 cent show.

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And now looking at some other companies,
some other acquisitions, really committing

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to those acquisitions,

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I thought it's a good one.

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And I think over the longer haul, I'm
still optimistic on both prices.

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You don't think that €20.30 is too much
for Just Eat?

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It's a scooter delivery service.

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It is.

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It is.

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But, I mean, they are committed.

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They started.

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It's like the channel blue, you know,
nibbling, nibbling in multi-choice.

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And I told you back in the day, you're not
going to nibble, you know, so constantly.

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Somewhere along the line, you can't be
halfway pregnant.

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Somewhere along the line, you need to just
go out and just say, we are committed.

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And they've shown their hand now and done
that.

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So I think I read quite a few, a few.

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institutional reports yesterday on the
company and and i i still need to find one

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that that that's not bullish on the
company so okay we

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we know that they still ever uh you know a
buyer of their own own shares and um i i

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still think you

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know it'll be most probably my my
preferred entry but anyway bennett's made

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short i think positive okay

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cecil yeah so cecil again well guided we
know the woes that they had we know that

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they they they they they struggling But I
think that the results that came out

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yesterday showed us.

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Not too bad story.

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I thought they're looking to show some of
those improvements.

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And if they could start spinning off these
chemical business, like the rumors went, I

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think, about four weeks,

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six weeks ago, I still think that Cecil at
these current levels, it's an extremely

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cheap company,

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trading at a three times forward PE
multiple.

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That is really, really cheap.

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It's not the typical company that will go
to a 15, 16, or 20 times p.

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It hasn't traded there, well, pretty much
ever.

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But it is a company that's quite stable
around 8, 9 times p.

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So if that is anything to go by, I still
believe this is a company that could

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literally double up.

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I mean, if they can just do the basics, do
the basics right, I still think it's a

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good and solid company.

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This is a 180 rand a share company.

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Is that what you're saying?

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Something like that?

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I believe that.

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I believe that.

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But then they really need to look at their
debt levels.

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They really need to do these basics right,

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which I got the feeling when I saw the
actual results came out yesterday.

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I did feel that they're looking good.

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I'll be retired by then, by the way,
Skunk, when Cecil doubles his current

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price.

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But anyway, very good luck with that.

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We're going to have this conversation.

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We're going to have this conversation.

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Just make a note, mental note, Cecil 180,
retirement.

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Okay.

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I think.

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I think to all the listeners out there, we
might see Lindsay retire a little bit

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earlier than originally anticipated.

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Moving right on to Anheuser-Busch, which
is up 7.5% at the moment.

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Big company, big move.

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There's AECI up 7.2% on my delayed screen
at the moment.

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And Momentum up 10%.

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Please tell me about these companies.

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I would love to.

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So firstly, disclaimers first.

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I do own Naspers process.

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I do own Cecil and oh boy, oh boy, I own
both AUCI and ANASA.

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So most of the time, you know,

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we often have conversation and I tell you
about FOMO and I missed out on this one or

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that one.

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Now, AUCI, bang, bangs, we've often had
this conversation and we're just going to

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refer again, you know,

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on the JSE floor pre-1996.

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If you shouted on the floor, bang, bangs,
everybody knew what you were calling.

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Because it's an explosives company.

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I mean, that's part of its business.

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Yeah, anyway.

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There we go.

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So ASCI, again, well-guided.

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And today, the actual full-year results
came out very muted.

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I mean, revenue up 3.8%, EBITDA, you know,
they were down,

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headline earnings down 37.

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But again, in most of the cases,
well-guided.

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But then...

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Yeah.

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And just headline ending, especially
eventually came out at

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7,16, down from last year's 11,37.

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But remember, consensus had them at 5,21.

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So this was firstly a nice solid beat on
what was expected.

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But again, it opened up, very muted price
movement.

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And then they had the shareholders
communication where the CEO gave feedback

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to all the analysts,

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those analyst meetings.

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And literally, as he spoke, you just saw
the share price exploded.

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Because he mentioned, they're going to be
looking at some serious cost cuttings.

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They've already started to implement some
of these cost cuttings.

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And they're going to continue doing this.

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They're going to be focusing on these
departments in the company that's not

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looking healthy.

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And going to try and just streamline that.

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And, I mean, it's still a beautiful
company.

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It's really a well-managed company.

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They've got the explosives, like you
mentioned, they've got the chemical side,

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they've got the fertilizers.

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So, a great, great company.

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And something that I think about a company
that's trading at really, really decent,

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decent multiples.

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They also managed to increase their
dividend.

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Yes, I know last year they cut their
dividend quite extensively,

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but they've managed to increase their
dividend by 84% to 2.19.

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so that's that's a that's it that's a
positive sign as i mentioned the share

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price just exploded afterwards

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and eventually end of the day very very
very healthy um as mentioned you know

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seven seven points okay so you own that
one

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do you own anhauser-busch a b in biff i

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own them i support them i do do what do
you mean support them you know in other

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words you've got

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a couple of their products tucked away in
in the low fridge Yeah, yeah, yeah.

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No, no, no, definitely.

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But, I mean, all jokes aside, this is a
company that's struggled.

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I mean, when you look at their debt
levels,

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and I would say their debt levels from the
period where they actually acquired SA

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Breweries, you can see they really went
into serious debt.

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And if you look at their debt levels or
debt-to-equity levels since their

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acquisition,

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they've managed to be decreasing that
every single year.

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so they can clearly have different some
emerging

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which have been successful um revenue yes
it increased 2.7 percent um quite a

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quite a quite a nice beat on on the

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consensus um and then headline and special
earnings per share increased 15.7

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percent i mean i kept three plus 53.

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uh expected three dollars 33 so so again a
very very good beat um company that's been

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trading under

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pressure and the share price been
remaining at these let's call it eight

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nine hundred grand levels for for many
many moons every time it

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it sort of breach the thousand rand levels
it just stays there for a short period of

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time then dips

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down to 900 levels but i mean today was

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just a massive massive massive beat not
over over a thousand rand placo starting

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to float with the 1000.

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It's got 1,100 levels up in a 7.9%.

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Yeah, solid set of results.

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Momentum metropolitan.

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10.25% higher.

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That's extraordinary, isn't it?

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That is massive.

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It really is.

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It's a really good move.

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But anyway, that's the one that stands out
for me.

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I'm sorry I keep saying it, but it really
does.

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Other bits of news, Skulk.

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What have we got here?

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South African inflation edges up in the
first release since the basket update.

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They've reshuffled their shopping basket.

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And the inflation came in at 3.2% from 3%.

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And the other one that caught my eye, not
so much a surprise,

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Golden Boy Trump ends US initiative to
boost electricity access in Africa.

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And that's according to Bloomberg. So he's
cutting out anything he doesn't like or

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doesn't understand.

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Righto, any other companies that caught
your eye today before we go to the

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prevailing prices?

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By the way, I've thrown my 15-minute thing
out the window.

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Not my fault this time around.

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but anyway yeah i think the only other
other company worth mentioning is a

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bitcorp um we're not going to go into it
because i think we're going to be time

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constrained um i didn't think the results
looked too bad i think the results were

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00:12:24.091 --> 00:12:26.091
quite stable they they're

241
00:12:26.091 --> 00:12:29.916
showing that they they're gaining some
some market share beautifully managed

242
00:12:29.916 --> 00:12:31.916
company so

243
00:12:31.916 --> 00:12:36.821
in general it looked good but i mean
that's the that's the problem if i can say

244
00:12:36.821 --> 00:12:38.821
that as a negative

245
00:12:38.821 --> 00:12:40.724
But that's the problem with these
companies trading at higher P multiples.

246
00:12:41.324 --> 00:12:42.885
They sort of price for perfection,

247
00:12:42.985 --> 00:12:49.630
and investors started to they want to see
double-figure growth in their down

248
00:12:49.630 --> 00:12:51.630
earnings per share and those

249
00:12:51.630 --> 00:12:53.630
type of things.

250
00:12:53.630 --> 00:12:55.630
They didn't do that.

251
00:12:55.630 --> 00:12:58.135
I still think that well, they still
managed to beat, but not a big beat, and

252
00:12:58.135 --> 00:13:00.135
share price retraced a little bit.

253
00:13:00.135 --> 00:13:00.137
We're talking about 1.2% down for today.

254
00:13:00.437 --> 00:13:06.121
So one thing about BidCorp and BidVest is
that the succession planning at board

255
00:13:06.121 --> 00:13:06.180
level

256
00:13:06.401 --> 00:13:13.125
has always been superb i mean obviously
brian joffey but he was a forward thinker

257
00:13:13.125 --> 00:13:15.125
in that regard some companies don't have
it

258
00:13:15.125 --> 00:13:20.129
and some political parties don't have it
as well i won't mention any names but

259
00:13:20.129 --> 00:13:22.129
they've always done that don't you find

260
00:13:22.129 --> 00:13:26.833
skulk yeah yeah it's a stunning stunningly
managed company and that's that's the

261
00:13:26.833 --> 00:13:28.833
thing i mean

262
00:13:28.833 --> 00:13:33.456
i mean you can look at these companies
we're talking about bitco bit fest you can

263
00:13:33.456 --> 00:13:35.456
talk about new clicks the

264
00:13:35.456 --> 00:13:39.581
likes of capitex I mean, I can mention a
few of these companies that are trading

265
00:13:39.581 --> 00:13:41.581
at, let's call it expensive,

266
00:13:41.581 --> 00:13:42.023
in inverted commas, multiples.

267
00:13:42.284 --> 00:13:44.826
But then you can just say equal, just look
at their management.

268
00:13:44.846 --> 00:13:47.268
And in all these cases, they're sitting
with a very,

269
00:13:47.328 --> 00:13:52.793
very strong management team and a great
history in terms of profit history.

270
00:13:52.833 --> 00:13:56.296
So Bitcorp, it's one of these companies, I
don't own that.

271
00:13:56.416 --> 00:13:58.077
That's the one that I don't own.

272
00:13:58.378 --> 00:13:59.719
I would love to own it.

273
00:13:59.759 --> 00:14:01.941
I would definitely put this on my radar.

274
00:14:02.421 --> 00:14:08.685
any retracement i mean we're talking about
the share price that is that is that is

275
00:14:08.685 --> 00:14:10.685
currently trading at this called 460 uh

276
00:14:10.685 --> 00:14:15.649
465 round levels i would like to see it
closer to that let's call it 400 and and

277
00:14:15.769 --> 00:14:22.332
10 band levels they almost probably look
to to nibble but would it get there i most

278
00:14:22.332 --> 00:14:24.332
probably won't Okay, you never know.

279
00:14:24.332 --> 00:14:26.332
Okay, let's have a look at some prices
now.

280
00:14:26.332 --> 00:14:26.774
The dollar rand is 1841.

281
00:14:26.774 --> 00:14:30.476
The British pound against the rand is
2331.

282
00:14:30.476 --> 00:14:33.157
The euro rand is 1930.

283
00:14:33.157 --> 00:14:35.698
Euro dollar, 104.85.

284
00:14:35.698 --> 00:14:40.660
British pound against the US dollar is
126.65.

285
00:14:40.660 --> 00:14:42.001
Okay, gold price, it's off a bit today.

286
00:14:42.601 --> 00:14:43.982
In fact, it's off quite a bit today.

287
00:14:44.002 --> 00:14:48.944
It's $26 on my screen lower, down 0.9%.
What else have we got?

288
00:14:49.004 --> 00:14:49.704
Platinum.

289
00:14:50.252 --> 00:14:54.436
mired below $1,000 at $9.78, but it's
still up $9 on the day.

290
00:14:54.456 --> 00:15:01.422
And palladium mired below $1,000 at $9.34,
which is up $8 on the day as well.

291
00:15:01.442 --> 00:15:02.843
Let's go to other commodities now.

292
00:15:03.263 --> 00:15:09.728
I was talking to a chap in London today
about commodities in general with a

293
00:15:09.728 --> 00:15:11.728
particular focus on that four-letter word

294
00:15:11.728 --> 00:15:16.915
meaning the yellow metal, which I won't
mention, but you must have listened to

295
00:15:16.915 --> 00:15:18.915
that one on Strictly Business Podcast
later.

296
00:15:18.915 --> 00:15:20.915
I'll send you the link actually, Skulk.

297
00:15:20.915 --> 00:15:25.642
But what I've got here is the oil price
and the other energy parts of the complex

298
00:15:25.642 --> 00:15:25.701
not

299
00:15:25.702 --> 00:15:26.402
doing so much.

300
00:15:26.422 --> 00:15:31.606
So we've got Brent crude oil at $73.08 per
barrel, which has barely changed.

301
00:15:31.907 --> 00:15:37.151
And West Texas crude, $69.04 per barrel,
which is up around about

302
00:15:38.332 --> 00:15:43.536
0.2%. Natural gas prices below $4 now at
3.5% weaker.

303
00:15:44.016 --> 00:15:45.777
Okay, S&P 500.

304
00:15:45.777 --> 00:15:46.477
The U.S.

305
00:15:46.477 --> 00:15:48.659
markets are waiting for NVIDIA, aren't
they, Scott?

306
00:15:48.740 --> 00:15:49.440
Oh, yes.

307
00:15:49.720 --> 00:15:50.701
This is going to be a big day.

308
00:15:50.701 --> 00:15:51.401
That's a monster.

309
00:15:53.323 --> 00:15:57.666
We can talk S&P movement up to this point,
NASDAQ movement up to this point,

310
00:15:58.046 --> 00:16:03.510
but I reckon later today we're going to
have a totally different market.

311
00:16:03.590 --> 00:16:04.931
Is it after the market closes?

312
00:16:06.372 --> 00:16:07.473
I'm not 100% sure.

313
00:16:08.294 --> 00:16:09.134
I think most probably.

314
00:16:09.134 --> 00:16:10.855
It's usually after the market closes.

315
00:16:11.756 --> 00:16:12.897
Like I said, we haven't seen it yet.

316
00:16:13.037 --> 00:16:14.058
I think it's anticipated.

317
00:16:14.358 --> 00:16:18.802
Currently, as we're sitting here in the
video, it's telling us because we remember

318
00:16:18.802 --> 00:16:20.802
there's been a pressure.

319
00:16:20.802 --> 00:16:21.144
And as we said, it's currently up over 3%.

320
00:16:21.544 --> 00:16:24.046
So market is expecting good news.

321
00:16:24.606 --> 00:16:26.048
And should we get it?

322
00:16:26.148 --> 00:16:27.909
I think this could be fun.

323
00:16:27.989 --> 00:16:30.671
But should they see any sort of miss?

324
00:16:31.012 --> 00:16:35.876
Anything that doesn't meet the
expectations of a greedy market, this

325
00:16:35.876 --> 00:16:37.876
thing will fall in a heap.

326
00:16:37.876 --> 00:16:39.238
And so will the market, just as Tesla has.

327
00:16:39.498 --> 00:16:41.240
And if you look back at the Tesla chart.

328
00:16:41.592 --> 00:16:44.133
Because I'm going to do a bit of Musk
bashing today.

329
00:16:44.674 --> 00:16:51.537
It was December of last year, almost to
the day when he was appointed a special

330
00:16:51.537 --> 00:16:53.537
government employee by Golden Boy.

331
00:16:53.537 --> 00:16:54.159
The share price came down, and it's been
going down.

332
00:16:54.199 --> 00:17:00.342
And I think, technically, it's in a bear
market at the moment, because it went to

333
00:17:00.342 --> 00:17:02.342
something like $296 a share yesterday,

334
00:17:02.342 --> 00:17:05.465
having been, goodness knows what, I think
$388 at its peak last year.

335
00:17:05.765 --> 00:17:08.266
But anyway, you're the charts man.

336
00:17:08.627 --> 00:17:11.088
But it doesn't look good, Tesla, I have to
tell you.

337
00:17:11.388 --> 00:17:17.353
And registrations in Europe for Tesla new
cars have plunged because people don't

338
00:17:17.353 --> 00:17:19.353
like him here.

339
00:17:19.353 --> 00:17:20.556
No, I mean, it's also it's well divided.

340
00:17:20.556 --> 00:17:24.979
I mean, it's a kind of it's a fact that, I
mean,

341
00:17:25.940 --> 00:17:28.742
Elon is pretty much Tesla and Tesla is
Elon.

342
00:17:29.323 --> 00:17:35.247
And if you take him in and say, well, he's
going to be pretty much spending most of

343
00:17:35.247 --> 00:17:37.247
his attention on Dodge.

344
00:17:37.247 --> 00:17:39.247
So then.

345
00:17:39.247 --> 00:17:41.247
You need to ask you what's management
going to look at.

346
00:17:41.247 --> 00:17:41.849
You asked on the, let's call it, bear
market.

347
00:17:42.609 --> 00:17:48.134
If you look at the chart, yes, definitely
on an RSI basis, way, way, way oversold.

348
00:17:48.214 --> 00:17:53.499
Trading now below that, let's call it 30
RSI.

349
00:17:54.039 --> 00:17:56.781
But for those charters out there, I'm not
one.

350
00:17:56.941 --> 00:18:02.386
I mean, it's still very much the 50 days
trading well above the 200 days.

351
00:18:02.586 --> 00:18:04.508
So it's still very much in a, let's call
it a...

352
00:18:04.708 --> 00:18:11.532
bull face and now literally trading on on
that 200 day so 200 day is pretty much

353
00:18:11.572 --> 00:18:18.496
where we're trading are we going to see it
it actually get some support around the

354
00:18:18.496 --> 00:18:20.496
200 day or if it breaks these levels i

355
00:18:20.496 --> 00:18:25.480
agree with you i think we could see bear
market territory very very soon i don't

356
00:18:25.480 --> 00:18:27.480
want to see it because i don't want people
to lose money but it would be it would

357
00:18:27.480 --> 00:18:29.480
just give me a

358
00:18:29.480 --> 00:18:32.023
quiet sense of satisfaction to see the
musk after all his antics for the last

359
00:18:32.023 --> 00:18:34.023
couple of months it's

360
00:18:34.023 --> 00:18:36.885
just come a little bit of a cropper S&P
500 futures are 6,008 on their highs.

361
00:18:37.425 --> 00:18:39.326
It's up around about two-thirds of a
percent.

362
00:18:39.566 --> 00:18:40.266
The U.S.

363
00:18:40.266 --> 00:18:43.687
10-year Treasury bond is 4.44 percent.

364
00:18:44.107 --> 00:18:48.429
The South African 10-year, this has
updated 10.78 percent.

365
00:18:49.129 --> 00:18:50.429
And what else have we got here?

366
00:18:50.509 --> 00:18:57.391
Bitcoin, which had a bit of a wobble after
that crypto hacking story from a North

367
00:18:57.391 --> 00:18:59.391
Korean hacker who

368
00:18:59.391 --> 00:19:01.391
stole one and a half.

369
00:19:01.391 --> 00:19:06.320
billion from one of the crypto trading
platforms and ever since then bitcoin has

370
00:19:06.320 --> 00:19:08.320
been under pressure recovering a bit today
up

371
00:19:08.320 --> 00:19:10.320
0.8 to 87

372
00:19:10.320 --> 00:19:15.511
950 but don't forget it was close to 110
000 per coin not that long ago as

373
00:19:15.631 --> 00:19:22.446
skunk apart from the companies we've
spoken about what moved on the jsc today

374
00:19:22.446 --> 00:19:24.446
Well, I think JSC itself,

375
00:19:24.446 --> 00:19:26.446
positive territory.

376
00:19:26.446 --> 00:19:28.388
So JSC today closed 88,322 points.

377
00:19:28.388 --> 00:19:30.289
So that was up 65 basis points.

378
00:19:30.309 --> 00:19:37.210
The JSC top 40, 80,855 points, also
trading 71 basis points higher.

379
00:19:37.551 --> 00:19:43.612
Resources, as you mentioned earlier, with
all the drops in the gold price, the

380
00:19:43.612 --> 00:19:45.612
platinum price,

381
00:19:45.612 --> 00:19:48.573
so resources taking a bit of pressure
today, 96 basis points in the red.

382
00:19:49.114 --> 00:19:50.474
Well, the industrials.

383
00:19:50.654 --> 00:19:56.098
up 1.1%, financials up 1.2%, and the
property today,

384
00:19:57.299 --> 00:19:59.920
1.6% down for today.

385
00:20:00.020 --> 00:20:02.542
Hammerson being the main leader of that, I
think.

386
00:20:03.283 --> 00:20:04.544
Correct, correct.

387
00:20:04.564 --> 00:20:06.705
Only not looking too bad.

388
00:20:06.765 --> 00:20:11.728
We're talking about just over 21 billion,
so very much in line with the past four or

389
00:20:11.728 --> 00:20:11.808
five days.

390
00:20:11.889 --> 00:20:17.793
Just to end this, individual stocks,
Momentum Metropolitan up nearly 10%, AB

391
00:20:17.793 --> 00:20:19.793
InBev up nearly 8%,

392
00:20:19.793 --> 00:20:21.793
Old Mutual a near 5% winner.

393
00:20:21.793 --> 00:20:27.128
alpha min up 4.4 and richmond 2.7 higher
african rainbow minerals nearly seven

394
00:20:27.128 --> 00:20:29.128
percent weaker

395
00:20:29.128 --> 00:20:34.013
hamerson just over six percent down nippy
rock castle 4.7 in the red tungela 4.2

396
00:20:34.153 --> 00:20:36.675
and aspen 3.8 percent

397
00:20:37.256 --> 00:20:44.181
down skulk interesting to see what nvidia
does tonight it's not make or break stuff

398
00:20:44.181 --> 00:20:46.181
but it's certainly market

399
00:20:46.181 --> 00:20:49.706
moving stuff it's definitely going to be
going to be uh worth worth

400
00:20:49.926 --> 00:20:53.888
staying up and just having a look because
I think it's going to be a nice one.

401
00:20:53.908 --> 00:20:57.309
So yeah, like you mentioned, not going to
be make or break, but definitely a market

402
00:20:57.309 --> 00:20:57.409
mover.

403
00:20:57.589 --> 00:21:02.851
Skunk Low is a portfolio manager at PSG
Wealth, Old Oak in Cape Town, and that was

404
00:21:02.851 --> 00:21:04.851
the 5 o'clock shadow.

405
00:21:04.851 --> 00:21:10.815
The views and opinions expressed in these
podcasts are those of Lindsay Williams and

406
00:21:10.815 --> 00:21:12.815
various contributors and do not reflect
the policy,

407
00:21:12.815 --> 00:21:15.336
position, or opinion of any other agency,
organization, employer,

408
00:21:15.677 --> 00:21:19.218
or company associated with
StrictlyBusinessPodcast.com.