Earnings Season - 25 - The Key to Gracefully Accepting the Master's Reality

Episode Date: January 30, 2020

This week on Earnings Season a very tired @HDanhai & @RTRowe talk stocks and the local investing industry as they see it. They start oof with @RTRowe earning a kunk (sorry @MsGillyJ 🤦����‍♂️). They then dig into Sygnus' upcoming move and debate (with explanations) the possibility of them doing a Rights Issue vs. an APO. Also mentioned is the $QWI.ja bleed-out (😫), efficient NAV predicting methods, 2019's Top 10 Dividend Yielding Stocks (mini-gem?) and of course which other stocks catch their preference right now. @RTRowe speaks on "that Master's tweet" (http://bit.ly/316rR6J 🤷🏾‍♂️) and gives his plain-speaking opinion on the obvious state of the overall industry skillset as he sees it. They close with their thoughts on the possibilities for $GK.ja's imminent takeover of $KEY.ja...and @RTRowe manages to find a way to sneak in a(nother) Dad Joke (R.I.P Mr. Wacky). Come for the gems, leave with Key? Enjoy! Contact Us Here 👉🏾 [e-mail] Follow us on Twitter here 👉🏾 www.twitter.com/Earnings_Season 🔗Links🔗 Sygnus IPO Prospectus - http://bit.ly/2YDDJfm QWI's NAV Tracker - http://qwiinvestments.com/net-asset-value/ GK's Key Takeover Offer - http://bit.ly/2RGayGz Sygnus' $15M Debt Raise - http://bit.ly/37IAC9G Sygnus' Latest Aruba Investment - http://bit.ly/2RYn4QI Alliance IPO Announcement - http://bit.ly/3aZ7zkr Sygnus Arranging Azan's ABC Move - https://bit.ly/2S0geKo (Thanks to @5Solae for sharing this one 👌🏾) 🔊Shout Outs🔊 @msgillyj, @Tantolifestyle, @__todaysmoney, @Khaleel, @crlb__ ★ Support this podcast ★

Hi guys welcome to earning season I'm Randy at RT Raw and I'm Danai at H Danai and we are earning season that you know and love as we do every week We're trying to give you guys As much value as we can For 2020 Hope you guys have liked How we're doing so far We started off strong With Miss Gilly J Gilly

J Her name is Jillian Not Gillian Gillian is a male's name sir Boy Jillian The skunk in America Yeah This is not the first time

Big up Big up Jillian Yo Again Somebody Somebody was showing me Their notes On their phone Cause she was Running through her This is not the first time. Big up. Big up, Jilly. Yo, again, somebody. Somebody was showing me their notes on their phone because she was running through her financial planning and thing. And lo and behold, you know what I'm saying?

So she just started listening to the podcast. But the link for the podcast is higher up in her notes than Jilly's blog. So she found Jilly's blog before and then she came on the podcast. Oh, I like that. Yeah, reach.

So, I was like, oh, reach. She joined Twitter recently and then Jilly. Big up Munchie,

you know yourself. Is that really her nickname? Yeah. How can I lie to that? No, we call her Munchie. It's our friend at work. Okay. Yeah, man.

They got Munchie. Yeah. So, yeah. So, she's sitting there. Jilly was in the notes. Was in her notes for her financial planning in her future. She listens to the podcast, by the way. I like that.

So, she could hear herself. So, she planned to get that house. So, Jilly really had that reach. Yeah. yeah to be honest big up jilly with that reaches all right but he's worried about it is right yeah yeah yeah yeah where do i go where do i go where do i go this is me trying to figure this out so miss jillian miss jillian jillian jackson i don't know why it is happening to me i don't know why it is happening to me it's like it's like you know like you're like don't say red don't say red you know one of those things like he's somebody you think so much about not saying one thing

jesus christ i feel that i'm thinking i don't say don't say don't say jill jill gill don't say gill say jill jill jackson jill jilly jackson jack jill there we go jilly j bigger up um i had the Jill Jill don't say Gil say Jill Jackson Jill Jilly Jackson Jack Jill there we go Jilly J bigger up I had the pleasure of speaking to her

and some of her team members this week last week bring a celebrity into the house no she invited me they're used to her they're used to her

but it was a good I thought it was a good session I tried I tried a good session I tried I tried a technique I've been trying to perfect in terms of

how to get my information across how to get my information across and you know simplify things and simplify simplify what's needed and certain concepts

in like a real way simplify so I tried it with them which is literally a story but I just used my life and my story of my life but i told specific things that happened and certain events in order to show how to utilize other things i hope anybody listening to this template for anything go ahead there you go free free free content um but yeah literally attempting for my life and to show them what's going on what the hell was i saying yeah

we go to her place and oh yeah so yeah she invited me to come and talk to some of her staff members um so our team members and staff members team members and just general stuff you know getting started the process you know to look out for or to access certain things and i don't have a limited amount of time so i wanted to get information across them and i the best way possible so like i use little bits from my life and just you know put put put it they seem to enjoy it and i like doing it and i think it went across because people you know people ask you about it and they have five minutes to talk to you and i want you to give them the world of what you know in five minutes yeah so like your motivational speaker no sir no jesus no no oh god no. Oh, God, no. No, certainly not. No.

No. No. No. No, no, no, no. I can't. No. Locked down the stadium. Not for me.

Not for me. Not for me at all. Jeez, no. Jeez. Yeah, so people listen to us. We talk about business. We talk about everything. Anything interesting. Of course, we start with the market.

Of course, we care. We spend a lot of our time. But where do we start? Anything hot in the market that we miss since the last time we were here i know we have um that's one thing i i know i think about it like the jc news feed i think about the article like which articles have i seen and i really remember yeah check this signals signals it wasn't in the news feed it wasn't in news feed no yeah but well what was in the news feed was them signals capital yeah the whole family the parent company from the company that we own they so the management company they took a stake in a company in aruba

oh well i was just going to talk about the the capital raise oh the capital because that was on jc's front page um meaning that just just the permission i don't know if we've have we had a podcast a podcast inside meaning the official permission we did we did mention it and we did the clip in of course but i don't know if the official mention was it that's me no no i haven't done any official i haven't spoken about any official i think we did oh god somebody's correcting the microphone right now we did because we remember we actually put in the khalil i big up khalil what did we put in we spoke about barry sander is and then i think you're right i don't know if we mentioned the official notice all right so i know that there

is a news article that speaks about not the news I don't want to go there yet Because that is post raise It's just them saying that they have been given The permission to raise it That's what I'm saying For me in my mind I'm running it along a line So there's that There's we knowing about it from a long time

Last year I mean it was said She had a wonderful interview with Burris And I mean, it was said, Kalina put it on. She had a wonderful interview with Burris. And we went through it again. But then from that, lead me then to part two, which is the article which spoke about them raising part of the money. So, the promises that they'd raise the money in two different ways.

In debt and equity. Debt and equity. And they said that they've done the debt raise already. So, that means that they have money the debt raise already so that means that they have money money started working already yeah well then the third article

was to say that's how I went along the line so the third article was to say that they have bought but yeah but that wasn't yeah so it came right after

Signos Capital yeah man so after same time I don't remember in which order I got which but I know that

Signos Capital took a stake in an Aruban company. But to me, the way Signos Capital works is we do securities and we have a pool of funds in Signos Credit Investments where we can draw up and so we can finance the opportunities we present to companies. So they say a good company, they want to finance them, want to help them out, you know,

and they put the shareholders in there in some way so maybe we'll be doing that we'll be doing a debt for them or some some level somehow but it's going to work out where we get returns from the deals that signals capital itself does our structures so the way i see we have a foot there in some way and so then the first foray into aruba they had that thing with gas and azan with the um supermarkets was it known that it's gas and azan oh okay as in we you remember we guessed yeah because we knew about the gas and azan thing separately and then we learned about signals later on and then later on having something abc so i don't know if i've ever seen it but i don't know if the answer is it was supermarket

links it was just a supermarket chain how many people in Jamaica could have done that so we did we might have guessed

so alright so well I mean I hope it's him I think it's him I hope it's him actually I just want to see Jamaica everywhere

in this world so if it's him that's just Jamaica having a bigger footprint all over again. So big up to him, big up to Cygnus. If they're working together,

then big up me. Or companies doing well. Yeah, they're right. But you said something that I think a lot of people might not pick up. You said Cygnus Capital. Yeah, so Cygnus Capital.

Yeah, so they do securities. They're a securities dealer. They're licensed. So they issue securities. They can structure securities dealer. They're licensed. So they issue securities. They can structure securities for companies. They do that often. They have a pool of funds that they can draw upon because they manage our funds,

which is the signals credit investments. They draw upon that pool and invest it into companies. And I think it's sensible for them to marry those two. We do a lot of deals. We see a lot of deals coming in front of us. We make deals for people. So let me put's credit investments into that so the shareholders and our section of capital management can do can benefit from the deals we do structure so makes sense make a holy person says and

oh yeah i think it makes sense to me but i think you might have lost people this is a company that owns Cignos. It's a company, it's one of the companies within the group. One of the companies within the group. Managers. One of the companies within the group. Yeah, so what I wanted to make clear to people is that it's not the SCI J&B. It's not SCI J&B.

No, it's not one we own. On the JSC. It's not a listed company. Yeah, it's not a listed company. You find that in Prospectus. You can't find it there. So very often here at Cignos did a deal it's not this sjmd sjmd lends money it doesn't structure deals it doesn't go out and it doesn't have doesn't really have like

employees in that way where you see clients and they're not they don't do anything there it does invest in companies so that's not sjmd that we own sci s but we do get benefits from the movement of signals credit credit signals capital management but why speculation you want to go into speculation i mean you would have speculated it's what we do anyway I think you were going

on a line that I was trying to avoid continue go well why is there a specific reason you want I don't know

it's like because that's what we do I don't know I don't know speculation but it's I don't know I think I was protecting

maybe they haven't said it outright that's what they do But they never do If you wait for them to say it It's already too late I know what I hear

But you know Show the people what we do That's what we do That's what we do Oh yeah So basically So yeah Me and Randy

So we Randy and I Randy and I Sorry Thank you Randy and I I heard it's not actually Incorrect to say that

But let's go Depends on the context I think I was Then I was going to look up The article guys And send it to me And that will be in the show notes that's very important i was incorrect just now though i think but randy and i we say we my english teacher so we so we are so we are licensed securities dealers right and we structure deals so a company comes to us and they want us to create a debt security for them so i

want to make they want to make a bond security for them that i'll talk to the people and realistically but they don't want them either can't get it from the bank or they don't want the rates at the bank giving them so the bank say yo well anybody at 16 percent and you're like yo 16 percent hi brother yeah exactly right now you're like yo you're 16 percent exactly right now you're rough even your car loan now is like eight nine percent i saw myself up so that's gonna tell me about myself but if you if if the car loan is that cheap a business definitely needs the best rate because interest is actual money lost to them right so i just want to explain that what what reason is for people okay so i I think Denny and Randy and Denny and Randy made the bond for them

which is, we put together the money. We find the money. No, not even that. We just say, these are the terms under which money

will be lent to you. Yeah. We are going to find the money. Yeah. Say, Randy and Denny have a company with a bag of shareholders

and the structures put a lot of money to that company and that company's purpose is to lend out funds. The best money is personally or we don't have enough money

to fill every single bond that we do. But we have some shareholders that give us a company or whatever. There's a pool of funds to lend out. Then I just draw

that pool of funds whenever I do deals and fill fill the thing there so fill the bond or whatever so all the money I need to lend out

so I lend the money from the pool of funds I have here which is a company I think that's what SCI, JMD, SCI SCI, JMD SCI and SCM

Signos Credit so Signos Capital Signos Capital Management Structures Bonds And notes And then

Signos Credit Investments And I think they also I think they also manage SCI Oh yeah They definitely manage So they also manage The listed companies

I think So what Danai is saying That SCI The listed company Is just almost like The cash hoard Yeah It's

It is the vehicle Of saying Hey we have great deals Happening Do you want to fund them Give it to us the listed company is just almost like the cash hoard yeah it's yeah it is the vehicle of saying hey we have great deals happening do you want to fund them give it to us and this is how we'll fund which is why they pay huge dividends because they're designed to not keep too much money exactly or cash come yeah either new deal or i get some dividends they use that term they popularize that term which of course the long time experts know the people have been in the industry know the dry powder yeah so that's what they call their cash so they don't leave too much dry powder if they have a way for cash they need it to do something so that's why i put together

we're talking about speculation caring about the people so i put together the the idea of um cygnus capital taking a stake in a company in aruba that is a chain that have a bunch of stores. A bunch of, what are they? What did they actually buy? A bar? Yeah, they have something of that sort. Yeah, Aruba Wine and Dine. That's what they took a stake in.

Aruba Wine and Dine, yes. Curacao. And so they mentioned two Cygnus Group companies. Cygnus Capital is entering into a strategic alliance with Aruba Wine and Dine. And that's a release from the Curacao Financial Group. Through its private equity fund, Cygnus Deneb Investments,

the investment group acquired a significant shareholding interest in Aruba Wine and Dine. And it's part of Cygnus' effort to increase its portfolio in the Dutch Caribbean, blah, blah, blah. Okay, so let me take a,

the buy-in to the thing. The thing that they bought into is pretty good. I mean, they court uh doctor the director dr johnson um and he in essence is they put together it and they have some experience here and i'm showing them experience in other words i've shown that there there's some impact in the market and it's coming through from other things no the point i made about speculation is me saying if one part of my thing is taking a stake in this company another part of my thing is funding it and i'm wanting them for them to take advantage of yes i think they funded deneb investments in some way so they can take a stake in signals in aruba when yes and that's in

their group to signal them but i said that to say that i think it's natural to assume that it's very possible they're going to list that oh god you say this is a company yeah this is in jamaica why not yeah i love that yeah listen in jamaica in cop we put assets in saint louis if you need to or whatever even keep you exactly where it is and it's listed in jamaica it gives those people an opportunity to cash in on the investment it allows signals a great state because they're in from early and they're also paying off their debt so imagine if they raise the money through an ipo to pay off their very same debt to themselves at um at at the agreed rate pre-agreed rate so they get back their money early plus them own shares in italy so they list

those shares go up in value plus them give themselves through sci you know preferential holdings give themselves and give us yes i don't know i would i want to only hope if we if sci gets something then we get we get to you well at the end of the day you are correct yes any benefit sci touches us greatly yeah yeah yeah yeah yeah big signals rapidly rapidly one of the most interesting local companies in the local financial space anybody has anything else interesting happening financial space last time we spoke we spoke about proven's launch of their uh oh the signos article they mentioned that they might it's they're looking at rights issue or apo as the means to raise yeah for the first time they mentioned in an apo you and i had a conversation about that you want that one public oh yeah sure

yeah about the apo um like why would they go why would they consider it you know my thing already you don't say it unless you mean to do it right that nowhere has APO been mentioned until now for the first time and I'm sure these these guys aren't light they know what they're doing um so if they mention it my we can't take that face while it's being it's being considered um so come down rights issue versus APO what do you think all right so i i think they go if right apo basically is we know our shareholders can shareholders like one more than just our shareholders well tell people apo is additional public offering so i already raised some money on the market through an ipo so i need to raise some more money and i'm going to make

just ask for more money for the market that's really just gonna issue more shares and just sell it just make up more shares and just give you money for it yeah yeah i can't do that yes they can as long as the company allows allow them to our shareholders agree yeah and um but if you think until further i think but would not dilute my holdings not if you buy not yeah but if you don't if you buy yeah then again if you if you well apo is very like thing there that you know because unless there's a so even if i think there even if there's a share pool for regular shareholders then if there's a pool where shareholders if there's a pool for people outside of the rightholder of the company, then you get that out the moment that person buys into that pool. So I own another company, right?

And I issue some more shares. I issue twice as much shares. So one share, issue two shares, and say, Randy, you can't buy. In fact, I'm saying to you, I get watered down. Immediately. Immediately. Yeah. Yeah, but that's if you're an original owner of a certain percent.

But like somebody with less than, at this point has a hundred percent so so i mean no even then even that think about it oh yeah yes sorry yes there must be some dilution once somebody new comes into the front there must be dilution exactly there we go there we go there we go there we go yeah uh and of course you you are saying so you are doing on the side of the api i'll do the right issue then uh well i tell you right issue is pretty much same exact thing issue new shares um until the shareholders but yeah but current shareholders have the right to get it so that kind of says that kind of forces the non-dilution yeah because nobody new comes into the pool that's why people do it unless somebody refuses to take every right or they can sell their right to somebody or and then it usually goes to

other shareholders first and then after that yeah yeah so much so much you don't even touch public money at all but some allow for in the case where you don't buy yeah then probably can't buy into it yeah there are a couple examples of this you guys can use a pjc search tool yeah um why do you think they'll do an apo if they do well it's for cats are white on it which one you think they'll do you pickO? If they do, well, it's for... Castlewide or net? Which one do you think they'll do? You pick one, I'll do the other. That's right. So I thought you'd pick APO.

I'll pick APO. So Castlewide or net? So I know there's a lot of money right there in the public space. My shareholders are X, but I want to raise quite a bit of money. Yeah. They tell us so much. 15 or 18 mil? 20.

20 mil. 20 mil, but they have some already They want to raise 35 And they raise 15 already And so they want another 20 Yeah For You guys want something

To compare that to in your mind They're trying to raise More money than First Rock True Yeah Yeah So then The thing there

First Rock is like 16 I think Yeah With the upsize To put money to the public Because I know that It's easier for my public to fill it than my shareholders because there's more people in the public which is the jmnb which is what jmnb went with yeah because i had a huge thing to fill jmnb because my shareholders can still apply to the public yeah

i might even give my shareholders a pool yeah okay now we're talking it makes sense all right yeah you might give your shareholders a pool. So they still get diluted, but there is less of a crush. You know, there's going to be a rush, right? So they get, they get preference on getting shares in the actual offering.

Yeah. So yeah. Let's work with market psychology. Also simple as the market likes to be. Sometimes the last time they heard APO, the first time any of us heard APO, hell, the first,

I think maybe the first time i heard apo was um was jamie yeah successful today we're talking it's like a boy you get me you know people people expect oh so apa was good one time so yeah good no select m must act the same way because select f did uh you know select f must have it must act because wigton did uh even though those three companies are quite different. Well, two of them are quite different. They're different, those two of them are quite different. Yeah, well, no, one is M and one tracks a different.

Anyway, so the difference in, what the hell am I saying, difference? But yeah, you said, let me get back on track apo and he says because it allows them to cast a widening so more people can come in and you can have a reserve for shareholders um i say rights issues are right issues the same thing as i said but you have the right to get it uh what i think that our rights issue i mean i don't really have that they could add a rights issue it it allows them to keep one i think they have some amount of ownership of the shares that they do want to keep um yeah it keeps it keeps their interest it keeps their interest easier you can

i don't lose percentage of their profit at all exactly yeah i'm just i'm just raising this money but then it forces them to find that money all right yeah um let's assume let's say that i don't know if this is how i said but let's say Signos Capital Management manages SCI, which is who we, Jamaican shareholders own shares in, under JC. And so we, SCI would buy into the rights issue. So let's say they own 25%,

for example. SCM buys into SCI's rights issue to the tune of their current ownership in order to avoid being diluted. It would mean that they would have to find the money, which would mean that, you know they would have to find the money which would mean that you know they have to find the money i have a picture of my pocket yeah to fill this and i know that yeah yeah or get diluted so you think that might mind being diluted no not really because you talk with an apo because yet they have the

golden share they don't care they keep control no matter what and I don't think they took up much of the actual outstanding shares in the company at all like SCM

I don't think they took a heavy position yeah that's why I don't think they have a big position because it really is the money pool I think who had a

position in it were the shareholders were the thing the principals of SCM but it wasn't like they took a heavy heavy position too you know you mean in terms of company ownership but it wasn't like they took heavy heavy position to you know

you mean in terms of company ownership because it was a personal wealth exactly so I don't think they were so

were so yeah so now they're not really looking at the company ownership on a personal level which is why the golden share is there

yeah they just want to be able to hold control yeah so the golden share is there yeah yes they just want to be able to hold control yeah so if the golden shares of control the actual shares they own is personal benefit benefit i believe my stock going to well and buy some boom yeah what are they you remember what they rewarded on i don't remember um they have a hurdle rate and it's percentage return on the portfolio percentage return on the portfolio and then so they have a management fee for the assets and then a percentage return on portfolio heard the rate

performance fee hmm the whole their own shares the whole their own shares who that's the sci we mean no I don't think so you don't think so the whole anything that hold their own shares yeah I said that's the thing, the private. Yeah, but I'm thinking... It's not a private investment. Yeah, but you get... I'm thinking about their hurdle. You know how it goes.

If you can... You can benefit through a rights issue if you do it right. And then you can... Your share price movement could influence your gain. They might just buy into their own thing there. So I'm asking just because that's a

it's an easy gain to make and it's value it's value and my my it's a target of mine like it's

am I going to take I'm not going to take the road to help me with my but the thing is you know the industry people don't read the signals guys

the signals guys are proving that they do what nobody else is willing to and they're benefiting from it yeah true what they're doing

right now is what people complain about all the time people not giving money to SMEs hey we have signals

signals found a way to work out something new so yeah we'll have to see what they do the mezzanine

well you know why I'm saying that because at the end of the day I was looking for the benefits of shareholders i hear to make this money so if i care when they want to make this money too and i want them to make the money on the share price because you know it goes in the rights issue you

usually get that chance to make some money because you get some shares that let's say the shares are worth a hundred dollars you get some hundred dollar shares at $50. And then the day after the writing sheet is done, those shares you bought for $50 are worth $100. And so that's a good percentage gain that you make

to make on your money. And if they have to give themselves that benefit, then obviously you can just ride the coattails and get the same benefit twice too. And when they do sell

those $15 shares, they still actually get that money. and get the same benefit twice too because they would and when they do sell those 15 shares they still actually get that money so they actually get the cash for it yes so it's an actual asset and it's about about 15 yeah so it's at 100 then the money that sci will be taken in will be 100 for each of those years instead of 15 for each of those shares whoa i know you just lost a whole heap of people ah cool cool so buy some shares in the right issue right yeah but it's sci buying sci shares in the right issue yeah assuming they're allowed but yeah i think they're allowed to but i don't think they're doing it but cool i think when you own your own shares there's a specific line that it goes to there's a thing i was doing some reading oh yeah but whatever yeah share buyback on all those issues if you

know if i jsc prior i think they gave themselves the right to that share buyback um in their perspective it's a nice document but yeah i'm gonna link that too i have to look at the the clauses of the bible because they had they had clauses on it yeah but yeah um setting there they bought the shares back about right the right issue and they bought shares in the rights issue for $15. If they didn't take it up, they'll be taking $15 for every share they sell, right? So they take up some of it. They spend $15 for all those shares instead of getting $15 for all those shares. But then they go on the market and sell all those shares for $100.

The money actually goes to the company will be the $ dollars yeah for each of those shares instead of the fifteen dollars because they spend better than can even do even spend the money on getting it and issue the shares to themselves yeah and that depends on them do it no and an issue like a note for it is like almost like a loan oh okay i see what you mean yeah so yeah i'm assuming i make who knows i don't think about that it matters i'm sure to the accountants i'm sure there's one there at pwc going no or yes or who told you but um you you you if it's allowed and it's allowed you can and and the cost for it if there's some cost to be structured then the cost would be at 15 if we stay that it's paraparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparaparap Parapassu Parapassu which episode we mentioned Parapassu you remember? no man remember you need to know these things

no not really I want to say it's like episode 3 somebody somebody somebody tell us which episode we mentioned Parapassu

but yeah that's an opportunity in terms of a rights issue but it also means that they're raising they would be raising uh a first rock level of money more than first rock level of money from a limited pool of shareholders already yeah right somebody right now also mentioning say yo i remember i saw signals in first rock ipo prospectus you know what that was capital management though yeah that's capital man yo those guys are so smart but you look at the thing there though i call it again the way signals is split too with the rights issue yeah the usd people aren't very active true so will they be so inclined to take up in the rights issue?

There are people, you know, there's always people who's always going to buy the US version of a share. Even though. I expect they'll do the same as the prospectus, the IPO. One for one? If they buy this, then guess what? Anything you buy, you do what you want it to be. And that's what it's going to be. Yeah.

Damn. what they want it to be and that's where you get this is going to be yeah damn but if it's a rights issue then they will be issuing a certain amount based on the pool to every single shareholder well not necessarily there's no it's all all of it is one set of shares but guess what you can just they just have it in in in, in JMD and in USD. But the right, the right, the right of shares you are able to buy

is based on my current, is based on your current holding. Yeah, your current holding is a percentage of total. And suppose I don't want to take up my current holding. That's your problem. You did not use your,

your right. It's like choosing not to vote. But say, a very small percent of the USD people take up the rights issue. And then the JMD people don't over-subscribe their shares enough to cover. Then they don't have to raise less than the money they target.

When you say cover, what do you mean? So, rights issue. Generally, what happens is I often... No, man, I get what you... I don't think we need to explain it again, because people are probably bored of the third explanation. I get it that you have to... You're separating the JMD and USD.d based on your shoulders but you shouldn't because it's the the company has

a total you were the one who brought this point up you know you're correct that cygnus has one total shareholding and that total shareholding can be expressed in jamaican dollars or us dollars so if we are giving out x amount of money we're giving if we are giving out X amount of money, we're giving out, we're giving out X amount of shares as a rights issue, but giving out X amount of shares

as a rights issue. If you say, if USD holders don't take it up, but Jamaican holders might just take it up. Yeah. And if there's more left over,

you know how it goes all the time, then everybody else has the opportunity to take it up. I think you understand me. Okay. For every 100 shares,

I can take up, every 100 shares I own, i can take up every 100 i own i can take up 10 shares okay cool all the u.s people not all of them take up their 10 shares i get you so there's a small pool left over of shares to be allotted and the rights the jmd people they never oversubscribed their shares you know to spill over and collect all the USD shares that's left. So then they would have failed at raising the amount that they wanted. But then that would allow them to push it to the public,

usually. And they would say to the public under the terms of the right to share. And I mean, they want to get dry powder, so they're going to do it. It makes sense though. But you know,

it goes simplicity. APO does make sense. So APO over right to share makes sense. It does not bother what else else do it. Yeah, because you don't have to worry

about doing that. i can still reserve shares for everybody you're going to get water done but at least you get a reservation yeah let's talk real things though you want to get the share price to fly then you make it you put a reserve for shareholders as of let's say you want the apo open march one you say anybody who is all who own signal shares as of February 15th mm-hmm yeah our date and recording on 14th or whatever that is and February 14th between now and February 14 the signal share price would fly because more people would go to own more because of more shares you own well it even though they were they were it depends on what I think that's I want to know if their

hurdle rate is linked to their share price because you do it's it's the performance of the portfolio not the company not the shares and the company doesn't own his own shares and you think that outside of maybe personal interest and the fact that i believe that they are paid they're are they not paid um I did not paid in us in in in shares not a paid management fee money not just cash sure yeah I've never happened seeing signals his share capital increase hmm I really is the lie I want to believe I wanted to care about the share price yeah yeah they might you know sometime companies care about the share price. I understand. They might, because you know,

sometimes companies care about the shareholders or caring about share price. Yeah. But you know, sometimes they really don't. What are the top 10 owners? ATL, Pension, JCSD, Trusty, Sigma Optima, MF&G, Hidden Accounts, Hidden Accounts, NIF, JMMB, Equity Fund, Heart Trust, hidden accounts, NIF, JMNB,

Equity Fund, Heart Trust, Mandala Incorporated, who that? Do they tell you, um, Cygnus? Like what,

the board, the link? Yeah, they should. Very important. But yeah. So, I don't think they care. But yeah. So, I don't think they care about share price.

Or if they don't, then there's no real incentive for that. But you know how you go. You want to give shareholders a benefit. So, if that's the case, then it always only makes sense to at a certain date. Because you don't want to come to a channel where this guy says he shares and then

he says he owns. You make a certain date where if you't want to come to you know these guys sell them shares and then him but him saying they own whenever you make a certain day where if you own if you're under record at what date then you'll get going to the reserve it always makes sense to have that date there so boy it will affect share price if that's the case because i don't think that they care about share price to do that for the sake of share price unless they care just personally personally and i think them guys banking beyond them shares so yeah i really want to believe this one though i mean they're just wanting free shareholder value oh yeah definitely yeah yeah so i think that's i think that's a real thing um i think the thing is companies see that differently you know you know that shareholder value is not necessarily what they'm thinking about share price they think about the company doing better so

you must have the share price doing and for them company doing better yeah and for them because signals represent something else than it would represent to you and me yeah so then just they they would be more concerned with the long term they're okay with not so i would hope you know it goes sometime but on the flip side apo or rights issues sound nicer when it's at a huge discount to the current share price oh definitely yeah so that is an incentive in the in the thing to just have a have it fly not necessarily because guess what i see the current share price oh no the apo you state the apo price from jump so if i let's say i say it's you state the api price from jump so if i let's say i say it's let's let's say signals is 27 dollars and i say i'm giving out um 13 shares at 13. yes i wouldn't but yeah and so it's all saying

if there's no as a but as that as that is shareholders as at february one so you do that because at february one single share price is probably going to be like $45. And your right to share APO would still be at $13. And that looks like a great discount to market. And that's everybody wants

that profit. I get what you're saying there. That makes sense. Yeah, that would make sense. I'm really hoping that it makes sense. Everybody eats. Yeah.

Makes sense. What do you think about QWI? QWI? QWI. They've just dropped them. They're not, you know, they're not. They're not 126. So that's up under. That's ups, right?

What's up? QWI? It's above. Well, today's like the big day for QWI. Not only is it below $1, it ended the day at 80 something cents. Mm-hmm. Wow. How are you feeling?

I'm fine over here bro well on the on the 24th of january its net asset value was $1.27 $1.26 on january 24th yeah per share and today we're recording this well right now we're recording this well people hearing it's january 29th um well not not the end of January 29th. I said Tuesday, January 28th. QWI ended there at what? You know? The last posted before that was January 17th

at 1.25. So it's been around 1.25, 1.26. The 1.26 jump is not really much of a jump. But it's a percentage jump on a lot of money. So it might just matter. What do you mean? On a bigger piece of pie? From 124 to 126 is a small percentage, right?

But that small percentage on billions of dollars. 124 to 126. Yeah, so 126 to 124. When you're the math man.'s too small a gap 1.6 that's like a fee yeah 1.6 percent on a couple billion dollars three bill yeah yeah that's nice and they say that on two bill yeah so they made good money there 32 mil i could do well with that okay it depends if it but i said people have to try other people trying to um so what i think is wrong i think you try to guess what's in their portfolio based on what was at the other prospectus so they say oh this thing fell and went to i see a lot of people do it. I just ignore it.

I stood back and watched it and made them do it. Maybe I made a comment or two, but I never said anything outright where I think it's kind of not sensible to do it. They sit back. They say, oh, Cygnus probably still

has a heavy holding. Cygnus or QWI? QWI probably still has a heavy holding in carry cement. And carry cement sure falls. So that's the reason why they now fall. And that is based on the carry cement holding from the last carry cement holding you see, right? What I'm saying, all right, cool. Cygnus is easier.

So QWI is easier to track quarter to quarter. Yes. I remember we report on a delay so when the quarter ends you know the price you know the nav at the quarter end and you know and you will get the results 45 days after that and on that day when the quarter ends you can get now calculate how much money they made or lost on a portfolio based on enough movement so to carry cement jumping up and down every time you jump you say oh we make some money it dropped we went somewhere and it said he jumped today and we never make some money so you could guess what else in the portfolio to

see oh this is why this fall he contacted the caribbean and dropped down if he actually still have caribbean and he did his gymnastics wondering what they're wondering what they're like you fully don't know what i'm having guessing into the into the air. Okay. I think it makes sense to be able to watch the NAV. Yeah, because the NAV, no matter what they have, the NAV is the NAV. They can't lie about the NAV.

If you have 20 stocks and the NAV go up and the one stock you know about go down. It don't make sense. Where do the guessing go? I get you. Yeah, so you don't need

to guess there. The NAV there makes perfect sense. And what I like is that they are the ones who put it out. Yeah. Yeah. QWI, well, the link

is in the show notes. I think it's QWIinvestments.com slash whatever it's there. The link is there. You can put it out yeah yeah qwi well the link is in the show notes i think it's qwi investments.com slash now whatever it's there the link is there you can check it out but you can check that they put it up i think every monday so every monday they tell you what it was the friday before so the nav is a nav so uh for people like a quick a quick thing to know is that if it ends the quarter at a higher number and it closed or vice versa, then that's good or bad. So if it ends higher than it opened, then they make money. Then they make money.

And if they're closed lower than the open, then they lost money. Yeah. Yeah. But today, okay. So as of today, it closed at 91 cents.

So the discount continues. You can say that. That's a brave thing to say. There are people there who right now who don't know. I mean, QWI IPO That what $1.30 Okay

Okay Yeah Somebody's down 42% My G That is a big drop I think the The NAV The NAV value on QWI

I think it's A good valuation On what What to track The company Say what What's a good price To buy the company

Okay Buy in a portfolio Whatever As at a certain day good if i said then today the price is lower than enough then what i'm buying the company i'm buying is the assets of the company are worth more than the price i'm paying for it so i'm better than discount pretty much straight up me up to randy and randy has a company that only holds ncb ncb is $2.50 now it's $250 per share and but randy sells me at a value of $100 per share of ncb sells me the company then i just bought some ncb for $100 per share Boom I can swear $250 per share I just made some money

So That's how I see it Boy That's one thing to say But for somebody else All I'm seeing is that Them down 40% Them down 40%

Yeah Them down 42.9% Yeah Yeah that rough That's if you bought that $1.30 Yeah that rough So

That's it Watch it now Look for that turnaround And look for I think the look for so i think the price will be i don't think people watching enough too tough i think they're watching it's a damn about a nav no i think what i watched what i watched for the nav was not far okay i know that it's falling so no it was falling and they started saying boy what i know about this company is doing it's just doing badly so they started panic setting what i know about this company is doing is just doing badly so they

started panic selling and then start pushing the price down people exit for whatever reason and the prices keep going down so the good news of the now if selling now starts going back up i really wonder if they're going to wait until the results come up for him to tell him or something go so did it went right or the results going to say that don't where's the next set of results not the next set of results any results that the nav went up for whatever quarter will they wait on that the not do they watch enough and now went up so i made so the company made money or will they wait until the results are out to say the company made some money by no so in other words i'm waiting for the curve to read i'm waiting for out to say the company made some money and we buy it now. So in other words,

I'm waiting for the curve to reach. I'm waiting to see the proof to jump in. Yeah. But the proof is there. The NAV is at $1.26. But the quarter not done yet. That's true.

Although to be honest, if you buy at $1.26 and you're buying at $0.98. $0.91. You're buying something for... If you could buy all the shares in QWI, you'd be purchasing a portfolio

at $1.26 for $0.98. Yeah, that's a 38% discount. Yeah, you'd be making 38% on business if you could buy it outright. Yeah. Or if you can just put your money in. You see, come back, don't throw people really on. Tell me. This is me

throwing shade at the Buffetologists oh god let's hear it let's hear it this week's Buffets if you could buy

the company alt right yeah then why you know then I it makes sense I don't buy the company

all right you have to look at the value of the company and not the trading value, right? So why didn't I buy QWI? Yeah, don't count there. Don't count there. That's funny, right? It's not funny to me. All I've seen

is a discount. Yeah. But I don't feel like Buffettologists are saying that. It's a discount. That's funny. I see funny things said. You know, well said um you know you know well as you know you and i both have the same thought warren buffett says a lot of things and things and and they are often misquoted very often misappropriated misused because

warren buffett can buy a company all right yes he can yes and he has yeah i don't have three billion dollars though so yeah or you can buy a company heavily yeah market maker yeah so guess what i i know it don't make sense for me to worry about i only make sense for me to worry about buying the company all right if buying that one share can give me the same value if i know that buying that one share i could go down despite what the company is doing it don't make sense to buy the company it don't make sense about that one share or about the whole company he gets the actual assets of the company the money in the company good control the company yeah everything everything fine me nobody wants you and sit down and watch and watch my one share go down and then

say well the company is doing well nobody is caring let me keep watching it nah bro yeah yeah yeah yeah you can't i say you can't you can't Warren Buffett moves and try Tantor tactics yeah if you have Tantor money big up Tantor blacks my artist yeah people don't think

when I say Tantor moves I'm not dissing Tantor that's my artist I just mean that you have to act as where you are when Tantor was by the train line exactly him act like he was by the train line

when a man there in the hotel him say excuse me excuse me and go through your hair him say when he's up on the balcony he on the balcony in aqua is at a level that's him at right look where he's no look where he's no last time I saw picture music using a vault to that bag of money around him

I'm to move from real history to the real but yeah yeah yeah rich men do money yet what yeah we have a serially you know somebody's really have to say it so you're really rich but no you're rich so i don't even say the real again kind of thing rich yeah well that artist money nice you know same song you can see in 10 count in a 10 10 country and get it right that's why you call investing for dividends straight ha big up dividends buy it one time and pick of dividends dividend yield yeah if I can if I can buy a good dividend you then you're good I never want drop these yet but I'll drop one what do you think the company that gave the most dividend in 2019 was yes Scotia Scott that's a good guess uh the company that gave the most dividends in 2019 and

i measured i measure dividend here by um yield so i measure dividend here by yield so the company i gave the most and by yield what i did was i take the i can't but i can't but i explain it get what i don't um the point is that's the most money you'd get from it on average anyway company by yield this is me delaying delaying delaying delaying i can bring it up because i have a phone and it's not coming up at all boy and i know i sent it to you and i don't remember where the hell it is yeah yeah yeah so the company with the highest dividend yield 10 biggest dividend paying stocks in 2019 were boom you're right scotia sgj second biggest curious of course

surprise surprise scotia had a dividend yield of the paid out 472 cents in dividends their yield was 8.72 percent people if i'm wrong i'm sorry i'm not though um you can at me on twitter and ask me how i worked it out i mean that's too easy because i know somebody somebody asked generally and somebody great wrong well you know let me tell the past i'll just say it right now so it's just the average price of career as every day that it traded every trading day for 2019. yeah and based on that average i just took the total dividend yield the person the total yield dividend paid as a person exactly so that gave us scotia jamaica for that dividend yield of 8.72 that means if you own it at least from the start of the year whatever if you're if your average price for scotia share is below 54 015 cents and you held it from the start of

the year you are looking at you got dividends of 8.72 percent means you put a million in there you got back well 87 200 and something minus the 15 tax um second was carreras uh they paid a total dividend of 67 cents which works out to a yield this on the same workout of 7.74 percent and the third was 1834 1834 believe it or not back from the dead yeah i think that has to be the no no bouncing around i don't know them do it but then do it boy Do it Yeah they came back Well this might be because Of the whole average pricing thing Yeah Because they spent a long time

Of the year down the road Which means that They're bouncing around You got There are people So my average price here For 1834 Is $1.08

And the dividend is 8 cents But there are I'm sure there's a time In the year where you Could have bought 1834 for 80 something cents

Yeah Yeah so somebody Has lucked out Because they would have Made an even bigger yield Personal yield there's a time during the year where you could have bought um 1834 for 80 something cents yeah yeah so somebody has luck talk i would have made an even bigger yield personal yield but the yield on it at one dollar and eight cents is seven point three nine percent for the year fourth was dolphin cove twelve dollar eleven average price four ninety five percent yield and the fifth proven j a fifth proven j a not 493 4.93 36 average price 1.78 such a funny thing proven proven j is price was 36 dollars um look at it 2019 you know is it no 70 something yeah it's close to 70 now it's heavy nice there are people who have been holding it for a long time i think i thought it was his apo news you want to hear something i think i think i think that i think the pe is like i want to say something like 14 or something like that yeah but you know where that's how that comes from you know where the one i thought that come from in terms of the pe yeah

um the sale of the access sale access all right yeah and they still own peace all right they got that money it was real money thank you yeah you got that money so yeah even though it's a one-off guess what they still made that money what did they use that money could do something what they said they're doing with it how's it boom yeah finance do they want to look for new deals um no they never them not it part that they used to hold on to their peace in jm b yes oh yeah and i think they're not but there's two more money left from us i think yeah well they might they might things doing with their money proven one two one to watch for 20. one to watch for 2020. um

definitely this is something that i like um i think it's an easy look on i think they have the most room to grow and i think they're really coming to their own now uh yeah so that's a good thing for the dividend yield and ask a small gem what else you're missing out well what do we talk about well the controversy i touch a controversy for a little bit is it really a controversy or are you just saying something i saying something i don't know how do i how do i address this i'll address it the only way i know um well as i give people context who don't know well i'll link in the show notes guys if you don't show notice check the show notes i hope you're listening on a podcast player hit the information section or whatever check your show

notes you see the link of it that link it has randy's truth tweet or something you'll see it from me anyways a tweet i made which for context i was watching i was watching um the masters yeah i don't remember all the details that i showed from today's money they have a investment portfolio of five hundred thousand general rules is that they're for each of the competitors and it gets five hundred thousand dollars and they invest the money for one year period and at the end of the period, they will see who has the highest. It's three people from the finance space and one person who they call the novice. So, the three people are the masters and one other person is the novice. That's a person who's not a professional in the investment space. Yeah, he's a managing director, I believe.

Yeah, he's a managing director. So, it's somebody who understands a business, understands business, and then there are three professionals from the investment investment space and i'd never watched a show before i had been sent you know i'd spoken about it the last year in 2019 i've been sent pictures of what the portfolio looked like people asked me to comment on it but i haven't had the time to watch it or whatever but i like the brand i think i've been saying throughout the period that i think it's been disappointing because at first there there was gain but then i saw everybody was just below the 500 000 so they are losing money yeah and yeah it looked bad so i i finally saw an episode recently the weekend sunday um sunday monday late and it was pretty late i was watching it and i wasn't even paying attention it was just you know one of them videos on youtube

and i heard i said in the background i said i'm gonna perk up like some rubbish i was like what what something never makes sense something that if you you know it don't make sense i sometimes around the jamaica like what so i go back and i watched it and i remember what it was i don't know what the code but this is one of those if you watch the show you know if you want to show anything about stocks you know like some things that are said that make you wonder like yo these are like anyway so it was one of those things saw it and I was like oh this is iffy no funny thing I like that show meaning the things I've looked on the format the idea for competitors 500,000 you know I was calling one year when I first heard about it I was calling As in I

Called the number To apply They gave one number to apply And I called But it just kept ringing Three separate people Who don't know each other Two of them know each other

But they don't know Two of them Three All three of them sent me I think it's a picture They were reading the newspaper And they saw a picture Of the

The call To you know Apply And say Oh you should enter this you should enter i've been getting um somebody messaged me why you and randy not interested in thing they're interested in the masters and so i mean just to re-watch the show i was like no man what i mean joining when it was about yeah there was a cutoff time earlier in the year and whatever we didn't know about it till before and i like the show it's a good idea it's a great idea not only does it not only does it bring people into the market

or should bring people into the market but does that thing that we try to do on the show which is we try to show people the thinking behind our picks and how we allocate things and how we we use debt and you know the skills that we use in our day-to-day to make the portfolio make the moves that we have this is a way for us to explain because nobody's really explaining it right you know my problem already with industry that day i think they need more of that they've been stepping up yeah the whole part of this show is a thing exactly there are people right now listening to this who work at a brokerage house yeah yeah so yeah i like that and the people who see this right now who just decide i'm gonna get serious about their money in 2020 and there are people listening to this

who decide to get serious a couple of years you know we have a nice mix and it's growing every day I like that anyway but I want people to get their things so the tweet

I said I hope people are paying attention to how the professionals are managing money and making picks because that's what the show shows it shows how they make

their picks that's the whole point of bringing industry personnel and calling them the masters exactly yo we are the guys who know this. Yes, we are the masters.

It's a competition between the masters. Which is why the stakes are so high for a novice. I go against the... If I'm a novice, I come out for wherever I come from. I come to this investing thing. And I know there are these guys. They're called the masters and they're better than everybody. Or should be. Or there are these guys they're called the masters and they're better

than everybody or should be or at some level they're better than the normal I am the normal yeah you want to see all the stars do it if I beat them

I make money imagine I beat the masters it's champions league my love yeah so that's all it was to me yeah it's like bold racing you seen

racing Casey's fiance when I first heard it I was looking at it and saying i wrote in fully for the novice because that's the only issue i would be fitting there say oh yeah because yeah because yeah i'm not a professional money manager or anything like that so not an advisor not a money manager neither am i yeah and that's exactly the role i'd think of too so i was like oh cool

i want a novice rinse because i know certain of his can win in reality we know what's happening in the market yeah so i was looking for an office and the show the show in terms of its quality high quality oh yeah yeah and i like the panel sit down thing where you're all cool sometimes like so at the start you had everybody sitting together talking um and then intermittently you have oh they bring on one of the one of the contestants and they speak with the presenter and they discuss the pics they talk about oh what i'm going into next what i've been in my way i'm in it what are my thoughts about it yeah it's a run-on company yeah it allows people to see how man how money can be professionally

managed and the thought that to the process it's a process that matters more than anything else um and so that's what the show is they're doing it for one year each of them get 500 000. so four people 500 000 um one more restriction which we found out about actually later on was that they have a um i think a hundred thousand so So yeah, so 20% of the portfolio must be invested in fixed income. Yeah. So that's like a bond

or whatever. I wondered if like maybe one of the JMMB papers could be near 7.5 or something like that. That's still considered equity. Depending on how

you know where you go. Yeah. The point is that there's 20% for a fixed position and then the rest has, there's some rules. I don fixed position and then the rest has there's some rules um i don't remember who it was i saw a tweet or somebody shared it with me or shared a

screenshot of a tweet point is it was there are some rules around it um i'll go back to my tweet so i said i hope people are paying attention to how the professionals are managing money and making picks if you need your money to grow aggressively in one year they're showing you their level of competence at that well they all started at 500k and i have a shrug emoji so for people who aren't seeing this i mean the link will be in there but if people aren't seeing this the picture i pulled which is a pull from the their own instagram the show's instagram account showed all four competitors um and the none of them were all of them were below all of them were in a lost position and it's about six or seven months into the competition yeah that's all disappointing me for the whole i kept asking how much like every time yeah i wrote are you i don't really follow it more than so every now and then i see an episode

when it comes up in my feed or when somebody shares it in the telegram group so the so my thought was i kept asking how much time left in the competition at every step in the game when i saw where the losses were yeah so i remember we had a conversation about it when i want to maybe the month three or month four we're looking at it and we're like yo it was a picture of the portfolios we're like why the hell would they set up portfolios like this if the goal is one year and that's that level of money yeah 500 000 that level of money less than 500 000 80 to 500 000 yeah for one year why are you spreading it in in why you went in four or five companies if you're trying to get aggressive growth to win a competition against masters little did i know like i mean the person who's in the lead had 488 thousand

but i think he he has been a consistent winner you know so he's been i think he's at maybe better i haven't been watching really but almost every time i saw it he was leading so he's a strong professional he's doing doing something he's doing better than the rest of them yeah well i mean so again for context so that was a tweet i put out so it shows pretty much me saying that they're showing the level of competence and the picture is showing that all four are in a lost position the leader is at 488.7 thousand and the the person fourth is at 410.6 thousand um at six or seven months in and what do i say to that if these are the masters what i said to that i can understand the amateur being done you know amateur is amateur that's cool that's fine and i've heard like some of

the stuff he said i know he's worked on so you can hear the amateurism in there right um so that's fine the professionals and i know this is not easy thing my lord but i don't know if it's the competitiveness in me or the the jamaicaness in me or what but if you're a master you're a master right no this touch is something that i don't usually talk about i haven't spoken about in a long time in years a lot of new people other people new to this haven't actually heard me speak about this or read my tweet and it come i tweeted my third sentence with the years i haven't done those in a while but i have had a long-term problem with the overall industry and i think that many of the things within the industry needs to be fixed and

it's across the board right um and you've heard me a ball about it from everything from how poor jc's in their communication and um the things that they they should be doing and how well they should be doing it and how they should be communicating about doing it and their engagement so um if i think that maybe the industry needs to step its shoes up step again pull up it pull up them socks you know um i was very plain in that i think that the base level expectation from a broker advisor broker advisory company is that i should be able to walk in the door and tell you one year give you some money and give you a goal and you should be able to construct that and in this case i'm going to come completely to equities you should be able to construct an equity portfolio a stock portfolio set of stocks for me to achieve that goal within the year or

tell me that my goal is unrealistic and show me why right no between august 2019 and december 31st 2019 i mean i don't know if i didn't remember if the market was down for that last year but exactly it doesn't matter because stocks went up during that time they weren't invested the money wasn't invested in america so to track that correlation i think it's a poor correlation But I think it's funny That's That's a correlation

That is always drawn for But the thing is You don't You measure against the market For Am I beating Is my portfolio Or my picks

Are they beating the market That makes sense But to say My singular stock Or whatever These five stocks i picked went badly in correlation to the market or the market was going down these five stocks i picked went down that don't make sense because those five stocks over there they went up so the question you should not ask is why did i pick these stocks that went down yeah why did

they go down why wasn't i looking at those stocks there we go why did they go up exactly it's all about the wise something we've said again and again it's all about the wise no professionally the professional money manager whatever your job is to know the why all right there we go now so here's where we're cooking with guys all right now you're talking straight and saying it's a hard thing to do it is it is not the somebody can't it's not lotto you're not guessing you have to there's a process around it so if guessing then we can talk about oh there it is so that's the funny thing we can say what a man play for guessing but if we're talking would say going to say the joke guessing so guessing that's my

you know risk that I guessing is where you would start looking at a correlation to the total thing

because guessing is when you do a random sample of the market pick, choose, refuse and generally random samples are

looked at to track the overall basket but you targeted whatever and you did badly on them looked at to track the overall basket. But you targeted whatever and you did badly on them. You knew what the rules of the competition were coming into the competition.

Yeah. Just in the same way that I would expect that you would know what a client's needs are because the client sits in front of you and tells you their needs. Exactly. So you know the space you're working with exactly you set up your you set it if you look at this as an attack you set up your strategy to meet your objective right and then the tactics are how are you going to try and achieve that tactic

those those that strategy over whatever the set time is in this case it's a year um tweets hurt some feelings apparently um i i will tell you like i told aboriginal talking to i said to him that um about it after because apparently people are very hurt that i said it and i'm insulting to the guys but if you listen to the wording of my tweet well i've come back to that people are hurt by it and say i was giving them a hard time i was giving industry a hard time you don't understand it but you know the usual stuff that people come but i don't want that but i want us to focus on what my point was which is that this is a representative of professional management and over six months five to six months everybody is below where they started during a time where amateurs are making money on the market and i tell people to go madly and fling themselves into any IPO or anything very rare but they've been just stable strong

companies on the market that have grown between August and now mm-hmm yeah loads loads and when I remember why I started watching the program it wasn't even just the numbers that caught me because I knew they had bad numbers from last year it was the explanation i was hearing so all right so the explanation the times i've watched before it wasn't like the numbers got to me but then when you hear the explanations they either that's what i'm going to tweet about this the explanations either miss the mark on we are investing for a year so i'm still talking about they're talking as if the company is a long bit a long term a long term way beyond a year type of thing but i might all right so you shouldn't be in portfolio exactly if you're waiting on gains for five years

online not saying they said that but that's the type of g-star got from them then by talking about this one year thing yeah i hear people talking about whether or not something is good for dividends but even for one year the best you can get is four dividends or one you said you talk about dividends you got yeah eight percent was the best dividend yes so if you're investing for dividends you're making eight percent of course investing for capital gains has some capital gains i realized like i think one of them realized later on in the series like a couple weeks in that oh you know this thing's for a year so he's reorganizing his portfolio with that in mind my thing is that's that's from joe from the jump i expect you to be doing that that is your job you get me and and people say i'm

being harsh but yo i have to be harsh because most people don't understand the reality of this situation i can't even apologize for it so there's something i want to start i should i should make this very clear because it didn't occur to me that the actual competitors name because their names are in the tweet and their um their their names and their faces are in the tweet that those guys might actually think you know i'm coming down hard on them specifically funny enough no i've just been at this fight for so long that in my opinion you take any random four from the indian th three and the results would probably have been the same nothing would have changed in my opinion so i never thought about them but i can understand how they could feel that way and i don't want anybody to feel anything i literally have nothing against any of them i don't even

know them personally i've met one of them once behind the scenes somewhere for a couple of minutes cool enough talking see what i know in the name cool enough interaction but in terms of the work in terms of the thing that i expect personally from professionals where i can go to you and you can help me to get the x amount of growth i think the results speak for themselves and the reason i started talking about look at the wording of the tweet is if these results were saying a million 800 000 700 000 even if they're all saying 515, 580, 570, whatever, even if they're just at that level of growth, this tweet would not have been an insult.

This tweet is only an insult because of the performance of the portfolio, which is to show that I'm literally not insulting because I had no intent to insult them. I wanted people to know that yo people this is something you need to be aware of you need to press your people and i won't find out whether i actually know what i'm talking about everybody can find out what i'm talking about use your results that you care about and i got one of the early responses people saying is

that yo well come on a year stocks are for the long term a year isn't enough time to show somebody's competence full stop on that one that sentence stocks are for the long term rubbish top level rubbish rubbish stocks stocks are for every term every time what if we get it today if all right so stocks are for the long term you want to say say that, cool? 100%. You hold a stock for 30 years, and the last year is the year the stock go up. So, you buy it at 30, and year 29,

it's at 20. Then, in that 30th year, it jumps to 200. Sure. Guess what? You should have bought it in year 29. Here's the funny thing the brother that buy it right before it fly up is he a short-term trader is he a bad trader is he a good trader he just sounds like yeah good trader like okay this is the right time to buy this stock not those 29 years of losses so guess what there's always a better there's always a good point

to get into a company. It's never the, all stocks are for the long term. People make money on stocks across every single term. It's just, this company is going to do what in whatever period of time?

Company looks strong, whatever, whatever. Buy that company at this period of time and get that rise. At the end of the day, we invest in because we want our investments

to grow in value. And the truth is, we want them to grow in value as quickly as we can exactly yeah you think if you tell me if i had the power to make ncb shares which fell by the way to 180 something and 190 something wow i think that's in reaction to trans jamaica you think or maybe bad results coming but whatever it is yeah it's a nice good tidbit for you but if i could get if i could turn the share price of ncb shares from 189 or 190 to 390 overnight by snapping my finger i would you know yeah dog everybody knows everybody knows i'll do it so what i really care about is the value of my assets that i can exchange them for cash that right you know what's funny

and hypocritical what's that the celebration of gains ah because when you're losing for the 29 years you're preaching boy it sucks for the long term but if it say it was there

for your long term but the moment you make that short term gain you are celebrating boy and it's a competence thing you start talking

about look how well I did in the short term and I don't get it so oh that's what you're taught and that's so that's so that's that's a stable way the most real the most if nobody knows somebody knows absolutely nothing about numbers and you can take them from knowing absolutely nothing the i hate to say that i mean about it but let's say that the the densest person in the

world if you're going to teach them, the way that you're going to be able to teach them is long and slow because it's a way that lends itself to being easily taught by our current teaching methods, right? But it's not the only way. The thing that I just want to get out because I don't knock long-term.

Well, I don't even have to tell you that. You know that. Yeah, we rest for the long-term. How long are we talking about, Signos? Quite a while. Yeah. How long are we talking about? There are things that we're planning for that we're not coming for two or three years i mean people saw that that that list going that ipo list that started in the group um that list started from 2017. we just saw your virgin um

because you mentioned that thing there your thoughts on key big up Khalil Khalil mentioned that thing there your thoughts on Key yes from before it listed

yeah from before it IPO from when we thought it was being listed yeah your thoughts on it and you've

been watching it ever since from I know Randy keeps mentioning Key every now and then I think the original version

of that list that IPO list that we started with had Key on it because from before Key even before my

time remember I said yeah Key's one of them companies that list and we'll get to that because Key's. Because from before key even is. Before my time. Remember I said, yeah, key's one of them companies that list. And we'll get to that because key's the next thing I want us to get to. We'll be talking for a while guys.

We're going to jump into that. I'm going to run, jump off this and we'll jump into that very quickly and then we'll wrap it because we know you're listening for long. But I really want to end this point properly because people need to get it.

The thing that we need from the industry, I think I lost the plot a little already. Let me get straight into it. The thing that we need from the industry here across the board is a level of competence that we deserve that our money deserves all right i know that industry knows this i know the industry loves it because you know the industry makes money doing the things that they do they broadcast it they got barita barita had a wonderful

year with their um their their fund their fund had a wonderful set of returns this year. And they shouted that out and I want them to shout that out. You know what I want them to do 2020? Beat it. I shout out to you, beat it. And 2021, I want them to beat it. I like that sort of thing.

That's what I want to hear. You get me? And when you improve, you should love it. But if you have improved and you love it and you shout it out so that you've improved

and this isn't Barita specific here that I'm talking across the industry. In general thing, if you've improved and you love it and you show it and you've improved and this isn't very specific here that i'm talking across the industry if in general thing if you've improved human beings improving something and we love it and we show it all the improvement you then have to loving the improvement is agreement whether or not you want to say it out loud is agreement that i have improved from somewhere so i had some i got better at something which means things used to be worse and if you're admitting that you've gotten better you haven't been things used to be worse and things used to be worse we just have to admit that yo i have a point right now i'm looking at things and saying yo we deserve better right don't tell me a year isn't enough time to test the investment

we knew going in as a year we know people have made money since so let's not try to that's that's how gopost walking away no this right there are people who had i are growing august the people that there are people from that grot that became millionaires over the last six months i know of two specifically who are at my very first girl who are no millionaires and they weren't millionaires when they were and they weren't at 900 000 but even if they were they would have made more money than all of the masters and i find that to be embarrassing i think that the thing to hope i talked to when i'm talking to my friend i talked to you after i tell you the reason why i feel this way straight up yo me and them man are not supposed to be in the same level i am an amateur yeah there are lots of people who think no randy

no way the things you talk about where there's no real but I know how far this how deep this pool goes and I'm telling you that in this pool the depth of this pool of the skill level of this pool I am an amateur I think of myself as you think of in terms of what we think of what you know is capable I think of myself as maybe being a six or seven out of ten in terms of think of how far we could go if we had the money that we had. You have a hundred million years to play with. What are the things you could do?

The things you could extract from the market in terms of how you can do things. Somebody who's at the top. Think of Buffett and Buffett, I'm talking not TV Buffett, but real Buffett. 2007 Buffett, right? Buffett who at him old age

decided he'm going to go into Forex. Is it that level of sharpness? Continuous sharpness? If I call it a 9 or a 10,

I have to say I'm a 6 or a 7 and maybe I'm pushing myself up. Is it maybe access? Yeah, no, of

course there's access. Yeah, but I'm not putting any excuses in my way. Get there and do it. Right?

The rules are the rules. It's harsh, but I have to live by them too. My thing is if i think of myself as six or seven why the hell is somebody who is a professional and i can't set them on the same level as me let's be honest in terms of this skill of picking a portfolio of local equities and it is not something that is uber difficult it is not dead easy it can feel dead easy a lot of times. I don't think it takes anything to QWI's 91 cents today. You think in 2022 it's going to be 91 cents?

It's going to be over $1.91. If you're buying with a two-year timeline, it don't take anything to know, say your QWI is a good hold if you want to hold it for two years, right? That's just common sense in terms of how you think of things. And of course, it can carry to you.'re broken you ask you should ask your license broken if i'm sending people to go to a licensed financial advisor i get scared of doing that to be honest i am scared of doing it because

who do i send people to people they may ask me i don't want to bring up german um he's sending people to me all the time because i know jeremy has made a lot of money for his clients he was an advisor he's no longer an advisor he's no longer an advisor but i feel people vexing you need to give people an advisor you know yeah as in so if our competence for the market jeremy was there like me and him could have talked about stocks on a certain level understood it yeah so invest on his own yeah man definitely straight up ask your investment advisor how much stocks they've invested since start of the year i met them show you oh yeah man so he's been investing from high school straight up um so yeah i mean just that quite a while okay now he's older than

me but yeah not much older but yeah he's been in the market doing whatever making money on the market and the way he thinks on the hungry days yeah and then i thought about things and i i would tell him anybody come to me advisor send to germain and i always got good feedback couple months in oh yeah man you tell me about this and we make good money and everything was fine and he decided to not be an advisor anymore you want to do something else move into a different area of the industry but yeah i think that's a loss yeah but that's for me too yeah i don't feel comfortable fully comfortable just recommending anybody because i know the level of competence that is required from people and yeah yeah in conversation yeah in conversations i've felt the same way recently i'm recommending on

customer service. Yeah. Can you imagine if I recommend somebody and that person is not good? Randy say. Yeah. Yeah. And it's me saying one day,

trying to find, I'm blazing it up because I think that we need it to be better. And it's not about the individuals. I literally am without an individual. So I can, I mean, I can apologize to them

if they feel bad about it. I didn't, I know ill will towards them them but as an industry point i can't be honest if i say i'm sorry about the point because i'm not sorry about the point the truth is the industry needs to be better and the industry is getting better i like that and i'm seeing them know it i see some industry people um big up Kirk who's Kirk Kramer Rowe Kramer Rowe underscore

yeah man yeah Kirk he's on top of it I can hear him talk about the market the things he looks at I thought he was on top of the market yeah

I get it yeah he even helped start the 876 investment movement I read those yeah I'm doing them things big them up again

um yeah I don't want to dwell on this point too long but my point is that yeah it really is it's annoying my thing is guys we deserve better for the money

we can do better let's all do better alright pay these people yeah they get paid to you're goddamn right they get paid to do it

so let's be better alright I don't want to keep people too long so let's go into the real nice things it doesn't matter see the key there lock them up

no you know that are you old enough to know that oh god you know up now you know that are you old enough to know that oh god you know that do you know Bogle you old enough

to know Bogle Randy come on I'm just asking you know Mr. Wacky Randy do Mr. Wacky I know you don't know Mr. Wacky

the way I know Mr. Wacky because to me Bogle was like I know when Bogle became like an artist like it was a big deal you guys are used

to ding dong there was a dancer couldn't become an artist who do you think I am I don't think you're old enough to know when Bogle became like an artist like it was a big deal you guys are used to ding dong there was a dancer couldn't become an artist i don't think you're old enough to know when bogle was becoming bogle when bogle was bogle the dancer but you can't be old enough to know when bogle was a dancer in the 90s in the 90s black roses you can't know you're born i know i know again it was even a thing for us when bogle died well yeah it's, it's called, the thing is called crime. No, no, you know what I mean. Yeah, I mean, yeah, it was a big deal. And the Bogo, the dance, my aunties, I don't know what we were doing at the time.

Yeah, aunties. You're hearing people, that's all I want to say. I'm calling around your home. Big up your aunties. Yeah, well, that's enough of a tangent. Let's go straight into it. We're saying, so the big deal thing that we haven't mentioned yet is the Grace. Yeah, the key for the Bully Beast.

Yeah, so Grace put out an offer to Yeah, the key for the bully beef. Yeah. So grace put out an offer to buy an acquisition offer for key insurance. Yeah, so the offer is we are put out an offer for 100% of the shareholdings and they said they want to limit

their shareholdings to at least 80%. Limit their shareholdings so the most they would take up is 80% at the end of the day. You downloaded the um the notice went up when did it go up last week sometime wednesday thursday yeah notice went up you you downloaded the document yeah yeah that's no longer on the site i can't see it anymore yeah just i

wonder why i think it's up here now okay people have it i think it's out there probably i've been scrutinizing it to see what exactly it says that would warrant it not being there at some point you'll have to come out so just to catch people up to speed

Grace is trying to buy key insurance which is a company on the junior market Grace is Grace that you know Grace that's responsible for the food

but Grace that really makes its money from GKFG GKFG GKFG financial group there we go which is remittance banking yeah but the money really comes from it right yeah that's the heavy cash call yeah but that keeps up but they have good things and they've been reorganizing and being very open

about the fact that uh quick one so but then they really make the money from the food and money from the money and i think remittance not just in jamaica because i believe that they have the remittance license for the region but i think remittance i think to the region has actually been slowing down could be wrong we can always check um and grace is a company that thinks long term and is very professional and very very they're truly a corporation yeah so they're looking down the road and going hey this thing is slowing down it's time for me to try and diversify yeah and change what it is pivot with more energy into something that i know can give me what i need So they're looking down the road and going, hey, this thing is slowing down. It's time for me to try and diversify. Yeah, and change what it is.

Pivot with more energy into something that I know can give me what I need. No, I found it weird. How many insurance companies Grace owns? Two. Two? What are they named? GK. General?

GKGI? Yeah, GKGI. Grace Kennedy General Insurance and Canopy. Canopy. Canopy. Canopy Insurance. They own something else. I don't even remember. They own quite a few things in the insurance field.

But I don't remember. I know they own 50% of Canopy, which is that new company, which has all of their workers under it and also the workers from the Musson Group. And if you think about the Musson Group, I don't want to go too deep into it.

I don't want to keep it too long. Big people.'t want to go too deep into it separate and a whole holy but it's separate officially in a muslim group i don't know i think separate is a separate but they're they're definitely affiliated to ownership at least yeah um and and so i think canopy has a good future ahead of it and already have gkg and they have a couple of other things. But Key Insurance is an insurance company that one, didn't have really strong numbers. It was going through a rough time. And now is at halfway through its tax breaks. It has a 50% corporate tax break.

And it's just about to be acquired by Grace, right? From the sisters who owned it and control it. And are now selling their shareholding to Grace. Now first, tidbit people asking about, know is it is grace buying 100 or 80 percent um they have to put out an offer for 100 because the law says that yeah so it does make sense to let in one go instead of buy it and then they say i'll put out a nice offer just splitting one go and limitation limited take up yeah what that law says is that once you own more than 50 percent of a company a listed company you acquire more than 50 percent yeah you you have to level you have to drop and take over offer to every shareholder now the law doesn't tell you how much that offer

has to be at it doesn't tell you you don't have to if the company costs 50 per share you can drop an offer of a one dollar per share that nobody will take up yeah but a lot of says that you have to do it right um and so they they're at 15 and they know they're going to buy an amount that would put them over the 50. so they just level that takeover offer one time to go for it and they have a lock-up agreement with the current owners to say that you will sell me your shares and the rate of basis if the if if the case so the agreement is if the case comes that I am taking more than 80%, they will sell their shares on a pro-rater basis to limit Grace's acquisition

to the 80%. So they'll never have more than 80% of the company. I understand. And then they did that so that they can keep the 80%, which is the 80% requirement, shareholding requirement limit by under the junior stock exchange, which says to me that they are very interested in keeping that tax break yeah now if i have two companies that

do the same thing even if that's right you don't want to pay that money there is tax there's money out there they want to pay so if if no i'm saying if you think if you think from grace if you think in terms of speculative way if i have two companies that do the same thing and one enjoys 50 no tax and the other one pays full tax very quickly a lot of the business would be start flowing to the other company because i don't want to have tax or maybe i'd have this company buy something else or buy that in order to benefit from the tax break and push this and consolidate everything um i am very excited step two of it is what is what is important to me So now we know that the offer is going there and they're offering

to buy out the shares at 201. Current share price is $4 something. So they're coming in at half of the price. So in other words, regular people probably aren't interested in buying into it. But if you're buying

a heavy amount of shares, which is them buying 65%, they want to take up 65% of the company from the owners. And they said they're going to 80% if they can. They did. I said that, you know.

No, they did. Where? Maybe that's in the same document. I'll have to read it again. I will read it again. What did I read from it? If it's not there, then I will certainly edit this out. But if it is there, and I believe it is there,

that it stated that they were looking for 80% of the company and they were maxing themselves to 80%. And they had an agreement which stated that the sisters who are selling have agreed that in order to protect the 80% shareholding and keep them on the right side of the law, meaning that the new owners, all will happen is that they will do a sort of, this is my words,

a sort of balancing act where they will only sell the bank shareholders up to that 80%. Well, up to that, up to what why it is but if some if somebody else chooses for whatever reason to sell into grace and grace gets more outside of that then then the sisters will keep those shares for themselves instead of selling to grace they'll just keep it for themselves and just limit them to that 80 yeah um that means that if anybody takes this offer which is again i roughly have the price the market price then um that would cause the sisters to have to keep those

shares but the reality is i think nobody's going to take that or maybe somebody will you're noticing something earlier with the holdings no the whole thing so the grace are not the whole thing is that grace has 15 and the sisters no own 50 so 65 percent that he was guaranteed for grace 65 percent guarantee 65 percent on top of the 15. 50 50 on top of this thing 65 but grace said 80. the 80, I think they said, was that they're limiting their take-up to 80%. Yeah, but you're only guaranteed to get 65. Which, the limiting take-up is, we won't go over 80. True.

It's not that they won't buy, it's not that they are buying 80. I'm going to check right now. I'm not going to say too much because I don't want to screw with this, but I think it'll be very interesting. I'll check to see if want to say too much cause I don't want to screw with this, but I think it'll be very interesting. I'll check to see if none of this is edited. So people,

if you are hearing this, then none of it needed to be edited. And it wasn't a document that was made public at the time. Um, and I believe it said 80, which implies to me that there could be a further, somebody else selling, maybe somebody major.

If you look at the top 10 owners of that, there are a couple of interesting people in the top 10 maybe somebody yeah maybe somebody chooses to sell theirs at 2 because they're in from early maybe somebody's in from one and I'm selling at 2 and maybe is somebody who can't own two things hi guys this is Randy from the future me just jumping in for one second to say that i did what you just heard me promise to do which is that i went back and checked the document and um spoke to danai of course and let's just say that the wording of it is very interesting uh i think we're just going to i've left this in just a posterity and it would be hard to edit

because i wanted to keep the flow of the conversation and have people understand it. But I will tell you to not take anything here as gospel. We're not licensed investment advisors, obviously. And also, I think the wording itself, if you can see it, if you can find somebody who have it because the document was pulled. I think the wording around this is something that indicates why it may have been pulled off the jsc site after it was initially put up so that 80 65 15 thing is very interesting that's all i'll say i'll leave it there but um yeah just wanted to clarify but i didn't want to ruin the episode so here you go and in case anybody's saying oh that's why the episode was late i mean kind of kind of, kind of. We were pretty tired when we recorded

and it was recorded pretty late. But yeah, you can talk to me about it on Twitter. The point is, let me not go on for too long. The point is, listen to it, accept it as just one point that Randy and I said. But here, as you can see, Randy was saying one thing and then I was saying another. If you have a friend who you can link,

who maybe downloaded the document when it came out before it was pulled off, you can look at it and see what we're talking about. Outside of that, just a little bit of patience, because this will all come out pretty soon in terms of what happened or what will happen or what the intention is. We'll all see. But the gist is the same, right? They legally have to ask for 100% of the company, and that's what they have done. And I think they have made it clear that they have a lockup agreement with the previous owners, who you hear us refer to as the sisters. And that agreement has them acquiring their shares.

That I think we all know is clear. And once they acquire even a part of those shares, and the sisters are legally required to do it because they have an agreement. But once they have those shares, it then allows them to control the company anyway and i think they want control of the company and they want to ensure that the company that they control still keeps its tax break that was the main point this is me talking too much and i'm going to show something let's go back to the episode hope you guys enjoy it maybe you remember you remember how it was said that ncb sold their jmb shares because jmb was going to get the

commercial banking license and so you know there's i think there's a limitation to one person being able to there's a limitation around how much of jmb did ncb sell when that happened they had to do it afterwards none none they sold that they sold everything to um yeah sure they were they had them as an associate stake and they sold out an associate stake. When did JMB get the commercial banking license? After. Sure. No, I'm not sure. I could be wrong. I'm just asking

if you remember then. I think that's fairly recent. The selling of the thing that JMB stake with selling to Proven and getting it off the books yeah i think that was after jmb got this thing there i hope you're right i leave this in well i mean i made a right i'm wrong we'll always check but we won't get to edit this back so

people if you're hearing this and i'm wrong i was wrong guess what i tell you guys i'm wrong all the time one of us is wrong one of us is right yeah we'll find out i'll hopefully put the right thing in the show notes but i it was but it just cast my mind back to that because if there is a rule around one person being able to hold a controlling stake in two companies and there could be a rule

there could be things like that with regards to start looking monopolistic if it's hard to enter into things like that exactly and I think there is that your trading commission

start looking I think there is that with commercial banks specifically because that's a hard license to get in Jamaica and it's regulated

yeah this is verifiable yeah we should be verifying it no guys we're not

doing it so yeah so you'll find out right around next episode I hope you guys into that

yeah so what so what the next thing to happen is in the process of the key buyout or the key the key offer

is the board of key has to respond to um grace's offer um and i expect i tweeted it that i expect them to say no i expect them to say do not take this offer because it's half of the market price four dollars something on the market right now they're offering two dollars like a bit and do not take it uh and maybe you don't if you choose to get out if you have a big amount of shares on you want you say we're not sticking around with this thing then this might be an opportunity to just get it out anyway yeah yeah and jmb would have to buy it because they leveled the offer yeah so you probably have a chance to gk sorry gk why did i mention jmb there

no i think it's because I'm looking at the top 10 top 10 I know yeah so so there is an opportunity there I think for somebody

who might have a big volume but again you're taking half market value there right so what kind of value

what kind of cut is that basically there's a better price on the market yeah that's saying I can sell for this

but I'm going to sell for less yeah what do you think Grace won with it the usual there's no usual there's no usual for Grace so it's either that's saying i can sell for this but myself for this yeah what do you think grace won't do it the usual it's not you there's no usual there's no usual for grace so it's either thing there ah small push no so my least hope it's a very big hope for me it's just use it to take up their shareholding in canopy but that and then the reverse acquisition or something reserve

reverse takeover or something of the sort yeah and then imagine canopy going up against agicore big hope like imagine if that's allowed yeah that's maybe there's like a regulated industry restriction. Oh, there's also the issue. No, but key was insurance. Oh, by the way. So I was informed that you cannot run health insurance, health life insurance, and general insurance on the same company. Oh, there's a restriction on that? Yeah.

Health life and general can be in one place? In one place. Which is why we have general insurance insurers separate from car also because you know this is no subject is there a subject or car insurance you sure such a quarter owner i know they don't know but look at the way they own it one company advantage yes and they don't own it it's a group of holding not sergeant jamaica or not not not not the insurance company in sagittarius that sagicore financial it's not a business line it's two separate companies it's owned by the same people

it's not a business line so it's not like one company oh it's just that they share owners their shareholders i don't know i don't know i don't know I don't know if that's that's a hundred percent accurate what's that there's nobody that that has general and and tell me who when NCB bought Guardian they sold advantage and advantage does wow no i don't think they sold it before though they did that did happen but that wouldn't but sagicore bought it so that no who bought it sagicore you just told me who bought it sagicore financial group financial group is who bought it or is it sagicore jamaica i think you sure actually let me verify

there you go because i'm thinking that you i don't know what you said about that rule about you the rule i'm hearing is that it's you can't own them as us in the same company so it's not one company so one company can offer and like yeah yeah an advantage is fully part of the ncb group yeah they're they're fully under that umbrella Advantage was fully part of the NCB group. Yeah, they're fully under that umbrella. What's the business line? What do you mean, what's the business line?

It was a separate company, completely. It was, yeah, but they got rid of it when they bought Guardian. I'm not sure that that's the reason. What do you mean? When they took over 62% of Guardian Group, that gave them controlling interest in Guardian Jamaica. And so, but it's following your rule. And a lot of people found that sale to be very sudden. And then Sajikor bought it.

Sajikor that owns. Which Sajikor bought it? That's the question. Sajikor Drew Jamaica. Which website are you reading that on? JSC. Say it to me. Sajikor Drew Jamaica has a sale upstairs in advantage

general by ncb capital markets on unincorporated concerted by a surgical investments jamaica to his holy own subsidiary phoenix equity holding sagicor investments is who is doing that through an unincorporated consortium led by Sajikor Investment Jamaica you're not Sajikor alive this is a

Sajikor group but CapMarket CapMarket Advantage General it would be the same separation CapMarket Advantage General

so it wouldn't intermingle with Guardian the same owners so I don't think that's why they sold I think that's why they sold

AJRC hold on no no no no NCB Cap sold to Sajikor Investments no they didn't they sold it to

another company that is owned by Sajikor Investments that Sajikor Investments has a stake in but do remember say there is um two other owners including the xm the md at least i think at the time he was the md imagine director there's something there there's something to that rule dig into it i won't give the people too much we'll call that one homework but there's something

there i'm definitely going to look into it right now what i don't i think i've been going long enough um so you think that they're going to do something like i mean i think it's the same thing oh yeah definitely i think there's no way the best thing for me to do that i can see put keys book over to g um um gk general so and then general managers and then he does give up his license insurance license and then acquires gk fg that is a wild heavy wild play but not no real risk because the owner doesn't lose anything you could sell that license to somebody if it's allowed i don't know but you might incorporate another company yeah somebody could buy the like the already licensed company yeah like that asset okay the license is an asset and if it can be transferred we'd be not

holding for speculation but guys it's always that what if gk so basically sergey corey key give up his insurance business to gk general so gk general just holds that and then key gives up his license so it's just on a holding company and then it acquires gkfg and then gkfg that full group pays half taxes that would be a killer move oh i like that oh that includes a bank that includes so many things i don't even know if that would be allowed yeah i really want yeah i don't know if that would be it yeah because they're doing regularity approval because yeah there's so much regulatory approval across that well i mean it's a merchant bank maybe you leave the merchant bank isn't fg a commercial i don't think it's a commercial

but no it's a merchant bank oh yeah um yeah that was two that would two come under boj though yeah it does but but but they have different rules yeah yeah because you can own that's why i said there's a point when jmmb was a merchant bank and when they got upgraded to get their commercial license i believe some things change because i think there's a restriction so we will check it but you get the idea i'm with you that i think something they can't waste a tax break you have to take you have a reverse buy something you have something yeah if you want a simple maybe just buy your insurance company yo we could be finding the bike canopy alone you know yeah imagine that's a good goal for me capitalize key bring canopy in and then and then the rights issue capitalize key by lending canopy here hear me out here's my dream

have canopy do a loan to key and keep to like a billion or two whatever six ten billion um well two and a half so this is the 10 billion 10 million us and then key uses that money to buy canopy. Now this company owns the company who it owes its debt. You can't owe yourself. So you kind of, but, but maybe you can, because on the books is two separate,

it's two separate entities and two separate entities. There's a debt there to be paid. And that money have to come from somewhere. Then you do a rights issue as key. And the use of the rights issue is to pay off the debt used to buy That I used to buy myself essentially You could choose to do that

I could be fancy for that and the experts and again after somebody shouting at the phone as to why I can't work There are many ways it can go wrong, to be honest But yeah, I can't In a day, reverse takeover, yeah in a day reverse takeover but yeah my issue with reverse takeover is they would have to factor in muslims they would have to

factor in muslims yeah because muslims not gonna lose 50% why would they lose why would you think that muslims would be in on this also

no definitely as in I just so GK does his thing no does this thing it's it's canopy lends key the money to buy canopy sakino owns canopy and has that debt on its books how much i can't put it on they buy it they buy it all right but we're from muslim yeah and and from grace so muslim would have to get serious muslim would have to get paid i don't i think it's a longer play for muslim than us okay but hold on i'm gonna see if it's a right issue afterwards you know you reserve and it's a heavy right issue if the moment the bio canopy mustn't go on can't be anymore that's cool and i reserve

it don't matter it don't matter because in the rights issue you guaranteed me some future shares i just give me some shares in key for the pre for the to pay a pay pay via key pay pay before thing that payment for canopy fire key by a key shirt yeah but you can do a rights issue to cover the debt and get actual money from the public we're talking like we're talking to ourselves we're on a podcast that is true yeah but no it's true hey well that's how we think i know this is going on yeah yeah because we're touching the point yeah wow guys yeah so if you heard that and so you say that we're wrong well welcome to our minds we're wrong a lot. Yeah. Wow, guys. Yeah. So, so if you heard that and you say that we're wrong, well, welcome to our minds. We're wrong a lot of times.

That's how we get right. Yeah. Excited. I'm kind of excited about it. It's most exciting. Yeah. I thought the most exciting thing this quarter would have been like the signals and maybe Jamaica,

but no, out of the blue. And there's more coming. I am at JC at the conference Saturday and they had an announcement from jmmb new ipo oh yes alliance group another financial group coming right and i think age has come in i think we have cm am i jesus i can't say cm that's a dangerous letter these days uh that what is that what is the C what am I thinking of it's that insurance broker

CAB CAB and I think there's a whole heap more in the off and of course the Trans-Jamaica the giant that everybody is waiting on oh lord

everybody is asking how you feel about it how you feel about it guys the answer is the same every week how you feel about it if it's not in the news then my feelings won't extend beyond the news yeah

whatever it says in the news the prospectus is still out there like everybody else yeah it will be interesting guys I hope you liked it I hope it wasn't too boring

for you I hope it wasn't too long I hope you enjoyed it if not give us the feedback at evermickel.com I'm at rtrow and I'm at hdni and we are

earning season earning season they're your posts combined thank you guys hope you enjoyed this one and you'll hear from us I'm at RTRO. And I'm at H9. And we are... Earnings season. Earnings season. They're your posts combined. Thank you, guys. Hope you enjoyed this one. And you'll hear from us next week. Give us a feedback.

And I hope you enjoyed it. Bye-bye. Bye-bye, guys. Captain Gint