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 and as it's a Wednesday, I speak to

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Skulk Lowe, Portfolio Manager at PSG
Wealth,

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Old Oak in Cape Town.

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A few results coming out of the JSC.

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Let's start with the JSC for a change,
Skulk, and South Africa.

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We've got the Reserve Bank coming up with
their decision very soon.

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Tomorrow that is, isn't it?

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Yes, on interest rates, probably going to
cut by 25 basis points.

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And we've had a few JSC-listed companies
with results.

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What have you made of them so far?

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Hi, Lindsay, and good evening to all the
listeners.

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Thank you.

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I thought, you know, we had a conversation
today,

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and you're asking me on specific companies
to report them,

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and not a lot of companies really report
them, and I think the main one is Tiger

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Brands.

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Tiger Brands today, yeah, but going back a
couple of days as well, people like

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pick and pay now john but let's start with
talking friends if you if you can i i can

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but but i wanna i'm gonna just quickly
just

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sort of a general theme general trend that
i saw in the results um over the past

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let's go two weeks three weeks

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and it's a theme called cost

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cutting um and yeah and there's a lot of
companies that come out and say um they've

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been you know

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quite successful because they they've
managed to to contain the the the cost,

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the expenses,

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or they've managed to cut it.

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And, you know,

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that's great when you listen to management
because the earnings has been coming

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through quite positively.

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I thought looking at the general trend for
South African companies reporting this

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season was

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mostly wins.

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And for that good reason, I mean, the JSE
country trading more than 13% higher year

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to date.

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but that's it That's a massive question
mark that I got there because we know cost

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cutting can only take you that far.

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I mean, eventually you need income to
grow.

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But let's not focus on the income.

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I'm worried because I'm sitting here and I
say, well, all these companies are saying,

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well,

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we are really focused on keeping our
expenses low.

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And the expense is trying to get it even
lower.

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We're going to try and cut some of these
expenses.

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What that means is usually either we're
going to.

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We're going to not employ new people.

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Sometimes layoffs.

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We've heard that.

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We've seen quite a few of these companies
saying that we've closed either shops or

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non-performing shops in the case of pick
and pay or plants.

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We've heard quite a few car makers now in
South Africa.

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They're closing down some of their plants.

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And that tells me that's the economy
struggling.

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And it's not going to continue.

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You know, stop struggling because most of
these companies are not going to employ

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people because they focus on,

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you know, keeping their expenses under
control.

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They're not going to expand.

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They're not going to grow the businesses,
open up a lot of new shops.

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And that's worrying.

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And that brings me to tomorrow.

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I mean, when you're sitting with an
environment where you're sitting with high

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unemployment, right, and you're sitting
with,

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you know, you're sitting with.

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on a high unemployment rate you're seeing
with the economy that's not even growing

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by one percent you need to be

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proactive and now we've seen some of these
companies be proactive but now we need

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government or let's call it the sr reserve

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bank to be proactive as well we're sitting
here first cuts started in in august last

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year we've only seen two cuts of a

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quarter percent each half a percent up to
now um and and and inflation is sitting at

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the lowest level is

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in in in many, many, many years.

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2.8%.

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Don't forget, that's a number that has
gone by.

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And I know that the Reserve Bank, having
spoken to a few governors in my time,

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they're not looking at what's just
happened.

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They're looking at up to 18 months ahead.

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Maybe that's a bit of an exaggeration, but
they can see what's coming through the

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system, Scout.

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And I think you'll agree that Licecia
Cagnargo and the team have done quite well

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by managing expectations,

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first of all, and also the inflation rate
and the RAND.

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Definitely.

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I mean, that I would definitely give us.

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But I do think that we've missed, I mean,
you made a valid point there.

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I mean, I think we missed one or two
opportunities where we could have seen

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another quarter of a percent, maybe two.

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And now we're sitting in and yeah,

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most of the economists are forecasting
that we're going to see a quarter of a

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percentage.

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Now some analysts and economists are also
forecasting that we'll see another quarter

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of a percent.

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at the next meeting.

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Yet, I mean, the big question mark is will
the SR Reserve Bank, you know,

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sort of be a leader and not a follower?

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I mean, because I had the feeling that
Gaghania would say,

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let's wait and see what the Fed does.

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And if the Fed cuts, it makes our decision
easier.

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Well, the Fed didn't cut.

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They kept it unchanged.

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And now let's see if they're going to be
proactive.

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I don't think they should look at the
interest rate differential between the

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United States and South Africa.

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I think they should start their meeting by
looking at South Africa in isolation and

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then say, OK,

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if there were no external influences, what
would we do?

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And they all vote.

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And then I'd say, right, that's obviously
fantasy land.

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Let's have a look at the international
situation and see if it changes your

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decision.

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That's the way I would do it, but then I'm
an idiot.

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So, you know, what can you say?

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But it does have some merit, I think,
Skulk.

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And just on the point of cutting costs,
bottom line and top line and everything,

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yeah,

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top line growth is what people really want
to see, isn't it?

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They want to see sales.

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They want to see income.

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And they don't really get that excited
about, oh, we closed this shop or our

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expenses came down by 3%

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in this particular division.

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And I was talking to David Shapiro last
week, I think it was.

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And I said, nice results from this company
and look at its share price up 5%,

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whatever it was.

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And then I read the final paragraph and it
said, we've achieved this because, A,

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tumty tum.

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And I said, cost cutting.

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And the second one was cost cutting.

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And the third one was cost cutting.

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Just dressed up.

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In a different phrase.

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So yes, cost-cutting, very, very good.

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And if times turn up, in other words,
growth starts to occur in the South

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African economy,

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you'll be well-placed because you cut your
costs.

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But if it doesn't, at least you've done
the prudent thing.

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It's not great to get going because of
cutting costs, I don't think.

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No, no, no, exactly.

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I mean, I agree with you 100%.

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I think.

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Companies in South Africa are well
managed, as what I was alluding to.

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I mean, they're extremely well managed.

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That is evident in the recent set of
results.

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Most companies, I'm talking about
broad-based.

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But, I mean, now we need an environment
where they can grow the top line.

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I mean, unfortunately, that's the pool
you're in.

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I mean, let's get to Tiger Brands because
I think that's where we want to end.

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what I'm going to get to.

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And it's very similar storyline.

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Revenue up 2%. Yeah, that's 2.

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1, 2%.

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So not a lot, but Hebb's really solid
growth.

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You know, Hebb's growing 18%.

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Very nice growth in the interim dividends.

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We're looking at a 90% growth in interim
dividend.

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There's going to be a special dividend.

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So I'll go through all these results and
it really looks good.

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I mean, it shows.

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a management that's been able to contain
the rough seas quite well.

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Then you get to the strategic outlook.

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And here we go again.

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They're going to be focused on clear
categories with strong competitive

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advantage.

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Here's the second point.

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Continued execution of cost savings and
efficiency initiatives.

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I mean, that's telling me, okay,
efficiency initiatives will say, well,

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where can we use...

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computers and AIs and all those that type
of thing.

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So that's the one.

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And then the third one was said
non-corporations to remain operational

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while...

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But bottom line is it's looking good, but

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I think they keep on telling us that the
environment we're in is a very, very

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difficult environment.

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And that's sort of the general trend that
we've been hearing from...

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It seems like some South African companies
have employed their own version of Elon

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Musk.

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They've got their own departments of
corporate efficiency, dose.

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Dose.

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Exactly.

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Okay, so we've had that.

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We've had pick and pay, which I thought
were really, really ordinary numbers.

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And as he said, what's his name?

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Gosh, what's his name?

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Summers.

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Sean Summers.

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He said, it's 2028 before we break even.

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That's a long time.

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It's a grocery store, for goodness sake.

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It's been going since the 1950s.

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Three years to break even.

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That's not very exciting, is it?

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Yeah, it's a tough one.

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And I think just straight after that,

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a company like Standard Bank came out and
immediately downgraded pick and pay.

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And we saw the artifacts in the share
price.

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After that report came out, I think it
dropped 4% or 5% yesterday.

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I see there's a bit of a retracement again
today.

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But in general, Lindsay, it's a tough
environment.

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I mean, and pick and pay has got...

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a whole new set of troubles that they've
got.

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They need to claw back what they've lost.

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They lost a massive amount of market
share.

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And yeah, you don't close a shop within a
day or two.

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So it's a process.

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So yeah, but 2028, I mean, I don't know.

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We live in a era.

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What did I read?

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Somebody shared it yesterday, and I think
it was Honor Lawrence.

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a fund manager that that shared um i think
maybe a quote of warren buffett where he

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said

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Nobody wants to get rich quickly.

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Nobody wants to take time to get rich or
something like that.

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I think that's where we live and the era
we live.

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We live in the era where we're looking for
instant gratification.

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If a company is going to say, well, it's
going to take us three years to break

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even,

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they're going to find some other
investment to make.

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I think that's going to be a difficult
environment for pick and pay.

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Exactly.

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just on the corporate front as well.

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Valterra Platinum, the world's biggest
miner of the metal by value.

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You've never heard of it, have you?

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No, of course you haven't, because it made
its trading debut on the JSC today as a

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standalone unit on Wednesday, today of
course,

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completing a spin-off from parent
Anglo-Americans.

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That's a new one for us to watch out for.

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Valterra, how did it do, Scott?

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Down a bit, I think, or haven't you got
the code yet?

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It's with a V.

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A V, okay.

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Thanks very much, Scalculo, as a portfolio
manager.

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No, okay, it's just an incidental.

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I didn't know it was listing today,
though.

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Anyway, very good luck to you.

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I think the PGMs are poised for greatness
myself.

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I don't know why.

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I just think that we've seen the worst.

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And if you listen to the United States, I
read this blog from this woman who's a

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very, very angry woman.

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00:11:52.102 --> 00:11:54.986
She lives in New Jersey, and her name's
Jo, and she's quite keen on swearing.

244
00:11:56.031 --> 00:11:59.451
The profanities fly in her blogs, so
they're not for everybody.

245
00:11:59.991 --> 00:12:05.111
But even she, who hates Trump more than
I've ever known anyone hate Trump, and she

246
00:12:05.111 --> 00:12:05.452
said,

247
00:12:05.531 --> 00:12:08.011
even I now am just fed up with it.

248
00:12:08.991 --> 00:12:15.831
There's a time where you can read no more
Trump nonsense, and that time has come for

249
00:12:15.831 --> 00:12:16.271
me.

250
00:12:16.271 --> 00:12:22.431
And, you know, when he says 50%, he wakes
up one morning and says, no, 50% on

251
00:12:22.431 --> 00:12:24.431
European imports, and then brings it down.

252
00:12:24.431 --> 00:12:27.343
and extends the date from starting on June
the 1st to potentially July the 9th.

253
00:12:27.883 --> 00:12:30.125
Come on now, you're playing with people's
lives.

254
00:12:30.565 --> 00:12:35.049
And the US stock market after a day off
went up, shooting up yesterday because of

255
00:12:35.049 --> 00:12:35.549
it.

256
00:12:35.549 --> 00:12:39.872
It's unfair, Skulk, and I'm not, you know,
I'm not whinging here and, you know, oh,

257
00:12:39.873 --> 00:12:46.638
woe is me or woe is the investment
community, but it does seem a little bit

258
00:12:46.638 --> 00:12:48.638
childish, don't you think?

259
00:12:48.638 --> 00:12:49.620
No, I do think so.

260
00:12:50.180 --> 00:12:51.161
I definitely...

261
00:12:51.383 --> 00:12:52.484
Definitely do.

262
00:12:52.524 --> 00:12:55.807
But I mean, with all due respect, when

263
00:12:57.408 --> 00:13:03.753
Trump won the election to become the new
president of the USA,

264
00:13:03.813 --> 00:13:06.195
we always knew that it's going to be the
case.

265
00:13:06.795 --> 00:13:09.918
So I don't think this is a surprise.

266
00:13:10.118 --> 00:13:14.661
I think it's just, I mean, we need to know
that we're going to deal with this for the

267
00:13:14.661 --> 00:13:16.661
next four years.

268
00:13:16.661 --> 00:13:18.661
Yeah, you're 100% right.

269
00:13:18.661 --> 00:13:19.325
I mean, none of the...

270
00:13:19.719 --> 00:13:25.464
july now becomes a very very big date in
in our investment calendar for

271
00:13:25.504 --> 00:13:26.965
2025.

272
00:13:26.966 --> 00:13:32.929
most probably the biggest date um because
i think the whole um tariff announcement

273
00:13:33.950 --> 00:13:40.676
1.0 caught everyone sort of aware unaware
or it's my surprise and and we saw the

274
00:13:40.736 --> 00:13:47.601
after effect of the market all those
losses has now been been been been wiped

275
00:13:47.601 --> 00:13:49.601
out we're back into positive

276
00:13:49.601 --> 00:13:51.897
territory But 9th of July, I mean,

277
00:13:52.297 --> 00:13:57.922
now we're going to have all these tariffs
that's going to come through.

278
00:13:57.923 --> 00:13:59.763
We're going to know exactly where we
stand.

279
00:13:59.803 --> 00:14:03.226
And I think it's going to be really
interesting.

280
00:14:03.946 --> 00:14:04.646
I hope so.

281
00:14:04.646 --> 00:14:05.928
We've got three days left of May, don't
forget.

282
00:14:05.948 --> 00:14:08.530
So sell in May and go away is still valid,
Skunk.

283
00:14:08.590 --> 00:14:09.511
You've got three days.

284
00:14:09.531 --> 00:14:11.052
It doesn't say sell on the 1st of May.

285
00:14:11.053 --> 00:14:12.053
It just says sell in May.

286
00:14:12.633 --> 00:14:15.936
So maybe it's good that the market has
recovered so much.

287
00:14:16.159 --> 00:14:20.663
So you're selling at a much more
advantageous price should you wish to do

288
00:14:20.663 --> 00:14:22.663
so on the markets today.

289
00:14:22.663 --> 00:14:23.745
Dollar-Rand is 1795.

290
00:14:23.746 --> 00:14:25.887
British Pound against the Rand 2417.

291
00:14:25.888 --> 00:14:28.489
Euro-Rand 2029.

292
00:14:28.609 --> 00:14:31.051
And Euro-Dollar is 11305.

293
00:14:31.311 --> 00:14:34.313
And that is a Euro that is 0.3% weaker
against the greenback.

294
00:14:34.353 --> 00:14:36.635
British Pound 13470.

295
00:14:37.636 --> 00:14:40.458
Okay, on to our beloved commodities.

296
00:14:40.967 --> 00:14:47.007
And the gold price, 1.3% weaker, $43 down
at $3,300 on the nose.

297
00:14:47.847 --> 00:14:51.187
Platinum, $10.84, which is barely changed.

298
00:14:51.547 --> 00:14:54.427
And palladium is down $18 an ounce.

299
00:14:54.428 --> 00:14:58.987
$9.75, the other white metal that we
follow.

300
00:14:59.707 --> 00:15:02.707
As for others, where's my CRB index?

301
00:15:02.807 --> 00:15:03.627
Oh, there it is, yeah.

302
00:15:04.027 --> 00:15:06.507
I noticed that OPEC are meeting in Vienna
at the moment.

303
00:15:06.527 --> 00:15:09.067
They're talking about raising their
production.

304
00:15:09.187 --> 00:15:14.695
but uh That has, in fact, meant that the
price has risen, which is slightly

305
00:15:14.695 --> 00:15:16.695
perverse.

306
00:15:16.695 --> 00:15:18.558
$64.88, up nearly a percent for Brent
crude.

307
00:15:18.858 --> 00:15:22.521
West Texas crude, $61.87, which is up 1.3
percent.

308
00:15:22.901 --> 00:15:26.864
Natural gas prices down 4 percent all over
the place, as usual.

309
00:15:26.865 --> 00:15:29.586
And the CRB just taking a little bit of a
dip.

310
00:15:29.646 --> 00:15:31.187
This is yesterday's price.

311
00:15:31.267 --> 00:15:34.670
It'll be up again tomorrow because of the
crude oil influence.

312
00:15:34.830 --> 00:15:36.271
S&P 500 futures.

313
00:15:37.901 --> 00:15:42.364
We've still got the June contract up,
another couple of weeks before that goes

314
00:15:42.364 --> 00:15:42.384
off the board.

315
00:15:42.784 --> 00:15:46.227
Down very slightly, down a quarter of a
percent to 59.20.

316
00:15:46.507 --> 00:15:52.572
US 10-year, 4.49.90 actually,

317
00:15:52.632 --> 00:15:53.813
but we'll call it 4.50.

318
00:15:53.814 --> 00:15:58.597
The South African 10-year has been doing
very well, 10.33 now.

319
00:15:58.598 --> 00:16:05.082
And that's obviously linked to the
strength of the RAND and the very

320
00:16:05.082 --> 00:16:07.082
responsible budget, I thought it was.

321
00:16:07.082 --> 00:16:09.082
And finally, Bitcoin.

322
00:16:09.082 --> 00:16:12.918
I noticed that Trump is trying to raise $2
billion through his social media outlet,

323
00:16:12.918 --> 00:16:14.918
Truth Social, or the holding company.

324
00:16:14.918 --> 00:16:17.261
And he says he's going to put $2 billion,
or they say he's going to put $2 billion

325
00:16:17.261 --> 00:16:19.261
into Bitcoin.

326
00:16:19.261 --> 00:16:20.804
Well, that's probably why it went up to
$112,000 the other day.

327
00:16:21.344 --> 00:16:25.708
Currently, $107,300, the Bitcoin price,
down 2.6%.

328
00:16:27.789 --> 00:16:28.510
That's it, Skull.

329
00:16:28.790 --> 00:16:30.452
What have you got on your board, ups and
downs?

330
00:16:32.101 --> 00:16:33.141
Not a lot of movements.

331
00:16:33.822 --> 00:16:39.186
I thought yesterday's announcement from
Harmony Gold was an interesting one.

332
00:16:39.226 --> 00:16:46.152
I mean, I don't think we can go through a
strictly business program, you know,

333
00:16:46.332 --> 00:16:48.553
not talking about, you know, some sort of
gold.

334
00:16:49.554 --> 00:16:50.855
Well, certainly not with you anyway.

335
00:16:54.078 --> 00:16:58.361
I'm not a Harmony Gold investor, but I
mean, I thought yesterday's,

336
00:16:58.621 --> 00:17:01.243
but we know yesterday's announcement was a
massive surprise.

337
00:17:01.272 --> 00:17:03.214
price you know i mean 18

338
00:17:03.554 --> 00:17:09.859
18 billion uh rand deal you know buying
mac mac copper um

339
00:17:10.079 --> 00:17:16.064
australian copper mine yes i mean that is
really interesting do they have an

340
00:17:16.064 --> 00:17:18.064
experience in mining copper

341
00:17:18.064 --> 00:17:20.207
in the past that's no and

342
00:17:20.307 --> 00:17:27.212
and it's it's we we've seen what sabania
uh still water you know let's call it over

343
00:17:27.212 --> 00:17:27.433
the past

344
00:17:27.433 --> 00:17:30.235
few years and i know i mean people will
tell me remember it's been a

345
00:17:30.284 --> 00:17:37.044
difficult period for pgms in general um i
might be a bit harsh but i mean sebani

346
00:17:37.444 --> 00:17:44.284
was a solid you know strong you know gold
counter and then they ventured into these

347
00:17:44.284 --> 00:17:46.284
these and yeah it's a

348
00:17:46.284 --> 00:17:48.744
it's a bit of a struggle and will they get
through it well most probably will how

349
00:17:48.804 --> 00:17:55.224
many now going to to copper and just put
this in perspective i mean they've got a

350
00:17:55.224 --> 00:17:57.224
market cap of around about you know

351
00:17:57.224 --> 00:17:58.144
160 billion Rand.

352
00:17:58.464 --> 00:17:59.764
So this 18 billion...

353
00:18:00.236 --> 00:18:07.202
uh rent transaction into to mac copper is
quite a quite a significant buy for this

354
00:18:07.202 --> 00:18:09.202
um uh

355
00:18:09.202 --> 00:18:14.888
so i'm i'm a little bit worried and mr
marker told us yesterday and that they a

356
00:18:14.888 --> 00:18:16.888
bit worried as well because we saw

357
00:18:16.888 --> 00:18:18.888
uh harmony dropped

358
00:18:18.888 --> 00:18:23.554
about five percent yesterday and only
recovered 0.3 percent today so market not

359
00:18:23.554 --> 00:18:25.554
really overly

360
00:18:25.554 --> 00:18:28.098
overly optimistic yet the mac copper
investors there

361
00:18:28.368 --> 00:18:35.348
ball of the time i mean i think it was
something like 21 up in dollar terms

362
00:18:35.348 --> 00:18:37.348
yesterday uh they listed on the new york
stock exchange so

363
00:18:37.348 --> 00:18:41.988
um that caught the market totally totally
i know i hope the gold mines don't do what

364
00:18:41.988 --> 00:18:43.988
they've done so many

365
00:18:43.988 --> 00:18:45.348
times in the past over the decades
scalpers start saying look

366
00:18:45.349 --> 00:18:51.808
at our margins look at all this money
let's let's go shopping because i hope and

367
00:18:51.808 --> 00:18:53.808
i hope i'm not

368
00:18:53.808 --> 00:18:56.188
suggesting that harmony's done that
because copper long term i think is a

369
00:18:56.188 --> 00:18:58.188
fantastic investment.

370
00:18:58.188 --> 00:19:03.416
whether they've paid the right price
whether it's the right company or lots of

371
00:19:03.416 --> 00:19:05.416
questions we don't know enough about it
you and i uh but they mustn't go on a

372
00:19:05.416 --> 00:19:10.376
spree the gold miners consolidate is my
word for gold miners that's that's exactly

373
00:19:10.376 --> 00:19:12.376
what i'm what i'm what i'm

374
00:19:12.376 --> 00:19:17.156
getting to i know it's a tough environment
i mean when the gold price is trading

375
00:19:17.156 --> 00:19:19.156
where it's trading i mean i i know the
gold mines in

376
00:19:19.156 --> 00:19:23.956
general is going to be trading at massive
massive premiums um these mines are

377
00:19:23.956 --> 00:19:25.956
extremely cash flow positive so

378
00:19:25.956 --> 00:19:31.365
be careful Most mines would like to
diversify themselves somewhat and not be

379
00:19:31.365 --> 00:19:33.365
so dependent on, let's call it,

380
00:19:33.365 --> 00:19:35.365
one type of commodity.

381
00:19:35.365 --> 00:19:38.290
But I mean, when you're a gold miner and
your experience is in gold mining, and

382
00:19:38.290 --> 00:19:40.290
also the third point,

383
00:19:40.290 --> 00:19:45.095
and that's the thing that maybe worries me
the most, is we know that Harmony bought

384
00:19:45.095 --> 00:19:47.095
most, pretty much all of

385
00:19:47.095 --> 00:19:49.779
Agner Gold's South African gold mines a
few years ago.

386
00:19:50.559 --> 00:19:54.322
And most of those mines are pretty mature
mines.

387
00:19:55.016 --> 00:20:01.341
late cycle late life cycle and the the
little bit that i've that i've read on on

388
00:20:01.341 --> 00:20:03.341
on mac copper um

389
00:20:03.341 --> 00:20:07.906
it gives me the ideas also again a very
mature mature copper mine very deep very

390
00:20:07.906 --> 00:20:09.906
mature type of copper mine so

391
00:20:09.906 --> 00:20:12.690
yeah i don't know i i don't know i'm i'm
not i

392
00:20:12.691 --> 00:20:19.615
don't i'm not not jumping jumping up and
down for when i heard that there are many

393
00:20:19.615 --> 00:20:21.615
transactions so but but be

394
00:20:21.615 --> 00:20:21.837
there as it may um you You ask...

395
00:20:22.300 --> 00:20:29.211
some of the winners and losers yeah the
one's a catcher i mean i'm looking at my

396
00:20:29.211 --> 00:20:31.211
screen and it's it's not rats and mice but
it's certainly not anything that really

397
00:20:31.211 --> 00:20:33.211
jumps out

398
00:20:33.211 --> 00:20:35.211
at you No, it was a quiet day.

399
00:20:35.211 --> 00:20:39.730
MTN, I think, was probably the one that
stood out because there was no corporate

400
00:20:39.730 --> 00:20:41.730
action or no sense announcement,

401
00:20:41.730 --> 00:20:42.990
and yet the share price up 3.9% for today.

402
00:20:43.370 --> 00:20:50.310
And for the listeners out there just
wondering, I saw there was a report that

403
00:20:50.310 --> 00:20:52.310
came out from Standard Bank where they
upgraded

404
00:20:52.310 --> 00:20:57.570
MTN's target price to R148, and actually
that had a massive or very,

405
00:20:57.610 --> 00:20:59.570
very positive effect on the share price
today.

406
00:21:00.118 --> 00:21:05.542
Okay, yeah, I've got Tiger Brands, we've
spoken about them, at 3.75%.

407
00:21:05.543 --> 00:21:08.204
Downside, Redefined down 3.7%.

408
00:21:08.364 --> 00:21:10.046
Aspen, a 2.3% loser.

409
00:21:10.106 --> 00:21:11.427
Bidcorp down 2.1%.

410
00:21:11.667 --> 00:21:14.529
And Coronation Fund Managers down 2%.

411
00:21:14.930 --> 00:21:15.810
Quiet day, Skulk.

412
00:21:18.112 --> 00:21:19.153
Nearly the end of the month,

413
00:21:19.773 --> 00:21:25.258
the beginning of the final month of the
first half of 2025.

414
00:21:25.498 --> 00:21:28.600
So there'll be some action over the next
few weeks.

415
00:21:29.210 --> 00:21:32.673
And yes, you've still got three days to
sell in May and go away.

416
00:21:32.873 --> 00:21:34.835
But you will only be going away for a
week.

417
00:21:34.875 --> 00:21:38.597
Scalculo is a portfolio manager at PSG
Wealth Old Oak in Cape Town.

418
00:21:38.598 --> 00:21:39.838
And that was the five o'clock shadow.

419
00:21:40.259 --> 00:21:47.224
The views and opinions expressed in these
podcasts are those of Lindsay Williams and

420
00:21:47.224 --> 00:21:49.224
various contributors and do not reflect
the policy,

421
00:21:49.224 --> 00:21:50.967
position or opinion of any other agency,
organisation,

422
00:21:51.287 --> 00:21:55.931
employer or company associated with
StrictlyBusinessPodcast.com.

423
00:21:56.391 --> 00:22:03.338
assumptions made on the analyses are not
reflective of the position of any other

424
00:22:03.338 --> 00:22:05.338
entity other than the speaker or the
author.

425
00:22:05.338 --> 00:22:08.826
And since we are critically thinking human
beings, these views are always subject to

426
00:22:08.826 --> 00:22:08.945
change,

427
00:22:09.107 --> 00:22:11.671
revision and rethinking at any time.

428
00:22:11.991 --> 00:22:14.395
Please do not hold us to them in
perpetuity.