WEBVTT

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You're listening to Strictly Business
Podcast with Lindsay Williams.

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The JSC has closed its doors for another
day and it's time therefore, as it's a

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Wednesday, to speak to Skulk Lowe,

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Portfolio Manager, PSG Wealth, Old Oak in
Cape Town.

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Had to happen Skulk, it had to happen and
it has and don't panic.

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We told you it would happen, we just
didn't know when.

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Correct.

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I didn't know it was going to...

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Well, there is two surprises.

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I think that the pullback and as well as
the magnitude of the run.

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I mean, so people yesterday, I woke up and
not yesterday, this morning,

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woke up and the headlines.

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And I'm going to say of the newspapers,
because there's no such thing as a

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newspaper, but over my website where I
usually find my news.

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And I think that I can recall the...

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The headline said something,

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largest drop in gold in decades and silver
is the largest

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one day drop since February 2021 or
something like that.

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And I look at the drop in my six odd
percent drop in the gold price yesterday.

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And I went like, yeah, it's really,

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really bad to have a six odd percent drop.

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Especially if you bought a gold investment
month to date.

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So as we sat on the 20th of October,

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so basically the day before the big drop,
the gold price was up

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13.7%, close to 14% for the month alone
and 67%

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for 2025.

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So, you know, When something, you know,
sounds too good to be true, it often is.

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That's the one saying I want to use.

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But something that runs as hard as it can
drop just as hard.

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Okay, so let's get some percentages here
because this interests me and I've always

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tried to

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get out of you the relationship between
the dollar

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gold price and the price of shares both in
the United States or Australia or Canada,

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wherever, whatever,

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and South Africa.

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So what happened?

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And gold fell...

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This is interesting because you know me
and my reversals.

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You know me.

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I'm a reversals bloke,

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which means that if a market goes in one
direction and then suddenly immediately

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goes in the other

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direction and closes down on the day, for
example, that's a reversal.

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This is exactly what happened on Friday.

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The gold price on Friday went to $4,391 an
ounce and then closed down,

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I think, something like...

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A 42.50, 42.60, something like that.

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A massive reversal.

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New highs, new lows on the day and closing
down.

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So I said that's the reversal.

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Monday, I thought reversals don't work
anymore, Scout,

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because the gold price went to 4,398, I
think it was, today's high.

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But then, then, today.

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A very strange, but reversals work.

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If you're patient and if you've got the
guts to...

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to ride out a few storms.

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So we're going to set up a fund for horny
punters who like a bit of

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risk.

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It's the reversal fund, but we'll talk
about that off air.

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But anyway, that's what happened.

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Hard to make a small fortune as you've
been a big one.

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I've been a big one.

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Don't be nasty.

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It'll be patience.

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You might only trade twice a year, but
that twice a year will be lucrative.

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Carry on.

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So 6% down, you said, on gold.

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And what were the shares doing?

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I looked at the resi, and I know it's just
not only gold price.

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Because remember, we also saw massive
retracements in the palladium, platinum,

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those prices as well.

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So it was funny enough, you're talking
about,

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Colby was a presenter the other day,
referred to me as a data nerd.

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So I don't know if I should.

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I should take offense or say thank you
very much, sir.

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But, I mean, just for interest's sake, I
mean,

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yesterday we saw a drop in the RSI index,
the JSE

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RSI index, of 7.9%.

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A one-day drop.

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That's massive.

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Why is it massive?

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Because if you take over the past five
years, and remember, the past five years

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we had things like COVID.

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There was a lot of action in the market.

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weather massive retracement in 2022.

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We had a massive war.

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There was major things that happened in
the markets over the past five years.

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Over the past five years, We had the
liberation day, and during that liberation

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day,

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we had a massive retracement in gold,
something like 9% there in April.

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But if you take that out, we haven't seen
a 7%

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drop in the RESE index over the past five
years, ever.

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And yesterday, it went like this.

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So it was an aggressive, aggressive,
aggressive move in all,

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let's call it South African resources.

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Those are precious metals.

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resources.

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And today, we on one stage thought we're
going to see a repeat of yesterday,

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but at least, it's still negative, make no
mistake, because,

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but I mean, it did the latter part of
today,

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you could see there was sort of a bit of
consolidation and a bit of sanity that

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moved back into the market.

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Let's state The most important thing, that
the investment case for the likes of gold

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has not changed.

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No, nothing's changed, apart from it got a
little bit frothy.

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And also, one other thing on a fundamental
basis is that it was the beginning of

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Diwali,

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the celebration of Diwali.

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And the gold buying up to the celebration
had been fairly brisk from what I

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understand,

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the retail sales, particularly in India,
obviously.

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And then Diwali over, that's it.

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gold buying stopped.

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Did you hear that?

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As a factor, we know about the incredible
importance that gold has in Indian

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culture.

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But did you hear about the Diwali story?

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No, no, no.

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There's a lot of reasoning behind, you
know,

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why we've seen the movement that we've
seen yesterday.

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And to the extent we've seen it.

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I'm going to explain to you literally in
Half a sentence, why we've seen the

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movement yesterday, easy.

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Go on.

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It was more sellers than buyers yesterday.

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No, no.

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And you work a long day anyway.

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You're a poor wife and children.

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Exactly.

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Exactly.

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It is.

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I know it's technical.

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So let me write this down.

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More sellers than buyers.

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Okay.

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I'll put that through Grok and Copilot and
DeepSeek and Perplexity and

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see what they all come up with.

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at its best i know people just couldn't
pay that price people no one wanted to be

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the first person to pay 4

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400 so it got to 43 98 the buying simply
stopped there was a vacuum and what the

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only thing that can happen when

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there's a vacuum of buyers is that the
price falls and the sellers come in and

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the bids are much lower and

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much lower it can we never we nearly got
to changing

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our big figure from three to four on the
gold today didn't i think went to 4 010 or

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something

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And there's still many hours to close
this.

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See, that's it.

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Even after the aggressive, I think it's
Peter Schiff,

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that yesterday tweeted that he said,

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even this massive, massive retracement,

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I still left gold above the $4,000 mark.

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And maybe it's going to go test that, like
you said, that $4,000.

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I seriously don't care.

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I mean, if you told me.

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a month ago a little bit more than a month
ago that we will be sitting on the 22nd of

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of october and gold is going to be higher

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than four thousand dollars i would have
told you you're mad anyway um if you told

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me if you're going to be going

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surpass the 4300 we actually retraced to
4000 i i would have said you bonkers you

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know anyway so so i

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think the business case for for gold has
not changed i think and to be honest i do

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believe and this is my personal

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opinion that we've seen run a little bit
too quickly, too aggressively.

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And this is just bringing back some
sanity, bringing back some sanity in the

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market.

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But I still believe that we're going to
see it form a base again.

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And most probably have a second stab at
running towards the $5,000 mark.

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And I don't believe it should be trading
there.

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It's just, well, it's just you could see
the aggression that has moved to this

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point.

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I don't think you can stop an
out-of-control train that quickly.

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I will say to people listening that
sometimes the market goes straight back,

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and that's because the fall, because of an
erroneous event, doesn't change the

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fundamental picture.

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The fundamental picture in the short term
has changed because it simply means that

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there are certain retail punters that came
in at the end

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that have been knocked out, and they're
licking their wounds.

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It's not going to be easy to plunge into
the gold price to push it back to 4,400

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again.

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As I said, people must regroup and lick
their wounds and then say, right, let's

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wait.

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Let it make a base, as you quite rightly
said, and off we go.

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But off we go again, we will.

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I think the price has got the potential to
go to 3,750, something like that,

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3,800, and then start going again.

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There's a big long-term trend line,
Skullcane.

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You've probably identified that as well.

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Yeah, if you look at, you want to get
technical now, I mean your 37,000,

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38,000 level is pretty much the 50-day
moving average.

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I mean, that's a good call for it to sort
of regroup in those levels.

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If it breaks below those levels, it could
even go and flirt with those,

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let's call it 3,300, 3,400 levels.

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I still very much believe that the trend
is your friend on this one.

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And back at the fundamentals, I mean, you
and I have been having this conversation

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many, many, many, many times.

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I mean, about specifically the American
economy.

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When Powell came out last week and made it
quite verbal that day,

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he feels that nothing has really changed
in terms of his stance on the U.S.

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economy.

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But the labor market...

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That's a major, major concern currently.

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So that's one tick.

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So the moment you see a crack in the labor
market and suddenly you start seeing your

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unemployment kick

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up, that's the one tick within the
stagflation scenario.

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I still got no doubt in my mind.

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And when I say no doubt,

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I feel so strongly about that the tariffs
are going to create a major,

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major inflation problem.

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in the next few months.

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I mean, so inflation, I still believe is
there.

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You're quite right when you say that,
because at the moment, the early tariff

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increases have been absorbed by the
people,

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by the importers, by the retailers.

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So they've said, OK, we've made a lot of
money out of this in the past couple of

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years.

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You can see that from our results.

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We're not going to pass this on to the
consumer.

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But eventually, they're going to have to
say, I'm sorry.

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We've been the recipient of the higher
tariffs now.

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We've soaked it all up.

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And now it's going to be down to you.

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And that is when inflation does pick up.

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So it could be three to six months, Skulk.

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But pick up, it will.

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And the labor market, I don't know.

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I don't know about the labor market.

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There's all sorts of instances of the
small instances.

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But if you spread that around the whole of
America, you might say that, yeah,

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we've got ourselves into an employment
recession.

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Yeah.

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No, 100%.

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100%.

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I still don't think.

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The recession is off the cards.

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I know people were advocating calling a
recession for the past two years already

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on the US.

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That hasn't happened.

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But I still believe it can happen.

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And if you look at this, again, back to
the inflation.

242
00:13:01.394 --> 00:13:03.769
We've seen the inflation data coming out
from South Africa.

243
00:13:04.238 --> 00:13:05.660
That's sort of a case in point as well.

244
00:13:05.661 --> 00:13:07.004
3.4%.

245
00:13:07.269 --> 00:13:09.379
3.4%.

246
00:13:09.380 --> 00:13:11.535
I thought that was, well, we know that was
a...

247
00:13:11.669 --> 00:13:18.089
definite definite win so um if if the the
salt and its members are listening

248
00:13:18.109 --> 00:13:24.992
um you know if we looked at the fushini
groups uh but uh results

249
00:13:25.070 --> 00:13:31.906
yesterday we can see the retailers are
struggling i mean you could see the

250
00:13:31.906 --> 00:13:33.906
furnishing group and i think what was it
two weeks ago uh

251
00:13:33.906 --> 00:13:35.906
three

252
00:13:35.906 --> 00:13:39.718
weeks ago we had truers as well that had a
major major crack the day the results were

253
00:13:39.750 --> 00:13:46.021
released yesterday what was what the
fushini group was down something like 13

254
00:13:46.021 --> 00:13:48.021
or something like that in one day um the
the

255
00:13:48.021 --> 00:13:54.673
we the economy is still struggling um and
in the 20th november that's uh the next

256
00:13:54.790 --> 00:13:57.189
uh meeting i think we

257
00:13:57.236 --> 00:14:04.033
need to look re-look at this again and say
we should be decreasing interest rates

258
00:14:04.033 --> 00:14:06.033
especially with the rent

259
00:14:06.033 --> 00:14:09.439
strong certainly against the us dollar
exactly yeah exactly but Back to

260
00:14:09.439 --> 00:14:11.439
inflation, I just want to quickly finish
up the inflation.

261
00:14:11.439 --> 00:14:14.506
With inflation, you were talking about a
base forming in certain classes.

262
00:14:15.084 --> 00:14:21.935
Inflation formed a wonderful base globally
over the past two years with being very,

263
00:14:22.076 --> 00:14:22.776
very low.

264
00:14:23.310 --> 00:14:30.248
The worry currently about that is when you
get something like tariffs and that kicks

265
00:14:30.248 --> 00:14:32.248
in, suddenly,

266
00:14:32.248 --> 00:14:33.857
if you're let's take, for example, oil
price.

267
00:14:33.889 --> 00:14:35.185
That's a very simple one.

268
00:14:35.592 --> 00:14:38.389
We had oil two years ago.

269
00:14:38.957 --> 00:14:43.442
running very, very quickly from the $70 to
the $90 mark, very quickly.

270
00:14:43.802 --> 00:14:45.724
Currently, oil is trading at $60 mark.

271
00:14:46.146 --> 00:14:52.134
If that, for instance, just for
hypothetically, run from $60 to $90,

272
00:14:52.134 --> 00:14:54.134
that's a 50%

273
00:14:54.134 --> 00:14:57.962
increase in the oil price, which is the
largest portion of the inflation bucket,

274
00:14:59.774 --> 00:15:04.821
which is going to have a massive, massive,
massive effect on, I would say,

275
00:15:05.337 --> 00:15:08.228
the global economy and decision-making
coming from the US.

276
00:15:08.641 --> 00:15:12.146
Yeah, so I'm still very, very comfortable
having my gold.

277
00:15:13.665 --> 00:15:18.110
But I do think that if you got in now and
you bet the farm, just...

278
00:15:18.884 --> 00:15:19.584
Be careful.

279
00:15:22.126 --> 00:15:27.150
We could see, and that's what you said as
well, Lindsay, we could see a further

280
00:15:27.150 --> 00:15:29.150
retracement.

281
00:15:29.150 --> 00:15:29.978
This drop might not be over for now.

282
00:15:29.979 --> 00:15:31.720
It's a tiny blip on a chart.

283
00:15:31.837 --> 00:15:36.056
And don't forget the gold price has been
in a bull market for years.

284
00:15:36.165 --> 00:15:39.806
And we're talking about days now, so I
wouldn't worry about it at all.

285
00:15:40.509 --> 00:15:41.650
Lick your wounds, as I've said.

286
00:15:41.651 --> 00:15:44.134
I think it's the third time I've said
that.

287
00:15:44.665 --> 00:15:47.650
But they will heal and gold will go up
again.

288
00:15:47.915 --> 00:15:48.615
I won't.

289
00:15:48.615 --> 00:15:52.846
you to briefly have a look at a couple of
shares on the JSC today.

290
00:15:54.026 --> 00:15:56.565
Runnet, Famous Brands and Hulamin.

291
00:15:57.112 --> 00:15:58.471
Any of those catch your eye?

292
00:15:59.612 --> 00:16:01.276
Let's take one or two of them.

293
00:16:03.596 --> 00:16:09.244
Famous Brands, that had the interim
financial results.

294
00:16:10.197 --> 00:16:16.729
Very similar, I want to say very similar
to the Pashini Group because then would

295
00:16:16.729 --> 00:16:18.729
have made a major drop.

296
00:16:18.729 --> 00:16:20.260
And this is out there that don't know
famous brands.

297
00:16:20.359 --> 00:16:23.801
This is very well-known, very well-known
brands.

298
00:16:23.941 --> 00:16:29.269
I mean, it's Steers, Debonairs, and what's
that fish away?

299
00:16:29.324 --> 00:16:30.168
Fish away, yeah.

300
00:16:30.410 --> 00:16:31.110
Fish away, yeah.

301
00:16:32.090 --> 00:16:34.668
But, I mean, it's maybe appropriate.

302
00:16:34.699 --> 00:16:41.387
I mean, we've got this 5 o'clock shadow on
a Wednesday, and we're talking about

303
00:16:41.387 --> 00:16:43.387
famous brands.

304
00:16:43.387 --> 00:16:45.605
We should maybe call it Wacky Wednesday
because that's what Steers are more famous

305
00:16:45.605 --> 00:16:45.758
for.

306
00:16:47.748 --> 00:16:48.769
You know the best burger?

307
00:16:49.509 --> 00:16:50.548
I like Whopper.

308
00:16:50.587 --> 00:16:52.669
I'm talking about brands here.

309
00:16:52.670 --> 00:16:53.528
I like Whopper.

310
00:16:53.650 --> 00:16:55.314
I've gone off McDonald's.

311
00:16:55.329 --> 00:16:58.571
I used to love a Big Mac or a quarter
pounder with cheese.

312
00:16:58.931 --> 00:17:03.986
But now Whopper is my favorite of the mass
market brands.

313
00:17:04.439 --> 00:17:07.079
But a Steers Burger, a Steers King Burger.

314
00:17:07.736 --> 00:17:08.595
Oh, God.

315
00:17:08.736 --> 00:17:09.436
Skulk.

316
00:17:09.986 --> 00:17:10.686
World class.

317
00:17:11.111 --> 00:17:11.892
World class.

318
00:17:13.032 --> 00:17:14.189
It's just a benchmark.

319
00:17:14.298 --> 00:17:15.314
It's just a benchmark.

320
00:17:15.315 --> 00:17:22.139
It's, it's, uh, It's always such a just a
comforting thing to either buy yourself a

321
00:17:22.139 --> 00:17:24.139
Steers with those Steers chips.

322
00:17:24.139 --> 00:17:24.401
Oh, you know what I feel like now?

323
00:17:24.760 --> 00:17:26.096
Anyway, we'll be digressing.

324
00:17:26.440 --> 00:17:27.417
No, what do you feel like now?

325
00:17:27.557 --> 00:17:28.862
A Steers burger?

326
00:17:28.979 --> 00:17:30.362
I feel like a Steers burger.

327
00:17:30.378 --> 00:17:31.260
You're going to get one, aren't you?

328
00:17:31.261 --> 00:17:31.961
I'm going to be honest.

329
00:17:32.260 --> 00:17:33.198
I most probably am.

330
00:17:34.354 --> 00:17:35.760
Anyway, famous brand.

331
00:17:35.776 --> 00:17:42.760
It's also known for its disastrous
expansion when it got too cocky and it

332
00:17:42.760 --> 00:17:44.760
bought something called the Gourmet Burger
Company, GBK.

333
00:17:44.760 --> 00:17:51.032
uh gbc in the in the uk i went to one of
their shops and quite honestly they were

334
00:17:51.032 --> 00:17:53.032
no different to anywhere else and

335
00:17:53.032 --> 00:17:57.942
that's what it was they overpaid and that
set them back enormously so they're famous

336
00:17:57.942 --> 00:17:59.942
for that but they're also famous

337
00:17:59.942 --> 00:18:00.145
for some really good brands and would

338
00:18:00.161 --> 00:18:06.770
you be looking at this one after having
seen the results skulk um it's it's with

339
00:18:06.770 --> 00:18:08.770
all due respect it's

340
00:18:08.770 --> 00:18:10.192
it's it's a smallish company and it's.

341
00:18:10.456 --> 00:18:11.737
It is cyclical.

342
00:18:11.998 --> 00:18:13.139
But, I mean, you're right.

343
00:18:13.620 --> 00:18:15.360
They did get it totally wrong.

344
00:18:15.403 --> 00:18:18.762
But they're still struggling with the UK
businesses, just for interest's sake.

345
00:18:18.801 --> 00:18:20.348
They're still struggling with that.

346
00:18:20.887 --> 00:18:22.809
I think that was down something like 6%.

347
00:18:23.692 --> 00:18:24.989
But it's such a small portion.

348
00:18:25.012 --> 00:18:27.934
I thought I forgot the dot in front of me.

349
00:18:28.356 --> 00:18:29.056
No.

350
00:18:29.056 --> 00:18:35.215
So, if you look at their restaurants,
they've got in total 3,008 restaurants

351
00:18:35.215 --> 00:18:37.215
across 20 countries.

352
00:18:37.215 --> 00:18:39.106
So, Africa, by far the largest component,
2,666.

353
00:18:39.844 --> 00:18:42.064
of this 3,008 restaurants.

354
00:18:42.625 --> 00:18:43.783
UK, only 58.

355
00:18:44.147 --> 00:18:46.924
So it's such a small portion now.

356
00:18:48.225 --> 00:18:48.925
When I look at it,

357
00:18:49.264 --> 00:18:55.803
so things that stood out for me that I
think they can be positive on, I mean,

358
00:18:55.912 --> 00:18:57.787
they've got very little debt.

359
00:18:57.881 --> 00:19:02.428
They've actually managed to reduce the
debt over this, let's call it, past year.

360
00:19:03.522 --> 00:19:08.256
They're sitting with, it's got 300 odd
million in cash.

361
00:19:08.272 --> 00:19:10.574
and I've got a bit of cash on the balance
sheet.

362
00:19:12.596 --> 00:19:15.297
It's still growing their dividends, that's
positive.

363
00:19:15.637 --> 00:19:18.520
Revenue was neither here nor there.

364
00:19:19.239 --> 00:19:25.793
When you grow your revenue by let's go 6%,
you know it's been a market that hasn't

365
00:19:25.793 --> 00:19:25.806
been,

366
00:19:26.168 --> 00:19:27.684
it's been a tough market in South Africa.

367
00:19:28.324 --> 00:19:35.043
People, when you've got 33 out of the
third of your official people in a country

368
00:19:35.043 --> 00:19:37.043
sitting without jobs,

369
00:19:37.043 --> 00:19:39.704
unemployment, And they called it
unofficially much probably closer to 60%.

370
00:19:40.598 --> 00:19:45.001
Then the likes, people are going to
struggle to go and shop at the Pashini

371
00:19:45.001 --> 00:19:47.001
Group and they're

372
00:19:47.001 --> 00:19:48.587
going to struggle to buy at places like
Steers and Debonairs.

373
00:19:48.626 --> 00:19:53.572
But still, I think they've been able to
manage this environment very, very well.

374
00:19:54.869 --> 00:20:00.072
And considering the return on equity of
41%, like I said, sort of cash plow,

375
00:20:00.462 --> 00:20:02.572
I thought they managed this really well.

376
00:20:04.337 --> 00:20:05.666
I know you love your outlooks.

377
00:20:05.884 --> 00:20:07.587
I know, know you love your outlooks.

378
00:20:07.822 --> 00:20:10.610
when I look at the outlook of the
financial report,

379
00:20:12.151 --> 00:20:17.175
they mentioned the word they're cautiously
optimistic for financial 2026.

380
00:20:17.518 --> 00:20:21.823
So they still believe that they feel
stronger.

381
00:20:23.823 --> 00:20:24.667
So let's see.

382
00:20:25.823 --> 00:20:28.323
It's something that I'll monitor, but not
something I'll be invested in.

383
00:20:29.276 --> 00:20:36.058
I just put up my Steers burger screen to
have a look at and see what the menu was.

384
00:20:36.229 --> 00:20:39.792
And it's frozen and it's frozen everything
else on my.

385
00:20:40.422 --> 00:20:43.945
I can't turn my laptop on and off again
because I'm recording on it.

386
00:20:44.546 --> 00:20:46.187
So you're going to have to do some numbers
for me.

387
00:20:46.409 --> 00:20:52.355
Anyway, I mentioned two other names, and
that was Renit and also Hulamin.

388
00:20:52.613 --> 00:20:55.980
Go ahead with, as I say, briefly with
those two, please, if you can.

389
00:20:57.113 --> 00:20:58.925
Renit, I'll touch on Renit.

390
00:20:58.988 --> 00:21:01.863
I think that looked really good.

391
00:21:02.128 --> 00:21:05.581
I mean, they're sitting also with a
massive, massive cash pile.

392
00:21:08.347 --> 00:21:14.325
when you look at the Their discount to NAV
is around about 38% now.

393
00:21:14.888 --> 00:21:20.896
We know they've been unlocking value for
investors quite aggressively over the past

394
00:21:21.935 --> 00:21:22.677
two, three years.

395
00:21:23.216 --> 00:21:25.575
And I think they've been doing it, doing
successful.

396
00:21:25.638 --> 00:21:30.521
So when I look at this one, I do feel
positive.

397
00:21:30.536 --> 00:21:32.990
I think they've been doing well.

398
00:21:33.130 --> 00:21:36.865
And at a 38% discount to NAV, I don't own
it, just by the way.

399
00:21:37.021 --> 00:21:37.833
I don't own it.

400
00:21:40.083 --> 00:21:42.245
34% discount to NAV currently.

401
00:21:44.288 --> 00:21:50.171
3 billion euros in cash, which is 80% of
NAV, just for interest.

402
00:21:51.898 --> 00:21:54.945
If you tell me what am I doing, you may
not hold this.

403
00:21:54.991 --> 00:21:56.382
You either need to buy or sell.

404
00:21:56.773 --> 00:21:59.304
I will buy this in a blink.

405
00:22:01.288 --> 00:22:02.960
It's looking good.

406
00:22:03.210 --> 00:22:07.616
Target prices on Bloomberg, they've got it
currently at 632 rand.

407
00:22:08.206 --> 00:22:12.747
There's still some upside if the analysts
are 100% correct.

408
00:22:14.907 --> 00:22:16.392
So, yeah, it's looking good.

409
00:22:16.587 --> 00:22:17.688
I don't look at the elements.

410
00:22:17.712 --> 00:22:20.087
So, yeah, those two we'll need to do.

411
00:22:20.485 --> 00:22:21.185
Okay.

412
00:22:22.267 --> 00:22:26.735
Interesting company and interesting
shareholder list as well, if you have a

413
00:22:26.735 --> 00:22:27.030
look at it.

414
00:22:27.548 --> 00:22:30.438
Skulk, you're going to have to tell me
some prices now.

415
00:22:30.610 --> 00:22:32.595
I'll call them out and you've got them.

416
00:22:32.626 --> 00:22:36.798
Have you got them to handle on a screen
where you can easily do it without

417
00:22:36.798 --> 00:22:38.798
changing screens?

418
00:22:38.798 --> 00:22:43.762
Because normally I'll start with the
currencies, the dollar against the, sorry,

419
00:22:43.762 --> 00:22:45.762
the dollar round,

420
00:22:45.762 --> 00:22:47.762
euro round, British pound against the
round.

421
00:22:47.762 --> 00:22:49.762
Have you got those three?

422
00:22:49.762 --> 00:22:51.762
If I can get them, just hold them for a
second.

423
00:22:51.762 --> 00:22:53.762
There we go.

424
00:22:53.762 --> 00:22:55.762
Open this screen.

425
00:22:55.762 --> 00:22:57.762
I know that this is going to cause me
problems later on.

426
00:22:57.762 --> 00:22:59.762
This whole screen business.

427
00:22:59.762 --> 00:23:01.762
I can't open anything.

428
00:23:01.762 --> 00:23:03.762
It's a virus on steers, everybody.

429
00:23:03.762 --> 00:23:05.121
Not in the burgers, but on the website.

430
00:23:06.442 --> 00:23:07.443
Oh, where would I go?

431
00:23:07.904 --> 00:23:10.226
Do you want the rest?

432
00:23:10.227 --> 00:23:11.505
No, we don't have to do it.

433
00:23:11.506 --> 00:23:12.267
Do you know what we should do?

434
00:23:12.747 --> 00:23:16.990
Because it's a technical problem on my
side, why don't we go to the ups and downs

435
00:23:16.990 --> 00:23:18.990
on the JSC?

436
00:23:18.990 --> 00:23:20.216
I know the downside, mostly the diggers,
the gold miners.

437
00:23:20.255 --> 00:23:24.005
Go through the downside first, and then
the upside, because I see Sasol's in

438
00:23:24.005 --> 00:23:24.377
there.

439
00:23:24.377 --> 00:23:25.818
So off you go with the downside, please.

440
00:23:26.443 --> 00:23:28.240
They're all, you're 100% right.

441
00:23:28.505 --> 00:23:31.193
That's all diggers.

442
00:23:31.708 --> 00:23:34.005
It's been a bad day for the diggers.

443
00:23:35.278 --> 00:23:41.443
On the downside, you've got 5.88% down by
Durban River, deep 5.34% down by Harmony,

444
00:23:41.564 --> 00:23:44.263
Anglo Gold down 5.34%.

445
00:23:44.264 --> 00:23:45.630
Then we've got Cash Build in there.

446
00:23:46.029 --> 00:23:47.794
I don't know when did they start digging.

447
00:23:48.169 --> 00:23:54.919
They most probably sell stuff to be
digging, but they were down 4.2%, and then

448
00:23:54.919 --> 00:23:56.919
just shortly after that,

449
00:23:56.919 --> 00:23:58.919
3.1% down for Goldfield.

450
00:23:58.935 --> 00:24:00.388
So, yeah, it's been a bad day.

451
00:24:00.404 --> 00:24:02.357
Just for interest's sake, I mean...

452
00:24:02.822 --> 00:24:05.425
I just had a quick look while we did this.

453
00:24:05.886 --> 00:24:06.845
It's actually crazy.

454
00:24:07.087 --> 00:24:13.630
If you look at the top performers for
year-to-date, it's still very much all

455
00:24:13.630 --> 00:24:13.728
these diggers.

456
00:24:13.728 --> 00:24:20.122
Despite the massive pullback, we've still
got Sabanya Stillwater up year-to-date

457
00:24:20.122 --> 00:24:22.122
over 200%,

458
00:24:22.122 --> 00:24:23.997
Agner Gold 194%, Goldfields 186%.

459
00:24:24.310 --> 00:24:26.888
So even with this massive pullback,

460
00:24:27.310 --> 00:24:31.356
it's still dominating the top of the pops
for 2025.

461
00:24:31.403 --> 00:24:32.103
far.

462
00:24:32.103 --> 00:24:32.875
But if you look at October.

463
00:24:33.596 --> 00:24:38.762
Suddenly in October, if you look at the
top 20 worst performing stocks, you know,

464
00:24:38.762 --> 00:24:40.762
all of them are in there.

465
00:24:40.762 --> 00:24:45.348
You have Altera, Impala Platinum, Sabania
Stillwater, Goldfields, Durban, the Red

466
00:24:45.348 --> 00:24:45.611
Airport.

467
00:24:45.746 --> 00:24:51.598
And just for interest sake, I think a week
or two ago, we actually threw in two extra

468
00:24:51.598 --> 00:24:51.626
stocks.

469
00:24:52.470 --> 00:24:58.917
as companies you couldn't do without in
your portfolio, namely NASPAS and Proces,

470
00:24:58.917 --> 00:25:00.917
they also end there.

471
00:25:00.917 --> 00:25:02.163
They're also one of the worst performing
stocks in October.

472
00:25:02.202 --> 00:25:08.405
So, yeah, you could see all the darlings
are taking a bit of a breather.

473
00:25:08.452 --> 00:25:09.152
That's it.

474
00:25:09.702 --> 00:25:10.936
Ready for the Christmas boom.

475
00:25:11.452 --> 00:25:12.311
Okay, so we got that.

476
00:25:12.483 --> 00:25:13.436
What was it?

477
00:25:13.546 --> 00:25:14.249
Upside now.

478
00:25:14.733 --> 00:25:17.296
Let's end on a cheery note.

479
00:25:17.374 --> 00:25:24.349
So, René, after the great update, René, up
8.1% for today.

480
00:25:24.388 --> 00:25:26.472
So great, great results.

481
00:25:26.812 --> 00:25:27.753
Market are buying into it.

482
00:25:28.370 --> 00:25:34.581
One of the worst performing stocks in
October, namely Sassel, that had a

483
00:25:34.581 --> 00:25:36.581
wonderful day, 4.5% up.

484
00:25:36.581 --> 00:25:38.542
Sapi, 4% after the news that we heard
yesterday that

485
00:25:39.277 --> 00:25:42.589
Coronation is up their stake in Sapi.

486
00:25:42.683 --> 00:25:49.089
Just for interest sake, that had a
positive effect on Sapi's share price

487
00:25:49.089 --> 00:25:51.089
today, up 4%.

488
00:25:51.089 --> 00:25:51.542
Ronit, up 3.5%.

489
00:25:51.618 --> 00:25:56.424
And ending the top five, Alt Mutual, 3.2%
up for today.

490
00:25:57.284 --> 00:25:57.984
Very good.

491
00:25:58.206 --> 00:26:00.424
Gold price, please, before we go.

492
00:26:01.448 --> 00:26:03.612
Before we go to the indices, give me the
gold price.

493
00:26:04.534 --> 00:26:05.932
Let's quickly just open my eyes.

494
00:26:07.213 --> 00:26:12.471
See, I'm not prepared today to read you
the commercial price.

495
00:26:12.472 --> 00:26:14.159
You sound very discombobulated.

496
00:26:14.206 --> 00:26:16.096
I can do it actually before you because I
can do it.

497
00:26:16.097 --> 00:26:17.081
That's a beautiful word.

498
00:26:17.331 --> 00:26:18.924
What's that word, discombobulated?

499
00:26:18.940 --> 00:26:19.971
Discombobulated.

500
00:26:20.402 --> 00:26:23.225
That'll throw people, if you ever want to
throw something in.

501
00:26:23.226 --> 00:26:28.391
Gold price 4,044.94 at the moment, down
1.56%,

502
00:26:28.392 --> 00:26:30.493
or $64.40 on my screen.

503
00:26:30.790 --> 00:26:31.490
Flashing away.

504
00:26:31.493 --> 00:26:33.337
Investing.com is also very good.

505
00:26:33.634 --> 00:26:34.516
It's not a plug for them.

506
00:26:34.555 --> 00:26:35.837
I've got no affiliation with them.

507
00:26:35.860 --> 00:26:38.594
It's just a really, really good service.

508
00:26:38.657 --> 00:26:39.501
Silver, though, holding.

509
00:26:39.813 --> 00:26:41.579
It's slightly up on the day.

510
00:26:42.579 --> 00:26:47.641
Another big story that I get from
investing.com, which pops up on my screen

511
00:26:47.641 --> 00:26:49.641
all the time.

512
00:26:49.641 --> 00:26:51.641
is beyond meat.

513
00:26:51.641 --> 00:26:53.641
Don't know if you ever followed that
company.

514
00:26:53.641 --> 00:26:54.793
It was one that made plant-based burgers.

515
00:26:55.110 --> 00:26:57.071
And everyone was excited about it.

516
00:26:57.094 --> 00:26:58.352
It's not a steers burger.

517
00:26:58.430 --> 00:26:59.375
It's not a steers burger.

518
00:26:59.376 --> 00:27:00.172
Of course it's not.

519
00:27:00.336 --> 00:27:01.036
I know that.

520
00:27:01.036 --> 00:27:01.630
You know that.

521
00:27:01.696 --> 00:27:02.493
Blind tasting.

522
00:27:02.594 --> 00:27:05.149
I know a plant from a cow.

523
00:27:06.274 --> 00:27:07.649
I'm a kid.

524
00:27:07.650 --> 00:27:08.350
Yeah.

525
00:27:08.350 --> 00:27:09.508
Um.

526
00:27:11.086 --> 00:27:16.352
They were in the doldrums, nobody wanted
it, it was just a fad and then suddenly

527
00:27:16.352 --> 00:27:18.352
Walmart came out and said yeah we're gonna

528
00:27:18.352 --> 00:27:20.914
take all your stuff we're gonna distribute
it 150%

529
00:27:20.915 --> 00:27:26.820
on Monday I think it was yesterday 100
today another 100% people just can't buy

530
00:27:26.820 --> 00:27:28.820
enough of this stuff.

531
00:27:28.820 --> 00:27:30.086
Interesting the way that the way that
markets work.

532
00:27:31.070 --> 00:27:37.914
Imagine having phoned a client up ages ago
and saying where it's 80 cents now there's

533
00:27:37.914 --> 00:27:39.914
nothing we can do saying it's

534
00:27:39.914 --> 00:27:41.914
three dollars 62.

535
00:27:41.914 --> 00:27:42.256
What a lovely thing sometimes to be a fund
manager.

536
00:27:43.258 --> 00:27:47.081
Skulk, JSE Indices, please, and Value
Traded.

537
00:27:47.303 --> 00:27:52.284
So JSE today closed at 108,837 points,

538
00:27:52.924 --> 00:27:58.417
literally just being negative, down 65
points, down six basis points.

539
00:27:58.792 --> 00:28:04.213
Resources, as expected, that was down
2.4%, while the rest of the indices were

540
00:28:04.213 --> 00:28:06.213
all in the green.

541
00:28:06.213 --> 00:28:08.776
The Industrial Index up 0.6%, Financials
up 1.2%.

542
00:28:08.826 --> 00:28:13.649
to 1% and the asset property index also up
1.2%.

543
00:28:14.493 --> 00:28:15.493
So a solid day.

544
00:28:15.494 --> 00:28:19.539
When you look at the value trade in the
market, not a slow day at all.

545
00:28:19.914 --> 00:28:26.125
Just remember yesterday we had a $38
billion and usually when you've got such a

546
00:28:26.125 --> 00:28:28.125
large trading day, you sort of get a bit
of a breather today,

547
00:28:28.125 --> 00:28:30.125
but that was not the case today.

548
00:28:30.125 --> 00:28:31.375
Today another $37 billion traded through
the JSC.

549
00:28:31.376 --> 00:28:32.076
That's fantastic news.

550
00:28:33.454 --> 00:28:34.154
What a day.

551
00:28:34.235 --> 00:28:34.935
Really good.

552
00:28:35.450 --> 00:28:38.052
Skulk, thank you very much for your time
as always.

553
00:28:38.053 --> 00:28:39.595
We won't be speaking next week.

554
00:28:39.833 --> 00:28:40.977
We'll speak the week after.

555
00:28:41.036 --> 00:28:44.938
Skulk Lowe is Portfolio Manager at PSG
Wealth Old Oak in Cape Town.

556
00:28:45.181 --> 00:28:46.579
And that was the five o'clock shadow.

557
00:28:46.821 --> 00:28:53.774
The views and opinions expressed in these
podcasts are those of Lindsay Williams and

558
00:28:53.774 --> 00:28:55.774
various contributors and do not reflect
the policy,

559
00:28:55.774 --> 00:28:57.509
position or opinion of any other agency,
organisation,

560
00:28:57.837 --> 00:29:02.477
employer or company associated with
StrictlyBusinessPodcast.com.

561
00:29:02.962 --> 00:29:09.885
assumptions made on the analyses are not
reflective of the position of any other

562
00:29:09.885 --> 00:29:11.885
entity other than the speaker or the
author.

563
00:29:11.885 --> 00:29:15.370
And since we are critically thinking human
beings, these views are always subject to

564
00:29:15.370 --> 00:29:15.469
change,

565
00:29:15.651 --> 00:29:18.214
revision and rethinking at any time.

566
00:29:18.518 --> 00:29:20.940
Please do not hold us to them in
perpetuity.
