WEBVTT

1
00:00:00.408 --> 00:00:04.551
You're listening to Strictly Business
Podcast with Lindsay Williams.

2
00:00:05.395 --> 00:00:09.340
BJC has closed its doors for another day,
so it's time for the 5 o'clock shadow.

3
00:00:09.380 --> 00:00:15.583
And as it's a Thursday, I'm speaking to
Viv Govender from the award-winning

4
00:00:15.583 --> 00:00:17.583
Ransuisse and David Shapiro,

5
00:00:17.583 --> 00:00:19.559
the award-winning portfolio manager from
Sassfin Securities.

6
00:00:19.560 --> 00:00:20.260
You are.

7
00:00:20.260 --> 00:00:23.544
I looked it up the other day, actually,
David, how many awards you'd won.

8
00:00:24.356 --> 00:00:25.247
You get lots of them.

9
00:00:26.387 --> 00:00:28.059
Various names, various things over the
years.

10
00:00:28.060 --> 00:00:29.512
But anyway, never mind that.

11
00:00:29.928 --> 00:00:30.989
It's the five o'clock shadow.

12
00:00:31.168 --> 00:00:32.769
And I want to talk about a couple of
things.

13
00:00:32.770 --> 00:00:34.949
And I'll start with you, David, because
you were absent last week.

14
00:00:35.370 --> 00:00:37.831
Let's start with jobs or as Mr.

15
00:00:37.870 --> 00:00:39.152
Trump would say, jabs.

16
00:00:39.370 --> 00:00:44.972
A tremendous amount of jabs apparently
were created in the first month of this

17
00:00:44.972 --> 00:00:46.972
year in the United States.

18
00:00:46.972 --> 00:00:52.011
Data, late data came out yesterday to show
that non-farm payrolls increased by

19
00:00:52.011 --> 00:00:54.011
130,000 for the month versus the

20
00:00:54.011 --> 00:00:54.433
expectation of 60,000.

21
00:00:54.449 --> 00:00:59.277
Headlines were blowout jobs numbers and
the Fed is going to hold rates and

22
00:00:59.277 --> 00:00:59.539
everything.

23
00:00:59.796 --> 00:01:01.117
What's a blowout job number?

24
00:01:01.118 --> 00:01:03.981
130,000 for a population of 300 million.

25
00:01:04.238 --> 00:01:08.184
And just before you comment, I know you're
champing at the bit there,

26
00:01:08.426 --> 00:01:12.973
181,000 in 2025 was the revised number.

27
00:01:13.051 --> 00:01:15.153
Not a month, but over the whole year.

28
00:01:15.231 --> 00:01:17.348
181,000.

29
00:01:17.801 --> 00:01:18.910
It's pathetic, David.

30
00:01:18.957 --> 00:01:21.660
So blowout number, please do me a favour.

31
00:01:22.317 --> 00:01:24.988
No, I think it was just simply that.

32
00:01:26.401 --> 00:01:27.762
It was better than expected.

33
00:01:27.883 --> 00:01:29.344
It's not a blowout number.

34
00:01:29.746 --> 00:01:34.871
You know, we're still getting used to the
adjustments that came from the government

35
00:01:34.871 --> 00:01:36.871
shutdown.

36
00:01:36.871 --> 00:01:37.652
So certain jobs that weren't there are
coming back.

37
00:01:38.770 --> 00:01:41.332
I think it just gave the market a little
bit of comfort.

38
00:01:41.371 --> 00:01:44.121
And I think the Fed will look at these
numbers.

39
00:01:44.340 --> 00:01:50.137
And I think it's just reinforcing a view
that there are only going to be maybe two

40
00:01:50.137 --> 00:01:50.290
cuts

41
00:01:50.559 --> 00:01:52.387
in interest rates this year, if any.

42
00:01:52.871 --> 00:01:53.571
So I think...

43
00:01:55.004 --> 00:02:01.430
Lindsay, the way I read it, I don't think
the story is having any kind of impact on

44
00:02:01.430 --> 00:02:03.430
the market.

45
00:02:03.430 --> 00:02:07.617
I think if it was a really poor number,
yes, it would have led to an earlier rate

46
00:02:07.617 --> 00:02:07.817
cut.

47
00:02:07.817 --> 00:02:13.282
But I don't think the numbers that we're
getting out now are swaying the market

48
00:02:13.282 --> 00:02:15.282
either way.

49
00:02:15.282 --> 00:02:17.625
We just I know we're getting the inflation
number out tomorrow once more.

50
00:02:17.953 --> 00:02:22.797
I don't think one can read that there's
not going to be inflation pushing up high.

51
00:02:23.040 --> 00:02:24.761
and nor do they expect it to come down.

52
00:02:24.841 --> 00:02:28.761
So I think we're just going through the
motions at the moment of analysing data.

53
00:02:28.800 --> 00:02:31.640
But I've got no, I don't think there are
any strong feelings.

54
00:02:31.882 --> 00:02:34.679
We'll talk later, you know, which I spoke
to you on Monday about,

55
00:02:35.062 --> 00:02:40.226
where I think jobs will start coming down
the line with the amount of spending

56
00:02:40.226 --> 00:02:42.226
that's taking place.

57
00:02:42.226 --> 00:02:44.226
But it's not there yet.

58
00:02:44.226 --> 00:02:48.085
Yeah, Viv, on Monday, David was talking
about giant data centres being built, the

59
00:02:48.085 --> 00:02:50.085
construction doing well, and plumbers,

60
00:02:50.085 --> 00:02:52.085
and all that sort of thing.

61
00:02:52.085 --> 00:02:54.085
And I made the point that...

62
00:02:54.085 --> 00:02:56.085
It doesn't take that long to build a data
center.

63
00:02:56.085 --> 00:02:58.275
And then the jobs have gone because the
things that are in the data center don't

64
00:02:58.275 --> 00:03:00.275
need to use bathrooms.

65
00:03:00.275 --> 00:03:00.514
So there's not a bathroom on every floor,
et cetera.

66
00:03:00.537 --> 00:03:02.576
So we had a good to and fro with that.

67
00:03:03.139 --> 00:03:08.545
Viv, the other thing I wanted to talk
about, let's talk about the economy before

68
00:03:08.545 --> 00:03:10.545
we drop the subject, Viv.

69
00:03:10.545 --> 00:03:11.342
Because it isn't doing too badly, is it?

70
00:03:11.389 --> 00:03:18.295
I mean, I saw Pam Bondi yesterday talking
about when she was supposed to be talking

71
00:03:18.295 --> 00:03:20.295
about Epstein and Minnesota.

72
00:03:20.295 --> 00:03:20.920
She got sidetracked.

73
00:03:21.312 --> 00:03:26.658
when she was cornered and started talking
about the economy and the Dow Jones and

74
00:03:26.658 --> 00:03:28.658
got it all completely wrong.

75
00:03:28.658 --> 00:03:32.806
But and said Donald Trump, in fact, was
the greatest president in the history of

76
00:03:32.806 --> 00:03:34.806
the United States.

77
00:03:34.806 --> 00:03:35.603
But Viv, it is doing quite well.

78
00:03:36.127 --> 00:03:37.994
I suppose that helps every sector, doesn't
it?

79
00:03:38.072 --> 00:03:38.916
AI included.

80
00:03:40.806 --> 00:03:41.650
Look, I mean, a couple of things.

81
00:03:42.119 --> 00:03:48.291
Firstly, the jobs number is worse than you
think, because if you take out health care

82
00:03:48.291 --> 00:03:50.291
jobs, it had negative job growth last
year.

83
00:03:50.291 --> 00:03:52.291
So.

84
00:03:52.291 --> 00:03:56.918
Healthcare jobs, it was just over 100% of
all the jobs that were created last year

85
00:03:56.918 --> 00:03:58.918
were healthcare, meaning that without
healthcare, you had negative job growth,

86
00:03:58.918 --> 00:04:00.918
right?

87
00:04:00.918 --> 00:04:03.485
And obviously, healthcare is not exactly
the sector you want to be growing with

88
00:04:03.485 --> 00:04:05.485
really fast, because, you know, it really
doesn't add to the long-term productivity.

89
00:04:05.485 --> 00:04:07.883
I mean, if you have somebody that breaks a
leg and they go to the doctor, that's

90
00:04:07.883 --> 00:04:09.883
effectively GDP.

91
00:04:09.883 --> 00:04:10.399
But the world isn't better because
somebody broke their leg, you know what I

92
00:04:10.399 --> 00:04:10.928
mean?

93
00:04:11.086 --> 00:04:12.508
So that is one way to look at it.

94
00:04:12.993 --> 00:04:16.540
The other thing is that it's the numbers
of the AI sector, right?

95
00:04:16.914 --> 00:04:18.352
I mean, the numbers are just insane.

96
00:04:18.808 --> 00:04:24.014
I mean, if you're talking about two-thirds
of a trillion dollars are going to be

97
00:04:24.014 --> 00:04:26.014
spent on

98
00:04:26.014 --> 00:04:31.037
AI in the next year just by what's being
announced by the big companies, two-thirds

99
00:04:31.037 --> 00:04:33.037
of a trillion dollars, that's like 2% of
US GDP,

100
00:04:33.037 --> 00:04:33.701
right, on AI in the next year.

101
00:04:33.967 --> 00:04:39.936
So if you think about it from that point
of view, if you're going to be adding this

102
00:04:39.936 --> 00:04:41.936
2% of GDP growth because of the data
centers, you know,

103
00:04:41.936 --> 00:04:43.498
you take that out and like, what does the
actual GDP number look like?

104
00:04:43.857 --> 00:04:48.342
But even that being said, I do think it's
kind of strange at the moment that we are

105
00:04:48.342 --> 00:04:50.342
seeing GDP growth numbers coming through,
like you said.

106
00:04:50.342 --> 00:04:52.342
without accompanying job numbers.

107
00:04:52.342 --> 00:04:53.354
And like I said, it's actually negative
job numbers outside the healthcare sector.

108
00:04:53.819 --> 00:04:54.519
This is a very...

109
00:04:55.399 --> 00:04:57.179
weird looking economy at the moment in the
US.

110
00:04:57.800 --> 00:05:00.122
Here comes David now with his theory.

111
00:05:00.200 --> 00:05:03.743
Two thirds of a trillion is the number
that Viv's thrown around, David.

112
00:05:04.118 --> 00:05:10.141
Just a little bit more glamorous than the
number you talked about on Monday, but not

113
00:05:10.141 --> 00:05:12.141
that much more glamorous, but it's
encouraging for you.

114
00:05:12.141 --> 00:05:13.985
So you go on now with your jobs theory,
please, and economy theory.

115
00:05:14.062 --> 00:05:15.548
It's exactly that.

116
00:05:15.860 --> 00:05:22.188
The numbers that are coming up are
something like almost the total will be

117
00:05:22.188 --> 00:05:24.188
about two trillion, not only on data
centers.

118
00:05:24.188 --> 00:05:24.562
So somewhere down the line, this has to...

119
00:05:25.131 --> 00:05:25.952
And this is a year.

120
00:05:26.052 --> 00:05:27.853
Hey, whoa, whoa, this is just one year.

121
00:05:27.894 --> 00:05:30.675
This is not over four or five years.

122
00:05:31.078 --> 00:05:32.096
This is just one year.

123
00:05:32.596 --> 00:05:37.139
And that means that there's a lot of
multiplier effect from that number.

124
00:05:37.406 --> 00:05:44.047
You know, when you spend one dollar, that
goes through the economy a few times

125
00:05:44.047 --> 00:05:46.047
before it frizzles out.

126
00:05:46.047 --> 00:05:46.812
And it creates jobs.

127
00:05:46.858 --> 00:05:51.093
That's why each data center, and I'm going
to repeat it because Viv's going to back

128
00:05:51.093 --> 00:05:51.231
me up.

129
00:05:51.672 --> 00:05:53.297
These are sophisticated.

130
00:05:53.690 --> 00:05:55.813
These are very sophisticated.

131
00:05:57.195 --> 00:05:58.796
They're not a cart.

132
00:05:59.135 --> 00:06:03.877
Sorry, they're not one of those containers
that fell off the back of a truck or

133
00:06:03.877 --> 00:06:04.163
something.

134
00:06:04.163 --> 00:06:07.901
These are massive businesses and
incredibly sophisticated.

135
00:06:07.924 --> 00:06:10.885
If you look, I think Vertiv came out with
their results,

136
00:06:10.933 --> 00:06:15.338
which provide the cooling systems for the
data centers.

137
00:06:15.526 --> 00:06:17.416
Highly sophisticated technology.

138
00:06:17.541 --> 00:06:20.401
So somewhere along the line, you're going
to be training.

139
00:06:20.651 --> 00:06:22.901
It's not only building, putting bricks
down.

140
00:06:24.067 --> 00:06:27.070
bricks and mortar, but it's also all the
equipment that goes in there,

141
00:06:27.409 --> 00:06:34.034
plus the technicians that have to run it
and are being trained ahead of every other

142
00:06:34.120 --> 00:06:34.820
economy.

143
00:06:34.879 --> 00:06:38.901
So it's only China and America that are
doing this in any big way.

144
00:06:40.144 --> 00:06:44.348
And my view is, hold on, this is going to
just push them ahead of other economies.

145
00:06:44.707 --> 00:06:50.409
You know, Europe is still deciding, you
know, they still say it's got to go

146
00:06:50.409 --> 00:06:52.409
through this layer and that layer of...

147
00:06:52.409 --> 00:06:52.918
of regulation and finally this one and so
on.

148
00:06:52.918 --> 00:06:54.238
You really hate Europe, don't you?

149
00:06:54.317 --> 00:06:57.202
Every chance you get, you have a go at
Europe.

150
00:06:58.260 --> 00:07:00.625
No, I just don't like the way that they...

151
00:07:00.827 --> 00:07:01.827
Look at the Eurodollar.

152
00:07:02.046 --> 00:07:04.351
But anyway, sorry, I interrupted you
because I'm sitting in Europe.

153
00:07:04.351 --> 00:07:05.051
No, no, you're right.

154
00:07:05.452 --> 00:07:06.152
Why?

155
00:07:06.413 --> 00:07:09.772
Because you remember when they formed the
EU,

156
00:07:10.678 --> 00:07:14.992
this was going to challenge America as an
economic area.

157
00:07:15.320 --> 00:07:17.195
We're going to put all our resources
together.

158
00:07:17.288 --> 00:07:19.538
Well, yeah, you're making some good...

159
00:07:20.310 --> 00:07:21.011
handbags.

160
00:07:22.373 --> 00:07:23.774
Ernie's results were out today.

161
00:07:23.815 --> 00:07:24.515
They were great.

162
00:07:24.515 --> 00:07:25.455
That's a terrible thing to say.

163
00:07:25.457 --> 00:07:26.256
Wonderful motor cars.

164
00:07:27.979 --> 00:07:30.041
Wonderful motor cars, Ferrari.

165
00:07:31.041 --> 00:07:33.065
A great company, I must say, ASML.

166
00:07:34.346 --> 00:07:38.183
It's probably the one tech area that does
exist exactly where you live.

167
00:07:38.448 --> 00:07:39.729
But otherwise, they're behind.

168
00:07:40.433 --> 00:07:42.838
So I'm saying, come on, man.

169
00:07:43.354 --> 00:07:44.054
Do something.

170
00:07:44.713 --> 00:07:46.963
Viv, you've got to come in here and help
me.

171
00:07:47.119 --> 00:07:49.558
These sophisticated cooling systems are
being built.

172
00:07:49.834 --> 00:07:55.962
Yes, they will boost AI, and AI will
hopefully, with all that extraordinary

173
00:07:55.962 --> 00:07:57.962
spend, boost GDP.

174
00:07:57.962 --> 00:07:59.962
Does it boost jobs?

175
00:07:59.962 --> 00:08:01.962
I don't think so.

176
00:08:01.962 --> 00:08:03.962
Maybe temporarily.

177
00:08:03.962 --> 00:08:05.962
I'm not sure.

178
00:08:05.962 --> 00:08:07.962
Aviv, can you come in on this one before
we go to other matters, please?

179
00:08:07.962 --> 00:08:09.962
One thing I can say, they can't do this
next year.

180
00:08:09.962 --> 00:08:11.962
Do you know why?

181
00:08:11.962 --> 00:08:13.962
There's no power in the U.S.

182
00:08:13.962 --> 00:08:15.962
to power the study centers after this kind
of build-out.

183
00:08:15.962 --> 00:08:17.962
They will run out of power in the next
couple of years if they continue at this

184
00:08:17.962 --> 00:08:19.962
rate.

185
00:08:19.962 --> 00:08:23.100
Because one of the data centers is roughly
the size of a mid-sized city in terms of

186
00:08:23.100 --> 00:08:25.100
the amount of power it takes on.

187
00:08:25.100 --> 00:08:25.401
That's why it requires the sophisticated
handling.

188
00:08:25.440 --> 00:08:27.487
Because imagine powering a mid-sized city.

189
00:08:28.565 --> 00:08:31.487
But a computer that takes the power of a
mid-sized city, it's incredible.

190
00:08:31.972 --> 00:08:36.190
A computer obviously has tiny, tiny
voltage, like torrents.

191
00:08:36.237 --> 00:08:37.940
And you're powering this amount of power
through it.

192
00:08:38.315 --> 00:08:39.269
It makes a huge difference.

193
00:08:39.644 --> 00:08:42.644
So, yes, that is very sophisticated.

194
00:08:43.004 --> 00:08:44.815
But you build it for another year or two.

195
00:08:45.487 --> 00:08:46.737
Where do you get the power to do that?

196
00:08:46.811 --> 00:08:47.851
kind of power these things up.

197
00:08:48.351 --> 00:08:52.836
That's why Elon Musk is talking about
putting stuff into space, which sounds

198
00:08:52.836 --> 00:08:54.836
ridiculous until you look at the maths
behind it.

199
00:08:54.836 --> 00:08:55.761
If they're going to continue to do this
kind of build-out, say, until 2030,

200
00:08:56.239 --> 00:09:00.785
they literally have to build it in space
because they can't get the power on Earth,

201
00:09:01.386 --> 00:09:03.261
which is an insane idea at the moment.

202
00:09:03.606 --> 00:09:05.386
But the other thing is that we talk about
the economy.

203
00:09:05.433 --> 00:09:06.543
This is more than the economy.

204
00:09:06.575 --> 00:09:10.621
I mean, understand that the people that
win AI are not winning like an economic

205
00:09:10.621 --> 00:09:10.932
race.

206
00:09:10.932 --> 00:09:13.183
They're not going to have like a little
kind of jump up in GDP or whatever.

207
00:09:13.558 --> 00:09:14.965
They are literally going to win the
future.

208
00:09:15.423 --> 00:09:21.229
If AI is real, and it does seem to be
real, you are talking about the people

209
00:09:21.229 --> 00:09:23.229
that win it are going to be the people
whose

210
00:09:23.229 --> 00:09:25.229
grandchildren own planets.

211
00:09:25.229 --> 00:09:27.333
And the people that don't win it are going
to be the people that are going to be

212
00:09:27.333 --> 00:09:29.333
effectively in the government dole for
eternity.

213
00:09:29.333 --> 00:09:31.333
You know what I mean?

214
00:09:31.333 --> 00:09:33.333
That is the differential you're talking
about here.

215
00:09:33.333 --> 00:09:35.333
That is why they are willing to spend this
kind of money.

216
00:09:35.333 --> 00:09:37.708
That is why, insanely now, Google, with
all its massive cash flow, is borrowing

217
00:09:37.708 --> 00:09:39.708
money to invest in AI.

218
00:09:39.708 --> 00:09:41.708
You know what I mean?

219
00:09:41.708 --> 00:09:44.428
The Google search bar is literally the
most cash-generative thing ever invented

220
00:09:44.428 --> 00:09:46.428
in human history.

221
00:09:46.428 --> 00:09:46.705
And of course, okay, they are doing some
treasury stuff.

222
00:09:46.706 --> 00:09:48.266
They do have like tens of billions in
whatever.

223
00:09:48.667 --> 00:09:54.852
But still the idea that Google is
borrowing money to invest in AI, right, is

224
00:09:54.852 --> 00:09:56.852
an insane kind of situation.

225
00:09:56.852 --> 00:10:01.212
These guys are going, you know,
gangbusters on AI because they think that

226
00:10:01.212 --> 00:10:03.212
they are really close.

227
00:10:03.212 --> 00:10:03.665
And by really close, I don't mean they
think it's going to happen in the next 10

228
00:10:03.665 --> 00:10:04.069
years.

229
00:10:04.102 --> 00:10:05.946
They are thinking it's going to happen by
2030.

230
00:10:06.687 --> 00:10:07.387
You know what I mean?

231
00:10:07.387 --> 00:10:08.769
That's around the corner.

232
00:10:08.808 --> 00:10:09.710
That's four years away.

233
00:10:09.711 --> 00:10:10.411
Four years away.

234
00:10:10.812 --> 00:10:16.656
And another thing I want to point out is
that, and this is a bit of a pet peeve,

235
00:10:16.656 --> 00:10:18.656
which I'm trying to argue to people.

236
00:10:18.656 --> 00:10:22.039
You know what the most innovative thing in
AI has been in the last year or so?

237
00:10:22.218 --> 00:10:22.918
Go on.

238
00:10:22.918 --> 00:10:23.359
It's Claudebot.

239
00:10:23.968 --> 00:10:28.515
Claudebot, now changed to Maltbot, now
changed to openClaude.

240
00:10:29.656 --> 00:10:32.187
It's a funny story, if you ever want to
get into it, about how this thing

241
00:10:32.187 --> 00:10:32.465
happened.

242
00:10:32.625 --> 00:10:35.093
But anyway, invented by one man.

243
00:10:35.747 --> 00:10:42.652
who basically wasn't even trying to do
something he was basically a guy he's the

244
00:10:42.652 --> 00:10:44.652
guy that made i don't know if you have you
guys have iphones uh yes

245
00:10:44.652 --> 00:10:49.980
i do it's called ps pdf kit it's how you
what are you pdfs on iphones you know the

246
00:10:49.980 --> 00:10:50.298
app

247
00:10:50.879 --> 00:10:57.613
yeah yeah he invented that app basically
sold it retired so ai was playing around

248
00:10:57.613 --> 00:10:57.907
with

249
00:10:57.907 --> 00:11:04.598
it just for the fun of it okay and created
a whole new segment of the marketplace

250
00:11:04.598 --> 00:11:06.598
that's now taking everything by storm

251
00:11:06.598 --> 00:11:06.768
Why couldn't it happen in South Africa?

252
00:11:06.889 --> 00:11:09.432
Why couldn't there be a smart kid in South
Africa that did that kind of thing?

253
00:11:09.912 --> 00:11:12.213
It's because we just don't have the vision
of that, I think.

254
00:11:12.455 --> 00:11:13.155
Why can't it happen in Europe?

255
00:11:13.156 --> 00:11:14.159
You don't need a data center.

256
00:11:14.198 --> 00:11:15.377
This wasn't a man with a data center.

257
00:11:15.619 --> 00:11:17.862
It wasn't a man even on a mission to try
and invent something.

258
00:11:17.877 --> 00:11:23.041
No team, single person playing around
invents the next stage of AI.

259
00:11:23.619 --> 00:11:24.319
Okay?

260
00:11:24.338 --> 00:11:27.823
And the thing is, Viv, before you go on,
because

261
00:11:28.495 --> 00:11:32.573
I know you are so passionate about and
knowledgeable about this subject.

262
00:11:32.651 --> 00:11:39.385
but The fact that he was just playing
around means that there may be somebody

263
00:11:39.385 --> 00:11:41.385
else playing around, maybe not with his
background, his PDF background,

264
00:11:41.385 --> 00:11:46.592
but somebody who's clever and somebody
who's obsessed with AI and just doing

265
00:11:46.592 --> 00:11:48.592
something in his homemade science lab,

266
00:11:48.592 --> 00:11:51.553
whatever it is, a mini data center that
David loves so much.

267
00:11:51.771 --> 00:11:54.428
And he comes up with something and that
can just happen.

268
00:11:54.662 --> 00:12:00.490
And it's not like you invent, you suddenly
discover oil and all the infrastructure.

269
00:12:00.743 --> 00:12:03.746
palaver around getting oil out the ground
and refining it, etc.

270
00:12:04.146 --> 00:12:07.008
It can almost be implemented immediately,
Viv.

271
00:12:08.691 --> 00:12:10.914
Look, this guy did it at the end of last
year.

272
00:12:11.031 --> 00:12:12.531
It's literally four or five months old.

273
00:12:12.532 --> 00:12:13.953
Is this Amodea?

274
00:12:14.180 --> 00:12:15.320
Why do you call him Amodea?

275
00:12:15.641 --> 00:12:16.680
Or the two of them?

276
00:12:16.734 --> 00:12:18.015
Or is that anthropic?

277
00:12:18.547 --> 00:12:19.247
Who was the...

278
00:12:19.247 --> 00:12:20.359
No, no, no, Amodea.

279
00:12:20.469 --> 00:12:21.169
Amodea.

280
00:12:21.562 --> 00:12:26.453
That's why they had to change the name
because this guy literally used a name

281
00:12:26.453 --> 00:12:28.453
called Claude Bott because he was just a
game.

282
00:12:28.453 --> 00:12:28.844
He wasn't even trying to do anything
complicated.

283
00:12:28.875 --> 00:12:30.594
He was just playing a little kind of...

284
00:12:30.871 --> 00:12:37.858
no cell phone project it called it like
playing a computer game factorium he's

285
00:12:37.858 --> 00:12:39.858
made his money he's retired and he's just
basically playing

286
00:12:39.858 --> 00:12:44.467
a game and he named it claude but as a
joke but when it became real he had to

287
00:12:44.467 --> 00:12:46.467
change the name to malt bot then to open
claw

288
00:12:46.467 --> 00:12:49.670
because basically uh claude's email saying
sorry this is too close to our name you

289
00:12:49.670 --> 00:12:49.950
know what i mean

290
00:12:52.577 --> 00:12:58.764
it's it's literally a man who basically
obviously skilled because he has a an app

291
00:12:58.764 --> 00:13:00.764
that is in a a billion devices,

292
00:13:00.764 --> 00:13:02.764
literally a billion devices.

293
00:13:02.764 --> 00:13:04.764
But he was playing around.

294
00:13:04.764 --> 00:13:06.764
He's European, by the way.

295
00:13:06.764 --> 00:13:08.764
I think he's German or something.

296
00:13:08.764 --> 00:13:10.764
Ah, okay.

297
00:13:10.764 --> 00:13:12.764
Yeah.

298
00:13:12.764 --> 00:13:14.764
So the brains are there.

299
00:13:14.764 --> 00:13:16.764
But the problem is that all the stuff
that's going to happen out of this is not

300
00:13:16.764 --> 00:13:18.764
going to happen in Europe.

301
00:13:18.764 --> 00:13:20.764
It's going to happen in the US.

302
00:13:20.764 --> 00:13:22.764
Yes, because they've got the money, yeah.

303
00:13:22.764 --> 00:13:24.764
They've got the money, but they don't have
the money.

304
00:13:24.764 --> 00:13:26.764
Like you said, this shows you don't need
the money.

305
00:13:26.764 --> 00:13:28.764
They have something different.

306
00:13:28.764 --> 00:13:30.764
They have the regulatory environment.

307
00:13:30.764 --> 00:13:32.764
They have the entrepreneurial spirit.

308
00:13:32.764 --> 00:13:34.764
But this man, I mean, went through this
whole thing.

309
00:13:34.764 --> 00:13:36.764
Somebody said monetize, he's not even
thinking of monetizing it.

310
00:13:36.764 --> 00:13:38.764
He says, I have enough money, you know,
I'm financially secure.

311
00:13:38.764 --> 00:13:40.764
That is the difference.

312
00:13:40.764 --> 00:13:44.568
I mean, the brains of Europe are there,
but somehow that drive, that connection to

313
00:13:44.568 --> 00:13:46.568
the, you know, the engine,

314
00:13:46.568 --> 00:13:47.818
the gear to the wheels, you know what I
mean, that connection is broken somehow.

315
00:13:48.381 --> 00:13:52.896
So it's kind of weird as to why Europe is
falling behind, because they do all the

316
00:13:52.896 --> 00:13:53.238
stuff.

317
00:13:53.238 --> 00:13:55.053
They invented AI with DeepMind.

318
00:13:56.209 --> 00:13:57.584
Geoffrey Hinton is British.

319
00:13:57.983 --> 00:14:03.207
This guy here is, I think he's European, I
think he's German, but it's all going to

320
00:14:03.207 --> 00:14:03.229
happen in America.

321
00:14:03.406 --> 00:14:09.313
Yeah, well, you see this chap at this very
moment, David, is driving around in his

322
00:14:09.313 --> 00:14:11.313
Ferrari with his

323
00:14:11.313 --> 00:14:15.821
Louis Vuitton handbag over his shoulder
and going home for a delicious glass of

324
00:14:15.821 --> 00:14:17.821
wine, but nothing else because

325
00:14:17.821 --> 00:14:19.305
America gives the money for the
development of his idea.

326
00:14:20.289 --> 00:14:21.039
That's the problem.

327
00:14:21.086 --> 00:14:22.664
You can get it in America.

328
00:14:23.149 --> 00:14:24.477
You can't get it in Europe.

329
00:14:24.883 --> 00:14:27.617
They haven't got the mentality, certainly
in South Africa.

330
00:14:28.075 --> 00:14:33.561
There are no companies here that will lend
you that kind of money to develop it.

331
00:14:33.940 --> 00:14:35.464
We talk about it and we talk.

332
00:14:35.581 --> 00:14:36.281
There isn't.

333
00:14:36.401 --> 00:14:40.487
You know, you go to any one of our major
banks with an idea like that.

334
00:14:40.831 --> 00:14:41.768
You've got no chance.

335
00:14:41.807 --> 00:14:48.011
In America, the amount of money that is
prepared to back you in big way and they,

336
00:14:48.011 --> 00:14:50.011
you know,

337
00:14:50.011 --> 00:14:52.011
and they wait.

338
00:14:52.011 --> 00:14:54.698
You don't have to give them, first of all,
you don't have to put your auntie and your

339
00:14:54.698 --> 00:14:56.698
uncle and your, you know,

340
00:14:56.698 --> 00:14:58.698
your children up as collateral.

341
00:14:58.698 --> 00:14:59.578
There are the VC funds,

342
00:14:59.619 --> 00:15:05.852
and that's been the massive success around
the U.S.

343
00:15:05.969 --> 00:15:06.992
technology drive.

344
00:15:07.588 --> 00:15:09.670
They've got the money and they're prepared
to take it.

345
00:15:09.949 --> 00:15:15.356
And that's why I just think that America
just keeps driving ahead using this

346
00:15:15.356 --> 00:15:17.356
technology.

347
00:15:17.356 --> 00:15:22.906
And listen, it's also the claim, it's also
the reason that there's so much opposition

348
00:15:22.906 --> 00:15:24.906
to Trump and his visas, you know,

349
00:15:24.906 --> 00:15:26.508
or stopping visas, stopping people from
coming through.

350
00:15:28.308 --> 00:15:29.891
I worry about the World Cup, David.

351
00:15:29.930 --> 00:15:32.653
We've got to cut this one short, but I
worry about the World Cup.

352
00:15:32.654 --> 00:15:33.614
But you're absolutely right.

353
00:15:33.633 --> 00:15:36.879
America is very open and open for
business,

354
00:15:36.934 --> 00:15:41.481
whereas you quite rightly say the
regulation in Europe really is quite

355
00:15:41.481 --> 00:15:41.517
something.

356
00:15:41.762 --> 00:15:46.801
But things do work on this continent, I
must say, particularly in the country I

357
00:15:46.801 --> 00:15:47.110
live in.

358
00:15:47.110 --> 00:15:53.286
Okay, I want to ask you, David, stay with
you on this one, because while people like

359
00:15:53.286 --> 00:15:55.286
yourself and Viv have...

360
00:15:55.286 --> 00:15:57.489
been early on the AI surge, stock surge
that is.

361
00:15:57.708 --> 00:16:02.587
People are now saying, okay, well, I
missed out on this particular stock, so

362
00:16:02.587 --> 00:16:04.587
I've got to look for other stocks.

363
00:16:04.587 --> 00:16:06.587
I've got to be clever here.

364
00:16:06.587 --> 00:16:08.587
I've got to think laterally.

365
00:16:08.587 --> 00:16:10.587
And so they're thinking about companies
that are hit by AI.

366
00:16:10.587 --> 00:16:12.227
And we know that software has been to the
fore in this regard.

367
00:16:12.540 --> 00:16:13.477
But there's also others.

368
00:16:13.649 --> 00:16:17.430
UBS created a list of of European stocks
that have been knocked by

369
00:16:18.790 --> 00:16:22.149
AI investor short sellers.

370
00:16:22.708 --> 00:16:28.489
And it's software, real estate, for some
reason,

371
00:16:28.950 --> 00:16:32.689
insurance and financial services are the
top four sectors.

372
00:16:34.173 --> 00:16:35.275
Tell me which one of those.

373
00:16:35.276 --> 00:16:37.548
I mean, obviously, financial services
rings a bell with you.

374
00:16:37.931 --> 00:16:41.876
But why is AI hitting financial services,
do you think?

375
00:16:42.110 --> 00:16:42.810
Are you talking to Viv?

376
00:16:42.970 --> 00:16:43.670
No, I'm talking to you.

377
00:16:43.670 --> 00:16:44.327
Now it's your turn.

378
00:16:45.032 --> 00:16:46.017
And then Viv will come in.

379
00:16:46.720 --> 00:16:47.420
You first, David.

380
00:16:47.420 --> 00:16:50.767
Okay, no, there's this view that...

381
00:16:52.612 --> 00:16:56.094
The impact on software, sorry,

382
00:16:56.997 --> 00:17:01.438
it's really going to disrupt their models,
you know, their traditional models.

383
00:17:03.024 --> 00:17:08.594
They can automate tasks and reshape kind
of workflows that

384
00:17:10.016 --> 00:17:12.094
are in those models that you're talking
about.

385
00:17:12.485 --> 00:17:15.594
So you're going to, you don't need them.

386
00:17:15.641 --> 00:17:18.438
You can actually find a lot of that
information yourself.

387
00:17:18.720 --> 00:17:21.938
Let's say you're looking for a home or
something like this and you would go to...

388
00:17:22.920 --> 00:17:25.320
realestate.com, you know, you can do it
yourself.

389
00:17:25.820 --> 00:17:27.322
Now, you don't have to go through that.

390
00:17:27.342 --> 00:17:33.404
So a lot of businesses that were offering
these services, I think, are under

391
00:17:33.404 --> 00:17:35.404
pressure.

392
00:17:35.404 --> 00:17:39.545
The belief that you won't go to them, you
know how many companies there are, you

393
00:17:39.545 --> 00:17:41.545
want to look for, it's almost like going
to Amazon and that.

394
00:17:41.545 --> 00:17:46.358
I don't know exactly, but my own view is
that these businesses will embrace these

395
00:17:46.358 --> 00:17:48.358
if they're clever

396
00:17:48.358 --> 00:17:50.358
within their models.

397
00:17:50.358 --> 00:17:52.358
Yes.

398
00:17:52.358 --> 00:17:54.358
I don't think they're going to be
completely sidestep.

399
00:17:54.473 --> 00:17:57.176
Why it's going to affect financial
services, I'm not sure.

400
00:17:57.598 --> 00:17:58.895
Research, maybe.

401
00:17:59.622 --> 00:18:00.380
Research, maybe.

402
00:18:00.481 --> 00:18:07.059
But if you're an amateur, but I'm a little
worried that this has been overdone.

403
00:18:07.340 --> 00:18:08.040
Okay.

404
00:18:09.153 --> 00:18:11.528
Sorry, I know I'm not articulating it.

405
00:18:11.584 --> 00:18:18.513
properly but you're making good points
especially on the software side i think in

406
00:18:18.513 --> 00:18:20.513
fact they will probably embrace ai and

407
00:18:20.513 --> 00:18:25.458
this is a bit of a knee-jerk reaction but
viv you wanted to uh to talk about this as

408
00:18:25.458 --> 00:18:27.458
well what about uh

409
00:18:27.458 --> 00:18:31.200
companies that have been or might be
disrupted by ai what do you think yeah

410
00:18:31.201 --> 00:18:38.185
look i mean the thing is that i think
honestly i think david is correct right

411
00:18:38.185 --> 00:18:40.185
right now it's not not there right now but
i mean i just go back

412
00:18:40.185 --> 00:18:44.897
there's a famous will smith eating
spaghetti video from about two years ago

413
00:18:44.897 --> 00:18:46.897
watch that video and watch what ai video
looks like by today

414
00:18:46.897 --> 00:18:52.448
then compete then imagine that if today's
you know financial software that ai

415
00:18:52.448 --> 00:18:54.448
software is like that will smith video
from two years from in the past

416
00:18:54.448 --> 00:18:56.612
in two years time it'll be better than
warren buffer talking to you honestly

417
00:18:57.174 --> 00:19:04.003
right and and and the majority of people
out there don't do um you know their own

418
00:19:04.003 --> 00:19:06.003
financial planning don't do their own
financial

419
00:19:06.003 --> 00:19:08.128
services not because they are not smart
enough to do it because a lot of stuff is

420
00:19:08.128 --> 00:19:10.128
is quite simple.

421
00:19:10.128 --> 00:19:13.188
It's because they don't understand the
processes, the rules, the different

422
00:19:13.188 --> 00:19:15.188
nuances and so on.

423
00:19:15.188 --> 00:19:18.938
You combine a cloud, but an open cloud
rather, the thing that's available right

424
00:19:18.938 --> 00:19:20.938
now, this agent thing.

425
00:19:20.938 --> 00:19:25.438
If it was secure, it could easily handle
opening a tax-free savings account for

426
00:19:25.438 --> 00:19:25.904
you,

427
00:19:25.904 --> 00:19:30.219
giving you a basic portfolio that's not
going to be basically shooting lights out,

428
00:19:30.703 --> 00:19:34.688
but will probably perform as well as the
majority of funds out there.

429
00:19:35.453 --> 00:19:36.516
It could easily...

430
00:19:37.168 --> 00:19:43.195
handle things like, for instance, starting
up insurance, shopping around different

431
00:19:43.195 --> 00:19:45.195
insurance companies.

432
00:19:45.195 --> 00:19:48.941
Basically, you could ask it questions
about, can I claim for this insurance, and

433
00:19:48.941 --> 00:19:50.941
could you put the claim through for me?

434
00:19:50.941 --> 00:19:51.042
You know what I mean?

435
00:19:51.043 --> 00:19:51.824
Those are the kind of things.

436
00:19:52.363 --> 00:19:54.605
How much of the special services industry
is that?

437
00:19:55.120 --> 00:19:55.820
It's a lot.

438
00:19:55.820 --> 00:19:59.214
And I think that is what's going to be
there.

439
00:19:59.215 --> 00:20:01.839
It's interesting, because I did exactly
that today.

440
00:20:01.933 --> 00:20:02.633
I'm talking to Viv.

441
00:20:03.402 --> 00:20:04.102
You know what I'm saying?

442
00:20:05.339 --> 00:20:06.039
I did...

443
00:20:06.072 --> 00:20:06.772
Exactly.

444
00:20:06.772 --> 00:20:08.075
I said, hold on a sec.

445
00:20:10.118 --> 00:20:12.618
This software area has been hurt badly.

446
00:20:12.817 --> 00:20:13.860
This is ridiculous.

447
00:20:14.743 --> 00:20:18.227
And I said, I want to find an ETF,

448
00:20:19.548 --> 00:20:26.548
a product where it embodies all of these
companies, ServiceNow, Salesforce, the

449
00:20:26.548 --> 00:20:28.548
ones that you're talking about.

450
00:20:28.548 --> 00:20:33.563
And sure enough, within a few minutes, not
even a few minutes as I hit it, and I'm

451
00:20:33.563 --> 00:20:35.563
only using coworker.

452
00:20:35.563 --> 00:20:35.704
I haven't gone down to anything
sophisticated.

453
00:20:35.772 --> 00:20:37.533
This is like the basic level.

454
00:20:37.972 --> 00:20:41.013
I certainly got four or five different
ideas.

455
00:20:41.353 --> 00:20:47.873
They didn't exactly fit out for me because
it had more top-end

456
00:20:47.998 --> 00:20:50.794
stocks rather than the ones that I was
looking that had been hit.

457
00:20:51.193 --> 00:20:53.763
But I get exactly what Viv is saying.

458
00:20:54.357 --> 00:21:00.216
I didn't have to go phone up someone at an
institution or anybody there and say,

459
00:21:00.216 --> 00:21:02.216
please look for me, put product together.

460
00:21:02.216 --> 00:21:04.216
It was done.

461
00:21:04.216 --> 00:21:06.216
It gave me an idea.

462
00:21:06.216 --> 00:21:08.216
It gave me somewhere to start looking as
well.

463
00:21:08.216 --> 00:21:10.216
So, yeah, I can understand that.

464
00:21:10.216 --> 00:21:11.340
I can identify with that, sure.

465
00:21:12.282 --> 00:21:12.982
Okay.

466
00:21:12.982 --> 00:21:13.423
Okay.

467
00:21:13.501 --> 00:21:14.201
Very good.

468
00:21:14.946 --> 00:21:19.907
Let's have a look at other things now
because it is the 5 o'clock shutter, so we

469
00:21:19.907 --> 00:21:21.907
have to look at the close of the JSC.

470
00:21:21.907 --> 00:21:23.688
And, David, just to stay with you quickly
because

471
00:21:24.579 --> 00:21:29.844
AB InBev came out with numbers and they
were pretty well received by the market

472
00:21:29.844 --> 00:21:31.844
because they're around about 4%

473
00:21:31.844 --> 00:21:32.829
gain in round terms on the JSC today.

474
00:21:33.032 --> 00:21:34.204
On the other hand, we had...

475
00:21:34.488 --> 00:21:36.450
What do we have on the downside?

476
00:21:37.091 --> 00:21:38.331
South 32 came down.

477
00:21:38.351 --> 00:21:42.859
They are down about 3%. And the one that
we'll talk about later on is Aspen.

478
00:21:42.874 --> 00:21:48.538
So all those people that have got it in
your crystal challenge are really, really

479
00:21:48.538 --> 00:21:50.538
loving it today.

480
00:21:50.538 --> 00:21:50.999
So you mentioned that last week.

481
00:21:51.202 --> 00:21:55.984
But AB InBev, you were talking about
people not drinking anymore, not going out

482
00:21:55.984 --> 00:21:57.984
anymore, not mating anymore.

483
00:21:57.984 --> 00:21:58.515
So what's happening with AB InBev?

484
00:21:58.546 --> 00:21:59.390
Why have they done well?

485
00:22:00.890 --> 00:22:02.437
I think just a slightly better...

486
00:22:03.148 --> 00:22:05.768
In fact, I didn't go through the results,
so you've got me there.

487
00:22:05.769 --> 00:22:10.709
I was hoping Viv would be the drinker that
would come in and help me there.

488
00:22:10.710 --> 00:22:15.350
I just didn't listen to our analyst report
this morning.

489
00:22:15.490 --> 00:22:16.912
No, in that case, it doesn't matter.

490
00:22:16.913 --> 00:22:22.819
I could see it was, you know, revenue was
up, I believe, and volumes are slightly

491
00:22:22.819 --> 00:22:24.819
vermer.

492
00:22:24.819 --> 00:22:25.506
But nothing, in fact, volumes are down.

493
00:22:25.553 --> 00:22:27.678
I'm just looking now, volumes down and
that.

494
00:22:27.709 --> 00:22:32.334
But I think it's from an efficiency point
of view, they're improving there.

495
00:22:32.335 --> 00:22:33.336
but I don't know.

496
00:22:33.777 --> 00:22:35.938
I'm still a bit nervous about the trend.

497
00:22:36.377 --> 00:22:40.834
But before I make a dig a deeper hole for
myself, I'm not going to say anything more

498
00:22:40.834 --> 00:22:41.136
about it.

499
00:22:41.136 --> 00:22:43.740
Okay, David is not going to say anything
about local stocks.

500
00:22:43.779 --> 00:22:47.678
He's too immersed in artificial
intelligence programs.

501
00:22:48.037 --> 00:22:51.162
I saw AEL, Eltron and other stocks came
out today.

502
00:22:51.584 --> 00:22:52.959
Aspen, I couldn't understand.

503
00:22:52.975 --> 00:22:54.178
There's so much noise there.

504
00:22:54.553 --> 00:22:56.522
It is a very, very noisy result.

505
00:22:56.662 --> 00:22:57.362
You know what I mean?

506
00:22:57.615 --> 00:23:01.256
That you have to spend a lot of time and
also you have to know the business.

507
00:23:01.612 --> 00:23:07.536
to be able to interpret what they say and
uh you know from my point of view i i just

508
00:23:07.536 --> 00:23:09.536
didn't have the

509
00:23:09.536 --> 00:23:14.825
um you know i just didn't have the
understanding but i did choose it in the

510
00:23:14.825 --> 00:23:16.825
crystal challenge and i'm up eight percent
today congratulations

511
00:23:16.825 --> 00:23:23.771
i on the other hand on the other hand i
must tell you i chose pick and pay for my

512
00:23:23.771 --> 00:23:25.771
wife and that went the other way and that

513
00:23:25.771 --> 00:23:30.677
but i haven't told her that i've got pick
and pay you can tell her when you get back

514
00:23:30.677 --> 00:23:32.677
from your two weeks away with your
ex-girlfriend like Bill

515
00:23:32.677 --> 00:23:34.677
Gates.

516
00:23:34.677 --> 00:23:35.412
OK, Viv, we've got the State of the Nation
address coming up.

517
00:23:35.413 --> 00:23:42.358
We've got the mining in Darbar, South
Africa booming, apparently because of,

518
00:23:42.358 --> 00:23:44.358
what is it,

519
00:23:44.358 --> 00:23:46.725
Wulinglela Phase 2, which is being
initiated now.

520
00:23:46.726 --> 00:23:50.381
I did a good podcast with a very earnest
young woman this morning about that.

521
00:23:50.787 --> 00:23:52.350
So that got me all optimistic.

522
00:23:52.366 --> 00:23:56.819
But then I look at South Africa's, Viv,
December manufacturing output.

523
00:23:56.820 --> 00:23:58.553
It fell by 1.4%.

524
00:23:58.648 --> 00:24:05.275
I did another podcast a couple of days ago
with, again, a woman, and she ranted at

525
00:24:05.275 --> 00:24:07.275
people that want to bring their dollars
back because the

526
00:24:07.275 --> 00:24:08.079
RAND's going to 12, 12.50, what they've
been told.

527
00:24:08.454 --> 00:24:09.978
And she said, no, just wait a second.

528
00:24:10.001 --> 00:24:10.978
It's all commodities.

529
00:24:10.979 --> 00:24:12.798
We don't make anything in South Africa.

530
00:24:13.181 --> 00:24:17.032
She was actually rather anti-Viv, the
South Africa story.

531
00:24:17.079 --> 00:24:19.751
But it's nice and stable, isn't it?

532
00:24:19.767 --> 00:24:23.470
Look at that 10-year bond rate at 7.95%.

533
00:24:23.471 --> 00:24:25.610
Yeah, look, I mean, I do think that, yeah,
there is a...

534
00:24:26.629 --> 00:24:27.951
We are totally dependent.

535
00:24:28.010 --> 00:24:28.890
Part of it is what we did.

536
00:24:28.912 --> 00:24:30.053
I mean, we ended load shedding.

537
00:24:30.131 --> 00:24:33.236
People forget how devastating that was to
the economy.

538
00:24:34.799 --> 00:24:38.900
I think there's areas that are still
having issues, but it's like nowhere near

539
00:24:38.900 --> 00:24:40.900
what it was two years ago.

540
00:24:40.900 --> 00:24:44.814
We've had a big turnaround since I think
the GNU we formed was a bit of a vibe

541
00:24:44.814 --> 00:24:45.092
shift.

542
00:24:45.092 --> 00:24:51.627
And then as it was kind of pitchering out,
we got the boost off of the commodity

543
00:24:51.627 --> 00:24:53.627
sector with gold prices going as crazy as
they have been.

544
00:24:53.627 --> 00:24:55.470
But I do think that this is quite
vulnerable.

545
00:24:55.772 --> 00:25:01.162
We're going to have a municipal election
this year, and obviously in the upcoming

546
00:25:01.162 --> 00:25:03.162
years we're going to have the next
national election.

547
00:25:03.162 --> 00:25:05.162
I don't think the GNU survives to that.

548
00:25:05.162 --> 00:25:07.162
We've already seen a shift in power at the
DA.

549
00:25:07.162 --> 00:25:07.674
So I think it's going to be a bit of a
hectic thing.

550
00:25:08.274 --> 00:25:15.219
Honestly, getting back to my point about
the AI, which I'm sorry to harp on, these

551
00:25:15.219 --> 00:25:17.219
guys I'm talking about, like, you know,
oh, 2040,

552
00:25:17.219 --> 00:25:19.219
2030 is just around the corner.

553
00:25:19.219 --> 00:25:24.212
And if you are investing in South Africa,
unfortunately, there's very little in

554
00:25:24.212 --> 00:25:26.212
South Africa that touches that besides
maybe NASPERS, you know what I mean, which

555
00:25:26.212 --> 00:25:28.212
is a Chinese company.

556
00:25:28.212 --> 00:25:29.149
So I'm a bit nervous about, you know, just
what's been happening around that.

557
00:25:30.102 --> 00:25:30.802
Regarding the...

558
00:25:31.993 --> 00:25:32.821
Sorry, I didn't say the rest of it.

559
00:25:32.899 --> 00:25:33.599
Maybe in there.

560
00:25:33.834 --> 00:25:34.875
I'm actually not a drinker myself.

561
00:25:34.916 --> 00:25:37.318
I haven't had a drop to drink, I think, 25
years.

562
00:25:38.718 --> 00:25:39.418
Gosh.

563
00:25:39.418 --> 00:25:39.599
So, yeah.

564
00:25:40.640 --> 00:25:47.148
But I think they were talking about the
fact that apparently they're going to

565
00:25:47.148 --> 00:25:49.148
benefit from the World Cup and

566
00:25:49.148 --> 00:25:49.250
the Olympics and that kind of stuff.

567
00:25:49.265 --> 00:25:55.828
And they're really amping up their
spending for marketing to try and gain

568
00:25:55.828 --> 00:25:57.828
market share, even though they are a
dominant player in the market anyway.

569
00:25:57.828 --> 00:26:00.953
But if you look at their profit forecast,
it's actually significantly higher than,

570
00:26:00.953 --> 00:26:02.953
for instance, some of their rivals.

571
00:26:02.953 --> 00:26:04.953
And maybe that's why people are shifting
towards them.

572
00:26:04.953 --> 00:26:05.768
in the drinking space.

573
00:26:06.030 --> 00:26:08.370
And don't forget the non-alcoholic
beverage sector.

574
00:26:08.393 --> 00:26:11.292
Okay, it's small compared to the
traditional sector, but it is doing well.

575
00:26:11.471 --> 00:26:12.737
I mean, I sit down at home.

576
00:26:12.792 --> 00:26:15.620
I'm going to be watching Arsenal against
Brentford tonight at nine o'clock,

577
00:26:15.862 --> 00:26:19.807
and I'll have in front of me a Warsteiner
zero-alcohol beer.

578
00:26:20.042 --> 00:26:23.604
And it pains me to say that, but that has
been my life for the last year.

579
00:26:24.042 --> 00:26:26.604
And although it's good for my health, it's
just not the same.

580
00:26:26.807 --> 00:26:27.507
David?

581
00:26:27.870 --> 00:26:28.838
You know what happens?

582
00:26:29.917 --> 00:26:31.807
You know, the power of the mind.

583
00:26:31.982 --> 00:26:33.824
If I have a non-alcoholic beer, I feel
drunk.

584
00:26:33.825 --> 00:26:34.525
You think you're drunk.

585
00:26:34.946 --> 00:26:35.766
Yeah, yeah, exactly.

586
00:26:37.169 --> 00:26:40.614
But after three, my body says, wait a
second, there's something going on here.

587
00:26:41.067 --> 00:26:41.950
You're trying to fool me.

588
00:26:42.036 --> 00:26:43.512
I'm sure you're having a laugh, aren't
you?

589
00:26:43.872 --> 00:26:44.817
That's what it says to me.

590
00:26:45.817 --> 00:26:48.754
I had exactly the same experience when I
first started doing it.

591
00:26:49.004 --> 00:26:49.704
Let's have a look.

592
00:26:49.704 --> 00:26:54.348
Lindsay, just on the subject of the
economy,

593
00:26:54.411 --> 00:26:59.301
there was a rather distressing report that
came out of the IMF about South African

594
00:26:59.301 --> 00:26:59.314
growth.

595
00:26:59.364 --> 00:27:00.064
And I think...

596
00:27:00.322 --> 00:27:03.246
They identified the issues around South
Africa,

597
00:27:03.826 --> 00:27:10.711
a lot of risks that we have to face, which
is more global, you know,

598
00:27:10.773 --> 00:27:13.758
globally, global politics, geopolitics.

599
00:27:14.336 --> 00:27:18.367
And if you look at their forecast, that's
what worries me.

600
00:27:18.742 --> 00:27:24.351
I don't know if they're always correct,
but for the next few years, we're still

601
00:27:24.351 --> 00:27:26.351
under 2, nowhere near 2%.

602
00:27:26.351 --> 00:27:28.476
And we can't grow, we can't thrive.

603
00:27:29.426 --> 00:27:36.352
You know, with growth around those levels,
without the kind of investment that you're

604
00:27:36.352 --> 00:27:38.352
seeing from data centers and so on, you
know,

605
00:27:38.352 --> 00:27:42.719
maybe not data centers here, but without
that kind of commitment and that,

606
00:27:43.118 --> 00:27:44.399
we're just going to bumble along.

607
00:27:44.438 --> 00:27:48.758
I saw your article,

608
00:27:50.102 --> 00:27:53.665
it was on LinkedIn and it was to do with,

609
00:27:54.134 --> 00:27:57.196
it was marking the 36th anniversary to the
day of.

610
00:27:57.942 --> 00:28:00.905
Nelson Mandela being released from
incarceration.

611
00:28:01.126 --> 00:28:02.266
And David, you go on from there.

612
00:28:02.305 --> 00:28:07.548
You say, yes, South Africa's done well,
but then you compared it to China, United

613
00:28:07.548 --> 00:28:09.548
States, maybe even Europe.

614
00:28:09.548 --> 00:28:11.548
Anyway, go on.

615
00:28:11.548 --> 00:28:13.548
That's exactly what I did.

616
00:28:13.548 --> 00:28:14.954
I did this because, you know, for my wife,
it was a very important day.

617
00:28:15.407 --> 00:28:18.985
Her parents had been elected in, I mean,
sorry,

618
00:28:19.438 --> 00:28:23.610
they had been arrested in 1964.

619
00:28:23.611 --> 00:28:25.954
And on that day, well, just a week before
that.

620
00:28:26.578 --> 00:28:29.238
My mother-in-law was finally freed.

621
00:28:29.699 --> 00:28:33.699
My father-in-law had died before in 1987,
but she was freed.

622
00:28:33.700 --> 00:28:37.602
You know, she was unbanned and was allowed
to travel, get a passport and so on.

623
00:28:38.102 --> 00:28:42.649
So I cynically said, you know, while she
was going on about these dates,

624
00:28:42.727 --> 00:28:46.946
I was trying to look at the S&P and see
whether it was at an all-time high.

625
00:28:47.258 --> 00:28:51.211
But anyway, I did go back and look at some
numbers.

626
00:28:51.586 --> 00:28:53.742
And, you know, so...

627
00:28:55.050 --> 00:28:59.953
Although the GDP has grown four times in
that period,

628
00:29:00.274 --> 00:29:02.477
China is up 50 times and

629
00:29:02.879 --> 00:29:09.868
Eastern Europe much stronger than us and
many other countries, Singapore, South

630
00:29:09.868 --> 00:29:11.868
Korea and so on.

631
00:29:11.868 --> 00:29:14.430
And when we look at our GDP per capita,
it's around about $6,000.

632
00:29:14.555 --> 00:29:21.258
I'm not going into fancy economics and
saying let's do it on a purchasing parity

633
00:29:21.258 --> 00:29:23.258
kind of basis and that.

634
00:29:23.258 --> 00:29:25.258
I'm just taking numbers.

635
00:29:25.258 --> 00:29:25.387
you know, for comparative purposes.

636
00:29:25.446 --> 00:29:29.569
So our GDP per capita is around 6,300.

637
00:29:29.628 --> 00:29:31.487
America, 83,000.

638
00:29:31.549 --> 00:29:33.151
China, 12,000.

639
00:29:33.190 --> 00:29:34.588
You know, even Brazil, nine.

640
00:29:34.846 --> 00:29:37.073
So we've fallen behind the rest of the
world.

641
00:29:37.448 --> 00:29:43.792
Something, those that are making hubs, and
I specifically looked at those companies,

642
00:29:43.792 --> 00:29:45.792
Israel, about 40,000,

643
00:29:45.792 --> 00:29:47.792
which is a hub.

644
00:29:47.792 --> 00:29:49.792
It's a tech hub.

645
00:29:49.792 --> 00:29:52.338
Singapore is now a financial center,
24,000 per person, and so on.

646
00:29:53.335 --> 00:29:54.775
No, sorry, it's 86,000.

647
00:29:54.797 --> 00:29:56.137
My apologies.

648
00:29:56.178 --> 00:30:00.320
South Korea is also now 34,000.

649
00:30:00.321 --> 00:30:07.168
So we're way behind the rest of the world
and haven't grown anywhere near the

650
00:30:07.168 --> 00:30:09.168
potential that we

651
00:30:09.168 --> 00:30:11.168
should have grown.

652
00:30:11.168 --> 00:30:13.168
That's the point.

653
00:30:13.168 --> 00:30:15.168
And nor are we heading that way either.

654
00:30:15.168 --> 00:30:17.168
Okay.

655
00:30:17.168 --> 00:30:19.557
Well, at least we stabilized last year and
hopefully this year as well, because all

656
00:30:19.557 --> 00:30:21.557
my stocks are

657
00:30:21.557 --> 00:30:22.740
SA-centric in my crystal challenge.

658
00:30:24.037 --> 00:30:24.842
Well, they had to be.

659
00:30:25.201 --> 00:30:26.483
We wouldn't let you go in otherwise.

660
00:30:26.484 --> 00:30:33.256
Yeah, but I could have got Anglo Gold
because it's… Oh, yeah, you could have

661
00:30:33.256 --> 00:30:33.676
done that.

662
00:30:33.676 --> 00:30:38.147
No, but these are ones that do their
business within the borders of the

663
00:30:38.147 --> 00:30:40.147
Republic of South Africa, sell clothes and
things.

664
00:30:40.147 --> 00:30:42.147
I see a couple of retailers do well today.

665
00:30:42.147 --> 00:30:44.147
So I should have got a little bit of a
boost.

666
00:30:44.147 --> 00:30:44.268
Sorry, Viv.

667
00:30:44.328 --> 00:30:46.630
Dollar Rand is 1585.

668
00:30:46.631 --> 00:30:47.332
That's pretty good.

669
00:30:47.332 --> 00:30:48.956
That's a multi-year high, I think it is.

670
00:30:48.957 --> 00:30:51.173
The British pound against the Rand, 2164.

671
00:30:51.174 --> 00:30:53.759
Euro Rand, 1883.

672
00:30:53.775 --> 00:30:58.814
The gold price is 5071, down $7 an ounce
on its lows of the day, actually.

673
00:30:59.236 --> 00:31:01.361
Finished yesterday at midnight.

674
00:31:01.376 --> 00:31:03.392
It was around about 5100.

675
00:31:03.393 --> 00:31:07.814
It's the reason I was up at midnight,
David, because I was watching Man City

676
00:31:07.814 --> 00:31:09.814
versus Fulham.

677
00:31:09.814 --> 00:31:14.586
the Platinum price is $21.33, down $13 an
ounce.

678
00:31:14.625 --> 00:31:19.947
Palladium going in the opposite direction,
up $38 to $17.43.

679
00:31:19.947 --> 00:31:25.852
Let me give you another couple of
commodities from my CRB Commodity Index

680
00:31:25.852 --> 00:31:27.852
page.

681
00:31:27.852 --> 00:31:29.852
There it goes.

682
00:31:29.852 --> 00:31:31.852
Crude oil down 1.4%.

683
00:31:31.852 --> 00:31:33.852
That's West Texas, $63.72.

684
00:31:33.852 --> 00:31:34.836
But Brent crude oil, $68.45, down 1.4%.

685
00:31:34.837 --> 00:31:39.633
The all-important copper price for South
Africa now, and for my copper 360

686
00:31:39.633 --> 00:31:41.633
investment.

687
00:31:41.633 --> 00:31:44.620
5.94 for that, and that's down half a
percent.

688
00:31:44.997 --> 00:31:45.697
U.S.

689
00:31:45.697 --> 00:31:46.357
10-year bond yield.

690
00:31:46.861 --> 00:31:53.831
Yeah, the bond market liked those numbers
yesterday, so it's just below 4.14%.

691
00:31:53.832 --> 00:31:57.892
It has recently been 4.30%.

692
00:31:57.893 --> 00:31:59.064
I still don't back it, though.

693
00:31:59.065 --> 00:32:03.034
The South African is great, 7.96% for the
South African 10-year.

694
00:32:03.611 --> 00:32:04.784
Barely changed on the day.

695
00:32:04.892 --> 00:32:05.592
Bitcoin.

696
00:32:06.068 --> 00:32:09.331
Yeah, the dead cat bounce I spoke to you
about on Monday, David,

697
00:32:09.450 --> 00:32:14.497
has played out very nicely because it's
back at just over 67,000.

698
00:32:14.974 --> 00:32:15.779
And what else have we got?

699
00:32:15.780 --> 00:32:18.919
The S&P that you were looking at when your
wife was trying to be political,

700
00:32:18.958 --> 00:32:23.919
6,967 for the March futures,

701
00:32:24.279 --> 00:32:26.341
which has really changed on the day.

702
00:32:27.013 --> 00:32:27.966
So that's that.

703
00:32:28.810 --> 00:32:32.638
Let's have a look at some of the movers on
the JSC today, if I can find it.

704
00:32:32.639 --> 00:32:33.779
Where's that gone?

705
00:32:34.372 --> 00:32:35.072
South Africa.

706
00:32:35.805 --> 00:32:36.645
I haven't got it.

707
00:32:36.725 --> 00:32:37.425
Oh, gosh.

708
00:32:37.667 --> 00:32:38.888
You two talk amongst yourselves.

709
00:32:39.290 --> 00:32:43.274
Viv, next week, I want to talk about China
from an AI perspective,

710
00:32:43.290 --> 00:32:50.282
because I've got an interview tomorrow
morning with a woman in China who's just

711
00:32:50.282 --> 00:32:52.282
an equity

712
00:32:52.282 --> 00:32:52.923
investor in China stocks.

713
00:32:52.954 --> 00:32:57.438
So I want you to come up with the idea,
and you can tease us now if you like,

714
00:32:57.704 --> 00:33:02.548
of any stocks that you think are
undervalued compared to their American

715
00:33:02.548 --> 00:33:04.548
peers.

716
00:33:04.548 --> 00:33:05.183
in China, and do you like them?

717
00:33:05.222 --> 00:33:07.547
Can you give us a bit of a taster now,
Viv?

718
00:33:08.265 --> 00:33:10.027
Look, I like Huawei, but I think you can
get into that.

719
00:33:10.488 --> 00:33:16.758
But I think if you can get into China
right now, I think the energy advantage

720
00:33:16.758 --> 00:33:18.758
they have, especially this company called
CATL,

721
00:33:18.758 --> 00:33:20.758
it does batteries.

722
00:33:20.758 --> 00:33:23.882
I think that is one way you can convert
solar into power you can use for data

723
00:33:23.882 --> 00:33:25.882
centres, et cetera.

724
00:33:25.882 --> 00:33:28.570
As well as, I mean, if you have batteries,
this is one of the big producers of EV

725
00:33:28.570 --> 00:33:28.598
batteries.

726
00:33:29.273 --> 00:33:31.008
It's going to be for robots.

727
00:33:31.192 --> 00:33:34.613
for self-driving vehicles, because
self-driving vehicles have to be electric.

728
00:33:34.633 --> 00:33:37.953
They can't be petrol-driven because it's
easier to operate an electric vehicle.

729
00:33:38.255 --> 00:33:44.734
I think the battery sector in China, I
think, is something that they're going to

730
00:33:44.734 --> 00:33:46.734
have an advantage with that's going to be
very difficult for anyone else in the

731
00:33:46.734 --> 00:33:48.734
world to compete in.

732
00:33:48.734 --> 00:33:52.313
It's both high technology, it's technique,
but it's also something in which you have

733
00:33:52.313 --> 00:33:54.313
to actually be able to manufacture at that
scale.

734
00:33:54.313 --> 00:33:55.016
And I don't think many people can beat
that.

735
00:33:55.313 --> 00:33:59.361
But one funny thing I heard about, and I
don't know if we should ask about it,

736
00:33:59.780 --> 00:34:06.727
But some chip analyst was saying that in
China they're so like

737
00:34:06.728 --> 00:34:13.516
you're obsessed with this whole AI thing
that some of the dramas, the Chinese love

738
00:34:13.516 --> 00:34:15.516
dramas take place in

739
00:34:15.516 --> 00:34:16.102
AI chip fabricating labs.

740
00:34:17.197 --> 00:34:22.805
So it's like you're not a doctor but a
chip scientist or you know that kind of

741
00:34:22.807 --> 00:34:25.524
stuff.

742
00:34:26.273 --> 00:34:27.812
But there's one more thing I want to point
out, right?

743
00:34:28.113 --> 00:34:32.833
The Chinese have been operating a
different kind of system since like the

744
00:34:33.333 --> 00:34:37.635
1980s, where they kind of go out and they
take about the 100,000 smartest kids in

745
00:34:37.635 --> 00:34:37.859
the country.

746
00:34:38.057 --> 00:34:42.331
This is out of about, say, 12, 15 million
kids every year that, you know, graduate,

747
00:34:42.331 --> 00:34:45.736
but 100,000 go to these junior schools.

748
00:34:46.534 --> 00:34:53.501
And if you look at all the AI, all the
guys that did the deep-seeking, all the

749
00:34:53.501 --> 00:34:55.501
guys that did the tech companies in China
and so on,

750
00:34:55.501 --> 00:34:58.200
All these guys came through this genius
kind of schooling system that they have at

751
00:34:58.200 --> 00:34:58.481
the moment,

752
00:34:58.501 --> 00:35:01.282
where they kind of scrape the top of the
cream of the crop of all those things.

753
00:35:01.646 --> 00:35:03.122
They focus that genius in one area.

754
00:35:03.168 --> 00:35:04.630
They give them all the stuff that they
want to do.

755
00:35:05.106 --> 00:35:09.575
You get like the guy that was the Turing
Award, teaching you computer science.

756
00:35:09.576 --> 00:35:11.481
You get all the support you need.

757
00:35:11.934 --> 00:35:13.590
And that, I think, is...

758
00:35:14.304 --> 00:35:21.150
something maybe they can explain exactly
you know how we as an african copy that

759
00:35:21.150 --> 00:35:23.150
maybe that might be an interesting thing
to talk about okay well one

760
00:35:23.150 --> 00:35:28.060
thing she will be talking about to me is
something that she sent me she said the

761
00:35:28.060 --> 00:35:30.060
economy has shifted away from property and
exports

762
00:35:30.060 --> 00:35:34.943
property we all know about towards
advanced manufacturing ai clean energy and

763
00:35:34.943 --> 00:35:36.943
domestic innovations

764
00:35:36.943 --> 00:35:42.005
donald trump of course says no they just
produce the windmills as he calls them and

765
00:35:42.005 --> 00:35:44.005
then sells them to to america and europe

766
00:35:44.005 --> 00:35:46.005
Obviously not the case.

767
00:35:46.005 --> 00:35:48.005
Clean energy, massive in China.

768
00:35:48.005 --> 00:35:50.005
And that's also linked in with AI.

769
00:35:50.005 --> 00:35:52.005
Anyway, I'll report back, gentlemen.

770
00:35:52.005 --> 00:35:54.611
Let me just, gosh, I've lost my screen
again now with all these different things

771
00:35:54.611 --> 00:35:56.611
I've got open.

772
00:35:56.611 --> 00:35:57.635
Anyway, David, just to end here,

773
00:35:59.189 --> 00:36:05.580
I want to say that when we were chatting
over the weekend, at one point on Sunday

774
00:36:05.580 --> 00:36:07.580
afternoon,

775
00:36:07.580 --> 00:36:10.392
it was looking as though Arsenal would be
nine points clear at the top.

776
00:36:10.955 --> 00:36:11.655
Okay.

777
00:36:11.660 --> 00:36:16.846
with a superior goal difference, meaning
that City would have to win every game,

778
00:36:16.924 --> 00:36:20.850
Arsenal would have to lose three games,
and City would have to score more goals,

779
00:36:20.850 --> 00:36:22.850
so it wouldn't be.

780
00:36:22.850 --> 00:36:25.155
Then in 10 minutes, just in a 10-minute
period, that all changed.

781
00:36:25.194 --> 00:36:29.022
And now we've got City only three points
behind.

782
00:36:29.319 --> 00:36:30.019
Yes.

783
00:36:30.019 --> 00:36:36.491
If Arsenal lose tonight, which is
unlikely, but if they lose tonight, the

784
00:36:36.491 --> 00:36:38.491
goal difference is more or less the same.

785
00:36:38.491 --> 00:36:43.781
and If City beat Arsenal at the Etihad,
I'm getting complicated here, then they'll

786
00:36:43.781 --> 00:36:45.781
be level on points.

787
00:36:45.781 --> 00:36:47.988
That would be fantastic for the neutral
like me, wouldn't it?

788
00:36:48.387 --> 00:36:49.285
But you're worried, right?

789
00:36:49.348 --> 00:36:54.012
Yeah, I think one is, you know, there are
13 games still to go.

790
00:36:55.192 --> 00:36:57.348
So anything can happen.

791
00:36:57.660 --> 00:36:58.410
You can see it.

792
00:36:59.020 --> 00:37:00.364
The players are tired.

793
00:37:00.410 --> 00:37:01.176
They're stretched.

794
00:37:01.379 --> 00:37:02.442
Injuries can happen.

795
00:37:03.348 --> 00:37:04.864
One can't take it for granted.

796
00:37:05.395 --> 00:37:06.957
Don't underrate Brentford either.

797
00:37:07.548 --> 00:37:12.011
They're a very good team, well-drilled,
play nice football.

798
00:37:12.554 --> 00:37:13.952
Yeah, they don't win every game.

799
00:37:14.495 --> 00:37:18.421
But, you know, you can get a nervous
Arsenal getting onto the field.

800
00:37:18.422 --> 00:37:22.265
You know, they've got to overcome the
gyps, what do you call it, the yips?

801
00:37:22.320 --> 00:37:23.020
The yips, yes.

802
00:37:23.020 --> 00:37:23.481
And the jitters.

803
00:37:24.030 --> 00:37:26.952
And they've got to go on there and say,
listen, we're going to win this game.

804
00:37:27.140 --> 00:37:27.840
I think they will.

805
00:37:27.840 --> 00:37:29.234
Don't worry.

806
00:37:29.235 --> 00:37:29.935
Don't worry.

807
00:37:29.935 --> 00:37:30.356
I know.

808
00:37:30.356 --> 00:37:30.593
I'm hoping they do.

809
00:37:30.718 --> 00:37:34.859
But, you know, you can't take this for
granted.

810
00:37:36.212 --> 00:37:37.413
I'm just a realist.

811
00:37:37.473 --> 00:37:40.217
I'm not one of these panickers.

812
00:37:40.257 --> 00:37:42.339
I'm saying, look, it's far from over.

813
00:37:42.800 --> 00:37:47.300
I think even at the bottom of the league,
you've got the worst thing is you've got

814
00:37:47.300 --> 00:37:49.300
Spurs there.

815
00:37:49.300 --> 00:37:51.300
You know, just on the brink.

816
00:37:51.300 --> 00:37:53.815
We'll talk about this more on Monday,
Dave, because Viv's either gone or nodded

817
00:37:53.815 --> 00:37:54.015
off.

818
00:37:54.015 --> 00:37:54.909
Viv doesn't want to listen to this.

819
00:37:54.971 --> 00:37:56.237
No, he doesn't listen to that rubbish.

820
00:37:56.238 --> 00:37:58.190
He doesn't want to share my fears and
concerns.

821
00:37:58.191 --> 00:38:01.034
He hasn't had a beer for 25 years and he
doesn't like football.

822
00:38:01.050 --> 00:38:02.237
This is an area of pain for me, OK?

823
00:38:05.088 --> 00:38:11.953
what are you talking about leading the
league we haven't we haven't won five

824
00:38:11.953 --> 00:38:13.953
games in a row for like what like a couple
years now people are dying promising not

825
00:38:13.953 --> 00:38:15.953
to cut

826
00:38:15.953 --> 00:38:18.914
their hair and stuff you know what i mean
oh that chef have you seen his hair it's

827
00:38:18.914 --> 00:38:20.914
extraordinary hasn't he hasn't had it cut
for what 10 months with something

828
00:38:20.914 --> 00:38:25.570
like that we had four and then the last
one oh god how long do you do it

829
00:38:26.256 --> 00:38:32.043
No, no, this guy said, I will only cut my
hair when Manchester United win three

830
00:38:32.043 --> 00:38:34.043
games in a row.

831
00:38:34.043 --> 00:38:36.043
And they keep on teasing him.

832
00:38:36.043 --> 00:38:38.043
And he started with five in a row.

833
00:38:38.043 --> 00:38:40.043
Sorry, thanks, Viv.

834
00:38:40.043 --> 00:38:42.043
He started out with a very normal looking
haircut.

835
00:38:42.043 --> 00:38:43.359
Now it went to an afro, which looked
really cool, I must say.

836
00:38:43.609 --> 00:38:45.750
But now it's just completely out of
control.

837
00:38:45.751 --> 00:38:49.781
He looks like some kind of mega capital
invader.

838
00:38:50.437 --> 00:38:51.359
He's extraordinary.

839
00:38:51.625 --> 00:38:52.750
But it's great fun.

840
00:38:52.781 --> 00:38:53.609
And he won't cut it.

841
00:38:53.625 --> 00:38:54.325
He's very good.

842
00:38:54.736 --> 00:38:58.037
Aspen is the biggest gainer on the JSC
today.

843
00:38:58.137 --> 00:38:59.596
Well done on those people that picked it.

844
00:38:59.916 --> 00:39:00.916
Nearly 8% higher.

845
00:39:00.998 --> 00:39:05.221
Sassel, I said, of course, it was going
down to 70, 80 the other day.

846
00:39:05.775 --> 00:39:09.518
And sure enough, it's up 7% today to 126.

847
00:39:09.596 --> 00:39:10.994
Well done on a good indicator, me.

848
00:39:11.354 --> 00:39:12.963
AB InBev up 4.7%.

849
00:39:12.964 --> 00:39:13.682
Italtile 3.7%.

850
00:39:14.666 --> 00:39:18.635
TFG, I've got that in my portfolio, 2.2%
higher.

851
00:39:18.636 --> 00:39:23.728
Downside South, 32% after results that
weren't well received, down 3.4%.

852
00:39:23.729 --> 00:39:25.525
four percent Telcom down 2.8%.

853
00:39:25.566 --> 00:39:28.988
Pick and Pay, poor Linda, down 2.5%.

854
00:39:28.989 --> 00:39:30.531
Alphamin down 2.25%.

855
00:39:30.609 --> 00:39:36.695
And Exaro down 1.8%. The all-share index
of the JSC Securities Exchange today

856
00:39:36.695 --> 00:39:38.695
closed at

857
00:39:38.695 --> 00:39:41.866
122,213, up 0.4%.

858
00:39:41.867 --> 00:39:44.663
And up a third was the JSC Top 40.

859
00:39:45.179 --> 00:39:47.960
Gentlemen, thank you very much for your
time, your extended time this evening.

860
00:39:48.007 --> 00:39:51.116
Viv Govender is from Ransu, with David
Shapiro from Sasser and Securities.

861
00:39:51.445 --> 00:39:53.695
And that was an extended 5 o'clock shadow.

862
00:39:54.212 --> 00:40:01.174
The views and opinions expressed in these
podcasts are those of Lindsay Williams and

863
00:40:01.174 --> 00:40:03.174
various contributors and do not reflect
the policy,

864
00:40:03.174 --> 00:40:04.912
position or opinion of any other agency,
organisation,

865
00:40:05.233 --> 00:40:09.873
employer or company associated with
StrictlyBusinessPodcast.com.

866
00:40:10.342 --> 00:40:17.311
Assumptions made on the analyses are not
reflective of the position of any other

867
00:40:17.311 --> 00:40:19.311
entity other than the speaker or the
author.

868
00:40:19.311 --> 00:40:23.764
And since we are critically thinking human
beings, these views are always subject to

869
00:40:23.764 --> 00:40:25.764
change, revision, and revision.

870
00:40:25.764 --> 00:40:27.764
and rethinking at any time.

871
00:40:27.764 --> 00:40:28.350
Please do not hold us to them in
perpetuity.
