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Shapiroworld by Strictly Business · Strictly Business

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You're listening to Strictly Business Podcast with Lindsay Williams.
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It's Monday, so it's time for Shapiro World with David Shapiro from Sassford
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Securities.
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He was in Boston last time I spoke to him.
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No, he was in New York, then he went to Boston and now he's back in New York so he
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can speak again because
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he won't speak to me for some reason from Boston.
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How are you, David?
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How's Boston?
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Was Boston all right?
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Was there a lot of Scottish people there?
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Yeah, Boston's lovely.
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That's the headquarters because that's where they played during the week.
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And they've taken over.
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There's no shame with them.
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But they're lovely.
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They're all in their kilts, drinking beer on the train,
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but in a typical British way or Scottish way, should I say.
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Yes.
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And the bus, I mean, the train conductor, you know, with a very broad Brooklyn
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accent, you know,
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which is like the mafia-style accents, just to give some explanation, people who
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don't know what a Brooklyn accent is, you know,
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they talk like this.
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And they said, you know, in my neighborhood, if anybody wore a skirt, you
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know, we'd just eat him up.
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I said, I wouldn't try on these chaps.
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They were really strong.
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They were lovely and enjoying themselves and there for the football.
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And I think it actually identifies what's happening.
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There's so many good-spirited people that are visiting here at the moment, you know,
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wanting to do nothing else than have a good party.
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And the weather has been very favorable, which is unusual.
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It is summer, and it's not normal football weather, and it's very hot.
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But, you know, people outside all the time, Lindsay, they're just gathering at
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various spots.
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In New York now, particularly, everybody's down in Times Square.
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And it's from a lot of the surrounding areas, the
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Spanish-speaking people, various other clubs as well.
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But everyone, I can't say that, a lot of French here as well.
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It must be a massive boost for the economy, David.
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Certain sectors of the economy, the hospitality industry, for example, must be
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doing so well.
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I mean, you talk about drinking, but it's not just the association of alcohol with
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football fans.
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It's also going out to restaurants and staying in hotels and getting on trains
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and just buying clothes and all that sort of thing.
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It must be a huge boost.
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Huge.
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Far bigger than I thought.
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And just I wanted to see what was happening on Saturday.
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I went down to Times Square just to mingle.
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It's only a few blocks from where I am, so it's walking distance.
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And it was Morocco versus Brazil.
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Yes.
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And there were just, when I say literally, thousands of people just hanging around,
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all wearing their colours.
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No trouble there.
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There's a huge police presence.
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And, you know, no one's starting anything.
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There's no drunkenness or anything like that.
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And people are just having fun.
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But as I say, buying, buying in the shops, you know, the I Love New York or the
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Statue of Liberty, you know, those kind of stuff.
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Yeah.
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You know, the tourists will buy all those kind of issues and that.
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And eating, you know, a lot of eating, fast foods or whatever you want to call
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it, you know,
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sitting there on pavements.
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And there's a lot of open air.
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So.
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There is and, Lindsay, you know what?
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There are two things.
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I think some people who get into the stadiums are not scared to pay the prices.
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You know, they say, well, it's a once-off.
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We're here.
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We know it's expensive, but we're doing it.
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But I think the vast majority of people that you bump into are actually going to
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the fan parks.
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Yes.
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You know, and in other words,
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I reckon most of the people that I'm bumping into are actually expats, you
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know, living here.
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dressing up, taking their children.
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I bumped into a family and that, and they were in Swiss garb.
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And I said, oh, are you?
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No, we've been here.
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We're Americans, you know, but obviously from Swiss descent.
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So I think a lot of the numbers that you see are actually, I don't know whether
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they're coming from overseas.
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There are certainly tourists, but I mean, a lot are actually living here and just
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having fun.
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Very good.
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And.
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You must see it with the Knicks.
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The Knicks, the basketball team, won their first championship since 1973.
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And they weren't favorites and they came from behind.
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So there have been spectacular games where they've come from behind to clinch it in
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the, you know,
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you play the best out of seven and they won it in five.
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But two of the games, they came from being deeply down and winning.
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But they've gone mad.
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You know, I say, I was saying to you before, you know, the Arsenal annoyance,
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you know,
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just celebrating Arsenal's winning the premiership.
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I mean, it was like a kindergarten picnic, really, compared with where we are here.
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They're coming out nonstop for the last, and it was Friday night that they won the
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clincher,
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and they won it in San Antonio.
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But, I mean, now it's Saturday, Sunday, and today the same thing.
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And there's a ticker tape parade on Thursday, Lindsay, that's downtown.
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It's not easy to get to, you know, where it's, um, People just want to buy, and
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this is where I'm coming to what you said,
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you know, buying these.
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They all want to buy the championship jersey.
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Well, a sweater.
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Not a sweater, like a T-shirt or something like that.
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Yeah.
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To commemorate in that.
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It sounds like a load of fun, actually.
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I mean, I can't think of anything worse, quite honestly,
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than being in New York in the heat with so many tens of thousands of people there
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because that's just me.
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But I can imagine that if you're young and enthusiastic and you've got a little bit
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of money in your pocket, It must be.
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be the best place on earth at the moment?
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Well, it absorbs it.
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You won't find, you'll only find in certain areas in Central Park, probably
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the southeast side,
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the little corner there where a lot of tourists come.
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But for most of Central Park, and for most people, if you go up to the Upper West,
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there's not crowds.
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So it concentrates, that's what I'm saying, it's focused on Times Square and
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areas like that,
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where they will gather.
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They're not showing, they haven't got a screen or any screens in Times Square
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because it interferes with Broadway.
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You know, that's in the heart of Broadway.
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So, and I'm at the Lincoln Center here.
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And even there, most of, you know, I mean, there's a lot of partying going on here,
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but that's summer.
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You know, they have shows for kids and all kinds of things like that.
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What do you call these silent discos?
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You know, where you've got your headphones on and you hear the music.
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but it only comes through the headphones.
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And New York absorbs it.
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You don't find that you're crowded out.
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But if you want to seek the fans and go hang out, yeah, you'll find.
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I think also in Brooklyn and places like that, massive collection of people.
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Yes, you must remind me, speaking of Brooklyn, I found you an Arsenal bar in
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Brooklyn for when the new season starts and the next
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time you're there.
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But we'll talk about that at another time.
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David, the markets are rallying.
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It makes me laugh because the markets didn't come off because of the Iran war.
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In fact, quite the opposite.
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They had a little bit of a wobble and think about it.
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But then they went back up again and started their upside momentum.
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So the excuse that people are buying because the war is supposedly over.
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is a lot of nonsense.
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There's just a lot of money around, sloshing around.
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People are making money.
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The momentum is there.
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The trend is your friend.
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And up we go.
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We gapped 2% higher today on the NASDAQ.
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Yeah, There wasn't a big sell-off.
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I mean, the selling that we did see was to make way for SpaceX,
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which I must say is another 8% up today.
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That surprised me.
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I think they've handled it very well.
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I I think they kept the allocation.
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Look, it's not a massive allocation.
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It's got a, what's this now?
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I'm looking, 2.2 trillion market cap.
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I think they kept a lot of the issuance away from hedge funds, you know, people
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who were just going to take a quick profit,
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and they've kept it in very safe hands.
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You know, obviously, they need liquidity.
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So I think it was JP Morgan, sorry, was it Morgan Stanley and Goldman's, I think, who
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must have handled it.
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I think it just made sure that the hedge funds weren't going to just go and get a
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big allocation and let go when
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it goes up 20%.
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I'm on the outside.
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It's too literally, I'm talking figuratively, and literally, it's just too
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far away for me.
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I know you've got to have a very long view about space and the
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benefits, I think, to buy at these levels.
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I would far prefer to say, okay, let's go back to where we were.
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So many shares were sold and people switched.
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You could see it.
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A lot of selling of the big caps in order to make way to take,
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to give them allocation for SpaceX.
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And I think that's starting to reverse today.
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So I think you're seeing, okay, SpaceX is out the way.
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Let's go back to where we were.
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I'm just looking at the market though, Jay.
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I'm looking at the market and the Iran story and the SpaceX story and
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OpenAI and Anthropic coming to the market as well quite soon.
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So another couple of trillion-dollar companies immediately created for the
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public to invest in, should they want to.
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And I'm just thinking to myself, the good news is everything is in there.
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And if you're someone that's looking for a top, I mean, you should never try and pick
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a top, but if you are Skullclaw,
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You're on telly with him more than every week, I think.
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And I called the top of the gold market because there were three gaps.
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There was the breakaway gap, the runaway gap, and the exhaustion gap.
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It just kept on gapping up each day.
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And when I say that, what I'm talking about is if you have a look at a normal
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chart, like a COMEX chart,
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which isn't 24 hours, the market opens
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$50 higher in gold's case than it was the previous day and carries on the next day.
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It closes and then it gaps up another $75 or something like that.
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Gold kept on doing that, did it three times, and then it collapsed.
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I said, this is the top of the gold market when it was $5,400 or something.
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And it turned out to be the case.
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Be very careful if you're looking at investors' behavior.
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Look at the gap that we've seen today.
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Now, it could be the start of two or three gaps.
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And if so, you've got to be careful.
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Or it could be today, depending on the close, what's called an island reversal.
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I mean, I don't know enough about fundamentals to say, you know, the market
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is overvalued here and we should be cautious here and there.
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But if you look at the behavior, which is illustrated in a chart,
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it's like an anthropological history of the recent market.
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Just be very careful at the moment, David.
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It's too exuberant for me.
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You know what?
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I can't disagree.
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When I say I can't disagree.
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I don't think any of us know what's happening, what's driving it, where the
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money,
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we have guesses at it all the time.
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You're using your instinct, which is great.
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I use my instinct as well.
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I'm not, that's why I'm saying, I'm not going, I'm not saying, oh, no, What I'm
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saying to you is,
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Lindsay, I'm not saying to you, you're wrong.
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This is the ridiculous, you know, I can't say that.
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I can't.
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And I'm, I'm, I'm cautious every day.
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I'm cautious all the time.
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I watch it and I watch it very, very careful for very similar signals to what
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you're watching.
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I agree 100% on the gold market.
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I think when it did not respond to the war in Iran,
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it responded for a few minutes or something and then started to fall.
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I think you were right.
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That was the end.
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We've seen a bit of a...
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pull back now because it fell close to 40,000 and now it's picked up to 43,000.
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But I don't think the momentum's there.
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I don't think this is the kind of market that's going to attract people back into
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the market.
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We're going back now, and this is where we have to watch carefully.
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Okay, SpaceX out the way.
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Yes.
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Right.
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Now what?
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You know, can the NVIDIA alphabet story,
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can that continue to drive the market higher or are we getting bored with it?
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You know, that's...
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That's what I'm watching for.
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You know, does it still have the same appeal?
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But how will you know, David?
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What indicator will you use?
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The only indicator I know is very,
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very classic technical signals like the three-gap theory and the island reversal
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theory, which could be in place today.
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I don't know yet.
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It depends on the clothes tonight.
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But what do you use?
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Do you use the headlines?
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I use the news.
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I use the headlines.
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The bloke in the lift to your apartment says, How about that SpaceX?
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I bought some yesterday at $165 or something.
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What do you use for your instinctive trading?
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I read the headlines and I watch how the market responds to the headlines.
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And the biggest benefit or the biggest indicator to me
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has been that the press or the media have been trying to
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push markets lower.
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You know, they've been very cynical.
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I don't know whether it's a British thing.
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You know, you're British.
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I mean, you're born there, et cetera.
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Whether they're, you know, whether they just naturally.
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uh cynical well the british let me quickly tell you something about that the british
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british like to build up
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people and make them heroes and then once they've got them up there they think right
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how can we bring this poor this poor sod
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down and they they do some digging through his waste paper basket outside his
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apartment in mayfair or something and find
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a receipt that he to a shop that he shouldn't have gone to whatever it is they
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did it with princess diana suddenly she went she went threw the roof in popularity
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and then came along Sarah Ferguson and they said,
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oh, Sarah Ferguson's so much more natural than Princess Di.
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Princess Di is so aloof and everything.
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She's always looking miserable with Charles.
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And they knocked her down.
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It's exactly the same.
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It can be a football manager, a football team or a market.
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People want success to fail in Britain anyway.
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We're not like the Americans.
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I think you've summed it up beautifully because that's exactly what's happened in
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market.
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And, you know, I open up the well, when I say open it up, I stream the FT,
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I stream the Economist, I stream Bloombergs, and I go through the
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headlines, and without fail,
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they're negative.
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Even if you look today, you know, there's always a catch, you know, yes, this,
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but, you know, the buts.
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And I'm saying, okay, well, the market's not listening to you.
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When the market starts to listen to them.
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That's when I'm going to get worried or whether the news, you know,
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whether we start to run out of the momentum and that story starts to really
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take hold.
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Then I think maybe it will be time.
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We've had an incredible run.
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And I think people tend to forget about from the time that
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OpenAI came out, ChatGPT, et cetera.
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You know, when you go back those three years or nearly three and a half years, I
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mean, Mark has had an incredible run.
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you know it can't go on.
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You know, we all know in our hearts that this can't go on indefinitely.
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And, you know, SpaceX came and has taken, has added another dimension,
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maybe open AI and anthropic, and that will also bring some further, you know,
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money into the market and so on.
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But you've got to watch this.
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You know what I'm saying?
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You can't.
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You can't just say, oh, great, another, you know,
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we're another near record in the S&P and this is happening and so on.
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You've got to be careful because we don't know what's going to knock it.
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Something will come.
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You know, something comes that you don't expect.
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What about this theory, David?
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Because, you know, I spoke to you about a company that I'm quite close to that uses
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Claude, for example.
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Every single one of their employees by the end of the year will have…
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I don't know what package they buy, but I know how much they pay per person per
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month in a very large company.
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And it's a chunky sum of money.
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But wasn't this like the cell phone companies?
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Remember 1994?
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Everyone had to have a cell phone, of course.
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And everyone did get a cell phone, sometimes two and three, et cetera.
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But you'd pay anything for it because it was new and it was exciting.
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And then suddenly with the competition coming in.
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The monthly fees came down to virtually nothing compared to the early days.
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Can the same thing happen as people in the AI industry are competing for customers
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and from $150
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per person per month, it goes down to $75, someone slashes prices, etc.
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And then people start to say, okay, how much money are you earning?
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There's your revenue, there's your capex, where's your profit, your profit?
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Let me look at your margins now.
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And they suddenly say, This is an overvalued stock.
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And it doesn't become a utility like the cell phone companies have.
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Well, you told me that.
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You said when we were talking about Vodafone once, I think it was, you said
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it's now a utility,
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not a cell phone company or not a mobile provider.
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Can that happen with AI?
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Yes, yes.
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Of course it can.
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Just think of, we've discussed gold.
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It's fizzled out.
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We haven't discussed, but in the same breath, Bitcoin.
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I watch it every day.
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It fascinates me.
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I know, but it's gone.
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Yeah, it's finished.
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It no longer makes the headlines.
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It just hasn't got that same appeal.
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I had every youngster, they would phone and abuse me,
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and every time I opened my mouth on TV or in a presentation, I would be attacked on
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Bitcoin.
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They're gone.
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You know, they don't even send me nasty messages anymore.
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They're so bored or they're broken.
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And streaming.
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same kind of story you know streaming we all rush for disney and so on uh
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netflix's you know, it's doing okay.
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It's pissed out.
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You know, they're really trying very hard to keep up the momentum.
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So you do get that exhaustion and it's going to come.
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You know, whether we're going to get the benefits coming, you know, I'm waiting for
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the benefits, which I think are real.
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But you've got to keep that story going.
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We're going to have it the same with the weight loss drugs, with Eli Lilly and Nova
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Nordisk.
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I mean, it's still very much in focus.
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And eventually, but those stories run out of momentum.
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And eventually, you're right, the AI story will run out, will eventually run its
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course.
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And that's a time, I don't know that the companies are necessarily going to fall
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over and not make profits,
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but the story loses its appeal.
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It still means Netflix are doing well and they're making movies.
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And I see Fox has bought into, what are they bought into now?
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Roku, which is one of these platforms where you can get everything.
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Yes.
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so You're dead right.
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That's what I'm saying.
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That's what we watch for.
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And you've got to watch for the signs that make you say in the exact same way that
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you said gold's done it.
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You know, it's done.
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And, you know, you had no qualms about it.
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It's going to happen.
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I'm not saying people get out now.
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The Netflix and streaming story is very, very interesting because I've liked
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Netflix for the last couple of years.
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I really got into it.
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I heard every Thursday when they bring out the...
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the new on Netflix part when you turn the service on.
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I would go and see what was new.
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And I did it this weekend and had a look what was new on Netflix.
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And I went through it and I thought, okay, let me go down to the one where they say
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because you watch this,
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you might like this.
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And I went through that as well.
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I couldn't find one thing, David.
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An awful lot of Spanish-speaking programs.
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Obviously targeting the Spanish-speaking population of the United States of America
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and South America, et cetera.
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But quite honestly, David, there was a load of crap on there.
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I couldn't find a really decent program anymore.
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They're redoing The Handmaid's Tale on Netflix.
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It's like comics.
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You remember when we used to read comics?
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I don't know if you did, but I loved comics.
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I did.
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And it was exactly the stories were about as compelling as the comic book stories.
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I like Biggles and I like, those kind of, you know, those storybooks when you were
21:30
young.
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They were illustrated comics.
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You know, you had Little Lulu and Donald Duck.
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You know, you had those, the American ones or Superman, but then you had the British
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ones which were in a little more like a book form.
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And, you know, there was nothing there.
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I mean, it was, the story was so thin and it had a lot of beating up and dashing and
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things.
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And that's what it's like today.
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I mean, these are all, and they use an enormous amount of effects,
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you know, AI-generated effects and so on.
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Everything gets blown up and anyway.
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But, Lindsay, if you want, if you really want to enjoy something or stimulate your
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intelligence,
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I'm afraid you're not going to find it.
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Not anymore.
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There were some good ones anyway.
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So what are we doing, David?
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What are you doing?
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You're sitting tight until the headlines say, wait a second.
22:25
I've got to be cautious now.
22:27
Yeah.
22:29
This can go on.
22:31
It's not necessarily going to fall over now.
22:33
It can go on.
22:35
But the message is that I'm watching every day I watch, every day I read,
22:37
every day I make a decision.
22:41
Is everything okay?
22:43
Should I be doing something else?
22:44
Is there anything coming out?
22:47
And unfortunately, there's no new story I can find.
22:50
The old economy stuff is not working yet.
22:53
You know, rates have gone up.
22:54
I don't know what the UK did, but they raised rates in the ECB.
22:58
Now Kevin Walsh's first meeting is this week.
23:01
I don't think he's going to do anything, certainly not in this environment.
23:06
But each, you know, you've got to go to see.
23:09
I've got to go look and say, is there anything that I should be doing?
23:14
You know, where is this?
23:16
The theme is still big,
23:17
still a lot of money being spent on AI and rolling out the infrastructure.
23:24
But when that story starts to run out, run its course, then we've got to make a
23:30
decision.
23:30
But the problem is that what decision am I going to make?
23:33
You know, I've got no ideas at the moment.
23:36
And I think that also keeps me where I am.
23:39
If you understand what I'm saying, you know, oh, well, I may as well stay here.
23:42
The company's still making money.
23:44
etc but i'm looking for are people impatient because people are greedy and
23:51
when they make money they want to make more money and they speak
23:53
to other people that are making more money than they are for for a week or a month
23:57
they phone you up and saying why are you still sitting
23:59
there nvidia's gone down from 235 to 210 and this one's done this and this and my
24:03
friend said the other
24:05
people constantly want to be doing things david don't they all they want
24:10
to be heading the Premier League all the time.
24:14
They want to be the top.
24:15
You can't do it, Lindsay.
24:18
It's impossible here.
24:19
You know, it's impossible to do that.
24:21
And the problem is that the now generation, our generation now,
24:27
there's so much information and there's so much discussion that the discussions
24:34
become
24:36
distorted.
24:38
Everybody, because they're watching their wealth on a minute-to-minute basis.
24:39
you discussing everything they own.
24:42
And you'll have a company that you'll hold for the longer term.
24:46
And you know it's going through a bit of a rough period.
24:48
I would say that with companies like the luxury companies, which are always like,
24:53
particularly because of their placement in the market, the product they produce and
24:59
the people who buy that product.
25:01
You go through ups and downs.
25:03
We're going through a bit of a down and out because the oil price has been high
25:07
and inflation has been high.
25:09
you Other areas as well, people didn't travel because of the wars.
25:11
But why are you still holding them?
25:13
You know, they're going to come back.
25:16
Why?
25:16
And so you get that constant badgering as to where you are.
25:21
And then each institution tries to outdo the other institution because they've got
25:28
a lead table.
25:30
And the salespeople at each institution can go around and say, this is how we did.
25:33
You know, switch from here to, I mean, it's madness.
25:36
You- drive yourself mad.
25:41
And go back to what it is.
25:43
What's the safest investment you can have?
25:45
And I'm going back and it would be a 10-year government bond, either UK,
25:51
Europe, whatever it is.
25:53
You're getting 4.5% in the US.
25:55
That's it, a year.
25:56
That's your 10-year.
25:58
Okay.
25:59
So now you want 15, 20% in an equity.
26:04
You don't say, hold on a sec, if you had your money in the safest area, well, I
26:10
don't know if the US is AAA anymore, but whatever it is,
26:12
that's what you're getting.
26:14
So you get people moaning when they're making money, you get them moaning when
26:17
you're not making money.
26:19
You lose money.
26:21
Just go on.
26:23
I don't know how you do it.
26:25
I'd just say, okay, if you don't like it, shut up and go somewhere else.
26:27
But that's me.
26:29
David, let's talk about the World Cup now.
26:29
The surprising result so far has been last night.
26:34
Sweden against Tunisia.
26:35
Graham Potter.
26:36
Do you remember Graham Potter?
26:37
He went from Brighton to Chelsea.
26:39
Chelsea sacked him, which is understandable because he was pretty
26:43
boring.
26:44
And then he goes to manage the Swedish national team, and there they are.
26:48
5-1.
26:48
They played outstandingly well with Alexander Izak, who had a terrible season
26:55
with Liverpool because of injury and the whole Newcastle saga.
26:57
Looking sublime, I thought.
26:58
I'm looking forward to Argentina, England.
27:01
Norway and Portugal, the games coming up in the next few days.
27:06
There's some really juicy fixtures and some great players that are just about to
27:12
be unleashed on us, David.
27:14
It's going to be a great week.
27:15
I'm loving it.
27:16
I must tell you something.
27:17
I'm watching.
27:18
I couldn't watch the Swedish match because it was at midnight or some ungodly hour
27:23
here.
27:23
But, you know, I've been kind of watching almost every game.
27:29
Me too.
27:30
And I'll tell you who were awful was Brazil.
27:34
They were shocking.
27:36
They looked a bit un-Brazilian.
27:38
They looked a bit pedestrian, I thought.
27:40
Terrible.
27:41
Very, very sluggish.
27:43
Yeah, Holland were okay.
27:44
The Netherlands were good.
27:46
I mean, Japan, you can't write off Japan.
27:48
But I'm saying some of the Bafana, Bafana, South Africa.
27:52
That was the biggest embarrassment of the World Cup so far.
27:55
I can't believe it.
27:56
I don't know where they found these chaps.
27:58
I don't know what was in their heads.
28:00
Where do they find the manager?
28:02
When I saw it, I thought of European teams with young European managers, when I say
28:08
young, in their late 30s or early 40s.
28:10
I mean,
28:12
why have they got an old white guy in charge of a lot of obviously there's a
28:17
great talent pool in South Africa of footballers.
28:21
They don't want that chap.
28:22
They want someone You know what?
28:24
One of their own people, and I'm not being You did right.
28:28
you You know what?
28:29
When I watch young African players, young chaps on the street, you know,
28:36
in a patch of ground, they've got the most, not like the Brazilians or the
28:42
Argentinians,
28:44
where most of the football stars today came from very humble circumstances.
28:47
South Africans have always had this incredible skill on the ball.
28:52
Dribblers, whatever it is, all you need to do is fine-tune it.
28:56
But these were… This was just terrible.
28:58
It was sideways and backward passes all the time.
29:02
No, they were awful.
29:03
They had nothing.
29:04
But, I mean, overall, you know, it's been expected.
29:07
Even Karakua, what's it?
29:09
Curacao.
29:12
I don't know how to pronounce it.
29:14
It's an island with 150,000 people on it.
29:17
That's it.
29:18
But they're all professional.
29:20
All those chaps, I think they play in your area, mainly in Holland or in Europe.
29:25
It might not be in Pop Division.
29:26
It used to be a Dutch protectorate, so it was part of the old Dutch Empire.
29:31
Okay.
29:33
But they were okay.
29:35
Yes, they were humiliated by Germany, but not so they put up a good show.
29:41
They didn't fall apart.
29:43
But South Africa, anyway.
29:46
And Ivory Coast won, I mean, which was against a runner play as well, or
29:51
certainly unexpected.
29:53
Australia beat Turkey, which I found very surprising as well.
29:54
I tell you who are great.
29:56
And you've got to look at the manager with the US.
29:59
Yeah.
29:59
They were superb.
30:00
And that's old Mario the fatty.
30:02
Yeah, we were chatting to each other on WhatsApp, and we both went to bed at
30:08
halftime.
30:08
I was hoping to see, because of the Trump factor, I was hoping to see Paraguay at
30:13
least.
30:13
draw with America, but Maurizio Pochettino, the old Spurs manager, has
30:20
really done a fine job,
30:22
and they looked impressive.
30:24
They were fast.
30:26
They were fast, speedy, moving the ball.
30:28
So, I think the one thing that we have to say here as well, I think everybody,
30:33
and they are coming back to the British cynicism and the football writers, you
30:39
know,
30:39
football is an English game.
30:42
this is going to be a big flop for.
30:44
Forget it, man.
30:45
People here are loving it.
30:47
You know what I mean?
30:49
The fans, yes.
30:51
Even if, wherever we were, not everybody embraces the Cup.
30:55
If you're going to the Midwest, I doubt whether there's any excitement over this.
30:59
But I mean, in the cities, in New York, in the major cities, just look at the crowds
31:04
there.
31:04
I mean, there's, you know, there's huge, huge crowds.
31:07
There was this support.
31:09
There was this movement they tried to get going on social media and saying we've got
31:16
to boycott the US World Cup because of Trump and because of
31:18
the war and because of the support of Israel and everything else.
31:19
We're going to boycott it.
31:20
Yeah, they say that.
31:21
And meanwhile, they're sitting down with their subscriptions to watch every game or
31:27
traveling to the match themselves.
31:29
Talk about Trump.
31:31
What's his 80th birthday yesterday?
31:32
But he had that tournament.
31:34
The UFC, yes.
31:36
What do you call it?
31:37
It's called UFC Ultimate Something.
31:41
Fighting something.
31:42
But anyway, the point was he fell asleep again.
31:49
He's just landing now in France for the G7 meeting.
31:52
It'll be very interesting to see what people make of this so-called peace deal
31:59
because nothing's changed, David.
32:01
They've still got their nuclear stuff.
32:01
The Straits of Hormuz were open before the war.
32:04
And they're reopening now, so there's nothing there.
32:08
The regime is still in place.
32:10
It's an embarrassment for him.
32:13
Well, that's the big thing.
32:14
There's been no regime change.
32:16
And at least the oil price is coming down, which is good, which is driving markets.
32:20
But there is criticism.
32:22
I think it's valid criticism about, you know, that nothing has really changed.
32:26
What about Netanyahu?
32:28
I mean, he's got a bloody nose because of…
32:31
what's going on if he's forced to not carry on with this campaign into Lebanon.
32:37
But we haven't really heard much from him.
32:38
We haven't heard of seen press conferences or anything.
32:41
What do you think might happen there?
32:43
Because that's the thing that really could scupper this so-called deal.
32:47
I think they want peace.
32:48
And I think Netanyahu's it's very odd.
32:51
My granddaughter spent a year there in Israel on a program.
32:58
And she came back and, you know, you talk to her.
33:01
And it's quite interesting to see how liberal she is.
33:06
You know, in other words, her attitude, which was not belligerent or bellicose,
33:13
but rather,
33:15
you know, we've got to do something, you know, just give them a chance.
33:17
We've got to, you know, which was conciliatory.
33:21
And it reflects...
33:22
I thought that Israelis were sort of 80% behind
33:27
Netanyahu. I thought they were more right-wing than liberal.
33:31
No, not at all.
33:32
And I found it quite enlightening and enriching to hear their attitude.
33:37
They want peace.
33:39
They want to live peacefully.
33:41
And Netanyahu's got a problem.
33:44
There's quite a revolt at the moment because the religious people don't want to
33:50
go into the army.
33:52
and you can't afford that.
33:54
You can't, you know, they don't want to be conscripted.
33:57
And I think a law was passed that if you study the Torah,
34:02
that's as good as qualifying for non-combat, you know.
34:08
I don't know the exact law and I'm talking out of turn here, but there's some massive
34:14
issues there.
34:16
You know, massive issues with the population.
34:16
The population wants peace, Lindsay.
34:19
That's where you've got coalition governments and that's where the problems
34:22
lie.
34:24
But if you talk to the younger people, they're not, you know, and I'm talking
34:30
liberal young people,
34:32
not those with very strong religious leanings.
34:34
Not at all.
34:36
You'd find it very refreshing.
34:38
Okay, good.
34:39
Hopefully they'll get their way.
34:40
The only reason, of course, we know that Netanyahu.
34:43
He's still in power.
34:43
It's because of the fact that if he wasn't in power, he'd be in jail.
34:47
So he has to keep on doing what his right wing cabinet says.
34:51
No, of course he's not.
34:52
Nor is his defence minister or security minister.
34:55
That lunatic.
34:56
Anyway, let's not talk about that, David.
34:58
Thank you very much for your time, as always.
35:01
Enjoy New York.
35:01
Just go out and enjoy it, for goodness sake.
35:03
You'll never see that again.
35:04
I mean, I'm not saying in your lifetime because you're going to die next week.
35:07
I'm talking about the fact that the U.S.
35:09
won't get the World Cup for a long time.
35:11
And this is the time that you have to soak up every second of it.
35:16
I'm going down to buy my paraphernalia.
35:20
I'm going to get a Knicks championship T-shirt. Nice.
35:26
You've got to have something that you can go back and remember.
35:29
And there's so many football jerseys around here and various other things.
35:36
So it's a beautiful day.
35:38
Joe Book's closed because nobody wants to work when there's a public holiday
35:42
tomorrow.
35:44
You know, no one came to work today.
35:44
So anyway.
35:46
Okay, we'll enjoy every second of it.
35:48
And we'll catch up with you on Thursday.
35:51
Great.
35:51
David Shapiro is from SESA and Security speaking to us from Manhattan.
35:55
And that was Shapiro World.
35:56
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