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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 Sassman
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Securities.
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At the moment in Manhattan, David, how's the news treating the Iran war situation,
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which has escalated over the weekend?
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I tell you what surprised me is that just how strong, and I'm talking mainly from
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where we are,
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which is Manhattan, which is New York, and of course...
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You've got your regional stations.
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But I think if you pick up the mood here, it's surprisingly, when I say
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surprisingly,
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anti-America, anti-Trump.
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You know, even within Americans themselves, you know, you can sense the
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bias.
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You can sense the bias in things like the New York Times, various channels.
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Certainly you don't watch CNN if you like Trump, you know, because it's very…
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I can't explain.
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There was a protest down at Washington Square.
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And what happened, you had both sides.
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You had on the left side, you had pro-America, and on the right side, you
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had anti-America,
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pro-Iran.
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And when it was covered by the major channels, you saw whatever they're
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leaning,
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whatever they're leaning was towards, either pro or anti.
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Nothing in between.
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nothing in between.
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And that's why I like to watch New York One Spectrum because they haven't got a
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huge news staff,
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but they go out and they'll tell you that there's, you know,
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there was some trouble in Brooklyn or this train line is out of order.
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And generally, I relate it to Caxton.
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Remember the knock and drop?
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Knock and drop in South Africa, yes.
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Which is great because it tells you the news.
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And from that, you get more truth then.
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any of the major channels at all, you know, which are really biased.
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But I must say something, just going through and distilling the news here,
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there's a massive, you know,
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the left-leaning media on that are massively anti-Trump,
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massively anti what's happening in Iran, almost to a point where they're pro-Iran,
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you know, which is really odd, you know, considering who the Iranians are.
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I watched a film yesterday, David, called Official Secrets.
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It's a British film.
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It stars Keira Knightley and Ralph Fiennes and quite a few other actors that you
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would recognise.
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And it was about the lead-up to the Iraq War and a woman who worked at GCHQ,
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that's Government Communication Headquarters.
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It's like the Pentagon, you know,
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lots of people spying on conversations from the Chinese embassy, that sort of
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thing.
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All sort of secret stuff for the British government.
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And it was about this young person who worked there and who leaked a particular
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memo that came from
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the National Security Agency in the US.
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And the way that the Iraq war was manipulated to happen, the information was
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manipulated.
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There weren't any weapons of mass destruction.
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That became clear in the film.
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And we knew that anyway.
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But they wanted to go to war.
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And the things.
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They played clips from George W.
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Bush and from Tony Blair, that slimy piece of rubbish, ex-British prime minister.
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And it was quite extraordinary.
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And the parallels between that film, Official Secrets,
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and what is going on now is quite astonishing because the woman said when
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she was being interrogated by Scotland Yard,
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she said, you can't just go to war on one person.
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You can't go to war on Saddam Hussein.
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Just like...
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Because you're going to war on a people.
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And eventually, I think 170,000 Iraqis were killed in that war.
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And God knows how many troops from America and the Allies, etc.
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And the same thing might happen in Iran if it keeps on going on, not to such an
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extent.
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But you could say you can't just go to war with the regime.
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You have to go to war with the population as well.
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So there are two sides to this.
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him.
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not anti-America, I'm anti-Trump, and I think there should be a distinction
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between the two, don't you?
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Sure, absolutely, but the other thing is that, well, what about the other side?
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Are you so anti-him that you pro the other side?
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Because that's what comes out of this.
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Hold on, this is the Khomeini who,
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when the revolution took place in 79, their aim was to destroy America, the big
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Satan.
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And that has been their aim for so long.
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And we know what they have done.
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Yes.
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And that's where I'm having difficulty.
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I'm saying, okay, you know, we know who Trump is.
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But what about the other side?
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You know, what about them?
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Do you want them to survive?
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Do you really believe that you could sit down with them and negotiate a deal where
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they would not produce a nuclear
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bomb?
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You know, you've also got to be kidding yourself.
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You know, they just play for time.
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It's the same story as...
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the Gaza conflict, which you can say, how can you possibly?
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defend Palestine, the Palestinians, because of what they did on October the
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7th, the brutality of the slaughter of 1,200 innocent people.
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But then on the other hand, you say, OK, but 70,000 people, 40,000 of which were
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women and children,
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how was the response?
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How is that conscionable?
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So it's the same sort of story, David.
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Well, the whole story is that...
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You know, if we can go on arguing forever.
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Yeah.
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The whole story is that Hamas was not going to lay down their arms.
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They were not going to stop, you know, hoarding arms in tunnels and things like
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that.
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So how do you ever get rid of them?
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Yes.
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So you keep going on.
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And that's the same thing with Iran.
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You know, how are they ever going to be stopped?
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The only way is to cut off their head.
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So I Where I'm coming from, and I hope it's not coming through in the wrong way,
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is that… No, not at all.
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Who are you siding with?
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Are you siding with America?
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Or are you siding with Iran?
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Okay, Mr.
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New York Times, who are you siding with?
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Who do you want to prevail?
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Do you want Iran to prevail or do you want Trump to prevail?
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And they can't make up their mind.
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They don't know where they stand.
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I think most of them, David, are very much like me.
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They want anything that will bring down Trump.
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Then, They'll start again.
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But that means you're going to get a strengthened Iran.
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You know, Iran will celebrate this.
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You know, they're going to be the victors.
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Now you get a leader that sits around the Do you want Iran to continue?
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You know, do you want that regime to continue?
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And it seems like the New York Times and everybody here are saying, yes, you know,
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we're quite happy with them.
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It doesn't really affect us, you know, that they want to bomb the whole of they
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want to eradicate Israel.
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I want to eradicate America, you know, the anti-West.
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You know, it comes down to are you pro-West or anti-West?
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Where are you?
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I can't I'm deliberating this in my own mind and trying to understand where the
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media stand,
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where the American people stand.
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So what you're essentially saying is that Trump is the only answer.
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You've just said it.
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You don't want that regime to continue and Trump is the only answer, David.
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That's how you're coming across.
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I just wanted I want America to prevail, you know.
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We want to see the end of Iran.
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How it happens, I'm not sure.
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You know, I'm not sure.
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But why and if we could have got there through peaceful means, by all means.
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But that was never going to happen.
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So why did people will again, this is the anti-America stance.
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Yeah.
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Why would people then why would they send people to
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Geneva when they were just polishing their missiles up?
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They said that.
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They sent the real estate agent, Kushner.
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Fish Eye Kushner, and they send little Steve Witkoff.
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They sent him along, and they pretend to be negotiating.
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That's deceitful.
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They weren't negotiating at all.
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They didn't want a peaceful answer, just like Bush and Blair didn't want a peaceful
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answer against Iraq.
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So why do they do it?
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Why do they?
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I mean, they've got a really bad PR machine.
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That's all I can say.
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You see, I've come back to Europe as well.
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This is, you know, what does Stormer want?
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What does the UK want?
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What outcome do they want?
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That's not Europe, that's Britain.
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Britain, sorry, Britain.
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What does Europe want?
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What outcome does Europe want?
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That's my point.
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I'm not sure.
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Okay, you're forced to choose sides now.
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Right.
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You're sitting in the stands, there are two teams there, you can't just say, I
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want a decent match.
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You can't say, well, I just want a good game of football, that's all.
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A good game of football where everybody wins in the end when there's a peaceful
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negotiation.
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Who do you want to win?
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I don't know.
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Anyway, that's where I am at the moment,
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trying to make sense of everybody's opinion and where things lie.
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I know exactly what I'd do.
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I know exactly what I would do.
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Once Trump is out, you sit down rationally with these people and say, okay, you've
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got these beliefs, but your beliefs are too extreme.
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Why do you hate Israel?
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Why do you hate the United States?
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He's working on wheels.
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Yeah.
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Why can't we all just coexist?
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We'll give you this.
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You give us that.
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You stop sponsoring terrorism and burning U.S.
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and Israeli flags everywhere.
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I don't know.
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There's some way to do it, but Trump's not the person to do it.
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I'm sorry.
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No, he's certainly not.
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The problem is that there's you know what's worrying?
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Is that there's nobody on the call it in the Democrats that's emerging as a strong
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and powerful voice.
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There's no one.
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And that's even more disturbing.
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You know, they're all over the place, Lindsay.
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I know, because if you look at it,
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there's really only a couple of years left until the real election.
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I mean, once these midterms are out the way, you're starting to campaign for 2028.
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And if they've got nobody, then for goodness sake, we'll have
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J.D. Vance or somebody else, which is maybe even worse than Trump.
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How can you say that, Lindsay?
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Nothing can be worse than Trump.
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He's the worst of it all.
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You've got no idea.
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That's the point.
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Everybody's hoping for someone to stand up and be a legitimate voice, a voice of
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reason,
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a voice that can actually help bring this to a head and help find these peaceful
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solutions, but it's not there.
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They're not here at all.
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And that's even more concerning.
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I'm more concerned.
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of whether your daughter, you know, or your daughter's your son, or your son's
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your daughter, and, you know, rubbish like that.
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It's, well, I don't know.
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It's all too much for me.
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It's all too much.
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And the markets are a bit strange.
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So, you know, on Friday, you went into the weekend knowing what was going on.
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There's a war in the Middle East.
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It's as simple as that.
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People say, shall we call it a war?
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Shall we call it a war?
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Shut up.
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It's a war.
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People are fighting each other and lobbing missiles at each other.
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That's a war.
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So let's get that first clear first of all.
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So why then last night at half past 11 Central European time, when the futures
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markets opened,
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did oil jump so much?
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What had happened?
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There was a couple of depots in Tehran that were hit.
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Not particularly significant in the big scheme of things.
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Iran's not a huge producer.
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These sort of things were just storage facilities for the city.
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Why then suddenly at half past four this morning, UK time,
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did the oil price go to $119.46?
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I think it was the election.
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About 25% higher.
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I think it was the election of the new Khomeini.
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But they knew that.
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Everyone knew that was going to happen.
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No, I know.
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But what happened, I think there was a hope that there would be some moderation,
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that the
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Iranian people would elect somebody in the middle who could actually bring peace.
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But all that happened is that you've got a new leader here who's just going to
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continue where his father left off.
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And I think that scared the market.
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In other words, that extended the market.
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That extended the reason to fight.
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This is going to be down to the wire.
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And I think that scared markets.
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And it's going to extend.
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There's no way you're going to get any kind of peace talks now.
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until a lot more damage is done.
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Well, anyway, it went to nearly 120.
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It's now 104, 105, something like that, which is still a big move.
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Of course it is.
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But it can't, well, maybe it can stay there.
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And I had an interesting chat with an oil analyst this morning in London, and he
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said it's not that the ships can't get through because the
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Iranians are going to bomb them or missile them because the U.S.
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will let their ships, will escort their ships through.
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It's because the insurance company won't insure it.
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They'll just say, yeah, let's certainly say, where are you taking your ship and
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what's it got?
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What's it got?
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And he says, well, I've got this oil tanker, this ultra-large crude carrier,
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and it's going to go through the Straits of Hormuz and it's originating in Saudi
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Arabia.
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And the guy will say, okay, thanks.
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Anyway, call me back in a couple of weeks.
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They won't touch it, David.
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That's interesting.
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That's the main reason.
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That's very interesting.
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Yeah.
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You know, even in America here, the reports are, I mean, America's got plenty
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of oil.
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There are net exporters.
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But you pay the price.
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You know, you pay the world price, even though there's plenty of oil.
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You know what worries me is places like South Africa where they rely on exports or
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imports of the
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finished product.
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You know, we don't refine anymore.
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And that's a worry.
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You know, that's a worry because if suppliers start.
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to seize and start to become slower means you're not going to be able to fill your
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car.
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Now, I remember long before your time, Mr.
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Williams, in 1973. 1973.
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It wasn't long before my time.
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I was nipping around, climbing trees and chasing rabbits.
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We had rations and you were only allowed to drive at 50 k's an hour or something
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like that.
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You weren't allowed to drive speedily.
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They reduced the speed.
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And also that you could only fill up,
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I don't know how often or when petrol was available, only a half a tank or something
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like that.
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So I do remember a period where there were rations, especially in a country like
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South Africa where there were no buses.
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You just had to use your motor car.
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So I don't know what the outlook is for countries that do import.
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especially in Africa, and they have to rely heavily on what comes out of the
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Middle East.
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So far, nothing's really happened.
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Do you remember the days when Summer Place, do you remember that house, Summer
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Place?
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Yes.
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Which was the first million-rand, can you believe it, the first million-rand house
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in South Africa, and everyone said, goodness me,
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this is outrageous that someone could pay that amount of money.
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It's now a conference centre and everything, as you well know,
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just on the corner of sort of in between Hyde Park and Stanton.
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The chap that owned that was a sanctions-busting oil trader, wasn't he?
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What was his name?
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Can you remember?
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Oh, gee.
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Oh, God.
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His name is just… Italian name, wasn't it?
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Yeah, yeah.
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I can't remember.
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It'll come back in a sec.
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But sure.
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And that was sanctions-busting.
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That was like Mark Rich, who was also a sanctions-buster.
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you know, would ensure that you got oil supplies in there.
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But this was after the 73 crisis.
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Anyway, I was just thinking that oil is one of those commodities that attracts, I
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don't know.
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Chiavelli.
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Chiavelli.
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That's right, Chiavelli.
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Exactly.
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It attracts these sort of people.
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It's a sort of murky world, isn't it, oil?
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Yeah.
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It was.
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I'm wondering if you read Mark Rich's book.
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I mean, it's all about that.
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It's all about sanction busting and how he managed to get suppliers through and so
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on.
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That's why I think sometimes sanctions never work because there's always somebody
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who's willing to
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do it for a price.
16:55
David, what other news have we got?
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I mean, let's take that aside.
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There's markets.
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You know, it's all markets.
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You know, markets, I'm just looking at New York.
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You know, we're six hours now.
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So, Markets have opened now.
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They're already open.
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There's quite a bit of a sell-off in the US.
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All the prices are down.
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It's holding up reasonably well.
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One would have expected a lot more of a sell-off, but there seems to be a general
17:23
view that this will pass.
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I'm not sure.
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I'm concerned, Lindsay, that we're going to get the same kind of disruptions that
17:31
we had during the Russia-Ukraine war.
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and maybe during COVID, because it's not only oil, it's fertilizer, it's finished
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product,
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it's food, all of those things that are exported.
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Those things are being disrupted as well.
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I know that around the Cape,
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I just read a report in Business Day about a lot of the food exporters are not going
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to be able to get their fresh product to markets
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and that because of delays.
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So I think there's quite a bit of disruption, and the longer it goes on,
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the more it's going to upset markets and try to bring the supply chains back in
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range.
18:09
If you're a central banker, if you're a U.S.
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central banker, and let's say you're not Colin Powell, he's a different one,
18:17
Jerome Powell, you've got a couple of months left, and you're having a
18:23
conversation with the president, Mr.
18:25
Trump, And he says, Trump says, look, with this.
18:27
with this crisis that we've got now, you've got to stimulate the economy.
18:31
We don't want people to go into our shelves, so cut rates, cut rates.
18:34
And Powell says we can't do that.
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We're custodians of inflation.
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We've got to keep inflation under control.
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And with oil prices here, then CPI inflation is going to go through the roof.
18:46
It doesn't matter about core inflation.
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You can strip that out as much as you like.
18:50
You can strip out the volatile elements like food and fuel, and you can talk about
18:56
core, but it's CPI we're looking at.
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So we're going to keep rates steady for now with a cautious outlook.
19:03
And then the president says,
19:04
but we lost 92,000 jobs in the last non-farm payrolls number, which is
19:11
outrageous.
19:13
So cut rates.
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It's a difficult, it's a very difficult one.
19:17
It is.
19:19
You know that, I mean, there's talk now of the ECB raising rates and also the UK
19:22
raising rates because of the...
19:24
increase in worries about inflation because of the oil price and petrol prices
19:28
and that.
19:30
I'm not sure how they're going to interpret this.
19:31
Funny enough, there's no shortage of oil.
19:33
You're just paying a higher price at the pump.
19:36
There's plenty of oil here.
19:37
There's plenty of gas.
19:38
It's not going to be shortages.
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You're just going to pay more.
19:41
But of course, price goes up, you don't buy it.
19:43
But it is a dilemma because the job numbers are starting to look weak.
19:49
And you know, when you talk to people around here, You hear of more job losses
19:55
in this area, more job losses in this area,
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this person's son might be laid off type thing and so on.
20:02
So there is certainly a lot more talk about a weaker labour
20:09
market.
20:10
More so than I've ever heard before.
20:12
So, yes, that is a big problem.
20:14
So it depends whether Powell is going to be influenced by that or the prospects of
20:19
a higher oil price.
20:21
And I hope he doesn't go to, this is transitory, you know, than oil prices
20:25
transitory.
20:27
Well, I mean, it could be transitory because I can tell you that that spike to
20:31
nearly $120 a barrel was a lot of panic.
20:33
Because, see, people have short-term commitments in the oil industry.
20:35
In other words, they have to cover the ship that's already on the water that they
20:40
haven't covered or something.
20:42
I don't know how it works, but that is from what I understand why it spiked so
20:45
quickly.
20:46
Now it's got to find its level.
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It's currently Brent crude oil is $103 a barrel.
20:53
And you say to yourself, if you're an optimist, you say, oh, but it was up 25%.
20:57
Now it's only up 11%.
20:58
Another person would say it's up 11%, which is still low.
21:03
I don't know.
21:04
Where you stand.
21:05
I personally think we've seen the high of oil, and this is just a moment in time,
21:11
and the oil will start to come through.
21:13
And we'll come back.
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We won't come back to 60 to 70, but we'll stay 80 to
21:19
90. I think that in the same way, I think we've peaked in platinum, we've peaked in
21:24
gold,
21:25
we've peaked in all those metals.
21:27
We've reached the highs.
21:28
We're not going back there.
21:29
If you look at gold now.
21:31
It's heading towards, you know, 5,000.
21:33
And this is supposed to be the ultimate safe haven bet.
21:37
And, yes, investors are saying, well, interest rates are going to go up.
21:43
Therefore, it's going to cost us more to hold the gold.
21:45
Yes, that might be an issue, but that's going to be an issue with all the safe
21:50
haven assets.
21:52
You know, the dollar has improved dramatically.
21:54
We've seen it in the RAND.
21:56
I know the RAND is improving slightly now, but it's still in the 1664 area.
22:00
And it's still pretty, you know, pretty weak.
22:03
And that's all in a week.
22:04
A week ago, it was below 60.
22:07
So I think a lot of these assets now have seen their peak.
22:12
I've come under quite a bit of pressure because I said, you know, it's time to go
22:16
back into America.
22:18
America is still the strongest economy.
22:20
It's still got the strongest, you know, in times like this,
22:23
it's always the most resilient of economy.
22:27
You know, you don't want to be in the UK, which is not UK.
22:30
in Europe, which is taking absolute hammering because of shortages and because
22:37
of the massive increase
22:39
that energy prices are going to have on the economy.
22:40
You know, it's a vulnerable economy.
22:42
Yes.
22:43
But you're going to get two sides of a story, you know, an argument.
22:47
You just come under a lot of pressure.
22:50
But my view is, okay, this is time.
22:53
It's time to get back into U.S.
22:55
assets.
22:56
Give it a breather.
22:57
Not now, not today, not, you know, this moment.
22:59
But I think when things settle, you're going to get a big recovery,
23:03
certainly in the IR stocks and U.S.
23:07
assets.
23:07
I had a look at an NVIDIA chart, a very rudimentary one the other day.
23:12
It's gone sideways since August, David.
23:14
It's done nothing.
23:15
Yeah, yeah.
23:16
And yet, have a look at the multiple.
23:18
What do you think the forward P is?
23:20
Well, you told me the other day, and you told everybody else on LinkedIn as well.
23:23
Yeah, it's 20. It's nothing.
23:27
I know.
23:28
And you say, okay.
23:29
Well, where does it rank in terms of all the other stocks?
23:32
And it's somewhere towards the bottom, I mean, towards the bottom meaning cheap.
23:36
So I'm saying, okay, I can live with that.
23:40
For me, it's fine.
23:42
I don't think it's a PE story, that one.
23:44
I think it's people saying, well, is this incredible monopoly that it's enjoyed,
23:50
which is essentially what it has enjoyed,
23:52
will it continue just like it has at ASML, our favorite stock?
23:57
or has someone come in and stolen its lunch, if you see what I'm up to here?
24:01
I don't think so.
24:02
I'm just, they're clobbering ASML at the moment.
24:05
You know, I'm saying, hold on a second.
24:07
You don't have to clobber that one.
24:08
Clobber everything else.
24:10
You can clobber the LVMH and Hermes and Ferrari and all the luxury goods.
24:14
They press a button, you know that.
24:15
When there's panic, they just say, press the sell button.
24:17
There's 30 stocks that get sold off in one push, you know that, David.
24:22
It's not like the old days.
24:23
Excuse me, could you sell that for me?
24:25
And could you sell that for me?
24:26
It doesn't work like that anymore, as we all know.
24:28
No, no.
24:29
I know.
24:30
I think that's why.
24:31
I think there will be opportunities here, but you don't have to.
24:35
You know, you don't need a false start.
24:36
You don't have to rush in now.
24:38
So we've just got to go through it.
24:40
Lindsay, I've got to tell you something.
24:41
Go on.
24:43
This was really awful.
24:46
They did not broadcast or show the FA Cup games.
24:50
That's a major tragedy.
24:51
You see, that's the Trump administration for you.
24:55
They don't even know what football is.
24:56
I said that.
24:57
That's why I'm saying, you know, while I'm not doing the market, I don't feel like
25:02
reading about the markets.
25:04
I thought, okay, there's going to be a couple of really good games here to watch.
25:07
And I tried every… I could not get it.
25:12
Why don't you do what I said to you in a private moment?
25:15
I said get yourself
25:16
NordVPN, and then you go to a European or UK broadcaster,
25:22
and you pretend you're in Britain or you pretend you're in the Netherlands,
25:27
and then plug into them.
25:31
You might have to pay a monthly charge.
25:33
You don't serve for the BBC.
25:34
The BBC is free.
25:36
BBC iPlayer.
25:38
that's for nothing because we British are decent people.
25:41
But you go to the Netherlands, apart from Kerstammer, you go to the Netherlands, you
25:48
have to pay like,
25:50
I don't know, 20 euros for the full football package.
25:53
Are you not willing to do that?
25:55
I couldn't believe it.
25:56
You know, and I sat here and… You didn't answer my question.
25:59
You're not willing to pay 20 euros to watch a match with a footballer?
26:03
I'm going to… The only trouble is you told me the wrong time.
26:06
If you would have told me that on Friday, I would have done it.
26:08
I told you before Friday.
26:09
I told you before.
26:10
Yeah, but I didn't know that they weren't because I've got Peacock and I've got USA
26:14
here where I can watch most of the Premier League games and other leagues and
26:19
Champions League.
26:21
But the FA Cup, they did not broadcast.
26:22
So if I would have known that on Friday, I would have done exactly what you
26:27
mentioned.
26:27
So I sat down here on Saturday morning or Saturday afternoon.
26:31
and try to get into the games.
26:34
I'll tell you, the Arsenal game, just to make you feel worse, the Mansfield-Arsenal
26:39
game was really good.
26:41
Mansfield were very, very close to causing an upset there.
26:44
And Arsenal didn't play their worst team.
26:46
Well, they haven't got a worst team.
26:47
They've got two very good teams on the bench and on the field.
26:50
But they gave them a fright, and they played some really schoolful football.
26:54
But the one that I didn't watch, because I object to Wrexham and I object to Chelsea,
26:59
is Wrexham-Chelsea.
27:01
And that was my...
27:03
My brothers, my whole family texting me saying, aren't Wrexham amazing?
27:05
And those Chelsea supporters.
27:07
And I said, yes, they are, pretending I was watching, but I didn't.
27:09
But apparently that was absolutely brilliant.
27:12
So you did miss a couple of good games.
27:15
And for the fifth time this season, Man City took out Newcastle.
27:19
You know, it's all very well losing once, but five times in a season I think is,
27:25
yeah,
27:27
it does expose some weaknesses.
27:28
I don't know if he's going to.
27:29
Champions League is back, David, starting tomorrow.
27:32
Yes, I know.
27:32
Very interesting.
27:33
Can you get that or are you also going to sit there?
27:35
Yes, we'll get Champions.
27:36
And the nice part about it, it's not in the evening, it's in the afternoon.
27:40
Oh.
27:40
Yeah.
27:43
Perfect.
27:43
I can't believe it.
27:45
What time are the American games when the World Cup is on?
27:48
Because it's going to be very luxurious for me.
27:51
It must be late-night games I get here.
27:53
I wonder what they will make them late-night.
27:56
Yeah.
27:57
They, that's interesting.
28:01
I haven't seen the schedule, but you can't afford it.
28:03
I mean, the prices are ridiculous.
28:05
And it's all over the show as well.
28:07
You know, it's all over America.
28:08
It's Canada, Mexico.
28:11
Yeah, but I'm talking about watching it on telly.
28:14
I mean, do I have to go to six different people to, I mean, who's.
28:18
Who's broadcasting it?
28:19
Who's got the rights to it?
28:21
I don't know.
28:22
I must find out.
28:22
It's March already.
28:24
There's a sign here that tells you how many hours until the kickoff.
28:28
I've passed it every day, but I'm not quite sure who's going to broadcast it.
28:33
Listen, there'll be big crowds.
28:35
Don't, don't.
28:36
Somewhere here, there's going to be massive crowds and massive amounts of
28:42
money being generated here.
28:44
Don't underestimate.
28:46
You know, they have, Lindsay, they have these theme parks or fan parks.
28:48
They go around every now and again to cities, and they get everybody there to
28:55
watch games, which they broadcast live.
28:57
And, you know, support.
28:59
And they get massive following.
29:01
You know, it's huge.
29:03
And it's not expats.
29:05
You know, meaning it's, you know, you'd always think you'll see some Greeks or
29:07
some South Americans.
29:09
Forget it.
29:11
It's Americans.
29:13
You know what I mean?
29:15
You know, you always used to have in the early days of football, yeah, it was
29:16
mainly people who were missing their hometowns, you know.
29:18
from somewhere in Spain or something like this, but not anymore.
29:21
There's a huge following of clubs.
29:24
It's big.
29:25
Well, I'm sort of looking forward to it now.
29:28
You've got my faith because there was a sort of a movement that tried to get
29:34
somewhere,
29:36
tried to start up, boycott the US, Canada and Mexico World Cup.
29:39
And it didn't obviously take off because football eventually wins over, you know.
29:44
No one cares.
29:47
You'll see the airports and everything.
29:49
No one gives a damn.
29:50
Forget about that.
29:52
They're not going to be put off by that.
29:55
Forget it.
29:55
But the prices are something else, as you quite rightly said.
29:58
I don't know how people can spend $1,000 on a ticket minimum for a crappy seat in
30:04
El Paso.
30:06
It's also a time where people are squeezed.
30:07
You know, people are being squeezed at the moment.
30:10
I mean, you know, the affordability story is very real and layoffs and that.
30:15
But, and the prices are, you know, in the thousands of dollars for each ticket.
30:21
So, it's expensive.
30:24
And everything here is hospitality, you know, it's all around that.
30:28
Everything here is an eat fest.
30:30
You know, you go to a game and, you know, I know that if you go watch Chelsea or
30:35
whoever, you know.
30:37
You go at halftime and you might go get a pint.
30:37
Yeah, it's this constant stream of hot dogs and you can't believe what they say.
30:43
You know, you've got no idea.
30:44
You go to a baseball game, you've got absolutely no idea of how much food is
30:50
consumed.
30:52
I mean, you know, you can't, you won't even believe it if you saw it.
30:54
Yeah, anyway, that's America.
30:57
Consumer nation, yeah.
30:58
All right, David, thank you very much for your time.
31:01
As always.
31:02
Go and consume something.
31:04
And I will speak to you on Thursday with David Shapiro from Assessment Securities
31:09
in Manhattan.
31:11
And that was Shapiro World.
31:13
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31:19
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31:21
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