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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 5 o'clock shadow.

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

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PSG Wealth Old Oak Division in Cape Town.

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We didn't speak last week, Skulk,

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and you mentioned to me off-air that you'd
been out of contact because there had been

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some

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glitch, some technical glitch in the place
that you were.

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and you were a couple of days offline.

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And sometimes during these times that
we're experiencing at the moment, that's a

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very good thing, I would imagine.

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It allows you to collect your thoughts.

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Yeah, it was the strangest feeling.

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I mean, people usually tell you, oh, it's
going to be blissful.

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There's no signal.

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There's nothing there.

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And the first few hours, I must admit,

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especially in the times we're living in
wars and...

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tacos and all those things um we i i found
it strange i didn't know what to

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make of it and then i just switched off
and um yeah it's been been in the middle

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middle of the

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crew saw

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stars as big as the moons and the moon as
big as the sun it was just it was just

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fantastic the

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quietness and i would really encourage all
the listeners to just maybe i've heard

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that there's there's different

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means of fasting.

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You know, you've got a water fast.

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You've got, I saw one the other day, a
sardine fast where you just eat sardines.

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But the one that I've heard as well is
internet fasting,

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to take yourself off internet and social
media.

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And I would highly encourage it.

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I was forced into it, but loved every
second of it.

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I don't see as much of a faster, actually.

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You can talk about sardine fast and grape
fast as much as you like.

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A fast is when you don't eat anything.

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That's why it's called breakfast, break
fast.

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Exactly.

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I see more as a whiskey and red wine fast
myself.

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But that's another matter, Skunk.

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Can we talk about markets since you've
been back?

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First day of world peace.

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Let's talk about that.

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It's a big day, and it's the first day of
world peace.

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Thanks, Donald Trump, for doing that for
us.

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And I noticed that markets are reacting
very nicely to what he said.

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But of course, we know it's a lot of
rubbish and it was people that were short

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of the market

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buying back the stock indices and the
stocks themselves and every other

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instrument that they sold.

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So that's sort of exaggerated the move.

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We know that every single market that's
done more than it usually does has been

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affected by that.

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But we also know that it's not going to
last because of the erratic nature of the

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gentleman that I just mentioned earlier
on.

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I mean, we saw crude oil down 18 percent
at one stage, the biggest move.

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for I think about two decades and now it's
only down 13%

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only and we're grateful for it but still
it has recovered.

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Skull, can I see it doing so again?

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This is the pattern.

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It's a well-worn pattern five weeks in.

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Yeah, what a day.

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I mean, yeah, a few people asked me today,
you know,

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what do you do now?

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I mean, what do you actually do?

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Do you follow this?

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Is this not time to be buying?

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Do you use this dead cat bounce and
actually go and sell?

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What do you do?

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It's a fair question.

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Yeah, exactly.

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And yeah, when in doubt, just do nothing.

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Just do nothing.

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Really, you can't see this type of
movement.

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I mean, it's totally erratic.

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I told my team this morning, it really
feels like watching a very bad, I mean,

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seriously bad, B-rated war movie.

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It's, I mean, I can't believe that this is
real life.

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We've been desensitized, haven't we?

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We expect it now.

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And when it happens, you say to yourself,
did the President of the United States say

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that the F word?

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in a tweet at two o'clock in the morning.

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Did he say he's going to obliterate a
nation?

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What was the word?

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A civilization.

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Yeah, a civilization.

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Did he really say that?

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And you think, oh, yes, he did.

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And you get on with something else,
feeding the cat or something.

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It's astonishing the way that we just let
it wash over us and that no one does

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anything about it.

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Yeah, we, through the F-bomb, you know,
we're lunatics.

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I read that.

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I got back.

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back into civilization.

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And I read that.

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My first reaction was, it's one of these
parody accounts.

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That must be one of these parody accounts.

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No way can the...

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President of the largest economy in the
world of this type of tone.

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I mean, you always, when I say certain
words or names,

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you've got a certain idea of that word.

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If I say James Bond, what immediately
springs to mind?

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Me, first of all, but you know what I
mean.

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I know.

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A suave secret agent working for MI5. Or
is it MI6?

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Anyway, I know what you mean.

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There will be a suit.

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There will be welcomed here.

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This will be suave.

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This will be shaken and definitely not
stirred.

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When you say the President of the United
States, POTUS, I mean,

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I know we're laughing now, but this is
never, I mean, anyway.

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Let's not go down this rabbit hole.

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We're sitting in an environment where now
there's a 10-point plan coming from Iran,

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there's a 15-point plan.

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And my thought when I saw this,

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let's call it a tweet this morning, is
Iran has won.

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They won.

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Because let's say now they sit around the
table and let's say, well, we need to chat

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about these 10 points.

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So what's the ten points?

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I'm not going to go through all of them.

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But first point, no more war.

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No more shooting, no air.

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That's reasonable.

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To end a war, you need to stop war.

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Are these the points that the U.S.

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and Israel are imposing upon Iran, or is
it the other way around?

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No, no, I'm talking about Iran.

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Iran's saying that they will settle.

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This is the ten things that they want.

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Okay, go on.

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And, you know, other point.

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We will need two million dollars for each
ship that goes through the Strait of

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Hormuz.

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I mean, wow, that's going to be some
year-end function party.

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Man, with all those two million dollars.

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There's about 150 to 160 ships that used
to go through the Strait of Hormuz when

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world trade was, you know,

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doing pretty well, whether it be
fertilizer or oil.

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So let's say it's a hundred.

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That's two.

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That's 200 million a day.

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That's not bad.

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That's not bad just for sitting there and
waving a ship through.

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Correct.

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Correct.

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So that'll definitely be a great injection
for the Iranian GDP. Then next point,

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no more U.S.

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sanctions.

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Now, I mean, that's most probably been

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Iran's biggest ball and chain for the
past, how many years?

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47 years.

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Yeah, I know.

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Because, I mean, they are an oil-producing
country.

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More than 50% of their GDP is made up just
out of oil.

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And they had these sanctions.

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If they didn't have these sanctions, they
would have done a hell of a lot better.

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No more sanctions.

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So I'm looking at this and say, yes,
they've got blown up.

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There's a lot of work to be done when this
war is done.

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But if...

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that's going to be the outcome.

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That's going to be, okay, we can work with
these 10 points.

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Now you need to look at our 15 points and
let's meet each other in the middle.

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And of course they won't meet each other
in the middle because Trump is on the one

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hand and he doesn't like to concede one
point,

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let alone seven out of the 15 he's going
to impose upon them.

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And so it's not going to happen.

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And that is why you should be buying oil
at the moment and going against everything

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you've seen in the last two or three hours
as we record this

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end of the market stay.

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podcast.

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That's my opinion, not the opinion of PSG
Wealth and Scout Clow.

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Now, Scout, we've gone on enough about
Trump because you could do it till the

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cows come home.

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People do it a lot better than us.

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Yeah, go on to your final point.

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Because I had a chat with I don't know if
you had David on the show yesterday.

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I haven't had him since he's been back
from the States, but anyway.

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That's what I'm asking because he's still
got very...

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Very, very heavy jet lag, but he's back.

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And I had a chat with him today, and I
said, well, just tell me, general

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thoughts, what's the I mean, you just came
back from the States.

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Yes, you stayed more on a let's call it
the eastern side,

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more blue states.

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It's Boston and New York, and that's not
America, as we know.

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Correct, correct.

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But what's the general I mean, you've been
there.

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What's the general trend?

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What's the general feeling?

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He says, Skog, it is unbelievable how the
people,

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the US citizens are turning against Trump.

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You can feel it.

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You can actually see it in the people's
reactions and what's

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happening there.

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So I hear what you say that they won't
meet each other in the middle.

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I wonder if we're not going to have a

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25th amendment impeachment coming along
before then.

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Congress hasn't even gathered, so that's
not going to happen.

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And the extraordinary thing is that
because of the magic of television and

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so-called charisma and the litany of lies,

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77 million people voted for this freak.

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And it's really strange.

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I watch Jimmy Kimmel every morning and I
think I'm in a bad mood when I wake up

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about Trump anyway, but then you get the
Jimmy Kimmel

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15 minutes condensed of his show the
previous night that he's just recorded and

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you think, goodness me,

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this bloke is clever the way he phrases
things, the way he puts things,

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the way he puts a bit of a humorous spin
on it, very humorous spin on it,

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but what he's saying is terribly, terribly
important.

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And what I love about Trump...

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is that even when he's dead, which will be
soon, it'll still go on.

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People will say, well, this happened and
that happened.

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There'll be analyses galore on every
single television station.

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Skunk, let me tell you about gold quickly,
because it's one of your favourite

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subjects.

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And that is that all the safe haven buying
has been done.

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It's all discounted.

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It was done over the last two years.

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It was done by the central banks for very,
very different reasons, as a store of

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reserve,

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as a complement to the US dollar.

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But the safe haven buying as well has
stopped now.

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And it's a dollar proxy.

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It's as simple as that.

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The dollar goes down, which it has in the
last few hours because of what Trump has

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said.

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And the gold price went up and now it's
coming down a bit as the dollar

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strengthens a bit.

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It's going tick for tick with the Dixie,
the dollar index.

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Yep.

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And what Lindsay is saying for the
listeners is when you look at the Dixie,

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the US dollar index.

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that is down 1% today.

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And when we look at the gold price, that
is up 1% today.

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So, yeah, you're 100% right.

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And that's good to a certain extent
because there was a definite decoupling.

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I mean, we've had the run-up to the actual
war, but we also had prior to the run-up

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00:12:05.780 --> 00:12:07.780
to the war,

243
00:12:07.780 --> 00:12:10.501
we had the Greenland saga, we had
Venezuela saga, we had a few other sagas.

244
00:12:10.502 --> 00:12:17.223
And I think those sort of catapulted gold
way before the actual events.

245
00:12:17.583 --> 00:12:18.304
the actual war.

246
00:12:19.044 --> 00:12:19.805
But you're right.

247
00:12:19.845 --> 00:12:24.388
I think you get a feeling now that when
the war actually broke out,

248
00:12:24.428 --> 00:12:31.373
I think the biggest surprise to me was not
that gold retraced because it was sort of

249
00:12:31.373 --> 00:12:31.834
a

250
00:12:31.834 --> 00:12:37.898
buy-in rumor, sell-off fact, but how the
people actually just ran to the dollar

251
00:12:37.898 --> 00:12:38.077
again,

252
00:12:38.158 --> 00:12:40.139
how the dollar just became the safe haven.

253
00:12:41.621 --> 00:12:43.482
But, yeah, I think you're 100% right.

254
00:12:43.742 --> 00:12:44.783
But maybe…

255
00:12:45.859 --> 00:12:52.643
There's a hidden message for us in Trump's
true social

256
00:12:53.203 --> 00:12:55.144
tweet that he sent out this morning.

257
00:12:55.684 --> 00:12:57.205
Did you read that final part?

258
00:12:57.445 --> 00:13:02.648
He said, this could be the golden age of
the Middle East.

259
00:13:03.769 --> 00:13:05.290
He throws gold around a lot.

260
00:13:06.550 --> 00:13:09.672
Anyway, but I think, like you said, let's
move along.

261
00:13:09.872 --> 00:13:11.553
I do think that you're right.

262
00:13:11.593 --> 00:13:14.535
I think there's definitely a more natural.

263
00:13:15.087 --> 00:13:21.993
movement in gold these these let's call it
past week week or so and and

264
00:13:22.013 --> 00:13:28.779
i think that's a good thing it's it's the
gold price is still trading uh four

265
00:13:28.779 --> 00:13:30.779
thousand seven hundred fifty odd dollars i
mean

266
00:13:30.779 --> 00:13:33.002
that's that's really good i mean a lot of
people mentioned

267
00:13:33.022 --> 00:13:39.848
that well there we go gold is going back
all the way to three thousand three

268
00:13:39.848 --> 00:13:41.848
thousand five hundred dollars yeah we're
sitting it's still still

269
00:13:41.848 --> 00:13:43.391
trading four thousand because the the
globe the The

270
00:13:43.671 --> 00:13:49.116
investors out there still realize that the
major issues is, one, inflation.

271
00:13:49.456 --> 00:13:52.238
Going forward, inflation is going to be a
major issue.

272
00:13:54.540 --> 00:13:59.865
Are we going to see the world going into a
recession, which I think could still very

273
00:13:59.865 --> 00:14:01.865
much happen?

274
00:14:01.865 --> 00:14:05.069
And all those things play to the advantage
of gold, keeping some value.

275
00:14:05.070 --> 00:14:08.472
So, yeah, I'm really happy with the gold's
movement.

276
00:14:08.512 --> 00:14:10.634
And, yeah, look at the gold shares today.

277
00:14:10.754 --> 00:14:11.454
Wow.

278
00:14:11.635 --> 00:14:12.335
Yeah.

279
00:14:12.335 --> 00:14:14.918
I was going to say that actually before we
finish the gold subject.

280
00:14:15.158 --> 00:14:18.242
Can you tell me how they've behaved while
gold has been so volatile?

281
00:14:18.502 --> 00:14:23.187
And also, don't forget, mired below $5,000
an ounce, which before we saw as support.

282
00:14:24.356 --> 00:14:25.056
Yeah, yeah.

283
00:14:25.117 --> 00:14:27.918
Yeah, I mean, the gold shares did
phenomenal.

284
00:14:28.099 --> 00:14:32.301
I mean, yeah, retrace a little bit, a lot
apart of today, but

285
00:14:33.202 --> 00:14:36.744
Anglo Gold still in the day 4.8% higher.

286
00:14:37.805 --> 00:14:42.328
When we look at gold fields, that was
close to 5%, 4.7% for today.

287
00:14:42.809 --> 00:14:49.153
Harmony, they brought out a, I think the
results today actually came out,

288
00:14:49.253 --> 00:14:52.996
or yesterday, sorry, results came out
yesterday or so, that was up 4%.

289
00:14:53.756 --> 00:14:57.859
In general, that was a nice little kicker
coming from the gold shares.

290
00:14:57.899 --> 00:15:02.903
And also, the other precious metal, PGMs
did phenomenal today as well.

291
00:15:03.264 --> 00:15:05.546
We'll come to that in a moment because I'm
going to get on to the markets.

292
00:15:05.586 --> 00:15:06.426
We have to do so.

293
00:15:07.147 --> 00:15:09.789
Dollar round is 16.38.

294
00:15:09.790 --> 00:15:11.090
Where else are we looking here?

295
00:15:11.250 --> 00:15:13.312
British pound against the round is 22.01.

296
00:15:13.313 --> 00:15:15.534
The euro round is 19.15.

297
00:15:15.594 --> 00:15:19.797
Euro dollar is about 1.17 at the moment,
was higher, the euro that is.

298
00:15:20.298 --> 00:15:22.900
But we've got the gold price, the
aforementioned.

299
00:15:23.300 --> 00:15:29.522
4,754 on my slightly delayed screen, which
is up 1.1%. We've got Platinum,

300
00:15:29.902 --> 00:15:31.982
the first and the biggest of the PGMs.

301
00:15:31.983 --> 00:15:35.403
2,057, up 5.6%.

302
00:15:35.404 --> 00:15:40.065
But Palladium, it's a thinner market and
it gets pushed around more and there's

303
00:15:40.065 --> 00:15:42.065
less supply and everything.

304
00:15:42.065 --> 00:15:44.065
But nonetheless, what a performance.

305
00:15:44.065 --> 00:15:47.007
Up 9.5% to $15.95 an ounce.

306
00:15:47.147 --> 00:15:51.968
Now, we're talking some real big moves
here on the CRB index page.

307
00:15:52.432 --> 00:15:59.197
I've got Brent crude oil now $94.88, only
down 13.2% scalp and $94.90 now,

308
00:15:59.198 --> 00:16:01.098
13.1%.

309
00:16:01.099 --> 00:16:06.301
West Texas crude $95.62, down 15 and a
third percent.

310
00:16:06.361 --> 00:16:07.822
Natural gas down four and a third.

311
00:16:07.882 --> 00:16:10.504
Gasoline down nearly 10% today.

312
00:16:10.505 --> 00:16:13.967
It's gone down through $3 a gallon in the
United States.

313
00:16:13.968 --> 00:16:15.267
So that'll please a lot of people.

314
00:16:15.668 --> 00:16:21.932
Other ones, oh yes, copper, of course,
$5.75 in New York, which is three and two

315
00:16:21.932 --> 00:16:23.932
thirds percent higher.

316
00:16:23.932 --> 00:16:25.932
I was looking at all sorts of other
things.

317
00:16:25.932 --> 00:16:29.314
I looked at live cattle, of all things,
and I thought, what other commodities are

318
00:16:29.314 --> 00:16:31.314
either doing well or doing badly?

319
00:16:31.314 --> 00:16:36.076
Live cattle have gone to record highs this
year, and I think it's because of

320
00:16:36.076 --> 00:16:38.076
feedstuffs coming through the straight of
all moves.

321
00:16:38.076 --> 00:16:40.076
I think so, Skulk.

322
00:16:40.076 --> 00:16:42.076
You're cleverer than me.

323
00:16:42.076 --> 00:16:44.076
You'll be able to confirm or deny that.

324
00:16:44.076 --> 00:16:46.040
But a lot of commodities have done well,
and that leads me to the CRB index.

325
00:16:46.120 --> 00:16:47.340
How many weeks ago was it?

326
00:16:47.820 --> 00:16:53.743
We were saying, well, it's just broken
400, and you looked it up, and the high

327
00:16:53.743 --> 00:16:55.743
was 425 on this particular index.

328
00:16:55.743 --> 00:16:57.743
That wasn't that long ago, was it?

329
00:16:57.743 --> 00:16:57.864
Yeah,

330
00:16:57.865 --> 00:17:04.227
and I still highlighted the fact that
we've still got

331
00:17:05.908 --> 00:17:08.249
some running to do to get to the previous
highs.

332
00:17:08.809 --> 00:17:11.010
And man, that didn't take long.

333
00:17:11.070 --> 00:17:15.752
Nah, sliced through that like a hot knife
through butter, and it's now 483 almost.

334
00:17:16.228 --> 00:17:17.809
Record highs.

335
00:17:18.369 --> 00:17:22.231
Tomorrow it'll be much lower because they
only calculate the index in the morning.

336
00:17:22.651 --> 00:17:25.512
So it'll be much lower because of the oil
price substantially.

337
00:17:25.552 --> 00:17:27.013
So it'll be 10% down at least.

338
00:17:27.014 --> 00:17:33.715
But nonetheless, let's enjoy it while
we're looking at a screen that says

339
00:17:33.715 --> 00:17:35.715
482.71.

340
00:17:35.715 --> 00:17:37.817
South African 10-year bond yield 8.52%.

341
00:17:37.818 --> 00:17:38.997
It's recovered sharply.

342
00:17:39.438 --> 00:17:43.219
I remember looking at it just three or
four days ago at 9.20%.

343
00:17:43.220 --> 00:17:44.760
So yields falling in South Africa.

344
00:17:45.380 --> 00:17:47.401
Bonds going in the other direction.

345
00:17:48.021 --> 00:17:49.622
US 10-year, that's another one.

346
00:17:49.802 --> 00:17:54.444
Was in the 440s a couple of weeks ago, now
4.27%.

347
00:17:54.445 --> 00:18:00.186
S&P 500 futures, the dead cap bounce is
just coming off a little bit.

348
00:18:00.226 --> 00:18:04.728
But nonetheless, 2.1% higher at 6,796.

349
00:18:04.788 --> 00:18:06.689
That's for the June futures.

350
00:18:07.269 --> 00:18:13.032
One more thing I've got to give you, and
that is the Bitcoin price, which is

351
00:18:13.032 --> 00:18:15.032
benefiting from the weaker dollar.

352
00:18:15.032 --> 00:18:18.153
71,150, which is up 4.4% on the day.

353
00:18:18.674 --> 00:18:22.194
Anything else you want to talk about,
Scott, before we go to the ups and downs

354
00:18:22.194 --> 00:18:24.194
on the JSC?

355
00:18:24.194 --> 00:18:24.615
Any themes since we spoke?

356
00:18:25.595 --> 00:18:28.776
No, I think your call was 100% right.

357
00:18:28.796 --> 00:18:34.858
I mean, it was a broader market movement
where if you,

358
00:18:36.558 --> 00:18:41.680
let's call it produce or salt, anything
other than oil or energy-related,

359
00:18:42.120 --> 00:18:44.342
Then you had a fantastic day.

360
00:18:44.482 --> 00:18:48.985
If you did the former, then you had a
very, very difficult day.

361
00:18:49.005 --> 00:18:51.787
So yeah, there was no real news out.

362
00:18:52.922 --> 00:18:54.423
Yeah, very, very good day.

363
00:18:55.664 --> 00:18:57.285
Nice recovery in the market for today.

364
00:18:57.605 --> 00:19:00.467
Impala Platinum is top of the list on the
JSC on the close.

365
00:19:00.468 --> 00:19:03.910
13% higher, just over 13% higher.

366
00:19:04.070 --> 00:19:10.474
Right behind the big one, the
ex-Anglo-American Platinum division,

367
00:19:10.474 --> 00:19:12.474
Valterra, up 9.2%.

368
00:19:12.474 --> 00:19:12.656
Pepcor, why is Pepcor up 9%?

369
00:19:12.796 --> 00:19:13.737
Come to that in a moment.

370
00:19:13.777 --> 00:19:15.078
I don't know what ATT is.

371
00:19:15.079 --> 00:19:15.798
What is ATT?

372
00:19:16.719 --> 00:19:20.321
What is the symbol ATT for a stock, Skalk?

373
00:19:20.341 --> 00:19:21.102
I should know this.

374
00:19:21.934 --> 00:19:22.895
Let's quickly have a look.

375
00:19:23.616 --> 00:19:25.017
It's a tech, if I'm not mistaken.

376
00:19:25.257 --> 00:19:26.638
Yeah, it's a tech.

377
00:19:26.718 --> 00:19:29.941
I'm guessing now, but it's a property
counter, a tech.

378
00:19:30.021 --> 00:19:35.046
Okay, 8.6% up for the ridiculously named
property counter.

379
00:19:35.106 --> 00:19:36.087
Yeah, it is a tech.

380
00:19:36.107 --> 00:19:41.892
And GrowthPoint as well, which is another
not so ridiculously named property

381
00:19:41.892 --> 00:19:43.892
counter, up 8.1%.

382
00:19:43.892 --> 00:19:43.954
So something happening there probably to
do with the bond market.

383
00:19:43.955 --> 00:19:46.256
On the downside, horrible for Tungela.

384
00:19:46.296 --> 00:19:48.758
That's got to be the most volatile stock
of the year so far.

385
00:19:49.138 --> 00:19:54.921
down 12.5%, Sassl down 12.3%, down below
200 now,

386
00:19:54.922 --> 00:19:58.783
199, Sun International down 3%, Carew down
3%,

387
00:19:59.004 --> 00:20:03.106
and British American Tobacco a 2.8% loses.

388
00:20:03.166 --> 00:20:06.548
Outside of those big ones, Skalk, any
small or medium caps?

389
00:20:07.608 --> 00:20:08.308
No.

390
00:20:08.308 --> 00:20:14.412
No, and just quickly, the Sun
International, the only one there is XDEF

391
00:20:14.412 --> 00:20:16.412
Stories, but the rest is all retracements.

392
00:20:16.412 --> 00:20:17.074
No, I think it's been a great day.

393
00:20:18.262 --> 00:20:22.984
And just by the way, you mentioned the CRB
commodity index.

394
00:20:23.824 --> 00:20:24.545
I looked the other day.

395
00:20:24.565 --> 00:20:26.786
I think it's about 35%.

396
00:20:27.086 --> 00:20:33.208
35% of the CRB commodity index is
energy-related commodities.

397
00:20:34.109 --> 00:20:37.830
But I think some of these other harder
commodities, the golds, the silvers,

398
00:20:38.010 --> 00:20:41.932
those will definitely help ease in.

399
00:20:41.933 --> 00:20:42.752
But you're right.

400
00:20:42.792 --> 00:20:44.913
I think we will have a bit of a
retracement in the CRB commodity.

401
00:20:44.953 --> 00:20:46.794
Probably around 4%, 5% tomorrow, yeah.

402
00:20:46.795 --> 00:20:47.495
Anyway.

403
00:20:47.674 --> 00:20:48.514
It's not over yet.

404
00:20:48.694 --> 00:20:50.475
Skulk, thanks so much for your time as
always.

405
00:20:50.515 --> 00:20:55.556
Skulk Lowe is a portfolio manager at PSG
Wealth Old Oak in Cape Town, and that was

406
00:20:55.556 --> 00:20:57.556
the 5 o'clock shadow.

407
00:20:57.556 --> 00:21:03.098
The views and opinions expressed in these
podcasts are those of Lindsay Williams and

408
00:21:03.098 --> 00:21:05.098
various contributors and do not reflect
the policy,

409
00:21:05.098 --> 00:21:07.620
position, or opinion of any other agency,
organisation, employer,

410
00:21:07.960 --> 00:21:11.801
or company associated with
StrictlyBusinessPodcast.com.

411
00:21:12.281 --> 00:21:15.522
Assumptions made on the analyses are not
reflective Thank you.

412
00:21:15.562 --> 00:21:19.224
of the position of any other entity other
than the speaker or the author.

413
00:21:19.524 --> 00:21:24.707
And since we are critically thinking human
beings, these views are always subject to

414
00:21:24.707 --> 00:21:24.827
change,

415
00:21:24.987 --> 00:21:27.548
revision and rethinking at any time.

416
00:21:27.869 --> 00:21:30.270
Please do not hold us to them in
perpetuity.
