WEBVTT 1 00:00:00.408 --> 00:00:04.548 You're listening to Strictly Business Podcast with Lindsay Williams. 2 00:00:05.368 --> 00:00:08.926 The JSC has closed its doors for another day, so it's time for the five o'clock 3 00:00:08.926 --> 00:00:09.033 shadow. 4 00:00:09.033 --> 00:00:13.973 And as always on a Wednesday, I speak to Skullclo, Portfolio Manager at PSG Wealth 5 00:00:14.434 --> 00:00:16.309 Old Oak in Cape Town. 6 00:00:16.419 --> 00:00:20.294 Now, we have to talk about a really big issue and it involves gold. 7 00:00:20.387 --> 00:00:25.715 But before we do, Aspen Discovery and Woolies caught my eye today, notably. 8 00:00:26.436 --> 00:00:33.143 discovery with a trading statement because the share price has gone up four and a 9 00:00:33.143 --> 00:00:35.143 half percent did you have a glance at these numbers yeah i 10 00:00:35.143 --> 00:00:40.088 had a glance i actually looked at a few of these these companies and you can you can 11 00:00:40.088 --> 00:00:42.088 add into the mix uh 12 00:00:42.088 --> 00:00:45.721 discovery as well because they they had a trading statement yeah as well that was 13 00:00:45.721 --> 00:00:47.721 what i was talking about what did i 14 00:00:47.721 --> 00:00:51.737 say i said aspen discovery and woolies and discovery was uh was for discovery four 15 00:00:51.737 --> 00:00:53.737 and a half percent up 16 00:00:53.737 --> 00:00:57.062 Yeah, 4.8 So I think all of them caught my eye. 17 00:00:57.063 --> 00:00:59.243 I'm going to very quickly run through them. 18 00:00:59.325 --> 00:01:03.970 For the listeners out there, Discovery, I think that was most probably the biggest 19 00:01:03.970 --> 00:01:05.970 reaction today. 20 00:01:05.970 --> 00:01:10.298 They actually came out with an operational update stating that the HEPS, or headline 21 00:01:10.298 --> 00:01:10.397 earnings, 22 00:01:11.439 --> 00:01:14.079 is expected to increase between 27% and 32%. 23 00:01:14.298 --> 00:01:16.736 That's a massive, massive, massive jump. 24 00:01:17.329 --> 00:01:24.329 And, yeah, that helped us to share price today, you know, increasing 4.78%. 25 00:01:24.330 --> 00:01:25.030 So. 26 00:01:25.030 --> 00:01:28.004 In general, we'll see when the results, the actual results come out. 27 00:01:28.705 --> 00:01:35.330 They did have a bit of a breakdown of, you know, how the Discovery Bank and Alpha is 28 00:01:35.330 --> 00:01:37.330 very, very, 29 00:01:37.330 --> 00:01:39.330 very low key. 30 00:01:39.330 --> 00:01:41.978 And I think, I presume we'll have a lot more info when the actual results actually 31 00:01:41.978 --> 00:01:43.978 are being released. 32 00:01:43.978 --> 00:01:45.978 But great day for them. 33 00:01:45.978 --> 00:01:48.791 Aspen, we had the trading statement a few weeks ago. 34 00:01:49.978 --> 00:01:55.737 We, you and I had this conversation about it just, just, The It doesn't seem like 35 00:01:55.737 --> 00:01:57.737 they could catch a break. 36 00:01:57.737 --> 00:02:00.556 I mean, they were just, you know, I think a few months ago, 37 00:02:00.739 --> 00:02:07.001 they had this announcement that they're going to be producing this, what is this, 38 00:02:08.157 --> 00:02:08.978 weight loss drug. 39 00:02:09.954 --> 00:02:16.407 And, you know, there was a bit of a positive reaction, but the results just, 40 00:02:16.407 --> 00:02:18.407 yeah, didn't look good. 41 00:02:18.407 --> 00:02:20.407 It didn't look good. 42 00:02:20.407 --> 00:02:22.407 You don't recover. 43 00:02:22.407 --> 00:02:22.564 You remember that day we were chatting and I said, what's the story with asthma? 44 00:02:23.237 --> 00:02:30.025 You said, goodness, I don't really know, because neither of us realized that this 45 00:02:30.025 --> 00:02:32.025 thing had fallen over 30% in one day. 46 00:02:32.025 --> 00:02:34.271 And when you get that sort of sucker punch like that, you don't recover from it. 47 00:02:34.272 --> 00:02:38.349 You don't get up off the canvas using boxing terminology that quickly. 48 00:02:38.435 --> 00:02:39.169 It's a struggle. 49 00:02:39.247 --> 00:02:43.060 30% down, it takes a long time to get that 30% back. 50 00:02:44.185 --> 00:02:45.216 Correct, correct. 51 00:02:45.341 --> 00:02:49.825 Now, they're sitting with higher debt levels. 52 00:02:49.919 --> 00:02:55.367 that they need to know I started off this conversation about Aspen catch-or-break. 53 00:02:57.328 --> 00:03:02.437 They mentioned a few dispute manufacturing disputes and reasons why, you know, 54 00:03:02.773 --> 00:03:07.742 talking about the manufacturing being down 62%. 55 00:03:07.898 --> 00:03:11.008 There was a few reasons why we've seen this drop. 56 00:03:11.523 --> 00:03:14.273 And, yeah, it's not one I'm holding. 57 00:03:14.742 --> 00:03:19.555 But, I mean, even after the most recent uptick. 58 00:03:19.556 --> 00:03:22.960 updates, trading updates, reaction to those trading updates. 59 00:03:23.020 --> 00:03:27.684 We had a further drop of 1.5% drop in the share price today by Aspen. 60 00:03:27.724 --> 00:03:31.427 So it's been one that's been struggling. 61 00:03:31.825 --> 00:03:36.270 And then Woolworths, I mean, it's sort of I feel like a parrot, 62 00:03:36.630 --> 00:03:40.770 just saying all over the same things every six months. 63 00:03:40.911 --> 00:03:46.395 I mean, when are they going to get rid of the Australian businesses? 64 00:03:46.505 --> 00:03:53.453 When are they going to spit the companies into two you know have a food company have 65 00:03:53.453 --> 00:03:55.453 the fashion beauty and home 66 00:03:55.453 --> 00:03:59.535 separate um so we're not going to do that again today now we're not going to do it 67 00:03:59.535 --> 00:04:01.535 again today but the reason that i i've 68 00:04:01.535 --> 00:04:02.512 started looking at wool is more closely is because of 69 00:04:02.676 --> 00:04:09.653 that value investor gentleman i sent you his podcast and we can give him that give 70 00:04:09.653 --> 00:04:11.653 him the miles it's john 71 00:04:11.653 --> 00:04:16.700 bickford it's john bickford from 91 he's based in new york and he said i asked him 72 00:04:16.700 --> 00:04:18.700 at the end of the podcast what is your favorite stock 73 00:04:18.700 --> 00:04:20.700 at the moment. 74 00:04:20.700 --> 00:04:21.730 And he said it was Woolies because he'd finished buying it and it had gone out of 75 00:04:21.730 --> 00:04:22.210 the 76 00:04:22.210 --> 00:04:28.948 MSCI. And he came up with these extraordinary statistics on companies that 77 00:04:28.948 --> 00:04:30.948 have left the MSCI and have 78 00:04:30.948 --> 00:04:31.089 subsequently gone on to greater things. 79 00:04:31.331 --> 00:04:35.472 Now, I haven't looked at all of the companies that have been booted out, the 80 00:04:35.472 --> 00:04:37.472 South African ones, 81 00:04:37.472 --> 00:04:38.550 but it did sound like quite an illustrious list. 82 00:04:38.565 --> 00:04:40.159 So Woolies is interesting. 83 00:04:40.519 --> 00:04:43.847 If he likes it, then it's worth investigation. 84 00:04:45.089 --> 00:04:52.076 yeah no no i mean definitely worth the investigation i mean it's just let's look 85 00:04:52.076 --> 00:04:54.076 at the pros and cons uh 86 00:04:54.076 --> 00:04:58.885 i mean usually when i take any any any investment i do your typical swat your 87 00:04:58.885 --> 00:05:00.885 strength weaknesses opportunities and 88 00:05:00.885 --> 00:05:05.471 threats and when you look at the strengths of of woolies it's it's it's a phenomenal 89 00:05:05.471 --> 00:05:07.471 brand i mean it is 90 00:05:07.471 --> 00:05:12.815 a company that's been been been doing doing really well specifically the food 91 00:05:12.815 --> 00:05:14.815 side the margins always been able the 92 00:05:14.815 --> 00:05:19.754 profit margins always been able to be higher than the counterpart, purely 93 00:05:19.754 --> 00:05:21.754 because it's a bit of a, 94 00:05:21.754 --> 00:05:24.778 one could say a premium brand to some of the other food producers. 95 00:05:26.239 --> 00:05:30.645 But then you look at your weaknesses, fashion, beauty, home, 96 00:05:30.762 --> 00:05:33.653 that's always been a bit of a lull business. 97 00:05:33.654 --> 00:05:35.793 Because it's too fragmented, isn't it? 98 00:05:35.794 --> 00:05:37.012 There's too many brands. 99 00:05:37.137 --> 00:05:38.153 That's what we've always said. 100 00:05:39.340 --> 00:05:40.040 Correct. 101 00:05:40.059 --> 00:05:45.475 And then I think that the biggest weakness, which we'll go over today, 102 00:05:45.475 --> 00:05:47.475 threat, Really, 103 00:05:47.475 --> 00:05:50.600 the threat of the company continuing doing bad is the Australian businesses. 104 00:05:50.601 --> 00:05:54.221 Now, they got rid of David Jones, but they still got the Country Roads Group. 105 00:05:54.463 --> 00:06:00.807 And, I mean, when you look at the 52 results, which was brought out today, 106 00:06:01.291 --> 00:06:07.822 I mean, sales for Country Roads down 5.4% again, you know, 6.8% like for like. 107 00:06:08.197 --> 00:06:14.041 I mean, it's just when I go through this country road business, I mean, I just 108 00:06:14.041 --> 00:06:14.319 don't. 109 00:06:14.319 --> 00:06:16.067 get warm and fuzzy. 110 00:06:16.107 --> 00:06:16.807 They got rid of it. 111 00:06:16.828 --> 00:06:21.832 Now, Standard Bank had a nice comment today in their research report where they 112 00:06:21.832 --> 00:06:21.993 said, well, 113 00:06:22.175 --> 00:06:28.160 they don't think that the country roads group disposal is imminent, but, and 114 00:06:28.160 --> 00:06:30.160 there's a big but, 115 00:06:30.160 --> 00:06:35.371 they do think that the market will increasingly question how far away is 116 00:06:35.371 --> 00:06:37.371 management from 117 00:06:37.371 --> 00:06:40.183 reducing or further reducing their exposure to this region. 118 00:06:40.355 --> 00:06:43.459 And I think that's a That's a very, very good question. 119 00:06:43.578 --> 00:06:49.725 We know that they went far enough, I don't know if it's earlier this year or last 120 00:06:49.725 --> 00:06:51.725 year, I mean, time is flying, 121 00:06:51.725 --> 00:06:56.014 to physically get rid of David Jones, taking a big, big, big loss on the 122 00:06:56.014 --> 00:06:58.014 original investment. 123 00:06:58.014 --> 00:07:03.045 And I do think that management will get to a point where it would say, well, let's 124 00:07:03.045 --> 00:07:05.045 just call it a day. 125 00:07:05.045 --> 00:07:07.045 I mean, David Jones didn't work. 126 00:07:07.045 --> 00:07:07.061 Country roads clearly is not working. 127 00:07:07.483 --> 00:07:12.797 Let's just focus on what… we we've been doing and we've been doing well and that's 128 00:07:12.797 --> 00:07:14.797 our our woody's brand so 129 00:07:14.797 --> 00:07:16.218 let's see how that goes we you shop there though 130 00:07:16.238 --> 00:07:22.965 right you you shop there don't you i do shop there okay now obviously the food is 131 00:07:22.965 --> 00:07:23.290 is 132 00:07:23.410 --> 00:07:29.957 exceptional compared to the competition although i suppose shop right is catching 133 00:07:29.957 --> 00:07:31.957 up in certain areas but i mean woody's is 134 00:07:31.957 --> 00:07:36.035 stand out but it's the clothes that interest me when it comes to you skulk 135 00:07:36.035 --> 00:07:38.035 because when you get to a certain age as a man 136 00:07:38.035 --> 00:07:42.728 You think to yourself, when you were young, you used to be able to wear this or 137 00:07:42.728 --> 00:07:44.728 that and go to this shop and that shop, you know, cool shops. 138 00:07:44.728 --> 00:07:48.915 Now, if you're going out to buy something, you go straight to Woolies, don't you? 139 00:07:50.017 --> 00:07:50.717 No, I don't. 140 00:07:50.853 --> 00:07:51.798 I actually do not. 141 00:07:51.978 --> 00:07:53.360 Really? 142 00:07:53.501 --> 00:07:59.329 I really do not have a single item in my wallet. 143 00:07:59.642 --> 00:08:01.626 So where do you go? 144 00:08:01.627 --> 00:08:06.376 I've got to, I mean, I'm not going to give these guys free mileage because I love 145 00:08:06.376 --> 00:08:08.376 them to bits. 146 00:08:08.376 --> 00:08:10.336 But, I mean, I'm a very firstly, I mean, 147 00:08:11.038 --> 00:08:17.565 I'm one of those typical men that my wife needs to pull me out of the house kicking 148 00:08:17.565 --> 00:08:19.565 and screaming at least once a year to 149 00:08:19.565 --> 00:08:20.666 now we're going to do some clothing shopping for you. 150 00:08:20.667 --> 00:08:26.612 I've got let's call it two or three very, very, you know, smaller 151 00:08:27.205 --> 00:08:30.534 I don't want to say boutique because then you're going to think I'm oity-toity. 152 00:08:30.612 --> 00:08:34.596 But it's just these three. 153 00:08:34.705 --> 00:08:37.226 little shops that I've been supporting over the past 20 years. 154 00:08:37.546 --> 00:08:39.065 I go in there. 155 00:08:39.066 --> 00:08:44.405 I know the gentleman is going to look at me and he's going to say, well, we're 156 00:08:44.405 --> 00:08:46.405 going to go for a 41 long. 157 00:08:46.405 --> 00:08:47.546 It's going to go this, and it's going to be blue or white. 158 00:08:47.569 --> 00:08:48.269 That's it. 159 00:08:49.569 --> 00:08:50.468 Okay, I got you. 160 00:08:50.469 --> 00:08:54.694 I walk out of there within four minutes and 30 seconds, and I've got a smile. 161 00:08:54.695 --> 00:08:55.694 My wife's got a smile. 162 00:08:55.991 --> 00:08:58.304 And now I'm fine for the next 365 days. 163 00:08:58.305 --> 00:09:02.913 The reason I say that is because if I was in the UK, I would immediately go to Marks 164 00:09:02.913 --> 00:09:04.913 and Spencer's. 165 00:09:04.913 --> 00:09:06.913 I can't be. 166 00:09:06.913 --> 00:09:10.456 bothered it's so complicated in london to find this independent retailer clothing 167 00:09:10.456 --> 00:09:12.456 retailer that one i'll read up 168 00:09:12.456 --> 00:09:17.374 about them in magazines i go straight to m&s and i suppose woollies is the 169 00:09:17.374 --> 00:09:19.374 equivalent of m&s that's all i was saying but i'm glad 170 00:09:19.374 --> 00:09:24.359 you're staying independent okay so we've done discovery aspirin was there anything 171 00:09:24.359 --> 00:09:26.359 else on the jse today that stood 172 00:09:26.359 --> 00:09:26.856 out No, I think 173 00:09:27.536 --> 00:09:31.539 Cash Build had a trading statement as well. 174 00:09:31.739 --> 00:09:32.903 I'm not going to go into them. 175 00:09:34.403 --> 00:09:37.989 That trading statement is already, well, wait a minute. 176 00:09:38.184 --> 00:09:39.848 No, it's a dividend story. 177 00:09:39.911 --> 00:09:42.153 So that's just a 3.3% drop. 178 00:09:42.450 --> 00:09:48.715 No, I mean, besides what is Aspen Discovery, I don't think there's been any 179 00:09:48.715 --> 00:09:48.743 major. 180 00:09:49.130 --> 00:09:51.432 All right, let's talk about the real story. 181 00:09:51.633 --> 00:09:53.713 Now, I was watching my screen. 182 00:09:53.834 --> 00:10:00.221 I use a company that covers the markets excellently, and it doesn't cost me 183 00:10:00.221 --> 00:10:00.343 anything. 184 00:10:00.580 --> 00:10:03.103 I'm looking at my phone, and it's quite late. 185 00:10:03.142 --> 00:10:05.986 It's about half past 11, and markets are closed. 186 00:10:05.987 --> 00:10:09.283 I mean, the official markets in New York and Chicago, et cetera, are closed. 187 00:10:09.689 --> 00:10:12.674 And the gold price is flashing, flashing, flashing. 188 00:10:13.033 --> 00:10:15.658 Every nanosecond, it's going to Newspaper. 189 00:10:16.142 --> 00:10:18.392 On my screen, it was 3,600. 190 00:10:18.854 --> 00:10:22.638 But there are various different screens, and that might have been a futures price. 191 00:10:22.978 --> 00:10:26.021 But I saw this thing, and I thought, goodness me, something is going on. 192 00:10:26.361 --> 00:10:27.404 We know what it's been. 193 00:10:27.826 --> 00:10:31.584 Is this a blow-off that we should be scared of, gold investors, that is? 194 00:10:32.045 --> 00:10:35.513 Or is this telling us something a little bit more sinister? 195 00:10:35.732 --> 00:10:37.185 And then I looked at the bond market. 196 00:10:37.295 --> 00:10:42.654 Now, the 30-year Treasury bond went through 5% in the last 24 hours. 197 00:10:42.763 --> 00:10:44.545 Now, that's quite a big deal. 198 00:10:44.716 --> 00:10:46.123 And that's the long end of the curve. 199 00:10:46.124 --> 00:10:47.888 The short end is still behaving itself. 200 00:10:48.366 --> 00:10:55.073 relative to the long end but i thought it's september is something gonna happen 201 00:10:55.073 --> 00:10:57.073 or am i just looking for it 202 00:10:57.073 --> 00:11:01.983 scalp am i looking for a sell-off tell me be brutal come on you're laughing you know 203 00:11:01.983 --> 00:11:03.983 yeah 204 00:11:03.983 --> 00:11:05.530 we've we've i mean until this is out there lindsay 205 00:11:05.577 --> 00:11:12.186 myself do have you know sometimes we could could uh stock up a a very very nice 206 00:11:12.764 --> 00:11:17.436 uh a nice bit of conspiracy every now and then and think that this will be the top 207 00:11:18.583 --> 00:11:24.750 But the one thing that I think we've been calling not just for the past few months 208 00:11:24.750 --> 00:11:26.750 but for the past, I would say, two, 209 00:11:26.750 --> 00:11:27.191 three years is that little word stagflation. 210 00:11:27.192 --> 00:11:27.892 Yes. 211 00:11:28.832 --> 00:11:29.532 And 212 00:11:29.652 --> 00:11:36.605 I still very much believe that everything is in place to bring us to the point where 213 00:11:36.605 --> 00:11:38.605 we'll actually 214 00:11:38.605 --> 00:11:40.605 see the stagflation. 215 00:11:40.605 --> 00:11:43.168 And I think that's the main reason why we've seen these latest movements. 216 00:11:43.371 --> 00:11:46.871 Now, to your first question, and I always say… 217 00:11:47.166 --> 00:11:53.774 always always my crystal ball is the murkiest of murk on the best of days so to 218 00:11:53.774 --> 00:11:55.774 to to tell you that 219 00:11:55.774 --> 00:12:00.758 something will be happening um is is definitely i mean i'll i'll be guessing 220 00:12:00.758 --> 00:12:02.758 all that i can 221 00:12:02.758 --> 00:12:04.680 tell you is the gold price do not will 222 00:12:04.789 --> 00:12:11.664 not have these type of movement if the market is not expecting something major to 223 00:12:11.664 --> 00:12:13.664 happen quite right it will not it's been going you can go back 224 00:12:13.664 --> 00:12:15.664 It's double. 225 00:12:15.664 --> 00:12:17.664 Did you see that? 226 00:12:17.664 --> 00:12:19.664 I put a chart on Twitter on X. 227 00:12:19.664 --> 00:12:21.664 I couldn't believe it. 228 00:12:21.664 --> 00:12:23.664 I mean, it's gone up in a straight line, which is always very dangerous. 229 00:12:23.664 --> 00:12:24.278 But on the other hand, the fundamentals support it. 230 00:12:24.279 --> 00:12:29.357 And again, our friend John Bickard came out with a very cogent argument on why you 231 00:12:29.357 --> 00:12:31.357 should hold gold. 232 00:12:31.357 --> 00:12:31.388 And he spoke about the equities as well. 233 00:12:31.669 --> 00:12:36.153 What has happened to the equities behind this gold price, please, Skunk? 234 00:12:36.185 --> 00:12:41.341 So, I mean, I sent you that graph. 235 00:12:42.559 --> 00:12:46.822 I think yesterday or two days ago, I'm going to try and find it on X. 236 00:12:48.705 --> 00:12:50.064 It was a tweet by Chris Scott. 237 00:12:50.564 --> 00:12:55.049 And I think that will most probably be the one that's one of the biggest. 238 00:12:55.111 --> 00:12:59.439 I don't think there's enough focus on this graph. 239 00:12:59.533 --> 00:13:05.845 And this graph, they look at U.S. treasuries as a percentage. 240 00:13:06.458 --> 00:13:07.659 of foreign reserve. 241 00:13:07.759 --> 00:13:08.900 That's right. 242 00:13:09.040 --> 00:13:11.142 I've got it if you want me to send it back to you. 243 00:13:11.161 --> 00:13:12.345 But yes, go on. 244 00:13:12.806 --> 00:13:13.506 I've got the graph. 245 00:13:13.506 --> 00:13:20.294 The foreign reserves and also the gold holdings as percentage of the foreign 246 00:13:20.294 --> 00:13:22.294 reserves within the central 247 00:13:22.294 --> 00:13:24.294 banks, global central banks. 248 00:13:24.294 --> 00:13:25.310 Now, we know that the fall of gold was there in the late 90s. 249 00:13:25.575 --> 00:13:28.825 And back then, let's call it run about 95. 250 00:13:29.325 --> 00:13:34.685 That's where for the first time ever where gold reserves dropped below the U.S. 251 00:13:34.732 --> 00:13:35.482 Treasury reserves. 252 00:13:35.962 --> 00:13:36.662 And since then, 253 00:13:36.924 --> 00:13:43.308 it's just been most of the foreign reserves 254 00:13:43.992 --> 00:13:45.390 by central banks was held in U.S. 255 00:13:45.429 --> 00:13:46.129 treasuries. 256 00:13:46.390 --> 00:13:51.000 For the first time since 1995, 257 00:13:51.001 --> 00:13:54.898 gold holdings as percentage of foreign reserves now surpassed the U.S. 258 00:13:54.945 --> 00:13:55.645 treasury holdings. 259 00:13:55.726 --> 00:13:57.258 I think that's massive. 260 00:13:57.617 --> 00:14:01.914 And we know that the Russians and the Chinese. 261 00:14:02.178 --> 00:14:09.037 you know every single quarter you get the data from from uh you know different 262 00:14:09.037 --> 00:14:11.037 different sources stating that they they were 263 00:14:11.037 --> 00:14:14.052 they were buying some more more gold so um Now, 264 00:14:14.272 --> 00:14:20.879 I think it's always been one of your best hedges and protectors against a 265 00:14:21.000 --> 00:14:22.602 stagflationary environment. 266 00:14:23.102 --> 00:14:28.789 And I think the market is telling us this time is going to be no different if that 267 00:14:28.789 --> 00:14:28.825 should happen. 268 00:14:29.071 --> 00:14:30.711 September, Skunk, September. 269 00:14:30.789 --> 00:14:33.524 Maybe the cracks start to widen in September. 270 00:14:33.586 --> 00:14:38.399 The markets, the equities markets and other risk assets are overpriced. 271 00:14:38.414 --> 00:14:39.114 Someone's a... 272 00:14:39.114 --> 00:14:40.506 big, big seller of Bitcoin. 273 00:14:40.586 --> 00:14:41.286 It's OK. 274 00:14:41.286 --> 00:14:47.488 It's stabilizing now, but it was down close to 106,000 versus its high of 275 00:14:47.488 --> 00:14:49.488 124,000. 276 00:14:49.488 --> 00:14:51.488 So someone's been getting out of that. 277 00:14:51.488 --> 00:14:53.137 And they say that this whale wallet has been going into Ethereum, 278 00:14:53.559 --> 00:14:59.738 but Ethereum hasn't exactly done well relative to Bitcoin. But anyway, that's 279 00:14:59.738 --> 00:15:01.738 been going on. 280 00:15:01.738 --> 00:15:06.707 The Treasury market at the long end breaking upwards in terms of yield and the 281 00:15:06.707 --> 00:15:08.707 gold price through 3600. 282 00:15:08.707 --> 00:15:10.707 I mean, come on now. 283 00:15:10.707 --> 00:15:14.192 You've got to say that, and September, the month of September, which is statistically 284 00:15:14.192 --> 00:15:16.192 the worst for stock markets. 285 00:15:16.192 --> 00:15:16.677 Not October, it's September you've got to be scared of. 286 00:15:17.575 --> 00:15:20.294 I think you'd better cancel your holiday to Tuscany. 287 00:15:21.739 --> 00:15:28.739 And then you've got big companies, probably the biggest research company in 288 00:15:28.739 --> 00:15:30.739 the world, namely J.P. 289 00:15:30.739 --> 00:15:32.739 Morgan. 290 00:15:32.739 --> 00:15:34.177 They brought out a research report, brought out by J.P. 291 00:15:34.255 --> 00:15:35.411 Morgan Commodities Research. 292 00:15:36.927 --> 00:15:37.627 They updated... 293 00:15:38.177 --> 00:15:42.280 they outlook on gold saying that they expect gold now to breach 294 00:15:43.080 --> 00:15:48.627 $4,000 per ounce in quarter two, 2026. 295 00:15:48.628 --> 00:15:49.651 They actually put a date. 296 00:15:50.612 --> 00:15:52.409 I mean, this is crazy. 297 00:15:52.713 --> 00:15:53.510 This is crazy. 298 00:15:53.511 --> 00:15:58.299 I mean, so, am I invested in gold? 299 00:15:58.815 --> 00:16:04.955 For the listeners that have not been listening to this podcast, or the Five 300 00:16:04.955 --> 00:16:06.955 O'Clock Shadow, at least, 301 00:16:06.955 --> 00:16:12.517 on a Wednesday, day I'll been invested in gold for for for for many years now and 302 00:16:12.517 --> 00:16:14.517 i'm i've made it clear i 303 00:16:14.517 --> 00:16:19.384 think you asked me i think a few months ago am i considering you know taking 304 00:16:19.384 --> 00:16:21.384 profit no i think that the investment case 305 00:16:21.384 --> 00:16:22.189 for gold is still very much intact and 306 00:16:22.228 --> 00:16:28.470 while that investment case for gold why i'm invested in gold in the first place is 307 00:16:28.470 --> 00:16:30.470 still in place 308 00:16:30.470 --> 00:16:34.074 i i i do think it still justifies I am holding in a poor way. 309 00:16:34.075 --> 00:16:39.078 And the fundamentals are getting better since you first started buying it. 310 00:16:39.121 --> 00:16:40.941 They've got better and better since you bought it. 311 00:16:40.942 --> 00:16:44.621 So congratulations for buying it in the first place and holding on secondly. 312 00:16:45.043 --> 00:16:46.402 But you didn't answer my question. 313 00:16:46.504 --> 00:16:49.246 How are the equities doing compared to the actual gold price? 314 00:16:50.402 --> 00:16:51.152 Oh, no, no. 315 00:16:51.511 --> 00:16:53.715 So that's also a lovely question. 316 00:16:53.777 --> 00:16:56.543 I mean, you actually we had this 317 00:16:57.136 --> 00:17:01.386 I can't recall when we had this conversation. 318 00:17:02.325 --> 00:17:08.112 But I think that this was most probably about eight months, nine months ago, 319 00:17:08.112 --> 00:17:10.112 beginning of the year, 320 00:17:10.112 --> 00:17:15.175 where the actual gold miners still lagged the gold price 321 00:17:16.136 --> 00:17:16.836 in gold. 322 00:17:17.081 --> 00:17:23.300 And back then, I mean, the gold price was high, but we said, well, 323 00:17:23.331 --> 00:17:24.206 there's still opportunity. 324 00:17:24.409 --> 00:17:28.175 If you haven't bought the gold miners, you can still get in. 325 00:17:28.237 --> 00:17:30.800 They were still lagging, seriously lagging. 326 00:17:31.148 --> 00:17:36.213 the couch I'm actually looking at the graph this was this was uh yeah beginning 327 00:17:36.213 --> 00:17:38.213 of January they 328 00:17:38.213 --> 00:17:39.295 were lagging massively lagging there now they did catch 329 00:17:39.318 --> 00:17:46.224 up so I said make no mistake there's the the dripping roast is gone I mean you 330 00:17:46.224 --> 00:17:48.224 getting into 331 00:17:48.224 --> 00:17:49.271 the gold miners to say well of this 332 00:17:49.318 --> 00:17:56.287 year the gold miser has has done way way way better than the actual gold price but 333 00:17:56.287 --> 00:17:56.393 as you 334 00:17:56.396 --> 00:18:00.177 just mentioned The fundamentals, the fundamentals. 335 00:18:00.656 --> 00:18:02.436 of gold is still there. 336 00:18:02.437 --> 00:18:05.599 I've never seen them this good, which also scares me. 337 00:18:05.778 --> 00:18:12.497 It also scares me a little bit, because if everybody, if someone like me knows that 338 00:18:12.497 --> 00:18:14.497 they're really, really good, 339 00:18:14.497 --> 00:18:14.942 then maybe it is all over. 340 00:18:15.122 --> 00:18:17.505 I don't know, but I just can't see it. 341 00:18:17.927 --> 00:18:22.599 And when I see Harmony today up 9%, DRD Gold up 7%, 342 00:18:23.567 --> 00:18:28.520 Pan-African Resources up 5.6%, etc., I think to myself, yeah. 343 00:18:28.784 --> 00:18:34.590 These aren't just Johnny-come-lately, so I'm going to hold on to the coattails of 344 00:18:34.590 --> 00:18:36.590 Skunk Low. 345 00:18:36.590 --> 00:18:38.590 This is proper investing. 346 00:18:38.590 --> 00:18:41.614 Yeah, because remember what Lindsay was saying when he talks about fundamentals. 347 00:18:41.637 --> 00:18:46.965 We're not talking about the physical fundamentals only on the commodity gold. 348 00:18:46.966 --> 00:18:47.903 We're talking about the miners. 349 00:18:48.246 --> 00:18:52.731 Most of these companies have reported over the past, let's call it, four weeks. 350 00:18:53.950 --> 00:18:56.106 And you mentioned some of them, Durban, Redipur, Deep. 351 00:18:57.220 --> 00:18:58.645 Pan African, which is smaller ones. 352 00:18:58.906 --> 00:19:02.539 And then we've got the larger one, Angler Gold, Goldfields and Armony, all of them 353 00:19:02.539 --> 00:19:02.557 reported. 354 00:19:03.020 --> 00:19:03.942 And all of them. 355 00:19:04.590 --> 00:19:08.034 All of them stated that they pretty much got no debt anymore. 356 00:19:08.092 --> 00:19:12.819 I mean, even Harmony that bought all of these Agno Gold South African mines a few 357 00:19:12.819 --> 00:19:12.996 years ago, 358 00:19:13.600 --> 00:19:15.600 their debt levels are suddenly looking great. 359 00:19:15.663 --> 00:19:18.546 Their free cash flow is going through the roof. 360 00:19:18.983 --> 00:19:25.389 And if these miners don't find any new mines to buy, new opportunities to invest 361 00:19:25.389 --> 00:19:25.574 in, 362 00:19:25.967 --> 00:19:32.014 we're going to start seeing them being pretty crazy dividend payers pretty soon 363 00:19:32.014 --> 00:19:34.014 because they're going to sit for so much cash. 364 00:19:34.014 --> 00:19:38.490 i mean debon riddiputiva i don't have it in front of me but they they reported two 365 00:19:38.490 --> 00:19:40.490 weeks ago and they were sitting with 1.3 or 366 00:19:40.490 --> 00:19:45.459 1.4 billion rand in cash on the balance sheet i mean this is a smaller mine that 367 00:19:45.482 --> 00:19:49.842 was sitting with massive massive debt levels and just again i 368 00:19:50.420 --> 00:19:57.092 i i time now to just go uh you know when i talk about the miners and i talk about the 369 00:19:57.092 --> 00:19:59.092 gold usually we i like looking at the 370 00:19:59.092 --> 00:20:02.204 etf the the largest etf for gold It's the one that they call the GLD, 371 00:20:02.504 --> 00:20:04.226 and that's the gold ETF. 372 00:20:04.488 --> 00:20:05.188 Yes. 373 00:20:05.488 --> 00:20:12.050 That has done, since the beginning of this year up to yesterday's close, 24% in 374 00:20:12.050 --> 00:20:12.055 dollar terms. 375 00:20:12.074 --> 00:20:13.996 So that's a pretty great return. 376 00:20:14.058 --> 00:20:18.543 That's just showing you that the gold price has done pretty phenomenal since the 377 00:20:18.543 --> 00:20:20.543 beginning of the year. 378 00:20:20.543 --> 00:20:25.808 And when you compare that to the gold miners, I like using the VanEck gold 379 00:20:25.808 --> 00:20:27.808 miners ETF. 380 00:20:27.808 --> 00:20:27.996 that's taking the biggest more... 381 00:20:29.226 --> 00:20:36.106 let's call it established mines because they do have the the van eck junior miners 382 00:20:36.106 --> 00:20:38.106 that's the upcoming gold mines but 383 00:20:38.106 --> 00:20:42.708 when you look at the the van eck gold miners that has done exactly 60 percent up 384 00:20:42.708 --> 00:20:44.708 to to the close of 385 00:20:44.708 --> 00:20:49.552 yesterday over the same period so just comparatively the gold miners has done 386 00:20:49.552 --> 00:20:51.552 better not a dripping roast anymore but 387 00:20:51.552 --> 00:20:56.708 looking forward if we do see a jp morgan a squad forecast being spot on 388 00:20:57.922 --> 00:20:59.623 gold surpassing $4,000. 389 00:21:00.045 --> 00:21:06.170 Hell, don't be surprised if you see another 60 odd percent in gold miners. 390 00:21:06.194 --> 00:21:06.951 I'm not calling that. 391 00:21:06.990 --> 00:21:10.873 I'm just saying that these guys are geared to the gold price. 392 00:21:10.897 --> 00:21:15.420 If the gold price move up with those amounts, these gold miners are going to do 393 00:21:15.420 --> 00:21:17.420 a flipping well. 394 00:21:17.420 --> 00:21:19.170 On the markets today, the dollar round is 1767. 395 00:21:19.217 --> 00:21:21.701 Everyone's waiting for the US jobs numbers on Friday. 396 00:21:21.733 --> 00:21:24.233 The British pound against the round 2374. 397 00:21:24.234 --> 00:21:25.608 Euro round 2062. 398 00:21:25.609 --> 00:21:26.309 Euro dollar. 399 00:21:26.422 --> 00:21:33.322 116.75 that euro 0.4 percent higher against the greenback which is why 400 00:21:33.322 --> 00:21:35.322 commodities are 401 00:21:35.322 --> 00:21:40.303 being boosted on that note what have you got for the gold price i've got two 402 00:21:40.303 --> 00:21:42.303 different screens what have you got please go spot gold uh i've currently got gold 403 00:21:42.303 --> 00:21:43.826 price as a three thousand five hundred and sixty two dollars i've got i've got this 404 00:21:43.827 --> 00:21:50.826 35.63 okay up thirty dollars 405 00:21:50.827 --> 00:21:51.592 an ounce on on the day. 406 00:21:52.233 --> 00:21:56.233 The Platon price up $50 to $14.62. 407 00:21:56.350 --> 00:21:57.912 Hence, Valterra's good move. 408 00:21:57.931 --> 00:21:58.853 We'll come to that in a moment. 409 00:21:58.914 --> 00:22:03.918 And Palladium up $35 or 3% to $11.88. 410 00:22:03.957 --> 00:22:05.199 Did I give the platinum price? 411 00:22:05.316 --> 00:22:08.980 $1461 per ounce, 3.5% up. 412 00:22:08.981 --> 00:22:10.121 Okay, what else have we got? 413 00:22:10.441 --> 00:22:11.964 Why have I got the copper price up there? 414 00:22:11.988 --> 00:22:18.011 I think it was because I was looking at it because Harmony bought into a copper mine, 415 00:22:18.011 --> 00:22:20.011 didn't they, Skarp? 416 00:22:20.011 --> 00:22:22.011 Was it Harmony or Goldfields? 417 00:22:22.011 --> 00:22:24.011 Harmony, wasn't it? 418 00:22:24.011 --> 00:22:24.418 No, it wasn't Goldfields, but why do I think it was? 419 00:22:24.854 --> 00:22:25.554 Was it Harmony? 420 00:22:25.554 --> 00:22:26.535 I thought it was Harmony, yeah. 421 00:22:26.556 --> 00:22:27.977 You were talking about all the money they had. 422 00:22:27.996 --> 00:22:32.461 I think they used some of it, but buying copper, which I think is a fantastic buy 423 00:22:32.461 --> 00:22:32.520 long term. 424 00:22:32.621 --> 00:22:37.527 The oil price, West Texas, 63.93, down 2.5%. 425 00:22:37.528 --> 00:22:41.645 The Brent crude oil price, 67.57, down 2.25%. 426 00:22:42.004 --> 00:22:43.770 But these are still just range bound. 427 00:22:44.270 --> 00:22:50.785 I have got the South African 10-year bond yield closing at 9.645%. 428 00:22:50.786 --> 00:22:52.676 That is up about two basis points. 429 00:22:52.958 --> 00:22:58.285 The US 10-year is 4.222. 430 00:22:58.286 --> 00:23:00.707 That's a 5.5 basis point fall in yield. 431 00:23:01.348 --> 00:23:03.270 So the bond price itself is up. 432 00:23:03.271 --> 00:23:05.371 The S&P 500 futures doing OK. 433 00:23:05.551 --> 00:23:08.832 They're up 0.6%, getting back yesterday's losses. 434 00:23:08.871 --> 00:23:12.231 6,462 for the September futures. 435 00:23:12.871 --> 00:23:13.981 And what else have I got? 436 00:23:14.152 --> 00:23:14.852 Bitcoin. 437 00:23:14.852 --> 00:23:19.340 Bitcoin is 112,154, which is up. 438 00:23:19.890 --> 00:23:21.532 1.2%. 439 00:23:21.533 --> 00:23:24.734 So that's quite a decent rally in the last few days. 440 00:23:24.816 --> 00:23:29.878 What about the stocks that have done well and done badly on the JSC today? 441 00:23:30.121 --> 00:23:36.902 I've got Harmony up 9.1%, Valterra up nearly 9%, DRD, another digger, up nearly 442 00:23:36.902 --> 00:23:38.902 7%. 443 00:23:38.902 --> 00:23:41.324 Another digger, Pan African Resources, 5.7% in the green. 444 00:23:41.511 --> 00:23:48.043 And just to complete the digger five, Sibania Stillwater chips in with a near 5% 445 00:23:48.043 --> 00:23:50.043 gain. 446 00:23:50.043 --> 00:23:50.676 On the downside, I don't know what ASPI is. 447 00:23:50.737 --> 00:23:51.858 What's ASPI? 448 00:23:52.239 --> 00:23:55.219 A scalp down 17.25%. 449 00:23:55.239 --> 00:23:56.000 Nine rand, 10. 450 00:23:56.543 --> 00:23:58.161 I don't know that on my screen. 451 00:23:58.246 --> 00:23:59.442 So that, yeah. 452 00:23:59.645 --> 00:24:00.345 Okay. 453 00:24:00.345 --> 00:24:01.223 I think it's some property thing. 454 00:24:01.426 --> 00:24:03.629 Anyway, NEDCOR down five and three quarters. 455 00:24:03.668 --> 00:24:04.450 Is that ex-div? 456 00:24:05.106 --> 00:24:05.806 Yeah. 457 00:24:05.806 --> 00:24:07.856 They've got a 10-odd rand dividend. 458 00:24:08.293 --> 00:24:08.993 Okay. 459 00:24:08.993 --> 00:24:09.950 Resilient down four and a third. 460 00:24:10.012 --> 00:24:12.293 Hammerson down 2.9%. 461 00:24:12.294 --> 00:24:14.278 Nixaro down 2.8%. 462 00:24:14.414 --> 00:24:18.427 you can chip in with any ones on the upside or downside that you so wish. 463 00:24:19.891 --> 00:24:21.431 I think you covered them all. 464 00:24:21.732 --> 00:24:25.517 I did see that CashPool did, in fact, a report. 465 00:24:26.736 --> 00:24:27.436 Yes. 466 00:24:27.638 --> 00:24:32.341 And, yeah, I think market just expect a little bit more because CashPool was down 467 00:24:32.341 --> 00:24:34.341 3.3% for today. 468 00:24:34.341 --> 00:24:35.701 That's the only one I could most probably add to the risk group. 469 00:24:35.732 --> 00:24:38.154 But, jeez, man, what a day. 470 00:24:38.169 --> 00:24:38.869 I mean, 471 00:24:39.607 --> 00:24:46.513 I just finished my report two days ago on the uptrend of markets usually for August 472 00:24:46.513 --> 00:24:48.513 where I look at, you know, 473 00:24:48.513 --> 00:24:49.764 what the what resources have done. 474 00:24:50.545 --> 00:24:57.049 We had resources doing phenomenal in August, starting the month off on Monday, 475 00:24:57.213 --> 00:24:58.416 another two odd percent. 476 00:24:58.916 --> 00:24:59.713 And here we go. 477 00:24:59.752 --> 00:25:05.533 I mean, you read all those, you know, the Volterras up, you know, like 9%, 478 00:25:05.596 --> 00:25:08.377 Armenia up 8.6%, Durban really put deep. 479 00:25:08.861 --> 00:25:09.564 This is good. 480 00:25:09.971 --> 00:25:16.143 Lindsay, I mean, the listeners out there, you know, from an African point of view, 481 00:25:16.143 --> 00:25:18.143 and I did a tweet today. 482 00:25:18.143 --> 00:25:23.066 I'm so glad it was taken with such a positive frame of mind from South 483 00:25:23.066 --> 00:25:23.324 Africans. 484 00:25:23.324 --> 00:25:28.472 Because we often so harden ourselves as South Africans, being such a proud nation. 485 00:25:30.050 --> 00:25:32.214 When we do well, we're so proud. 486 00:25:32.230 --> 00:25:38.074 But when the Portillas lose a game or two, they often do refer to us as the jokers. 487 00:25:38.339 --> 00:25:43.199 I mean, last year, last month, we were playing against Australia. 488 00:25:45.499 --> 00:25:51.084 just let me get my handkerchief first before you carry on I've got a real tear 489 00:25:51.084 --> 00:25:53.084 in my eye see 490 00:25:53.084 --> 00:25:57.729 you such a lovely story no no no wait for it, 491 00:25:57.791 --> 00:26:03.760 if you didn't watch the match I promise you I'll have you in tears now because I 492 00:26:03.760 --> 00:26:05.760 mean losing a game 493 00:26:05.760 --> 00:26:10.697 38-22 after leading the game 22 I watched the match don't worry and I have to say it 494 00:26:10.697 --> 00:26:12.697 was the most 495 00:26:12.697 --> 00:26:15.405 extraordinary collapse I've ever seen particularly from the best team in the 496 00:26:15.405 --> 00:26:17.405 world, in my opinion. 497 00:26:17.405 --> 00:26:19.405 Correct. 498 00:26:19.405 --> 00:26:19.710 I mean, we're not used to losing coming from the spin box. 499 00:26:20.190 --> 00:26:24.194 But the next day, it was as if we lost a family member. 500 00:26:25.452 --> 00:26:27.999 I mean, it was so sad. 501 00:26:29.061 --> 00:26:31.061 That's not what's got me reaching for the handkerchief. 502 00:26:31.124 --> 00:26:32.468 It's the whole South African thing. 503 00:26:32.483 --> 00:26:33.999 We're such a proud nation. 504 00:26:34.108 --> 00:26:36.108 And, you know, if this happens, that happens. 505 00:26:36.124 --> 00:26:37.108 But I'm so happy. 506 00:26:37.109 --> 00:26:37.983 But you know it. 507 00:26:38.249 --> 00:26:38.968 You know it. 508 00:26:39.796 --> 00:26:40.496 Five years ago. 509 00:26:40.962 --> 00:26:46.605 I mean, some of these commentators, I mean, they were still talking. 510 00:26:46.702 --> 00:26:49.804 People say, get your money out of the South African market. 511 00:26:49.866 --> 00:26:51.163 Get it out of JSE. 512 00:26:51.648 --> 00:26:52.843 Just go invest in offshore. 513 00:26:52.844 --> 00:26:56.945 And usually that offshore is not just offshore. 514 00:26:57.210 --> 00:26:59.429 It's S&P 500, which is just the U.S. 515 00:26:59.804 --> 00:27:04.945 Now, I know it's 60% of the MSCI all-country world or 70% of the MSCI 516 00:27:04.945 --> 00:27:04.973 world. 517 00:27:05.273 --> 00:27:09.304 But as we sit here today, as we sit here today, the JSE. 518 00:27:10.290 --> 00:27:17.075 In a five-year period where the S&P 500 has done over 113% in RAND terms, 519 00:27:17.439 --> 00:27:18.716 the JSC did more. 520 00:27:18.717 --> 00:27:20.903 We're not celebrating that enough. 521 00:27:20.904 --> 00:27:22.263 In US dollar terms, you're quite right. 522 00:27:22.264 --> 00:27:24.841 And I saw your tweet and I've seen you on LinkedIn as well. 523 00:27:24.903 --> 00:27:26.122 So, yeah, congratulations. 524 00:27:26.146 --> 00:27:27.927 It is a reason to celebrate. 525 00:27:27.989 --> 00:27:29.255 Just be careful, everybody, 526 00:27:29.630 --> 00:27:35.739 not to get too carried away and be ready to take protection should the market start 527 00:27:35.739 --> 00:27:37.739 to crack. 528 00:27:37.739 --> 00:27:37.896 Give us the closing JSC indices, please, Scalp. 529 00:27:38.099 --> 00:27:39.005 We've run out of time. 530 00:27:39.438 --> 00:27:40.138 Off you go. 531 00:27:40.138 --> 00:27:40.640 Oh, there we go. 532 00:27:40.659 --> 00:27:41.359 I can see. 533 00:27:41.359 --> 00:27:44.423 JSE today closed at 101,515 points. 534 00:27:44.743 --> 00:27:46.344 That is up 34 basis points. 535 00:27:46.887 --> 00:27:50.950 Resources led by a country mile, 3.44% up for today, 536 00:27:51.372 --> 00:27:54.216 while the rest of the indices were down. 537 00:27:54.294 --> 00:28:01.059 I mean, we had the industrials down 16 basis points, financials down 1.3 basis 538 00:28:01.059 --> 00:28:03.059 points, and the property index, 539 00:28:03.059 --> 00:28:04.591 the property sector, that was down a whopping 1.7%. 540 00:28:04.918 --> 00:28:08.140 When we look at the value traded through the market, not a bad day at all. 541 00:28:08.162 --> 00:28:12.644 We've seen just over $33 billion traded through the JSC. 542 00:28:12.765 --> 00:28:16.148 Very similar to yesterday, so that's always a good sign. 543 00:28:16.531 --> 00:28:17.231 So now let's see. 544 00:28:17.328 --> 00:28:19.476 Let's wait and see and see how the U.S. 545 00:28:19.531 --> 00:28:20.231 goes. 546 00:28:20.231 --> 00:28:22.554 I know they upbeat after Google. 547 00:28:24.523 --> 00:28:26.945 It seemed to like they don't need to go and sell Chrome. 548 00:28:27.335 --> 00:28:32.992 That's up over 7%, so that's, I would say, keeping the S&P 500. 549 00:28:33.522 --> 00:28:34.503 in positive territory. 550 00:28:34.583 --> 00:28:38.407 But I feel nervousness coming from that side, definite nervousness. 551 00:28:38.528 --> 00:28:39.228 So do I. 552 00:28:39.228 --> 00:28:45.134 And we will talk about that nervousness to see if it's manifested itself on the 553 00:28:45.134 --> 00:28:47.134 market screen next Wednesday. 554 00:28:47.134 --> 00:28:49.501 Scott Lowe is a portfolio manager at PSG Wealth Old Oak in Cape Town. 555 00:28:49.516 --> 00:28:51.063 And that was the five o'clock shadow. 556 00:28:51.860 --> 00:28:58.813 The views and opinions expressed in these podcasts are those of Lindsay Williams and 557 00:28:58.813 --> 00:29:00.813 various contributors and do not reflect the policy, 558 00:29:00.813 --> 00:29:02.548 position or opinion of any other agency, organisation, 559 00:29:02.858 --> 00:29:07.484 employer or company associated with strictlybusinesspodcast.com. 560 00:29:07.965 --> 00:29:14.933 Assumptions made on the analyses are not reflective of the position of any other 561 00:29:14.933 --> 00:29:16.933 entity other than the speaker or the author. 562 00:29:16.933 --> 00:29:20.410 And since we are critically thinking human beings, these views are always subject to 563 00:29:20.410 --> 00:29:20.517 change, 564 00:29:20.691 --> 00:29:23.254 revision and rethinking at any time. 565 00:29:23.551 --> 00:29:25.988 Please do not hold us to them in perpetuity.