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

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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 Clough, Portfolio Manager at PSG
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Wealth Old Oak in Cape Town.
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Now, in a few hours time, Skulk, way beyond the scope of this podcast, unless
0:22
you're feeling really chatty,
0:24
the US Federal Reserve will announce its decision.
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on interest rates in the United States.
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Now this is of course important because it's anticipated so much by the market and
0:34
also in the macro sense it
0:36
is the price of money in the world's largest economy.
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Now here's my scenarios.
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They cut rates by 25 basis points because they're quite conservative.
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Everyone's expecting that and I'm a bullish person so I say cut this very
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fantastic.
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This means that there's probably going to be two more, given what Mr Powell said,
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because he makes his comments, you know,
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actually before the decision.
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No, it's not.
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It's after.
1:00
I can't remember.
1:00
No, he's before.
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He's made his comments anyway, whenever it is.
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And they're fairly dovish.
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So we're expecting more cuts.
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So this is great for growth stocks.
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We'll just carry on buying, never mind Nvidia being banned from selling its chips
1:17
in China and all that sort of thing,
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and never mind stagflation.
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And never mind tariffs, we're going to sweep that all under the carpet.
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It's cheap money we're looking for, so buy the market.
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He cuts by 50 basis points instead of 25.
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And the bulls say, fantastic, it's even cheaper money.
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Trump is having his effect on the US Federal Reserve.
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There's political influence here.
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This will continue.
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Great, we'll buy the market even more.
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And the market goes to all-time record highs.
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Tonight and...
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In the ensuing days.
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That's the bullish argument.
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Bearish argument, they raise, sorry, cut rates by 25 basis points.
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They say, oh, it's all in the market.
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Let's sell.
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This is all anticipated.
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Let's sell this thing because it is a little bit overpriced.
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They cut by 50 basis points.
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The bears say, goodness me, they must know something that we don't.
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This stagflation thing is obviously taking a hold.
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The job market must be worse than expected.
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And yeah, inflation is going to pick up, but there's a political influence of 50
2:21
basis points.
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I'm scared I'm going to sell.
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So you can convince yourself anyway is what I'm trying to say in a long winded
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way.
2:29
Yeah.
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You convince yourself with any argument will work, in other words.
2:36
Good evening, Lindsay.
2:37
Hello, Skelk.
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I forgot you were there for a moment.
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To all the listeners, that was quite the intro.
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Basically, I think you've explained pretty much the conundrum we're sitting with.
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Because on the one side, we're going to hear good news tonight,
2:54
regardless of what the outcome.
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I mean, a quarter of a basis point, 50 basis points.
3:01
Currently, if we look at the CME tool and we listen to what Paul said over recent
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weeks, we're going to see the cut.
3:08
We're going to see the cut in the next few hours.
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And yeah, that's going to be the step one.
3:13
You're right.
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I absolutely back your second scenario by saying that if we see 50 basis points, and
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we've had this conversation,
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I think, two, three weeks ago where nobody put any probability of a 50 basis points
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cut.
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We had this scenario where we said, you know, don't be surprised.
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I mean, people are saying, well,
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the market are trading at ridiculous levels and sooner or later,
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the music is going to stop.
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And that's going to be a problem.
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And I said, well, I agree, but if we see a half a basis points,
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we might see that push higher before we see the drop lower.
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And I agree with you.
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I absolutely agree with you.
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I think 50 basis points would most probably be seen as good news is bad news.
4:02
Because why would they I mean, they've waited this long.
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And to Trump's point, let's say Trump for a second is right, because he said, you
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know,
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Powell was way too late to start raising your rates,
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and he's now way too late cutting it again.
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You're not going to make up for time by cutting half a percent.
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If he goes into this gradually now, I think at least inflation will be under
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control.
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Trump is saying that the economy most probably won't be, but at least inflation
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will be under control,
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according to Powell.
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But I must say, if he cuts half a percent, I think that's going to be desperation.
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And to your point?
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That is political interference to the highest, highest degree.
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Yes, the other thing that hasn't really been explored in either of our
5:00
explanations is
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the state of the market at the moment.
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If the market was middling along at reasonable valuations, so what?
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If it was really low, you'd say, goodness me, a cut is going to boost this market
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from a low base.
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When it's so elevated, there's your problem if you're a bull.
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That is your problem.
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Do you buy NVIDIA at 170?
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Do you buy, I don't know, what are the other ones that are doing well in the
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United States?
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Oh, Tesla's gone berserk recently.
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What is it, 420 now, Tesla?
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Something like that, Scott?
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Yeah, yeah, it has gone berserk.
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As we sit here, it's...
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You're talking about the market cap?
5:40
What are you talking about?
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No, the actual price in US dollars.
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It's trading at 170 US dollars.
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What am I talking about then?
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Tesla.
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Tesla, yeah, yeah.
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Tesla has just shot 415 US dollars down today.
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Yeah.
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But I mean...
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It was 422, I think, yesterday.
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And at the low after Liberation Day, I think it was...
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And also with what's-his-name being kicked out of the White House,
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it was something like 225, 220 to 225.
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So that's a $200 a share rally.
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Mr.
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Musk has been buying the stock, and on one day, I think, he bought a billion dollars
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worth.
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It was announced that he'd bought a billion dollars worth.
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So that got the bulls going as well.
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Goodness knows why, because, you know, just because he's buying doesn't mean to
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say that they're going to sell more of their overpriced cars.
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First time that he's buying, I mean, yeah.
6:39
And I think he had a tweet saying, as they forecast it, or after his...
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boards.
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I mean, that was just a crazy one.
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I mean, he's had his run-ins with the SEC
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where they slapped him and said, well, you are mighty close to doing things like
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front running.
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I just think he's tickling the lines
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behind again here by doing these things.
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But yeah, $1 billion.
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A year worth of Tesla shares.
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Yeah, no, it's a crazy market.
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Lindsay, I think it most probably will get crazier because
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I think tonight the prudent thing will be for Paul just to come in and cut a quarter
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of a percent.
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He didn't succumb to any pressures earlier,
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let's call it in President Trump's presidency up to now.
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And I wouldn't succumb now.
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I'd just continue, stay the course, and that's it.
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And I think that would most probably be the best outcome for markets over the next
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day or two.
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If it just comes through tonight, announce the quarter of a percentage,
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announce that we would most probably see another quarter of a percentage.
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He will never say another quarter of a percentage, but he will most probably
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indicate the likelihood of a further cut.
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at the next meeting will be higher, then I think markets will take it as positive.
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Yes, yes, they will.
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Is there money waiting in the wings?
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There probably is.
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They'll find it somewhere.
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But anyway, it's going to be a fascinating time.
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And so I shall be glued to my television set briefly around about 8.15
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this evening, South African time.
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Let's have a look at South Africa now, because we spoke about Woolworths, didn't
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we, a while back?
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Yeah.
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And today the share price up 4%.
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Why it's up 4% I don't know.
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Maybe because of the retail sales number that came out from South Africa of a 5.6%
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gain.
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Is that the reason why?
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Yeah, I don't know.
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I think there was some podcast a few weeks ago of a very,
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very highly regarded radio show, Strictly Business.
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Oh, you think it's… They interviewed a highly regarded fund manager,
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Mr.
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Bickard, and I think that sort of got the ball rolling.
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And today… Today we had another announcement.
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The announcement came through today that I think it was Coronation.
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Coronation announced that they are also buying Woolworths.
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Look at that.
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Interesting stuff.
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Yeah, here we go.
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We received formal notification that Coronation Asset Management, on behalf of
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its clients,
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has acquired in aggregate an interest in the ordinary shares of the company, blah,
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blah, blah, to the amount of FAP.
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percent of the total issued there we go yes notification in terms of section 122
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in brackets three of the companies act
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there we go see you got the ball rolling you got the ball rolling well you know we
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do what we can here at
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strictly business podcast in in the five o'clock shadow uh more
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seriously let's have a look at another one as well momentum uh annual results for the
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year ended
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30th of june share price bucking the trend going down in other words down 0.7 percent
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momentum.
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Do you look at this company?
10:18
Yeah, I do look at the company.
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Lindsay, it's sort of a sweet and sour announcement.
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So let's just get the most important thing.
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Did I think the results look bad in any shape or form?
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No, it actually looked pretty good.
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Listeners will ask them, why did we see a retracement in the price?
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Well, they already guided.
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gave a trading statement a week or two ago.
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So we're pretty sure what to expect out of the results.
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So for those who didn't see the results, the normalized headline earnings,
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that was up 41%.
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So that was really good.
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Headline earnings were up 50%.
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Basic EPS up 57%.
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One that stood out for me, more important, because
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We know that they bought back about 2 billion rands worth of shares.
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Now, that's a crazy amount.
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I mean, again,
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this is where the sweet and sour comes through because when a company announced
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that they've bought back,
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especially bought back 2 billion rands worth of shares, I say, well, that's a
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right mark and a wrong mark.
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Right mark in the sense that, yes, they've got the confidence of the company.
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And if they've got the confidence of the company to buy their own shares, then as
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shareholders, and I'm not a shareholder,
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as shareholders, you should feel more comfortable still holding your share or
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even buying more.
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My question is usually, isn't there anything else to be buying?
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I mean, we're sitting a year later.
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Clearly not.
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No.
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The South African market, given, predominantly driven by the likes of
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commodity stocks and...
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and also NASPAS process.
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But the South African market has been under pressure for many years,
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trading at low valuations.
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And that just means as a company,
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they can't find any other acquisitions and other opportunities to buy than rather buy
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the company back.
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And I think Sheldon's, they've got a lot of, there's quite a few companies out
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there that's doing acquisitions, taking their money,
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taking their cash.
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looking for other opportunities.
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And I think therein might be a reason why we see a bit of a retracement.
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The shareholders just felt, no, it was good, but what's the upside?
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Well, the upside is, I suppose, apart from the share buybacks, which always helps an
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existing shareholder,
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the company is doing okay.
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I mean, look at this.
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It says, in a tough market, it says here, this is the introduction.
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Someone got a bit enthusiastic.
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with their words, a momentum group delivered a remarkable set of results.
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Not a good set of results, not an excellent set of results, not a good set
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of results given the circumstances,
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but a remarkable set of results they delivered.
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That's going a bit far, isn't it?
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Yeah, you buy your own shares back then.
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Well, the actual EPS, headline EPS, and those things should look remarkable.
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It was good.
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I mean, to me, the most important thing was the embedded value per share.
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42 and 51, that's up 15%.
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That's the most important thing when I look at a life insurer is the embedded
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value of the
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company.
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And if the embedded value...
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of the company, less remarkable.
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15% is still good.
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Maybe just less remarkable.
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My point is I want to see and I want to hear more.
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Because they mentioned, they mentioned the inflationary environment.
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They mentioned the economic growth.
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They mentioned the jobs uncertainty.
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Because when people lose their jobs, Lindsay, and we've had a few.
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companies closing plants.
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There's been some job losses in Africa lately being in the news.
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I mean, the first thing that these people usually do is they switch off their
14:39
metropolitan
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life insurance or momentum RA because they need to eat.
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I mean, they lost their jobs, which is really, really unfortunate.
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So I think...
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It shows me that Metropolitan, they're looking at that,
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and they are maybe a bit on the cautious side, which is not always a bad thing.
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Not always a bad thing.
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Okay, that's momentum.
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There's another one.
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They're going to buy another billion rand, or they applied to buy a further one
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billion rand.
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coming financial year.
15:15
And yet the share price down 0.7% so someone sees something that they don't
15:17
like.
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Now have a look at this one because it came out at eight o'clock this morning.
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It's not something you look at a lot I wouldn't imagine.
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Metrophile Holdings Limited.
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Share price caught your eye up 14.25% as I look at it.
15:29
But one of the more interesting reasons or probably for me the most interesting
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reason is it's a joint firm intention announcement
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from the company in respect of an offer to acquire...
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All of the issued ordinary shares in Metro file, another delisting from the JSC.
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In other words, should it go through, Skulk?
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Yeah, yes, it is crazy.
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I mean, that's my point.
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I mean, what I made earlier, you know,
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besides if you strip out the likes of the commodity stocks,
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gold stock specifically, and you strip out the likes of Process, NASPAS, then...
16:08
And the JSE, I mean, these companies are still trading at great valuations.
16:12
I mean, if you look at our banks, and they've brought a solid set of results.
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Yet, if you compare their performances in 2025 to the JSE,
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you can see they are seriously, seriously lagging.
16:28
Quite a bit of retracement, some of these banks.
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It just shows you that there's companies that's not really catching the eye of...
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international investors.
16:38
And that just puts some of these companies in a position to say, well, like
16:44
Metropolitan, Momentum,
16:46
let's buy back some of our own shares.
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Like Metrophile saying, well, let's just buy back our own company.
16:50
It's trading at good enough valuations, and there we go, another company going to
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delist it from the JSC.
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It's sad to a certain extent.
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I mean, we've lost a few great names over the years, and, yeah,
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I hope the interest comes back in the JSC.
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We don't lose all our good stocks.
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All we need now is a government that delivers fiscally while the South African
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Reserve Bank delivers monetarily and everything's fine.
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The first one, yeah, okay, we won't talk about politics.
17:21
Any other corporate news in South Africa before we go to the markets, please,
17:24
Skalk?
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No, I think Premier Foods, that was another one that brought out results.
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Or Trading Studies, more specifically.
17:35
They brought a trading statement for the six-month end of September. For the
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listeners out there who don't know Premier Foods,
17:44
they've got the likes of Impala and Blue Ribbon, Dove Soap and Snowflake, very,
17:49
very well-known food brands.
17:52
And they mentioned that their headline earnings per share is set to increase
17:58
anything between 20%
18:00
and 30%.
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Now, that out of the market, we're really, really excited.
18:03
As mentioned, the share price up 6.2%.
18:06
I just quickly had a look and just to see what
18:13
Bloomberg, the consensus, Bloomberg,
18:15
they've got the EPS or the headline earnings per share
18:22
forecasted for this period at just over 11 rand.
18:26
11 Rand per share.
18:28
Now, if you take it from the previous year, that's about a 23% increase in
18:34
headline earnings per share.
18:36
So this trading statement looks, what was that word you had earlier?
18:39
Marvelous or?
18:41
Remarkable.
18:42
Remarkable.
18:44
The trading statement did look remarkable, stating 20 to 30% growth in headline
18:49
earnings per share.
18:51
But that's pretty much what Bloomberg's currently got as consensus.
18:55
Is that bad?
18:56
No, that's not bad.
18:57
What stood out for me in the trading statement, really interesting,
19:01
was where they mentioned the deflationary environment for the softer commodities.
19:06
Now, for a company, producing bread,
19:11
naturally a deflationary environment for softer commodities like, for instance,
19:17
wheat, will be positive.
19:19
I mean, if you see wheat prices, which it did, drop by 7% over the past 12 months,
19:24
if you look at sugar.
19:25
which a lot of premier groups products use.
19:29
If you look at the sugar price over the past 12 months, that's dropped over 25%.
19:37
And we can continue.
19:38
There's quite a few of these other soft commodities, which they mentioned.
19:43
The soft commodity deflationary environment definitely helped the company.
19:48
Not cocoa, though.
19:49
Not cocoa.
19:49
That's been going up, but they probably don't use cocoa products.
19:53
Just for interest sake, cacao over the past 12 months is down 5%.
19:59
Yeah, coffee, coffee on the other hand, that's up 53%.
20:03
But cacao, cacao is down over the past 12 months.
20:06
I saw a recent rally in it.
20:09
So the 5% must be over, obviously over a longer period.
20:13
But the recent move has been to the upside.
20:15
Coffee prices, well, goodness me, even I started drinking coffee.
20:19
I'm a very good, when I stopped drinking.
20:22
The shares of Diageo went plunging, I think it was.
20:25
But let's not talk about that.
20:27
I want to do another quick informal survey.
20:29
Keep on walking.
20:30
Keep on walking.
20:31
Given the fact that it's Retail Sales Day in South Africa, do a quick informal
20:37
retail survey now, Skyle.
20:39
Are you a shower gel or soap man in the shower?
20:42
I'm actually going to go one step further.
20:44
I am a premier group man.
20:47
I am a dove soap man.
20:48
So am I.
20:49
I'm a dove.
20:50
It's the right shape for your body, isn't it?
20:52
It's just perfect.
20:53
It feels so perfect in your hand.
20:55
Yeah.
20:56
I love the quality.
20:57
I'm with you.
20:57
And I'll even take it one step further,
21:02
that sheer body butter flavoured one.
21:05
Oh, man.
21:06
I haven't seen that.
21:06
I just used the traditional white one.
21:09
Yeah, that's my default if I don't find the sheer body butter one, but go pamper
21:15
yourself.
21:17
I've got to write this one down.
21:19
I think I should check the dove range.
21:21
It just shows you, you get set in your ways.
21:22
Okay, that's the retail survey over.
21:25
Let's go to, should we go to the markets?
21:26
Let's go to the markets because the round is lovely.
21:28
I love the round at 1736 against the US dollar with the dollar on the, we'll see
21:35
in a minute, euro dollar,
21:37
for example.
21:39
But the dollar is on a slippery slope and you love that dollar index.
21:40
You'll tell us what it is in a moment.
21:42
But anyway, the dollar round, 1736, that's a near 2% gain or loss rather for the
21:49
dollar.
21:49
against the RAND.
21:50
The British pound against the RAND, 23.73, barely changed, and barely changed against
21:56
the euro as well,
21:58
which is 20.58.
21:58
It's the dollar RAND that's doing it.
22:00
Euro dollar, 1.1850.
22:02
The euro nearly 2% higher against the dollar in the last 24 hours.
22:07
Remarkable stuff.
22:08
Let's use that word remarkable again.
22:10
British pound against the US dollar, 1.3665, with the 1.9% higher.
22:16
Now then, The gold price went shooting through 3700 yesterday.
22:20
And it thought, wait a second, I don't like it here.
22:22
Even though one of the major U.S.
22:25
investment banks has bravely announced that this gold price target is now 4000.
22:31
It's not exactly the bravest thing.
22:33
I'd love to be a gold analyst at one of these banks and just say, excuse me, boss,
22:39
let's make it 4000.
22:41
And they'll say, certainly, Williams, off you go.
22:43
And good luck with your Christmas bonus.
22:45
Nudge, nudge, wink, wink.
22:47
Platinum price down 19 to 13.83.
22:47
Palladium down 11 to 11.89 dollars per ounce.
22:51
Now the all-important other commodities.
22:54
Let's have a look at the oil price and of course the copper price because it's so
23:00
important for a couple of South African interests.
23:02
Now crude oil in the United States, West Texas, is down 0.7%
23:05
to $64.09 a barrel and Brent crude oil down two-thirds of a percent to
23:10
$68.04.
23:12
for the copper price.
23:13
is very similar to what it was the other day, actually, which was $4.58 per pound.
23:20
It's now $4.57 per pound, but in the last 24 hours,
23:24
down 1.4%.
23:27
Okay, the South African Tenure Bond, this is a hell of a story this year.
23:31
It's now 9.17%, another 6.5 basis points weaker.
23:37
Again, remarkable stuff, and it's all because of the RAND.
23:39
We don't...
23:40
We're importing relative deflation compared to what we would do if it was
23:47
1850.
23:49
US 10-year, 404, we'll call that one.
23:49
So it doesn't like being below 4%.
23:51
It has been there a couple of times in the last few days.
23:54
S&P 500 futures ahead of the Fed.
23:57
Barely changed at 6,664.
24:00
And that's the December futures.
24:02
We switch from September to December.
24:04
They do it quarterly.
24:06
And what else can I say?
24:08
The Bitcoin price.
24:09
It is bobbing along at 115,657.
24:15
Scout, what were the moves on the JSC today, please?
24:17
And I'll give you mine afterwards.
24:20
We've mentioned a few companies already that was moving and shaking,
24:24
but let's look at them.
24:28
So for a lot of people, there's been some ex-diffs.
24:31
So Life Healthcare did not drop by 0.9% today.
24:34
There was a massive, massive dividend that's been spent out of that.
24:38
So no need to worry about that one.
24:43
Cup, that was down 3.87%.
24:46
Udeko down 3.2%.
24:50
Yeah, so small companies, no big ones.
24:53
I think the biggest mover on the downside was Richemont.
24:58
But again, that is a dividend story.
25:02
So ex-dividend story, 2.6% down.
25:05
Then if we look at the upside, Oceana, they had a bad dish day yesterday,
25:11
but also brought out some results.
25:14
It looked like they struggled, but the market clearly expected them to do way
25:19
worse.
25:20
But the share price today, after the announcement, 6.7% up.
25:24
Devon Riddipoer, deep, 4.2% up.
25:27
Carew, 3.4%.
25:29
The one that we mentioned, Woolies, 3.3% up.
25:33
And Supergroup was up 2.7%.
25:37
I think we just need to just go number 6 as well.
25:41
Because as mentioned earlier, when process...
25:45
is up 2.5%, 2.6%, and NASPA is up 2.5%.
25:50
You know, that's the perfect environment for the JSE.
25:54
Indeed.
25:55
So, yeah, that was the ups and downs.
25:57
Okay, and talking about 3.3%, which was the move to the upside for Woolies after
26:03
its coronation announcement,
26:05
the South African...
26:07
And CPI data came out today, which I've neglected to report, which I'm going to
26:10
correct now,
26:12
because the South African CPI rate, that's the consumer price inflation rate, came
26:17
down from 3.5%
26:19
the previous month to 3.3%. So in the last three months, it's gone 3% to 3.5%,
26:24
3.5% to 3.3%. And that was one of the reasons as well why perhaps the bond rate
26:30
is at
26:31
9.17%.
26:32
That's the South African 10-year.
26:35
And people are expecting that perhaps there will be another interest rate cut
26:42
because of inflation coming down.
26:44
Personally, I don't think so.
26:46
I've got, yeah, let me give you mine.
26:48
Premier up 6.2%.
26:50
DoD Gold up 4.2%.
26:52
Carew up 3.4%, let's call it.
26:54
Woolies, we've done.
26:56
Processor, we've done.
26:58
Life Healthcare on the downside, we've done.
27:00
You've done Richemont.
27:02
Sappy down two and a third.
27:04
Anglo's down nearly 2%.
27:06
And Aspen down 1.9%.
27:08
So that's what we've got, Skouk, apart from the closing JSC indices, if you
27:10
would.
27:10
Yeah, the JSC is over 105,000.
27:12
105,368 points, that is up another 46 basis points today.
27:19
Resources took a bit of a breather today, down 22 basis points.
27:23
While the industrials, naturally, if you're going to have process NASPERS up
27:28
with those amounts, you're going to have an
27:30
Indy that will be flying.
27:31
Indy It's up 1.1%, while the financial index was up 0.3%.
27:37
Is it property?
27:37
Also up 0.3%.
27:39
And yeah, value traded through the market today.
27:42
Let's quickly have a look.
27:43
Value traded, quite a slow day.
27:46
Oh, wait a minute.
27:47
Now my screen is not updated.
27:49
Oh, you see.
27:50
Oh, wait, but make it quick.
27:52
Yeah, okay.
27:53
That's what you said.
27:57
Yeah, yeah.
27:58
That came back to bite me.
27:59
So not that quiet.
28:01
I thought we're going to be quiet.
28:02
So as I refreshed it, it actually went above $20 billion.
28:07
So it was actually $22 billion value traded for today.
28:09
You asked for it earlier.
28:11
I'm going to just give it a quick mention.
28:13
Dollar index.
28:14
Yeah, dollar index.
28:15
Currently trading at 96.4.
28:19
Now, that's quite interesting because it's slightly up, and you can see it's
28:24
struggling to stay positive.
28:26
We'll see.
28:28
I think it pretty much doesn't matter.
28:29
We will.
28:30
quarter pass quarter pass i i promise you the the dixie won't be trading at the
28:37
current level now this is what you want this is what
28:39
you want you you've got a feeling in the back of your mind that something's going
28:44
to happen there's going to be a bubble bursting somewhere but you don't want
28:46
that to happen you secretly do because
28:47
you you could you feel it yes you do i'm sorry you're fibbing you're fibbing to me
28:53
it's gonna go i never never said
28:55
which direction it's gonna go It could be 97, 98.
28:58
I'm talking about the whole market.
29:00
You've got a feeling that something's going to happen.
29:03
I've got a feeling.
29:04
Yeah, but you don't want it to happen.
29:05
So what you want to happen is there to be a rate cut and a talk of future rate cuts
29:11
as well.
29:11
So the dollar falls further, so the gold price goes shooting up back above 3,700
29:18
and on its way to infinity and
29:20
beyond.
29:22
Borrowing a word from Toy Story.
29:24
Not to color this any further.
29:24
I mean, I totally agree with you, Lindsay.
29:26
We've had a market that's...
29:28
grown more than 25%.
29:29
I'm talking about a local market and even the offshore markets is now in that type
29:35
of region.
29:37
That's a very, very nice environment for all listeners, for all investors, for
29:42
everyone.
29:44
I just want us to just...
29:46
Finish 2025 with this sort of just...
29:48
It's September the 17th. You're already looking forward to your holiday.
29:54
Wait, it's only the 17th of September.
29:57
No, Al, then I'm taking that back.
29:58
We're going to...
29:59
All Al is going to break loose before the year ends.
30:02
No, it's not.
30:02
Everything's going to be fine.
30:04
We know that.
30:05
The algorithms, the clever chaps will write an algorithm that overrides whatever
30:10
the Fed does.
30:12
You know that, Skulk.
30:14
Skulk, thank you very much for your time, as always, on a Wednesday.
30:14
Skulk Lowe is a portfolio manager, PSG Wealth, Old Oak in Cape Town.
30:18
And that was the 5 o'clock shadow.
30:20
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30:27
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