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

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With me is Viv Govender from RAND Swiss
and also David Shapiro from SAS for

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Insecurities.

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It's not the five o'clock shadow because
of me, we missed out on that this week but

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we're going to have a look at,

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well obviously the tech sector but also
some geopolitics as well.

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And Viv one of the things that I've been
speaking to David about in the couple of

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times that I've spoken to him since we as
a threesome

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last spoke is his review of, not review
of, look forward to 2026.

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And one of the things he says, and he'll
back me up on this, is that AI will still

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be there,

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will still be very prominent and an
increasing part of our lives,

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but the stocks may not be quite as
ebullient as 2025.

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Would you agree with that?

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That is possible.

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But I would, remember, I told you a while
back that there's only two ways that AI

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can really make

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GDP growth needs to be around 5 percent to
justify the spending that we are getting

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at the moment.

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And since we last spoke, what's happened
is there is actually developments in that

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front.

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So we are seeing for the first time AI
getting smart enough to do actual new

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science.

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So there's things called these Erdos
problems and they're mathematical problems

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and AI solving them on its own or just one
of them on their own.

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This is the kind of stuff that you expect
to see before you know, things really

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start taking off.

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Because if we can do science like
mathematics and so on, it can do science

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like AI research.

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And that is the point in which things
become, you know, parabolic.

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And so yes, it might slow down, you know,
but if we do hit these technical limits

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whenever they occur, maybe this year,

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maybe in a decade's time, whatever happens
at that point in time, you know, things

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are gonna go crazy in a very, you know,

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visible way.

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Let me say that.

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I think one of the reasons that people
have kind of got a little bit like, you

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know, less impressed by AI recently is
because you got too smart.

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People don't understand how good it is.

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You need to be one of the world's best
scientists to actually use the AI you can

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get from like

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Gemini or from, you know, open AI at the
moment to its fullest ability.

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Most people are literally not smart enough
to actually use these programs to what

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they can do at the moment.

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Speaking of not smart enough, and that's
me, not you, David,

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but does that convince you to almost
mentally rewrite your 2026 scenario?

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No, you know, I called it the year of AI
adoption.

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And what Viv's saying, look, I can't talk
at that high level.

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But what I do know is that a lot of
companies have held back from introducing

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it into their

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operations.

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And my view is no, you can't, you're just
not smart enough, you just don't

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understand it.

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And therefore, if I take it at a low level
to Accenture, to ServiceNow, to...

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companies, Salesforce, businesses like
that, Adobe and that, which have been

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ignored and where people are saying, no,

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you don't need those companies.

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It's, you know, you can do it yourself.

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Forget it.

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You know, forget it.

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And I think you're going to need a lot of
high level people to to actually get the

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best out of it for

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you.

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So coming from a different angle, from a
very much lower level, I still think that,

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you know,

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they're businesses who understand it.

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are going to be needed in order to get the
best out of it.

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Okay, let me look at it from a different
angle.

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And I just want to go to Viv on this one
before we come back to you on a couple of

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specific stocks examples, David.

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But Viv, what particular sectors do you
think lend themselves to the sort of AI

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development that you're seeing at the
moment?

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I mean, is it the healthcare sector?

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Is it aviation?

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Is it retail?

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What do you think is the one that could
really bolt itself onto AI?

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Yeah.

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Look, I think the healthcare sector is one
of those things that basically it's not

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being held by the tech.

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It's been held by either, I would say,
inertia in the sector, regulations and

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other factors.

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Because at the moment, you can go and use
your Gemini.

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It'll give you a better result than most
doctors you talk to.

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At the moment, the average doctor is not
as good as Gemini or Chakraborty.

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That's just a fact, right?

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I can attest to that, by the way, but
that's another story.

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Everyone, I had a health issue.

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You had a health issue.

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in the last little while and we've, and in
both those cases, right?

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You know, and this mine was like a year
ago, but you know, it's gotten better

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since then.

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These things are as good as your doctor,
you know, at least, and they have better

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than the doctor because you can talk to
that like 10

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o'clock at night if you wanted to just to
go through like thoughts that you might

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have about, you know, test results or
whatever.

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That's already here.

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Okay, so healthcare is salt.

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When it comes to aviation, if you can
basically navigate a

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uh it's called a uh a busy city streets
with pedestrians and whatnot you could fly

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a plane there's nothing out of the air
update what i mean uh

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there's all these things that are already
at a point where the technology is come to

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a point where it can be adopted it's
inertia it has the industry

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as well as regulations that hold things
back but speaking of what i was talking

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about i don't know if this year the market
will go up or not on the ai

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I'm just saying that we are approaching a
point where if the spark takes off,

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whenever it does take off,

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you won't see like five or six years time
period for it to really go off.

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It'll happen in a year because AI is the
only technology in the world that adopts

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itself.

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So if you have AI that's smart enough, you
don't need somebody to adopt it for you.

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You don't need to have a smart guy coming
and telling you what to do in order to get

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into your company.

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The AI could do it for itself.

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It's almost like self-extracting, if you
know what I mean.

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when that does occur and like i said i
don't know if it's this year or 10 years

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time but we are kind of seeing the slight
sparks right now that this

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this thing is getting smart enough to do
these kind of things at some potential

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time in the future david this utopian
world that has just been described

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by viv govinda you're

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an artistic person you're a great artist
and a very very accomplished writer i must

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say

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is it all over for people like you is it
over for me not at all Not at all.

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I think that from that point of view, it's
helping me enormously,

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absolutely enormously, you know, to craft
something easier.

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And, you know, when I'm looking for I will
write a paragraph or two paragraphs or

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something and I'll say this just

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doesn't gel.

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And I go into AI and it corrects it for me
and, you know, just makes it like having

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an editor.

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And the editors there, I mean, nobody
writes a book.

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Everybody in their book, they always thank
the editors.

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Simply, we can't write like that.

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We haven't got the same kind of skills.

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But I think where it also helps me is
sometimes in humor.

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You know, it's like here's 10 jokes or 10
statements.

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I say, oh, this is good.

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You know, but I do adapt it.

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You've got to adapt it.

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You know, you, but I mean, it's like
having a good friend.

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So if anything, it's helped It hasn't
changed your style,

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has it?

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Not at all.

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No?

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No, not at all.

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In fact, it's enhanced to a large extent.

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The art side is difficult.

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You know, I don't like AI-generated stuff,
not at all.

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You know, I don't think they can come
close to proper art as somebody who sits

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there with

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an easel or something.

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You know, it becomes very flat sometimes.

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And especially the kind of stuff I do,
which is painstakingly elaborate, you

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know, kind of,

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I mean, etching, I mean, stroke by stroke.

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So it can't really help me unless I want
to construct, say, listen,

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give me a picture of this that I can copy
it or blend it in or use it as a

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reference.

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But from a writing point of view,
unbelievable.

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Really?

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I'm still not convinced, but yes, I can
understand if you're disciplined and not

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lazy.

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And I know you're not.

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You enjoy your writing.

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So you're not going to say, right, write
this for me because I want to watch a

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football match or something and I need to
get it out for tomorrow.

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You're not going to do that.

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I know.

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Viv, a stock that came up earlier this
week, in fact,

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it was yesterday that David's been banging
on about correctly for so long now and

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successfully for so long now is

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ASML.

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which is TSMC.

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If you look at those two companies, they
epitomize AI investing, don't they?

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Yes, and I own both of them.

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And for the longest time, ASMR was, I was
completely, I did not understand why this

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company was not more valuable.

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It just made no sense to me.

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It is literally the irreplaceable company
in the world.

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There is nothing on the planet that comes
close to what ASMR can do.

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And it's foundational to this whole kind
of technological craze we are seeing right

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now.

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And yet it's the cheapest company.

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It's the same price, in fact, might be
cheaper right now than OpenAI is.

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And OpenAI has all these competitors.

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ASML on the other hand has no competitors.

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The entire Chinese economy cannot do what
ASML does.

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And so for the first time that we are
seeing it as it is breaking the half a

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trillion dollar mark,

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it was quite pleasant because I've owned
it for two years.

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And you can see it hasn't really done that
much until very recently.

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They don't have as much as a boat, as
ASML,

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but they do have the execution ability
that makes them almost unique in the

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world.

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It's a combination of the Taiwanese
culture that makes people willing to go

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with it, like whatever time to get things
done.

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Also, the fact that they're kind of
isolated so you could have these super

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genius

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engineers being paid good but not
incredible salaries that they'd get to the

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U.S.

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for other jobs, etc.

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And so you have this combination, this
kind of special perfect storm situation.

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that allows you to produce the world's
best chips using machines from ASML.

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So both these companies are owned by me,
and like I said, until very recently, ASML

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has been quite disappointing, but really,

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I think for the first time, people have
very suddenly seen the true value coming

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in here.

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And just one thing I want to point out
about these things: when people talk about

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these two nanometer chips that these guys
are making,

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do you know what two nanometers means?

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No, not actually.

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Two nanometers is about 10 atoms.

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Think about it.

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When they say two nanometer chips, we're
talking about 10 atoms wide.

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That's what we're talking about.

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Okay?

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We're talking x-rays being basically used
to etch these things, not like normal

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light lasers,

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x-ray lasers effectively in your mind.

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That's the kind of technology we're
talking about and ASML is the only one in

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the world that can do this.

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It's an incredible company.

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Surely though.

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given what you've been talking about over
the last seven and a half minutes,

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someone's going to replicate this though,
Viv.

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And then I'll come to you, David.

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I mean, someone, of course, by the,
because of the nature of AI, someone will

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come up with something and there will be a
new company,

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a new startup that will replicate the
business that ASML is in.

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Viv?

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Okay.

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Let me explain to you what the technology
looks like.

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First of all, what ASML does is the most
complicated, how, high-end science, or

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engineering rather,

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that humans have ever done.

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There is no company in the world that
comes close to what KSML does, in terms of

236
00:11:13.173 --> 00:11:15.173
that kind of thing.

237
00:11:15.173 --> 00:11:17.235
When you're basically using X-rays, you
can't use lenses to focus these things.

238
00:11:17.275 --> 00:11:23.879
What you are using is levels of little
sheets of metal that reflect the X-rays in

239
00:11:23.879 --> 00:11:25.879
like interference patterns that

240
00:11:25.879 --> 00:11:27.879
actually edge onto the chip.

241
00:11:27.879 --> 00:11:29.879
Think about that.

242
00:11:29.879 --> 00:11:31.879
But here's the thing.

243
00:11:31.879 --> 00:11:33.879
The Chinese have been trying to do this.

244
00:11:33.879 --> 00:11:35.879
They know it's the company that they have
to replace.

245
00:11:35.879 --> 00:11:37.735
China has been trying for over a decade to
get ASML, to do what ASML is doing.

246
00:11:38.135 --> 00:11:40.477
This is the world's largest manufacturing
entity.

247
00:11:40.497 --> 00:11:41.598
This is China as a whole.

248
00:11:42.038 --> 00:11:42.778
And they've been trying.

249
00:11:42.779 --> 00:11:43.699
They have not done it yet.

250
00:11:44.079 --> 00:11:47.582
It's not because they have some patents
that the Chinese are expecting beyond

251
00:11:47.582 --> 00:11:49.582
anything else.

252
00:11:49.582 --> 00:11:50.744
It's not because they have some legal
protection.

253
00:11:50.764 --> 00:11:55.427
It's just because the actual technical
skill required to do this is their moat.

254
00:11:56.388 --> 00:11:59.150
And you can't go and just replicate this
technical skill out of nowhere.

255
00:11:59.690 --> 00:12:02.452
It is an incredibly how can I say?

256
00:12:03.772 --> 00:12:07.914
An incredible achievement for you Dutch, I
can say that to Lindsay.

257
00:12:08.635 --> 00:12:14.738
That you have created a company that is
just so good that even the world's largest

258
00:12:14.738 --> 00:12:16.738
manufacturing country, China,

259
00:12:16.738 --> 00:12:18.738
cannot do what you do.

260
00:12:18.738 --> 00:12:19.661
Okay David now the human factor comes in.

261
00:12:19.961 --> 00:12:26.845
Someone's landing at this moment at
Schiphol Airport Amsterdam and they're

262
00:12:26.845 --> 00:12:28.845
going to get on the train to Eindhoven and
they're going to knock on the door and

263
00:12:28.845 --> 00:12:32.788
say Mr ASML let's go and have a cup of
coffee and they're going to nick a couple

264
00:12:32.788 --> 00:12:34.788
of those ASML people surely

265
00:12:34.788 --> 00:12:36.251
after what Viv just described, somebody
might be tempted.

266
00:12:36.531 --> 00:12:37.231
Why not?

267
00:12:37.592 --> 00:12:42.216
I'm sure they've been trying to do this,
but I mean, I don't think it's one

268
00:12:42.216 --> 00:12:44.216
particular scientist.

269
00:12:44.216 --> 00:12:45.039
This has been developed over a long time.

270
00:12:45.339 --> 00:12:52.105
And in fact, if you go into the history of
ASML, which I think came out of Philips,

271
00:12:52.105 --> 00:12:54.105
its early stages,

272
00:12:54.105 --> 00:12:54.567
its early life was very dramatic.

273
00:12:55.007 --> 00:12:56.269
It didn't make profits.

274
00:12:56.270 --> 00:12:57.450
It was battling along.

275
00:12:57.790 --> 00:12:59.832
So to get to where they've got today,

276
00:13:00.216 --> 00:13:07.158
took a huge amount of effort and pain and
suffering so it's a wonderful story and i

277
00:13:07.158 --> 00:13:07.238
think it could

278
00:13:07.238 --> 00:13:13.660
have only been um netherlands or the
hollanders you know that could have done

279
00:13:13.660 --> 00:13:15.660
something like that

280
00:13:15.660 --> 00:13:16.961
doer but persistent and

281
00:13:17.681 --> 00:13:24.563
uh no you you understand what i'm saying
americans are too kind of you know all

282
00:13:24.563 --> 00:13:26.563
over the place capricious phlegmatic
whatever you

283
00:13:26.563 --> 00:13:29.365
want to say It hasn't come overnight.

284
00:13:29.505 --> 00:13:32.826
It's been a long battle, but I agree with
Viv.

285
00:13:32.926 --> 00:13:34.947
And you know that I've been saying this.

286
00:13:35.147 --> 00:13:41.770
You know, I found the same thing and I
used to drive me mad every time they

287
00:13:41.770 --> 00:13:43.770
published results because they're not
known for their

288
00:13:43.770 --> 00:13:45.770
exuberance.

289
00:13:45.770 --> 00:13:47.812
You know, their CEOs don't get up and put
on leather jackets and put on a show like

290
00:13:48.952 --> 00:13:52.734
Jensen Wang or someone like that or the
Apple boys.

291
00:13:53.054 --> 00:13:55.115
You know, they just get on with it.

292
00:13:57.756 --> 00:14:01.778
give you a very matter of effect where
they are and what they're doing.

293
00:14:01.798 --> 00:14:07.280
But they would quietly say, we're going to
grow 30% per year and we've got good

294
00:14:07.280 --> 00:14:07.280
demand.

295
00:14:07.300 --> 00:14:08.621
They would say it in the low tide.

296
00:14:08.781 --> 00:14:10.662
And no one believed them, you know.

297
00:14:11.682 --> 00:14:12.743
And I agree with Viv.

298
00:14:12.843 --> 00:14:15.744
And I'm so pleased that they've just taken
off like they have.

299
00:14:18.145 --> 00:14:24.108
And look, you've got TSMC, it's the same
kind of situation as well, you know, which

300
00:14:24.108 --> 00:14:26.108
makes up the whole chain.

301
00:14:26.108 --> 00:14:28.108
From there on, you get NVIDIA.

302
00:14:28.108 --> 00:14:28.891
And I think a lot of people are
underrating NVIDIA as well.

303
00:14:29.332 --> 00:14:32.594
You know, that's where I heard for the
first time the two nano no, no,

304
00:14:32.794 --> 00:14:39.579
it was at ASML's presentation when they
spoke about reducing chips from

305
00:14:39.659 --> 00:14:40.800
like what's it from?

306
00:14:40.960 --> 00:14:44.543
Two nano 10 nanos to two nanos or
something like that.

307
00:14:44.923 --> 00:14:46.565
I said, you know, they're not going to
stop.

308
00:14:48.206 --> 00:14:52.033
You don't everybody thinks technology just
comes to a a stencil.

309
00:14:52.034 --> 00:14:54.715
These businesses are developing all the
time,

310
00:14:55.035 --> 00:15:01.220
as you heard from Viv in the early stages
of this conversation, just what lies

311
00:15:01.220 --> 00:15:01.280
ahead.

312
00:15:01.781 --> 00:15:04.002
So you want to go down to value?

313
00:15:04.043 --> 00:15:09.307
You know, you want to buy some bank or you
want to buy some chap who makes nappies or

314
00:15:09.307 --> 00:15:11.307
makes

315
00:15:11.307 --> 00:15:11.409
cream for your face or something like
that?

316
00:15:11.410 --> 00:15:12.930
Yeah, well, go ahead.

317
00:15:13.310 --> 00:15:14.010
Good luck.

318
00:15:15.592 --> 00:15:16.813
This is at a different level.

319
00:15:17.313 --> 00:15:18.294
Okay, so no one can stop.

320
00:15:18.295 --> 00:15:19.155
Go on.

321
00:15:19.156 --> 00:15:25.582
There's one more thing about One more, you
talked about ASML, you talked about

322
00:15:25.582 --> 00:15:27.582
NVIDIA, you talked about AMD and those
kind of guys, right?

323
00:15:27.582 --> 00:15:29.582
And TSMC.

324
00:15:29.582 --> 00:15:30.667
The best performer in my AI portfolio in
the last year has been what?

325
00:15:31.067 --> 00:15:31.767
Micron.

326
00:15:32.264 --> 00:15:33.445
They make the memory.

327
00:15:33.465 --> 00:15:34.646
Yes, it is.

328
00:15:34.647 --> 00:15:35.347
SK Hynix.

329
00:15:35.347 --> 00:15:38.870
We're talking like tripling to the last
year.

330
00:15:40.791 --> 00:15:46.376
These are the companies that make the high
because the chips do one thing,

331
00:15:46.416 --> 00:15:51.341
but the memory is important because if you
want to have these AI things do things,

332
00:15:51.342 --> 00:15:54.483
you want them to remember stuff and have
this huge what they call contact windows.

333
00:15:55.484 --> 00:16:01.821
What you do is you have all the new
information you have, you've got to apply

334
00:16:01.821 --> 00:16:03.821
that information across the model To do
that, you need a huge amount of memory.

335
00:16:03.821 --> 00:16:05.821
These memory companies have gone
ballistic.

336
00:16:05.821 --> 00:16:08.643
In the last basically month or so, Samsung
is up 40 percent.

337
00:16:09.184 --> 00:16:11.665
People forget that Samsung is also one of
these guys as well.

338
00:16:12.085 --> 00:16:15.766
Micron, SK Hynix and Samsung are the guys
that make the memory that you're looking

339
00:16:15.766 --> 00:16:16.127
at.

340
00:16:16.787 --> 00:16:18.387
They have gone like I said, ballistic in
the last.

341
00:16:18.627 --> 00:16:20.608
Micron also up almost 40 percent.

342
00:16:21.249 --> 00:16:25.930
Of course, all these memory companies have
gone crazy because you're going to have to

343
00:16:25.930 --> 00:16:26.011
need this memory.

344
00:16:26.011 --> 00:16:32.761
Before these things actually be useful,
they have to be applied in the world and

345
00:16:32.761 --> 00:16:34.761
then So yeah, that's another just one
little extra thing to note there.

346
00:16:34.761 --> 00:16:36.863
That it's these guys actually be the best
performer in the sector.

347
00:16:37.203 --> 00:16:42.065
Okay, so AI is not going to be stopped by
anyone, least of all President Donald J.

348
00:16:42.285 --> 00:16:45.067
Trump, the 47th president of the United
States of America.

349
00:16:45.487 --> 00:16:48.328
And David, he's becoming more and more
bizarre.

350
00:16:48.728 --> 00:16:50.229
He's becoming more and more radical.

351
00:16:50.269 --> 00:16:53.971
He's becoming more and more rabidly
racist, more authoritarian.

352
00:16:54.211 --> 00:16:59.897
He even said in a Reuters interview in the
last 36 hours, that he doesn't see why

353
00:16:59.897 --> 00:17:01.897
there should be any midterms,

354
00:17:01.897 --> 00:17:03.880
because every midterm the president, the
sitting president actually loses.

355
00:17:04.140 --> 00:17:09.763
I mean, he's actually said this to
Reuters, a respected news agency with a

356
00:17:09.763 --> 00:17:11.763
fairly decent audience.

357
00:17:11.763 --> 00:17:13.763
David, he's gone completely bonkers.

358
00:17:13.763 --> 00:17:15.763
Yeah, yeah.

359
00:17:15.763 --> 00:17:16.687
I'm trying to find a word.

360
00:17:17.187 --> 00:17:20.189
I know that you've got Trump derangement
syndrome.

361
00:17:21.089 --> 00:17:22.490
I've got fatigue syndrome.

362
00:17:22.530 --> 00:17:24.631
I don't know how to put it into something
like that.

363
00:17:25.091 --> 00:17:25.791
But I'm...

364
00:17:26.392 --> 00:17:28.313
I'm getting very worried.

365
00:17:28.493 --> 00:17:29.193
Yes.

366
00:17:29.193 --> 00:17:32.875
You know, I'm getting worried about where
the United States is going and where it's

367
00:17:32.875 --> 00:17:33.055
heading.

368
00:17:33.395 --> 00:17:37.156
And also why no one is standing up.

369
00:17:37.657 --> 00:17:42.158
Why haven't there been much louder voices
to his attack on Powell?

370
00:17:42.159 --> 00:17:45.180
You know, calling everything from a moron
to whatever.

371
00:17:45.320 --> 00:17:48.481
No wonder this lady has a go, Pira has a
go at him.

372
00:17:48.901 --> 00:17:54.043
She says she thinks that she's furthering
his aims and that she'll curry favor with

373
00:17:54.043 --> 00:17:54.083
her boss.

374
00:17:54.183 --> 00:17:59.567
You know, Apart from that, the Greenland,
Venezuela, all these issues.

375
00:18:00.048 --> 00:18:03.891
You know, why aren't people standing up to
this?

376
00:18:04.912 --> 00:18:06.173
One day he's going to bomb Iran.

377
00:18:06.213 --> 00:18:07.414
He's not going to bomb Iran.

378
00:18:07.454 --> 00:18:10.636
You know, it's just almost impossible to
read him.

379
00:18:11.017 --> 00:18:15.240
But I know the markets are just
disregarding and saying this is all noise.

380
00:18:15.641 --> 00:18:21.465
But from a personal point of view, from a
person who has children in America,

381
00:18:21.846 --> 00:18:24.568
who's going to please God, have great.

382
00:18:24.688 --> 00:18:26.268
grandchildren there.

383
00:18:26.269 --> 00:18:32.810
I don't know where this country is going
and why people are not standing up to this

384
00:18:32.810 --> 00:18:34.810
mad syndrome that is

385
00:18:34.810 --> 00:18:36.810
developing.

386
00:18:36.810 --> 00:18:36.812
I also find it depressing.

387
00:18:36.832 --> 00:18:42.833
I was asked by a California organization,
a small organization that wants to rebuild

388
00:18:42.833 --> 00:18:44.833
America.

389
00:18:44.833 --> 00:18:45.874
And they said, could you write something
not about Trump,

390
00:18:45.934 --> 00:18:51.056
but about how to counteract his mania?

391
00:18:51.396 --> 00:18:57.398
And he said, come up with some good
examples of how you can start from the

392
00:18:57.398 --> 00:18:59.398
bottom up rather than the top down.

393
00:18:59.398 --> 00:19:00.399
In other words, how to have a go at Trump.

394
00:19:00.799 --> 00:19:01.559
Forget about that.

395
00:19:01.899 --> 00:19:05.761
Just how to build from the bottom and, as
I say, counteract him.

396
00:19:06.221 --> 00:19:12.623
And I sat down and I just thought it's
futile because there's nothing that can

397
00:19:12.623 --> 00:19:12.743
stop him

398
00:19:12.743 --> 00:19:14.624
for the very reasons that you've just
said.

399
00:19:15.024 --> 00:19:18.745
People are too scared of him and nobody
stands in the way.

400
00:19:18.746 --> 00:19:25.128
I mean, okay, 11 central bankers have
signed some letter to say we stand with

401
00:19:25.128 --> 00:19:27.128
Jay Powell but he doesn't care about that.

402
00:19:27.128 --> 00:19:29.128
He doesn't care about Greenland.

403
00:19:29.128 --> 00:19:31.831
He didn't even know the name of the
president of Greenland or prime minister

404
00:19:31.831 --> 00:19:33.831
of Greenland whatever it is.

405
00:19:33.831 --> 00:19:34.532
But there are only five people these, you
know.

406
00:19:34.572 --> 00:19:36.013
Well, 57,000 technically.

407
00:19:37.933 --> 00:19:39.354
But yeah, Viv, you've been...

408
00:19:40.114 --> 00:19:44.136
This is why AI is probably Trump proof and
recession proof because...

409
00:19:44.816 --> 00:19:47.957
AI doesn't care about what David and I
have just been talking about.

410
00:19:48.298 --> 00:19:48.998
Do you care?

411
00:19:49.358 --> 00:19:52.179
Yeah, look, I'm going to bring something
in here.

412
00:19:52.259 --> 00:19:56.041
And I think that it sounds crazy right
now, but I've mentioned a while back to

413
00:19:56.041 --> 00:19:58.041
you guys as well.

414
00:19:58.041 --> 00:20:00.041
I don't know if it's Trump.

415
00:20:00.041 --> 00:20:02.041
You know what I mean?

416
00:20:02.041 --> 00:20:04.384
What I'm saying is, I'm saying that he's
declining.

417
00:20:04.385 --> 00:20:05.244
He's declining right now.

418
00:20:05.304 --> 00:20:06.265
You can see that quite clearly.

419
00:20:06.805 --> 00:20:08.026
Like you mentioned the stuff is
forgetting.

420
00:20:08.226 --> 00:20:09.346
And people think Trump is dumb.

421
00:20:09.666 --> 00:20:16.213
Go watch an interview for Donald Trump
from the 1990s, was not a dumb guy, right?

422
00:20:17.235 --> 00:20:20.200
It's just that as people get to the age
that they're getting to,

423
00:20:21.323 --> 00:20:25.992
obviously you can see the signs of lack of
capacity growing, if you know what I mean.

424
00:20:27.652 --> 00:20:29.854
David's the same age, and he's not showing
any signs.

425
00:20:29.874 --> 00:20:30.574
Are you, David?

426
00:20:31.435 --> 00:20:33.136
No, David, you're not 80, are you?

427
00:20:33.896 --> 00:20:34.596
Nearly.

428
00:20:34.596 --> 00:20:35.217
Three years.

429
00:20:36.418 --> 00:20:38.779
I understand exactly what Viv is saying.

430
00:20:39.219 --> 00:20:40.340
I know what he's saying.

431
00:20:41.281 --> 00:20:42.781
Carry on.

432
00:20:42.782 --> 00:20:45.343
You have guys like Stephen Miller who
actually are… That's the one.

433
00:20:45.963 --> 00:20:50.446
Stephen Miller, this guy, if we go back in
history, he's like a cartoon villain.

434
00:20:50.786 --> 00:20:53.508
He used to throw stuff on the floor at
school.

435
00:20:53.824 --> 00:20:55.105
And they asked him, why are you doing
this?

436
00:20:55.165 --> 00:20:57.166
It's for the janitors to pick up.

437
00:20:57.226 --> 00:20:57.926
It's their job.

438
00:20:57.926 --> 00:20:58.427
Yeah.

439
00:20:58.427 --> 00:20:59.088
You know?

440
00:20:59.487 --> 00:21:05.411
He basically would not be friends with any
Mexican or people who are darker skinned

441
00:21:05.411 --> 00:21:07.411
in high school and saying that, you know,

442
00:21:07.411 --> 00:21:09.411
you were like subhuman or something.

443
00:21:09.411 --> 00:21:11.411
This is in high school.

444
00:21:11.411 --> 00:21:13.175
This guy has been like an avowed racist
forever, from the time he was a kid.

445
00:21:14.796 --> 00:21:15.496
J.D.

446
00:21:15.496 --> 00:21:21.420
Vance, who I did say, like, you know, when
Trump was elected, is probably going to be

447
00:21:21.420 --> 00:21:23.420
president before the end of the term
because of, you know,

448
00:21:23.420 --> 00:21:23.801
There's a one in three chance of that
happening.

449
00:21:24.461 --> 00:21:29.223
I think it's probably like 50-50 at the
moment, that by the end of the term, Jenny

450
00:21:29.223 --> 00:21:31.223
Baird is president.

451
00:21:31.223 --> 00:21:37.026
Basically, he's, I don't think as
innately, you know, misaligned,

452
00:21:37.367 --> 00:21:43.129
let me say, as Stephen Miller, but he
seems to be a craven coward when it comes

453
00:21:43.129 --> 00:21:43.170
to power.

454
00:21:43.170 --> 00:21:45.250
I mean, do you see this?

455
00:21:45.270 --> 00:21:46.691
I mean, he's married to an Indian woman,
right?

456
00:21:46.692 --> 00:21:49.992
And do you see the stuff that goes on with
the Republican Party and all that kind of

457
00:21:49.992 --> 00:21:50.393
stuff?

458
00:21:50.860 --> 00:21:51.681
And he's not stepping up.

459
00:21:51.682 --> 00:21:58.146
I mean, it's like people have mentioned
the fact that he doesn't step up to people

460
00:21:58.146 --> 00:22:00.146
and say really bad things about his wife,
you know what I mean?

461
00:22:00.146 --> 00:22:02.146
And his kids.

462
00:22:02.146 --> 00:22:08.975
I mean, that is pretty like, you know, I
would say craving, but he's probably going

463
00:22:08.975 --> 00:22:10.975
to be, like I said, the next person in
there.

464
00:22:10.975 --> 00:22:13.279
I don't, listen to what the Aka had to
say, I don't think he'll be the next

465
00:22:13.279 --> 00:22:15.279
president elected.

466
00:22:15.279 --> 00:22:20.912
That being said, because even if you look
back at history of the US, right, go back

467
00:22:20.912 --> 00:22:22.912
all the way to like, you know, the last
40-something years.

468
00:22:22.912 --> 00:22:26.834
You're not going to find anyone besides
Reagan that had a VP be their successor.

469
00:22:27.514 --> 00:22:29.975
Obama was super popular, his VP couldn't
make it.

470
00:22:30.295 --> 00:22:33.316
Clinton was even more popular, his VP
couldn't make it, right?

471
00:22:33.756 --> 00:22:35.217
So Trump put his unpopularity.

472
00:22:35.697 --> 00:22:40.378
I don't think Jeannie Bads becomes the
next elected president of the United

473
00:22:40.378 --> 00:22:42.378
States, but I do think he becomes the next
president.

474
00:22:42.378 --> 00:22:43.599
Or at least a 50% chance of it happening
because of health issues and so on.

475
00:22:44.519 --> 00:22:46.520
But the thing is that this is what really
worries me.

476
00:22:48.168 --> 00:22:49.369
And this is speculation, of course.

477
00:22:49.849 --> 00:22:51.811
But should we have the AI takeoff?

478
00:22:52.131 --> 00:22:55.173
The AI takeoff is what they call, I mean,
this is the term they use.

479
00:22:55.174 --> 00:22:56.774
It's called FOM, F-O-M.

480
00:22:57.975 --> 00:23:01.798
It happens when your AI becomes smart
enough to start doing research on AI

481
00:23:01.798 --> 00:23:01.897
itself.

482
00:23:02.438 --> 00:23:06.621
At that point in time, you find huge
exponential increases in power and so on

483
00:23:06.621 --> 00:23:06.841
coming through.

484
00:23:07.041 --> 00:23:13.786
If that happens during Trump's term, you
will start to see jump ups in GDP that are

485
00:23:13.786 --> 00:23:15.786
going to be spectacular.

486
00:23:15.786 --> 00:23:17.753
You're going to start to see increases in
like new technology that are going to be

487
00:23:17.753 --> 00:23:19.753
quite remarkable.

488
00:23:19.753 --> 00:23:22.496
That could actually be the thing that gets
you the JD VATS elected presidency,

489
00:23:22.916 --> 00:23:27.960
because who's going to not elect the guy
that was vice president when your GDP grew

490
00:23:27.960 --> 00:23:29.960
10% in the last two years?

491
00:23:29.960 --> 00:23:33.384
Are we already seeing it with that print
that we saw from the US GDP?

492
00:23:33.484 --> 00:23:40.149
Or was that just a not a fudged number,
but a skewed number 4.3% when the market

493
00:23:40.149 --> 00:23:42.149
was expecting three and a half percent,

494
00:23:42.149 --> 00:23:44.149
something like that?

495
00:23:44.149 --> 00:23:44.412
Was any of that down to AI input?

496
00:23:45.216 --> 00:23:48.857
I think it's starting to happen, but I
think that's also a larger impact was

497
00:23:48.857 --> 00:23:50.857
probably the shutdown.

498
00:23:50.857 --> 00:23:52.857
Yeah.

499
00:23:52.857 --> 00:23:54.857
You know?

500
00:23:54.857 --> 00:23:56.857
So I think that was like a skewed number
happening.

501
00:23:56.857 --> 00:23:59.522
But I do think that, you know, I've seen
people out there predicting between 4% and

502
00:23:59.522 --> 00:24:01.522
6% GDP growth in the US this year.

503
00:24:01.522 --> 00:24:03.522
Okay.

504
00:24:03.522 --> 00:24:05.522
That is an insane number.

505
00:24:05.522 --> 00:24:07.522
I mean, European Union can't do one and a
half percent.

506
00:24:07.522 --> 00:24:09.522
We as Africa can't do one and a half
percent.

507
00:24:09.522 --> 00:24:10.986
And how is the world's largest, most
developed economy doing three times what

508
00:24:10.986 --> 00:24:11.207
we are doing?

509
00:24:12.007 --> 00:24:13.808
You know what I mean?

510
00:24:13.809 --> 00:24:14.648
This is China numbers.

511
00:24:14.928 --> 00:24:16.029
This is India numbers.

512
00:24:16.729 --> 00:24:18.831
This is stuff you do not see in a
large-scale economy.

513
00:24:19.291 --> 00:24:25.576
And if you do have that happen, if you do
suddenly have Americans basically living

514
00:24:25.576 --> 00:24:27.576
in an economy where they are making, you
know,

515
00:24:27.576 --> 00:24:32.361
or the GDP is going up like 10% a year,
the one thing that might come against

516
00:24:32.361 --> 00:24:34.361
that, which might be even worse than Trump
administration,

517
00:24:34.361 --> 00:24:36.845
as shocking as it might be, is that what
you do is you actually stimulate the envy

518
00:24:36.845 --> 00:24:38.845
response,

519
00:24:38.845 --> 00:24:40.888
which is what you get in California at the
moment with that wealth tax.

520
00:24:41.276 --> 00:24:42.656
Which is the most incredibly...

521
00:24:42.696 --> 00:24:44.257
I mean, if I had to describe this
wealth...

522
00:24:44.258 --> 00:24:45.597
I don't know if you've seen it, Lindsay.

523
00:24:45.598 --> 00:24:46.818
Have you seen this wealth tax in
California?

524
00:24:47.258 --> 00:24:47.958
No, no.

525
00:24:47.958 --> 00:24:48.598
Tell me about it.

526
00:24:49.718 --> 00:24:50.859
Okay, this is it.

527
00:24:51.299 --> 00:24:52.319
It's a wealth tax, right?

528
00:24:52.339 --> 00:24:55.340
But it's a tax of 1% of your net wealth,
right?

529
00:24:56.340 --> 00:24:57.120
Every year for five years.

530
00:24:57.121 --> 00:24:58.181
So it's 5% of your wealth.

531
00:24:58.601 --> 00:25:00.081
Except how do they measure your wealth?

532
00:25:00.082 --> 00:25:01.041
It's not by what you own.

533
00:25:01.141 --> 00:25:03.022
It's by the control you have of a company.

534
00:25:03.602 --> 00:25:09.224
So the guys at Google, for instance,
control more than half the company because

535
00:25:09.224 --> 00:25:11.224
they have what they call super voting
shares, right?

536
00:25:11.224 --> 00:25:13.224
And so...

537
00:25:13.224 --> 00:25:15.224
You don't count how much they actually own
in dollar terms.

538
00:25:15.224 --> 00:25:19.430
They count 50% of Google, which would be
equivalent to something over the five-year

539
00:25:19.430 --> 00:25:21.430
period, like half their wealth would be
taxed.

540
00:25:21.430 --> 00:25:23.430
But here's the thing.

541
00:25:23.430 --> 00:25:25.430
They have to pay the tax in cash.

542
00:25:25.430 --> 00:25:27.896
So first, they've got to sell those
shares, pay capital gains, and take that

543
00:25:27.896 --> 00:25:29.896
value and pay off the tax in California.

544
00:25:29.896 --> 00:25:31.896
What's going to happen?

545
00:25:31.896 --> 00:25:33.896
Obviously, the guys from Google have left
California now.

546
00:25:33.896 --> 00:25:38.674
Then you have guys that own things like,
for instance, OpenAI or whatever, which

547
00:25:38.674 --> 00:25:40.674
are untraded shares.

548
00:25:40.674 --> 00:25:43.378
They still have to sell those shares
somehow, get liquid and pay off this tax.

549
00:25:44.059 --> 00:25:47.702
So California is destroying its Silicon
Valley.

550
00:25:48.202 --> 00:25:52.986
It may not exist in the next three years
or so in California because of these three

551
00:25:52.986 --> 00:25:53.206
attacks.

552
00:25:53.326 --> 00:25:54.207
And why is this occurring?

553
00:25:54.227 --> 00:25:57.790
It's occurring because people are starting
to see inequality rise.

554
00:25:58.210 --> 00:26:00.091
The same thing is Mamdani in New York.

555
00:26:00.191 --> 00:26:01.332
He's the same situation.

556
00:26:01.793 --> 00:26:08.197
And you're starting to see this happening
in, there's a guy called Gary Stevens in

557
00:26:08.197 --> 00:26:10.197
the UK, talking about the wealth tax.

558
00:26:10.197 --> 00:26:13.621
The French just passed, the lower house
was passed, I don't know if the French

559
00:26:13.621 --> 00:26:15.621
political system as well,

560
00:26:15.621 --> 00:26:18.604
but the French left has tried to pass a
law basically making a wealth tax of a

561
00:26:18.604 --> 00:26:18.665
minimum of 2%

562
00:26:19.345 --> 00:26:21.086
of your wealth per year.

563
00:26:21.466 --> 00:26:26.290
And if you try to leave, they want to make
it five or ten years, you know, basically,

564
00:26:26.290 --> 00:26:28.290
so if you live in France now,

565
00:26:28.290 --> 00:26:28.471
you still have to pay for 10 years after
you leave.

566
00:26:28.972 --> 00:26:34.175
This is happening around the world, even
though wealth taxes are known to be

567
00:26:34.175 --> 00:26:36.175
terrible everywhere in the time it's been
bad.

568
00:26:36.175 --> 00:26:38.175
But why they're doing this?

569
00:26:38.175 --> 00:26:38.979
It's because this inequality might be
rising to an extent that it's going to

570
00:26:38.979 --> 00:26:39.259
cause that.

571
00:26:39.259 --> 00:26:44.162
So the thing is that we are approaching
these points of huge growth, huge GDP

572
00:26:44.162 --> 00:26:44.322
growth,

573
00:26:44.322 --> 00:26:50.126
but it's probably going to result either
in a Trump or GD Vance presidency, because

574
00:26:50.126 --> 00:26:50.266
of course,

575
00:26:50.306 --> 00:26:55.630
it's going to be said over the wall is
wonderful, a utopia like you said, and

576
00:26:55.630 --> 00:26:57.630
both for the guy that got it to us,

577
00:26:57.630 --> 00:27:01.672
or it's going to result in a backlash
which is going to bring socialism into

578
00:27:01.672 --> 00:27:03.672
play, which unfortunately, you know,

579
00:27:03.672 --> 00:27:05.073
even the world is bad as the right wing
is.

580
00:27:05.293 --> 00:27:07.773
The socialists are, as that is some cases,
worse than them.

581
00:27:08.253 --> 00:27:11.474
And I think that's the situation going
forward in places like the US at the

582
00:27:11.474 --> 00:27:11.835
moment.

583
00:27:11.835 --> 00:27:18.116
Well, you two chaps stop making plans now
if what Viv has just sketched out does

584
00:27:18.116 --> 00:27:20.116
come to fruition.

585
00:27:20.116 --> 00:27:21.937
Now then, David, I know you don't
particularly like commodities.

586
00:27:21.938 --> 00:27:24.298
You look at them with an indulgent eye.

587
00:27:24.710 --> 00:27:27.833
But silver must interest you because I
remember after Liberation Day,

588
00:27:28.093 --> 00:27:31.716
the silver price was below $30 per ounce.

589
00:27:31.996 --> 00:27:37.481
It dipped down below there because every
market dipped down below every single

590
00:27:37.481 --> 00:27:39.481
level that it had just very briefly.

591
00:27:39.481 --> 00:27:43.126
Then I remember sending a tweet out, an X
out, mid-October, I think it was, to say,

592
00:27:43.186 --> 00:27:45.047
is it time to ring the bell on silver?

593
00:27:45.048 --> 00:27:48.390
Because it was $51 per ounce.

594
00:27:48.550 --> 00:27:49.551
You did say that.

595
00:27:49.552 --> 00:27:52.734
And then it's now above $90.

596
00:27:53.798 --> 00:27:56.600
So it's nearly doubled and then it's
nearly doubled again.

597
00:27:56.960 --> 00:27:57.660
Now, tell me something.

598
00:27:57.660 --> 00:28:01.323
I remember the days of Bunker Hunt when
Bunker Hunt tried to corner the silver

599
00:28:01.323 --> 00:28:01.342
market.

600
00:28:01.663 --> 00:28:03.184
Has silver got a use now, David?

601
00:28:03.224 --> 00:28:04.665
And Viv, come in on this one as well.

602
00:28:04.865 --> 00:28:08.107
Has silver suddenly become a PGM, if you
like?

603
00:28:08.127 --> 00:28:13.910
I think its only real use is on solar
panels where it's used quite extensively.

604
00:28:14.010 --> 00:28:20.274
But one of the driving forces was silver
has always been I call it poor man's gold

605
00:28:20.638 --> 00:28:24.160
But it's always been an alternative to
gold for those who can afford it.

606
00:28:24.880 --> 00:28:31.703
It's the only country that really
accumulates a metal as a safe haven.

607
00:28:32.704 --> 00:28:36.125
It's very closely associated to America.

608
00:28:36.546 --> 00:28:43.129
But you know, Trump wanted to put all
kinds of taxes on imported minerals and

609
00:28:43.129 --> 00:28:45.129
metals and copper and so on.

610
00:28:45.129 --> 00:28:45.550
And I think the fact that there was a
fear...

611
00:28:48.163 --> 00:28:48.863
that he would do it.

612
00:28:48.883 --> 00:28:52.605
And for that reason, I think there's been
a huge accumulation before this happens.

613
00:28:53.165 --> 00:28:58.287
But its rise from, say, 50 to 90, I can't
explain.

614
00:28:58.667 --> 00:29:03.549
You know, the sheer pandemonium behind it,
which we can explain for platinum as well,

615
00:29:04.109 --> 00:29:09.652
I'm not quite sure who the forces are that
have been accumulating in as much or the

616
00:29:09.652 --> 00:29:09.672
frenzy

617
00:29:10.152 --> 00:29:14.434
behind that.

618
00:29:16.254 --> 00:29:19.415
I really don't know who's been paying
those kind of levels for this.

619
00:29:19.855 --> 00:29:24.456
I would imagine that there's massive
speculation around this,

620
00:29:24.457 --> 00:29:31.278
and my fear is that we've seen before that
when this does slow down, it slows down at

621
00:29:31.278 --> 00:29:33.278
an incredible pace.

622
00:29:33.278 --> 00:29:34.199
So it's astonishing me.

623
00:29:34.579 --> 00:29:38.861
I look more for the other metals to make
any kind of decision,

624
00:29:38.901 --> 00:29:45.603
but when you start to go into gold and
platinum and silver at these kinds of

625
00:29:45.603 --> 00:29:47.603
levels, or at this kind of pace,

626
00:29:47.603 --> 00:29:48.505
you know that there's going to be pain
somewhere down the line.

627
00:29:48.866 --> 00:29:54.911
Yeah, Viv, the commodity cycle such as it
is, I mean the oil price, even without the

628
00:29:54.911 --> 00:29:54.951
oil price,

629
00:29:54.951 --> 00:30:00.996
the Commodity Research Bureau index is at
an all-time record high at the moment, or

630
00:30:00.996 --> 00:30:02.996
just below an all-time record high.

631
00:30:02.996 --> 00:30:08.062
So if oil started to go as well because of
a reigniting of the Iran tensions between

632
00:30:08.062 --> 00:30:10.062
Iran and the United States of America,

633
00:30:10.062 --> 00:30:15.327
oil went to 75, 80 dollars per barrel, the
metals kept on going, the dollar kept on

634
00:30:15.327 --> 00:30:17.327
eking its way downwards,

635
00:30:17.327 --> 00:30:21.791
then you've got a commodity cycle that's
continuing to run, which means the rand,

636
00:30:21.791 --> 00:30:23.791
of course, Viv, will go to 14,

637
00:30:23.791 --> 00:30:26.393
14.50 from its current level of, what is
it, 16.30, 16.40?

638
00:30:26.793 --> 00:30:27.874
Who would have thought it, Viv?

639
00:30:29.457 --> 00:30:34.500
Yeah, look, I mean, with regards to
precious metals, I mean, have you guys

640
00:30:34.500 --> 00:30:36.500
talked about the BRICS unit yet?

641
00:30:36.500 --> 00:30:38.500
No.

642
00:30:38.500 --> 00:30:42.645
The proposed there's a thing called the
BRICS unit we propose, which would be like

643
00:30:42.645 --> 00:30:44.645
a way for it's called the unit UIT.

644
00:30:44.645 --> 00:30:47.748
And it's a 40% gold-backed, 60%

645
00:30:47.749 --> 00:30:51.070
currency-backed kind of currency,

646
00:30:51.230 --> 00:30:56.193
like de facto currency being created
between the BRICS countries and so on for

647
00:30:56.193 --> 00:30:58.193
cross-border trade.

648
00:30:58.193 --> 00:31:00.193
Right.

649
00:31:00.193 --> 00:31:02.193
And of course, that requires a lot of
gold.

650
00:31:02.193 --> 00:31:02.555
I think one reason that gold is doing so
well is because of course what's happening

651
00:31:02.555 --> 00:31:04.555
with Powell and the US Fed, etc.

652
00:31:04.555 --> 00:31:05.715
But with regards to silver, firstly, a
couple things today.

653
00:31:05.755 --> 00:31:09.576
This is maybe again, because I'm coming
across like the guy with the tinfoil hat

654
00:31:09.576 --> 00:31:09.736
all the time.

655
00:31:10.097 --> 00:31:15.098
But there's been speculation about
silver's market manipulation for a long

656
00:31:15.098 --> 00:31:15.438
time.

657
00:31:15.598 --> 00:31:22.220
I mean, people would like a bit of
history, because I mean, only David Yeo

658
00:31:22.220 --> 00:31:24.220
was in the river business, was the silver
market manipulation 1980s, you know what I

659
00:31:24.220 --> 00:31:26.220
mean?

660
00:31:26.220 --> 00:31:26.381
So yeah, there has been that kind of stuff
happening in the past.

661
00:31:26.661 --> 00:31:28.842
And so there's rumors about silver
manipulation at the moment.

662
00:31:29.262 --> 00:31:32.823
But when it comes to oil, I mean, you see
Iran blowing up.

663
00:31:32.824 --> 00:31:36.024
If Iran blows up, you'd be lucky to see
$180 oil.

664
00:31:36.544 --> 00:31:37.464
Forget about $80 oil.

665
00:31:38.104 --> 00:31:41.625
And in that scenario, I'm almost certain
we'd have a recession in South Africa.

666
00:31:42.465 --> 00:31:46.367
Because, I mean, because what Iran
controls is what's called the Straits of

667
00:31:46.367 --> 00:31:46.707
Hormuz.

668
00:31:46.727 --> 00:31:51.168
If you look at the percentage of Middle
Eastern oil that goes through that place,

669
00:31:51.168 --> 00:31:53.168
it's huge.

670
00:31:53.168 --> 00:31:54.769
And here is the thing that people forget.

671
00:31:55.189 --> 00:31:56.410
This oil does not go to America.

672
00:31:57.390 --> 00:31:58.090
It goes to where?

673
00:31:58.090 --> 00:31:59.951
It goes to China, right?

674
00:32:00.451 --> 00:32:02.532
So the US has the ability to blow up

675
00:32:03.052 --> 00:32:08.114
Iran and cause oil to spike in a way that
will directly harm China.

676
00:32:09.015 --> 00:32:10.395
The incentives are scary.

677
00:32:10.956 --> 00:32:17.858
On the other hand you could say that if
the regime changes then there's more

678
00:32:17.858 --> 00:32:19.858
investment in the oil industry from
foreign companies and therefore the oil

679
00:32:19.858 --> 00:32:23.881
starts to flow even more than it is now
and therefore that's bearish like some

680
00:32:23.881 --> 00:32:25.881
people were saying that a medium term

681
00:32:25.881 --> 00:32:27.264
the Venezuela situation is bearish for the
oil price.

682
00:32:27.284 --> 00:32:32.748
And initially, there was a little bit of a
spike up from about 61, 62,

683
00:32:32.749 --> 00:32:34.790
up to 65 with Brent crude.

684
00:32:35.130 --> 00:32:40.935
So I would say that, in fact, the bullish
people would say exactly the opposite to

685
00:32:40.935 --> 00:32:41.135
you, Viv.

686
00:32:41.195 --> 00:32:42.136
But we'll wait and see.

687
00:32:42.236 --> 00:32:48.801
At the moment, oil still… By one point,
when did we last had a peaceful regime

688
00:32:48.801 --> 00:32:50.801
change that immediately resulted in more

689
00:32:50.801 --> 00:32:52.801
GDP growth?

690
00:32:52.801 --> 00:32:54.801
That has not happened in the Middle East
in a very long time, right?

691
00:32:54.801 --> 00:32:56.801
Very true.

692
00:32:56.801 --> 00:32:58.750
And the other thing is, the Shah of Iran's
son really does look like his father,

693
00:32:58.750 --> 00:32:58.770
doesn't he?

694
00:32:58.770 --> 00:33:02.331
If you've been seeing interviews with him,
David, he looks remarkably like him.

695
00:33:02.471 --> 00:33:04.892
And he keeps on saying, I'm the best
person to lead the country.

696
00:33:05.192 --> 00:33:06.052
I can tell you something.

697
00:33:06.053 --> 00:33:07.353
If I were him, I wouldn't sit for 10
hours.

698
00:33:07.393 --> 00:33:09.093
It's climbing down quite a bit, hey?

699
00:33:10.254 --> 00:33:11.794
We don't know any information.

700
00:33:11.854 --> 00:33:13.615
Nothing new has come through from that.

701
00:33:14.375 --> 00:33:19.536
And this seems to suggest that they've got
this under control.

702
00:33:20.376 --> 00:33:21.897
We haven't heard of any more deaths.

703
00:33:22.613 --> 00:33:24.755
No more videos that come through or
anything.

704
00:33:24.775 --> 00:33:28.137
So I don't know where we are, but it's out
of the limelight.

705
00:33:28.177 --> 00:33:33.461
It's not in the headlines anymore, which I
find is quite sad because

706
00:33:34.341 --> 00:33:40.205
I think most people, most of the world
would have wanted some kind of change

707
00:33:40.205 --> 00:33:40.245
there,

708
00:33:40.786 --> 00:33:43.047
particularly understanding who's in
charge.

709
00:33:43.087 --> 00:33:44.188
So I don't know.

710
00:33:44.328 --> 00:33:45.269
I don't know.

711
00:33:45.270 --> 00:33:49.492
It seems pretty quiet at the moment, which
I think is a bad sign.

712
00:33:49.493 --> 00:33:51.153
Gentlemen, welcome back.

713
00:33:51.533 --> 00:33:54.094
Thank you very much for your time on a
Friday.

714
00:33:54.294 --> 00:33:57.035
You've terrified me brilliantly, by the
way.

715
00:33:58.196 --> 00:34:01.697
Thank goodness I can sit down and watch
some football over the weekend.

716
00:34:02.017 --> 00:34:06.219
We will be back at our normal time next
Thursday for the Five O'Clock Shadow.

717
00:34:06.279 --> 00:34:11.381
David Shapiro is from Sasson Securities in
Johannesburg and Viv Govender from the

718
00:34:11.381 --> 00:34:13.381
award-winning RAND

719
00:34:13.381 --> 00:34:18.104
Swiss. We'll see you

720
00:34:18.304 --> 00:34:19.904
next week.

721
00:34:21.513 --> 00:34:24.996
or opinion of any other agency,
organization, employer,

722
00:34:25.317 --> 00:34:29.180
or company associated with
StrictlyBusinessPodcast.com.

723
00:34:29.640 --> 00:34:36.607
Assumptions made on the analyses are not
reflective of the position of any other

724
00:34:36.607 --> 00:34:38.607
entity other than the speaker or the
author.

725
00:34:38.607 --> 00:34:42.792
And since we are critically thinking human
beings, these views are always subject to

726
00:34:42.792 --> 00:34:44.792
change, revision,

727
00:34:44.792 --> 00:34:44.934
and rethinking at any time.

728
00:34:45.255 --> 00:34:47.657
Please do not hold us to them in
perpetuity.
