WEBVTT

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

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

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And as always on a Wednesday, I speak to
Scott Clow, Portfolio Manager at PSG

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Wealth Old Oak in Cape Town.

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I was thinking about it this morning,
actually, and I thought, Lindsay, you

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shouldn't be greedy.

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You've had a war, and as a newshound, a
war is a horrible thing to say.

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But it provides a lot of news.

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I'd rather not have the war and not have
the news and be bored.

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But I do enjoy some bad news and some
market-stirring stuff.

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I'm sitting here today and I'm thinking
the gold price has done this over the last

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few years.

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The PGMs have done this.

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Oil has done that and everything.

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And I think to myself, where are we now?

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Where are we with interest rates?

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Are we going into stagflation?

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Will there be a recession?

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All those things have gone through my head
pre- talking to you.

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So you're going to get the brunt of it,
unfortunately.

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You're going to have to tell me all the
answers to those questions.

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Don't you feel like that?

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Where to next?

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So all in less than 20 minutes.

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So there we go.

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19 now.

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Okay.

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So the short answer is, I actually got a,
it was part of an interview this

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afternoon,

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and the commentator asked me specifically,
and the question was,

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I can't He phrased it exactly, but he
said,

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so there's some people of the opinion that
the rent is going to

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skyrocket over the next few days or
months.

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When you say skyrocket, you mean
skyrocket?

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Exactly.

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What does that mean?

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Does it mean it goes to 20 or it goes to
13.50?

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Yes.

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Some people say if the rent skyrockets, it
goes back to 19, whereas I would say it

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goes to 12.50 because that means it's
going up.

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I'm in your camp I'm in your camp so I had
to ask him exactly the question you know

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what are we

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because if we had this conversation two
weeks ago we would have naturally accepted

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the fact that

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Skyrocket means it's going back to

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14 Rand or 13 Rand to the dollar but now
suddenly we're sitting in a war

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environment where people say it's going to

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Skyrocket you need to ask the question and
funny enough it was in actual fact they

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were they were Thank you.

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But this specific commentator, we're
referring to people talking about the rent

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now going back to 1920,

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20 rands of the dollar.

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And how things could change in literally
two weeks.

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And the thing that made it change was this
war.

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So the thing is now to expect, we need to
expect the unexpected.

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It's like a stupid phrase.

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But effectively, this could go left and
right.

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If we sit with a scenario.

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that the straight stay is closed,

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that the war is a prolonged war and it's
going to continue for months or even

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years,

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then don't be surprised if a repeat of
what we've seen in the World Prize two

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days ago is sort of

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that's the new norm.

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Because now they're talking and say, well,
this troubling scenario put us in an

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environment where they need to open up

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some new taps.

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They need to.

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now go into the oil reserves and make sure
that they bring some stability by

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pumping the most amount of reserves since,
what was it, when the Ukraine, well,

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it's even more than when the Ukraine and
Russia war started.

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If we see the oil price continue to weaken
and weaken even further, then yes,

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you will pay more for your petrol or your
gas.

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depending on where you stay in the world.

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Strengthen, you mean?

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You said weaken.

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No, you will pay more if it strengthens.

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If the world price, I see the world price
going from

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$70 to $120 as way weaker.

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But I know what you mean.

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Yes, yes, okay, I see what you mean.

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But we are, you know, the new normal is
not $120 a barrel yet.

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That really depends.

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But I'm looking at a graph now, Skok, of
Brent crude oil.

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And if we go back to...

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If we go back to, let's say, May 2025,
April 2025,

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it's about a year ago.

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About a year ago, it was, where was that,
a goat lying along there, $70 a barrel.

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And in March of this year, it was $70 a
barrel.

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So it's essentially gone sideways to
slightly lower, actually, because it did

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dip to $60.

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But let's say it's gone sideways.

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It went to $119.50 and it's now $91.50,
let's say that.

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I don't see it coming back below 80 while
there's still a little bit of a scuffle

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going on in the Middle East.

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I'm not being disrespectful about the war
here.

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I'm just saying.

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I think we've gone up to the next leg.

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And how does the world cope with oil at
these prices?

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It's got to have an effect.

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It's not going to have an effect on
today's CPI in the United States.

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We've seen that.

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But it is having an effect in the future,
don't you think?

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And that changes everything to me.

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Definitely.

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No, no, definitely.

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Because it's the ripple effect.

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I mean, that same growth that you took, I
mean, that...

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period between, let's call it March last
year and just before the war started,

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it was one of the lowest levels that we've
seen the oil price stabilize in years.

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I mean, we've only really seen it lower in
COVID.

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But after the Ukraine-Russia war broke
out,

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the oil price also went to $120, $125 per
barrel.

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And then after people got used to the
Funny how we should get used to wars,

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but when people got used to the war and
see all that stuff,

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it actually sort of averaged out around
about the $85 per barrel.

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So what we've seen over the past year was
sort of great.

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So I agree with you that these newer
normals is going to be higher oil price.

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But what's that going to affect?

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We've already seen today the likes of
Astral's coming out to say, well,

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it's been a great, great year because we
came off.

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fairly high maize prices and soybean
prices in

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2024-25.

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That came off quite a bit.

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So that was good.

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Plus, we had a much stronger RAND.

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So that was good.

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So already one company is talking about
the effect.

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And now they say, well, if the oil price
stays at these current levels,

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the petrol price is going to be… getting a
product from point A to point B is just

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going to cost way more.

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But also add to that, you know, most of
these fertilizer things which these

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farmers use,

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you come out of that Middle East, Eastern
region.

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So that's going to kick up prices.

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So you mentioned the stagflation.

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You know, this is a conversation we've had
many, many times.

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I can't see that, firstly, this war or a
prolonged war.

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will not have an inflationary effect.

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In actual fact, I think it could have
quite a serious inflationary effect.

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I think so too.

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And the other thing that people keep on
talking about, and it's a phrase I don't

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like to use because it's overused, they
keep on saying boots on the ground,

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which is troops, in other words.

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Yes.

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And they haven't ruled it out.

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If that happens, then it's all bets off
about the war stopping.

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As soon as you get troops on the ground in
Iran, then it's like an Afghanistan

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situation.

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And it's horrible, Skulk.

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truly horrible afghanistan doesn't produce
oil it produces poppies yeah opium poppies

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it's as simple as

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that but it's iran is so important and one
thing that hasn't happened yet is there's

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an island called karg

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island which

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is close to the strait of hormuz it's
where the iranian oil

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refining facility is 90 percent of iranian
oil goes through that island.

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They haven't touched it yet.

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Why haven't they touched it?

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It's an easy target, the Israeli and the
US bombers.

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It's just too controversial to bomb that
because then the oil prices go to 150

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straight away.

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And do you know who buys 98% of Iranian
oil?

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Of course you do.

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It's China.

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And then you've got a real problem.

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There's so many different little arguments
that can be made.

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But whatever it is, it's not good, and
it's not getting any better to me anyway.

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There's only one.

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That's only one leg.

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Because we're talking about the
inflationary leg.

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Because remember, we went into this year,
we really went into two years ago,

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where we expected all these rate cuts
coming from the Fed.

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And we know that was a really contentious
subject because last year it was,

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how independent is the Fed still?

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Are the Fed going to buckle under the
pressure of Trump wanting to get rates

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lower and way lower?

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Because remember, he said the U.S.

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interest rate should be the lowest in the
world.

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Well, now we're sitting in an environment
where we're talking about inflation.

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We're talking about oil at these current
levels.

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So you could now say if we stay at these
current levels, a rate cut is gone.

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ECB already came out this morning stating
that, well,

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they're sort of sitting in between a rock
and a hard place now because they would

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most probably next move would be to not
cut anymore,

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but now hike.

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And that's...

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That's a major problem because now what
you've got is that is the quickest way of

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putting the U.S.

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and most probably the whole world into a
recession.

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Yes.

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And so there you've got your no economic
growth.

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You've got the inflationary environment.

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And also, you know, you could expect if
you see a recessionary environment in the

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U.S.

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you would see unemployment pop up even
higher.

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So, yes, that's, I think, where we most
probably go.

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But if they can get this war done and
dusted, the way Trump has, over the past

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seven days,

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the one moment this war is pretty much
done.

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It is done.

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And the next thing, you suddenly hear the
commentators come out, and Trump himself,

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well,

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we won't stop until we're done.

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And it could take a bit longer.

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There was an interesting chat.

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There's been a bit of a leak from one of
the congressmen who was in the debriefing,

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a closed doors debriefing about the war.

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He said it took two hours.

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I can't tell you too much, but all I can
tell you is that they don't know what

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they're doing.

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It was the most scary meeting he's ever
been in.

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They don't know why they went there and
they don't know how long it's going to

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take.

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Literally, it was almost like one of those
situations where Trump woke up in the

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morning and said, I had a dream about
Iran.

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Let's go and let's go and attack it.

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It was that.

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I mean, that's frivolous what I've just
said, but you know what he's like.

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The weird and the worst thing of all,
Lindsay, is the fact that I would believe

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it.

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I mean, just look, I mean, we're sitting
on the 11th of March.

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He came into office the 21st of January
last year.

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We're talking about Trump being back in
office,

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let's call it a little bit more than… one
year and one month just go and count the

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amount of things that's happened i

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mean god he just he just loves the

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attention anyway uh let's get back to
other things now because my time is

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limited today and i'm going to read out
the

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names of companies the

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first one is harmony the other one the
other ones are growth point rainbow

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chicken metair

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out assurance they all came out with
results uh before between seven and eight

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o'clock this morning

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Which one or ones would you like to pick
with a brief summary of what's going on?

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We have to start with… Brief summary.

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Okay, wait a second.

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Harmony is a gold mining company, isn't
it?

239
00:12:18.248 --> 00:12:21.530
And Harmony, gold and brief and scuff
don't go together.

240
00:12:23.411 --> 00:12:26.914
Yeah, let's tackle that one first because
this is going to be a quick one.

241
00:12:26.954 --> 00:12:30.536
I mean, the share price is down over 11%.

242
00:12:30.616 --> 00:12:34.799
So when you look at the results,

243
00:12:35.820 --> 00:12:41.582
I think the major thing that stood out was
the fact that production was really iffy.

244
00:12:42.102 --> 00:12:49.084
You would want to see these gold miners
really working pretty much 27

245
00:12:49.144 --> 00:12:49.844
hours a day.

246
00:12:50.204 --> 00:12:50.904
Yes.

247
00:12:51.244 --> 00:12:56.906
But, I mean, you could see that there were
some problems with the production side.

248
00:12:56.907 --> 00:12:58.646
So production was down.

249
00:12:59.727 --> 00:13:02.628
And also when you look at the they always
had a little bit higher.

250
00:13:02.688 --> 00:13:04.048
They're all in sustainable cost.

251
00:13:04.836 --> 00:13:07.418
has run about the $2,100 per pound.

252
00:13:07.419 --> 00:13:13.964
So a little bit more than your, it's got
your $1,800 odd dollars that Anger Gold

253
00:13:13.964 --> 00:13:15.964
and Goldfields has got.

254
00:13:15.964 --> 00:13:17.927
So I think a bit of a disappointment for
the market.

255
00:13:17.967 --> 00:13:23.031
You know, just taking consideration, we
had a bit of retracement in all gold

256
00:13:23.031 --> 00:13:25.031
shares, gold miners today.

257
00:13:25.031 --> 00:13:31.098
But I mean, Harmony being the one that's
not really producing the way like the

258
00:13:31.098 --> 00:13:33.098
other gold miners are doing,

259
00:13:33.098 --> 00:13:35.098
that just, I think, saw them.

260
00:13:35.098 --> 00:13:37.098
get hurt a little bit more today.

261
00:13:37.098 --> 00:13:37.864
I think the star, out-surance today, for
sure.

262
00:13:37.865 --> 00:13:43.668
And I think we were spoiled this week
because we had, I think it was on Monday,

263
00:13:43.668 --> 00:13:45.668
Monday or Tuesday.

264
00:13:45.668 --> 00:13:47.668
Yeah, it was Monday.

265
00:13:47.668 --> 00:13:49.668
Monday we had Santam. Yes.

266
00:13:49.668 --> 00:13:51.668
And today we had out-surance.

267
00:13:51.668 --> 00:13:55.578
And it's really, really good to see that
both these insurers did really well.

268
00:13:55.718 --> 00:14:01.243
I mean, you can see they well-managed and
they really did pretty solid.

269
00:14:01.263 --> 00:14:07.150
But when I look at out-surance, They
return on equity guarantee over 30%,

270
00:14:07.230 --> 00:14:08.310
32 odd percent.

271
00:14:08.610 --> 00:14:10.091
So that's really good.

272
00:14:12.212 --> 00:14:14.673
They've got a dividend and a special
dividend.

273
00:14:14.693 --> 00:14:17.794
That's always a positive sign.

274
00:14:18.254 --> 00:14:23.276
And yeah, the earnings, normalized
earnings, all those, they did really well.

275
00:14:23.356 --> 00:14:25.717
So solid growth, great company.

276
00:14:25.737 --> 00:14:32.540
And when I look at the outlook, they did
mention that they've got a strong capital

277
00:14:32.540 --> 00:14:34.540
position.

278
00:14:34.540 --> 00:14:39.525
And they think that organic growth-wise,
they're really positive for the next year

279
00:14:39.525 --> 00:14:39.784
or so.

280
00:14:39.784 --> 00:14:45.289
So even from the outlook point of view,
it's looking good.

281
00:14:46.649 --> 00:14:48.891
One you didn't mention was RemGrow.

282
00:14:49.311 --> 00:14:52.834
You know that's one of my companies that I
really fancy.

283
00:14:53.914 --> 00:14:57.777
And why I'm bringing him in the
conversation, because naturally,

284
00:14:58.918 --> 00:15:04.621
one of the largest holdings within the…
the Bimgro portfolio, and it is

285
00:15:04.621 --> 00:15:06.621
outshurants,

286
00:15:06.621 --> 00:15:11.804
but we've heard now today that Bimgro are
now fully on its way getting rid of their

287
00:15:11.804 --> 00:15:13.804
total holdings of

288
00:15:13.804 --> 00:15:15.804
first-round.

289
00:15:15.804 --> 00:15:16.706
Now, this is a conversation you and I had
last year when they talked about

290
00:15:18.787 --> 00:15:23.189
Raynet, how they unbundled, and I said,
watch this space,

291
00:15:23.229 --> 00:15:28.832
because you can see they're selling off
all the crown juice, starting to unlock

292
00:15:28.832 --> 00:15:30.832
value in Raynet.

293
00:15:30.832 --> 00:15:34.213
Do not Don't be surprised if you start
seeing a similar reaction in RimGrowth.

294
00:15:35.873 --> 00:15:40.555
And on that stage… Simply because it's an
archaic structure and investors don't like

295
00:15:40.555 --> 00:15:42.555
that anymore,

296
00:15:42.555 --> 00:15:43.177
constantly trading at a discount to the
sum of the parts.

297
00:15:43.197 --> 00:15:43.957
Is that why it is?

298
00:15:44.877 --> 00:15:45.577
Yes.

299
00:15:45.577 --> 00:15:48.359
I mean, on that stage, the discounts are
over 40%.

300
00:15:48.819 --> 00:15:50.900
I think it's still just shy of 40%.

301
00:15:50.901 --> 00:15:55.142
So I do think that this is becoming a
really attractive play.

302
00:15:56.062 --> 00:16:02.470
So for the listeners out there that sort
of… got a bit of FOMO, felt that they miss

303
00:16:02.470 --> 00:16:04.470
out on outshones,

304
00:16:04.470 --> 00:16:09.676
a nice entry point could be looking at
something like a RimGrow where you buy

305
00:16:09.676 --> 00:16:11.676
most of these assets at quite a

306
00:16:11.676 --> 00:16:13.676
serious discount.

307
00:16:13.676 --> 00:16:15.676
What was the other?

308
00:16:15.676 --> 00:16:17.676
Well, we talked about Astral.

309
00:16:17.676 --> 00:16:19.464
Astral and Rainbow Chicken's got very
similar storyline.

310
00:16:20.485 --> 00:16:21.766
Very bad.

311
00:16:22.326 --> 00:16:27.611
I mean, we know the maze prices were
extremely high in 2024, and that came off.

312
00:16:28.011 --> 00:16:32.614
And that naturally is the biggest inset
cost for rainbow chickens and for astrol.

313
00:16:33.615 --> 00:16:38.939
And that saw them in a better position,
but they also warned.

314
00:16:38.999 --> 00:16:44.863
They warned and they said, if we do see
these oil prices stay at these current

315
00:16:44.863 --> 00:16:44.982
levels,

316
00:16:45.143 --> 00:16:50.567
if we do see a kick-up, I just quickly
looked at the biggest inset cost,

317
00:16:50.607 --> 00:16:54.309
which is basically soil beans and maize.

318
00:16:54.810 --> 00:16:59.713
And if you look at those two… The maize
price is now up 2% year to date,

319
00:17:00.213 --> 00:17:02.975
and swerve beans up over 16%.

320
00:17:03.375 --> 00:17:04.856
So clearly there's a bit of a kicker
there,

321
00:17:05.117 --> 00:17:12.001
and it could be just something to just put
some cold water on any person that want to

322
00:17:12.001 --> 00:17:14.001
get a speculative position

323
00:17:14.001 --> 00:17:16.001
on rainbow chickens.

324
00:17:16.001 --> 00:17:16.224
I think they've done really well in 2024,

325
00:17:16.225 --> 00:17:22.949
but they came off sort of low base in 2024
to a higher base in 2025.

326
00:17:22.950 --> 00:17:24.950
Yeah, I think that was the most important
ones.

327
00:17:25.030 --> 00:17:25.730
I can...

328
00:17:26.071 --> 00:17:26.811
No, it's very good.

329
00:17:26.931 --> 00:17:32.593
It's been a busy results time and the JSC
is sort of holding its own.

330
00:17:32.633 --> 00:17:38.394
But on the other hand, it's out of the
company's hands right now when it comes to

331
00:17:38.394 --> 00:17:40.394
the macro theme, isn't it?

332
00:17:40.394 --> 00:17:41.795
Because the bonds have rallied essentially
100 basis points.

333
00:17:41.815 --> 00:17:42.616
That's the 10-year.

334
00:17:43.096 --> 00:17:46.577
The round has gone from the high 1570s or

335
00:17:47.437 --> 00:17:50.118
60s to the at one point to the where is it
now?

336
00:17:50.119 --> 00:17:51.158
1640.

337
00:17:51.178 --> 00:17:55.039
But anyway, let me give you some prices,
Scott, so we can just sort of step.

338
00:17:55.139 --> 00:18:00.843
back a bit from the corporate stuff and
our war scenarios to what's actually

339
00:18:00.843 --> 00:18:02.843
happening on the spot markets.

340
00:18:02.843 --> 00:18:03.245
And dollar-rand is unchanged at 1639.

341
00:18:03.246 --> 00:18:05.566
British pound against the round 2198.

342
00:18:05.586 --> 00:18:08.988
And the euro-rand 1897.

343
00:18:08.989 --> 00:18:11.930
Euro-dollar is about 11605.

344
00:18:13.412 --> 00:18:17.855
So the euro has regained some of its
luster against the dollar.

345
00:18:17.875 --> 00:18:23.018
And there's talk, as you said earlier,
Scott, that the ECB's next move maybe up.

346
00:18:23.038 --> 00:18:24.179
I mean, it's just...

347
00:18:24.419 --> 00:18:26.380
It's not going to be down, that's for
sure.

348
00:18:26.440 --> 00:18:29.581
British pound against the US dollar,
134.50.

349
00:18:29.701 --> 00:18:32.843
Gold price, 51.70, which is down

350
00:18:33.603 --> 00:18:40.266
$22. And I think maybe the investors are
being a little bit hard on the gold shares

351
00:18:40.266 --> 00:18:42.266
and the other miners

352
00:18:42.266 --> 00:18:45.688
because of a perceived drawdown in metal
prices coming up.

353
00:18:45.728 --> 00:18:49.670
But anyway, platinum down 1.5% or $35 to
21.

354
00:18:49.750 --> 00:18:51.631
I'll call it 2200 on the nose.

355
00:18:51.651 --> 00:18:52.351
Palladium.

356
00:18:52.739 --> 00:18:57.421
Not doing so well, down nearly 3% at
$16.49, $48 per ounce.

357
00:18:57.422 --> 00:19:00.082
Let's have a look at the other
commodities, the big ones.

358
00:19:01.103 --> 00:19:04.124
Oil price, such an interesting one.

359
00:19:04.125 --> 00:19:06.885
$91.43 for Brent crude oil, up 4%.

360
00:19:07.986 --> 00:19:12.007
West Texas crude, $86.84, up 4% as well.

361
00:19:13.388 --> 00:19:19.130
And copper is $5.85 per pound, which is
down around about 1%.

362
00:19:20.031 --> 00:19:20.731
Bitcoin.

363
00:19:21.303 --> 00:19:23.784
Above 70,000 again, 70,300.

364
00:19:23.844 --> 00:19:26.806
That's down on the day, but it's had a
good week or so.

365
00:19:27.646 --> 00:19:30.067
South African 10-year bond yield, I spoke
about that earlier.

366
00:19:30.087 --> 00:19:34.629
It's 8.46%, which is up 2.5 basis points,

367
00:19:34.689 --> 00:19:38.191
but much better than it was 36 hours ago
after that oil price shock.

368
00:19:39.011 --> 00:19:41.632
US 10-year, 420 again.

369
00:19:41.852 --> 00:19:44.834
That's been all over the place for such a
big market.

370
00:19:44.854 --> 00:19:47.155
It's been quite big in the move
department.

371
00:19:47.635 --> 00:19:53.781
S&P 500 futures more or less unchanged,
6,782 after the US CPI figure came in.

372
00:19:54.201 --> 00:19:58.105
Month-on-month 0.2% and year-on-year 2.4%
up.

373
00:19:59.987 --> 00:20:00.707
What else, Scott?

374
00:20:00.708 --> 00:20:01.928
What moved on the market today?

375
00:20:02.088 --> 00:20:05.792
I see that the metals and mining index
down 4.7%.

376
00:20:05.992 --> 00:20:07.353
Give us some individual stocks.

377
00:20:07.354 --> 00:20:08.995
It must be the diggers on the downside.

378
00:20:09.658 --> 00:20:10.478
Oh, no, for sure.

379
00:20:10.518 --> 00:20:11.899
I think there's no doubt.

380
00:20:12.099 --> 00:20:14.339
And you don't have to even look even
further.

381
00:20:14.920 --> 00:20:18.300
Like our first conversation point for
today, how many down?

382
00:20:18.301 --> 00:20:20.561
11.1%.

383
00:20:20.881 --> 00:20:22.902
Goldfields down 5.7%.

384
00:20:23.022 --> 00:20:25.062
Kumba Iron Ore 5.2%.

385
00:20:25.063 --> 00:20:27.203
Sabania Stillwater down 5%.

386
00:20:27.563 --> 00:20:29.424
Valterra down 4.4%.

387
00:20:30.004 --> 00:20:35.165
And you can continue because then to
follow is just the likes of the Anglo Gold

388
00:20:35.165 --> 00:20:37.165
Sappies, Northern.

389
00:20:37.165 --> 00:20:38.126
So those are pretty much A diggers
downward day for today.

390
00:20:38.878 --> 00:20:43.621
On the upside, Rainbow Chickens, not sure
with a good set of results.

391
00:20:43.721 --> 00:20:47.443
They were up 5.8%, 5% up today.

392
00:20:48.203 --> 00:20:50.304
Outsurance, 4.9%.

393
00:20:50.305 --> 00:20:51.045
Hey, look at this.

394
00:20:51.125 --> 00:20:53.266
Sassl back in the top of the pops, 4.6%.

395
00:20:53.267 --> 00:20:55.027
Look at that, 160.

396
00:20:55.028 --> 00:20:55.947
It's more than tripled.

397
00:20:55.987 --> 00:20:56.968
I can't believe this thing.

398
00:20:57.568 --> 00:20:59.049
I would have sold the thing at 100.

399
00:20:59.910 --> 00:21:01.350
I would have sold it.

400
00:21:01.351 --> 00:21:02.471
Oh, hold my beer.

401
00:21:02.691 --> 00:21:03.492
Hold my beer.

402
00:21:03.493 --> 00:21:05.653
That's the reason why I do what I do and
you do what you do.

403
00:21:05.654 --> 00:21:07.774
And then number five.

404
00:21:08.214 --> 00:21:09.955
And number five, I need to mention them.

405
00:21:10.176 --> 00:21:10.876
Please do.

406
00:21:10.876 --> 00:21:13.898
PSG Financial. I've heard of them.

407
00:21:13.899 --> 00:21:15.139
Yeah, yeah, PSG Financial Services.

408
00:21:15.259 --> 00:21:17.941
2.3% higher at 26,611.

409
00:21:17.942 --> 00:21:18.642
Very well done.

410
00:21:18.901 --> 00:21:19.601
There we go.

411
00:21:19.601 --> 00:21:22.364
So also a solid day coming from our side.

412
00:21:22.604 --> 00:21:23.304
Okay.

413
00:21:23.625 --> 00:21:24.885
And the indices, if you would.

414
00:21:26.046 --> 00:21:29.008
So as expected today, the JSE Resi,

415
00:21:29.789 --> 00:21:33.071
that was down 3.8%.

416
00:21:33.171 --> 00:21:37.474
The industrials, that was down 1.1%. The
financials down 0.8%.

417
00:21:38.454 --> 00:21:42.596
The SA Property Index was down 1.2%.

418
00:21:42.597 --> 00:21:48.819
The JSC All Share closed today at 117
points, 399, just shy of 400.

419
00:21:49.159 --> 00:21:55.842
So that was down 1.9% while the JSC, well,
40 closed today at 109,600 points.

420
00:21:55.843 --> 00:21:57.522
That's also down 2% for the day.

421
00:21:58.062 --> 00:21:59.623
Let me just quickly look at that value
traded.

422
00:21:59.643 --> 00:22:01.364
Yes, please.

423
00:22:01.365 --> 00:22:02.884
I would be interested to see if you'd see
this.

424
00:22:02.944 --> 00:22:05.806
Yep, yeah, more than $30 billion traded
through the JSC today.

425
00:22:05.807 --> 00:22:06.606
Well done.

426
00:22:06.962 --> 00:22:08.063
Skulk, thanks so much for your time.

427
00:22:08.123 --> 00:22:11.545
Skulk Lowe is a portfolio manager at PSG
Wealth Old Oak in Cape Town,

428
00:22:11.546 --> 00:22:16.147
and that was the

429
00:22:16.247 --> 00:22:18.769
five

430
00:22:19.489 --> 00:22:28.494
o'clock

431
00:22:29.755 --> 00:22:32.717
shadow.

432
00:22:34.958 --> 00:22:36.600
other than the speaker or the author.

433
00:22:36.900 --> 00:22:42.785
And since we are critically thinking human
beings, these views are always subject to

434
00:22:42.785 --> 00:22:44.785
change, revision,

435
00:22:44.785 --> 00:22:44.927
and rethinking at any time.

436
00:22:45.228 --> 00:22:47.650
Please do not hold us to them in
perpetuity.
