WEBVTT 1 00:00:00.404 --> 00:00:04.550 You're listening to Strictly Business Podcast with Lindsay Williams. 2 00:00:05.210 --> 00:00:08.913 The JSC has closed its doors for another day, so it's time for the five o'clock 3 00:00:08.913 --> 00:00:08.972 shadow. 4 00:00:08.972 --> 00:00:15.460 And as always on a Thursday, I speak to David Shapiro and Viv Govender, except 5 00:00:15.460 --> 00:00:17.460 that Viv isn't available today. 6 00:00:17.460 --> 00:00:19.460 So it's just Dave. 7 00:00:19.460 --> 00:00:21.460 I'll have to put up with David on his own. 8 00:00:21.460 --> 00:00:22.202 And he can give me his very biased view about markets. 9 00:00:22.203 --> 00:00:23.311 Of course, I'm joking. 10 00:00:23.546 --> 00:00:29.155 But I did see somebody say to me or somebody said to me, Lindsay, NVIDIA is 11 00:00:29.155 --> 00:00:31.155 8%. 12 00:00:31.155 --> 00:00:32.100 of the market cap of the S&P 500. 13 00:00:32.121 --> 00:00:33.141 Is that true, David? 14 00:00:33.840 --> 00:00:34.540 That's probably. 15 00:00:35.660 --> 00:00:41.781 I worked out that the top 10 companies in the S&P 500, not the S&P 100, 16 00:00:41.782 --> 00:00:46.906 the S&P 500, the top 10 account for 40%. 17 00:00:46.969 --> 00:00:48.031 Okay, so work that out. 18 00:00:48.500 --> 00:00:54.344 So, I mean, with NVIDIA now 4.4 trillion, yes, you're close to the mark. 19 00:00:54.750 --> 00:01:00.865 The next 10, in other words, we're going now from 10 to 20, add on about 20%. 20 00:01:01.126 --> 00:01:07.172 So the first 20 stocks on the S&P 500 account for 60% 21 00:01:07.173 --> 00:01:08.195 of the market cap. 22 00:01:08.196 --> 00:01:11.398 So it's very influential. 23 00:01:12.000 --> 00:01:16.961 Okay, before we go to the States, because there's lots to talk about there, even 24 00:01:16.961 --> 00:01:18.961 though the market's fairly quiet, 25 00:01:18.961 --> 00:01:23.367 grinding its way higher or hovering at close to all-time record highs, I just 26 00:01:23.367 --> 00:01:25.367 want to talk about a couple of South African stories. 27 00:01:25.367 --> 00:01:27.367 And the first one is... 28 00:01:27.367 --> 00:01:29.367 is a banking story. 29 00:01:29.367 --> 00:01:31.367 It's Standard Bank. 30 00:01:31.367 --> 00:01:33.367 Their share price up around 3% today. 31 00:01:33.367 --> 00:01:35.367 I know it's early, but you must have had a cursory glance at the numbers, David. 32 00:01:35.367 --> 00:01:39.205 I can't make out how Standard Bank and the others, even though it's got an 33 00:01:39.205 --> 00:01:41.205 international presence, 34 00:01:41.205 --> 00:01:42.432 how they make money being a South African bank. 35 00:01:42.713 --> 00:01:43.729 Do you understand it? 36 00:01:44.807 --> 00:01:48.572 Well, they picked up on the business side. 37 00:01:49.775 --> 00:01:52.650 But what's quite interesting in the story that... 38 00:01:53.308 --> 00:01:54.750 I'm trying to explore further. 39 00:01:54.849 --> 00:01:57.851 I don't know if I can make a real story out of it. 40 00:01:59.273 --> 00:02:05.277 If we go through the banks now, the largest bank is First Rand, which is 41 00:02:06.621 --> 00:02:07.582 R435 billion. 42 00:02:07.699 --> 00:02:10.879 And then comes Capitec, R428 billion. 43 00:02:10.880 --> 00:02:13.269 Standard, R398 billion. 44 00:02:13.270 --> 00:02:15.425 So Capitec is far bigger. 45 00:02:15.426 --> 00:02:22.160 And if you would have seen Capitec's numbers yesterday, up 22%, you look at 46 00:02:22.160 --> 00:02:24.160 Standard Bank today. 47 00:02:24.160 --> 00:02:29.000 But what stands out is on the private side, those people, you know, you, me, 48 00:02:29.000 --> 00:02:31.000 that side of it, 49 00:02:31.000 --> 00:02:32.219 standard banks flat and going nowhere. 50 00:02:32.625 --> 00:02:33.325 Okay. 51 00:02:33.325 --> 00:02:38.914 I haven't got the exact numbers to quote, and I'm just giving you a very broad, 52 00:02:39.445 --> 00:02:41.726 superficial view, but they're not doing anything. 53 00:02:41.758 --> 00:02:45.711 So, yes, they are making on the corporate side of it as well. 54 00:02:45.773 --> 00:02:50.039 But, you know, that's not to a point where it really makes it exciting. 55 00:02:50.398 --> 00:02:52.023 But what's happened is Capitech. 56 00:02:52.504 --> 00:02:57.905 They've just almost knocked out, elbowed out all the other banks from... 57 00:02:57.906 --> 00:02:59.346 So they're poaching clients. 58 00:02:59.405 --> 00:03:03.065 They're poaching clients from the traditional banks, so-called traditional 59 00:03:03.065 --> 00:03:05.065 banks. 60 00:03:05.065 --> 00:03:05.667 Or they're adding new clients. 61 00:03:05.987 --> 00:03:08.971 In other words, the up-and-coming middle class. 62 00:03:10.409 --> 00:03:16.971 And in fact, to be honest, a number of people that I pay are at Capitec Bank. 63 00:03:16.972 --> 00:03:17.831 So it's not... 64 00:03:19.612 --> 00:03:21.253 It's quite broadspread and just simple. 65 00:03:21.532 --> 00:03:28.398 probably because of their quality service and the simplicity of the way they deal 66 00:03:28.398 --> 00:03:28.719 with 67 00:03:28.719 --> 00:03:29.141 it. 68 00:03:29.141 --> 00:03:35.269 So it really is an African or South African success 69 00:03:35.667 --> 00:03:36.449 growth story. 70 00:03:37.066 --> 00:03:38.691 And you know what? 71 00:03:38.769 --> 00:03:40.925 The other side of it, let's go down. 72 00:03:41.847 --> 00:03:45.816 Nedbank is the smallest bank at a market cap. 73 00:03:46.238 --> 00:03:48.253 It's 115. 74 00:03:48.441 --> 00:03:50.019 I mean, it's a third the size. 75 00:03:50.484 --> 00:03:56.071 of Capitec now in terms of market cap, or almost a third. 76 00:03:56.872 --> 00:04:03.216 Investec, if you add them together, PLC and that, come to about 125 billion, 77 00:04:03.255 --> 00:04:05.739 so bigger than NetApp. 78 00:04:06.598 --> 00:04:08.317 Apps hasn't done much. 79 00:04:08.318 --> 00:04:13.067 I mean, for the last 20 years, it's kind of bumbled along. 80 00:04:13.552 --> 00:04:19.677 But this is the only real success story in the banking industry has been Capitec. 81 00:04:20.736 --> 00:04:22.277 But you're right. 82 00:04:22.556 --> 00:04:23.738 You're not seeing anything. 83 00:04:25.136 --> 00:04:26.538 They're not really making money. 84 00:04:26.616 --> 00:04:27.659 They're very cautious. 85 00:04:28.659 --> 00:04:33.917 They don't lend money because they're very nervous to lend money in this kind of 86 00:04:33.917 --> 00:04:34.142 sector. 87 00:04:34.316 --> 00:04:37.058 So it's, yeah. 88 00:04:37.199 --> 00:04:42.277 But, I mean, the share price is up around 3% the last time I looked, so the market 89 00:04:42.277 --> 00:04:44.277 likes it. 90 00:04:44.277 --> 00:04:46.277 So there must be something there that gives them hope. 91 00:04:46.277 --> 00:04:47.339 Well, there's nowhere else to go. 92 00:04:47.558 --> 00:04:49.495 So, you know, for the local money that... 93 00:04:49.804 --> 00:04:54.152 Seriously, I mean that, this pressure cooker effect. 94 00:04:54.391 --> 00:04:56.234 Where else do you go to in South Africa? 95 00:04:56.235 --> 00:04:57.922 You know, what's exciting? 96 00:04:57.923 --> 00:05:00.023 So if you talk to an investment analyst. 97 00:05:00.853 --> 00:05:06.939 or a fund manager or a private fund manager, 98 00:05:06.978 --> 00:05:12.588 whatever institutional, they'll give you the story of how steady it is, solid 99 00:05:12.588 --> 00:05:14.588 balance sheet, 100 00:05:14.588 --> 00:05:17.955 good dividend yield over 6%, and get very excited about a dividend yield of 6%. 101 00:05:18.471 --> 00:05:19.171 Sure. 102 00:05:19.171 --> 00:05:20.752 But there's another story to it. 103 00:05:20.971 --> 00:05:24.611 They've got plenty of money and don't know how to use it. 104 00:05:24.612 --> 00:05:25.877 They've got nowhere to put it. 105 00:05:26.705 --> 00:05:30.142 So we're in an economy that's just grinding along. 106 00:05:31.934 --> 00:05:32.996 with really nowhere to go. 107 00:05:32.997 --> 00:05:34.197 There are no big projects. 108 00:05:34.198 --> 00:05:37.461 There's nothing exciting about the South African economy. 109 00:05:37.679 --> 00:05:44.386 Okay, so David Shapiro has more or less said that he's not looking at Standard 110 00:05:44.386 --> 00:05:46.386 Bank as a potential addition to his client's 111 00:05:46.386 --> 00:05:48.386 portfolio. 112 00:05:48.386 --> 00:05:50.386 No, he's not. 113 00:05:50.386 --> 00:05:52.386 Okay, good. 114 00:05:52.386 --> 00:05:54.386 We've got the point there. 115 00:05:54.386 --> 00:05:56.386 The other one I quickly want to talk about, David, is Cecil, because people are 116 00:05:56.386 --> 00:05:58.386 getting very excited about Cecil. 117 00:05:58.386 --> 00:06:00.386 They came up with a... 118 00:06:00.386 --> 00:06:01.518 a trading update i think it was and it said that it said good things about the 119 00:06:01.518 --> 00:06:03.518 future without going into any detail because i can't 120 00:06:03.518 --> 00:06:08.908 it's come from the low 50s remember when anglo-american went into the 50s and then 121 00:06:08.908 --> 00:06:10.908 bounced back well sasson went into the 122 00:06:10.908 --> 00:06:16.119 50s and it's doubled let's say it's doubled and okay maybe it's got some more 123 00:06:16.119 --> 00:06:18.119 correcting to do to get to some sort of equilibrium 124 00:06:18.119 --> 00:06:22.166 but i i looked up late charles and i put into my um because i've learned this ai 125 00:06:22.166 --> 00:06:24.166 thing from you 126 00:06:24.166 --> 00:06:24.538 I use Groff, by the way. 127 00:06:24.979 --> 00:06:30.064 I said, what is the most similar operation to Lake Charles, Sassel's Lake Charles? 128 00:06:30.325 --> 00:06:32.103 And it came back with Dow Chemicals. 129 00:06:32.368 --> 00:06:33.485 I looked at Dow Chemicals. 130 00:06:33.524 --> 00:06:36.290 Its share price down 43% so far this year. 131 00:06:36.790 --> 00:06:39.634 And I thought, okay, well, if Lake Charles is similar. 132 00:06:39.649 --> 00:06:40.821 It's a story, yeah. 133 00:06:41.337 --> 00:06:43.149 Yeah, there's something going on there. 134 00:06:43.524 --> 00:06:50.165 And then the other thing is that people, everyone I speak to that's got anything to 135 00:06:50.165 --> 00:06:52.165 do with oil, whether a trader or, 136 00:06:52.165 --> 00:06:52.290 I only know two, one trader. 137 00:06:52.621 --> 00:06:56.544 and one very important fund manager in the United Kingdom. 138 00:06:57.084 --> 00:07:00.509 They say, no, at best, we don't think oil's going anywhere. 139 00:07:00.873 --> 00:07:03.412 And the rand is strong, and the oil price is not going anywhere. 140 00:07:03.552 --> 00:07:04.591 I think it's going lower. 141 00:07:04.771 --> 00:07:05.471 That's me. 142 00:07:05.912 --> 00:07:07.716 So why are people bullish about Sassel? 143 00:07:07.974 --> 00:07:08.674 I don't know. 144 00:07:10.724 --> 00:07:11.424 Neither do I. 145 00:07:11.424 --> 00:07:17.521 Because where the comparison with Dow is, it's through chemical prices. 146 00:07:18.568 --> 00:07:20.084 And they're not going anywhere. 147 00:07:20.085 --> 00:07:21.552 You know, they might. 148 00:07:21.885 --> 00:07:22.585 steady. 149 00:07:22.746 --> 00:07:25.428 They might be a little steady, but they're certainly not increasing. 150 00:07:26.170 --> 00:07:30.537 And oil prices are not going up and the RAND's down as well, which also affects 151 00:07:30.537 --> 00:07:30.737 it. 152 00:07:30.737 --> 00:07:35.701 So I think if you look at those results, it wasn't at the trading level that they 153 00:07:35.701 --> 00:07:35.862 made it. 154 00:07:35.862 --> 00:07:42.646 There were a lot of restructuring and adjustments that went through in the 155 00:07:42.646 --> 00:07:44.646 trading statement that they 156 00:07:44.646 --> 00:07:46.646 announced. 157 00:07:46.646 --> 00:07:50.678 And so it's more to do with cleaning up the balance sheet, cleaning up the 158 00:07:50.678 --> 00:07:52.678 company, 159 00:07:52.678 --> 00:07:54.678 cleaning up the... 160 00:07:54.678 --> 00:07:56.678 the business. 161 00:07:56.678 --> 00:07:59.235 But I don't think that anything on the top line is increasing dramatically to make it 162 00:07:59.235 --> 00:08:01.235 attractive. 163 00:08:01.235 --> 00:08:01.798 So, Lindsay, there are a lot of traders. 164 00:08:03.063 --> 00:08:04.899 There's any story they'll buy. 165 00:08:06.165 --> 00:08:08.985 You've got almost, I don't want to say, 166 00:08:09.267 --> 00:08:16.251 they're kind of vultures looking around for turnaround situations and where things 167 00:08:16.251 --> 00:08:18.251 do look cheap 168 00:08:18.251 --> 00:08:20.251 historically. 169 00:08:20.251 --> 00:08:22.251 I think Cecil looked very, very cheap historically. 170 00:08:22.251 --> 00:08:25.984 If I look at a chart, which I just loaded up in front of me, and I'm going back to 171 00:08:25.984 --> 00:08:26.000 the year, 172 00:08:28.824 --> 00:08:29.524 where are we now? 173 00:08:29.925 --> 00:08:32.808 May 22, that's three years ago, just over three years ago. 174 00:08:33.590 --> 00:08:36.574 The share price there was $420. 175 00:08:36.575 --> 00:08:37.275 Okay. 176 00:08:37.277 --> 00:08:38.308 So that gives you an idea. 177 00:08:38.355 --> 00:08:40.043 You can draw the chart in your mind. 178 00:08:40.683 --> 00:08:43.699 You know, three years ago it's $420, it's now we're $100. 179 00:08:44.433 --> 00:08:46.324 So you've had a massive fall. 180 00:08:46.465 --> 00:08:48.480 It's starting to show signs. 181 00:08:48.901 --> 00:08:49.601 of recovering. 182 00:08:49.601 --> 00:08:50.803 This is not the lowest it's been. 183 00:08:50.842 --> 00:08:56.149 I think you picked out that low at about 50 rand or slightly under 60 rand. 184 00:08:56.169 --> 00:08:57.188 It's doubled since then. 185 00:08:57.251 --> 00:09:02.196 But I mean, this is a long-term, this is a lot of recovery still to do. 186 00:09:02.915 --> 00:09:09.587 And I don't know where it goes to from here, whether they can really pick it up 187 00:09:09.587 --> 00:09:11.587 against the backdrop that you've painted. 188 00:09:11.587 --> 00:09:14.524 Lower chemical prices, lower oil prices, a non-existent economy here. 189 00:09:15.493 --> 00:09:17.305 But I can't get excited. 190 00:09:18.913 --> 00:09:21.755 Yeah, from a trading point of view, yes, you can play it. 191 00:09:21.877 --> 00:09:25.781 But I'm not sure whether from an investment point of view you want to be 192 00:09:25.781 --> 00:09:26.079 there. 193 00:09:26.921 --> 00:09:28.226 All right, let's go to America now. 194 00:09:28.227 --> 00:09:29.906 We had US PPI coming out. 195 00:09:30.148 --> 00:09:35.867 We've had DPI, and that was 2.7%, which was a surprise on the downside, if you 196 00:09:35.867 --> 00:09:36.255 like. 197 00:09:36.255 --> 00:09:39.648 It didn't go down, but I mean, I'm saying people were expecting more. 198 00:09:40.117 --> 00:09:45.992 But PPI has come out this afternoon, coming at 3.3%, the highest annual gain 199 00:09:45.992 --> 00:09:47.992 since February. 200 00:09:47.992 --> 00:09:49.992 I mean, OK, it's only August. 201 00:09:49.992 --> 00:09:50.095 But the point is that the market shrugged it off. 202 00:09:50.096 --> 00:09:55.945 It says, oh, well, it doesn't really matter because they've priced in a Fed cut 203 00:09:55.945 --> 00:09:57.945 in September, no matter what. 204 00:09:57.945 --> 00:09:59.101 And people looking forward to September where it is confirmed. 205 00:09:59.445 --> 00:10:04.171 And I suppose we have to go with the markets, which I think 99.7% 206 00:10:04.327 --> 00:10:07.452 certain the Fed funds futures or something have said that. 207 00:10:07.734 --> 00:10:08.827 And you agree, probably. 208 00:10:09.452 --> 00:10:15.718 Well, I don't know how to interpret the PPI because it's made up of so many 209 00:10:15.718 --> 00:10:17.718 different components. 210 00:10:17.718 --> 00:10:20.299 Just reading the interpretations, what it does appear is that 211 00:10:21.653 --> 00:10:27.499 the wholesalers are passing this on to the purchasers, to their clients. 212 00:10:27.538 --> 00:10:33.081 In other words, tariffs are starting to reflect in the wholesale numbers. 213 00:10:33.604 --> 00:10:36.347 In other words, the prices at the factory gate. 214 00:10:36.769 --> 00:10:41.370 But it's quite a complicated index. 215 00:10:42.089 --> 00:10:46.604 And as a non-economist or someone who doesn't look that closely, 216 00:10:47.151 --> 00:10:53.835 I'm having trouble kind of interpreting it because Whenever we looked at the PPI here 217 00:10:53.835 --> 00:10:55.835 in South Africa, we'd say, oh, 218 00:10:55.835 --> 00:10:57.099 that's because the copper price is up or because metal prices are up. 219 00:10:57.380 --> 00:10:59.978 You know, we could relate it more to commodity prices. 220 00:11:00.345 --> 00:11:03.103 But this is a far more complex index. 221 00:11:03.228 --> 00:11:06.048 But the market initially was a bit hesitant. 222 00:11:06.595 --> 00:11:08.611 Rates in the United States picked up. 223 00:11:08.751 --> 00:11:15.376 And, you know, the immediate impact was, oh, you know, the bets of our September 224 00:11:15.376 --> 00:11:17.376 cut have now fallen. 225 00:11:17.376 --> 00:11:19.376 You know, that's fallen. 226 00:11:19.376 --> 00:11:21.689 the best But looking at the market as we talk now, looking at the U.S. 227 00:11:21.767 --> 00:11:23.470 market, well, they're up and down. 228 00:11:23.751 --> 00:11:24.451 It's flat. 229 00:11:25.271 --> 00:11:25.971 Yeah, it's flat. 230 00:11:25.971 --> 00:11:28.974 That's the best I can describe it. 231 00:11:28.975 --> 00:11:33.763 It goes from down 0.01 to up 0.01. It's flat. 232 00:11:33.778 --> 00:11:36.528 That's the kind of movement. 233 00:11:36.606 --> 00:11:37.306 It's flat. 234 00:11:37.306 --> 00:11:37.651 Exactly. 235 00:11:37.651 --> 00:11:40.028 I was having an interesting conversation last night with Skulk Lowe. 236 00:11:40.481 --> 00:11:43.185 You appear with the American Lily on telly. 237 00:11:43.186 --> 00:11:43.886 I know that. 238 00:11:44.216 --> 00:11:46.856 So we were saying, what could Scupper... 239 00:11:47.268 --> 00:11:51.348 the US markets, because he said he thinks the US market is terribly overvalued. 240 00:11:52.028 --> 00:11:54.290 That was his view, and it was unsolicited. 241 00:11:54.829 --> 00:11:58.430 And he said, what could bring it down, the things that we know about? 242 00:11:58.431 --> 00:11:59.290 And he went through his. 243 00:11:59.313 --> 00:12:04.454 And I said, well, I think the thing that is most likely to bring it down is the 244 00:12:04.454 --> 00:12:06.454 fact that we're going 245 00:12:06.454 --> 00:12:07.219 towards authoritarianism in the United States. 246 00:12:07.220 --> 00:12:09.250 I mean, we've got Washington, DC, we know that. 247 00:12:09.625 --> 00:12:16.610 We've got the legal system being interfered with by the White House, 248 00:12:16.610 --> 00:12:18.610 notably Donald Trump. 249 00:12:18.610 --> 00:12:19.297 Now we've got CEOs being told, 250 00:12:20.418 --> 00:12:27.168 Trump telling a company to sack the CEO because of what he says about tariffs. 251 00:12:27.645 --> 00:12:28.965 Now that is dangerous. 252 00:12:29.051 --> 00:12:35.856 We've already had the Bureau of Labor Statistics story where the woman was 253 00:12:35.856 --> 00:12:37.856 sacked, the woman in charge of statistics. 254 00:12:37.856 --> 00:12:39.856 What's going to be next? 255 00:12:39.856 --> 00:12:41.856 CPI is going on. 256 00:12:41.856 --> 00:12:44.184 Even things like museums, they're telling museums what they can and cannot display. 257 00:12:44.278 --> 00:12:49.725 I mean, history, you know, black history is being sort of shunted aside. 258 00:12:50.084 --> 00:12:56.674 And Trump's version of American history is being put forward in very high profile 259 00:12:56.791 --> 00:12:58.096 institutions, David. 260 00:12:58.392 --> 00:13:00.478 And the latest is, of course, culture. 261 00:13:00.596 --> 00:13:01.299 What is it? 262 00:13:01.517 --> 00:13:04.033 The Kennedy Center. Yeah, that's it. 263 00:13:04.283 --> 00:13:05.392 And he's doing that now. 264 00:13:06.174 --> 00:13:09.236 And it'll only be the ones that he wants to play there that will play there. 265 00:13:10.611 --> 00:13:12.002 I find this very dangerous. 266 00:13:12.033 --> 00:13:12.861 the reversal of what... 267 00:13:13.564 --> 00:13:19.651 In a way, it's a reversal of what has taken place with what he would describe as 268 00:13:19.651 --> 00:13:19.731 probably 269 00:13:19.731 --> 00:13:20.632 the liberal left. 270 00:13:20.710 --> 00:13:24.316 I'm being very kind because I'm sure he'd use another description. 271 00:13:24.995 --> 00:13:31.308 So where you couldn't use the Washington Redskins anymore because it was an Indian. 272 00:13:31.839 --> 00:13:37.995 You know, those kind of things that he's now reversing or Columbus Day or things 273 00:13:37.995 --> 00:13:39.995 like that, you know. 274 00:13:39.995 --> 00:13:40.510 You had a holiday called Indigenous Day. 275 00:13:40.551 --> 00:13:41.932 It was no longer Columbus Day. 276 00:13:41.933 --> 00:13:44.375 Well, I agree that they've gone a little bit too far there. 277 00:13:44.376 --> 00:13:50.656 But when it comes to a Confederate statue being refurbished for $10 million, I'm not 278 00:13:50.656 --> 00:13:50.942 sure. 279 00:13:50.942 --> 00:13:56.844 Because if you look at the constitution of the people that were supporters, 280 00:13:57.484 --> 00:14:01.875 were Confederates, I mean, it's not particularly American. 281 00:14:02.187 --> 00:14:07.390 But the point about the actions that Trump is taking against... 282 00:14:07.712 --> 00:14:08.653 economic data. 283 00:14:09.293 --> 00:14:13.658 He's trying to politicize economic data. 284 00:14:13.959 --> 00:14:17.959 That would be one thing that the bond market and international bond investors 285 00:14:17.959 --> 00:14:19.959 would hate. 286 00:14:19.959 --> 00:14:21.983 And I think that that could trigger something, should it go on. 287 00:14:22.225 --> 00:14:22.925 That's just me. 288 00:14:23.545 --> 00:14:26.092 That's the problem is it hasn't triggered anything. 289 00:14:26.576 --> 00:14:32.248 I can't believe that nobody has responded or reacted to 290 00:14:33.420 --> 00:14:36.014 his vicious attack on Jay Powell. 291 00:14:36.015 --> 00:14:36.715 Exactly. 292 00:14:37.428 --> 00:14:42.735 I mean, when I say vicious, for a man who's supposed to set the moral tone of a 293 00:14:42.735 --> 00:14:42.893 country, 294 00:14:43.294 --> 00:14:48.720 the way that he treats people in high institutions, and I mean, it's a very 295 00:14:48.720 --> 00:14:50.720 senior position. 296 00:14:50.720 --> 00:14:54.805 You know, the chairman of the Fed is an incredibly honorable and, I mean, 297 00:14:56.384 --> 00:15:00.727 you know, it's a great honor, what's the word I'm saying, you know, to actually 298 00:15:00.727 --> 00:15:02.727 hold that position. 299 00:15:02.727 --> 00:15:02.896 Yes. 300 00:15:02.896 --> 00:15:05.009 And it's a very important and not only powerful. 301 00:15:05.368 --> 00:15:07.671 And for him to call him a moron, you know, 302 00:15:07.850 --> 00:15:13.276 and now the beauty of what I loved is he's now saying it wasn't me that appointed 303 00:15:13.276 --> 00:15:13.355 him. 304 00:15:13.694 --> 00:15:14.394 It was me. 305 00:15:14.545 --> 00:15:18.328 Mnuchin, you know, and he's mocking Mnuchin, you know, annoying. 306 00:15:18.449 --> 00:15:23.851 I don't know what he calls, you know, Steve Mnuchin, who was his previous 307 00:15:23.851 --> 00:15:25.851 secretary of the Treasury. 308 00:15:25.851 --> 00:15:29.000 He says it was him, you know, and he started to say, how could he have left me 309 00:15:29.000 --> 00:15:31.000 with this bozo? 310 00:15:31.000 --> 00:15:34.601 I don't know what words he used, but something like this, you know, thank you, 311 00:15:34.601 --> 00:15:36.601 Steve, for giving me this kind of bozo. 312 00:15:36.601 --> 00:15:38.601 And this is Al. 313 00:15:38.601 --> 00:15:42.945 And Pal, you know, he's a decent, good man, very low key, does his job properly. 314 00:15:43.549 --> 00:15:48.994 And, you know, so I and yet no one's spoken out, you know, no one's spoken out. 315 00:15:49.014 --> 00:15:49.736 They just seem to. 316 00:15:49.896 --> 00:15:52.119 OK, well, we've got another three years of this, man. 317 00:15:52.120 --> 00:15:53.697 Let's just get on with it. 318 00:15:54.338 --> 00:15:57.580 And well, he's using the refurbishment of the Fed. 319 00:15:57.603 --> 00:16:02.681 I mean, the Federal Reserve Building, which is which is ancient and is built on 320 00:16:02.681 --> 00:16:02.725 a swamp, 321 00:16:02.725 --> 00:16:04.931 essentially needed refurbishing. 322 00:16:05.306 --> 00:16:06.931 And, OK, the bill is pretty big. 323 00:16:07.025 --> 00:16:10.228 Two point five billion, for goodness sake, for refurbishment. 324 00:16:10.525 --> 00:16:13.687 It's not as if they've relocated or something. 325 00:16:13.869 --> 00:16:20.757 And then Trump was with Jay Powell, and he got a scrap of paper out of his inside 326 00:16:20.757 --> 00:16:22.757 pocket of his baggy suit and said, 327 00:16:22.757 --> 00:16:23.836 no, no, it's 3.3 billion now. 328 00:16:23.859 --> 00:16:25.359 And Powell said, what are you talking about? 329 00:16:25.360 --> 00:16:26.164 I haven't seen this. 330 00:16:26.165 --> 00:16:27.148 He said, well, it's true. 331 00:16:27.601 --> 00:16:29.148 And Trump is so childish. 332 00:16:29.398 --> 00:16:30.804 He's childish about everything. 333 00:16:30.882 --> 00:16:32.523 Nobody is spared. 334 00:16:32.524 --> 00:16:38.976 I mean, Anderson Cooper, who's an excellent and experienced journalist and 335 00:16:38.976 --> 00:16:40.976 broadcaster on CNN. 336 00:16:40.976 --> 00:16:42.976 happens to be gay. 337 00:16:42.976 --> 00:16:46.545 And now that Trump has found out this, he calls him Alison Cooper. 338 00:16:46.924 --> 00:16:49.150 I mean, what is that? 339 00:16:49.884 --> 00:16:53.314 So he's not only a racist, but he's also a homophobe. 340 00:16:53.689 --> 00:16:56.416 This is, you can't have him in charge of the country. 341 00:16:56.775 --> 00:16:58.291 You know who's also gay? 342 00:16:58.838 --> 00:17:01.119 The Secretary of the Treasury, Besson. 343 00:17:01.463 --> 00:17:02.634 I didn't know that. 344 00:17:02.994 --> 00:17:03.775 Okay. 345 00:17:04.197 --> 00:17:06.978 He's married to another man and he's got two kids. 346 00:17:08.098 --> 00:17:11.320 I don't know whether he calls him Sally. I don't know what he calls him. 347 00:17:16.562 --> 00:17:20.070 I'm sure, you know, I look at poor Scott Bessington. 348 00:17:20.109 --> 00:17:24.281 I just think he's in a very powerful position. 349 00:17:24.312 --> 00:17:25.359 I think he enjoys it. 350 00:17:25.718 --> 00:17:30.874 But there must be times when he just bites his lip, you know, especially when you get 351 00:17:30.874 --> 00:17:32.874 issues like that. 352 00:17:32.874 --> 00:17:34.765 But no one can stand it. 353 00:17:34.993 --> 00:17:39.776 take Trump aside and say, listen, you've said that about this person, but you do 354 00:17:39.776 --> 00:17:41.776 realize that I'm gay as well. 355 00:17:41.776 --> 00:17:43.776 No one can ever say that to him. 356 00:17:43.776 --> 00:17:44.901 But no one speaks out openly. 357 00:17:46.823 --> 00:17:51.252 I cannot believe America. Look, I subscribe to the free press. 358 00:17:51.253 --> 00:17:58.034 I subscribe to The Atlantic, which every day are having a go at in the New York 359 00:17:58.034 --> 00:18:00.034 Times nonstop. 360 00:18:00.034 --> 00:18:02.846 So, you know, but in the business world... 361 00:18:03.701 --> 00:18:05.403 Everyone just takes a step back. 362 00:18:06.104 --> 00:18:09.909 And, you know, I'm really surprised at the party. 363 00:18:09.987 --> 00:18:12.709 But listen, I suppose the markets are up. 364 00:18:13.272 --> 00:18:16.475 People are just putting their heads down and getting on with it. 365 00:18:16.733 --> 00:18:22.077 But, you know, all that's going to happen is you're going to get angry at yourself. 366 00:18:22.092 --> 00:18:25.530 You know, you get angry and nothing really happens. 367 00:18:25.531 --> 00:18:27.483 He just continues the way that he does. 368 00:18:27.983 --> 00:18:28.998 So, you know. 369 00:18:29.030 --> 00:18:29.827 Anyway, the markets. 370 00:18:30.217 --> 00:18:31.319 Stand your frustration. 371 00:18:31.320 --> 00:18:32.039 You know what I'm saying? 372 00:18:32.040 --> 00:18:38.006 I am frustrated because what will happen is that it will all fall down and all the 373 00:18:38.006 --> 00:18:40.006 Trump supporters, 374 00:18:40.006 --> 00:18:44.635 all the people that didn't come against Trump or go against Trump, they're not 375 00:18:44.635 --> 00:18:46.635 going to say anything. 376 00:18:46.635 --> 00:18:47.416 They're not going to say we were wrong because I can see. 377 00:18:49.135 --> 00:18:53.198 It's almost as though I feel to myself, David, and this is not me arrogant. 378 00:18:53.573 --> 00:18:56.745 I'm looking at this and saying, excuse me, why haven't you said anything? 379 00:18:57.620 --> 00:18:58.948 Why are you letting him do this? 380 00:18:59.289 --> 00:18:59.989 But you are. 381 00:19:00.690 --> 00:19:02.553 Am I the only person that can see this? 382 00:19:03.072 --> 00:19:03.772 Yeah. 383 00:19:04.916 --> 00:19:10.896 It's exactly, you know, where there's a concern, where I'm concerned, 384 00:19:11.021 --> 00:19:12.904 is that the Democrats don't exist. 385 00:19:13.279 --> 00:19:13.979 Yes. 386 00:19:13.979 --> 00:19:16.506 You know, I don't know what they're doing. 387 00:19:16.600 --> 00:19:21.678 All they're doing is, instead of saying, okay, this is Trump, this is where we want 388 00:19:21.678 --> 00:19:21.909 to go, 389 00:19:22.225 --> 00:19:27.631 and starting to build something, which I have to say, and I'm not a supporter of 390 00:19:27.631 --> 00:19:29.631 it, is this. 391 00:19:29.631 --> 00:19:34.325 the Democratic mayor, what's it, of New York. It begins with an M, 392 00:19:34.364 --> 00:19:35.664 Mdali or something. 393 00:19:35.684 --> 00:19:38.829 I don't want to mispronounce him. 394 00:19:39.250 --> 00:19:39.950 But, I mean, 395 00:19:39.950 --> 00:19:46.618 he has this youngster who's one of the few Democrats who's making a difference, 396 00:19:47.071 --> 00:19:48.477 whether you like him or not. 397 00:19:48.680 --> 00:19:55.571 I mean, he's caused a huge stir because he's a Muslim and he's young, but he's 398 00:19:55.571 --> 00:19:57.571 doing something. 399 00:19:57.571 --> 00:19:57.680 He's going out there and... 400 00:19:58.037 --> 00:20:00.220 soliciting voters. 401 00:20:01.220 --> 00:20:02.841 He's talking to people down below. 402 00:20:03.103 --> 00:20:04.165 But he's got a policy. 403 00:20:04.321 --> 00:20:08.751 So I can't endorse him because I don't know enough about him. 404 00:20:08.767 --> 00:20:12.431 But I'm saying at least there's somebody doing something who's attracting 405 00:20:12.431 --> 00:20:14.431 attention. 406 00:20:14.431 --> 00:20:16.431 But the rest of the Democrats... 407 00:20:16.431 --> 00:20:18.431 Just don't say a thing. 408 00:20:18.431 --> 00:20:20.431 You don't hear them. 409 00:20:20.431 --> 00:20:22.431 You never see them. 410 00:20:22.431 --> 00:20:24.431 There's no voice. 411 00:20:24.431 --> 00:20:26.431 So I think that's also been one of the big problems. 412 00:20:26.431 --> 00:20:29.573 And I think a lot of the Democratic supporters are shifting 413 00:20:30.316 --> 00:20:31.753 the other way, you know, to Trump. 414 00:20:33.456 --> 00:20:36.800 But, Lindsay, sometimes you can understand. 415 00:20:37.003 --> 00:20:40.066 I saw an advert from Sephora yesterday. 416 00:20:40.487 --> 00:20:41.187 Yeah. 417 00:20:41.187 --> 00:20:46.138 And without starting a political discussion or a… whatever the discussion 418 00:20:46.138 --> 00:20:48.138 is, I just, 419 00:20:48.138 --> 00:20:49.642 you can understand why people get angered. 420 00:20:49.643 --> 00:20:54.724 You know, this is in the same light as Jaguar or the same light as Budweiser. 421 00:20:55.349 --> 00:20:59.013 There was a Sephora advert of this man, you know, 422 00:20:59.014 --> 00:21:05.193 a very good-looking man with stubble and a hair product, you know, 423 00:21:05.255 --> 00:21:08.021 had this beautiful flowing hair. 424 00:21:08.615 --> 00:21:12.708 You remember we'd have, for hair adverts, you'd have these women with this. 425 00:21:12.908 --> 00:21:15.992 big, lots of hair kind of swirling it around. 426 00:21:16.230 --> 00:21:19.715 Love the swirling hair. 427 00:21:19.797 --> 00:21:22.375 They've got a man doing this, kind of looking at it. 428 00:21:23.742 --> 00:21:26.180 I said, a male, I said, no, you can't. 429 00:21:26.203 --> 00:21:29.640 I said, you just push the boundaries too much. 430 00:21:31.750 --> 00:21:32.890 And then on the other hand, 431 00:21:33.281 --> 00:21:39.687 you've seen this absolute furor about American Eagle because they had 432 00:21:40.672 --> 00:21:41.372 Sydney Sweeney. 433 00:21:41.876 --> 00:21:48.464 who was a very beautiful young woman, blonde hair, blue eyes, and saying, you 434 00:21:48.464 --> 00:21:48.903 know, 435 00:21:48.941 --> 00:21:50.082 she's got good genes. 436 00:21:50.707 --> 00:21:54.129 And they had good genes, meaning denim jeans, J-E-A-N-S. 437 00:21:54.246 --> 00:21:54.946 Yes. 438 00:21:54.946 --> 00:21:58.738 But, of course, it was interpreted as good genes, genius. 439 00:21:59.129 --> 00:22:04.004 So there's been a massive outcry because she's white, blonde, and blue eyes. 440 00:22:05.597 --> 00:22:09.550 You know, you're still getting that side of America. 441 00:22:10.488 --> 00:22:17.273 if you understand what i mean this is still conservative it's still conservative 442 00:22:17.273 --> 00:22:19.273 and it's still it's still xenophobic as well david 443 00:22:19.273 --> 00:22:25.480 how many how many americans have passports how many of them travel and i think it's 444 00:22:25.480 --> 00:22:27.480 probably more than it was when i heard that 445 00:22:27.480 --> 00:22:31.793 the only 16 of americans had passports it must have gone up since then because that 446 00:22:31.793 --> 00:22:33.793 must have been 20 30 years ago 447 00:22:33.793 --> 00:22:37.840 they don't know they don't know about the world they don't know about the world 448 00:22:37.840 --> 00:22:39.840 David in Jenna. 449 00:22:39.840 --> 00:22:41.840 Not compared to a European. 450 00:22:41.840 --> 00:22:43.840 They travel internally. 451 00:22:43.840 --> 00:22:45.360 You know, I don't, I think they go on camps. 452 00:22:45.379 --> 00:22:47.723 You know, I mean, the kids go to camp. 453 00:22:48.379 --> 00:22:51.989 It's a massive country, so there's plenty of places to visit. 454 00:22:52.145 --> 00:22:53.965 And beautiful as well, of course. 455 00:22:54.512 --> 00:23:00.637 Yeah, it's very interesting to actually analyze the, you know, those statistics. 456 00:23:00.934 --> 00:23:05.199 I know what has happened because of Trump is that the numbers coming in have 457 00:23:05.199 --> 00:23:05.337 dropped. 458 00:23:05.337 --> 00:23:05.900 Oh, yeah. 459 00:23:07.085 --> 00:23:09.548 You know, when you say dropped, I mean they're not increasing. 460 00:23:09.607 --> 00:23:13.052 So the 3%, 4% drop is at the margin. 461 00:23:13.310 --> 00:23:14.595 It makes a big difference. 462 00:23:15.376 --> 00:23:19.454 So certainly foreigners are avoiding America. 463 00:23:22.697 --> 00:23:28.572 If I, heaven forbid, went to America, they'd look at my phone because they're 464 00:23:28.572 --> 00:23:30.572 allowed to now, and they'd say immediately, 465 00:23:30.572 --> 00:23:35.556 they'd keep me locked up for a couple of days and then send me back because of all 466 00:23:35.556 --> 00:23:37.556 the anti-Trump stuff I've got on there. 467 00:23:37.556 --> 00:23:39.556 Yeah. 468 00:23:39.556 --> 00:23:41.556 Well, they can make it difficult. 469 00:23:41.556 --> 00:23:46.168 If you were an outspoken critic, you know, if you were applying for a work visa or as 470 00:23:46.168 --> 00:23:48.168 a journalist or something, 471 00:23:48.168 --> 00:23:50.168 they might stop you. 472 00:23:50.168 --> 00:23:52.168 But I'm not sure as a traveler. 473 00:23:52.168 --> 00:23:54.168 But still, it's... 474 00:23:54.168 --> 00:23:56.754 The embassies, David, the embassies have put out a directive and it was three weeks 475 00:23:56.754 --> 00:23:58.754 ago to say, 476 00:23:58.754 --> 00:24:02.988 make sure that you've got your devices available to be scrutinized, essentially. 477 00:24:03.347 --> 00:24:04.441 So that's what they're looking for. 478 00:24:05.672 --> 00:24:12.459 but it's it's uh it's certainly people avoiding america you know it's and it 479 00:24:12.459 --> 00:24:14.459 probably will gather 480 00:24:14.459 --> 00:24:19.303 steam and that's that's important you know for those particularly people in in the 481 00:24:19.303 --> 00:24:21.303 catchment areas and you're not i don't know about 482 00:24:21.303 --> 00:24:23.826 mexico i'm sure they're not going but canadians are are 483 00:24:24.108 --> 00:24:30.061 certainly shunning america in a big way um yeah yeah there's a there's a there's a I 484 00:24:31.139 --> 00:24:33.623 can understand it's become an ugly nation. 485 00:24:34.644 --> 00:24:36.405 It's a nation of ugly people. 486 00:24:36.805 --> 00:24:43.049 Every day that you see Trump on TV, he's never nice. 487 00:24:43.065 --> 00:24:44.729 He's never saying anything nice. 488 00:24:45.323 --> 00:24:49.370 I mean, other than America's great and those kind of superlatives. 489 00:24:49.831 --> 00:24:52.073 But there's no softness to him. 490 00:24:54.213 --> 00:24:55.745 He's like a schoolyard bully. 491 00:24:56.370 --> 00:24:57.276 You tolerate him. 492 00:24:57.354 --> 00:25:02.932 I don't know if you were ever at schools where you had those kind of people who 493 00:25:02.932 --> 00:25:04.932 went around. 494 00:25:04.932 --> 00:25:06.803 You know, you didn't want to start with him or antagonize him. 495 00:25:06.804 --> 00:25:08.967 You just kind of nodded at them and walked past. 496 00:25:09.365 --> 00:25:11.272 And he's that kind of person, you know. 497 00:25:11.700 --> 00:25:18.586 and under your breath you wish that somebody would just come and beat him up 498 00:25:18.586 --> 00:25:20.586 you know and take him out so you could celebrate and cheer 499 00:25:20.586 --> 00:25:25.617 so he's that kind of person you know yes he is he's the schoolyard bully uh but he 500 00:25:25.617 --> 00:25:25.678 happens to be 501 00:25:26.235 --> 00:25:29.258 in the white house not the schoolyard anyway david i'll 502 00:25:29.321 --> 00:25:34.867 get over my frustration the schoolyard yeah it's become But I do worry about 503 00:25:34.867 --> 00:25:36.867 the... 504 00:25:36.867 --> 00:25:37.746 the America that you fell in love with, David. 505 00:25:37.787 --> 00:25:39.248 That's the point I'm trying to make here. 506 00:25:40.467 --> 00:25:41.291 That is the point. 507 00:25:41.631 --> 00:25:44.553 You know, I mean, I love that. 508 00:25:45.217 --> 00:25:50.959 Where the power lies, this is where I'm not criticizing Skolk, I think, 509 00:25:51.061 --> 00:25:55.467 but what I'm differing from him is that 510 00:25:56.342 --> 00:26:00.889 America still remains an incredibly powerful nation. 511 00:26:01.405 --> 00:26:02.623 They've got the schools. 512 00:26:02.686 --> 00:26:03.826 They've got the skills. 513 00:26:04.268 --> 00:26:07.110 And there's the debate about the future of technology. 514 00:26:07.811 --> 00:26:10.895 I don't think anybody can dislodge them at the moment. 515 00:26:11.055 --> 00:26:15.899 You know, you're seeing it even with those NVIDIA chips, Tencent's using it. 516 00:26:15.977 --> 00:26:22.750 Nobody wants to use the slower or, you know, other chips, Huawei, et cetera, 517 00:26:23.094 --> 00:26:24.907 that can't compete with the age 20. 518 00:26:25.610 --> 00:26:29.438 So that's where America, they've got the schools. 519 00:26:29.766 --> 00:26:31.250 You know, they're producing the papers. 520 00:26:31.297 --> 00:26:32.641 They are attracting the best. 521 00:26:33.160 --> 00:26:38.665 Go look at the if you look at the bankers, they all look the same. 522 00:26:38.907 --> 00:26:44.567 They're all dressed in suits with nice hair and whatever it is, shaved, and 523 00:26:44.567 --> 00:26:44.612 they're wearing 524 00:26:45.630 --> 00:26:47.396 Brooks Brothers shirts and tie. 525 00:26:47.692 --> 00:26:49.333 And then go and look at the tech chaps. 526 00:26:49.724 --> 00:26:56.083 All of them are either Asian, Indian, and so on. 527 00:26:56.489 --> 00:26:58.771 All the clever people are going to America. 528 00:27:00.340 --> 00:27:06.841 have been there or been naturalized born there whatever it is okay but you're 529 00:27:06.841 --> 00:27:08.841 talking about one specific sector david and 530 00:27:08.841 --> 00:27:13.986 it's very it's a big thing and somebody that didn't know you would say you're 531 00:27:13.986 --> 00:27:15.986 being narrow-minded about this and what i'm 532 00:27:15.986 --> 00:27:21.017 talking about is society and society is bigger than tech and and if trump becomes 533 00:27:21.017 --> 00:27:23.017 a even more 534 00:27:23.017 --> 00:27:28.079 authoritarian than he is now if he becomes a dictator which he wants to do don't 535 00:27:28.079 --> 00:27:30.079 forget we're only eight months into his office not 536 00:27:30.079 --> 00:27:32.079 even eight months into his office. 537 00:27:32.079 --> 00:27:34.079 Look what he's done. 538 00:27:34.079 --> 00:27:34.394 Look how he's infiltrated various Augustan institutions. 539 00:27:34.492 --> 00:27:38.320 If it continues, then there will be a market problem, and it will start with 540 00:27:38.320 --> 00:27:38.598 bonds. 541 00:27:38.598 --> 00:27:41.281 That was the point I was making with Skulk yesterday. 542 00:27:41.359 --> 00:27:43.343 Skulk just thinks the market is overvalued. 543 00:27:44.523 --> 00:27:45.223 Yes. 544 00:27:45.343 --> 00:27:52.164 You know why he's doing this all up front is that the elections next year or the 545 00:27:52.164 --> 00:27:52.365 midterm 546 00:27:52.365 --> 00:27:54.085 elections could change things. 547 00:27:54.304 --> 00:27:57.148 You know, that's where he has to do it before then. 548 00:27:57.632 --> 00:28:03.131 but Look, at the moment I'm indifferent about America. 549 00:28:03.271 --> 00:28:04.615 I go there to see family, 550 00:28:05.115 --> 00:28:11.123 but I don't get the same kind of excitement or joy from America. 551 00:28:11.982 --> 00:28:15.717 And a lot of the reason is because I can't understand, as you say, 552 00:28:15.810 --> 00:28:19.060 the social side of America. 553 00:28:19.889 --> 00:28:21.576 How can you allow this to happen? 554 00:28:22.029 --> 00:28:26.529 And to be honest, Lindsay, I see it on both sides. 555 00:28:27.000 --> 00:28:29.563 I see the extreme left and the extreme right. 556 00:28:29.564 --> 00:28:31.206 You know, how can you allow this? 557 00:28:31.385 --> 00:28:33.588 You know, how can you tolerate it? 558 00:28:33.725 --> 00:28:35.549 Surely you want to move towards the middle. 559 00:28:35.550 --> 00:28:36.250 Yes. 560 00:28:38.471 --> 00:28:40.713 So it's not that. 561 00:28:40.776 --> 00:28:42.174 But where else do we go? 562 00:28:42.393 --> 00:28:43.659 Where else is there? 563 00:28:43.660 --> 00:28:45.002 You stay where you are, David. 564 00:28:45.018 --> 00:28:47.534 You stay where you are until otherwise advised. 565 00:28:47.581 --> 00:28:48.281 Okay. 566 00:28:49.362 --> 00:28:51.440 That's the only advice I can give you. 567 00:28:51.659 --> 00:28:52.359 Okay. 568 00:28:52.359 --> 00:28:53.924 We've been rambling on like a couple of. 569 00:28:53.925 --> 00:28:54.625 I'll tell you. 570 00:28:55.661 --> 00:29:01.886 I was talking about the UK and I was saying, oh, you know, you watch Keir 571 00:29:01.886 --> 00:29:03.886 Starmer and everything. 572 00:29:03.886 --> 00:29:05.007 I said, thank God for the English Premier League. 573 00:29:05.507 --> 00:29:09.531 I said, if it wasn't for the Premier League, I'd have nothing to have an 574 00:29:09.531 --> 00:29:09.536 interest in. 575 00:29:10.437 --> 00:29:11.999 Which starts this weekend. 576 00:29:12.077 --> 00:29:13.515 Which starts this weekend. 577 00:29:13.516 --> 00:29:18.765 Yeah, but I'm not looking forward to it as much as I have been other seasons because 578 00:29:18.765 --> 00:29:20.765 there's been so much football in between. 579 00:29:20.765 --> 00:29:22.765 But anyway, it doesn't matter. 580 00:29:22.765 --> 00:29:24.765 Let's get on to the market. 581 00:29:24.765 --> 00:29:26.765 You look excited. 582 00:29:26.765 --> 00:29:28.765 Yeah, we'll see. 583 00:29:28.765 --> 00:29:30.765 Yeah, whatever. 584 00:29:30.765 --> 00:29:32.765 It's which got knocked out of the League Cups against Bromley Town. 585 00:29:32.765 --> 00:29:34.765 Oh, really? 586 00:29:34.765 --> 00:29:36.765 Yeah, don't talk about it. 587 00:29:36.765 --> 00:29:38.765 No more. 588 00:29:38.765 --> 00:29:40.765 Dollar round is 1765 or 1750 this time yesterday, 589 00:29:40.765 --> 00:29:42.765 but still a good strong currency and has been all year. 590 00:29:42.765 --> 00:29:44.765 The euro round is 2057. 591 00:29:44.765 --> 00:29:45.762 The British pound against the round 2390. 592 00:29:45.763 --> 00:29:52.715 Euro dollar 116.50 was closer to 117.50 yesterday, so the dollar has made a bit of 593 00:29:52.715 --> 00:29:52.838 a comeback. 594 00:29:52.838 --> 00:29:53.462 British pound. 595 00:29:53.832 --> 00:30:00.417 um three year high actually earlier on today 135.40 at the moment against the US 596 00:30:00.417 --> 00:30:02.417 dollar let's get on to 597 00:30:02.417 --> 00:30:07.366 commodities now gold price is down 15 to 33.70 an ounce platinum up 15 598 00:30:07.405 --> 00:30:13.961 to 13.58 palladium up 24 best performer to $11.56 an ounce. 599 00:30:14.000 --> 00:30:19.142 And that oil price, which interests me strangely, it fascinates me, it's doing 600 00:30:19.142 --> 00:30:21.142 nicely today. 601 00:30:21.142 --> 00:30:22.638 It's actually jumped a percent since we've been speaking, David. 602 00:30:22.639 --> 00:30:26.599 $66.86, suddenly nearly 2% up. 603 00:30:26.646 --> 00:30:27.443 That's for Brent crude. 604 00:30:27.724 --> 00:30:32.459 West Texas crude is $63.82, up nearly 2% as well. 605 00:30:32.506 --> 00:30:34.006 What other commodities can I give you? 606 00:30:34.771 --> 00:30:35.662 Not much, actually. 607 00:30:35.740 --> 00:30:37.193 Silver down 1.3%. 608 00:30:37.318 --> 00:30:42.830 But anyway, Bitcoin did go to all-time record highs, I heard all some crypt 609 00:30:42.830 --> 00:30:44.830 Crypto went all-time recognized. 610 00:30:44.830 --> 00:30:46.795 But Bitcoin itself is down 2.3% on my screen, 611 00:30:46.814 --> 00:30:51.517 118,169. 612 00:30:51.518 --> 00:30:55.658 South African 10-year still doing well, 9.60% on the close. 613 00:30:55.659 --> 00:30:56.359 The U.S. 614 00:30:56.385 --> 00:30:57.939 10-year ticking up, actually. 615 00:30:58.986 --> 00:31:04.470 It's up about a percent to 4.8%. 616 00:31:04.564 --> 00:31:07.267 But still stuck in a range, S&P 500. 617 00:31:07.912 --> 00:31:09.114 That's down a fraction. 618 00:31:09.115 --> 00:31:13.577 64.81, that's the September futures. 619 00:31:13.737 --> 00:31:19.186 Let me tell you something about the JSC today and what went up and what went down 620 00:31:19.186 --> 00:31:21.186 share-wise. 621 00:31:21.186 --> 00:31:23.186 Hold on, let me scroll down here. 622 00:31:23.186 --> 00:31:25.186 Here we go. 623 00:31:25.186 --> 00:31:27.756 I've got, and you can contradict me, David, I've got Carew up 3.3%. 624 00:31:27.897 --> 00:31:30.991 Standard Bank is the best of the big ones, up nearly 3%. 625 00:31:31.538 --> 00:31:33.084 Datatech up 2.3%. 626 00:31:33.085 --> 00:31:34.631 We Buy Cars up 2.3%. 627 00:31:34.756 --> 00:31:36.194 Downside, South 32%. 628 00:31:36.736 --> 00:31:43.683 down 6.3 percent is that ex-dividend i don't know uh true was down four are they 629 00:31:43.683 --> 00:31:45.683 closing mosul 630 00:31:45.683 --> 00:31:50.652 i think there's a little bit of a worry there because uh mosul aluminium was a is 631 00:31:50.652 --> 00:31:52.652 is a project 632 00:31:52.652 --> 00:31:56.073 that they have in mozambique you know an aluminium producer remember that name yeah 633 00:31:56.777 --> 00:32:01.886 and uh because electricity prices or power prices are so high so 634 00:32:02.432 --> 00:32:04.054 They're going to have to phase out of it. 635 00:32:04.074 --> 00:32:05.756 And I think that's caused a bit of a stir. 636 00:32:05.996 --> 00:32:10.418 It's also going to cause massive unemployment or laying off of jobs. 637 00:32:10.738 --> 00:32:13.519 So I think that was an announcement that came out. 638 00:32:13.980 --> 00:32:14.863 It's been expected. 639 00:32:14.887 --> 00:32:19.426 We are not, you know, with electricity prices up, we are not a natural aluminium 640 00:32:19.426 --> 00:32:21.426 producer. 641 00:32:21.426 --> 00:32:23.379 It's, you know, it's the electricity that has made it cheap. 642 00:32:23.394 --> 00:32:26.613 And that's why historically we've had these smelters. 643 00:32:27.723 --> 00:32:29.004 Okay, thanks for that explanation. 644 00:32:29.051 --> 00:32:31.113 True was down 4.7%. 645 00:32:31.238 --> 00:32:31.988 Explain that. 646 00:32:32.652 --> 00:32:39.459 was that x dead a bad number yeah just a bad bad trading update okay okay they're 647 00:32:39.459 --> 00:32:41.459 not doing well here 648 00:32:41.459 --> 00:32:47.009 aspen down three and three quarters omnia down three in a bit and that's it uh david 649 00:32:47.009 --> 00:32:49.009 any other stocks on the jsc that you 650 00:32:49.009 --> 00:32:49.916 want to talk about you don't have to no 651 00:32:50.025 --> 00:32:57.009 they i i think that's mainly i i think you've identified it that's why i'm 652 00:32:57.009 --> 00:32:59.009 surprised you know when you spoke about the banks i think 653 00:32:59.009 --> 00:33:01.713 that's going up on dividend yields but apart from that it's been a Quite clear. 654 00:33:02.093 --> 00:33:03.795 It's been a fairly robust market. 655 00:33:04.054 --> 00:33:09.363 I must admit there's been quite a bit of activity, but I think the commodity price 656 00:33:09.363 --> 00:33:11.363 is down today. 657 00:33:11.363 --> 00:33:11.441 Also, we saw 10 cent falling, 658 00:33:11.464 --> 00:33:17.449 and I think that's just put some weight on the market through process and aspects 659 00:33:17.449 --> 00:33:19.449 that are beneficial. 660 00:33:19.449 --> 00:33:21.105 They shot up yesterday, of course, on the 10 cent numbers in the morning. 661 00:33:22.277 --> 00:33:28.652 David, when you started on the JSC in wherever it was, was it Diagonal Street or 662 00:33:28.652 --> 00:33:30.652 was it the one before? 663 00:33:30.652 --> 00:33:32.652 Yeah, Pollard. 664 00:33:32.652 --> 00:33:34.652 Hollard Street. 665 00:33:34.652 --> 00:33:36.652 Hollard Street and then Diagonal Street. 666 00:33:36.652 --> 00:33:38.652 Before your time. 667 00:33:38.652 --> 00:33:39.722 Would you ever have thought the all-share index was close to 102,000 on the close? 668 00:33:39.761 --> 00:33:40.461 Look at that. 669 00:33:40.461 --> 00:33:41.722 Incredible, isn't it? 670 00:33:42.144 --> 00:33:42.844 Extraordinary. 671 00:33:43.120 --> 00:33:44.542 And it's down a bit as well today. 672 00:33:45.690 --> 00:33:50.190 But it's funny enough, it's the gold shares and miners that have taken it up 673 00:33:50.190 --> 00:33:50.531 there. 674 00:33:50.909 --> 00:33:53.534 And I suppose to an extent, I suppose process on that. 675 00:33:53.628 --> 00:33:57.940 But it's been a gold market this year that's really got it up. 676 00:33:58.272 --> 00:34:02.997 Sadly, my dad, who was a major gold bull, 677 00:34:03.055 --> 00:34:06.739 he dealt him gold shears his whole life, loved gold. 678 00:34:08.840 --> 00:34:13.465 He would have loved this, although he would have been about 120 or 115 at this 679 00:34:13.465 --> 00:34:13.509 stage. 680 00:34:13.509 --> 00:34:17.192 Well, his son's going that way now. 681 00:34:20.628 --> 00:34:25.852 I'm sure in about 20 years' time, if I'm still doing this, in what capacity, I'll 682 00:34:25.852 --> 00:34:26.274 say, 683 00:34:26.274 --> 00:34:32.641 and now we speak to the world's oldest man, David Shapiro, and for some reason 684 00:34:32.641 --> 00:34:34.641 you'll sound 25 years old. 685 00:34:34.641 --> 00:34:36.141 But that's what everybody says about you. 686 00:34:36.203 --> 00:34:38.211 Give us the closing indices, if you would, David. 687 00:34:39.508 --> 00:34:45.392 Well, on the JC, the… Oil share index ended down 0.28% 688 00:34:45.393 --> 00:34:50.638 at 101.993, with the miners that took them down, but also some of the industrials. 689 00:34:50.654 --> 00:34:57.622 So the mining index down 1.25%. Financial steady, and that I think a lot to do with 690 00:34:57.622 --> 00:34:59.622 Standard Bank, 691 00:34:59.622 --> 00:35:01.982 the bank index up 0.9%. 692 00:35:01.983 --> 00:35:07.747 But industrials down 0.25%, and I think largely because of NASPR's process. 693 00:35:08.412 --> 00:35:10.474 And I'm just looking at Richemont. 694 00:35:10.493 --> 00:35:14.778 No, Richemont was actually up today, but it was ABN, British American tobacco, 695 00:35:14.939 --> 00:35:18.024 Vase came down and I think exerted some kind of pressure. 696 00:35:18.040 --> 00:35:21.384 Strangely enough, Precious was up and Asper's was down today. 697 00:35:21.485 --> 00:35:24.321 So a mix in the market. 698 00:35:24.322 --> 00:35:25.728 I'm just going to look at the volumes. 699 00:35:26.196 --> 00:35:27.853 They've been quite good recently. 700 00:35:29.149 --> 00:35:29.849 They have been. 701 00:35:30.962 --> 00:35:36.384 Moderate today, well, $24 billion, but there were a lot of deals that went 702 00:35:36.384 --> 00:35:38.384 through. 703 00:35:38.384 --> 00:35:38.967 I'm not sure what those were right at the end. 704 00:35:39.025 --> 00:35:41.267 Off the market, that was about $6 billion. 705 00:35:42.049 --> 00:35:45.736 But still dominated NASPIR, Standard Bank, Goldfields, Anglo Gold. 706 00:35:46.236 --> 00:35:47.275 They've been the big traders. 707 00:35:47.517 --> 00:35:49.213 David, thank you very much for your time as always. 708 00:35:49.260 --> 00:35:52.603 David Shapiro is at Sassfin Securities in Johannesburg. 709 00:35:52.681 --> 00:35:54.478 And that was the 5 o'clock shadow. 710 00:35:55.306 --> 00:36:02.244 The views and opinions expressed in these podcasts are those of Lindsay Williams and 711 00:36:02.244 --> 00:36:04.244 various contributors and do not reflect the policy, 712 00:36:04.244 --> 00:36:05.994 position, or opinion of any other agency, organization, 713 00:36:06.304 --> 00:36:10.926 employer or company associated with StrictlyBusinessPodcast.com. 714 00:36:11.407 --> 00:36:18.364 Assumptions made on the analyses are not reflective of the position of any other 715 00:36:18.364 --> 00:36:20.364 entity other than the speaker or the author. 716 00:36:20.364 --> 00:36:23.840 And since we are critically thinking human beings, these views are always subject to 717 00:36:23.840 --> 00:36:23.947 change, 718 00:36:24.121 --> 00:36:26.684 revision and rethinking at any time. 719 00:36:26.981 --> 00:36:29.387 Please do not hold us to them in perpetuity.