Latest / Strictly Business / The 5 o' Clock Shadow with Schalk Louw

Transcript

The 5 o' Clock Shadow with Schalk Louw · Strictly Business

• 0:00
  You're listening to Strictly Business Podcast with Lindsay Williams.
• 0:05
  The JSC has closed its doors for another day, so it's time for the five o'clock
• 0:08
  shadow.
• 0:08
  As always on a Wednesday, I speak to Skulk Lowe, Portfolio Manager at PSG Wealth Old
• 0:15
  Oak in
• 0:17
  Cape Town.
• 0:19
  I've got to do something before we get into the market, Skulk, and that is that
• 0:21
  I went against my closing advice at the end of last week's show.
• 0:28
  At the end of last week's show, I said that if you make a good call or you, I use
• 0:34
  the analogy of a cocktail party.
• 0:36
  You go to a cocktail party, you're telling a joke.
• 0:37
  If the joke was successful, you immediately walk away and go and get
• 0:43
  another drink or pretend to or go to the bathroom, whatever it is.
• 0:45
  I made a good call on gold, which you kindly congratulated me for also last
• 0:49
  week.
• 0:50
  And I said, don't do it again.
• 0:52
  I'm not going to do it again.
• 0:53
  But I did it again on Monday with David Shapiro.
• 0:56
  I said that Friday's...
• 0:57
  bounce which we saw in many asset classes was a dead cat bounce
• 1:04
  oh i did not hear that i said it was a dead cat bounce because it was for no good
• 1:11
  reason and it came from the
• 1:13
  tech stocks and the gold going down quite sharply etc and
• 1:15
  i thought well this is just the b leg of an abc correction the b being the up dead
• 1:22
  cat bounce
• 1:24
  i still stand by it though you Okay, Monday we had a bit of a bounce, Tuesday a
• 1:28
  bit steady, today we'll talk about,
• 1:30
  but anyway, dead cat bouncer, Skulk.
• 1:31
  What's happened today?
• 1:32
  We had jobs reports from the United States.
• 1:36
  Yeah, I mean, the latest sort of job reports that came out, it's not good.
• 1:44
  It seemed to be missing the mark constantly.
• 1:49
  So let's first look at the data.
• 1:50
  I mean, unemployment rate, they were...
• 1:55
  Expecting 4.4 came out at 4.3.
• 1:58
  So again, lower.
• 2:01
  Well, not again lower, but lower.
• 2:03
  This is good.
• 2:04
  So people were expecting.
• 2:05
  And then the non-farm payrolls also came out hotter or better than expected.
• 2:12
  So today's job data did look a little bit better.
• 2:16
  But it's sort of good news, bad news, and bad news is good news.
• 2:20
  Because what we've seen over the past few days was As the job data came out, and I'm
• 2:27
  watching the CME Fed tool.
• 2:29
  Now, for the listeners that don't know what I'm talking about, it's something
• 2:35
  that we've been discussing extensively,
• 2:37
  but it's the probabilities.
• 2:39
  It's a probability market where they look at the probabilities of rate cuts for the
• 2:43
  different
• 2:45
  Fed meetings.
• 2:46
  And I looked at it, I would say a week or two ago.
• 2:50
  Yes, this is interesting.
• 2:52
  Lindsay, I've just refreshed my screen because I did an interview two hours ago.
• 2:59
  And two hours ago, it was suddenly that it came.
• 3:05
  It took two weeks ago, a week and a half ago.
• 3:09
  I looked at this, and it was close to 90, 80-odd percent unchanged.
• 3:15
  And then with the previous weaker job data, as we've seen,
• 3:21
  It suddenly kicked up.
• 3:23
  It kicked up, the probability kicked up for a rate cut to about,
• 3:28
  I would say two hours ago it was about seven, close to 30%
• 3:34
  probability of a rate cut now for March. And then April,
• 3:40
  they had it now over 40% probability, close to 50%
• 3:46
  probability for a rate cut in April.
• 3:49
  As the job data came out now, much better than expected.
• 3:55
  Unemployment lower, non-farm payrolls, they actually way better.
• 4:00
  It's now 94% probability for being unchanged in March.
• 4:06
  So that's a that's a crazy.
• 4:07
  Let me put this into perspective.
• 4:09
  The job rate went from 4.4 percent.
• 4:11
  The unemployment rate went from 4.4 percent to 4.3 percent, still at a four
• 4:16
  year high.
• 4:18
  OK, number one.
• 4:20
  Number two, the US, which is a 300 million person population country,
• 4:24
  created 130,000 jobs in the month of January versus the
• 4:31
  expectation of 60,000 jobs.
• 4:33
  It's still pathetic.
• 4:34
  and it Don't forget that these numbers were late.
• 4:38
  So they've been, I don't know, there's something weird going on there.
• 4:43
  And there's also been the government shutdown, which is still filtering through
• 4:48
  the system.
• 4:50
  I don't believe any of these numbers.
• 4:52
  I think we've got to smooth it out over the next few months.
• 4:53
  And I still don't believe that it justifies a predictor tool going from 45%
• 4:59
  to 90% just because of one piece of data, which quite honestly wasn't.
• 5:04
  particularly impressive, even though Mr.
• 5:05
  Trump will be doubtless now with his stubby little fingers on his phone,
• 5:12
  sending out something on Truth Social saying,
• 5:14
  look at the jobs that I've created.
• 5:15
  Another rant.
• 5:18
  No, well, it clearly did.
• 5:20
  And I'm just reading a look at the sensation.
• 5:24
  I mean, I totally agree with you.
• 5:26
  We had the shutdown.
• 5:28
  And when they bring out economic data with the words...
• 5:33
  revised December data, then you know that why did they revise something?
• 5:41
  Because we had a shutdown and there was no data.
• 5:43
  So they had to revise.
• 5:45
  But what we see, I just want to tell you the sensation.
• 5:49
  They've actually, you know,
• 5:52
  US stock gain at the open after blowout job data.
• 5:56
  Oh, please.
• 5:58
  Yeah, yeah.
• 5:59
  That's exactly, that is exactly.
• 6:01
  I mean...
• 6:02
  New stocks open high on Wednesday after a January non-farm payroll report.
• 6:07
  I mean, this is how sensation works.
• 6:09
  And suddenly this probability shot up from close to,
• 6:16
  it's called a 71% probability staying unchanged, now 94% unchanged.
• 6:22
  That's a massive, massive kick in.
• 6:24
  And most probably not going to show us a rate cut or seeing a rate cut close to 80%
• 6:30
  probability.
• 6:32
  for for for saying unchanged which still needs to this is going to be interesting
• 6:37
  one because we know president trump
• 6:39
  he is listen he's fix yeah he's fixated on on getting rates
• 6:45
  you know interest rates lower so
• 6:48
  of course it is and if anyone that doubts my feelings towards the 47th and the
• 6:54
  45th president of the united states of america I'm not a big fan.
• 6:59
  And the reason he wants rates lower is not because he wants the US economy and the US
• 7:04
  people to do well,
• 7:06
  because he's thinking of other people.
• 7:08
  He's thinking of himself because he is in charge of a crumbling empire, so-called,
• 7:12
  which needs lower interest rates because it is geared to the hilt in debt.
• 7:17
  And he needs lower interest rates to service that debt more cheaply.
• 7:21
  It's very simple.
• 7:22
  It's about him.
• 7:23
  So that's why Mr.
• 7:24
  Walsh must be very careful.
• 7:26
  He's the new Fed chair nominee, must be very careful not to yield to political
• 7:31
  influence.
• 7:33
  Hopefully not.
• 7:35
  I think he's maybe one of the better choices that were being mooted, Scalp.
• 7:36
  Anyway, what's the dollar index done on the back of this?
• 7:39
  I would imagine what it's done is exactly the same as the Fed indicator that you've
• 7:43
  been talking about.
• 7:45
  I would imagine that the dollar has strengthened somewhat because of this.
• 7:48
  Yeah, because we know it's been under pressure.
• 7:50
  She's 100% right.
• 7:51
  It was a slight improvement.
• 7:52
  I mean, we're not talking 1% or 2%.
• 7:55
  This is about a 15 basis point improvement.
• 7:58
  And just as we speak, which was interesting because I started off, good
• 8:04
  news is bad news, bad news is good news.
• 8:06
  I read this sensational heading for this specific media outlet.
• 8:11
  But as I'm reading this, I'm looking at… the S&P 500, Nasdaq, and Dow Jones.
• 8:19
  You should see that graph.
• 8:20
  It just went like, wait a minute.
• 8:22
  This is not good because we're not going to see interest rates.
• 8:26
  And now it's dropping.
• 8:27
  Dead cat bounce, you see.
• 8:30
  This is it.
• 8:30
  And you want to know something that's dropping that does it before the indices
• 8:35
  do?
• 8:35
  Have a look at Bitcoin now.
• 8:37
  66,000.
• 8:39
  And it was below.
• 8:39
  No, 65,900.
• 8:42
  It bounced up to 72,000 on Twitter.
• 8:45
  Monday and over the weekend during thin trading.
• 8:48
  Now back down to 65,900.
• 8:51
  Things are coming down again, I'm afraid.
• 8:53
  And there will be some sort of correction, in my opinion, including in tech stocks.
• 8:58
  And then everything will be fine again.
• 9:01
  But a correction is needed and a correction we will have.
• 9:05
  Anything else happening apart from the jobs data, which we've covered very
• 9:08
  nicely?
• 9:09
  What about South Africa?
• 9:10
  Any stock exchange news service announcements there?
• 9:13
  And any reaction?
• 9:15
  on the major indices that you cover?
• 9:17
  Yeah, there was a few reports that came out.
• 9:24
  What I think, let's first use my favorites.
• 9:29
  We had, I don't know if it was today or yesterday, I think it was today, it was
• 9:34
  Pan African.
• 9:34
  Yeah, yeah, it was Pan African Resources, They came out today.
• 9:36
  Okay.
• 9:37
  And I found the Pan-African Resources one, and okay, let's state my claim again, I
• 9:43
  love gold.
• 9:44
  I do, do love gold.
• 9:46
  You've hidden it well.
• 9:50
  Moving on.
• 9:51
  So Pan-African Resources, a fairly smallish mining setup.
• 9:58
  And I found this exactly what we thought we were going to see for this year for
• 10:05
  these gold mines.
• 10:07
  So firstly, the operating trading update, the group trading update, and that's for
• 10:12
  the period, six-month period ended
• 10:14
  31st of December.
• 10:16
  They actually came out and said headline earnings per share is going to be anything
• 10:19
  between 187%
• 10:21
  and 197% higher.
• 10:23
  Headline earnings per share is going to be anything between 507% and 517%
• 10:29
  higher.
• 10:31
  So revenue increased by 157%.
• 10:35
  so
• 10:35
  It's expected because when you look at the average gold price they received for
• 10:42
  their gold over this six-month period was $3,812.
• 10:48
  And remember, you're going to tell the listeners now in a second or two about
• 10:53
  your call on Monday
• 10:55
  and how gold is still trading over $5,000.
• 10:56
  And they've also now said that they've pretty much unhedged all their gold.
• 11:03
  When you say unhedged, in other words, they're just letting the gold price do
• 11:09
  what it does and get whatever the amount
• 11:11
  is when they sell it?
• 11:13
  Exactly.
• 11:15
  Now, to put this in perspective, they didn't mention the all-in sustainable
• 11:17
  cost.
• 11:19
  But I just looked at the previous announcement, which came out early
• 11:22
  January,
• 11:24
  where they actually already mentioned that the all-in sustainable cost of the
• 11:29
  production for the first half of
• 11:31
  2026, which is now.
• 11:33
  It's expected to be in a range between $1,825 per ounce and
• 11:37
  $1,875 per ounce.
• 11:41
  This is crazy.
• 11:43
  This is crazy to think that they take this out.
• 11:47
  At a runabout, it's called $1,850.
• 11:50
  Let's split the dips.
• 11:50
  $1,850.
• 11:53
  And they got for this period more than $3,800 per ounce.
• 11:57
  But looking at the current market,
• 12:03
  Every day that the gold price is trading at $5,000, and in years marked,
• 12:08
  I would say the biggest thing that stood out for me on the trading app is the fact
• 12:14
  that they've
• 12:14
  managed over this period to increase their gold production by over
• 12:20
  51%.
• 12:22
  Wow.
• 12:24
  This is really, really, really good.
• 12:25
  This is what you typically want.
• 12:27
  Well, this is a very good South African story, if that's the case.
• 12:29
  And I wonder if the others are able to do that.
• 12:31
  And they're saying to themselves, OK, well, we haven't been very efficient
• 12:38
  because the gold price hasn't allowed us to be efficient, but now we can be more
• 12:40
  expensive.
• 12:42
  And there is an ore body there that is now profitable.
• 12:44
  So we can go into different places with newer equipment.
• 12:46
  I mean, I'm being very simple.
• 12:47
  I'm no miner.
• 12:49
  I'm no Bernard Swanepoel here.
• 12:51
  But it sounds to me as though the South African gold mining industry, which it
• 12:58
  hasn't done in the past, is taking advantage, Skalk,
• 13:00
  if this company is a representation.
• 13:01
  Exactly.
• 13:02
  This is exactly and this is good.
• 13:05
  Ultimately, this is going to be very, very good for Shell.
• 13:08
  This is not just the Pan-African resources because you would expect most of the other
• 13:15
  gold miners and ultimately also the
• 13:17
  PGM miners, the northerners, the Impalas, those people to do similar.
• 13:21
  And if you see that, that's going to falter back through to this African
• 13:26
  economy, our currency.
• 13:28
  So this is good news.
• 13:30
  I think it's good news all around.
• 13:32
  And I thought this stood out for me as maybe a nice story
• 13:37
  when we look at today.
• 13:38
  Two more SA-centric stocks, very much linked to the domestic economy.
• 13:43
  I suppose City Lodge Hotels is a bit of a tourist stock as well.
• 13:49
  They came out with a trading statement, as did Capitec.
• 13:52
  Did you have a chance to look at either of those today, Scott?
• 13:55
  I've actually looked at both.
• 13:58
  Well, it's Capitec, strength to strength.
• 14:01
  I mean, it's just unbelievable what this bank is doing.
• 14:05
  What have they done now?
• 14:06
  Have they got a new product?
• 14:07
  Have they just got new people, new customers?
• 14:10
  What have they done?
• 14:11
  Where are they finding all these ways to make money?
• 14:14
  Strength to strength, and that's the thing.
• 14:16
  I mean, when you look at companies like this, and there's a few other, I mean,
• 14:23
  I've listened, and I'm not a shield of Pepcor,
• 14:25
  but you get the same feeling when you read updates from Pepcor, similar stories when
• 14:29
  you read from
• 14:31
  ShopRite. But back to Capitec, this was just a trading statement.
• 14:35
  So a trading statement told us already that the...
• 14:38
  We can expect good things for the net set of results.
• 14:41
  Headline NSP share is going to be up between anything between 20% and 25%.
• 14:45
  Similar story on the basic headline NSP share.
• 14:48
  And then they just went through where did their growth come from.
• 14:52
  And you can just see this as a well-oiled machine.
• 14:58
  It's just they are, I mean, they're just growth-focused and they're just doing the
• 15:05
  basics right.
• 15:07
  the whole time so but also keeping up with technology i mean they're keeping getting
• 15:12
  the basics right but they're also introducing new
• 15:14
  innovative products all the time that people understand as well and i'm not
• 15:19
  being dismissive of the the
• 15:21
  majority of the client base that they have but everybody likes to keep things a
• 15:25
  little bit simple we don't
• 15:27
  need things too complicated there's a there's a
• 15:28
  company in europe now called revolute uh it's a it's a A fintech stock,
• 15:34
  essentially,
• 15:36
  but it's a bank and it's doing exactly the same.
• 15:36
  It's challenging the old high street banks, just like Capitec did in South
• 15:43
  Africa.
• 15:44
  And it's working.
• 15:45
  So well done, Capitec.
• 15:46
  So South Africa looking good, Skulk?
• 15:48
  We've got the budget coming up on the 25th, I think.
• 15:53
  I think it's going to be a more upbeat budget.
• 15:56
  I think the Minister of Finance is going to look at all of these things that's
• 16:01
  currently happening, look at our current account.
• 16:03
  And just look at our general, because remember,
• 16:05
  we don't want to sit with a very high debt to GDP levels.
• 16:10
  And I think these type of moves will not only help these companies, because we know
• 16:16
  if we turn the clock back six, seven years ago,
• 16:18
  but when you look at a typical South African mine,
• 16:20
  there was a company that sat with fairly high debt levels.
• 16:25
  Cash flow was always under pressure because they really always struggled to.
• 16:31
  sort of surpassed at all in sustainable cost.
• 16:33
  This six months, they've managed to do it.
• 16:36
  Next six months, then you struggle to do it.
• 16:38
  And it always sort of went into that overdrive.
• 16:42
  And now it's massive positive cash flows.
• 16:45
  And I think this similar story could happen and filter through into the South
• 16:50
  African finances.
• 16:52
  So that's good.
• 16:54
  Just quickly on City Lodge, just a voluntary update.
• 16:55
  And it's always good when a company bring out a voluntary update.
• 17:01
  And they use words like expect strong first-half results, and then you know
• 17:07
  things are good.
• 17:09
  But it did just show that they've also been, over the past few years, they came
• 17:13
  out of
• 17:13
  COVID, very similar to the likes of the Sun International, and were struggling.
• 17:19
  I mean, they had to go into high debt levels.
• 17:22
  I mean, Sun International even had to do rights issues.
• 17:25
  And they've focused on, again, things that's going well, sold off a few hotels
• 17:31
  that,
• 17:33
  I'm not talking about this past six months, but over the past five years, sold
• 17:38
  hotels that's just not doing well at all.
• 17:40
  And now they're starting to bear the fruit of these moves.
• 17:45
  Plus, we've seen a positive,
• 17:48
  let's call it tourist industry.
• 17:53
  Oh my goodness, the blowout numbers for Cape Town over the Thank you.
• 17:57
  The Christmas holiday period.
• 17:58
  Unbelievable.
• 17:59
  I think it was more than half a million visitors to Cape Town, foreign visitors to
• 18:04
  Cape Town over that period.
• 18:06
  And hopefully City Lodge was there to mop up some of the excess from some of the
• 18:11
  more traditional tourist hotels.
• 18:13
  Correct.
• 18:13
  Correct.
• 18:14
  So very good.
• 18:15
  We're looking at just at the hips of anything between, let's call it 29 to 36
• 18:20
  percent increase.
• 18:22
  So that's that's really good.
• 18:24
  Very nice.
• 18:26
  OK, let's have a look at some numbers because I know you've got to get off a
• 18:28
  little bit quicker this evening.
• 18:30
  Dollar round is 1594, barely changed on the day.
• 18:32
  The British pound against the round 2176, the euro round 1890.
• 18:35
  Euro dollar is just about 1905 at the moment.
• 18:38
  British pound against the US dollar 136.30.
• 18:41
  The gold price is 5065.
• 18:44
  Despite the slightly stronger dollar, the gold has rallied by $42.
• 18:49
  Someone explain that to me.
• 18:51
  Maybe there's some Iranian news that we You haven't.
• 18:54
  yet heard on the news was.
• 18:56
  Who knows?
• 18:57
  But anyway, the platinum price is also up,
• 18:59
  up $35 an ounce to $21.35 and palladium $17.56, up $51.
• 19:06
  That's the best performer, 3% gain.
• 19:09
  Other commodities, where's my CRB index?
• 19:12
  There it is.
• 19:13
  I know the oil price has had a pretty good day.
• 19:16
  If you like your oil high, then you've got Brent crude oil up one and three quarters
• 19:22
  percent to $70.02 per barrel.
• 19:24
  And West Texas crude $65.14 up 1.8%.
• 19:27
  The silver price I'll give you that's up 3.75% $83.79 per ounce.
• 19:34
  Copper price just below $5.96 per pound which is up 3.25%
• 19:41
  I want to give you this one now because this is my star performer of the day.
• 19:44
  7.955% is the yield of the South African 10-year bond.
• 19:51
  It's nibbled below there a couple of times recently, but today it looks as though
• 19:56
  it's consolidating below there.
• 19:58
  It's only two and a half basis points down, the yield there is, but very good
• 20:01
  for the bond market,
• 20:03
  showing confidence in the South African economy.
• 20:04
  And hopefully the budget will bear that out.
• 20:06
  The US 10-year got down to about 4.13%, now 4.17%
• 20:12
  after the jobs numbers.
• 20:13
  S&P 500, 69.48.
• 20:16
  When we started this conversation, it was half a percent higher.
• 20:19
  The S&P has turned lower.
• 20:21
  Did I mention dead cat bounce at the beginning of the show?
• 20:24
  I can't remember.
• 20:25
  Maybe I did.
• 20:25
  Maybe I didn't.
• 20:27
  Maybe once or twice.
• 20:30
  Shut up.
• 20:31
  The Bitcoin phrase.
• 20:32
  Oh, dear.
• 20:33
  That cat is not just bouncing.
• 20:36
  It's dead.
• 20:36
  66,218 down
• 20:40
  4.4% on its way to what it's worth.
• 20:44
  And I won't tell you what that is.
• 20:46
  Skunk.
• 20:47
  What about ups and downs on the JSC today, please?
• 20:50
  Okay, so when we look at the ups and downs, just quickly just open this screen
• 20:55
  of mine, just open this second.
• 20:57
  We know that the golds were, but in general, it was again a commodity there
• 21:02
  because when you look at the
• 21:04
  JSE RSI that actually improved by 2.5%,
• 21:07
  then you know it's going to be predominantly your diggers or let's call
• 21:13
  it your resource company.
• 21:15
  So from a top down, Tungela, 7.9%.
• 21:20
  Cecil, 5.5%, South32, 3.61%,
• 21:27
  Bright, that's 3.5%, and Impala Platinum, 3.4%.
• 21:31
  I'm just going to add a 6.1% just because we need a gold miner in there.
• 21:36
  Anglo Gold, that was up 3.4%.
• 21:38
  So really, really good.
• 21:40
  I'm throwing my eyes just on the top 10, top 15, and you can see most of them are
• 21:47
  either gold or...
• 21:49
  PGM miners.
• 21:51
  On the downside...
• 21:53
  I didn't have any gold or PGMs in my David Shapiro Sasser and Securities competition.
• 21:55
  You know, the yearly competition, you pick five stocks.
• 21:57
  You pick five stocks and you can't change them.
• 22:01
  And at the end of the year, whoever has done the best wins the nice prizes that
• 22:07
  David Shapiro has put together.
• 22:08
  I didn't have one PGM or gold stock in their skunk.
• 22:12
  I mean, yeah, I've got no chance now.
• 22:14
  I mean, I've got off to a very slow start, let's put it that way.
• 22:17
  Yeah, do you want to tell us which five stocks you choose?
• 22:20
  No, tell us the downside on the JSC today, starting with Quilter, if you will, down
• 22:26
  6.75%.
• 22:28
  There we go.
• 22:30
  Then we've got Sappy down 3.6%.
• 22:32
  NASPAS, interesting one.
• 22:34
  This is a company which you will find in my top five.
• 22:39
  And yeah, it's down again further, another 2.3% for today.
• 22:44
  This is a company that's now down year-to-date 18%
• 22:47
  so this is a this is an entry story then but also one that's been been under
• 22:52
  pressure lately
• 22:54
  2.2% HCI 1.92% down for today.
• 22:58
  Okay, very good scale So the indices just just just give us those indices the best
• 23:03
  and
• 23:03
  the worst given what you've just said I would say it's the resi that's done the
• 23:07
  best today
• 23:08
  Undoubtedly undoubtedly we've we've had a jay-z all share.
• 23:12
  That was a close that 121,753
• 23:16
  points that is up 0.72 percent resis where the star performer two and a half percent
• 23:23
  up uh industrials down
• 23:25
  0.67 naturally with a little help from naspa's process and then financials that
• 23:30
  was also just kept itself in the
• 23:32
  green at 0.17 positive for today it's a property index up 1.34 and
• 23:36
  we saw the total value trade again uh surpassing the 25 billion ending the day
• 23:43
  at the 25.6
• 23:45
  billion that traded through the oil share.
• 23:47
  I'm going to let you go, but very, very quickly before you go, you said at the
• 23:51
  beginning off-air, Lindsay,
• 23:53
  I've got to make this a relatively quick one.
• 23:55
  I said, fine, let's try to do that.
• 23:57
  I think we have.
• 23:59
  Actually, we haven't, but anyway, it doesn't matter.
• 24:01
  You've spoken about the gold, and I want the update on the other four-letter word,
• 24:06
  the other G word,
• 24:08
  golf.
• 24:10
  How's it going, Skulk?
• 24:12
  You can't put me on the spot.
• 24:14
  I can, and I have.
• 24:16
  Yeah, so haven't.
• 24:18
  played yet but um yeah what a surprise this this weekend this weekend will
• 24:22
  be my first um you know golf golf i don't say tournament for me but any any any golf
• 24:29
  will be a tournament just finishing it up but anyway so yeah this weekend this
• 24:34
  weekend will be my first one so next time we speak we can we can have a sort of a
• 24:41
  bit of a check-in skunkler is a portfolio manager at
• 24:43
  psg wealth old oak in cape town and that was the five o'clock shadow Thank you.
• 24:44
  The views and opinions expressed in these podcasts are those of Lindsay Williams and
• 24:51
  various contributors and do not reflect the policy,
• 24:53
  position or opinion of any other agency, organisation,
• 24:55
  employer or company associated with StrictlyBusinessPodcast.com.
• 25:00
  Assumptions made on the analyses are not reflective of the position of any other
• 25:07
  entity other than the speaker or the author.
• 25:09
  And since we are critically thinking human beings, these views are always subject to
• 25:13
  change, revision, and revision.
• 25:15
  and rethinking at any time.
• 25:16
  Please do not hold us to them in perpetuity.