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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
Skullclo,

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Portfolio Manager at PSG Wealth Old Oak in
Cape Town.

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I want to talk about politics and maybe
we'll weave it into the conversation

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later, Skullclo.

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Let's talk about earnings season in South
Africa.

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There's been so many results out in the
last 10 days or so.

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What have you made of it all?

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highlights and lowlights if you will hello
lindsay and uh hello to all the

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restrictive business

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listeners thank you yeah i would i would
say very similar like today

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um and why do i say that i mean you've had
quite a few companies report and

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it either looked really really good or
really really bad i find something that's

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sort of sort of in

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between and and there's a general trend in
in things like Like today,

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we had a few companies report.

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I'm not going to try and cover them all.

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No.

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But, I mean,

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if you could look at the company that
reported today that the worst

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results were, again, let's call it
Woolworths, 6.3% down.

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Also, Hero also down 6%.

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But there was nothing that sort of brought
out results and just stayed flat.

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Because everything was either… 6% up like
in Quilter's case or 6% down in Woody's

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case.

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And that's an interesting market
environment because it tells us that these

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companies that is deemed to be value
companies either now turn out to be, you

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know, yes,

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they are looking like value companies and
that's why they're reverting or re-rating

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in the

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market or they turn out to be value traps.

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and get hammered even further.

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I mean, let's just take Woolies for a
second.

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I mean, Woolies today closed at 53 Rand,
just over 53 Rand.

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I mean, this is the...

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It seems to have been around that 50 Rand
mark for a long time, Skulk.

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I mean, I haven't watched it and I haven't
looked at the five-year graph, but it

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seems to me that it's been there for ages.

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Yeah, I mean, naturally, COVID was sort of
the exception,

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but this is the worst levels we've seen in
three years.

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So this is a three-year low for Woolies.

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And if you look at it on a 10-year basis,
this company traded exactly 10 years ago.

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We're trading at 90 bucks.

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March 2015,

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this was a company that traded at 90 rand
and eventually went on to go and touch and

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surpass the 100 rand levels.

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And today, 10 years later, 10 years later.

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it is trading at 50 rand and yeah so i
think you know to to sum up what i just

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said on a very long winded

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way um yeah we've very much got a market
that that either are not starting to see

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some of these value

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flows starting to play out because south
africa is doing well the

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jse you know compared to the us this year
uh are doing really really well still one

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of the top top 10

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best yeah but let's qualify that please
scalp it's not doing well domestically

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Let's face it,

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if you have a look at the results over the
last 10 days to two weeks,

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there's been the most extraordinarily
diverging performances from the companies

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that have been reporting.

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I mean, you look at Trellidor today, it's
up 14%.

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You look at Momentum, it was up 10%.

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You've got other companies going down.

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It's very, very volatile.

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It's a split market.

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And not just split into two, but split
into two or three pieces.

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So you can say it's doing well.

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But what aspects of the JSC's all-share
index are propelling that index to these

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new highs all the

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time?

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Yeah, I would say lately it's been, I
mean, last year, if you look at the last

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12 months, resources are still,

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let's call it lagging, lagging the JSC
all-share.

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But we know we had a 20% month in January.

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We had a, let's call it 6%, 7% month down.

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And this month, again, I would say...

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March and we're only five days in, but are
dominated,

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absolutely dominated by resource counters.

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So, yeah, I agree with you.

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It's sort of a strange, strange market.

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And that's not just in Africa.

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There's a very nice indicator, which I
found this month.

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And listeners can go and have a look.

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It's the AAII.

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What does that mean?

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It's another acronym I've got to try and
digest.

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A-A-double-I.

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It's the American Association of
Individual Investors, and they run

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different surveys.

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I usually just follow the asset allocation
survey.

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This is where they look at all the fund
managers globally,

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and they say this is their percentage in
stocks and bonds.

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But they also run a very nice survey,
which they call the sentiment survey.

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This is where they look at individual
investors.

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Yes.

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And they

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that they do the survey and they they they
either bullish neutral or bearish very

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simple very very simple yeah i love it i
love it and it is unbelievable this is

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the this is the quickest i've seen the

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sentiment go from bullish to berries ever
why is that is that since trump has been

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in power was

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it a quarterly figure or what no it's
literally over the past two weeks three

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weeks um

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It went from still bullish, it did slice
through neutral into a two-to-two-berry

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scenario.

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And for the listeners out there, I've
actually drawn up a graph, a 30-year

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graph,

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but I think it's more interesting when you
look at it since the turn of the century

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with the dot bomb,

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we had the world financial crisis, the
world recession, COVID,

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the crash in 2022.

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I mean, when you look at it, every single
time, This thing went into this, what they

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call bearish sentiment.

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Markets followed shortly after and really
usually corrected.

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Now, I don't want to call one seller a
summer.

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I'm not one of those people who said, I'm
a person that's going to call a crash.

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But this indicator,

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one of the indicators that I would say is
the closest ones that indicates either

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a big correction in the market or a crash.

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But I think the most important thing is
not the indicator itself.

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It's how quickly, how quickly we went from
a period, and we're talking about a two,

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three-year period since 2022, two-year
period,

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where the market stayed in this close to
extreme bullish environment.

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I mean, people just so bullish.

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We saw the S&P 500 go new highs, make new,
new highs.

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Everybody was talking about the high
valuations and how we should see a

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correction in the U.S.

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because we… But why didn't we see the
correction?

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Well, the sentiment was still extremely
bullish.

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Now, suddenly, this in two weeks' time
went from bullish straight through neutral

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into bearish.

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And I think this is where things are going
to get interesting now.

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Definitely interesting.

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Let me just read something to you from the
CNBC feed that I get sent every day.

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It says here, excuse me, industry
warnings.

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Industries from retail to autos warn that
Trump's tariffs will hit their...

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businesses best buy a very very big
retailer its ceo said price increases are

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highly likely noting that china and mexico
are the company's top two supply chain

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sources

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data and forecasting firm s&p global
mobility meanwhile caution that roughly a

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third of vehicle

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production in north america could be cut
next week as a result of tariffs and so it

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goes on so from

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cars high oh

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high priced purchases to low priced
purchases in other words the stuff that

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you go and get every couple of days

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at the supermarket are being hit and i
don't think we quite understand how much

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that is going to impact people because

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if you've got 100 rand for example in your
pocket and you're going to have 15 rand

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less because prices have gone up that

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impacts you and that impacts the economy
skulk and

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this is only the start i mean i just i
mean open up

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my feed this morning i i've got bloomberg
playing at the in my background you know

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pretty much the whole day

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and they were speaking to us and see the
name of speaking to some german german

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chanda then and then they asked him about
the terrace

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and um

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can't quote him 100 but but the line was
um yeah naturally your tariffs

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won't be good for for for germany it will
be really really bad but um we will find a

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way to

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to filter the the prices through to to the
end consumer eventually i mean and and

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that's

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ultimately what it comes down to i mean i
just just saw a thing that pops up where

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um uh the the the mexican president uh
were quoted by saying that that

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they they would

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most probably now look at some other
trading partners to try to mitigate these

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tariffs.

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This is not going to end well.

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I mean, I've got no doubt in my mind.

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I keep on showing that graph of the late
70s, beginning 80s, where you had that

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massive stagflation.

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You and I have that conversation ever so
often.

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I mean, we've got this environment
where...

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big rise in inflation.

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They sort of got it under control.

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They pulled the trigger too quickly.

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And we had that second trance inflation
that literally doubled.

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That period, the interest rate, the U.S.

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interest rate for that first trance went
from 2%, which they capped at first, and

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then they uncapped 2%,

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and went up to 9%, got it under control,
moved too quickly to reduce interest rates

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again.

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And their second trance, they had to take
the interest rates up to 18%

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just to get inflation under control.

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I mean, that's crazy.

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That's to think in a South Africa currency
has got a prime rate of around about 11%.

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But that's 10 times.

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That's like our prime rate going from 11%
to 110%.

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That's effectively what happened in the
late 70s.

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Now, they barely got...

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inflation under control now, barely.

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I mean, we know this is still the hot
topic any central bank has got.

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They think they've got inflation sort of
under control now.

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Now you've got these tariffs, which most
of the countries say, well, China already

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said, I mean, this is all fun and games,

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but we're going to retaliate.

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We're going to retaliate from our side.

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We're not just going to accept these
tariffs.

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I mean, I see that retaliation not as a
bullet or a...

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a rocket.

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I see retaliation as price increases, and
that's going to be really, really bad for

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interest rates.

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And ultimately,

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I would not be surprised that countries go
into a serious recession if that should

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happen.

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If the JSC Securities Exchange charged
more to transact with them,

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you would put your prices up to your
clients, wouldn't you?

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You'd have to.

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Correct.

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Correct.

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As a I mean, we've had a few companies
today that reported, but as a listed, a

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PSG,

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it's a listed company.

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Naturally, you've got two things.

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You've got clients and you've got
shareholders.

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And just like ShopRite, I mean,

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you go to ShopRite and if the guy that
eventually sell you the tomatoes decide to

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push

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up his prices by 20% on tomatoes,

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I can promise you ShopRite won't keep the
tomato prices unchanged.

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pick up the moderate price.

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He'd be a lost leader, but I know what
you're saying.

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Across the board, if prices went up,
they'd have to pass it on to the

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beleaguered consumer.

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And that's what you would have to do.

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It's a natural thing.

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And that's where Donald Trump, I mean,
it's all this jingoism.

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It's nonsense that he says, make America
great again.

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What he's not doing is making America
great again.

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And he's going back on his promises from
his rally speeches over the last

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year or so.

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But anyway, let's not...

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Before we go on, you're making an
extremely, extremely good point.

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I mean, what did I just say?

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If we say inflation could become a serious
problem in the next few months,

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which will mean that central banks will
need to react, kicking up interest rates.

238
00:13:20.506 --> 00:13:25.448
Remember, you and I had this conversation
last year about credit card debt in the

239
00:13:25.448 --> 00:13:25.588
US.

240
00:13:25.688 --> 00:13:26.548
Yes.

241
00:13:26.648 --> 00:13:28.709
What was the number that you quoted?

242
00:13:28.709 --> 00:13:30.430
Because you were the leader of this
conversation.

243
00:13:30.730 --> 00:13:32.211
Wasn't it a trillion or something?

244
00:13:32.651 --> 00:13:33.351
That's it.

245
00:13:33.712 --> 00:13:40.637
It went over a trillion dollars for the
first time ever in October last year,

246
00:13:40.637 --> 00:13:40.796
September,

247
00:13:40.796 --> 00:13:41.477
October last year.

248
00:13:41.537 --> 00:13:46.080
Do you want to guess what the credit card
debt currently is standing at?

249
00:13:46.080 --> 00:13:46.780
I dare to think.

250
00:13:48.302 --> 00:13:49.002
Go on.

251
00:13:50.243 --> 00:13:55.887
Over $1.3 trillion.

252
00:13:55.907 --> 00:13:56.607
So it's gone up 30%.

253
00:13:56.607 --> 00:13:57.227
Yeah.

254
00:13:57.227 --> 00:13:58.629
Literally in less than six months.

255
00:13:59.870 --> 00:14:04.791
Now… Do you know what will happen if
suddenly the U.S.

256
00:14:05.011 --> 00:14:09.252
is sitting in an environment where all the
stuff that they're getting from China,

257
00:14:09.492 --> 00:14:16.434
all the commodities that they're importing
from places like Mexico, South Africa,

258
00:14:16.434 --> 00:14:18.434
those people say,

259
00:14:18.434 --> 00:14:19.115
well, I understand what you're saying,

260
00:14:19.735 --> 00:14:24.156
but we need to kick up prices with the
amount that you put the tariffs on.

261
00:14:24.176 --> 00:14:25.937
That's just how the cookie crumbles.

262
00:14:28.258 --> 00:14:29.258
I don't know.

263
00:14:29.258 --> 00:14:29.958
I don't know.

264
00:14:29.958 --> 00:14:36.641
personally think this will make the the
world financial crisis because remember

265
00:14:36.641 --> 00:14:38.641
back then the us

266
00:14:38.641 --> 00:14:43.684
kick up the the credit card debt from 300
billion dollars to 600 billion dollars

267
00:14:43.684 --> 00:14:45.684
over a

268
00:14:45.684 --> 00:14:50.507
period of of less than less than 18 months
and that's one of the main reasons why why

269
00:14:50.507 --> 00:14:52.507
when when

270
00:14:52.507 --> 00:14:57.148
the whole, let's call it, financial system
collapsed, a lot of the U.S.

271
00:14:57.188 --> 00:15:02.853
citizens say, well, sorry, I can't afford
my home loan because I've got a 110%

272
00:15:02.974 --> 00:15:09.079
bond and my property suddenly is worth 80%
or 70% of what it was worth a year ago.

273
00:15:09.499 --> 00:15:13.182
I'm sitting with credit card debt double
or triple what it was a year ago.

274
00:15:13.683 --> 00:15:15.484
Sorry, man, do what you want to do.

275
00:15:15.645 --> 00:15:16.365
I can't pay.

276
00:15:16.485 --> 00:15:18.127
When they get maxed out, what happens?

277
00:15:18.387 --> 00:15:21.510
They can't go to another credit card
company because of credit checks, etc.

278
00:15:22.170 --> 00:15:28.795
And therefore, they are using their credit
card credit that they've got left to buy

279
00:15:29.156 --> 00:15:30.257
basics.

280
00:15:30.597 --> 00:15:32.158
It's a very scary situation.

281
00:15:32.999 --> 00:15:37.342
And then demand collapses, and you've got
a recession.

282
00:15:38.343 --> 00:15:42.827
And if inflation is rising, then you've
got something that we've mentioned many

283
00:15:42.827 --> 00:15:42.906
times.

284
00:15:42.906 --> 00:15:44.368
It's called stagflation.

285
00:15:44.808 --> 00:15:47.691
Stagnant economy and inflation at the same
time.

286
00:15:48.071 --> 00:15:50.833
which is horrible, 1930s style.

287
00:15:51.954 --> 00:15:53.315
Yeah, yeah.

288
00:15:53.535 --> 00:16:00.101
Yeah, no, I would say, and it will make
that period look like a kindergarten

289
00:16:00.101 --> 00:16:02.101
party.

290
00:16:02.101 --> 00:16:04.101
Just want to correct myself.

291
00:16:04.101 --> 00:16:06.101
I said $1.3 trillion.

292
00:16:06.101 --> 00:16:08.101
So it's $1.2 trillion.

293
00:16:08.101 --> 00:16:10.101
It's 20% higher.

294
00:16:10.101 --> 00:16:12.101
So $1.2 trillion.

295
00:16:12.101 --> 00:16:14.101
Well, forgive me for that, Skilk.

296
00:16:14.101 --> 00:16:16.101
But I mean, we're talking about two to
three months.

297
00:16:16.101 --> 00:16:18.101
That is crazy.

298
00:16:18.101 --> 00:16:20.313
that is crazy let's have a look at the
market scalp if we can dollar end is uh

299
00:16:20.313 --> 00:16:22.313
1839 and i'll tell you the reason for that
in a moment uh

300
00:16:22.313 --> 00:16:28.035
the british pound against the rent is 2366
the euro rand is 1978 and the

301
00:16:28.055 --> 00:16:35.017
euro dollar this is the key here this big
big move it's a near three percent move

302
00:16:35.017 --> 00:16:37.017
for the euro against the dollar on the
upside

303
00:16:37.017 --> 00:16:42.339
107.55 for the euro dollar exchange rate i
thought it was going to par but now look

304
00:16:42.339 --> 00:16:42.759
at

305
00:16:42.759 --> 00:16:44.991
that euro Rallying, manfully.

306
00:16:45.312 --> 00:16:48.752
British pound, 128.60 against the dollar.

307
00:16:49.653 --> 00:16:52.273
The all-important gold price, it's done
nicely, actually.

308
00:16:52.634 --> 00:16:56.435
It's up $38 today, or 1.3%, to

309
00:16:56.495 --> 00:17:03.297
$29.19 per ounce.

310
00:17:03.297 --> 00:17:05.517
Platinum, these white metals are just
horrible.

311
00:17:05.537 --> 00:17:09.378
$9.76, okay, up $15 today for platinum.

312
00:17:09.718 --> 00:17:12.039
And palladium, $9.50.

313
00:17:12.203 --> 00:17:16.345
Up $10 or 1.1%, but still looking just
horrible.

314
00:17:16.425 --> 00:17:17.445
Nobody seems to like them.

315
00:17:17.825 --> 00:17:18.666
Their day will come.

316
00:17:19.306 --> 00:17:20.126
Other commodities.

317
00:17:21.307 --> 00:17:22.247
Now, this is interesting.

318
00:17:22.607 --> 00:17:24.628
2.3% down for Brent crude oil.

319
00:17:24.688 --> 00:17:28.310
People are worried about the global
economy because of you know who.

320
00:17:28.850 --> 00:17:31.671
$69.32 for Brent crude oil.

321
00:17:32.311 --> 00:17:37.153
And West Texas, $66.19 per barrel.

322
00:17:37.533 --> 00:17:40.355
Down just over 3%. Really horrible.

323
00:17:40.415 --> 00:17:41.315
Copper price, though.

324
00:17:41.635 --> 00:17:48.298
that's good for certain south african
companies notably anglo-american plc up

325
00:17:48.298 --> 00:17:50.298
five and a half percent to four

326
00:17:50.298 --> 00:17:55.321
dollars 78 per pound as they do it in the
united states for america and yeah so

327
00:17:55.321 --> 00:17:57.321
quite interesting stuff

328
00:17:57.321 --> 00:18:00.723
the clb index though under huge pressure
the s p 500 futures are

329
00:18:01.283 --> 00:18:06.385
um let me just press a couple of buttons
here are slightly higher 0.2

330
00:18:06.385 --> 00:18:12.292
5802 but they've had a really volatile
time Because, again, of you know who,

331
00:18:13.012 --> 00:18:13.712
the U.S.

332
00:18:13.712 --> 00:18:15.674
10-year bond yield is 4.22%.

333
00:18:15.954 --> 00:18:22.759
The South African 10-year bond yield is
10.70%. And Bitcoin, all over the place as

334
00:18:22.759 --> 00:18:22.979
usual.

335
00:18:23.259 --> 00:18:29.003
It's currently, what is it,

336
00:18:29.003 --> 00:18:30.804
88,300, 400.

337
00:18:30.824 --> 00:18:31.765
So it's down a bit.

338
00:18:31.865 --> 00:18:35.448
But it's, as I said, it's been up to
nearly 100,000 again.

339
00:18:35.848 --> 00:18:37.649
And down to 83,000 yesterday.

340
00:18:38.049 --> 00:18:40.311
Currently 88,000.

341
00:18:40.451 --> 00:18:41.151
And...

342
00:18:41.151 --> 00:18:47.476
bit lots to make sense of of scalp and
when you have your meeting your strategy

343
00:18:47.476 --> 00:18:49.476
meeting it's going to be

344
00:18:49.476 --> 00:18:54.340
it's going to be a difficult one isn't it
i think no definitely caution and you've

345
00:18:54.340 --> 00:18:56.340
got to put you've got to put safety

346
00:18:56.340 --> 00:19:00.945
guards in place you've got to you've got
to have options on the upside and the and

347
00:19:00.945 --> 00:19:02.945
the downside that's

348
00:19:02.945 --> 00:19:04.945
that's my simplistic view

349
00:19:04.945 --> 00:19:09.531
that's it i mean so so firstly we know any
any equity investment it's uh

350
00:19:10.924 --> 00:19:12.104
It's a long-term investment.

351
00:19:12.324 --> 00:19:17.087
And whenever you take that investment, you
should be looking at that.

352
00:19:17.167 --> 00:19:21.350
But then again, also, you need to
re-evaluate those positions.

353
00:19:21.370 --> 00:19:25.732
And I know a lot of investors made really
stunning,

354
00:19:29.654 --> 00:19:32.216
stunning growth and performances over the
past 10 years.

355
00:19:32.456 --> 00:19:38.860
Having some of these offshore, having some
of these S&P 500, and having some of these

356
00:19:38.860 --> 00:19:40.860
magnificent seven type of companies.

357
00:19:40.860 --> 00:19:45.689
I would just urge people not to become
short-sighted, but somewhere along the

358
00:19:45.689 --> 00:19:46.068
line,

359
00:19:46.068 --> 00:19:48.091
you just need to do some risk management.

360
00:19:48.091 --> 00:19:52.695
And I think this typically will be the
time where you want to be seriously

361
00:19:52.695 --> 00:19:54.695
looking at your risk.

362
00:19:54.695 --> 00:20:00.021
If you feel that your risk is fine and you
can see a drop in because in

363
00:20:00.021 --> 00:20:04.745
2022, the S&P 500 ended the year 18% down.

364
00:20:04.885 --> 00:20:07.267
One stage was down over 25%.

365
00:20:07.307 --> 00:20:12.655
The NASDAQ Ended the year down close to
30% in one stage, down way over 30%.

366
00:20:12.655 --> 00:20:19.520
So if you can stomach such a, let's call
it, performance year, by all means, sit

367
00:20:19.520 --> 00:20:19.719
tight.

368
00:20:19.740 --> 00:20:20.821
You're a long-term investor.

369
00:20:21.261 --> 00:20:27.545
If by any chance you're sitting in a
scenario where you say, well, I might be

370
00:20:27.545 --> 00:20:29.545
retiring in the next year or two,

371
00:20:29.545 --> 00:20:35.831
this will put me in a really, really
different space if I need to retire with,

372
00:20:35.831 --> 00:20:37.831
let's call it, 80%

373
00:20:37.831 --> 00:20:39.831
of the value or 70% of the value.

374
00:20:39.831 --> 00:20:41.831
Well, that's your keynote.

375
00:20:41.831 --> 00:20:43.831
Go back, go do some risk management with
this.

376
00:20:43.831 --> 00:20:48.415
I think just, I don't want to say, you
know, you need to buckle up because I

377
00:20:48.415 --> 00:20:50.415
think things are going to get nasty.

378
00:20:50.415 --> 00:20:55.477
Okay, let's talk about the good side of
the JSC today because the JSC has done

379
00:20:55.477 --> 00:20:57.477
well, and you'll give us the indices in a
moment.

380
00:20:57.477 --> 00:20:57.838
But let me give you my individual stocks.

381
00:20:58.158 --> 00:21:00.998
Impala Platinum, 9.5% higher.

382
00:21:01.018 --> 00:21:03.459
Northern Platinum, 8.3% of good.

383
00:21:03.679 --> 00:21:06.240
Anglo-American Platinum, 6% up.

384
00:21:06.360 --> 00:21:07.060
Harmony.

385
00:21:07.296 --> 00:21:08.036
6% up.

386
00:21:08.137 --> 00:21:10.238
Quilter, 5.7%.

387
00:21:10.258 --> 00:21:11.618
Downside, PHP prop.

388
00:21:12.459 --> 00:21:13.259
PHP prop, sorry.

389
00:21:13.259 --> 00:21:15.040
8.3% weaker.

390
00:21:15.120 --> 00:21:17.101
Power down 7.4%.

391
00:21:17.101 --> 00:21:18.682
Woolies, we've spoken about that.

392
00:21:18.802 --> 00:21:20.063
6.3% down.

393
00:21:20.483 --> 00:21:21.684
Your favorite shop, Skulk.

394
00:21:22.504 --> 00:21:24.265
Mass down nearly 6%.

395
00:21:25.246 --> 00:21:27.807
And Old Mutual down 5.2%.

396
00:21:27.807 --> 00:21:30.369
Any ex-divs there in the downside ones?

397
00:21:30.389 --> 00:21:31.809
I don't think so.

398
00:21:31.809 --> 00:21:33.350
No, no.

399
00:21:34.051 --> 00:21:36.332
Actually, the other companies that's
really...

400
00:21:36.872 --> 00:21:43.816
exeter today is tfg brevspark is that so
you've got south 32 bhp bulletin and and

401
00:21:43.816 --> 00:21:45.816
yeah so

402
00:21:45.816 --> 00:21:50.800
that's that's pretty much the ex-diffs um
yeah i don't think we're gonna i think

403
00:21:50.800 --> 00:21:52.800
we're gonna lose a few people if

404
00:21:52.800 --> 00:21:54.800
we start digging

405
00:21:54.800 --> 00:21:59.004
into some of these these these companies
again but um willies willies we've already

406
00:21:59.004 --> 00:22:01.004
chatted about that

407
00:22:01.004 --> 00:22:05.168
earlier today horrible horrible results um
again the food not looking too bad i mean

408
00:22:06.348 --> 00:22:07.669
spin it off, Skulk.

409
00:22:08.129 --> 00:22:09.090
Spin off the food.

410
00:22:09.470 --> 00:22:10.451
Exactly.

411
00:22:10.611 --> 00:22:11.311
Exactly.

412
00:22:11.351 --> 00:22:17.635
I mean, how long should we be sitting here
and say, well, the food has grown by

413
00:22:17.635 --> 00:22:19.635
11.4%,

414
00:22:19.635 --> 00:22:20.716
but fashion, beauty, and home, only 2.5%.

415
00:22:20.716 --> 00:22:25.839
And then you look at things like Country
Road, that is doing all right.

416
00:22:26.179 --> 00:22:26.900
Just spin it off.

417
00:22:26.980 --> 00:22:28.041
Come on, for Pete's sake.

418
00:22:28.061 --> 00:22:30.622
Let's just get a Woolies food and get it.

419
00:22:30.722 --> 00:22:33.203
Like Pick and Pay is done with Boxer last
year.

420
00:22:33.504 --> 00:22:34.204
And see how...

421
00:22:34.532 --> 00:22:41.495
positive that simplify it skulk they've
got too many offerings you talked about

422
00:22:41.495 --> 00:22:43.495
simplification with

423
00:22:43.495 --> 00:22:48.398
that indicator which was ai i a or
whatever it was a buy buy sell or

424
00:22:48.658 --> 00:22:55.601
or neutral keep the simplicity at woollies
and get back to basics i mean this stuff

425
00:22:55.601 --> 00:22:57.601
used to be really

426
00:22:57.601 --> 00:23:02.623
good now you go into a shop and there's
four different brands i want to buy a

427
00:23:02.623 --> 00:23:04.623
jumper a v-neck jumper you know all you
can do when

428
00:23:04.623 --> 00:23:08.306
you get to our age skulk you buy a v-neck
speak for yourself shut up

429
00:23:09.627 --> 00:23:16.431
okay give us the closing indices if you
would or if you've got more to say gary

430
00:23:16.491 --> 00:23:23.235
carry on please no no no you asked me the
companies that stood out i mean it's all

431
00:23:23.235 --> 00:23:25.235
the companies that's really reported we've
mentioned that from the

432
00:23:25.235 --> 00:23:27.235
bottom it was willie's old

433
00:23:27.235 --> 00:23:30.780
mutual reporter today uh 5.22 percent down
so but on the other hand like i said

434
00:23:30.960 --> 00:23:37.463
quilter the offshore i don't want to say
offshore mutual because it's not all

435
00:23:37.463 --> 00:23:39.463
mutually more they were up 5.71 after they

436
00:23:39.463 --> 00:23:45.046
uh you know result both the cure and
starters not looking healthy not looking

437
00:23:45.046 --> 00:23:47.046
good in terms of the

438
00:23:47.046 --> 00:23:51.409
education companies you're talking about
just in case people don't know what you've

439
00:23:51.409 --> 00:23:53.409
just said but yeah what happened

440
00:23:53.409 --> 00:23:56.812
no they also they also brought out a um a
audit results

441
00:23:57.252 --> 00:24:00.474
And I think a bit of a disappointment for
the market.

442
00:24:00.715 --> 00:24:05.218
Kiro down 6.2% and Stardew down 3.2%.

443
00:24:05.858 --> 00:24:06.579
And GrowthPoint.

444
00:24:06.679 --> 00:24:11.683
GrowthPoint had a voluntary trading
statement today.

445
00:24:12.043 --> 00:24:12.743
Things looking good.

446
00:24:12.743 --> 00:24:17.447
They were just mentioning that dividends
are going to be higher.

447
00:24:18.147 --> 00:24:24.512
So dividends, we're looking at anything
between 3% and 4% higher than the previous

448
00:24:24.512 --> 00:24:26.512
period.

449
00:24:26.512 --> 00:24:28.512
The market loved it, naturally,

450
00:24:28.512 --> 00:24:32.775
because one of the biggest reasons why you
would buy a property company is for that

451
00:24:32.775 --> 00:24:32.955
dividend.

452
00:24:33.036 --> 00:24:35.357
And the share price reacted close to 4% up
for today.

453
00:24:35.377 --> 00:24:41.219
So that's, I would say, in a nutshell,
what the companies that stood out, all the

454
00:24:41.219 --> 00:24:43.219
companies that really reported.

455
00:24:43.219 --> 00:24:45.219
Jay, see you today.

456
00:24:45.219 --> 00:24:49.486
End of the day, 1.14%, up 87,718 points.

457
00:24:50.186 --> 00:24:55.988
Jay-Z top 40, also up 1.2%, 80,407 points.

458
00:24:56.628 --> 00:24:58.728
Market was led by resources.

459
00:24:58.768 --> 00:25:01.209
Surprise, surprise, 3.34%.

460
00:25:01.209 --> 00:25:02.609
I mean, look at your top performers.

461
00:25:02.649 --> 00:25:05.430
I think all three of your top performers
were all white metals.

462
00:25:05.430 --> 00:25:08.651
Four out of five, actually, yes.

463
00:25:08.711 --> 00:25:09.551
Diggers, anyway, yeah.

464
00:25:09.551 --> 00:25:10.832
Correct, diggers.

465
00:25:11.872 --> 00:25:15.593
That helped the resource index gaining
another

466
00:25:16.173 --> 00:25:22.975
3.34%. Industrials up 0.87%, while
financials also up 0.33%.

467
00:25:23.055 --> 00:25:29.717
And like I mentioned, with a little help
from GrowthPoint, the SA property index

468
00:25:29.717 --> 00:25:31.717
were up 0.8%

469
00:25:31.717 --> 00:25:33.717
for today.

470
00:25:33.717 --> 00:25:35.398
When I look at the value traded, value
traded, not too shabby, not too shabby at

471
00:25:35.398 --> 00:25:35.578
all.

472
00:25:35.719 --> 00:25:40.760
I thought yesterday was a good day at
$25.5 billion today.

473
00:25:41.232 --> 00:25:48.098
26 and a half billion value tries looking
really really good interest whether it be

474
00:25:48.098 --> 00:25:50.098
good interest or bad interest i don't know
but 26 and a half

475
00:25:50.098 --> 00:25:54.964
billion jc limited must be very happy one
thing i've never done skull because we

476
00:25:54.964 --> 00:25:56.964
closed this conversation is uh

477
00:25:56.964 --> 00:26:02.351
you telling us how we get in touch with
you because i get a little bit of feedback

478
00:26:02.351 --> 00:26:04.351
about you actually for some extraordinary
reason people

479
00:26:04.351 --> 00:26:08.916
like you how do we get in touch with you
all right so thank you very much lindsay

480
00:26:08.916 --> 00:26:10.916
so if people that want to get to touch me
i think that The easiest,

481
00:26:10.916 --> 00:26:12.916
I can tell you, you can look at my Twitter
handle.

482
00:26:12.916 --> 00:26:14.916
It's at Skullclaw.

483
00:26:14.916 --> 00:26:16.959
You can look on Facebook, LinkedIn.

484
00:26:17.080 --> 00:26:18.340
All of them are at Skullclaw.

485
00:26:18.840 --> 00:26:22.582
Or if they just want to get in touch with
PSG Old Oak,

486
00:26:22.742 --> 00:26:27.144
they can literally just go and type in
www.oldoak.co.za.

487
00:26:27.444 --> 00:26:30.245
And remember, it's not the old oak like
Lindsay and myself.

488
00:26:30.325 --> 00:26:33.366
It's like the tree, oldoak.co.za.

489
00:26:34.707 --> 00:26:37.268
In other words, go to oldoak.co.za.

490
00:26:38.088 --> 00:26:39.188
Oak being O-A-K.

491
00:26:39.889 --> 00:26:45.510
And yeah, I'm sure one of Scout's
representatives will reply to you almost

492
00:26:45.510 --> 00:26:47.510
immediately.

493
00:26:47.510 --> 00:26:50.732
Scout Glow is a portfolio manager at PSG
Wealth Old Oak in Cape Town.

494
00:26:50.732 --> 00:26:52.072
And that was the five o'clock shadow.

495
00:26:52.612 --> 00:26:59.554
The views and opinions expressed in these
podcasts are those of Lindsay Williams and

496
00:26:59.554 --> 00:27:01.554
various contributors and do not reflect
the policy,

497
00:27:01.554 --> 00:27:06.076
position or opinion of any other agency,
organisation, employer or company

498
00:27:06.076 --> 00:27:08.076
associated.

499
00:27:08.076 --> 00:27:08.258
with strictlybusinesspodcast.com.

500
00:27:08.738 --> 00:27:15.705
Assumptions made on the analyses are not
reflective of the position of any other

501
00:27:15.705 --> 00:27:17.705
entity other than the speaker or the
author.

502
00:27:17.705 --> 00:27:21.891
And since we are critically thinking human
beings, these views are always subject to

503
00:27:21.891 --> 00:27:23.891
change, revision,

504
00:27:23.891 --> 00:27:24.033
and rethinking at any time.

505
00:27:24.334 --> 00:27:26.736
Please do not hold us to them in
perpetuity.