WEBVTT

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

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The JSC has closed its doors for another
day, so it's time for the five o'clock

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shadow.

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And as always on a Wednesday, I speak to
Skulk Lowe, Portfolio Manager at PSG

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Wealth, Old Oak Division in Cape Town.

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Skulk, you weren't around last week
because of a strategy session, and we'll

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talk about that later on briefly.

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But since we last spoke, there's been
state of the nation.

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It's been State of the Union in the United
States of America.

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And there's been the budget this afternoon
in South Africa.

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So much going on.

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Please tell me about the budget.

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Well,

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let's start off by saying how unbelievably
things can change in

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one year.

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I mean, we just go, let's talk about the
budget.

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I mean, when we turned the clock back one
year ago, I think you and I had two or

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three times where we had to say,

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let's talk about the budget.

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Wait.

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We can't yet.

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They can't get the budget over the line.

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It seems like a long time ago.

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Yes, exactly.

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It was cancelled, wasn't it?

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And that didn't exactly engender a lot of
confidence in the international community.

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No, no, no, no.

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I mean, to put that in perspective, I
mean, when you look at, let's just take

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our long bond rate.

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You can go and look at it over the past,
let's call it 20 years.

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There's a few blips.

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we had the world financial crisis.

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That was a massive blip.

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you know, shot up.

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And that was an emerging market, not just
an emerging market thing, but it's a world

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thing.

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Then we had the Nene gate.

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We had, ah, I can continue.

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I mean, we had the downgrade to junk
status.

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That was March 2020.

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We had the gray listing.

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That was a kick up.

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And we tend to forget that a little bit
more than a year ago, we had that kick up.

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I think.

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Long bond rates, we've been very close to
11%.

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Here we're sitting today.

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I can tell you exactly where they were on
the day after Liberation Day, because that

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was in the evening.

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And then we opened up in the morning, went
to 11.10% to 11.15%, because it was thinly

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traded.

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Nobody knew what button to press at the
time.

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And that was the South African 10-year
bond.

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And look at the thing now.

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It's extraordinary.

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Yeah, but there was some augmentation.

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That was sort of a...

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build up to deliberation day because we
couldn't get the budget over the line and

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the rant weakened because everybody
thought

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that's the end of GNU.

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GNU is done.

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It's history.

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It's not working.

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And we had the rant weakening.

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We had the yields shot up.

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Then eventually we had the very lukewarm
budget speech.

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We didn't have that original VAT hikes and
those kind of things.

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But it was sort of a lukewarm.

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It was uh Not a very positive one.

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You said it.

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We had Liberation Day, and yields went up
over 11%.

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Got very, very close to that 20% to the
dollar mark again.

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And here we're sitting.

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And the all share was below 100,000,
Skunk.

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There we go.

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There we go.

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And as I look at my screen now, you've got
to put that into context, because people

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that have been away for a while and are
suddenly listening to us for the first

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time.

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Yes, it was below 100,000, and Skunk will
give us exactly where it was budget day

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last year.

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But I, for now, will tell you exactly
where it is at the moment.

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It's nearly 127,000 for the all-share
index of the JSC.

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And that's one and a quarter percent up
just today.

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It doesn't stop.

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The round is 1588.

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Where was the round a year ago?

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Skalk is also going to show us because
he's got seven screens in front of him.

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And he fiddles around and he'll be able to
tell us.

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But anyway.

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I'm fiddling already, man.

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I'm fiddling already.

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So the JSC all-share.

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That was trading at 87,800 exactly a year
ago.

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So it's 30,000 points higher.

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Yeah.

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No, 40,000 points higher.

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40,000 because remember it's more than

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40% higher.

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And if we look at the rant, look at the
rant.

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I mean, this is actually crazy.

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Liberation Day.

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Well, we'll get to Liberation Day.

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Exactly a year ago, the rant was trading.

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I feel I need to give a drum roll.

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Do I have to sit down for this one?

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18 Rand, 37.

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Then Liberation Day happened, and it went,
well,

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on that specific day, went, oh, closed at
19 Rand, 40.

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So from 1940 to 1588.

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I mean, okay, Liberation Day, well, it's
less than a year, because Liberation Day

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was the first week in April.

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of course, April the 2nd it was, because
he didn't want it to be on April the 1st,

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for obvious reasons.

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It's extraordinary.

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That's how quickly things go.

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But you know, I've often had this
conversation.

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And I've often had conversations stating
that the African economy is a very,

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very usually when people invest in gold
mines, that's sort of my reference point.

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Why somebody would invest in one gold mine
rather than another is sometimes a gearing

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effect.

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How are they...

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you know sell their gold forward uh you
know what's the gearing effect um and so

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africa is that type of thing

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i think africa is a scenario we've seen it
in in the mid 2000s where things really

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don't look good for

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for the economy don't look for good for
the country and then just a few small

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things happen and and and past

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12 months we've often said that small
things is usually big things because we're

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the largest producer of platinum in the
world with the second

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largest palladium Radis Rhodium with its
eighth largest producer of gold.

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You know, when you see happening what
happened,

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that suddenly have a massive effect on our
current account.

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Suddenly these mines, and we've seen some
of them reported today, suddenly these

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mines, I mean, Volterra,

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look at that result.

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I mean, that's just cruel.

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Well, we'll look at those in a moment when
we get to the Stock Exchange News Service.

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We will look at them.

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I haven't looked at the budget today.

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I've got something called Budget
Indifference.

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I go into a coma on Budget Day and I lie
down with slices of cucumber over my

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eyes and I forget about it.

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Because I just need to read what happens
and look at what happens in the markets to

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know what happened.

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This time last year, absolutely nothing
happened.

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This year, a 13.5 basis point fall in
yield on the South African 10-year.

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That's the first thing I look at, 7.805%.

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It's a 1.7% fall in the yield bond prices.

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soaring international and local investors
doing well the all-share index doing

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fantastically well but you've brought in
the the

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diggers factor here uh people that dig
things out of the ground have come out

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with numbers you mentioned valteria we'll
talk about that later that's

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boosting the all-share index but goodness
me he must have had a smile on his face

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that deliverer of the budget today no

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it was it was one of the better budgets in
many many years because it was it was

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really good news all around.

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And I think it's not just in terms of, but
let's look at the fiscal position.

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I mean, when you look at, I think when we
look at it in the

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2025, which is now pretty much two years
ago already,

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when you look at that medium term budget,
they were talking about the 2028,

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2029, there should be a budget deficit of
around 9%. So things were fairly bleak and

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not looking good.

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Today, when you look at the consolidated
budget deficit, we're looking at a 5%,

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about 4%

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deficit.

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Well, that's 4% of GDP for 2026.

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But now they expect it to narrow to 3.1%
by 2028,

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2029.

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From, let's call it a year and a half ago,
it was 9% of, the deficit should have been

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9% of GDP.

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Now we're looking at 3.1%.

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to That's massive.

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Total debt to GDP.

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I remember when most economists globally
were saying,

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we see what you're talking about, aiming
for these,

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let's call it 80% by 2026,

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2027.

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But hell no, we see you surpass or getting
close to that 100% mark as well.

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Well, total debt to GDP is down to 77.3%.

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77.3% A lot of countries would die for
that kind of number.

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I know, I know.

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And that is really, really good.

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That's the meat.

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That's for South Africa.

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Yes, I think our total taxpayer, the base
is still too small,

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too small a percentage of the country,
look after the rest of the country.

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But the one thing that the mid-2000s has
taught me as well is Thanks.

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You know, you need, how does a song go?

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Your neck bone is connected to the
shoulder bone, the shoulder bone to the

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backbone.

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Showing your age.

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You're showing your age.

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And the type of music you like as well,
Skull.

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Both of which we can skirt over at the
moment.

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But anyway, what are you talking about?

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Them bones, Them bones.

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That was the song.

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But anyways, I mean, what I'm getting to
is eventually.

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We had a similar scenario in that
mid-2000s.

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You often bring up the CRB Commodity Index
into play.

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I did some work last week where I look at,
just look at the CRB Commodity Index.

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When that improved, there's sort of a...

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massive, massive correlation with GDP
growth on the growth of the CRB, or just

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commodities in general.

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But I'll use the CRB because you love it
as well.

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Also, when you take the CRB commodity
index and as it improves, you always see

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an improvement in the RAN.

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So then my question is, to all the people
that's worried,

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if you're worried and say we're nearing
the end of this commodity type of cycle,

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well,

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then maybe you should be a bit worried.

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I don't think we're there yet.

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We're not trading at the highs that we've
been in 2008 yet.

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And it's been predominantly driven by some
of these precious metals.

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The rest of the commodities haven't really
followed suit yet.

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So when that happened, naturally, that
won't be good for inflation.

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But over that same period, mid-2000s,

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we had an unemployment rate in 2003 of
31%,

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very similar to the levels that we're
currently seeing.

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But by 2009 or 2008, we'll be sitting with
an unemployment rate of 21%.

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And that's where I say you connect the
dots.

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Oh, I see.

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Where things start becoming and improving.

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So, yes, the budget speech today.

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I'm just going to run it very quickly.

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Very quickly.

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I would say this is for individuals
because we continue to look at corporates

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and those kind of things.

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It's just going to get way too long.

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Very good.

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Very, very good for individuals.

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We've seen the tax-free investment plans.

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That was a nice one.

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Sort of expect it.

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I think there was a lot of rumors that the
annual 36,000 rand should be increased.

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There was talks, people guessed or sort of
bet on a 40,000 rand.

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Now it's been pushed up to 46,000 rand.

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I thought that was a positive sign to
promote savings within South Africa.

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We've had no bracket creep, so to speak,
this year.

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Remember, for the past three years, they
didn't adjust the tax rates,

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but they kept the brackets unchanged.

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So that inflationary effect, well, there
was no inflationary effect.

243
00:12:17.117 --> 00:12:20.440
This year, they did adjust to inflation,
so that went up.

244
00:12:20.500 --> 00:12:21.941
I think that is positive.

245
00:12:23.122 --> 00:12:24.063
When you look at your...

246
00:12:26.244 --> 00:12:29.126
your annual deduction for your retirement
funds.

247
00:12:29.166 --> 00:12:33.207
Now, remember, it's usually the maximum of
27.5%

248
00:12:33.208 --> 00:12:37.329
or 350,000, whatever is the highest.

249
00:12:37.349 --> 00:12:42.071
That's typically for your retirement, your
annuity, your provident fund, those type

250
00:12:42.071 --> 00:12:42.171
of things.

251
00:12:42.431 --> 00:12:45.953
That was, the maximum was always set at
350,000.

252
00:12:46.033 --> 00:12:49.674
That's been increased to 430,000.

253
00:12:49.675 --> 00:12:53.276
Again, a really, really positive sign and
sort of promoting.

254
00:12:54.436 --> 00:13:01.140
promoting the the africans to to to to
save um the the the well let's call it the

255
00:13:01.780 --> 00:13:08.645
the the annual exclusion for capital um
gains or losses that's always been 40 000

256
00:13:08.645 --> 00:13:10.645
rent i mean this

257
00:13:10.645 --> 00:13:12.907
350 000 and 40 000 has been these levels
for

258
00:13:13.407 --> 00:13:20.291
i might say as long as i can remember but
for a very very long time they've adjusted

259
00:13:20.291 --> 00:13:22.291
this from forty thousand to fifty thousand

260
00:13:22.291 --> 00:13:25.328
right just meaning that for the listeners
out there don't understand this usually

261
00:13:25.328 --> 00:13:27.328
when you make a

262
00:13:27.328 --> 00:13:28.251
capital it's called a profit

263
00:13:30.273 --> 00:13:37.099
um you usually take your profit and let's
say it is below 40 000 rand for that

264
00:13:37.099 --> 00:13:39.099
specific financial year then

265
00:13:39.099 --> 00:13:44.086
you will pay no capital gains tax anything
above 40 000 now they've they've they've

266
00:13:44.086 --> 00:13:46.086
increased that from 40 000 rand to

267
00:13:46.086 --> 00:13:46.628
50 000 and here's a biggie Yeah,

268
00:13:46.649 --> 00:13:52.952
that's not a lot of money in most people's
lives that are in the business of making

269
00:13:52.952 --> 00:13:54.952
money through trading or through

270
00:13:54.952 --> 00:13:56.952
buying and selling assets.

271
00:13:56.952 --> 00:13:58.952
But still, a step in the right direction,
Scott.

272
00:13:58.952 --> 00:14:00.952
So you've got a biggie coming up.

273
00:14:00.952 --> 00:14:02.398
The biggie to me is also one that's been
unchanged.

274
00:14:02.399 --> 00:14:07.761
That's the exclusion of capital gain or
loss of the disposal of your primary

275
00:14:07.761 --> 00:14:09.761
residence.

276
00:14:09.761 --> 00:14:12.904
Now, Lindsay, you will know this has been
2 million Rand for many, many, many years.

277
00:14:13.124 --> 00:14:16.865
And the property market has got ahead of
itself compared to that, of course.

278
00:14:17.305 --> 00:14:18.005
Yeah.

279
00:14:18.005 --> 00:14:21.166
And they didn't just kick it up with, I
don't know, 200,000 rand.

280
00:14:21.167 --> 00:14:24.107
They kicked it up from 2 million rand to 3
million rand.

281
00:14:24.127 --> 00:14:28.728
So I thought that was also a very, very
positive sign.

282
00:14:29.269 --> 00:14:36.070
So I would say that to me was the most
important sort of changes within the

283
00:14:36.071 --> 00:14:36.971
budget speech for today.

284
00:14:38.091 --> 00:14:40.292
Oh, yeah, and then the tax-free donations.

285
00:14:40.472 --> 00:14:41.432
That went up from...

286
00:14:41.852 --> 00:14:44.838
From 100,000 rent to 150,000 rent.

287
00:14:44.839 --> 00:14:45.539
Very nice.

288
00:14:45.539 --> 00:14:45.820
So good news all round.

289
00:14:46.041 --> 00:14:47.924
You have to say a little bit about
corporates.

290
00:14:47.984 --> 00:14:53.596
Maybe take the first one or two points
that you found to be really positive for

291
00:14:53.596 --> 00:14:55.596
the South African corporate world.

292
00:14:55.596 --> 00:14:56.597
Oh, what's it?

293
00:14:57.477 --> 00:15:00.779
Companies, the minimum, let's call it the
minimum effective tax rate.

294
00:15:00.779 --> 00:15:04.219
I think that's maybe the one I'm going to
run through.

295
00:15:04.221 --> 00:15:09.961
I mean, trust, that changed at, it's
unchanged at 36%.

296
00:15:11.120 --> 00:15:15.303
Individuals, still 18% and special trust,
18%.

297
00:15:15.342 --> 00:15:17.683
And then companies, 21.6%.

298
00:15:17.923 --> 00:15:24.784
So, yeah, I don't think it's been when I
look at the broader let's call it budget,

299
00:15:24.804 --> 00:15:30.206
there's more money back to individuals
this year.

300
00:15:30.906 --> 00:15:32.526
And I thought that was really good.

301
00:15:32.986 --> 00:15:38.748
Just before we get on to the results
coming out today, has that had a positive

302
00:15:38.748 --> 00:15:40.748
effect on other sectors?

303
00:15:40.748 --> 00:15:41.289
For example, the retailers,

304
00:15:41.309 --> 00:15:47.210
because if it's a consumer-friendly or
rather a people-friendly budget,

305
00:15:47.830 --> 00:15:53.292
which it sounds as though it is, has that
had a knock-on effect on certain sectors

306
00:15:53.292 --> 00:15:55.292
on the JSC that are...

307
00:15:55.292 --> 00:15:57.195
linked to that type of person or that type
of spending activity?

308
00:15:58.556 --> 00:16:02.899
It was an extremely interesting day on the
JS, and we'll chat about that.

309
00:16:03.519 --> 00:16:08.363
But to answer your question fairly shortly
and bluntly, no.

310
00:16:09.723 --> 00:16:15.428
It's been a crazy day because it's been
predominantly driven by resources.

311
00:16:15.808 --> 00:16:21.652
But if you take the resources out of the
market today, it's been a pretty negative

312
00:16:21.652 --> 00:16:21.752
day.

313
00:16:22.173 --> 00:16:27.737
not really okay well we'll come to that
and let's have a look now never mind why

314
00:16:27.737 --> 00:16:29.737
because we've seen this

315
00:16:29.737 --> 00:16:35.763
big improvement in the currency because I
think that the market looked at this and

316
00:16:35.763 --> 00:16:37.763
said well this was a positive budget and
it'll be

317
00:16:37.763 --> 00:16:38.587
positive you know for South Africa and
usually

318
00:16:38.606 --> 00:16:45.371
when you see that your currency is the
share price for your country and we've

319
00:16:45.431 --> 00:16:51.832
seen that improvement in the currency
today but that wasn't actually good for

320
00:16:51.832 --> 00:16:53.832
the market that was interesting Okay,
well,

321
00:16:53.832 --> 00:16:55.275
maybe that'll unwind tomorrow if people
got so excited about certain things.

322
00:16:55.295 --> 00:16:56.656
There's been so many results recently.

323
00:16:56.657 --> 00:17:00.459
I mean, just look at last night after the
market closed, you had BidCore coming out.

324
00:17:01.299 --> 00:17:03.901
Also, no, that was it.

325
00:17:03.941 --> 00:17:05.863
BidCore after the market closed last
night.

326
00:17:05.923 --> 00:17:08.925
Today, being punished by 2.5%.

327
00:17:08.927 --> 00:17:13.308
This morning, we've had Blue Label, ACI,
Motus, Mustek.

328
00:17:13.728 --> 00:17:17.332
And then if you go up to about 9 o'clock,
those are the 7 o'clock.

329
00:17:19.440 --> 00:17:20.761
7 o'clock was 9 o'clock.

330
00:17:20.801 --> 00:17:27.444
It's a small company here by the name of,
come on, Valtteri Platinum Limited.

331
00:17:28.625 --> 00:17:33.668
Full year results announcement for the
year ended 31st of December 2025.

332
00:17:33.669 --> 00:17:39.231
You look along the right hand side, it
gives you the share price and the

333
00:17:39.231 --> 00:17:41.231
percentage share price move on the day.

334
00:17:41.231 --> 00:17:41.972
10.02% in the green, Skulk.

335
00:17:42.293 --> 00:17:43.353
Must have been good numbers.

336
00:17:44.674 --> 00:17:48.136
Yeah, that's the second.

337
00:17:48.672 --> 00:17:53.157
Let's call it, if you look at your top
performers and worst performers, which

338
00:17:53.157 --> 00:17:55.157
you'll read us a little bit later.

339
00:17:55.157 --> 00:17:57.157
I will do.

340
00:17:57.157 --> 00:18:00.504
But that was one of the top performers,
position number two for today.

341
00:18:01.945 --> 00:18:05.548
Yeah, Volterra, what a full year.

342
00:18:06.369 --> 00:18:07.069
Printing money?

343
00:18:08.311 --> 00:18:09.011
Absolutely.

344
00:18:09.332 --> 00:18:10.132
Absolutely.

345
00:18:10.693 --> 00:18:14.276
When you sit in a position where you start
giving larger dividends.

346
00:18:14.804 --> 00:18:17.365
And now start giving special dividends as
well.

347
00:18:17.385 --> 00:18:24.048
And just to put it in perspective, when
you look at the total dividend of 45 rand

348
00:18:24.048 --> 00:18:26.048
a share, because for the listeners that
didn't read this update,

349
00:18:26.048 --> 00:18:29.532
it was a 25 rand base dividend that was
announced, but also a

350
00:18:30.651 --> 00:18:31.832
20 rand special dividend.

351
00:18:32.092 --> 00:18:33.092
That's 45 rand.

352
00:18:33.432 --> 00:18:36.814
That's pretty much 71% of the headline
earnings that they're paying out.

353
00:18:37.154 --> 00:18:38.134
It's quite a good thing.

354
00:18:38.355 --> 00:18:41.016
I mean, I spoke to somebody called Wayne
McCurry.

355
00:18:41.837 --> 00:18:47.458
over the last few years before he retired,
had been investing in the PGM companies.

356
00:18:47.999 --> 00:18:50.319
And it had a pretty rotten time, let's
face it.

357
00:18:50.479 --> 00:18:52.780
I mean, as all PGM investors did.

358
00:18:53.179 --> 00:18:59.822
And I'm so pleased that they're being
rewarded now because the cyclicality of

359
00:18:59.822 --> 00:19:01.822
resources means you go through the

360
00:19:01.822 --> 00:19:02.923
worst of times and then you go through the
best of times.

361
00:19:03.223 --> 00:19:04.602
And these are the best of times.

362
00:19:04.604 --> 00:19:08.844
It's just a question of how long they'll
last and how well these companies will

363
00:19:08.844 --> 00:19:08.924
manage it.

364
00:19:08.924 --> 00:19:11.105
Will they go out and be expansive and
shine by.

365
00:19:11.665 --> 00:19:18.571
obscure Canadian mines or northern-based
mines in Finland or something like

366
00:19:18.591 --> 00:19:19.291
that?

367
00:19:19.291 --> 00:19:25.737
Or will they just hunker down, get on with
it, with their beautiful resources that

368
00:19:25.737 --> 00:19:27.737
they've got, as Donald Trump would say,

369
00:19:27.737 --> 00:19:30.081
and keep churning out the money, paying
the dividends, and everyone's happy?

370
00:19:30.662 --> 00:19:32.163
I hope they're responsible with it.

371
00:19:33.504 --> 00:19:38.668
Yeah, that's an important point because
you're 100% right.

372
00:19:39.848 --> 00:19:43.280
Again, we were talking about how things
can change.

373
00:19:44.039 --> 00:19:44.859
in one year.

374
00:19:45.379 --> 00:19:47.080
And we refer to the budget speeds.

375
00:19:47.500 --> 00:19:54.302
But I mean, I think the team at Volterra
is looking at it and saying, wait a

376
00:19:54.302 --> 00:19:56.302
minute, Scott, that's not just the budget,
that's us.

377
00:19:56.302 --> 00:20:01.324
When you turn the clock back, February
last year, I mean, we're talking about

378
00:20:01.324 --> 00:20:03.324
taking the clock back February last year,

379
00:20:03.324 --> 00:20:04.865
what was the currency and what was this,
what was that?

380
00:20:05.425 --> 00:20:11.267
When you look at the platinum price
exactly a year ago, 25 of February, 2025.

381
00:20:11.679 --> 00:20:17.481
The platinum price closed that day, it's
$970 per ounce.

382
00:20:17.921 --> 00:20:22.322
Today, it's currently trading close to
$2,300 per ounce.

383
00:20:22.602 --> 00:20:23.702
So that's crazy.

384
00:20:24.062 --> 00:20:25.483
And why is this significant?

385
00:20:26.683 --> 00:20:31.544
And they mentioned in their trading
update, their financial report,

386
00:20:32.305 --> 00:20:37.406
is this earnings is really supported by
this 22%

387
00:20:37.766 --> 00:20:40.707
increase in the RAND PGM basket.

388
00:20:40.827 --> 00:20:44.210
price for their products.

389
00:20:44.790 --> 00:20:50.995
But also, they mentioned a five billion
rand cost saving.

390
00:20:51.436 --> 00:20:52.136
Why?

391
00:20:52.136 --> 00:20:57.300
Because remember, as mentioned, if you
turn the clock back one year ago, they

392
00:20:57.300 --> 00:20:59.300
were sitting worried.

393
00:20:59.300 --> 00:21:01.364
I mean, they're sitting with a $900
platinum price.

394
00:21:02.565 --> 00:21:03.265
They worried.

395
00:21:03.265 --> 00:21:10.171
I mean, because if you take the platinum
and palladium and brodium, those prices

396
00:21:10.171 --> 00:21:12.171
for that previous year or two.

397
00:21:12.171 --> 00:21:14.171
It flatlined.

398
00:21:14.171 --> 00:21:14.684
It stayed at these $900 levels.

399
00:21:15.684 --> 00:21:21.826
And when you look at the all-insustainable
cost, the all-insustainable cost for this,

400
00:21:21.926 --> 00:21:25.527
let's call it this year, was around,

401
00:21:25.528 --> 00:21:31.609
let's call it $987 per ounce.

402
00:21:31.610 --> 00:21:33.969
Then when the platinum price is trading at

403
00:21:34.450 --> 00:21:39.111
$970, $980 per ounce, you're worried.

404
00:21:39.112 --> 00:21:39.812
You go back.

405
00:21:40.019 --> 00:21:43.941
And you say you cut any expense we don't
need.

406
00:21:43.961 --> 00:21:46.442
You switch the light off when you leave
the room.

407
00:21:46.922 --> 00:21:48.923
You make sure the taps are closed.

408
00:21:49.303 --> 00:21:52.585
You reuse a spade five times.

409
00:21:52.905 --> 00:21:54.866
But hell, we need to save some cost.

410
00:21:56.386 --> 00:22:00.348
And then, you know, the underlying
commodity prices moved the way it did.

411
00:22:00.408 --> 00:22:03.750
So you should say you get a perfect storm.

412
00:22:04.130 --> 00:22:05.791
But Valterra, they add the inverse.

413
00:22:05.831 --> 00:22:11.714
They add the… Absolutely perfect
environment where they came off the stress

414
00:22:11.714 --> 00:22:13.714
levels, they did cost cuttings,

415
00:22:13.714 --> 00:22:15.714
and then bang.

416
00:22:15.714 --> 00:22:17.714
Yeah, it's a positive sign.

417
00:22:17.714 --> 00:22:21.479
I love the fact that they're handing back
71% of the headline earnings back to

418
00:22:21.479 --> 00:22:21.559
shareholders.

419
00:22:21.759 --> 00:22:27.402
It means that they're not seeing a lot of
opportunities at these current levels to

420
00:22:27.402 --> 00:22:29.402
go and buy other companies.

421
00:22:29.402 --> 00:22:30.044
And rather than doing that, give the money
back to the shareholders.

422
00:22:30.064 --> 00:22:31.345
They'll find something to go and buy.

423
00:22:32.165 --> 00:22:32.865
Yes, indeed.

424
00:22:32.865 --> 00:22:35.567
And on that note of being responsible with
windfalls.

425
00:22:36.191 --> 00:22:39.894
Let's hope that the Treasury is
responsible with its windfall as well.

426
00:22:39.895 --> 00:22:45.778
The budget today, I think pretty
conservative, but they're giving enough to

427
00:22:45.778 --> 00:22:47.778
keep us interested.

428
00:22:47.778 --> 00:22:49.778
You sound very excited.

429
00:22:49.778 --> 00:22:51.778
But also,

430
00:22:51.778 --> 00:22:57.666
the whole country's got to take advantage
of the Valterra-style bonanza that we're

431
00:22:57.666 --> 00:22:59.666
having at the moment.

432
00:22:59.666 --> 00:23:03.951
I mean, look, they've got three major
mining complexes in South Africa, in the

433
00:23:03.951 --> 00:23:05.951
Bushveld, right?

434
00:23:05.951 --> 00:23:05.992
I mean, let's say the Rustenburg area.

435
00:23:07.033 --> 00:23:10.936
We're talking about special dividends and
dividends, but what about the corner shop

436
00:23:10.936 --> 00:23:11.156
owner?

437
00:23:11.637 --> 00:23:17.722
There's a lot of people now with a lot
more money in their pocket and they're

438
00:23:17.722 --> 00:23:19.722
working more shifts and maybe people are
being employed as well.

439
00:23:19.722 --> 00:23:19.764
That has a knock-on effect.

440
00:23:20.104 --> 00:23:22.986
It's a fantastic effect as well and you've
got to take advantage of it.

441
00:23:23.186 --> 00:23:27.210
The local municipality must do something
about it and with the windfall taxes and

442
00:23:27.210 --> 00:23:27.490
everything,

443
00:23:27.570 --> 00:23:31.653
fix the roads and the water and
everything.

444
00:23:31.973 --> 00:23:33.815
So make sure that...

445
00:23:35.152 --> 00:23:38.214
The new windfall, as I said, is used
judiciously.

446
00:23:39.295 --> 00:23:40.616
Yeah, I totally agree.

447
00:23:40.617 --> 00:23:41.877
You've got the velocity of money.

448
00:23:42.038 --> 00:23:45.000
How many times that money goes through the
economy?

449
00:23:45.001 --> 00:23:47.882
If you don't have money, money doesn't go
through the economy.

450
00:23:47.942 --> 00:23:51.805
But when things tend to go well and
there's more money, that money goes.

451
00:23:51.906 --> 00:23:57.810
And as you mentioned, the guys working at
Valterra, they go to the local shops,

452
00:23:57.810 --> 00:23:59.810
Sotfasa shops.

453
00:23:59.810 --> 00:24:02.674
I mean, we've seen the likes of Supergroup
yesterday and Motus today.

454
00:24:03.535 --> 00:24:09.320
Suddenly they go and say, well, maybe now
I can afford to go and buy that new car.

455
00:24:10.081 --> 00:24:11.482
And that's the knock-on effect.

456
00:24:11.483 --> 00:24:12.603
And that's what I mentioned earlier.

457
00:24:12.783 --> 00:24:19.528
South Africa is such a finely tuned
economy that small changes could have

458
00:24:19.528 --> 00:24:21.528
quite a

459
00:24:21.528 --> 00:24:21.530
large effect on our economy.

460
00:24:21.930 --> 00:24:27.115
I still think when I look at the IMFs and
also the World Bank's outlook,

461
00:24:27.175 --> 00:24:32.159
they've still got South Africa on a 1.5%
growth rate for 2026.

462
00:24:33.484 --> 00:24:37.907
It's very early in the year and maybe very
dangerous.

463
00:24:38.147 --> 00:24:42.731
I don't want to give it the commentator's
curse, but I can already see, I think

464
00:24:42.731 --> 00:24:44.731
they're going to be on the short side.

465
00:24:44.731 --> 00:24:48.055
I think they're going to be on the lower
side and looking at how things are

466
00:24:48.055 --> 00:24:50.055
progressing.

467
00:24:50.055 --> 00:24:52.657
Don't be surprised if that's beaten quite
handsomely this year.

468
00:24:52.977 --> 00:24:56.418
We haven't got time for the State of the
Union address, but I'll summarize it.

469
00:24:56.778 --> 00:24:59.760
Donald Trump is the greatest president in
the history of the world.

470
00:25:00.820 --> 00:25:03.381
The United States economy is doing better
than it's ever done.

471
00:25:03.401 --> 00:25:05.422
It's the greatest economic turnaround in
the world.

472
00:25:05.442 --> 00:25:08.944
Gas prices were $6 a gallon under Biden.

473
00:25:09.044 --> 00:25:09.744
No, they weren't.

474
00:25:09.744 --> 00:25:11.345
They were just above $5 a barrel.

475
00:25:11.805 --> 00:25:15.767
Gas prices now in some places, including
Iowa, are $1.85 a gallon.

476
00:25:15.787 --> 00:25:16.507
No, they're not.

477
00:25:17.091 --> 00:25:22.253
The lowest you can find in Iowa anywhere
on the internet or with AI is $2.37.

478
00:25:23.013 --> 00:25:24.993
And he said he went to see these places.

479
00:25:24.994 --> 00:25:25.694
No, he didn't.

480
00:25:25.694 --> 00:25:28.074
He was behind the bulletproof limousine.

481
00:25:28.354 --> 00:25:29.495
So he's lying again.

482
00:25:29.715 --> 00:25:33.396
So it was the normal state of the union
address, Skulk.

483
00:25:34.136 --> 00:25:39.678
And the only thing different about it was
it was the longest in history, one hour

484
00:25:39.678 --> 00:25:41.678
and 37 minutes.

485
00:25:41.678 --> 00:25:43.979
I got up at three o'clock in the morning,
four o'clock in the morning your time.

486
00:25:44.627 --> 00:25:49.610
I lay down on the sofa to watch this, and
at quarter past five I woke up and I

487
00:25:49.610 --> 00:25:51.610
didn't know where I was.

488
00:25:51.610 --> 00:25:52.252
I nodded off.

489
00:25:52.292 --> 00:25:55.754
I nodded off after he brought on the U.S.

490
00:25:55.854 --> 00:26:01.497
men's hockey team who were all biting
their gold medals, and everyone was

491
00:26:01.497 --> 00:26:03.497
singing USA,

492
00:26:03.497 --> 00:26:05.159
I turned off literally myself.

493
00:26:06.020 --> 00:26:11.743
Scott, the only thing I want to talk about
next week is the dislocation in the tech

494
00:26:11.743 --> 00:26:13.743
market, because I was looking at a few
graphs.

495
00:26:13.743 --> 00:26:15.743
And I looked at Microsoft, bear market.

496
00:26:15.743 --> 00:26:16.066
I looked at IBM, bear market.

497
00:26:16.067 --> 00:26:22.812
I looked at Tesla on the verge of being in
a technical bear market, which is 20% from

498
00:26:22.812 --> 00:26:24.812
the high to where it's trading now.

499
00:26:24.812 --> 00:26:26.812
Nearly there.

500
00:26:26.812 --> 00:26:28.812
And there's a lot of sort of, if you can
call them,

501
00:26:28.812 --> 00:26:33.641
old school tech stocks that are now being
shunted aside because AI is potentially

502
00:26:33.641 --> 00:26:35.641
eating their lunch,

503
00:26:35.641 --> 00:26:37.641
as they say.

504
00:26:37.641 --> 00:26:39.641
Very, very interesting.

505
00:26:39.641 --> 00:26:41.641
So if you're a tech investor, you don't
just buy tech.

506
00:26:41.641 --> 00:26:43.641
You have to buy proper tech.

507
00:26:43.641 --> 00:26:45.809
And we'll see if… the new leading it is
going to continue to be leading it because

508
00:26:45.809 --> 00:26:47.809
their results out

509
00:26:47.809 --> 00:26:49.809
later tonight skulk are you going to be
watching those

510
00:26:49.809 --> 00:26:55.173
quite closely yeah no no definitely i
think that's this is going to be a massive

511
00:26:55.173 --> 00:26:57.173
one few things that i'm going to look at

512
00:26:57.173 --> 00:27:02.196
i'm definitely going to look at you know
did they beat or not didn't beat i mean

513
00:27:02.196 --> 00:27:04.196
that's the first thing but i

514
00:27:04.196 --> 00:27:04.476
think the most important thing i'm going
to be looking at in the

515
00:27:04.477 --> 00:27:10.499
video is is the inventories um that was
one that with a with a previous quarter

516
00:27:10.499 --> 00:27:12.499
update

517
00:27:12.499 --> 00:27:14.499
which was quite interesting.

518
00:27:14.499 --> 00:27:15.285
It seemed like they had more stock.

519
00:27:15.665 --> 00:27:19.146
They were holding more stock than the
market really expected.

520
00:27:19.587 --> 00:27:21.607
And I think this is sort of going to
indicate,

521
00:27:22.028 --> 00:27:26.669
are they holding back stock to try to
drive up prices?

522
00:27:27.490 --> 00:27:30.811
Is there some Chinese accounting happening
here?

523
00:27:31.772 --> 00:27:32.712
Yeah, you mentioned it.

524
00:27:32.713 --> 00:27:35.673
I mean, it's a big conglomerate,
Microsoft.

525
00:27:36.053 --> 00:27:42.576
Today, trading at levels, yes, we've got a
bit of a bounce, but When you look at

526
00:27:42.576 --> 00:27:42.656
Microsoft,

527
00:27:42.656 --> 00:27:46.197
it's now trading at levels last seen in
2024.

528
00:27:46.198 --> 00:27:50.938
Yeah, we had a little bit of a blip last
year with Liberation Day, but that was

529
00:27:50.938 --> 00:27:52.938
short-lived.

530
00:27:52.938 --> 00:27:55.519
We're now trading at levels that
Microsoft's last traded in January

531
00:27:55.579 --> 00:27:58.800
2024.

532
00:27:58.801 --> 00:27:59.501
Yes.

533
00:27:59.501 --> 00:27:59.601
So, interesting.

534
00:27:59.601 --> 00:28:05.082
As I say, bear markets, it could be
presenting itself as a great opportunity,

535
00:28:05.082 --> 00:28:07.082
still a fantastic company.

536
00:28:07.082 --> 00:28:09.623
But is the traditional software business
now being usurped by?

537
00:28:09.943 --> 00:28:11.004
developments in AI.

538
00:28:11.044 --> 00:28:13.445
We don't know yet, but that's the rumor
out there.

539
00:28:13.465 --> 00:28:18.748
I know one particular fund manager, who's
of course a holder of Microsoft, says, no,

540
00:28:18.748 --> 00:28:20.748
nonsense, and this is why.

541
00:28:20.748 --> 00:28:22.748
And I'll be having that podcast quite
soon.

542
00:28:22.748 --> 00:28:27.033
But anyway, let's have a look at some
market values now, and start with the

543
00:28:27.033 --> 00:28:27.232
mighty RONT.

544
00:28:27.232 --> 00:28:30.174
1589, the dollar round, very good indeed.

545
00:28:30.214 --> 00:28:32.696
That's a half a percent fall for the US
dollar.

546
00:28:34.417 --> 00:28:37.959
Euro dollar is 117.90.

547
00:28:38.239 --> 00:28:40.380
So let's call it British pound against the
round, though.

548
00:28:40.400 --> 00:28:44.342
Twenty one fifty euro round is eighteen
seventy four,

549
00:28:44.362 --> 00:28:47.903
which is a third of a percent fall for the
euro onto the gold price.

550
00:28:47.943 --> 00:28:49.904
Now, of course, let's have a look at that.

551
00:28:50.684 --> 00:28:54.766
You know, we've gone through a whole
podcast without mentioning gold, Skunk.

552
00:28:55.867 --> 00:28:56.647
It's not too late.

553
00:28:56.648 --> 00:28:57.487
It's not over yet.

554
00:28:57.987 --> 00:28:58.687
I knew it.

555
00:28:59.008 --> 00:29:00.789
Fifty one eighty the gold price.

556
00:29:02.029 --> 00:29:04.210
It's I think if this is maybe a bit slow.

557
00:29:04.230 --> 00:29:06.211
But anyway, I've got fifty one eighty the
spot price.

558
00:29:06.491 --> 00:29:09.473
which is $32 up, two-thirds of a percent.

559
00:29:10.113 --> 00:29:13.895
Platinum is up 5.4%.

560
00:29:13.896 --> 00:29:15.056
Sorry, that was a nervous laugh.

561
00:29:15.076 --> 00:29:17.137
$23.05.

562
00:29:17.177 --> 00:29:19.678
So Veltere are getting the double whammy
today.

563
00:29:20.099 --> 00:29:23.661
It's got the great results, and it's got
surging metal prices.

564
00:29:23.701 --> 00:29:27.503
Palladium up 9.2%. Can you, Adam and
Evett?

565
00:29:27.504 --> 00:29:32.265
$18.61, $156.50 to the good.

566
00:29:32.325 --> 00:29:34.987
Rhodium, I don't know, but Skalk is going
to look on his screen now.

567
00:29:35.367 --> 00:29:41.029
and tell me while I'm rattling through
another couple of commodity prices on my

568
00:29:41.029 --> 00:29:43.029
CRB index screen.

569
00:29:43.029 --> 00:29:47.231
Notably, the energy complex where Brent
crude oil is down very slightly, $70.71,

570
00:29:47.231 --> 00:29:49.231
and

571
00:29:49.231 --> 00:29:53.073
West Texas crude is $65.42, which is down
a third of a percent.

572
00:29:53.153 --> 00:29:58.214
Copper is $5.95 and a bit, which is up

573
00:29:58.994 --> 00:30:00.435
0.4% in New York.

574
00:30:00.827 --> 00:30:02.028
What else have we got going here?

575
00:30:02.048 --> 00:30:04.209
I mentioned the South African bond market
earlier on.

576
00:30:04.210 --> 00:30:09.892
7.805%, the close, massive move, 13.5
basis points down for the yield.

577
00:30:10.312 --> 00:30:11.012
U.S.

578
00:30:11.012 --> 00:30:12.974
10-year is 4.05%.

579
00:30:13.014 --> 00:30:19.777
It wasn't that long ago it was 4.30%, and
I was barking on about the U.S. bond

580
00:30:19.777 --> 00:30:21.777
yields being one of my trades of the year.

581
00:30:21.777 --> 00:30:23.139
In other words, the bond yields would
rise, in my opinion.

582
00:30:23.499 --> 00:30:29.122
They're stuck in a range between just
about 4% to 4.30%, right at the bottom.

583
00:30:29.123 --> 00:30:29.823
and testing.

584
00:30:30.403 --> 00:30:31.804
testing my patience actually.

585
00:30:31.964 --> 00:30:33.726
S&P 500.

586
00:30:33.766 --> 00:30:37.849
March futures are 6935, which is up half a
percent.

587
00:30:38.169 --> 00:30:40.811
US, and I've done that one, Bitcoin price.

588
00:30:41.840 --> 00:30:44.862
67,200, which is up 5%.

589
00:30:45.042 --> 00:30:47.544
It did go below 63,000 yesterday.

590
00:30:48.024 --> 00:30:48.805
I was watching it.

591
00:30:49.285 --> 00:30:51.326
And yeah, that's my numbers.

592
00:30:51.346 --> 00:30:52.907
Did you get that rhodium price, Skulk?

593
00:30:53.628 --> 00:30:54.368
Yeah, it's up.

594
00:30:54.428 --> 00:30:57.570
It's $11,850 per ounce.

595
00:30:57.571 --> 00:30:59.091
It's also up 1.3%.

596
00:30:59.111 --> 00:31:03.574
Also crazy how this, how it's actually
just suddenly moved from these.

597
00:31:03.894 --> 00:31:06.116
If you look at one year ago, rhodium.

598
00:31:06.672 --> 00:31:10.374
Because remember, I don't have the graph
in front of me,

599
00:31:10.394 --> 00:31:17.117
but we went to something like $30,000 or
$40,000 per ounce five, six years ago,

600
00:31:17.297 --> 00:31:21.979
and then went all the way down to the
$4,000, $5,000 mark.

601
00:31:22.539 --> 00:31:26.721
That's where we were trading a year ago,
$4,000-something dollars per ounce.

602
00:31:27.021 --> 00:31:32.304
Today, trading more than double that,
close to triple that, $11,850.

603
00:31:32.624 --> 00:31:33.324
Fantastic.

604
00:31:33.504 --> 00:31:34.545
Let's have a look at the JSC now.

605
00:31:34.565 --> 00:31:36.906
Volterra, top of the list, 10.3% higher.

606
00:31:37.767 --> 00:31:40.269
African Rainbow Minerals up 5.4%.

607
00:31:40.270 --> 00:31:41.390
Northern up 5%.

608
00:31:41.570 --> 00:31:42.750
Goldfields up 5%.

609
00:31:42.911 --> 00:31:45.512
Impala Platinum 4.7% to the good.

610
00:31:45.552 --> 00:31:47.574
On the downside, tell me about SPAR.

611
00:31:48.154 --> 00:31:49.195
Why is it down 10%?

612
00:31:49.275 --> 00:31:50.015
Is that an ex-diff?

613
00:31:51.136 --> 00:31:52.257
No, no, no.

614
00:31:52.258 --> 00:31:53.698
I wish it was an ex-diff.

615
00:31:53.699 --> 00:31:54.479
Was that results?

616
00:31:55.899 --> 00:32:02.304
No, I remember they've been in the news
lately with the CEO just stepping down.

617
00:32:03.305 --> 00:32:09.909
sort of out of the blue and it's just been
yeah it's just been under pressure,

618
00:32:09.969 --> 00:32:16.114
under pressure constant pressure I liked
spa when I was in South Africa I always

619
00:32:16.114 --> 00:32:18.114
liked to go to the spa well my

620
00:32:18.114 --> 00:32:19.096
local spa was very well run very friendly
chap and everything

621
00:32:19.476 --> 00:32:25.480
and the quality of the food was good but
clearly investors don't care about the

622
00:32:25.480 --> 00:32:27.480
quality of the food today Richemont down

623
00:32:27.480 --> 00:32:30.604
4.4% Motus down 4.3% after their numbers
Sassl down 4.1% you

624
00:32:31.316 --> 00:32:34.839
But it's still 137 Rand a share or just
below.

625
00:32:34.999 --> 00:32:35.760
Goodness me.

626
00:32:35.880 --> 00:32:37.261
The good, cool, skulk low.

627
00:32:37.761 --> 00:32:40.023
Mondi down 4%.

628
00:32:40.723 --> 00:32:42.144
Anything outside of those?

629
00:32:43.305 --> 00:32:48.369
Yeah, maybe just a quick mention on Blue
Label.

630
00:32:48.370 --> 00:32:54.213
Yes, they came out this morning, didn't
they?

631
00:32:54.813 --> 00:32:56.735
Yeah, it was an interesting one.

632
00:32:56.736 --> 00:32:57.996
I'm not going to go in too deep.

633
00:32:58.776 --> 00:33:04.038
They've got a very interesting venture,
and listeners should go and read up on

634
00:33:04.038 --> 00:33:06.038
their new blue energy trading unit.

635
00:33:06.038 --> 00:33:11.259
But basically it just comes down to
they've seen a massive gap where they feel

636
00:33:11.259 --> 00:33:13.259
the amount of

637
00:33:13.259 --> 00:33:17.241
electricity ESCOM is selling or providing
to the municipalities are adequate.

638
00:33:17.541 --> 00:33:23.743
The problem is the municipalities are not
getting paid for the electricity they're

639
00:33:23.743 --> 00:33:25.743
distributing.

640
00:33:25.743 --> 00:33:27.924
And they've got a very interesting new
venture is how they're going to help these

641
00:33:27.924 --> 00:33:29.924
municipalities.

642
00:33:29.924 --> 00:33:31.213
getting in the money and how they're going
to enrich themselves.

643
00:33:31.233 --> 00:33:36.675
We're talking about massive, massive,
they're talking about, you know,

644
00:33:36.816 --> 00:33:42.738
close to an extra 19 billion rand in
revenue that these municipalities should

645
00:33:42.738 --> 00:33:44.738
be recovering, 40%.

646
00:33:44.738 --> 00:33:47.000
And they've got a new product that's going
to help them,

647
00:33:47.800 --> 00:33:50.661
help their shareholders as well as the
municipalities.

648
00:33:51.922 --> 00:33:57.044
And that helped the share price naturally
being the top performer for today, just

649
00:33:57.044 --> 00:33:59.044
over 12% for today.

650
00:33:59.044 --> 00:34:01.044
Very good indeed.

651
00:34:01.044 --> 00:34:01.966
Skalk, you'll now give us the indices
before we close this.

652
00:34:02.006 --> 00:34:02.926
Very interesting chat.

653
00:34:02.986 --> 00:34:08.248
The JSE today closed at 120 up.

654
00:34:08.249 --> 00:34:09.689
We just talked about it earlier.

655
00:34:10.429 --> 00:34:12.870
But there goes my screen.

656
00:34:12.871 --> 00:34:13.891
Oh, yeah, it's back.

657
00:34:13.892 --> 00:34:19.813
126,742 points.

658
00:34:19.814 --> 00:34:21.994
That's up 1.3% for today.

659
00:34:22.034 --> 00:34:26.376
JSE top 40, 118,703 points.

660
00:34:26.476 --> 00:34:27.176
Also up.

661
00:34:27.200 --> 00:34:29.001
1.47%.

662
00:34:29.441 --> 00:34:35.765
That was naturally driven by resources, up
4.82%. Industrials, that was down

663
00:34:36.165 --> 00:34:43.149
0.14%. Financials, interesting, in a
stronger RAND environment, actually down

664
00:34:43.149 --> 00:34:45.149
0.98%.

665
00:34:45.149 --> 00:34:46.071
And even the asset property index, that
was down 1% for today.

666
00:34:46.691 --> 00:34:47.512
Very good indeed.

667
00:34:47.752 --> 00:34:52.935
I was going to close it here, but I need
to know, I've never been to something

668
00:34:52.935 --> 00:34:54.935
called a strategy session.

669
00:34:54.935 --> 00:34:55.176
If so, after about an hour and a half.

670
00:34:55.396 --> 00:34:59.918
despite the fact that it's probably really
good stuff, an hour and a half is about my

671
00:34:59.918 --> 00:35:00.158
limit.

672
00:35:00.659 --> 00:35:03.420
Yours was three days long at PSG Wealth.

673
00:35:05.421 --> 00:35:06.662
Was it constructive?

674
00:35:07.082 --> 00:35:10.144
Was the mood different to previous years,
for example?

675
00:35:11.225 --> 00:35:16.647
Yeah, now, Lindsay, that's, I mean, I'm
not going to keep you busy with what's

676
00:35:16.647 --> 00:35:18.647
happening behind closed doors,

677
00:35:18.647 --> 00:35:21.790
but what was evident, very similar to what
we've seen in the budget,

678
00:35:22.271 --> 00:35:24.832
there's definitely a renewed optimism.

679
00:35:26.754 --> 00:35:29.056
amongst, we can see our clients.

680
00:35:29.716 --> 00:35:33.999
And there's a new optimism in the
financial market as well, financial

681
00:35:33.999 --> 00:35:35.999
advisors.

682
00:35:35.999 --> 00:35:38.182
So, yeah, and I think the move today by
the

683
00:35:39.102 --> 00:35:41.344
Minister of Finance definitely supported
it.

684
00:35:42.305 --> 00:35:47.748
And, yes, I must say I'm really optimistic
for the remainder of 2026.

685
00:35:48.249 --> 00:35:48.949
Yeah, bring it on.

686
00:35:49.289 --> 00:35:49.989
Yes, indeed.

687
00:35:49.989 --> 00:35:52.171
I can't believe that everything was
positive today.

688
00:35:52.311 --> 00:35:54.333
Literally everything was positive today.

689
00:35:54.653 --> 00:35:58.776
If this was an animal like a bird or a dog
or something like that,

690
00:35:59.136 --> 00:36:02.799
I'd take it to a taxidermist and have it
stuffed and put it on the mantelpiece.

691
00:36:03.139 --> 00:36:05.100
For posterity's sake, Skulk.

692
00:36:05.441 --> 00:36:08.943
Skulk Lowe is very much not going to be on
the mantelpiece.

693
00:36:08.963 --> 00:36:10.724
He'll be with us same time next week.

694
00:36:11.105 --> 00:36:16.328
He's a portfolio manager at PSG Wealth Old
Oak in Cape Town, and that was the 5

695
00:36:16.328 --> 00:36:18.328
o'clock shadow.

696
00:36:18.328 --> 00:36:22.773
The views and opinions expressed in these
podcasts are those of Lindsay Williams and

697
00:36:22.773 --> 00:36:24.773
various contributors.

698
00:36:24.773 --> 00:36:28.915
and do not reflect the policy, position,
or opinion of any other agency,

699
00:36:28.915 --> 00:36:30.915
organization, employer,

700
00:36:30.915 --> 00:36:33.097
or company associated with
StrictlyBusinessPodcast.com.

701
00:36:33.557 --> 00:36:40.540
Assumptions made on the analyses are not
reflective of the position of any other

702
00:36:40.540 --> 00:36:42.540
entity other than the speaker or the
author.

703
00:36:42.540 --> 00:36:46.703
And since we are critically thinking human
beings, these views are always subject to

704
00:36:46.703 --> 00:36:48.703
change, revision,

705
00:36:48.703 --> 00:36:48.844
and rethinking at any time.

706
00:36:49.164 --> 00:36:51.565
Please do not hold us to them in
perpetuity.
