WEBVTT 1 00:00:00.404 --> 00:00:05.429 You're listening to Strictly Business Podcast with Lindsay Williams. 2 00:00:05.448 --> 00:00:08.976 JSC has closed its doors for another day, so it's time for the five o'clock shadow. 3 00:00:09.171 --> 00:00:15.296 And I'm speaking to David Shapiro this week from Sasfin Securities. Viv Govender 4 00:00:15.296 --> 00:00:17.296 can't make it today. 5 00:00:17.296 --> 00:00:19.608 David, it's the day before, not Thanksgiving, Independence Day. 6 00:00:21.983 --> 00:00:27.452 It's funny, this big, beautiful bill, which will go through once the Democrat 7 00:00:27.452 --> 00:00:29.452 speaker has stopped speaking. 8 00:00:29.452 --> 00:00:31.452 He's been speaking for five hours. 9 00:00:31.452 --> 00:00:31.549 as we speak, trying to delay the vote. 10 00:00:31.928 --> 00:00:37.908 But when you look at it, you think that most of the American population doesn't 11 00:00:37.908 --> 00:00:39.908 like it. 12 00:00:39.908 --> 00:00:41.908 The polls say that. 13 00:00:41.908 --> 00:00:45.635 And it's supposed to be good for the midterms, which are in early November next 14 00:00:45.635 --> 00:00:47.635 year, 2036. 15 00:00:47.635 --> 00:00:52.494 If the package doesn't increase growth and wealth in the United States, then it will 16 00:00:52.494 --> 00:00:54.494 backfire on Trump, surely. 17 00:00:54.494 --> 00:00:56.494 Oh, yeah. 18 00:00:56.494 --> 00:00:57.854 I think there are a lot of things that are up for testing. 19 00:00:58.428 --> 00:00:59.770 I'm surprised at the market. 20 00:00:59.771 --> 00:01:02.811 The market seems to have just brushed it aside. 21 00:01:02.932 --> 00:01:05.096 The market is very firm at the moment. 22 00:01:05.097 --> 00:01:07.760 In fact, firmer than I thought it would be. 23 00:01:08.198 --> 00:01:11.838 And it continues even now, you know, with the jobs data coming out. 24 00:01:12.323 --> 00:01:14.987 But there are a lot of issues. 25 00:01:15.049 --> 00:01:18.924 I'm surprised there hasn't been much of an outcry. 26 00:01:19.674 --> 00:01:22.471 And, you know, when you go through it, 27 00:01:23.159 --> 00:01:26.831 there's so many questions that are being asked. 28 00:01:26.971 --> 00:01:28.002 I read a lot of stuff. 29 00:01:28.500 --> 00:01:29.982 I'll read the press. 30 00:01:29.983 --> 00:01:31.302 I'll read the Atlantic. 31 00:01:31.603 --> 00:01:37.567 In other words, not the Economist or FT, which tend to be very conservative, 32 00:01:37.607 --> 00:01:38.849 down-the-road reporting. 33 00:01:38.888 --> 00:01:40.872 But here you get criticism. 34 00:01:41.513 --> 00:01:47.599 You get a lot of criticism against Trump, very, 35 00:01:47.739 --> 00:01:49.067 very well-written articles. 36 00:01:49.505 --> 00:01:51.427 And they don't have much weight. 37 00:01:51.927 --> 00:01:52.849 No one really cares. 38 00:01:52.880 --> 00:01:55.880 Yes, they moan about how many people are going to... 39 00:01:56.780 --> 00:02:02.364 lose their cover because of the Medicaid, reduction in Medicaid, which has been, 40 00:02:02.685 --> 00:02:09.575 Trump tried in the first term, this is the Obama, you know, this was his signature 41 00:02:09.575 --> 00:02:11.575 legislation. 42 00:02:11.575 --> 00:02:14.099 And I think Trump, all that he wanted to do in the second term is get rid of this. 43 00:02:14.536 --> 00:02:18.161 You know, and yet, when you think about it, I don't know enough. 44 00:02:18.536 --> 00:02:25.192 But when you look at the numbers, they say that, you know, tens of millions of people 45 00:02:25.192 --> 00:02:27.192 are now not going to be covered. 46 00:02:27.192 --> 00:02:27.835 or have to take care of their own medical aid. 47 00:02:28.194 --> 00:02:30.157 Probably they're working, whatever it is. 48 00:02:30.876 --> 00:02:33.118 But there'd be no protests in the street. 49 00:02:33.403 --> 00:02:39.208 You know, there's been no tearing down buildings or blowing up pylons or 50 00:02:39.208 --> 00:02:39.385 whatever. 51 00:02:39.950 --> 00:02:41.825 It just seems to be going through okay. 52 00:02:42.372 --> 00:02:48.200 And the other one that captured my attention was, you know, 53 00:02:48.278 --> 00:02:51.435 on his complete attack against renewable. 54 00:02:52.408 --> 00:02:53.109 Renewable. 55 00:02:53.210 --> 00:02:56.590 Yeah, the support that the government has given. 56 00:02:57.133 --> 00:02:58.594 They've given subsidies over there. 57 00:02:58.915 --> 00:03:02.762 And obviously, he'll undo anything that Obama did, 58 00:03:02.817 --> 00:03:06.200 and he'll undo anything that Biden did as well. 59 00:03:06.262 --> 00:03:10.403 He is just so petty and so jealous, particularly when it comes to Obama. 60 00:03:11.028 --> 00:03:13.044 And we know why, and we've discussed it before. 61 00:03:13.372 --> 00:03:16.075 But it's just that he tears it apart. 62 00:03:16.653 --> 00:03:20.356 And we've got low-income earners and rural hospitals. 63 00:03:20.481 --> 00:03:21.715 I mean, for goodness sake. 64 00:03:21.984 --> 00:03:23.384 What difference do they make? 65 00:03:23.724 --> 00:03:25.545 I mean, they provide a fantastic service, 66 00:03:25.625 --> 00:03:31.865 and they're getting a lot of their funding taken away because of the big so-called 67 00:03:31.865 --> 00:03:33.865 beautiful bill. 68 00:03:33.865 --> 00:03:38.623 And people that earn $290,000 a year are getting an extra $13,000 69 00:03:38.624 --> 00:03:39.685 because of tax cuts. 70 00:03:40.107 --> 00:03:45.982 And good luck to them, but it doesn't quite seem fair when the poorest of the 71 00:03:45.982 --> 00:03:47.982 poor are not getting Medicaid. 72 00:03:47.982 --> 00:03:52.672 Yeah, I agree with you, and that's why I'm saying, you know, I would have thought 73 00:03:52.672 --> 00:03:54.672 that there would have been, 74 00:03:54.672 --> 00:03:55.913 because this is the base that got Trump in. 75 00:03:56.132 --> 00:04:01.472 You know, it was at the lower income, the blue-collar workers that actually voted 76 00:04:01.472 --> 00:04:03.472 for him. 77 00:04:03.472 --> 00:04:08.214 So I don't know enough about it, you know, to really put up a big protest. 78 00:04:08.323 --> 00:04:11.964 But it does seem to be pointed towards the Democrats. 79 00:04:11.980 --> 00:04:17.323 And regarded as, their whole point is no one's going to lose out, you know, to so 80 00:04:17.323 --> 00:04:17.336 corrupt. 81 00:04:19.060 --> 00:04:22.284 And, you know, there's a lot of attacks around that. 82 00:04:22.464 --> 00:04:26.507 But I'm not in a position to really, you know, debate it. 83 00:04:26.508 --> 00:04:33.233 I think a lot of people that funded his campaign for his current term, he said to 84 00:04:33.233 --> 00:04:35.233 them, he said, if you give me 85 00:04:35.233 --> 00:04:38.757 $20, $30 million, I guarantee I will look after you in my first year. 86 00:04:39.147 --> 00:04:40.194 And that is what's happened. 87 00:04:40.195 --> 00:04:40.895 He doesn't care. 88 00:04:40.897 --> 00:04:43.929 He's just said he keeps his promise with the very, very rich. 89 00:04:44.382 --> 00:04:45.082 And... 90 00:04:45.082 --> 00:04:45.351 there. 91 00:04:46.637 --> 00:04:49.862 It's a promise that he's kept, but the rest of the promises he's broken. 92 00:04:50.823 --> 00:04:56.170 He's got everybody in his cabinet, extremely wealthy men, even Besant. 93 00:04:56.545 --> 00:05:01.467 He might not be a billionaire, but he's got a few hundred million dollars. 94 00:05:03.420 --> 00:05:04.120 And so on. 95 00:05:04.120 --> 00:05:04.714 And I think... 96 00:05:06.325 --> 00:05:07.687 Very, very wealthy cabinet. 97 00:05:07.688 --> 00:05:10.790 So there's no blue-collar workers there. 98 00:05:10.810 --> 00:05:13.451 There's no earthy people. 99 00:05:13.611 --> 00:05:16.654 So that's what surprises me. 100 00:05:16.693 --> 00:05:19.380 And look, it's not getting through that easily. 101 00:05:19.919 --> 00:05:20.998 These are marginal votes. 102 00:05:21.341 --> 00:05:22.041 Yes. 103 00:05:22.041 --> 00:05:27.404 You know, they won the Senate by Vance had to come in and give a deciding vote as 104 00:05:27.404 --> 00:05:29.404 vice president. 105 00:05:29.404 --> 00:05:31.404 It was 50-50. 106 00:05:31.404 --> 00:05:33.388 So there are people within the Republican Party who are protesting. 107 00:05:33.785 --> 00:05:37.046 And it's simply because they're reflecting the people in their constituency. 108 00:05:37.766 --> 00:05:43.048 So it's, you know, it's, that's how American politics works. 109 00:05:43.110 --> 00:05:48.071 Well, if we win by one vote, I suppose it's like taking penalties in a football 110 00:05:48.071 --> 00:05:48.146 game. 111 00:05:48.146 --> 00:05:52.048 You know, it's one penalty decides the shootout. 112 00:05:52.094 --> 00:05:55.344 So, but this is a lot more far-reaching. 113 00:05:55.798 --> 00:06:00.766 Anyway, but the market's just gathering, you know, keep going on. 114 00:06:01.257 --> 00:06:04.742 Also, some of the economic data helping them, as we see with jobs now, 115 00:06:06.503 --> 00:06:12.691 more jobs were created than people thought, no matter where they are, you 116 00:06:12.691 --> 00:06:14.691 know, whether it's in the hospitality, whether it's government. 117 00:06:14.691 --> 00:06:17.331 But the sentiment indicators, you know, it soothes sentiment. 118 00:06:17.800 --> 00:06:20.003 And we're at another all-time high on the S&P. 119 00:06:20.738 --> 00:06:27.441 NASDAQ keeps going higher as well, driven by AI, which I think is just going on a 120 00:06:27.441 --> 00:06:29.441 course of its own. 121 00:06:29.441 --> 00:06:30.441 That's a positive statement, you know, saying, OK, whatever happens. 122 00:06:30.861 --> 00:06:34.163 In politics, whoever bombs whoever, it doesn't matter. 123 00:06:34.265 --> 00:06:35.906 We are just kind of grinding. 124 00:06:36.605 --> 00:06:38.327 Just the one point I meant to put out. 125 00:06:38.328 --> 00:06:39.628 I just noted it here. 126 00:06:40.573 --> 00:06:47.573 If we look at the S&P today, you know, talking about renewables and talking about 127 00:06:47.573 --> 00:06:49.573 the problems, 128 00:06:49.573 --> 00:06:54.683 it's funny that the three energy companies that I'm watching, four, Vistress, Quanta, 129 00:06:54.683 --> 00:06:56.683 GE, 130 00:06:56.683 --> 00:06:59.105 Vinnova, and NextEra, and all of those are up pretty well today. 131 00:06:59.949 --> 00:07:05.494 They're up strongly, over 3%, 3%, 4%. 132 00:07:05.495 --> 00:07:06.497 I don't know how you can come out. 133 00:07:06.556 --> 00:07:08.021 They're power companies. 134 00:07:09.076 --> 00:07:10.638 They provide electricity. 135 00:07:11.083 --> 00:07:14.427 You know, all the issues around almost like a utility. 136 00:07:14.904 --> 00:07:17.833 But a lot of them are geared up to the grid. 137 00:07:18.552 --> 00:07:22.115 So they're taking off, you know, and doing well. 138 00:07:22.474 --> 00:07:26.661 I think a lot of it is driven by the need for power for the data center. 139 00:07:26.740 --> 00:07:27.755 So I... 140 00:07:27.909 --> 00:07:30.070 Those are the ones I thought might take a bit of a knock. 141 00:07:30.492 --> 00:07:35.637 They might come down on the bull, but maybe called that wrong, seem to be taking 142 00:07:35.637 --> 00:07:37.637 momentum. 143 00:07:37.637 --> 00:07:40.219 So, Lindsay, we've got to go through the bull again and say, okay, what happened? 144 00:07:40.523 --> 00:07:43.601 Are there any concessions for power companies, for renewables? 145 00:07:43.930 --> 00:07:48.414 Because I think in all of them there is an element of renewables. 146 00:07:49.117 --> 00:07:50.273 Yeah, it's interesting. 147 00:07:50.617 --> 00:07:55.523 We'll find out, not overnight, because the markets have really discounted that fact. 148 00:07:56.009 --> 00:08:00.834 The fact that perhaps it's a growth-friendly bill, but also they're 149 00:08:00.834 --> 00:08:02.834 looking at 150 00:08:02.834 --> 00:08:08.065 Powell, and Powell has indicated that maybe there's going to be an interest rate 151 00:08:08.065 --> 00:08:10.065 cut, and that's already in the market as well, I think, 152 00:08:10.065 --> 00:08:12.065 David. 153 00:08:12.065 --> 00:08:14.065 Yes, too. 154 00:08:14.065 --> 00:08:16.065 In fact, what happened today is that they discounted July. 155 00:08:16.065 --> 00:08:20.049 Because of the stronger employment numbers, there was a hint. 156 00:08:20.169 --> 00:08:21.030 that there might be... 157 00:08:21.130 --> 00:08:22.152 What were the employment numbers? 158 00:08:22.153 --> 00:08:25.875 Of course, they've been brought forward because tomorrow is Friday and that's a 159 00:08:25.875 --> 00:08:25.955 public holiday. 160 00:08:26.136 --> 00:08:26.836 What were they? 161 00:08:27.015 --> 00:08:29.234 147,000. 162 00:08:30.062 --> 00:08:33.718 And I think the view was 106,000, you know, thereabouts. 163 00:08:33.742 --> 00:08:35.968 So it's a good number. 164 00:08:36.218 --> 00:08:39.125 And it's low-level jobs. 165 00:08:39.593 --> 00:08:40.293 You know, it's... 166 00:08:40.293 --> 00:08:41.250 Burger flippers, yeah. 167 00:08:41.312 --> 00:08:48.203 Remember this was in the holiday season where people are looking for waiters and 168 00:08:48.203 --> 00:08:50.203 they were looking for people to 169 00:08:50.203 --> 00:08:52.203 serve in the... 170 00:08:52.203 --> 00:08:54.203 Park cars and things like that. 171 00:08:54.203 --> 00:08:56.203 Normally students do it, but the students are going home. 172 00:08:56.203 --> 00:09:01.886 But still, you know, whoever is there earns money, and it shows you that the job 173 00:09:01.886 --> 00:09:03.886 market is steady. 174 00:09:05.190 --> 00:09:11.433 And, you know, so that's taken away the possibility of a July rate reduction. 175 00:09:11.823 --> 00:09:13.714 So September is now 75%. 176 00:09:14.120 --> 00:09:15.323 As you say, that's baked in. 177 00:09:15.917 --> 00:09:18.964 And there could be one, what's it, October, November. 178 00:09:19.141 --> 00:09:25.906 hmm okay yeah but the market yeah yeah all right well it's vulnerable to any 179 00:09:25.988 --> 00:09:32.851 bad news but at the moment it's just getting good news i did read something and 180 00:09:32.851 --> 00:09:34.851 this this is more ideological than it is 181 00:09:34.851 --> 00:09:39.742 economic i read something it was on linkedin and how stupid i didn't save it 182 00:09:39.742 --> 00:09:41.742 was excellently written it was five points about 183 00:09:41.742 --> 00:09:46.632 democracy and how democracy is being denuded in the united states of america 184 00:09:46.632 --> 00:09:48.632 and the fifth point was that 185 00:09:48.632 --> 00:09:52.662 when you start to When there's the cult of the leader and you vote for the leader 186 00:09:52.662 --> 00:09:54.662 rather than the 187 00:09:54.662 --> 00:09:56.002 party and the people, then you've got a problem. 188 00:09:56.342 --> 00:09:59.264 And they're making the point that that's exactly what people are doing. 189 00:09:59.920 --> 00:10:02.045 They're voting for people that matter. 190 00:10:02.365 --> 00:10:09.185 The lawmakers are voting for Trump because they're scared of Trump and they're voting 191 00:10:09.185 --> 00:10:11.185 for the cult of Trump and 192 00:10:11.185 --> 00:10:14.482 not for the greater population, which is why the big beautiful bill has gone 193 00:10:14.482 --> 00:10:14.682 through. 194 00:10:14.709 --> 00:10:17.993 There were five Republicans that weren't going to vote for it. 195 00:10:18.392 --> 00:10:24.575 And the Speaker of the House and Trump got on the phone to them this morning, their 196 00:10:24.575 --> 00:10:26.575 time, and said, now look here, 197 00:10:26.575 --> 00:10:28.575 this is what's happening. 198 00:10:28.575 --> 00:10:28.606 This is what's going to happen to you if you don't, etc. 199 00:10:29.521 --> 00:10:30.763 And of course, it'll go through. 200 00:10:30.981 --> 00:10:32.466 So it's very interesting, David. 201 00:10:33.185 --> 00:10:35.013 I don't know if they're making too much of it, 202 00:10:35.310 --> 00:10:41.653 but democracy not being the same as it was when the founding fathers wrote it all 203 00:10:41.653 --> 00:10:41.854 down. 204 00:10:42.638 --> 00:10:43.338 No. 205 00:10:43.438 --> 00:10:44.468 Nowhere near there. 206 00:10:44.629 --> 00:10:45.698 I must tell you something. 207 00:10:46.998 --> 00:10:52.325 I'm reading about Washington at the moment, and it was by chance. 208 00:10:52.344 --> 00:10:53.544 I didn't even consider that. 209 00:10:53.545 --> 00:10:59.067 It's 250 years since the formation of the U.S. Army. 210 00:10:59.333 --> 00:11:01.692 That was the first battles against the British. 211 00:11:02.176 --> 00:11:06.036 And in 1776 was the Declaration of Independence. 212 00:11:06.037 --> 00:11:07.833 So it's 250 years next year. 213 00:11:08.926 --> 00:11:14.661 But it was just something popped up because when I was in Boston, saw 214 00:11:14.661 --> 00:11:16.661 monuments there and started to read. 215 00:11:16.661 --> 00:11:16.971 And he was a remarkable man, 216 00:11:17.472 --> 00:11:22.876 had no interest in his own popularity or wanting to run the country. 217 00:11:22.939 --> 00:11:23.775 He did his duty. 218 00:11:24.298 --> 00:11:25.478 And when it was done, he was done. 219 00:11:26.142 --> 00:11:30.040 And I don't think there's been a president subsequent to that. 220 00:11:30.228 --> 00:11:33.743 Look, there was a lot of infighting from Madison and from 221 00:11:34.775 --> 00:11:41.556 Jefferson and Adams, John Adams and so on, you know, even around those days. 222 00:11:42.009 --> 00:11:44.556 But I think the quality of men, they genuinely... 223 00:11:45.673 --> 00:11:51.801 want, you know, they were genuinely for the people and listened to the people and 224 00:11:51.801 --> 00:11:53.801 did everything for the people, 225 00:11:53.801 --> 00:11:56.500 which is in the Constitution, I think, or certainly in the Declaration of 226 00:11:56.500 --> 00:11:58.500 Independence. 227 00:11:58.500 --> 00:12:00.367 And I think it's changed so dramatically since then. 228 00:12:01.390 --> 00:12:02.090 You know what? 229 00:12:02.090 --> 00:12:08.015 It has to change, I suppose, you know, 250, when was it, 1776? 230 00:12:08.031 --> 00:12:10.250 A long time ago, 250 years or so. 231 00:12:10.890 --> 00:12:14.437 But the destruction of the basic principles is what the Trump. 232 00:12:15.109 --> 00:12:19.595 The Trump agenda seems to be worshipping the dictator, which is what he is. 233 00:12:20.696 --> 00:12:22.017 Yeah, well, it is like that. 234 00:12:22.794 --> 00:12:29.200 And I always had respect for America in the sense that you would get bipartisan 235 00:12:29.200 --> 00:12:31.200 votes 236 00:12:31.200 --> 00:12:35.310 that people would meet and would really reflect the wishes or the feelings of the 237 00:12:35.310 --> 00:12:37.310 entire population. 238 00:12:37.310 --> 00:12:37.513 It's not like that anymore. 239 00:12:37.778 --> 00:12:40.653 And it's changed dramatically. 240 00:12:40.778 --> 00:12:43.091 I don't know whether it's the demographics that have changed. 241 00:12:45.102 --> 00:12:46.003 that are causing it. 242 00:12:46.083 --> 00:12:52.247 But I'm saying that when I go there, I feel two sides. 243 00:12:52.669 --> 00:12:57.317 In other words, this is Liverpool versus Man United kind of thing. 244 00:12:57.973 --> 00:13:03.395 Two hostile teams facing each other and hostile fans wanting to beat each other 245 00:13:03.395 --> 00:13:03.705 up. 246 00:13:04.348 --> 00:13:06.567 That kind of story. 247 00:13:06.598 --> 00:13:07.661 There's nowhere in the middle. 248 00:13:07.989 --> 00:13:10.786 No one meets or no one sits around the table. 249 00:13:11.583 --> 00:13:12.864 even if you're a supporter. 250 00:13:13.321 --> 00:13:17.988 You don't sit around the table and discuss things in a partisan way. 251 00:13:18.308 --> 00:13:22.714 You know, you might, and that's what I find. 252 00:13:22.753 --> 00:13:28.019 So, you know, when you go to a dinner party, boy, you've got the people on the 253 00:13:28.019 --> 00:13:30.019 left and people on the right. 254 00:13:30.019 --> 00:13:32.019 I never go to dinner parties. 255 00:13:32.019 --> 00:13:33.527 It's not the main reason I don't go to dinner parties. 256 00:13:33.528 --> 00:13:36.839 The main reason is I don't get invited to dinner parties, but that's another story. 257 00:13:36.917 --> 00:13:40.073 I'm talking pathetically. 258 00:13:40.620 --> 00:13:41.320 I know. 259 00:13:43.842 --> 00:13:45.943 That's how people feel about it, you know. 260 00:13:46.565 --> 00:13:50.553 And if you know someone's a Trumpian or something like that, you just shut your 261 00:13:50.553 --> 00:13:50.909 mouth. 262 00:13:51.709 --> 00:13:53.475 Because you're not going to make any headway. 263 00:13:53.975 --> 00:13:56.092 You just carry on and talk. 264 00:13:56.334 --> 00:13:57.998 I find it very difficult to do that. 265 00:13:58.053 --> 00:14:00.240 But anyway, David, let's have a look at the markets now. 266 00:14:00.506 --> 00:14:02.834 The dollar round is very steady indeed. 267 00:14:02.881 --> 00:14:04.615 1751. 268 00:14:04.897 --> 00:14:07.178 The British pound against the round 2390. 269 00:14:07.209 --> 00:14:09.443 Euro round 2059. 270 00:14:09.813 --> 00:14:13.858 Eurodollar is 1.1760, which is a euro that's fallen a third of a percent. 271 00:14:14.459 --> 00:14:16.498 British pound, 1.3650. 272 00:14:16.499 --> 00:14:20.666 The gold price, it's down $20 an ounce to 33.27. 273 00:14:20.667 --> 00:14:25.510 The platinum price, 13.77, which is down 21 or 1.5%. 274 00:14:25.511 --> 00:14:31.229 And palladium has also fallen by 1.3% to 11.48. 275 00:14:31.260 --> 00:14:34.963 Other commodities, oil price, I can't make up my mind about the oil price. 276 00:14:34.979 --> 00:14:38.260 I must admit, the market's made up its mind today, doesn't like it. 277 00:14:38.545 --> 00:14:41.588 Down three quarters of a percent to $68.60. 278 00:14:41.589 --> 00:14:42.988 That's for Brent crude. 279 00:14:43.430 --> 00:14:46.895 And West Texas, $66.66. 280 00:14:46.910 --> 00:14:47.652 Ooh, dangerous. 281 00:14:47.973 --> 00:14:49.512 1.2% weaker. 282 00:14:49.934 --> 00:14:54.965 And other commodities pretty much gyrating ahead of the long weekend. 283 00:14:55.059 --> 00:14:58.184 The South African 10-year bond doing so nicely. 284 00:14:58.185 --> 00:14:59.840 Look at that, 10 basis points better. 285 00:15:00.231 --> 00:15:02.434 973. 286 00:15:02.435 --> 00:15:03.135 U.S. 287 00:15:03.135 --> 00:15:06.512 10-year, 4.33%, which is up 4%. 288 00:15:06.705 --> 00:15:13.633 basis points and S&P 500 futures doing so well on their highs up 51 points the 289 00:15:14.172 --> 00:15:19.414 yeah September futures 6,326 or 0.8 percent higher 290 00:15:20.117 --> 00:15:23.906 David these are massive numbers and tell me what's happening to tech please 291 00:15:24.484 --> 00:15:31.453 AI tech AI shares are very strong so maybe if you go through the market now and I'll 292 00:15:31.453 --> 00:15:31.512 just give you 293 00:15:32.031 --> 00:15:32.731 some numbers. 294 00:15:32.875 --> 00:15:35.172 NVIDIA keeps going, making new highs. 295 00:15:35.250 --> 00:15:35.950 Well done. 296 00:15:35.950 --> 00:15:40.183 up 1.25%, 159, it did touch 160. 297 00:15:40.304 --> 00:15:42.207 Microsoft strong, up 1.6%. 298 00:15:42.949 --> 00:15:44.789 Apple up 1%. 299 00:15:44.851 --> 00:15:45.617 We haven't seen that. 300 00:15:45.632 --> 00:15:49.281 But right across the board, very strong, very strong semiconductors. 301 00:15:49.624 --> 00:15:55.156 There was also talk that, you know, between America and China, they're easing. 302 00:15:55.820 --> 00:15:59.100 restrictions there, but, you know, and allowing, 303 00:15:59.461 --> 00:16:03.123 I'm trying to think of the right wording that they had just to get it right. 304 00:16:05.498 --> 00:16:12.319 Ease restrictions on critical tech, license requirements for chip design, in 305 00:16:12.319 --> 00:16:14.319 other words, easing those issues. 306 00:16:14.319 --> 00:16:15.131 So we have seen, we saw Samsung up quite a lot. 307 00:16:15.163 --> 00:16:19.803 We've seen all the chip stocks here, Taiwan semiconductors, Broadcom, all 308 00:16:19.803 --> 00:16:20.050 better. 309 00:16:20.241 --> 00:16:23.366 So it's, Lindsay, it's been solely. 310 00:16:24.188 --> 00:16:30.988 the tech market and we spoil for choice you start to look below the heavyweights 311 00:16:30.988 --> 00:16:32.988 you know i'm talking about the 312 00:16:32.988 --> 00:16:37.851 trillion dollar companies and you see a lot of those in the supply chain a lot of 313 00:16:37.851 --> 00:16:39.851 smaller companies in the supply chain uh there's 314 00:16:39.851 --> 00:16:44.851 been very very strong gains there's a lot of activity around it is it is dominating 315 00:16:44.851 --> 00:16:46.851 the market 316 00:16:46.851 --> 00:16:51.039 the other companies you know the banks and the retailers and and all of those are 317 00:16:51.039 --> 00:16:51.114 mixed, 318 00:16:51.211 --> 00:16:53.820 but they're coming knowingly on a kind of... 319 00:16:54.756 --> 00:16:57.656 participation that those other big companies have had. 320 00:16:57.676 --> 00:16:58.858 Are you selling any, David? 321 00:16:58.897 --> 00:17:01.037 Are you one of these people that says to Mr. 322 00:17:01.076 --> 00:17:02.076 Johnson, Mr. 323 00:17:02.119 --> 00:17:07.881 Johnson, your NVIDIA holding is now above the 5% that was our target. 324 00:17:07.897 --> 00:17:12.725 It's now 5.8%, so I'm selling some down to get you down to the 5%. 325 00:17:13.115 --> 00:17:14.287 Do you work like that? 326 00:17:14.865 --> 00:17:17.975 No, I don't work like that. 327 00:17:17.976 --> 00:17:18.676 I don't. 328 00:17:19.240 --> 00:17:19.975 You know why? 329 00:17:20.178 --> 00:17:23.100 I look at it and say, is there momentum behind it? 330 00:17:23.240 --> 00:17:23.940 Hmm. 331 00:17:24.144 --> 00:17:26.566 going up, you know, can it continue like this? 332 00:17:27.348 --> 00:17:34.232 And I know that it's high and I know that a day is going to come where something 333 00:17:34.232 --> 00:17:34.370 will 334 00:17:34.370 --> 00:17:40.928 happen that will knock it back a bit because, you know, it'll be challenged 335 00:17:40.928 --> 00:17:42.928 like we've seen with all the other tech companies. 336 00:17:42.928 --> 00:17:44.928 Well, it did happen, didn't it? 337 00:17:44.928 --> 00:17:47.912 Because it went to a record high which was close to 150 and then went back below 100 338 00:17:47.912 --> 00:17:49.912 at one stage, I think. 339 00:17:49.912 --> 00:17:53.037 Remember DeepSeek and also a lot of restrictions on selling of tech. 340 00:17:53.188 --> 00:17:53.909 to China. 341 00:17:54.069 --> 00:17:55.151 Yes, it goes through that. 342 00:17:55.450 --> 00:18:01.616 But when it no longer makes the best chips in the world and challenges come, yeah, 343 00:18:02.217 --> 00:18:02.999 then we'll get out. 344 00:18:03.319 --> 00:18:10.061 But what's happened though, and why I say that, you know, if it's a winner, if I was 345 00:18:10.061 --> 00:18:12.061 going to buy stock for other clients, 346 00:18:12.061 --> 00:18:17.045 which I will still do, why must I sell, you know, why must I sell yours if I'm 347 00:18:17.045 --> 00:18:19.045 going to buy them for some new clients? 348 00:18:19.045 --> 00:18:21.045 Why must I sell? 349 00:18:21.045 --> 00:18:23.045 Diversification, David. 350 00:18:23.045 --> 00:18:25.045 That's what people will say. 351 00:18:25.045 --> 00:18:27.045 We'll say, we said 5%. 352 00:18:27.045 --> 00:18:29.045 You can't go above 5%. 353 00:18:29.045 --> 00:18:31.045 We're above 5%, so we're selling it down. 354 00:18:31.045 --> 00:18:33.045 That's what traditional fund managers do. 355 00:18:33.045 --> 00:18:35.045 Yeah. 356 00:18:35.045 --> 00:18:37.045 Now, that is traditional because it's set in the guidelines that they get. 357 00:18:37.045 --> 00:18:39.045 They all set guidelines, and they stick to it. 358 00:18:39.045 --> 00:18:41.045 But, I mean, 359 00:18:41.045 --> 00:18:44.123 it's been a phenomenal it's really been a phenomenal stock. 360 00:18:44.233 --> 00:18:46.467 And I can't yeah, it staggered me. 361 00:18:47.445 --> 00:18:54.333 I think in some of our portfolios, it's as much as 20%, but we keep knocking it back 362 00:18:54.333 --> 00:18:56.333 to 15% and then it goes up to 20% again. 363 00:18:56.333 --> 00:19:01.137 So, look, you know, I'm open-minded about this. 364 00:19:01.200 --> 00:19:02.239 I'm not dogmatic. 365 00:19:02.240 --> 00:19:08.848 I'm not a Bitcoin person, you know, so this is going to a million, you know, and 366 00:19:08.848 --> 00:19:10.848 never sell those cards. 367 00:19:10.848 --> 00:19:12.848 When it's time to sell. 368 00:19:12.848 --> 00:19:15.473 Lindsay, you know, you have to watch this market carefully. 369 00:19:15.920 --> 00:19:20.764 Even though you don't take, you know, 370 00:19:20.783 --> 00:19:25.947 even though you don't trade on a day-to-day basis, and I might not trade 371 00:19:25.947 --> 00:19:27.947 for a year, two years, three years, 372 00:19:27.947 --> 00:19:29.752 you have to watch very, very carefully every day. 373 00:19:30.213 --> 00:19:33.822 That's the discipline that I kind of impose upon myself. 374 00:19:34.557 --> 00:19:35.463 Just read. 375 00:19:35.838 --> 00:19:38.947 Yeah, but you don't sell and you don't buy. 376 00:19:39.088 --> 00:19:42.401 So, I mean, watching is one thing, acting is another, David. 377 00:19:42.526 --> 00:19:43.322 You don't often act. 378 00:19:43.323 --> 00:19:44.166 I mean, you're not an actor. 379 00:19:44.220 --> 00:19:50.645 active portfolio manager are you there's not much churn in your accounts we're not 380 00:19:50.645 --> 00:19:52.645 at all absolutely not at all 381 00:19:52.645 --> 00:19:57.852 but i mean that that's what i'm saying so it's not as though we just you know we're 382 00:19:57.852 --> 00:19:59.852 negligent or reckless or 383 00:19:59.852 --> 00:20:04.305 donkey no watch every day the news headlines go through them you know is 384 00:20:04.305 --> 00:20:06.305 there anything today that 385 00:20:06.305 --> 00:20:11.539 you know that should make me change my mind and or change the portfolio is there 386 00:20:11.539 --> 00:20:13.539 anything and you go through it what what 387 00:20:13.539 --> 00:20:15.706 what i do is also keep a very narrow range of companies in the universe. 388 00:20:15.707 --> 00:20:21.892 So it's no more than 30 businesses, 15 to 30-odd, maybe a little bit more. 389 00:20:22.111 --> 00:20:23.009 You're watching the others. 390 00:20:23.189 --> 00:20:23.892 I'm watching. 391 00:20:24.134 --> 00:20:26.033 It doesn't mean I don't watch what else is happening. 392 00:20:26.095 --> 00:20:30.205 But that allows you to keep control of clients' portfolios. 393 00:20:30.283 --> 00:20:31.080 Tell me another thing. 394 00:20:31.127 --> 00:20:33.783 Talking about clients, and don't think I'm probing here. 395 00:20:33.877 --> 00:20:35.689 It's of great interest to me. 396 00:20:35.752 --> 00:20:36.986 You've got a great reputation. 397 00:20:37.283 --> 00:20:38.423 You put your name out there. 398 00:20:38.470 --> 00:20:39.705 You enjoy chatting. 399 00:20:39.877 --> 00:20:41.517 You're an enthusiastic chatterbox. 400 00:20:41.830 --> 00:20:43.095 You wouldn't do it otherwise. 401 00:20:44.333 --> 00:20:46.017 But you do have a very high profile. 402 00:20:46.398 --> 00:20:51.706 And from what I understand, although I've never asked what you've earned compound 403 00:20:51.706 --> 00:20:53.706 over the years, 404 00:20:53.706 --> 00:20:53.769 but I think you've done very well for your clients. 405 00:20:53.988 --> 00:20:55.316 Do you get new clients, Dave? 406 00:20:55.370 --> 00:20:56.714 Do you accept new clients? 407 00:20:58.639 --> 00:20:59.339 We do. 408 00:20:59.339 --> 00:21:03.002 It's not easy because there's not a lot of wealth being created. 409 00:21:05.006 --> 00:21:07.431 And so we're picking them up. 410 00:21:07.470 --> 00:21:14.377 The other thing is you've got to be very careful about who you pick up because 411 00:21:14.377 --> 00:21:16.377 they've got to share your philosophy. 412 00:21:16.595 --> 00:21:19.736 Lindsay, it takes five years to give them the return, 413 00:21:20.455 --> 00:21:24.220 five to ten years before your skills come through. 414 00:21:25.564 --> 00:21:26.689 For me, it's daunting. 415 00:21:26.834 --> 00:21:28.075 to get into the market now. 416 00:21:28.815 --> 00:21:34.501 I mean, oh boy, you get a new client who says, here's 5, 10, 15 million, you know. 417 00:21:37.122 --> 00:21:38.224 Put it into portfolio. 418 00:21:38.225 --> 00:21:40.130 You say, oh, okay. 419 00:21:41.388 --> 00:21:42.591 You know. 420 00:21:42.592 --> 00:21:45.919 Yeah, you're buying NVIDIA at $160 a share. 421 00:21:45.920 --> 00:21:46.620 Yeah. 422 00:21:46.620 --> 00:21:49.544 You think to yourself, oh, gosh, difficult. 423 00:21:50.763 --> 00:21:51.513 Very difficult. 424 00:21:52.966 --> 00:21:54.794 That's why I'm saying you've got to give us time. 425 00:21:55.341 --> 00:22:00.305 and People are, you know, you get good clients, but people can be impatient. 426 00:22:00.344 --> 00:22:06.829 They do watch their wealth on a day-to-day basis, simply because most of the people 427 00:22:06.829 --> 00:22:08.829 who've got money are elderly, 428 00:22:08.829 --> 00:22:09.735 you know, coming to the end of their working life. 429 00:22:10.337 --> 00:22:12.032 And that's a tricky thing. 430 00:22:12.063 --> 00:22:15.235 So, you know, we pay a lot of attention to clients. 431 00:22:15.423 --> 00:22:21.204 If I was running a mutual fund, you know, you buy and sell your shares, you do what 432 00:22:21.204 --> 00:22:21.373 you're doing, 433 00:22:21.485 --> 00:22:24.391 but you never come face-to-face with a client. 434 00:22:24.746 --> 00:22:27.068 But that's the discipline. 435 00:22:27.069 --> 00:22:34.037 That's a discipline they lack because when you've done something wrong, that client 436 00:22:34.037 --> 00:22:36.037 reminds you all the time. 437 00:22:36.037 --> 00:22:38.763 When you run a mutual fund or a unit trust or an ETF, you don't give a damn. 438 00:22:38.880 --> 00:22:43.818 You do something wrong, well, you're off the hook because no one's going to get you 439 00:22:43.818 --> 00:22:45.818 because you never see the 440 00:22:45.818 --> 00:22:45.974 clients whose money you have played with. 441 00:22:46.412 --> 00:22:52.318 And I say played with or been frivolous with, but when you've got a private client 442 00:22:52.318 --> 00:22:54.318 in front of you sitting across the desk. 443 00:22:54.318 --> 00:22:55.715 That's a massive discipline for a portfolio manager. 444 00:22:56.194 --> 00:23:02.594 If you've got to explain to that client exactly why you bought Nova Nordisk or 445 00:23:02.594 --> 00:23:02.819 something, 446 00:23:02.819 --> 00:23:08.540 which is down 30% or 40%, as you know, well, blah, blah, blah, you know. 447 00:23:08.541 --> 00:23:09.805 Yes, and they're entitled to know. 448 00:23:10.118 --> 00:23:11.071 Of course they are. 449 00:23:11.915 --> 00:23:16.586 Okay, David, let's have a look at some of the moves on the JSC today because this is 450 00:23:16.586 --> 00:23:18.586 the 5 o'clock shadow. 451 00:23:18.586 --> 00:23:20.586 I have got Remgrove. 452 00:23:20.586 --> 00:23:22.586 up 4.25%. 453 00:23:22.586 --> 00:23:24.586 Trueworths up 3.75%. 454 00:23:24.586 --> 00:23:26.586 You don't see those names at the top very much. 455 00:23:26.586 --> 00:23:28.586 Pan-African Resources up 3.3%. 456 00:23:28.586 --> 00:23:28.913 Life Healthcare has gained by 3.2%. 457 00:23:28.928 --> 00:23:33.780 And TFG, the old Fashini Group, up 3.1%. 458 00:23:33.781 --> 00:23:40.428 So is this an interest rate story, the fact that we've got two major retailers in 459 00:23:40.428 --> 00:23:42.428 the top five, David? 460 00:23:42.428 --> 00:23:47.897 It's odd because retailers have come under a lot of pressure recently, as have the 461 00:23:47.897 --> 00:23:48.034 banks. 462 00:23:48.206 --> 00:23:49.868 And that's why it's interesting to see. 463 00:23:49.967 --> 00:23:52.010 I'm not quite sure what the motivation, 464 00:23:52.090 --> 00:23:58.717 whether it was the RAND that is picking up strength at $17.50 that's given people the 465 00:23:59.217 --> 00:24:03.498 enthusiasm to get into that market or whether it appears cheap. 466 00:24:03.920 --> 00:24:04.764 I think it's cheap. 467 00:24:05.295 --> 00:24:06.998 When I say I think it's cheap, 468 00:24:07.045 --> 00:24:13.858 I think it's because there's a perception that these shares are cheap that you're 469 00:24:13.858 --> 00:24:15.858 starting to find people 470 00:24:15.858 --> 00:24:17.858 buying it. 471 00:24:17.858 --> 00:24:19.858 Lindsay, this is... 472 00:24:19.858 --> 00:24:21.858 We're in a very speculative market. 473 00:24:21.858 --> 00:24:23.858 We have been and always are. 474 00:24:23.858 --> 00:24:28.658 And there's a huge amount of money that pushes money, that pushes shares up and 475 00:24:28.658 --> 00:24:30.658 down each day. 476 00:24:30.658 --> 00:24:33.017 And so it's very hard to read it on a day-to-day basis. 477 00:24:33.502 --> 00:24:37.439 But I think the retailers here have been under pressure. 478 00:24:37.548 --> 00:24:38.767 Trueworths, Mr. 479 00:24:38.845 --> 00:24:40.002 Price, all of them. 480 00:24:40.127 --> 00:24:43.970 Even ShopRite, I think, is negative on the year, if you looked at ShopRite. 481 00:24:44.062 --> 00:24:45.223 Certainly two of them, Mr. 482 00:24:45.262 --> 00:24:46.423 Price, and there might be others. 483 00:24:47.282 --> 00:24:52.001 Our big miners, our diversified miners, are kind of flack to down on the year. 484 00:24:52.642 --> 00:24:54.806 And banks also know where to be seen. 485 00:24:55.087 --> 00:24:59.462 You know, if they're up, I think Capitec might be the best performer. 486 00:25:00.071 --> 00:25:02.587 You know, there's a story I have to tell you if I progress. 487 00:25:05.493 --> 00:25:10.853 It's quite interesting because if you understand the history of Capitec, 488 00:25:12.062 --> 00:25:14.942 I do, but mainly through your wisdom. 489 00:25:16.204 --> 00:25:19.844 Well, Happy Tech was formed when APSA was formed. 490 00:25:20.384 --> 00:25:25.868 Well, when APSA, which was Trust Bank and Volkskasse, the big Afrikaans banks, 491 00:25:27.368 --> 00:25:28.282 formed APSA. 492 00:25:28.532 --> 00:25:32.954 And people don't realize that APSA means the Amalgamated Banks of Southern Africa. 493 00:25:33.251 --> 00:25:33.951 That's right. 494 00:25:34.313 --> 00:25:35.969 So they were amalgamated banks. 495 00:25:36.188 --> 00:25:37.469 I'm trying to think who else was there. 496 00:25:37.532 --> 00:25:40.641 Trust Bank, Volkskasse, yeah. 497 00:25:40.830 --> 00:25:41.530 Who else? 498 00:25:41.530 --> 00:25:42.010 Anyway. 499 00:25:43.091 --> 00:25:44.394 Which was the one that went bang? 500 00:25:44.494 --> 00:25:45.876 Which was the one that went bang? 501 00:25:45.877 --> 00:25:46.577 Oh. 502 00:25:46.577 --> 00:25:48.798 Oh. 503 00:25:48.799 --> 00:25:49.499 I'm trying to think. 504 00:25:49.499 --> 00:25:50.197 You got me. 505 00:25:52.083 --> 00:25:54.505 But Bull and Bank. 506 00:25:55.316 --> 00:25:56.397 was kind of discarded. 507 00:25:56.958 --> 00:26:01.883 You know, Burland Bank was not included and the shell became, 508 00:26:02.785 --> 00:26:05.250 was up for grabs and that became Capitec. 509 00:26:05.265 --> 00:26:06.164 Okay. 510 00:26:06.165 --> 00:26:07.148 And Capitec, yeah. 511 00:26:07.929 --> 00:26:14.531 So Capitec had no, you know, it had the best computers because it could start from 512 00:26:14.531 --> 00:26:14.700 zero. 513 00:26:14.700 --> 00:26:16.484 It had no legacy issues at all. 514 00:26:17.031 --> 00:26:18.531 You know, there was nothing holding it back. 515 00:26:19.015 --> 00:26:22.375 It didn't have the structures that the other banks had, you know. 516 00:26:22.406 --> 00:26:23.906 In every Dorpy, there was a... 517 00:26:24.632 --> 00:26:28.337 On the corner, one was a Volkskasse and the other was a trust bank and so on. 518 00:26:30.259 --> 00:26:33.263 And, you know, they started at a very low level. 519 00:26:34.724 --> 00:26:35.584 Bank of Borland. 520 00:26:36.263 --> 00:26:39.466 Today, you look at the market cap. 521 00:26:41.341 --> 00:26:44.873 Market cap of APSA, what's it, 150 billion? 522 00:26:44.874 --> 00:26:45.574 Yeah. 523 00:26:46.248 --> 00:26:47.935 The market cap of Capitec. 524 00:26:47.982 --> 00:26:48.682 Oh, what is it? 525 00:26:48.998 --> 00:26:49.698 400. 526 00:26:50.998 --> 00:26:52.076 400 billion. 527 00:26:53.154 --> 00:26:56.292 It's… Just below first-rand in terms of market cap. 528 00:26:57.010 --> 00:27:00.756 So, I mean, you know, not being dragged down by history. 529 00:27:01.276 --> 00:27:04.577 It's been a remarkable, remarkable history. 530 00:27:04.578 --> 00:27:07.178 It's been a remarkable run and success story. 531 00:27:07.780 --> 00:27:11.327 But, I mean, no one believes that this was the old Bank of Burland. 532 00:27:12.670 --> 00:27:18.967 It was so funny because we were just chatting about this morning and looked at 533 00:27:18.967 --> 00:27:20.967 some of the Bank of Burland adverts from the 534 00:27:20.967 --> 00:27:22.092 1980s. It was... 535 00:27:23.785 --> 00:27:28.409 remarkable how the dynamics have changed. 536 00:27:28.410 --> 00:27:30.690 It's interesting you say it's a speculative market as well. 537 00:27:31.655 --> 00:27:36.819 I suppose when it comes to retailers, and just to finish this conversation, you say 538 00:27:36.819 --> 00:27:36.840 they're cheap. 539 00:27:37.155 --> 00:27:39.936 They're going to have to be very cheap to entice you in, David. 540 00:27:40.686 --> 00:27:43.061 No, I'm not going in. 541 00:27:43.186 --> 00:27:43.886 You know why? 542 00:27:43.886 --> 00:27:49.593 They're well run, which means they're not making any kind of first of all, 543 00:27:49.594 --> 00:27:51.046 there's no demand for credit. 544 00:27:51.499 --> 00:27:54.529 Secondly, they're not creating crypto. 545 00:27:55.148 --> 00:27:57.767 So it's just their capital. 546 00:27:57.810 --> 00:27:59.650 They make a decent return on their capital. 547 00:27:59.689 --> 00:28:02.791 So from that point of view, you get a very high dividend yield. 548 00:28:02.830 --> 00:28:05.510 But I don't think I could exist on dividend yield. 549 00:28:07.033 --> 00:28:08.752 I'm not a dividend yield person. 550 00:28:09.392 --> 00:28:10.092 So 551 00:28:10.267 --> 00:28:16.752 I think in a global economy where you have such dynamic growth opportunities and 552 00:28:17.189 --> 00:28:21.658 you pick out those growth, I'm not enticed by dividend yields. 553 00:28:22.020 --> 00:28:28.920 Just on the bank collapse, in February 2002, Sambo Bank, then South Africa's 554 00:28:28.920 --> 00:28:30.920 seventh largest bank, collapsed. 555 00:28:30.920 --> 00:28:32.440 It all started with an announcement by ABSA on the 556 00:28:32.963 --> 00:28:37.542 15th of significant losses in its micro-lending subsidiary Unifor. 557 00:28:37.620 --> 00:28:38.331 Remember that? 558 00:28:38.924 --> 00:28:42.518 And then Sambo had a similar clientele to Unifor, 559 00:28:42.909 --> 00:28:49.487 and a run on Sambo started and wiped out 20% of Sambo's deposits within five weeks. 560 00:28:49.971 --> 00:28:51.409 It's a building society. 561 00:28:52.429 --> 00:28:59.315 Yeah, you know, and the building societies, which is their weakness, was 562 00:28:59.315 --> 00:29:01.315 that they lent long and borrowed short. 563 00:29:01.315 --> 00:29:03.315 Yes. 564 00:29:03.315 --> 00:29:06.702 And that was it because by borrowing short, you know, you always had this pool 565 00:29:06.702 --> 00:29:08.702 and they lent that long. 566 00:29:08.702 --> 00:29:09.233 But when there was a run, that was a somber, of course. 567 00:29:09.702 --> 00:29:11.092 Yeah. 568 00:29:11.342 --> 00:29:12.874 I was at 702 at the time. 569 00:29:13.014 --> 00:29:14.249 Yeah, I remember distinctly. 570 00:29:14.733 --> 00:29:17.030 Okay, I've got my indices here. 571 00:29:17.233 --> 00:29:20.030 I've got the resources index down nearly a percent on the close. 572 00:29:20.348 --> 00:29:24.213 Industrials up 0.4%, financials up 1.1%. 573 00:29:24.271 --> 00:29:29.396 The top 40 index, 89,165, which is up a quarter. 574 00:29:29.576 --> 00:29:35.467 And the all-share itself, not the top 40, just below 97,000, up a third of a 575 00:29:35.467 --> 00:29:35.746 percent. 576 00:29:35.746 --> 00:29:41.670 We have to talk about Diogo Jota, the Liverpool footballer, a really, really 577 00:29:41.670 --> 00:29:43.670 good player. 578 00:29:43.670 --> 00:29:48.357 Portugal international, killed in the early hours of the morning in Spain, 579 00:29:48.357 --> 00:29:50.357 driving his Lamborghini with his brother. 580 00:29:50.357 --> 00:29:52.686 the story is He took over, overtook a car rather, 581 00:29:53.188 --> 00:29:58.056 and a tyre burst could be possible with the incredible heat they have in Spain. 582 00:29:58.071 --> 00:29:59.595 It could have been something to do with that. 583 00:29:59.954 --> 00:30:03.399 But anyway, the car was completely burnt out. 584 00:30:03.400 --> 00:30:05.102 I don't know if you've seen the pictures. 585 00:30:05.103 --> 00:30:07.282 It must have been full of petrol for this to happen. 586 00:30:07.657 --> 00:30:09.923 This thing was incinerated. 587 00:30:10.266 --> 00:30:10.966 Horrible. 588 00:30:10.966 --> 00:30:14.766 They must have burnt to death in the car, both the boys, the brother as well. 589 00:30:15.064 --> 00:30:21.544 But, David, I do think you should sit and reflect about the sort of money that these 590 00:30:21.544 --> 00:30:23.544 kids are paid when they join a club. 591 00:30:23.544 --> 00:30:25.603 And the first thing they do, because everyone else does it, is buy a silly 592 00:30:25.603 --> 00:30:27.603 supercar. 593 00:30:27.603 --> 00:30:30.369 And they've been driving for maybe five years, some of them, maybe less. 594 00:30:30.626 --> 00:30:36.642 And I think the agents in the club should put something in their contract to say, 595 00:30:36.642 --> 00:30:38.642 tell us if you're going to buy this car. 596 00:30:38.642 --> 00:30:40.642 It's your right. 597 00:30:40.642 --> 00:30:42.642 It's your choice. 598 00:30:42.642 --> 00:30:44.642 It's up to you. 599 00:30:44.642 --> 00:30:46.642 But you are required to go on a series of interviews. 600 00:30:46.642 --> 00:30:48.642 intensive advanced driving lessons. 601 00:30:48.642 --> 00:30:50.642 Something like that, even a little thing like that can help. 602 00:30:50.642 --> 00:30:52.200 Same thing happened to Antonio from West Ham last year. 603 00:30:52.645 --> 00:30:56.965 He wrapped his Ferrari around a tree and he's lucky to have survived, but it's 604 00:30:56.965 --> 00:30:58.965 ruined his career. 605 00:30:58.965 --> 00:31:00.965 He won't play again for West Ham. 606 00:31:00.965 --> 00:31:03.426 I'm so sad about the, you know, what happened to him because he was a lovely 607 00:31:03.426 --> 00:31:03.548 chap. 608 00:31:03.911 --> 00:31:05.676 He was liked by everybody. 609 00:31:05.911 --> 00:31:10.692 You know, he never, there was nothing, even when he was sent off, you always 610 00:31:10.692 --> 00:31:12.692 wondered why. 611 00:31:12.692 --> 00:31:14.692 It was the odd occasion. 612 00:31:14.692 --> 00:31:15.320 which wasn't anyway, but it's very sad. 613 00:31:15.359 --> 00:31:17.380 But you bring up such an important point. 614 00:31:17.603 --> 00:31:22.747 I mean, if you go and see, go to any game, go to any ground, 615 00:31:22.763 --> 00:31:25.708 and you see the players arriving where they're not arriving in the coach. 616 00:31:26.771 --> 00:31:33.638 It's just crazy the amount of and it's I suppose having come from humble 617 00:31:33.638 --> 00:31:35.638 circumstances, many of these players, 618 00:31:35.638 --> 00:31:39.258 it's a way of Just saying that they're there and that. 619 00:31:39.298 --> 00:31:45.806 But these are incredibly powerful machines, you know, that should be driven 620 00:31:45.806 --> 00:31:47.806 by people with the right kind of license. 621 00:31:47.806 --> 00:31:49.806 Yes. 622 00:31:49.806 --> 00:31:49.845 You know, I must tell you something. 623 00:31:49.907 --> 00:31:51.892 I had a Mini Cooper S. 624 00:31:52.188 --> 00:31:53.134 Yes, I remember that. 625 00:31:53.149 --> 00:31:57.423 I promise you, when I used to hit that accelerator button, this thing took off. 626 00:31:57.892 --> 00:31:58.592 Yeah. 627 00:31:58.592 --> 00:31:59.001 And it's scary. 628 00:31:59.251 --> 00:32:00.532 I mean, I'm talking about a Mini. 629 00:32:00.642 --> 00:32:03.345 I'm not talking about any major sports car. 630 00:32:04.126 --> 00:32:05.751 And you get speed there. 631 00:32:06.873 --> 00:32:07.733 which is frightening. 632 00:32:07.754 --> 00:32:14.182 And if you don't know how to drive, something should happen like a burst of 633 00:32:14.182 --> 00:32:16.182 fire or who knows, 634 00:32:16.182 --> 00:32:18.182 anything runs across the road. 635 00:32:18.182 --> 00:32:20.182 It's crazy. 636 00:32:20.182 --> 00:32:22.487 I'm just so sad that this happens to people like that under these 637 00:32:22.487 --> 00:32:24.487 circumstances. 638 00:32:24.487 --> 00:32:26.487 I didn't know the circumstances. 639 00:32:26.487 --> 00:32:29.581 And I know that he'd been killed in a car crash, but not that it wasn't handled. 640 00:32:29.582 --> 00:32:31.659 Yeah, it was horrible. 641 00:32:32.518 --> 00:32:34.815 If you can come and have a look at the pictures. 642 00:32:36.068 --> 00:32:39.431 I hope people listen to this and say this is ridiculous. 643 00:32:43.316 --> 00:32:47.320 If you looked at the parking lots, and they don't buy one car. 644 00:32:47.702 --> 00:32:49.101 These types go by five, six. 645 00:32:49.320 --> 00:32:50.820 Were they earning how many? 646 00:32:50.882 --> 00:32:53.640 300,000 pounds or 400,000 pounds a week? 647 00:32:55.062 --> 00:32:57.765 This is easy within their purse. 648 00:32:57.952 --> 00:33:01.280 Talking about that, Ronaldo, who's 40 years old and in Saudi Arabia, 649 00:33:01.374 --> 00:33:05.343 he has sold his soul to the Saudi dollar. 650 00:33:05.732 --> 00:33:06.833 at the expense of football. 651 00:33:07.093 --> 00:33:11.320 They get crowds of between 10,000 and 25,000 in Saudi Arabia to watch these 652 00:33:11.320 --> 00:33:11.516 games. 653 00:33:11.659 --> 00:33:17.882 His daily, not weekly or monthly or yearly, his daily salary, basic salary, 654 00:33:17.905 --> 00:33:21.945 £488,000 a day for the next two years. 655 00:33:22.288 --> 00:33:26.413 He's got an entourage of 16 people that look after him, two chefs. 656 00:33:26.414 --> 00:33:27.648 I don't know why he needs two chefs. 657 00:33:27.695 --> 00:33:31.757 All he eats is steamed fish and vegetables, the odd juice here and there. 658 00:33:32.048 --> 00:33:38.957 and some vitamin supplements who needs two chefs to do that i can do that for him 659 00:33:38.957 --> 00:33:40.957 i'll put my hand up he's got the use 660 00:33:40.957 --> 00:33:43.722 of a private jet for two years and everything else that is your dick david 661 00:33:44.363 --> 00:33:49.519 yeah i suppose he's a crowd drawer they 662 00:33:49.582 --> 00:33:55.988 only get they only get 25 000 people at a man and how much are they paying they know 663 00:33:56.816 --> 00:34:03.205 it's silly yeah there's something about me i Rinaldo is very clean, 664 00:34:03.765 --> 00:34:10.512 as you say, steamed fish, doesn't drink Coca-Cola or anything like that, pushes 665 00:34:10.512 --> 00:34:12.512 away any water and everything. 666 00:34:12.512 --> 00:34:14.340 Funny enough, Messi is, I find, more of an ambassador. 667 00:34:14.676 --> 00:34:15.376 Yes. 668 00:34:16.738 --> 00:34:21.121 He's just got that smile, and he's done an enormous amount for 669 00:34:22.262 --> 00:34:23.808 Miami, for them. 670 00:34:23.887 --> 00:34:27.105 And I think he plays for the enjoyment. 671 00:34:27.293 --> 00:34:27.993 I don't know. 672 00:34:27.993 --> 00:34:28.855 I'm sure he gets paid a lot. 673 00:34:29.384 --> 00:34:31.387 He does, but not as much as Ronaldo. 674 00:34:31.465 --> 00:34:33.868 But, you know, give it away. 675 00:34:35.110 --> 00:34:36.493 What are you doing with it? 676 00:34:36.494 --> 00:34:40.153 Messi was a god with a small B in Barcelona. 677 00:34:40.192 --> 00:34:42.114 I mean, I went to see him so many times. 678 00:34:42.661 --> 00:34:48.090 When he gets the ball, David, playing for Barcelona in that giant stadium, 679 00:34:48.700 --> 00:34:50.231 I'm sitting with 80,000 people. 680 00:34:50.559 --> 00:34:51.871 Everyone goes silent. 681 00:34:52.653 --> 00:34:54.590 It's almost like they've got this intake of breath. 682 00:34:54.684 --> 00:34:56.246 What are you going to do next, Messi? 683 00:34:56.793 --> 00:34:58.575 And it's a remarkable thing. 684 00:34:59.389 --> 00:35:00.089 Boston. 685 00:35:00.089 --> 00:35:00.789 Okay. 686 00:35:01.450 --> 00:35:03.651 Okay, phone him back now because we're finished. 687 00:35:03.675 --> 00:35:07.394 David Shapiro is from Sasson Securities and that was the five o'clock shadow. 688 00:35:08.300 --> 00:35:15.237 The views and opinions expressed in these podcasts are those of Lindsay Williams and 689 00:35:15.237 --> 00:35:17.237 various contributors and do not reflect the policy, 690 00:35:17.237 --> 00:35:18.987 position or opinion of any other agency, organisation, 691 00:35:19.331 --> 00:35:23.972 employer or company associated with StrictlyBusinessPodcast.com. 692 00:35:24.441 --> 00:35:31.371 Assumptions made on the analyses are not reflective of the position of any other 693 00:35:31.371 --> 00:35:33.371 entity other than the speaker or the author. 694 00:35:33.371 --> 00:35:36.856 And since we are critically thinking human beings, these views are always subject to 695 00:35:36.856 --> 00:35:36.955 change, 696 00:35:37.137 --> 00:35:39.699 revision and rethinking at any time. 697 00:35:39.996 --> 00:35:42.426 Please do not hold us to them in perpetuity.