Earnings Season - BrickTalk - 2026 Q3 Stock Market Review - The Turnaround Quarter

Episode Date: October 5, 2026

Recorded live on X Spaces on 2026-10-02.Listen to the original Space: https://x.com/i/spaces/1NGarovLnXXJjBrickTalk is the weekly Jamaican markets conversation from the Earnings Season podcast, recorded live on X Spaces. ★ Support this podcast ★

Boom, test, test, test, try again, testing, testing, then I, can you hear me? Perfect, perfect, perfect, perfect. And one second and then we can begin. What's up, bro? How things? How is well? Happy new quarter. Yeah, happy new quarter.

Happy last quarter. Ah, yes, indeed. Yeah, quite a right last quarter. Yeah, man. Yeah, yeah, it's been, it's been, it's been, it's been, as always, a hell of a year, right? Every year. Yeah, man, he needs, it's spicy. Yeah. Lots of ups.

Lot of ups. One second, I get in, I hear it, I get a whole lot of feedback on myself. All right. Yeah. Yeah, yeah, that's a. ups, lots are ups, lots of downs and I'm sure we'll get properly into it in a second, but I know I'm hearing myself, so give me one second. And as always, hi to everybody jumping and listening.

And as always, if you want to join us, we're always open to that. We'll always love to hear from you. And if you are interested in joining in the conversation, if you have something you want Ask us if you have something you want to talk about, something that's top of your mind. Something in the market, something you think happening. Like last quarter, this quarter, I expect to happen. We'll send a speaking request on Twitter in the space, and we'd love to hear from you, right? So, so anytime we're ready as soon as you're ready.

All right. I think you should still be hearing me fine that. I still hear me fine? Yes, sir. Yep, yep. I guess not. I hear you. me Randy?

One more time then are you hearing me? Yep, you hear me? No. Anybody else hearing me? Anybody else? Can send an emoji or a thumbs up? Thumbs down. Some emoji.

Let me know if you guys hear me or if my sound is completely gone. All right, I'm not hearing you guys. Okay. I think I've sorted it out. As always, people, you know, we can never tell how it works with these live platforms. So we always try to get the sound issues started out early. And we have one person who's sending a very, very early request. Editor K, who haven't heard from all, I think all quarter.

Maybe it's cute who the last I heard from her. Editor K, what's up? Can you hear us? Can you hear me? Perfect. Yes, we can. Yes, yes. What's good, yes. Hi! Doing well, I was just telling Randy, yes, you could hear him. Okay. Thank you. Well, you'll jump on at the right time because I'm sure you have.

you have at least one thing that you have a thought about this quarter no no wow well blank wow well all right i hope the fourth quarter is a lot more exciting for you i don't i don't i don't i don't i don't i don't 100% believe you but i don't appreciate me neither nothing coming to my mind literally nothing really so you know not from from july till now nothing at all no no i'm 100% busy i just looked at the thing and saw that atlantic's a jm was september 30 and i saw their notebooks and pens i'm like coming out of the left field here and then anybody get me anything wow wow so what that means did well did you list to the episode that we had the CEO on?

Of course, I was all over there. Okay, so you did pay attention to some marketing this quarter one. Yes. I bet you if you ask them for one or send an email to them for one, he'll make sure you get one. WhatsApp group.

Okay. Oh, you have him in a WhatsApp group? What do you have? Not him, but. But you have your link. People close by. All right, all right, all right, I like that. Or not him yet, but.

You're working on it, gotcha. I didn't continue working on it, but we'll see. All right, well, no problem. Well, I'm glad you on if you want to jump back in a while you can and you love that either. I just use the opportunity to get us going officially. Oh, big up my money, Jay, eh? Of course, every time. Every time.

You sound like what you sound like what you just check your portfolio. I did the other night. I'm like, what? Okay. Yeah, it's been a good quarter. It's a good surprise. Yes. He's been quite a quarter, man.

Yeah, but excited quarter to say the least. All right, let's get down to Brastax. Let's actually get going. Get going with everything now. and I'm sure some people waiting to see us. So let me just start with at the same time and then we go right into it. My bike is off, right?

No, it's on. So in case you're saying no. Very much on. Can you mute me? I don't remember how to do this. Ah, no worries. Hi, everybody. Welcome to Brick Talk this week.

Brick talk for Q3. And we are happy to have you guys here. and as always I start off every episode by reminding you that nothing I said on the show should be taken in any way, shape, or form as investment advice, right? While you listen to us, understand that we're just people who like market, like business, like talking about that stuff. But only then I's a license investment advisor. And while he's on the show, he's not acting as an investor, as a license investment advisor. He's very much acting as an investor all the time, I'm sure. yeah, we're going to talk this week about Q3 and we'd love to hear from you.

So if you'd love to jump on, send us a speaking request on Twitter. We'd love to hear from you. I would love to hear what you want to talk about. I'm sure there's at least one stock or something that you have in mind. If it's even what's happening with, you know, the people's champ or your specific stock, a thing that you love. And of course, outside of that, yeah, welcome. So welcome to everybody.

And if you missed the early one, whereas I was asking that I, how he's saying, now we're talking about how good a quarter it's been so that's pretty much what we're going straight into so uh we have one one early joiner somebody who joined a center speaking request i've heard malik respect respect sir malik was good hey the last time i came here we talked about a few place that was the us d t a j thing right um since then how long i've J J.H. Tj. H. T.J.H. Sorry. Yeah, man. How long ago was that? Okay, so we spoke a good while back regarding the buying and selling of the U.S.D stock to the J-MD side. Remember that conversation? You have an honest and Malik. We have all the conversations.

Yeah, that's how to ask you for time. I want. But that was the last time. I want, I just want the idea of when. When was I don't remember exactly exactly this year is last year yeah man it's this year man this year man it was like a few episodes back that was the last time I came on the um two episodes right that was the time you were speaking about the supreme ventures when I did a little push well they did a little pullback at $13 and then it did push the 17 I don't know if you know if you know watch the market every day for remember that pinpoint move when the young lady i forgot what the young lady's name she loves supreme ventures yes i was on that episode but um nevertheless we're not thinking of what nevertheless

no man it's important slow out slow down slow down yeah man are asking because i're trying to put some context around what you're talking about and um that that's like april somewhere there somewhere there when we're speaking about um it's quite a few episodes ago it's quite a few episodes ago so you say you were talking about trans jamaica and um and trading and getting into transamerica the people's champ malik manik we're not hearing you at all we're not hearing you properly breaking apart them okay then um my money two things well last week episode why it's one like what's going the whole time damn malika you know too yeah yeah i've

been hearing you i've been hearing you oh yeah we have guys hear me at all we haven't been hearing you at all oh lord oh lord test in testing we're hearing you know so so let's start over so you're the last thing you're on you're on in april um right you're on about rica april and you're talking about trans jamaica at the time right when you guys explain that it's not a matter of it converts to another it trades in both currencies there are a couple of stocks on a matter trade in both currencies trans jamaica is one of them right right so i'd like to formally thank you for last week's episode regarding the explanation of how the 75 versus um 75% majority owners versus the 25% majority owners with the Scotia thing, how it works.

Okay. Because I sniped it. I made a nice little profit. Sniped it when I saw the, I sniped it. So you saw the big rally that happened. The, was it Monday was the announcement? or it was Tuesday was the announcement when they were increasing

it was $75 or let's see you're touching a movie for places we're hearing you we're hearing you yeah right

we can understand so everybody can understand so you can't soon it down a bit you know going exactly to what it happened and talking about

so we can talk about exactly what we're talking about so everybody can get what we're talking about yeah okay got it got it so you're pulling it up now because I'm not seeing it is it is pulled up

So you're saying you bought you said snipe. I don't know what snipe mean? What you mean when you said snipe? Oh, so I didn't, I didn't have it at the time. And then I saw the report. And based on your podcast, I was looking at it regarding, I didn't know that that's how it worked in terms of the, uh, the voting, the minority voters,

well, the majority minority voters can actually bid hire. I didn't know, I thought that was the final offer. Kind of. The boy, Randy, the man them skid, you know? Yeah. Them skill, they're bad. Amazing. Amazing.

Amaze. I thought that was the final offer. Amir. All right. So you guys explaining how it worked last week. Yeah, well, hold on. I glad that you make some money, you know, Malik. I will happy to hear you.

But members, so we want everybody understand. Plus I want you all that nice, right. Right. I'm sure he's been in a day. And there's a thing here where it don't really work, I call you, say it work. Yes. Right? It's not a majority, the majority minority made a bid.

They're speaking in a way that benefits them. What happened is some people who own a lot of shares had a conversation with some people who are buying the shares. And how it works out at the end of the day is that the business. bid was increased by the people who are buying the shares. So they came on 61 before and then talked to them talk to some man with enough shares and then say, all right, let's increase

a bit to 75. It wasn't that the majority minority get up and say, oh, I'm increased a bit. And they didn't increase a bit. They don't have power to tell those guys how to spend their money. So it's not that they get up and

they made a determination and they'd say it go right after that. them and them talk and the videos increased and it also does it and when it's a final offer it don't really work at either right it's not that the offer was given so far and offer hasn't given where a date set and yeah if it if it don't come by this time then you know it doesn't work that hasn't happened so far as far as I'm concerned so it's not a final situation the 75 is not a final offer either right it's it's as it is it's it's it's it's it's it's I'm putting my price out there.

That's all it is so far as I've concerned. Yeah. So the motivation to increase was like a back office kind of thing. You'd have to ask them. That's them. Okay. Okay. Just based on the explanation.

As far as I'm concerned, I'm buying the shares at 61 and you own a lot of it. I own a lot of it already, you know. But I can't sit in the room and say, okay, I'll buy a lot. everybody shares and because I own so much, I can't get up and walk into that room and make that determination of Arizona. So I have to put a price out there and then you who own a lot of shares. So you own a lot of, so you own a lot of them, right? So me you said, boy, I'm going to be buying the shares, ma. You're one of the people I'm buying a lot of shares from. So me and you talk and you say, boy, you know, what you can do for me? And I come back and say, all right,

go to my drawing board. And I'm saying it like this because I don't know exactly. how that conversation happened. I don't know if they came to get to 75s together or whatever. But I come back to my drive more because it's my money I go spend. And I go say, all right.

The new offer for everybody is 75. The truth is either you or it come and say, boy, whatever, you don't, you don't have to give him for 75 either. So,

so, So, Andre, to the moon? So me, I would love to hear that, right? But again, as I was going to say, everybody,

I forget it upon, say all right 7500 it's like everybody thing is not a well no it's it's a everybody thing in this case i don't know it's a no no it's not it's not everybody thing in this case but it's it's a weird thing so you see that's a good wait wait wait wait wait wait what are you saying not for everybody really meaning everybody do have to say yes oh yeah yeah so i i'm saying is quite a degree for us to get on a hundred point if it if it's that's what you want, then it has to be a good amount of people saying no to 75, go on more.

Yes. The 61 wasn't a final and a 75 isn't a final, right? It's only final if the guys were buying it, say, I'm not going anymore. And if we say no and then say 75 and the market said no, then it just isn't bought. That's the reality of it. So they really want it. it is a case where it still can be in the market and everyone benefits from the dividends. Oh, hold on.

No, you need to. I wouldn't say that. Yeah. Yeah. You know what? Let me, let me. So I can be a case where yeah, but the reality is if they come to buy it. They're pushing for it to buy it for it to be.

They want to buy it. So that's that's, that's, but does it regularly on the market. If I'm selling and you're buying and our prices don't meet, and think that. So it never reach a point. But I'm saying if we want more and they're willing to pay more,

then that possibility is still very much on the table. Yeah. I think it's important for us, all of us, to have like a proper, better understanding of the Scottish situation. So I tried,

I've given a growing group over a month, months ago, a proper understanding. I guess enough time has passed. I've said it publicly elsewhere. And we should say no so people can understand it. So maybe, I mean, Scotia is a great point. I mean, we have a good start to the conversation for how the quartering because it was one of the big deals for the quarter. So let me, let me, let me try and explain it again for you and for anybody listening or watching for the first time, them hearing about it or are they paying attention

for the first time. So Scotia has put out the first offer. They put out the first. offer to back let me just do it from the top Scotia Caribbean which is a number one shareholder in Scotia Bank Jamaica they own 72.8% of the shares they're buying Scotia they want to buy since they're buying they want to buy a hundred percent of Scotia Jamaica which is what's listed on the market right it's been on the market for decades You know, it's been on the market for a long, long, long, long time. Right? To do that, you have to get the shares from everybody else who owns it.

Now, people don't have to sell their shares. So there are a few ways for you to get it done. How do you want to? There are a few ways for you to get it done. You can ask everybody for it. You can come with a good price and hope that they'll give you. Or you can just do an overall offer to everybody. body one time, right? And you're an offer to buy. Usually you can do that. Once you get up to a

certain amount, you know, you can, you can keep buying and buying and buying until you're comfortable with what you have or until you get 100%. No, I'm doing something that they didn't do. And you're done I said, I'm skill. This is part of the whole skill there. From the jump, they're very, very skill. They have always spoken about this move that they're doing to buy 100% of it. They've spoken about it and paired it with delisting. So everybody talk about it as a delisting. It's important that you separate the two things. Scotia can de-list anytime they want.

They can de-list tomorrow if they want, right? They don't have to be on the market. What they're doing now is not the de-listing is linked to it, but it's not dependent on it. I want you to understand that. So de-listing is a separate thing. What they want to do is to own all of the shares. Why I keep separating the two?

let's say that they chose the dealist Monday morning. The page is, the money the dealist, if you own Scotia shares, you would still own Scotia shares even after they're delisted. Right? And Scotia would still have to go through the trouble of convincing you to sell them the shares.

Of course, most people have Scotia shares and want Scotiers from the perspective of it being a listed company. It's a lot harder to sell there. There's a lot more headaches when a company's not listed, right? Yeah, because I was doing one. wonder, oh sorry. No, no, no, I was wondering where, oh, I was wondering in a case where

deal is how does the shares exchange in a way like that, you know? The exchange the same way. Same way. Yeah. Me and you, you say, you're saying some shares and I buy them from you. It's just more extra steps without the market, without JSC standing in the way and making an exchange easy. I've got out of companies and we sign. I've called into the people of them who have a contact the company secretary and it's a lot more complicated which I will have the market so with an ease of transfer so which is typically why many people don't want to own unlisted securities when something they say people don't want to be in that situation because then transfer between two people becomes much harder.

Exactly. But the same way I want buy shares and you're saying it's your property same way it's steal your shares, they can sell them if you want to sell them. Exactly. So most people want to avoid that. And Scotia knows that. So they're very smart. Which is why they tie them together.

No, there's another consideration. It's almost like a threat. Exactly. There's another consideration to that. If a company is on the market, at least 20% of the shares has to be owned by someone, simpler, has to be owned by somebody else. other than one person.

What I just said is confusing, so let me say it's simpler. No one party should own more than 80% of the shares if it's a publicly listed company. When a company is listing, at least 20% of the shares have to be issued out to somebody else or somebody else's, you know, a bunch of people. So if Scotia can get above 80% ownership, that will also trigger de-listing.

But remember, the listing is not, what they want. De-listing is just delisting. If they really want a deal-listing, they could deal-list tomorrow. What they really want is to own 100% of the shares. So, they put the two things together, and they've spoken about both of the things together because they know most people don't know that. And they know most people don't know this process at all. So they speak about the process in a way that they can. You notice from the very first time they spoke about the process, they spoke about us, oh, we're delisting. So, you know, you know, they speak about the process. You know, obviously if them de-listing, you're not going to share some more, so you're going to just sell us.

Oh, off in 61. What assumptions are you running with? Yeah, man. Yeah. The insert in your assumptions. Yeah, it seemed like you think of it a certain way. Yeah, because it seemed like the 61 was like a final offer. Yeah, man.

And if you remember, if you paid attention to it, and I'm saying it's not because it will be important in a moment. If you paid attention to it, there are many experts and including from Scotia themselves and seemingly independent experts who told. how the whole fear of price 6150 was. And boy, they spoke about like it can't go. Here we are now suddenly it went up. Suddenly it went up to 75 from 6150. Now there are other people who were saying that it was too low. So it went up to 75 from 615.

It didn't just go up magically. Scotia Caribbean decided to offer more, right? So going back to the process, Scotia Caribbean wants to own 100% of the shares. So there's some more technicalities in there. Not really technical, but good for you to know. If you go, if one party goes over 80%, then that's going to trigger dealisting.

But remember, it's not really about the listing. I don't think if I hear him talk about, anybody talk about a carrot on the stick. The stick is the thing you don't want. You don't want to get, you know, like you're riding a donkey. You hit you with a stick to get through what you want. But if you really want to guide a donkey, you lead it with a carrot, right? Carrots.

But if you're smart, you use both. So you have the carrot on the stick. The stick is that I don't. want you don't want to be in the scene of his deal listed. One you avoid and one you entice. Exactly. And the carrot is, hey, we're offering a 60150. But they're making it so like it's a done deal. It's not a done deal. Right? Now, usually.

Imagine you're running from the stick and the carrot is right in front. Even more or run towards a carrot, right? Exactly. In fact, I think Coda used to, this is that the image you I remember is that you're under dunking, you have two sticks. One stick have a carrot tied in. in front of the donkey where you can't reach it. And other stick is in your hand and you're hitting it with it. It's like going away from the pain of the hit and it going towards a carrot, even though you can't get there.

So, carrot and the stick is the dealist in the character, 6150 and they've made the carrot bigger. Here's the important thing now, though. The 6150 is just their offer to you. And usually, and if back in the day, let's say if this was maybe even 10 years ago, So when it goes to the shareholder meeting for everybody to vote, Kosha Caribbean owns 72% of the shares. So when them vote, the vote is done. It's over. They say, yes, let's deal list.

Let's sell them the shares. Let's do the whole move. And that's that. It would be a done deal. The same thing has happened in the past with many other companies. And there's actually something in the law about it, right? So again, remember, when you own your shares, nobody can't really force you, except for God, the state and the courts, which is part of the state, nobody can really force you to sell your shares. So what usually happens is that people hold them shares and then it deal is and you still own your shares and they can't take it away from you unless they come and they offer you more.

The annoying thing also is that the law says, them can go to you alone and offer you more. not not not not immediately I think there's like a time period so if they offer you more that of everybody more right yep yeah by mine 30 for 61 and then they deal this and in the next week or 75 okay everybody that didn't take the that the 61 is 75 you end up in a court exactly so the law says that if you're doing it everybody in the same shareholding class you have to give them all the same offer so if you're raised it up to six from 60 150 to 75 Because you're in some meetings with some of the larger shareholders that I mentioned earlier,

you have raised the 75 for everybody. Cool. So some of those shareholders are okay with 75. So they have said yes to 75. So they offer raised to 75 for everybody. That might be part of why. Also, if you think about it psychologically, why some people are saying that it wasn't enough at 6,150, they should give more.

Well, hey, here we are. We're giving you more. You feel like you get what you want, right? Okay. okay okay okay yeah okay all right the psychology of more is so big right now exactly yeah everybody have been say okay yeah man it's a it's funny i never heard much people to be honest saying the 61 was bad but no but i mean but i definitely hear so that but then you know it's like maybe even you get more on top of it yeah and i know it's okay they give us more okay it must be done now

Exactly. So they're meeting, they're meeting this week, right? No, man, you won't go through the whole thing. Don't rush. You rush, they lose. Oh, sorry, sorry, sorry. Yeah, man. So you understand what they're doing and what's going on.

Now here's a little change. Like I said, usually, once a big shareholder votes, that's it. Except a gentleman, when cable and wireless, which used to be listed, did the same thing, meaning their majority owner was taking them private. They did the same thing, and one shareholder held out, and he sued them, and then the lawsuit went all the way to the Privy Council. And the gist of it is that Cambridge was lost. What did they lose? The change that it caused in precedence, legal precedence, is that no, if a company is going to be taken private, so, you know, a buyout is being done.

If the buyer is being done by a majority shareholder, well, that majority shareholders vote it's not fear if that vote is mixed in with everybody else's vote, right? Because if Scotia Caribbean- He can be buying it and voting on the buying of it. Exactly. Some people, but it's a conflict of interest in simple terms, if you will, right? So, Scotia Caribbean is voting on whether or not, Scotia Jamaica shareholders, the biggest of which is Scotia Caribbean, should sell all of their shares

to Scotia Caribbean. Obviously, that don't make sense. So what the law pretty much, what the president is set in the court is that Scotia Caribbean's shares cannot be included in the vote. And also, Scotia employees, you know, the Scotia's management, you can't be included either because your boss could instruct you, could influence you, to act a certain way, you know? And you don't have to be bad influence. It could be good influence and you guys vote this way

and, you know, if you do it, you get that bonus. There could be all sorts of things. So the law pretty much remove Scotia Caribbean shares. So that means the biggest shareholder has no real say in the decision that is now in front of the courts. So there's other little details as to how they're doing it. Like I say, sometimes people hold on to the shares

and then even have that deal list, you still have your shares and have to go through this whole long process. It's called the squeeze-out process, yada, yada, yada. The way to avoid that is through what's called a scheme of arrangement, where as long as the majority of the shareholders vote for it, the law, the court, forces everybody to go along with it. That's what happens in a scheme of arrangement, right? So usually 75% of the vote happens and it forces everybody that used to work. work nicely, especially if you can use your money and buy up to 75% of the shares or more, or if you own 8% of the shares.

But now that law says that your majority shareholding, if you are in the deal, your majority shareholding cannot be included in the vote or put another way, there has to be a separate vote without you involved. Suddenly, it means that Scotia doesn't really have the say. Scotia Caribbean doesn't really have the say. Their shares can't force it. Or put another way, us minority shareholders, us minority shareholders actually are the ones

who are going to decide whether or not this whole deal happens. Or put the simplest way, us minority shareholders are the ones who are going to decide whether or not 6,150 or 75 is good enough. No, it's not that we get to say, no, not 75, make it 80. You simply get a yes or no. So if you want more than 75, all you have to do is say no.

And then Scotia Caribbean has to come again. Go back to the joint board with something else. Yeah, exactly. Now here's where it gets even better. Remember that whole 75% thing? And this one, you know, I'm not a liar. So you talk to a lawyer to find out whether or not I'm right are not, but how I understand it is that that 75% still counts, meaning us minority shareholders,

so exclude number one, us minority shareholders, I think it still has to be 75% of our vote. That's what I think it is. Yeah, that's my understanding too. So that means that more than half of the minority shareholders can say yes. And, and it still don't pass. On 25% of us, in fact, 25% of the shares, the shareholdings, and I'll try and be as accurate as possible here, 25% of the shareholding that's present and voting at the meeting or who has sent their proxies in can say no, or 25.01% can say no, and it can't happen. So if you really want more than $75 as an offer, either you go to the meeting and vote or you sign up your proxy, sign up your proxy form and send it with a no vote.

And then Scotia Caribbean will have to wheel and come again. And I feel like if they come, I feel like if they come with $150. Like my thing is if you're coming out, I'll give you my shares for Bill's 50 easy. You can take it and go on. And I think it's worth a lot more than that. But Bill 50 is that if you own even one Scotia share, it's important that you vote. No, if you want more money. There is no voting.

Yes, but tell them to give us not much, right? And again, Scotia is very, very good at what they're doing. they know how people, I respect it, I don't like it, but I respect it. I respect it. It's done across the industry. What it is, is that they, in my view, exploit people's lack of knowledge. And also, they know that most people not want to read something. You're not going to read much, right?

You read the headline. So you read the headline, you listen to your friend who sounds like him or her, no, and I hear what them say and that's, you know, most people are not reading it. So you see what the headlines say? Scotia Bank raises off of a Scotia group shares to 75. And then what is the long thing? Say it's a whole heap of things. Adam also, even this, they have some wonderful wording that they use, right?

They tell you how, again, suddenly how much $75 dollars per share is a good deal. Remember, just a couple weeks ago, $61.50 was a good deal. No, 75 is a good deal. and then they're putting in this part that I find I saw it that I was like there's no way this will work but I've had three well four if you count one dummy I've had four conversations

about about this specific sentence or I should say four conversations that I believe are influenced by this this sentence I thought there's no way it's going to work but it works yeah it works So, bro. It was so. People say to you two. I am.

Marlene came on me as well, of course. But my just, my just mentioned it. The 21, the 21% that's awful, man. It's so people in fact, it doesn't even, it doesn't even, like he said, 21% of the minority. It's so that they're saying that percent of Scotia, of the ownership.

That's how people see. 71. They're just the 21. Mm-hmm. And it's done. And it don't. And I'm like, but even though it says it right there, 21.1,2% of the minority, shareholding. What, what, what?

But to me, yeah, it blows my mind and there's a part of me that respects this kind of writing. But there's a part of me that hates it because I know it's written to, like, you can, people can pay me to write like this for them because it is, you're paying me to write to trick the public. and without lying to them. Without lying, yeah. Yeah, yeah, yeah.

Like, tell them, tell them what it is, but not what it is exactly. The person that write this could have would work really well behind a political campaign. Oh, whoever wrote that maybe.

Probably does, probably does work on a lot of things. Yeah, I've done work in a marketing space. And if you're smart, because, you know, it was really, it was really framed.

in our way to give you a certain way it feeds an assumption in your mind it makes it and then and then even in a certain way then even this jump as well would be like hmm then maybe really desperate for want for buy it man well with a more smart if you think about it if you're smart you do realize that they're desperate to buy it yeah they seem very desperate to buy it yes a couple billion more they add into it but if you understand the thing. It is extremely lucrative.

Again, I would sell my shares happily at 150 and I'm telling you clearly that even at 150, it's undervalued. This is a golden thing. And without going into too much depth as to how it's a golden thing, consider this. Everybody know NCB is a big bad bank, right? Or rich NCB is. I also know that the only reason that is that big is because they took the Crone from Scotia, but they didn't really think it that long. Scotia is right there beside them. In certain ways, Scotia has a lot of the community that NCB, out of segments of Jamaica, NCB doesn't have in a certain note.

Yep. Scotia have a lot of the business banking in Jamaica is social. A lot of the heavy cash also. A lot, yeah, a lot of the heavy cash. A lot of the heavy cash. I don't know how much I want to say publicly. A lot of the heavy cash from the actual day-to-day banking is Scotia.

And yeah, at $150 per share, it is undervalued, but I personally would be okay at that. But consider things like this is why it is very important that our market gets to a point of higher participation. And I don't mean from, I don't only mean from everybody that's not invested. in coming in, I mean, invests of understanding where they stand and actually, actually acting accordingly because this is, this, think of this. If we don't hear this conversation, then think of what happens for everybody that thinks, oh, 75, these guys are, this is a done deal. Think of how

you felt about this, my thing, and then just realize that you're not alone there. That's just the idea of people will have reading something like this. the way it's reported, the way it's spoken about. It's just going to be, oh, 75, and if you even said no, I mean, last week, when I was last, a week before last, we were proposed by, that the price could be increased. And I'm on and say, we know how about a transaction? Yes, I'm not, yeah, you miss him last week,

I'm coming back on last week, you know? Oh, yeah? Was he? No, no, sorry, no. Did he? I don't know if he came on last week. No, he did not. Sorry. Sorry. He didn't come on last. Yeah. Think about that. The idea is done deal. It's fine.

Well, if it isn't known that, yo, I can actually ask for more. I can actually get up and say no to the price being given. And if enough of us say no, they just don't go through and then have come good, come better. Yeah. And it's not all of us. It's not like that. It's not like election. It's not even 51% of us. only just a quarter of the minority needs to say no no yeah and then I'm have to come back to and then a quick question like so what would be like a or so for example you would have mentioned

that a hundred and fifty dollars in your mind uh would have been like not not what is really worth but you'd be okay with that at what benchmark or what valuation are they coming are what metric. I know that the initial metric was 13% of like what it was at the time to get the 65, 61.5. You want how much it actually were.

Oh, yeah. Yeah. So, so, so, so I would understand that these, well, at least, you know, our market is probably over the 25% that is minority, probably the top 10 own that, right? What are these big dollars

wanting to? No, no, no. Don't do that. Oh, so. So, the truth is, I think of what it like this. When you hear, oh, it's a thing that happens. So a negotiation, the point of negotiation is that both people have a say, right? Somebody said the best negotiation, I don't know who say, what I hear it many times, many different places.

The best negotiations, both people lose. It's when both, yeah, yeah, the best negotiations when both parties feel like they got a little, got a little yeah like you got one over on me if they can so easily come in 75 and they were telling us 61 imagine how good

they would have felt and they've given us how good they would have felt if we just bought a 61 so that 61 and go about them business they might they buy that 61 everything Chris that's that's that is even the point of no

negotiation right nobody the other side didn't get up and say yes no whatever it just the first the first offer on table and I say, yo, I bite for this. And I just say, yes, I'll take it. He's happy, right? That's where you hear valuation often come in.

Suddenly, the reason I'm telling you what this valuation on the price I'm giving you is to justify my price. So you can get up and say to yourself, oh, that's a good reason he should pay that amount for this. Exactly. Who said to you, say, that. what made that a good reason is it really just a percentage of a number and I just I put that I put up I put the money down I find on I find something in my report I do so mats and suddenly that's okay oh it said 13% of what do you say it was yeah was 30% that the the the current price as at the time they would have put it out

30% ahead of the 30 day trading right right right yeah imagine to consider this way consider this way the man who is telling you to sell him the thing is also telling you why it's a good price yeah oh yes there's like asymmetric information they yeah yeah i need to know more like we're coming with this price you know no more you already know more you already know enough you're a thing you right right right right right i know i know i know i own it for whatever reason i own it and they want to own it for whatever reason they want to own it Yeah. So it's like, um, they're gonna justify their price. Right. It's like if you sell, if you sell bag juice and you buy syrup, you buy water, you buy the packaging and suddenly you know, you

don't you don't reach you for you know reach the road it. And I'm better call you and say, yo, yeah, by everybody, everybody will say have a $10. You don't you don't reach your road it. right is it a good price in e say you don't know what bank you suffer you you you not even calculate yet how much money each about cost you but the guy the guy say yo i don't smoke juice i don't sugar and water is that a good price hmm i i i i get i get what i get what i get what i get the really think the analysis behind it i i do understand no no but also you want actually answer his question is it a good price. And that's what the thing is like what I would want for know, at least on paper,

right? What is Scotia actually worth in terms of like, let's say for example. Come to grow up, come to grow and you'll see that there's a question. We answer that question, not just a school shop for everything. And you'd understand it, but I'll give you a spoiler right now. And so that nice question is the $10 for all $10 per bag juice for all of the bag juice that you have a good price. We'll be based on, um, like. It's based on then I offer in your $10 for all of the bad juice that you have. I mean, $10 per bag juice.

No, we don't want more. Because I mean, it would be based on, at least, at least would be based on how much did I spend to, um, get the final product and how much would be worth to me to continue business one. and feel satisfied afterwards that profit so I can do something for myself. So it would be no, you have come up, you have come up, Iron Man. There we go. So the truth is your bag juice are worth however much you decide your word to you. Exactly that.

Mm-hmm. I hear about juice. Yeah. Yeah. So you want to move her from this idea that I look nerd in our glasses like me, I'll come and show you something in Microsoft Excel and say, based on this, your thing is, your, those back juice is only worth $8 and I'm offering you $10. So you should give me. What the hell does Microsoft Excel know about your back juice? Exactly. The nerd analysis, his job is to get his employer as good a price as possible.

His job is not to actually tell you that it's a great price based on thing. He's not trying to find the best price for you. He's trying to find the best price for the person who is, the person who hired him so the person can buy it. Exactly. All that is. His boss said, make sure that that thing show that it's worth no more than $8.

Because I'm not getting more than $10. So if it shows it worth $8, $10 sound good. Remember. Imagine. Imagine if I come today and tell people

that the value of every stock on the market is the 30-day trading average. The value I promise you every expert in the industry would come at me

to tell me, say, a foolishness matter because there's no way I never look at the net assets and never look at the PE and never look at any of the right, right, at least, at least the book value. Or where the company is doing.

No. Sure, but even the book value. There's even the book value. There's no one thing under as you can read on the paper that tells you the value of a company.

It don't work so. Every company, every company would work on different metrics. And the truth is to different people, we can look at the same company and each metric is a different thing. Because suppose I'm buying the company totally. I'm buying a piece of the company.

Suppose when I buy the company, I go merge it with my thing and I make the company run better. So it worked more to me than to you. So I'm waiting. pay more than just you because boy so if randy were to buy it out for all for all it's worth then randy would pay a hundred dollars per share but me i'll pay 120 because when i do my thing that work in the background that feed this company and i hide the whole vertical

boy remember rice thing there and i'm a buy a supermarket i'm ran the supermarket i'm gonna buy the 100 but give it for 120 so when i come to market and be it ran the offer and take for 120 well my rice run through that's my supermarket so now everything runs smooth more profit overall the 130 did work because in the value i get out of it is more than 120 exactly there's no one number somebody can give you until you say thing there so when somebody tells you oh um ddm whatever model whatever it don't work like that at somebody telling you that that the model they worked out works for you as well yeah so amal y o'clock is up I was right

I know I feel like more under 50% discount half a no no no no no so it's a malice for everybody hold out

everybody I don't I don't I don't point yet as that good point and I know nobody else is here

but no problem still just work on the disco no I know I just you're by the umboats man

you know you know you know trust trust me trust me I agree agree with a level

of discussion here because it has got work in a favor for everybody, including myself. So this, we're not talking about a something where we need to get out there. You know, and at that time I come on.

Exactly. Because people need for go vote because if them have a bunch of people with a couple million shares in there are vote at that point to be in a trouble. If the other people them don't show up.

So that's my fear. They just come in with a man. I want to get there. I want to get there. I want to get there. Okay, go on. I don't. Yeah.

Come in a way, I made a good point a while. Then I made a really good point about that initial valuation, you know. It's where we have so much different valuation methods. It's because one method isn't that, there's no one super method that fixes everything and makes everybody's value okay.

You've got different things of one in them life. Different things are going in them pocket. But like 30 times PE still, don't I? Who work with the finger ratio to? Hold on, hold on, hold on. Check this. What did I mention about how, I won't say useless. But consider this.

Consider this. He made a great point. The 30-day average, over the last 30 days, the average price for Transjamaica has been $10.35. If you increase that by 30%, that means you'd be okay if there is a buyout of Transjamaica. you'd be okay selling your shares for $13.48. Right? How many Transamerica people are like that? I know you guys aren't like that because I heard all the conversations when it was at 12. $20. No, never selling, never selling.

Even worse, go back last year and do that. And then suddenly the $5, oh, increase, so transamerica is that what, $6 something, $6.20. Yeah, that's one I got it. You know, imagine, imagine, if we're at $5, there's a buyout offer for $6.20. How much people do you know that get a phone and say, oh, yeah, man, I'll give my transfer maker for $6.20. If we use that band as the valuation, you can do that at any point in time and make a buyout offer,

and suddenly it's a great price. If when transfer maker was just moving from $1 and an offer come out at $1.30, because the trading value, the 30-day band was, thing there would it be a great offer if you're looking back in the past now and see you're at ten dollars today he said boy imagine a man they come at a thing there i'm just looking at thing there and say hey man one thirty is a good price no no no there's no way you're such a good price last year october third trans jamaica the 30 day average of it was three dollars and ninety cents yeah imagine somebody i told you

can't yeah can imagine a company came and offered you 30 percent ahead of that so give $5.5.7. Offered you a buyout for Transyl-American shares. When it's at $3 for $5,07, how many people would have said it's a good deal? I don't know. Some, maybe, but I don't think

a lot of people... Well, hear me out. No, no. Hold on. One step better. Imagine if last year, when it was at, last year this time, when it was at $3,000, average of $3.90, sense, imagine if somebody came and gave a buyout offer of $9. Exactly.

We, the thing we have, Randy, so two things we have, but the one that everybody has that we have is we have the benefit of looking back from where it is today and we can look at any point in time, apply that metric and then realize, oh, that's just undervalid. we're at $10 a day they got 13 earlier and if we're if we just slide back to the past and at the $3 and

somebody made that up for five suddenly that metric won't hold up the thing we and Randy have is we know we know that validation, valid don't work on that and we know that the snapshot thing people do like 30 days moving

average and just put a put up an arbitrary percentage increase on top of it. That would make sense. It makes sense if you're doing. I could have easily get up. If they had done that and it was 50% above, it would be the same conversation. If it was 20% about the 30 day moving average,

it would be the same conversation. The number they just threw together doesn't actually hold any weight in terms of what the company is. Most people would have said for the longest before this by offer. Hey, Scotia undermarket right now, but is very undervalid. And they weren't talking about 30% about the current price. But suddenly, a man make a buyout offer and put that in a report and it's the best thing ever.

It's a great valuation for the thing. No. People are not very good at recognizing when the thing they're being told is, it's something they do is readily accept. A manufactured story. Yeah. Yeah, but it's like art, even so, fair enough based off the argument that you would make, but it's like, like for example, I employ someone, right? And their salary is at 2.3 million. And they say, hey, I want seven million dollars.

I mean, the work that they might be doing, maybe value seven million dollars but do they have that um seven million dollars to pay them so it's like uh yeah how far can he go what what you're so like so like as a for example like price so like no that's your question that's what you say you know yes yes no no not not not not in the specific not in the specific instance of um seventy five to a hundred 150 right I'm not using your example yeah my ear my response the outer business if me you know if I'm in my business right now and I'm paying somebody two million dollars for seven million dollar position simply because I cannot afford more than two million dollars and I'm

lucky to be in business because somebody richer than me not doing it because if they can get value at seven if they can get seven million dollars worth of value but only two million dollars because boy me care pay more if somebody rich out of me come and they're making more profits than me and they're and i lost i lost all my workers that's that's that's that's that's that's the jitor kia thing oh yeah like yeah i realize that all the kia people got to tie away rose automotive yeah that's somebody cut the check but it is the same sort of thing that's right it's that's it that's it yeah so it's that's how value work right so yeah i know what i'm not what to say but but that's the reality of it if

how far can they go if i can deliver a seven million dollars worth of value the only thing holding me back and i can and i can only get paid two million dollars for it the only thing holding me back is that somebody else not somebody else who can't who can't afford it who can afford it isn't offering. That's the only thing I hold me back right there. If I look across the world, I look across Jamaica, and boy, from my skill set that's worth seven million dollars, nobody's going to pay more than two minutes or nobody can pay more than two minutes. Then the economic constraint. But if somebody, if somebody rich enough coming to that line of business, well, everybody else is up a business. Yeah. I mean, I want you to concede. I want you to

consider to. So in your example, yes, you might have, the question comes up about, yo, how much can they go? How far can they go? How far can they? It is a real concern. It is something that you really have to consider because, you know, normally you think of it like in a market. You don't want to push the, the buyer so far that they no longer buy, they no longer decide to buy. Right, right, right. You don't want to get them so far. They'll be like, all right, Never mind. But, but it's a little different in this case. Yeah, they're rich in a row.

One, they're very, very rich. Two, this is a very, very, very valuable thing. Three, we're okay. Think of it like you're in traffic, you're driving, and you have a Bema. I use that example a couple weeks or two. You have your Bema? We're the same black man transaction guy.

You have your Bima and you're driving. He was on last week, actually. I think about it than I. He came on after the interview. you're driving i want i think i spoke to you but i think you you came on up sorry you're driving in your car and somebody flogged down and say yo you be my clean give me three million feet no take three million give me no and you decide no no might be my word stephen i didn't take out a farm i show you say no for the last three for the last 30 days all the

Bimmers that sell in Jamaica sell for an average of 2.5 and I'm offering you three. That's cool but I'm driving my Bima. I'm right. I'm good you know so if I don't sell you like if I try to push you to a higher price fine if I push it too far you decide you not buying it cool I'm driving I guess we still have Scotia yeah we still have Scotia think I think we ask Mavit if we if it doesn't go through we can still enjoy the dividends yeah right right right yeah you didn't pick it for the hundred but the dividend but the dividend in relation to the price would get a little bad because the price would have shoot up so so high come and to grow mali you're missing a lot of things you're missing a lot of little basics i'm going to help you

come and to grow but but but but also mally think about it if we say it you know there's no more Scotia. Yeah. Versus the big thing here, we have an option no matter which way it go. Either we have Scotia or them buy it from us.

So if you don't want to buy it no more, we still have Scotia. It's a one time thing. You that sell and we can't invest in Scotia anymore, no matter what they do, whatever, they can become greater. The dividends can go up. We just wouldn't own it.

But if I don't want the price they're giving me, guess what? you're doing for all right i'll i'll i'll i'll buy a scholarship whenever in the future whenever i want it's an option i have we're not the losers here yeah yeah yeah i don't i don't think in the situation we were the losers at all well at sixty one fifty we'd be the losers and you thought you mentioned the dividend the dividend is much worse after we've sold it yeah at the current Right. No, not that's not what I'm saying, not at the current time. After it says there's no more dividend. Exactly. Okay, okay, okay, okay. That's what you mean. Okay.

Yeah, yeah, yeah, yeah. But as serious, command to grow and you'll understand a lot more about that dividend point because you get in, what you're saying is not wrong, but it's like this document from Scotia, it's also not right. It's not wrong, but it's written in a way or it's said in a way to make you not understand some things. So what you are telling you, come to grow every mickle that comes that g r w i'm just wrapping this kosher point they put this sentence in there is a powerful sentence i didn't realize how many people three these shareholders collectively hold 21.12 percent of the minority you remember what i say they need 75.01 percent of the minority to say yes before they can get it so if you if you need 75.01 and you're telling me that you have

have 21.12. Congrats. You have a ways to go. I don't care. You can have your 21.1.12. I know, you hear the funny thing, but these 21.1% of minority shareholders also. If everybody else or enough people say no, if 25.0.01% of people say no and scosh off a wheel and come again with a bigger offer, these 21.1 to get more money also. And I don't believe that these shareholders collectively would not want more money. It really doesn't matter. In fact, I suspect I feel, and I'm saying this to self a couple of things I know, I feel like there are maybe a couple of pensions that voted,

and those pensions voted early, and they voted yes, and they're included in this 21. And then, again, somebody at Scotia is so smart to include this sentence, knowing that it's going to trick most people. This don't mean nothing. It don't mean nothing. It don't really mean nothing. I think, and this is going now to Tav's point, I think Tav's point is the real thing that Scotiah have going for them. They're banking on most people, not understanding and not voting.

Because when people care, if not people care and vote, then the only option would be for them to, you know, do like what we've seen in the past and fake a election or throw out some votes and fake a number and say pass by little bit. We've seen that happen in the past and that Scotia wouldn't do that. It wouldn't end well. The repercussions are faking a number like that are Scotia wouldn't do that. That'd be stupid. We've seen that in the past with other elections. So, Jamaica moved for us that and Scotia, I think, is having to deal like many other politicians. are having to deal with the reality of the new Jamaica,

where people are not, we're not in the same place as we're in the 70s and the 80s, and the 90s. People smarter now, people hungry now. And all we're saying is, you have some money, you have a whole per money coming out of Canada. Give them more than this. I would know, here's the thing.

Imagine this. Imagine if the guy stopped here at the Bima and say, yo, me give you a three, me like, yeah, uh-uh, I'm saying, I give you three, well, You start putting back your seatbelt, you start. All right, all right, all right. Four million. It just come up with an extra million.

Oh, I'm having. Yep. You have it. Suddenly, no, no, no. Suddenly, it's actually six million minutes for the bimai, you know. I bring it up to six and make we talk. I'm having it. Don't be fooled.

Scotia increased the offer by like 42 billion. Yeah. The movement between $61.50 and $75 is $42 billion that they added on to it. So them have it. Okay. No money you have it. Yeah, I get your price. Yeah, yeah, you get your price.

As are you? $150, please. Right? So I think the biggest thing that I have going for them is that they're banking on most people, not understanding and not acting. So if they can get their 21.1 to vote, which they have already agreed, I guess, so maybe they'd have proxy votes. If that 21.1 at the meeting is more than 75%, then it goes through. But I don't believe it is. Obviously, we know it's not because 21.12, who goes into an election where you need 75% to win?

and your boasting point is that, hey, we have 21% of it already, you know. Congrats! The pass mark is 75.0.01, and you have 21.12. You have some ways to go. Just up the money. Bring up the money. The Canadian have it, you know? Canada are rich. The Canadian name have it. Just tell him to up the money. So does that make much more sense? Do you know, Malik? Yeah, man, me understand, man.

It made much, much more sense now, right? I was, I was just buying at initially. I was just buying it at like 57, 56, 57, 56, because I thought there was like a premium between then and the 50, and the 61 and a half, which was like, sure money. So it's like, okay, I'll just take that better than some dividend that's on the market. So it's like, okay, I'll estate that because I wasn't in it before. saw the offer snipe it there then I snite it again because I told me I told everyone hey give me all the money you have I'll pay you back tomorrow I mean nothing wrong with that

that's smart and then and then it it went up to 70 odd right 70 I think he said that he he he saw a new offer and he said all right give me some money no yeah he was doing it before before yeah he asked on you he also knew money before you know what you're not doing offer no I didn't ask for new money then because it was like the turnaround between 57 and um 57 and a half bones it was well 59 yeah it was it was it was in that little area wasn't it wasn't it but question no question no right because a lot of times our value is relative so what happens to our NCB in terms of um hey people are by scotia for arguments

75 it goes up to a hundred 150 what happens to our NCB what happens to other financial institutions or to a barita because hey somebody willing to pay for that and that might gone so you know i'm just thinking overload what you thinking finish the idea finish the thought right right so that's the question so what happens to the entire financial sector because uh let's say for argument's sake the premier bank was or is gone for arguments say no so that's 60 odd billion dollars in the market and it went for $100.

So what, how far is Scotia in relative to an NCB on paper and in price where hey, it's at $70 now. So and Scotia was selling for a hundred for argument's sake. Why can't NCB sell for a hundred?

But you tell me. Because I would want to pivot in terms of hey, what's the next best I know you make a quick click you win a lot of yesterday so hey what's the man I'll say tomorrow exactly I mean that's what you're saying right yeah so like yeah so like what's your thoughts on on that no man I won't hear your thought no I want to hear your thoughts yeah I want to hear your thoughts you're not here's what I here's what I hear you're saying

live I live on this road and at the back of this road there's a big house and somebody came along and bought that house for a hundred million. So what does that mean for my house? Yeah, my house most were close to 100 million too because hey, come on. And that's what happened in the housing market right now. Somebody offered you 100 million for your house? No, no, no, no. mean well the whole you know said about a hundred no no no no no no no take the point

oh okay what you say what you think no yeah funny enough a house on my avenue sold for a certain um are like 30 million dollars i said that sell for 30 million dollar then i won't where my house really value well tell us what were your house valid exactly that that yeah yeah for a more than 30 if that a sell for 30 i'm the okay somebody offered you more than 30 no no not offered me I'm just saying that that's not worth the point okay okay okay okay okay okay I get I get what you're saying it's not worth how much I wanted for really no it's not it's both in the value of a thing is how much somebody's willing to offer you for the thing but it's also how much you're willing to accept for the thing

both of those things right so if I think my BIMA is worth 10 mil and this guy I'm passing on the road think my bima is worth three mil we're both correct except guess who still have the bima me and guess who now but he still have 10 mil yeah no no if he said if him say if him said three and i say no and him says five and i say no and he says seven i'm saying no i'm going right eight cash and i said no i'm got eight point five cash i'm saying no i'm saying nine mill i'm a send it to your account right now i'm going to say open it and him show me phone. I'm going to say hit send and him hit send. He got a deal because I started out thinking my bimals were a 10 and I sold him for nine. He, he, he, he started at three. Yeah, right? He started

at three. So I feel you. Oh, look where I carried him up too. And he said, he's thinking, hmm, look how me carry him down from 10. Now if right after I'm selling the bimam, come out, sign over the title, I'm going to give him the key, him go right down the road and sell it for 15. Did I make a mistake? No, you know, you, mm-hmm. You're sure? Him just sell it for 15. Oh, in terms of your original price at 10?

Just in terms of you just sold him it for 9. He started out at 3. You said no 10. You're working up all the way up to 9. You take the 9 and then him go down the road and him sell it for 15. Did I make a mistake? If you do continue to put on that same, you don't think 50.

Maybe. Maybe. Or maybe you wouldn't have gotten into that. Maybe you just keep that. Yeah, you can you wouldn't stop and talk to him for a lot and the right person want to come by. But yeah.

Because we don't know, but maybe he went to the other place and somebody said, yo, my mother bad memory from me right now for 50. And I'm saying, well, all right, just wait. I'm going on the road. I'm in, imagine you did that look for the same number for 15 and in there three so i i say it's because

all of those i think are in the scotia conversation and should be in scotia conversation meaning if after they get this because i do believe they'll get it i don't believe they have to get that this i thought 60 150 was low i think 75 is low like i said me personally give me 150 and take it but if them give me 150 and take it and then a year later them sell it to a Central American bank for 300. Did I make a mistake selling them at 150? Okay. Maybe, maybe not. I mean, you would have been satisfied at the 150. So it's like... And that's important to... That is the big deal. You wouldn't know, yeah. Your price or you get for it,

but you get out of the thing you decide the value on, that's where it, that's the value. That is enough in my opinion. yep you do say the price and you get the price you want it yeah good what the next man do do it and what the next man get for it hey it's okay what we do often you hear that oh yeah ban the ncb oh yeah man so means if i if scotia sells for this then the other banks must be thing that it don't necessarily work like that just at the house all right cool i this brother in my community selling house that in one store house and my two-story house i were two-s I was two three house for 30 million and I believe now yeah man I must get way more for that

I can go on for you so but suppose somebody to buy it suppose nobody comes along to buy it because the guy that was buying that house wants to come to my community and 30 million was a deal to him because he may spend X amount more and he can become his dream house on that lot and he never cared to come and buy my house because guess what I've got on two stories said I won it'll be more money for spend than the money already but money are already budget to build my dream house on that land and that guy was one of one there was nobody else coming to my coming to my community we need to spend more than 30 million just just because that one house in the area self or whatever it don't necessarily mean that there's a winning buyer coming at

at a much higher price from my better thing in the same area so yes scotia is buying ncb so so i'm buying scotia scotia is buying scotia it doesn't mean scotia is not buy an ncb right it doesn't mean somebody's at random they come and buy NCV for more it might that's a true that some somebody might see this transaction and say wait they're gonna be key into the value imagine imagine this imagine scotia made the offer makes offer and who are jamaica say 150 and they say we only going hundred and who are jamaica say one 50 it does sell somebody with a with billions get up and look and say wait there i don't buy the for 150, I'll take it.

And suddenly all those minority shares are being so for 150. Because somebody who saw that and said, Scotia Moe cheap on the value, I'll take it. Because I know that there's a market for it. It might happen like that. I'm not saying it will around the table, but that kind of thing is where the possibilities lack. So yes, we might have NCBVV value might become

something that other people look at. It could be the next way around. Scotia is waiting to buy, then it doesn't mean random that there's another Scotia out there getting and say, okay, I want a Jamaican bank for this price. Scott is very much in line when I was saying earlier, oh, I'm with my value on my valuation on something is not somebody else's valuation on something. Scotia buying their, Scotia buying their local operations from the Jamaican people is very different from somebody random negative and saying, I want to buy NCB, which is its own thing.

not tight thing there. Scotia is a supermarket. For the, Scotia, it's a supermarket for the guy that owns the rice. The rice factory and the Drew's factory and the farm. Yeah, yeah, yeah. Because it's,

if I buy it, I get, so I get more valid just on bring it home than somebody else rather than me get in an band of, okay, I'm buy a whole thing down there. That's his own thing already. Different people. So you might not have somebody coming and do it for the NCB.

Yeah, yeah. Yeah, I understand. Again, you might. But the three things I'm going here is, don't look at it like that necessarily, that might not come as a follow up. So it was more so the idea that the persons who would have been bought out have the cash in their hand.

So we just want to be a case of that. In other words, the same industry talk. You're saying, oh, right, right. Where is the money going to go? where is the money going to go I was way more excited for the top for the talk I thought you were making honestly I've heard I've heard of where's the money goes so much but yeah don't say you said people with money them and where you go it might not go to NCB because I think about that because I bought

Scotia money does it mean I buy NCB money yeah yeah the initial thought was to buy school shop at the time for school because you would be money to buy NCB if you want Maybe. Exactly. I get it. I get it. I get it. I get it. It doesn't mean NCB randomly get it what they want because it's a bank or whatever. So. Yeah. And it's important to know that I understand that in the core of all of that is the core of what valuation actually is. That's a reality of valuation. Right. And so the core of it is what is it worth to you? And in this Scotia situation, the only. way to get more is to say no and obviously they want it because they just put on an extra

41 billion i can tell you i'll show you a couple other things are why they think they want it but i see we have somebody else joining us uh listen mitchell sir listen i had a other thing i was only ask about but i don't mind i want you ask it but let me hear what was you're and then you jump on and tell us again after if you didn't have come off malick just let's hear sir money you can come back. Yeah, man. Go ahead or? Yes, sir, Mitchell.

Go ahead. How you doing? Yes, sir. Yeah, man. Afterno, you're sorry, evening everyone. So that's the clarify, right? It's not an extra $41 billion went on. It was an extra, I think, 12 billion or 11 something.

The price of $6.15, it was about $52 billion. And at the price of $75, it's not about $65 billion. It's not about $65 billion. Sorry, yeah, I think he bought my $115. I think he bought my 150. That's exactly. I have a question. Because I've been listening for a little bit, not for too long.

So if it is, right, that there's a thought process that the value is not of a hundred, 150. When I looked in the queue today, and obviously Q doesn't show everything, you see what you see. On the sell side, I think I saw the Q, the sell queue up to, I don't remember, maybe about $85. not a lot of volume. So if we believe that the value, the true value is not of 100, why wouldn't we just start buying everything

all the way up to the 85 or the 19? Because with that said, you would be $100,000, $60 million, $60. Better off. Does the market dynamics? Why people wouldn't do that if it is that they feel at the price? Remember when the price came out at $61, prior to the price announcing,

I think it may have been traded. I don't know 49 50 51 and so she has been trading like that relatively flat it moves with the market it's not a it's a what you call it now or close to beta one all right relatively close to how the market moves it's not a start that moves material up or down the volatility is extremely low so prior to the announcement you're seeing the stock trading it went down to 30 low 30s and then you're it traded back over time. I think it's certainly, I mean, don't quote me the exact. No, I can give it the exact. I have my money, J-A-ups. I can give it the exact number.

I don't think the exact is, I don't think the exact is we may end up getting too minutia to the point, but the principle I'm speaking about. So it was about $50. The moment they announced the price at 6 to 1, right, the market naturally would trade up because there is an opportunity. They buy and then you're ahead of the game, assuming that they deal.

so the deal goes through or even if it don't go through it naturally is going to go towards the quoted pricing similarly when it announced on tuesday morning the price went up exactly so if it is that persons different persons have a perception for whatever reason because value can't be relative but people assign different assumptions to come out with their different valuations cost of equity and so forth and so forth. So if we believe that the price is $150, why not just being in the queue and buy as much as possible? Why people wouldn't do that?

So that's a general question. I don't want to think. Oh, sorry. What you want my answer? I genuinely want for things that. Okay. I generally want for a thing that based on the same point that the guys that have made earlier was that I don't think most persons understand what is really.

happening. No, it's not a matter of really happening. We're talking about the effort. Yeah. You're talking about we're talking about

simple math. If I can pick up something, right, at $8.5 and I believe deep down that the value is not of 100 or

150. Why wouldn't I take up as much as I can afford? That's a general question. So my thing there is I don't generally find investors operate that.

It's the reason we see the movement on the offer being made or upper being put forward is because it's the certainty of that opportunity. I know at any point I have a buyer at 61 then yeah, I'll buy at a point where it's profitable for me to with an exit in mind, 61 75. But in the moment we're in the vacuum of can some will somebody buy it from me at 150 without that certainty there, then suddenly the market operates very differently. Right, so there's stick up in. And let's explore that point a little bit, right?

And we're talking about evaluations. So their mechanism or methodology in terms of valuations, right? Vering assumptions and obviously, you know, our market is pretty thin. So good volumes trade or little volumes straight, the market can move all over the place. I started by saying in terms of the volatility of Scotia stock has never been very volatile. It's very stable. just the nature of the company DNA as Scotia has been relatively stable, relatively safe, and therefore presumably the market, sorry, the stock, the trading of the stock takes that DNA.

So to your point, which is extremely valid, the valuation methodology is one thing, but the certainty is another thing. So we are certain, obviously, if the deal goes through and people attach different probability as to whether the deal is. going through. There is a certainty that or a high probability or varied probability that this deal went through at 6 to 150, then clearly if I have the stock at 59, I'm good. If this deal goes through at $75 and I have it at $70 and good. So there is a certain level of certainty which you have to attach to your valuation. So to your point, you attach a valuation, your methodology, obviously your varied assumptions, cost of capital, interest, whatever it is. So you attach a number.

value of $100, right? However, the certainty of having somebody taking out of $100 is far less than the certainty of somebody taking out of $7.5, right? And certainly the certainty of $150, right? Because you don't know who's out there looking on them to do that make takeover. We don't know. So the certainty at that point is even less remote, right? plus the overall time that that low certainty can be manifested feeds itself again

in just market dynamics around valuation. So while we can run different models around valuation, to your point, there's a, you know, I don't think you can't run a model on it, but there's a degree of certainty or uncertainty that goes ultimately in a price determination or whether or not you buy the stock. Because if we had a high degree of certainty that somebody is willing to take us out at 100 or 150, I probably would put a second mortgage on my house

until they're doing today. You get what I'm saying? No, I get you. I get you. I'm with you. And we've seen that. I'm in agreement so far. Yeah.

So the question is really and truly, you know, we can have a discussion around around, fearness, we can have a distortion around market sentiments and appetite, and you can have a discussion around just ultimately supply and demand and who is willing to pay that price. That's true. So as it stands, yeah, go ahead, sorry. No, no, I want to finish. I'm sorry, finish.

Yeah, so as it stands, we have maybe a share about 850 million units in the hands. the hands of the minority. And in the queue, the offer queue, again, I don't have the exact figures clearly. But in the offer queue. But you can't give me the ballpark or if you want to hear the exact number. I mean, I just wear so. Yeah.

I mean, you have the number. So I don't know. Maybe in the queue, I don't, a million, two million units, about 75 and close out at what 90? You tell me. Oh, in terms of what's on offer in the queue. Offer in the queue. Yeah, yeah.

Yeah. Yeah. that Monday tomorrow Monday morning you and I can form a deal you buy my house or I buy your house one way or another and we just want buy the stock because we confidently believe that it was a takeout we believe the value is not of a hundred dollars because I'd love to make a 25% easy achieve it. I mean, so, so what first I'm answer the hard question right now in the few on offer is six point six and a half million

Jamaican dollars worth of shares. And that's oh so we can afford that one. So I'm sure you can. I'm sure you can. But um, you're correct in that yes. If just like he said, if you, if you are I knew for a fact that somebody would buy it at 150, the Scottish corporation would buy it at 150, of course, of course. Because of that level of certainty. Or a non-social entity.

Anyone. If we were sure that there would be an offer from anybody at a stated point in the future for 150 per year, the stock would be maybe at 130 right now. Exactly. But what you are putting forward is a very, very, very key thing. That certainty is the thing. Now, let's be realistic with that certainty. Before June 15th or whenever the offer became public,

nobody really knew about the offer. And so Scotia didn't have that kind of certainty around it. What was the certainty that Scotia had around it? History of truly, exactly. It is a stable institution. It is one of the, depending on how you measure it, it is. Oh, by the way, remember, I used to work with Scotia line. Yeah, I know, man, you put 17 years in, man.

You did your time. No, I need to have just, you know, maybe just mentioned that. No, problem. No, man, we know. We know. Well, everybody knows no. But people know that it's a strong institution. I have it as one of those institutions.

I say, like, you don't have to, it's a pensionable institution. Meaning, if your pension is in there and it fails, you don't really have to worry. Because if it has failed, something, everything else in Jamaica has gone so bad that you do even care that it has failed. It's at that level. Right? You know, here's a reality, though. Because it is such a strong institution, such a stable institution, such a lucrative institution,

we understand that some entities worldwide may want to extract some of that value. And all we're saying is, if you want to extract that value and you are showing us that you want to because you put an offer on the table, and then after a little while, you've increased that offer on. by a few billion, you're going to have to come in a lot more. The thing that wasn't mentioned in the lines in this second notice, but was mentioned, if you read between the lines, is how truly lucrative and powerful Scotia is. I noticed at the end of the statement,

they're describing themselves as a listed company, you should do that, and they pointed out that as at the end of October 31st, 2025, they have $774 billion in assets, right? What I found that interesting, because a few weeks earlier, they had put out their third quarter results, and at the end of their third quarter, nine months,

they had increased their asset base up to $853 billion. A company that is able to increase its asset base, I'm going to say I'd have a flick-over switch. It's not that easy, but at a flick-over switch, to increase the asset base by $100 billion while you're public, those of us who know what's going to happen when it's private. Some I'm saying, this thing is so lucrative. We are no longer just pricing it on what the queue is showing,

because the truth is the people who are able to buy it are not in the queue. No, but we are aware that we're aware. It's a good question. It comes straight back to it. Yeah, I agree with you. Because if it is that somebody who have the money has shown their hand that for whatever reason, they want it. And they seem to really want it. Right.

But remember, remember, what has been shown is what they have declared that they are willing to pay for it. We can't read their minds, right? Because at some point, hold on. No, no, no, no. We can negotiate. No, no, no, no. Let me tell you why we can. All right.

Listen, no, let me tell you why I say that we can. Even before you say that we can't, I tell you why we can. because if they had played their hand exactly how they have it now, I'm not sure that they wouldn't have gotten it for 61.50. But they blinked. They showed their hand. Okay. They increased offer to 75. That's fine.

But you see the level of certainty we're talking about that comes back in pricing. So if it is, let's get back to Danai's point or the question. No, no. I want to move it from Danai point. I want to go to the real value. No, let me see what I mean. You see when I'm downtown? The lady who is trying to sell me, the clas.

And she said, is that the chloe? Oh, the clocks. Okay. The clarks, yeah. She says, no, I can't pay that. I only have 18. She said, no, me on her talk, I'm only her to talk. And I'm saying, all right, I'm going, all right,

my game, 195. She knows suddenly say, well on, this guy don't come in her, you might have the money. So it's in her best interest to try and push me higher. me higher. Sure, maybe nobody else is buying the clocks. I can say, but look at it, nobody not buying the shoes. You stall, you start empty. Nobody now come to you. And that might be true. But she knows that you want those shoes, Randy, because here you are. And you also increase the money that you're up, that you're negotiating. May I, may I jump in?

I'm sorry. Yeah, please. Yeah. So, all right. So our market is not perfect, but certainly there is a fair bit of information available in the market. So back to at the end of the day, it comes down to execution as an investor. Right? We, everybody, have access to that queue. Right? When I say everybody, it's available, right?

I mean, maybe not everybody, but our large population of investors can have access to the information in the queue. Large investors, small investors. So if we all have access than losing general terms now to the information in the queue and we have a high degree of certainty that scotia is willing to pay more right at some point well that's got that's what i said i wanted to go back to that i's point if we have a high degree of certainty that scotia is willing to because we

believe that the value is much higher as an investor as a rational investor right i am going to buy the stock because i can spend six million dollars i can spend six million dollars right and expect a hundred percent increase in value in perhaps a year or two time so why doesn't the market just run and buy the stock and you see the natural inclination of market supply and demand to push the stock towards that value here is my full point we and the market than everybody else are not Randy. Randy has that feeling. Randy has definitely said a lot more than

in this conversation with Madik. I think Malik more represents what the general population thinks about this and knows about it. I came on this, so I didn't hear. So Malik started to say, Malik started by saying he thought 61 was a done deal. He didn't know there was any room for increase or anything of the sort.

And 75 to him is also a done deal. Randy, who has more information, who has more understanding of it, believes that Scotia will pay more. Randy has paid attention to this way more than a lot more, a lot of people on the market. So, yeah, we all have accessing it. But I would say you, Randy, listen, you both have way more information and understand of this thing than a lot of people on the market. So when the certainty point comes, which is Scotia giving an offer, that will impact the gerop the wider market in a different way than Randy and you're feeling about this.

But it's not just Scotia in the game, you know. That's why. When I say Scoti in the game, the start that is there and the Incated is about $6 million in the queue at this point. Right? So it's not just Scotia because somebody else can come and buy it at $100. I agree. And clean the queue.

So forget about, Scoti for a second. We're talking about, sorry. I said that earlier. I know. It's talking about us, right, who is here trading. I don't, you know, we can't speak to a massive enterprise, you know, but a feeler. whatever we don't know.

But in the queue, what we can see is $6 million worth of units. I can get up Monday and I'm maybe able to buy it at $80. Buy it at $80. Right? But somebody else believes that the price is a hundred. Why they don't outbid me then? Because if I come Monday morning and I say, you know, I'm ret it. I believe that this price is $150.

And I go in there and I clean out the queue. And somebody else believes, sorry, I believe that the price is $100. and I go in there and clean out the queue, I am at the head of the game because I clean out the queue, right? However, somebody else, aka Randy, believes that the value is 150. Why Randy is going to make me cleaning out the queue? And he can clean out the queue.

Because of how the reality of the market works. That's the point. That's the exact point. So you have to take into consideration, not just one or two factors. You have to take into consideration, the breadth of the environment. And not because the market,

we always define our market was imperfect. But we must give credit to our market over the last several years. There's a lot more access to information. With you guys, with your BRIC talk, and there was another thing that's keep coming on a Wednesday, sorry, Friday evening. Simon used to do this thing.

Stacks on the rocks. Oh, stocks on the rocks. Yeah, yeah, yeah. Right? There's social media. There's Kalila. So there's a lot more information that is available in the market, a lot more persons who are able to reasonably analyze the information

and provide the information to the market. But at the end of the day, not but in addition, at the end of the day, the technology, your thing, Randy, plus also the stock exchange, has developed and allowed more visibility. Obviously, there's going to be some uppeakness, in different areas. But we must admit that the market has gone a far way

in being able to share information and people being able to think through and make their best rational decision. So even the offer document from Social, obviously there's going to go a lot of legal ease in there, right? And, you know, people will depend on the more up-to-date people to kind of break it down for them in simple and simpler language, right? That's there.

But in the way, the simplest language that anybody can see is dollars and cents. And the dollars and sense that we can see is that there are $6 million of units of Scotia Group and offer that we have visibility at. And if we believe with any degree of certainty, ranging from 10% to 100%, that the values are $150,000. and we believe in that, we would be irrational not to clear the queue. And it's not just about the 20, how much of us are on this, you know, 40.

Right? But there's a whole lot of people who have access to that information. We have large institutions who have, you know, huge resources that does their analysis, right? Why not just say, granted?

I'm going to take out this queue. So it comes back to your point and Dane's point and what we'll be discussing is there, there are multiple factors that impacts a market and a decision and it comes back down to buyers and sellers and stuff like that. So I think it's a good discussion. However, I think I heard a couple points which I'm not going to debate because some of it is perception, right, whether or not.

I mean, the valuation is definitely perception, but I'll ask you this. I won't ask you to debate, but I'll ask you this. you think 75 is a good is a fair offer I will not respond to that because at the end of the day fearness is one thing but how the market speaks is another thing not fear then would you say

would you say 150 would be a fearful well remember if you say 150 as fair affect don't mean that 80s that fair is just that 150 is a nice offer. Okay, true, true, true, true. I have a question, as it relates to valuations. If you are a fund manager,

investment advisor, one of them personally, right? What would the fear value be for Scotia, in your opinion, as an investment advisor, somebody who are working on investment, banking institution what would be the fear value of scotia in your your recommendation if you were recommending you imply opinion opinion exactly you know you are work for the house them asked if you do have valuation assessment on this company you know what would the valuation be in your opinion so that's my view on it right is there's valuation methodology

try to even test it. But within valuation methodology, there are some elements of subjectivity. Right? But they tend to, they tend to collis around certain numbers. So if you, for example, take, I don't know,

10 of the investment houses in Geneva and they do their evaluation, you may have a range, but they call us around a certain numbers. I don't know what those numbers are. Yeah, man, that's what I'm saying, a year, are you, are you, who never ask you know.

So you are our area. No, no, no. No, no. I think he's giving it answer to us. Right. Yeah. So, no, I don't work with an investment house.

I am not licensed. I don't work. I am an independent consultant. All right. However. But in your opinion? No, I am not going to declare a value.

Right. I am just being upfront for other reasons, right? Which I won't disclose here. But I won't declare a value. What I can say is that ultimately a value is going to come back down, agreed in terms of the theoretical valuation and methodology.

But ultimately, to the point you had made earlier, I think you use the analogy around a BMW or something like that, it comes down to what people in general is willing to buy and sell for. Right? And while the market is not perfect, it gives a good indication of people's perception around value. and hence the question is and I'm going back to the point and may

come across as just repeating myself why don't we just Monday morning go and clear that $6 million fuel because at the end of the day at the end of the day it is our perception of value right so I mean

the person was speaking I'm happy by the point but before you go I want to answer you because I like the point that I want to answer you though yeah man that's true why wouldn't most of us go Monday morning and spend the 6.5, sorry, spend the, um, no, yeah, the 6.5 and, uh, by the 800, the 88,000 shares all the way up to 76 and if more coming by because valuation is not just the hard numbers that we work out. It's also sits within a matrix of

the entire situation, right? Uh, uh, the, the BIMA is, worth 10 million when you've won the lotto and you're trying to show your friends how rich you are. The BIMA is worth 25 million when the person's saying, if you give me the 25, I'll allow you to jump in the BIMA and you will escape this forest that's burning. If you have the 25, it's suddenly worth 25. The BIMA is worth nothing if you don't want a BIMA. Right? You have to put the asset within the matrix of where it sits at the time. Scorsia right now, if you're If you go on just book value, it's worth about 50 something per share, right? Book value, raw book value from the numbers.

If you add a multiple to that, you can add whatever multiple you want to it, and it gets bigger and bigger. The second you have what we consider to be a valid buyer, buying it at 6150, it suddenly, on the market became validly worth close to 61, right? It spiked. And when the same value, it's worth. valid buyer says 75, it spikes again closer to 75, right? 70 is where it went to.

The thing that is key for the valuation is that there is a valid other entity that somebody is willing to spend time to get it from you. That's right. Exactly. I guess what? So this entire conversation, you and I can be a valued buyer tomorrow because we can go there. $90 for the stock and Q. Yeah, but here's the thing.

in that you're being irrational because you're forgetting that you know the irrationality is not that is not that irrationality is the consideration that because i think it's worth 150 i should buy for 150 no the truth is i don't buy stocks already are no no you're bite a hundred you can buy it 100 but you can buy it at a hundred yeah exactly so let's buy it to the hundred i wouldn't buy it for a hundred unless i have an indication that scotia caribbean or scotia were at scotia bank or somebody else or somebody else or somebody else is willing to pay the 150 for it. Correct.

All right. It is only because there is a valid buyer who I know has the money to buy it at 150. Correct. Why I'm okay thinking it's at, it's 150. Right. And because there's a valid buyer who is willing to put $75 on the table. Back to your point, you know, that it now goes up, you're willing to somebody will buy it at 70 because now there's a valid buyer. So the discussions around fairness.

and that is the reason why I stayed away from responding, plus other reasons, obviously, responding around if I believe 75 is fair or 150 or whatever is fair, because it comes back down to the dynamics. I want to make one more point, if you allow me. I'm sorry, the gentleman that had asked a question. Feel free.

No, the gentleman that asked a question, I just wanted to acknowledge if he's okay, yeah, if he's okay with the discussions of our, right, to take silence me and he's good. another point. No, I'm a good thing. All right. So another point, right, in relation to social.

So social stock has been traded almost like, for want of a better word, almost like a fixed income stock, right? You know, it's a dividend paying stock and if you're going to do a valuation, most times we can use a dividend yield to do the valuation because of the nature of the movement of the stock and so forth, right? So another thing to consider, at 6 to 1.50, the dividend yield was a shade below 3%. Granted, you may say the effective dividend yield of people who had the stock at $20 is much higher, but ultimately the absolute amount of dollars that you get from a cash flow is $1.80 per year, reasonable. So whether it is yield or whatever it is, it's still $1.80 per share, which amounts to a dividend yield of a shade below a few percent at a $61.50. At $75, clearly it is much lower from a dividend yield perspective.

granted the cash flow remains the same. So if it is that, say, for example, a pensioner or a senior person, and I'm going to make a general assumption, and I don't have data to support it, but just the nature of the stock. Perhaps the average whole of the stock is a mature, a mature person, right?

Just the nature of, you know, when you look at some stocks on the market, you know, it's my father, you know, so the average person would be close to retirement. in that kind of age route, more conservative. So looking on social and persons are holding the stock for dividend. And what dividend is, is cash flows ultimately. They're holding the stock because they get their consistent quarterly dividends

at a $0.45 cents per share and they're good. The 15% comes out with taxes and so forth. And again, I repeat to myself, but the dividend yield is a shade below 3%. When you take the price of $6.1.50,000, or $75. And if the transaction goes through, I immediately get $75

in my hand, which I can now have an opportunity to reinvest. I'll just take the simplest reinvestment. Granted, if you don't go in stocks, then you don't have the opportunity for the stock to go up. You don't have the opportunity for it to go down either. But again, we know Scotia stock has been relatively flat.

Always speaking about social. So couldn't I take that money and invest for example in another instrument a less risky instrument aka geog global bonds that was just issued maybe a couple weeks ago at a yield of 6.25% right if you use an average if you use a average depreciation rate of 2 and a half percent that has been like that for the last five years you're netting somewhere around 8% right 12 it is is dividend sorry is is appreciation because of the currency but let's stick with a 6.25% per annum.

You pay your 25% tax. You're coming out at 4% which is effectively higher than the 3% or the 2.5% and you're getting your cash flow on a semi-annual basis. So from a cash flow perspective

if you are the type of investor who holds social for the security and the safety and the consistent cash flow, and I'll alternative, well, I don't want to use word better, right? Because it's different. What's better than the bond?

I know. No, no, no, no, no, man. I don't want to use better because better is relative. Right, because it's relative, right? At the end of the day, if you put it into a safe bond, GOJ, for example, right, you have a higher cash flow. Randi, you may define that that's better, right? But I've used it to higher cash flow. You get what I'm saying? I would I get why I wouldn't I would easily use better I get you

I understand why he wouldn't use better I would say well for me I would go I would go corporate immediately fine you mentioned a couple of things

right yeah yeah yeah property may have a higher risk yeah but remember Randy

you started out I say in Scotia is safe cool so if you can get another Scotia bond right

as safe or close to it then you know like for like you know in terms of risk because I was saying, you know, you always define GOG as, you know, for a bit, exactly.

That's why I use that. That is why I use that as the minimum example. People may want to increase their risk tolerance and buy higher yielding bonds, and that is fine, right? Or higher yielding dividend stocks, and that is fine. They will take, not higher yield dividends, but stocks that they get some upside. But the point I was trying to illustrate, right, is that from a cash flow perspective, right,

as a large not large as a rational person if i can move today from one investment because i'm my cash flow more payment like bill and so forth right now close to retired right i'm the need my cash flow it would be rational for me to say you know what if i put my money in a joj bond where i'm getting six and a quarter per annum and it works on we can't work out of math we're not I want to spend the time, but it's correct. It works so that my math of my cash flow, because ultimately cash flow talk, my cash flow is more than what I'm currently getting

from score should have been paying consistent dividends at a $0.45 cents. Back in the days, there was 30 cents, they'd go up to $30,000 and $0.40 and so forth. But it is what it is. That is the dividends I've been paying. You saw what I'm getting at? So it's more the rational discussion.

I'm not saying other discussions are not rational. But ultimately, is you break it down, you multiply your interest rate by your principal, and this is what you get in your account on a semi-annual basis. I get, well, I should say I made an assumption, but I get these assumptions I can't ask on here, but I get you. So, in fact, I'll agree with you. If I'm coming from the perspective of a pensioner, not some younger on internet who can risk it all, right?

if I come from the perspective of a pensioner, if as a pensioner, I am offered an amount that is multiple levels of dividends, dividend years in one go. In fact, they're sweetened the deal and give me even more in one go, and I have the ability after receiving it,

well, I have the ability also to receive it in US dollars, and then if I want, I can redeploy that somewhere better to increase my dividend yield or take a bit off and enjoy it and still keep the same yielding on our instrument, I'm not knocking that sort of a decision, which is why I'm not necessarily surprised that maybe,

maybe, if some of the pensions were to have voted previously, if they voted for it. I understand that decision. And I will admit that I was not speaking with them in mind for this thing. But I am happy to know that if 25% of the majority, 25.1 or more percent of the majority says no and scotia has to real and come back in with a bigger deal everybody including said pensions will benefit from it. Yeah, that's for sure. I mean obviously if they're understood your point your point around making a decision from that point of view is not a bad one and I want to be clear because we don't we speak very loosely on here because that's how we want to approach

finance and investing in a way that everybody talk. So not that you have to be clear. So not that you have to be clear, we don't, we speak very loosely on here because that's how we want to approach finance and investing in a way that everybody talk. So not that you have haven't done it, you've done it well, but generally we speak how everybody else speaks on you and I try to bring the concepts to people that way. You're right from your perspective and it's a great way to approach it if you're doing what I call them the Excel way I'm doing it, right, the Microsoft Excel we are doing it and I'm somebody who loves Excel. However, I have to admit that at the core of this issue, it comes on to a simple thing. A rich man who I buy the thing, I'm a know him having. So I can't make him get to touch it. So Randy, Randy, you are, sorry, I don't want to say you, right?

Because I don't want to be personal, right? So, so, so. Hey, you're a team. All right. So, so one of the things, right, as an advisor and investor, it happens to all of us, right? We talk rationally. And we say we must make decisions and rational conversations, right? However, we end up getting emotional

and use other factors to support an outcome that we think we think is fair. That's why I don't answer the question about fearness. So the point you made just now, the point you just made now, that you're an Excel man and you can't run your model. But, right, the man can pay more,

the man for pay more, are you? Oh, there's no question. Yeah, I know. You understand what I'm saying? The man will have to pay more, are you? And you're not wrong. That's the beauty of the decision in it. But here's something that I know,

I think you know better than me to. You talk to a hundred successful businessmen. And you ask them, you know, looking on a deal, or the successful deals you've made over the years, if it comes down to gut or, I want to gut our numbers, because the truth is you shouldn't put those two things in opposition. However, if you're good,

God says no, no, no, no, no, but the numbers say yes. Check how many of them would actually say yes. And also check how many of them have looked backwards and said. I'm not, the point I don't think it lasts in that point. The point I'm saying that to me, I'm using that as context to make is this. We can't leave out the actual emotions. And as somebody who does know a bit about the numbers, not as much as you and not as much as many other people,

does not bit about the numbers. what I do know is that I hate to say, but I don't want to say you can make the numbers say anything, because that's not all is true, but you can use the numbers to support many points. And what I do know and I won't ask you this, but what I'm confident saying is that a case can be made on the numbers for 150, for 200, right? Now, it's a steep case, maybe, maybe not, but a case can be made for. for it. However, I'm not coming from, and I'm being clear here, I'm not coming from the perspective of trying to be fair to all parties involved. I am not coming from Scotia Caribbean side.

All right. I think they need to pay because here's what I also know realistically. Let's say that get it at 75 or even they get at 100. It deal is great. Everybody's happy. We redeploy our money and brick talk. We talk about it and we move on. Maybe a year or two. two or three from now, let's say Scotia sells it to, you know, they sell all of the Caribbean operations to a Central American bank, right? Best believe that between the time when they buy it from us and when they sell it to that bank, they are going to be mining the money out of it. One of the beauties of Scotia as an operation is how efficient it is, especially in comparison to NCB. I mean, granted in the finance world,

They're very different in terms of the outlet. They're very efficient. Very, very efficient. Some people would say it's run from Canada, right? It's a systems bank. It is a very efficient thing. I remember one point having a conversation. I've said it before on here that is actually Michael Leachin who mentioned it,

that when he was doing some research at one point a few years ago, he realized at that point many, many years ago, Scotia, Jamaica was at that point, and you'd have known this time, And at that point, Scotia, Jamaica was the most profitable Scotia in the entire Scotia global operation. Now, I don't remember the exact year when it was. The conversation was long and he said it. But I remember it.

I remember looking at up and realizing it. And it's a, it's a lucrative thing. The truth is we only get the opportunity to sell Scotia once. And this is it. Randy, Randy, Randy, Randy, let's go Monday morning and buy 306 million dollars. It comes back down. I'm going to say that white man from Canada. He's going to pay as much as an end up to pay.

Exactly. And that is the point. You're right. It is an emotional point. So if we push away the emotions, let's go Monday morning. And I shouldn't. I know, but no. All right.

Let's keep the emotions. Right. And because you have to keep the emotions to make the decision and clear the queue with the six million. So yes, we're human beings. Okay. I'll make a rational. Hold on.

I'll make a rational decision for you. I forget the Canada and the white man foolishest. I would not bite above 72 because right now my biggest opportunity, my most guaranteed opportunity for selling it is at 75. So my entire effort right now is on forcing the hand of the entity that is going to pay 75. And if I can get them to pay more than 75, I will immediately buy more. But this is not a regular market thing because the regular market has shown me over a period of years that

even though we all know that it's worth a lot more, none of us are willing to pay it. So let me ask you a question. Let me ask you a question. On that point, right, a strategy that could be used, right, to get the people not to pay more, right?

It's to reflect that in the market. Price. Yeah, but that's expensive. Hold on. No, no, no, no, no, no, no, no. Hold on. You can do what There's nothing wrong with doing both. Right? So rationally, because we know that we know that there's a certain buyer at 75, there's a certain deal potential.

If the deal don't got through, then probably start pullback, right? So, you know, it's maybe not 100% certain. But at this point, there's somebody willing to buy at $75. So you just said that you're not willing to buy more than 72, because after a while, obviously, you have to pay a commission on those things. Exactly. What if, right, you'd say, all right, rationally let me go and clear the queue all the way up to $80.

That wouldn't be rational. Would that be? It would not be rational for me. It would not be rational for me. Right. And what we're talking about is two things, be emotional because we get them can pay more, we feel them can pay more, right?

But we also have to be rational about it. Oh, no, no. When I say it wouldn't be rational for me, it would not be rational for me to kite up to about. 70 to me personally because I've run my numbers and at 72 is my personal max at which I am still getting profit the difference you know 72 and selling Scotia at 75 is more than the usual dividend I'm still coming out at profit so no my next so you're good at some so your value your rational value right now right my rational value is links to my exit price which is

indelibly linked to that big buyer but there's more than so much is 70 price in that conversation right in that conversation is the reality of the entire process which includes an opportunity to force that big bar to pay more you are correct if that big bar says it's not working and crash it i if they said they're not doing it monday i would sell also on monday exactly supposed to be so you know what and that's i think earlier right the question was you know around at what point that big buyer will stop. And I don't know. You don't know.

We don't know. We don't have a certain. At what point? Because if this big buyer, say, you know what? For my strategy, my Scotia strategy, my top price is right now, I'm not moving a cent above $75. And therefore, if you vote against the scheme, come next week, Wednesday, no problem. I still have my 72%

I still run Scotia, status quo. I'm still stable. As you said, we're still doing well, we're still growing, I'm good. What would you think would happen? Chances are the price would not. Chances are in the near term. It may because it's just market movements. Chances are in the near term the price may not go above the $75. Obviously if the community generates from.

The data say that the price is going to fall. The price drop. Okay, so we come back to the point now around degrees of certainty and information and what. We come back to negotiations and what they have. So if you, not you, but if people say here what, them brother can pay more money, right? And them for pay it up. Zend, $100.00.50.

But they run their numbers and say, my strategy, my strategy, me there are 75. but we push them or push the other shareholders rather to say, Bridgerian, hold out from the Monday here can pay some money.

You can pay some money hold out on them and then come back which we don't know, right? And so that is it. Maybe in 10 years' time we revisit this thing. That person, mature person

who is depending on cash flows for their needs, that mature person, pensioner are close to pensioner. right that is getting their dollar 80 and could do well with getting three dollars if they redeploy the money in something else right yeah those persons you know the virine persons people will be happy if they the price go up to the hundred but in scotia say unfortunately my strategy is 75 and the deal don't go through that potential lady widow senior person who is getting this dollar 80 per year and could have gotten three dollars per year or $3.50 per year, obviously, relative term. Then them just have to go and hold on for the 1.80. You get what I'm saying?

So it's a number of different dynamics at play, and we can't look at it through just one or two lenses. True. Right? We have to kind of, you know. So you have to understand, though, you know, in war, you can fight your side and also the opposition side. No, that is a war situation.

But you're right. Think about how good it is what you just said, that if all of that were to happen, those pensions who are depending on their 180 a year, still going to get their 180 a year. So there's no real loss. No, there's absolutely no loss. And there's no lost to Scotia.

I know, but there's no lost to Scotia either. Apart from the potential what they wanted to do. So they're not going to be worse off. And that is the point. They're not going to be worse off. These pensioners are not going to be worse off. But if Scotia do the deal, they could be better off. And these pensioners could be better off.

So that's what I'm saying. it's not just a, you know, one or two lenses that you have to look at. You have to kind of. Exactly. Right. And therefore, when we're having the discussions, we have a broad-based discussions. Put the different perspective because a lot of your perspective makes sense,

right? Yeah. And a lot of my perspective and other people perspective and Scotia perspective and the large pension funds perspective makes sense. So we throw it on the table and try as best as possible, right to be as what I'll define as as clear and transparent

and rational as possible so people can digest information because what happening is that persons look on well I guess myself right Randy and you and persons who have a bit more experience in the field right

for their thought process even though you're not giving advice they listen to you or listen to us rather right? And some of the things that we say feed into their decision process. Unfortunately, some people listen to us as gods and we are not gods. I agree with that 100%. Right. And everything that we say they take.

And I'm recognizing that they have to apply to their own unique circumstances. And that is the reason why I kind of use the analogy, a little bit more than analogy, that I guess that the average individual shareholder, would be more mature just by nature of the DNA of the stock and the company in Scotia. And some of the old longer term companies that are listed, you know, the cement companies of this world, you know, and so forth and so forth. So everybody's circumstances are unique to them. And therefore, when we're giving guidance and advice, one of the first principle is you need

to be able to understand your client, being able to help your client to almost self, self, What you call it, not diagnose, but diagnostic themselves in terms of what their needs and their circumstances and make that best decision. Yeah. Right. Somebody else may, I have social and I will hold this for 10 years, right, because I just love the red and white. I just love that flyness. I just love what they stand for. Right.

And I'm willing to accept my dollar 80 or even if them drop the dividend yield, I'm connected to social. right I'm a Scotia banker I'm a staff Scotia made me hold on night night right Stephen and I agree you listen that people are like that and so also I'm thankful that you came on and you shared your view

because as I said you are right that is actually a great view now if I was talking to if I were an advisor then I does the advisor I think he just jumped off for a second but if if I was an advisor and I was advising I don't know, a company, it depends on who you're doing or who I'm making the decision on the basis with. I would say that. No, but I have to be honest. And that's one of the things about

this show. I'm honest. The reality is that, as you said, one, we don't know what you're going to pay. Two, there are multiple factors at play. And three, well, three is really one again. We don't know how far we can stretch them to. Even I won't pretend to tell you that I know how far. You know, I can say what we call emotional fine. Oh, I met a man from Canada pay. But truth is the man from Canada is not got either. We don't know how much, he has a budget like anybody else, right? And if the deal don't make sense to his or her budget or the company's budget, it won't happen. So I agree with all of those factors, but I also know that at the negotiation table, I can't negotiate the other sides. I can't help my enemy, quote-unquote,

enemy, knock me out here. So your points are actually very steady points, and I like it because I didn't think of it, but I'm going to counter it just to say that. I believe, and I know you can't say it, well, maybe you can, you can tell me, but I believe that even 75 can be increased. They can pay more, right? Now, how much more? Only they know.

That's how negotiation work. How much more will I accept? I don't know. I say 150, but the truth is it, it's a code 120. I don't know. I don't know that at 100, I wouldn't be okay and sell it. That's a truth. I am giving some of my hand here, too.

If they call the deal off tomorrow, the very next day I'm selling my shares. So I'm not trying to pretend that I am on all sides. But I know that for the people who are the minority shareholders, our only opportunity to get more is at that meeting is saying no. That's the only way to get more. Because that meeting doesn't have an opportunity for us to say, hey, 75 is not good enough.

Let's do 86. Let's do 90. The meeting is a binary choice. It's a yes or no. If you say yes, that is that. So the only way to get more is to say no. Now, would I like if the meeting were, hey, everybody, let's put your real prices in and we'll see where the average is. I would love that, but that's not what it is.

The closest you have to that is the market, and I know how that goes already. The market wants certainty that only that current buying entity can give. So I have to look at the reality of my situation and then make a rational choice. My rational choice is that I believe that they can pay more than 75. And the only way to get more is to say no. And if you're, I don't know if you heard us last, I spoke about it. But I've been saying the same thing from 60150. So you can't, you understand now that I'm even sure that they can pay more.

Because I said, hey, they can pay more. And the only way for them to pay more is to say no. Yeah, but there's a difference between Kian and more and what their numbers are saying and what they're willing to do. unfortunately we don't know yeah yeah that's a little bit i didn't know what they were going to pay i didn't know how much more they could pay at 6150 but we see that hey obviously they had some meetings with some parties and it went up to 75 because their own notice mentioned that after some meetings with certain

parties they increased it they increased it to 75 so i'm happy that those parties pushing in that direction and i'm just talking to the rest of the nine artist show and say hey guys they have done their part let's all part now but bearing in mine again bearing in mine and we are quite right your circumstances are totally different from mine and a lot of other persons agreed right they have different circumstances agree and therefore people have to take not just about yes we can get more but or less it's just about your own circumstances and makes what what what what is good for you yes right so while is it that we may push for more and can go up because they may pay more we don't know but they may pay more in a year if they come back in a year

and say all right cool let me put it at 85 right that's about 7% increase the interest rate now that you can earn for a year probably 7% so the opportunity cost up waiting for a spin round for another deal you never have to go wheel and come again in six months there's an opportunity to us and bear in mind the discussions around dividends i hope i'm not hugging the conversation no no no trust me this is but the conversation around the conversation about dividend right so when they move it may not carry much weight but let's that's that's that's percolate it for what it is worth so moving from six to one fifty to seventy five there's about 14 third call it fourteen dollar for east or whatever it is 14 dollars all right for whatever reason they get there

essentially that is seven years of dividends. When you grow set up, because dividends is taxed at 15%. When you grow set up, you're looking on, call it eight years of dividends. And you get that eight years of dividends today. Right?

And it is not taxed. If you want it. It is not tax. So when you take that into consideration, you know, Randy, there are efforts being made. And when you look at our

individual circumstances, if I have to wait for eight years to get $1.80 per year for eight years and the time value and money, right? Granted, you know, but obviously you won't get your principal, aka principal still, which is a $61, right? And I use that deliberately. Cool?

Because we're moving between 61 and 75. And you get eight years of dividends in a few months versus waiting to get it on a quarterly basis. Right? The time value and money, you can take that eight years of dividends and reinvest it. Forget about the principle for a second and reinvest it.

And you are better off from both a total return perspective as well as a cash flow. Again, the argument is, yeah, maybe them can't pay a hundred, right? But give and take. So we can have all of those arguments, but it's just to throw out different points. So to be very hard and fast to say, boy, let's blow up the deal because here, well, the money can pay some more. Right. We have a lot of other shareholders. And I'm guessing that the share register for Scotia, because they've been on this market for almost 60 years, is holy.

Cool? So we have a whole heap of people here at stake, pensioners, these institutions, right? So in my view, right, while is it? that we would all want more, we still have to just throw out the different perspectives on the table because we have more than enough people who are shareholders and who will voice their thought process both verbally and when they put their ex beside that box going forward,

to say no or exactly. They could say no or could say yes. But you have more than enough people who feel that listening, this deal must blow. but you also have a fair bit of people would say you know what we're at it if i go try and sell my two shares by the market and if everybody was trying to sell their two shares for the market the price will probably bounce back down 10 right and if scotia walk away from the deal to your point you'll cut your holdings right now right and the man they get clap again well

customer for those go on hold on pannum dividends so they're up there are different sides of the discussion. Agreed. I agreed and I'm happy that you brought it up because you have ventilated aside that I admit I have not brought out and it's a good side to bring out. It's a good it's a good side for people to note. It's a good reason for why people would consider saying yes. I can't if I'm older, if I have a lot of money, yada yada yada. I understand it. I am admittedly more aggressive at this and I'm and I'm thinking of the people who I'm not thinking, I wasn't thinking of all the pensioners, I wasn't thinking of certain things, I'm thinking of the people who are nimble and in the market and asking the questions that

you hear like, boy, how do you think you can, I, I don't know people's pocket, but I don't think most of those people are, no, no, no, man, I'll get you. I get you. I get you. I mean, yeah, I I will invest in possibly okay losing 50% of a particular investment, right, because I believe, yeah, yeah, I mean, I mean, because they're taking risk, right, risk returns, you know, my risk tolerance maybe when I said 50% I was referring to my risk tolerance yeah right my risk tolerance may allow me or my circumstances may allow me to be able to lose a 40 or 50 or 25% when we're going through a client assessment you typically ask of your principle how much you can afford to lose you know different

ranges so different people maybe are you know willing not willing but can afford to lose 25% but there are some people who prefer certainty and safety and security right and comfort so you're right you and I will sit down and we have a beer I would say yo we're on we'll go further stop there in account

we'll do this and we'll do that but then there's somebody across the table who listen my stability is important my cash flow is important and I am happy I am with the flying ass or I'm happy I'm with another institution or I'm happy I'm holding some

governmental Jamaica bonds because, you know, my risk tolerance at this point as it changes with circumstances, including age and, you know, whatever it is, varies. So we also, Randy, have to be mindful that when we hear information, we have to... And I'm not... Pardon me, I'm not knocking you because I admit it.

Just now that your personality drives your decision. process and that is fine because my personality and somebody's personality will also drive that. But I think when we are providing information or guidance, we have to appreciate that if you're talking to three people in our room and you can quickly assess their circumstances and hold your thought, you can speak a certain way. But when you have an audience of thousands, right, of people, your approach when I say your our approach

right have to take into consideration that our audience are broad-based and therefore we I was going to say it's our responsibility and I think it is

right our responsibility is to be able to communicate and share broad-based thought process and be mindful and just like how you disclose because you can disclose it

at the top of the conversation listen I am aggressive person and because me this, I will do it this way. However, I do understand that different persons have different circumstances that therefore my perspective is based on X, Y, Z. However, A, B, C, D, you need to take this into consideration with your own personal circumstances and so forth. So the point I'm just trying to get across is when we communicate

and when we share information and when we provide advice, especially when we have an audience of veering demographics and veering people, right because the people who are listening here now maybe more aggressive and young and so forth but this information or this discourse gets out because obviously it's modern time into the space and people may yes and they may read it wrong because they don't analyze it in the context of your circumstances because you have an audience now of about 40 people and a probability a lot of people I want you to understand something they'll understand if believe it are not Would you believe that I'm always cognizant of that?

I don't. I appreciate that. Yeah, I'm always cognizant. I appreciate that. I try to do two things. One, if you, I, if it's a person, I tend to put emphasis on allowing anybody to join. So I'm very, very thankful that you join and, and supposed to put another view to it. Because as much as I'm forceful with my opinion, I bring my mind, you say something that I've taken on, which is, like, I've strong opinions, but loosely held. So I have no issue changing my opinion, especially if somebody can show me on that.

other way. Not that I'm changing it in this, but I am forced to hear my opinion, but I'm always open to hearing something else, and I'm open to shift in my opinion if it isn't, and I love the good conversations. I want our views to content. And in this specific thing, I am, I just feel so good because it's a binary choice. Everybody, except for Scotia, Caribbean wins if the vote is no because Scotia Caribbean knows how much they are and I don't think that is fair

not to Scotia Caribbean but again I'm being no no no no no but I said I know I hear it but I don't think it's a it's a fair statement sorry let me not use the words fair statement it's not a totally no no no no no because he said everybody wins

everybody except they're saying no no you probably should say nobody loses right because what happened is that the status the score remains the same. Well, well, if they walk away, if they walk away, the status is correct. But you're minimum, correct.

And that's where my bias comes in, because from my personal perspective and the perspective of a retail investor, which is where we come from with this, I am at- Remember retail investors are pensioners as well. No, I agreed. But in this specific point, I'm separating the retail investors, the pensioners, because I'm grouping the pensioners as, you know, handled by a pension fund, blah, blah. blah, blah. No, no, no, no, no, no, no, you're right. You're right. You have people who like me. There are lots of pensioners. No, no, no. Remember, the assumption that I made is that you have a fair bit of seniors and not because they're not getting an NIS or a pension from a company means that you're a pensioner. I use it generally in terms of they depend. They're not working or, you know, so they use the cash flows for their pensionable lifestyle.

True. So you're right. It's a personal term I use. When you hear me say personal pension, you are. correct is I use it so much that I didn't even realize when I say personal pension I mean I mean like I have a personal pension in that I don't have an official pension I have a portfolio that is my quote-unquote pension portfolio and handled as such um that's what I mean so we're on the same page but I will admit that in this thing I feel I'll take it nobody loses because the worst that can happen is that the prospective buyer says hey this don't make sense no I don't believe that will happen because the prospective buyer isn't showing all their cards. We don't know how much is there so much and no more.

I just don't believe that. To be honest video, to the honest video, if I was a perspective buyer and showing all my cards, I would be a terrible negotiator. Exactly, exactly. And if I was a prospect of seller, if I was a prospective seller and agreeing to the first or the second offer, I'd be a terrible setup. true but guess what randy again i'm sorry you know but at the end of the day randie let's go and clean the queue you get to i don't know to scotia no scotia not going to buy the queue they're going to be the queue they're going to

try to make way no but you and i as a rational individual is out here now we can pull you up six million dollars chances are all of us here on this how much 307 people we can pull up the six million dollars and go and clear the cube on the morning. And that's true, but I can use this from a six million. But you see, if I I'll tell you, I believe that it is going to go to a hundred dollars. No, no, no, I, so I have varying levels of, of, of shorty, you know, varying levels of short. That's the point. That's exactly. That's exactly the point. Let's say, I knew. Let's say I was on a flight and I was coming to Panama and some gentlemen on the fly in me in first class and they're from a bank in Central America.

and I hear them discussing the Scotia Caribbean move. And I'm overhearing them. I want to be clear, this has not happened. I am making this up. Everyone listening, I'm making this. This is hypothetical. So I'm on that flight coming back from Panama, and I'm hearing them on it, right?

And they're talking about, you know, the consolidation and the move that they're going to do into the Caribbean in the next two years. And the price that they are going to pay for it. And I hear them talking about paying Scotia, Jamaica. 200 per share. If let's say that had happened, then I would be clear in the queue.

Because I would believe that I know... We would have some degree of something going on. Yeah, I know the price, because my assumption there would be that, okay, this Central American outfit is willing to pay Scotia Caribbean 200 per share, and Scotia Caribbean is offering at the time 6150, and now 75.

And I believe that Scotia Caribbean have a lot of room between 75 and the 200 that these gentlemen are willing to pay, so I would be clearing the queue. But because that didn't happen, because I don't know where their breaking point is,

I'm not clearing the queue. That's the point. That's exactly the point. And we don't know what they're... And we don't know what their clearing point is. Neither do. Right. And we don't know what their clear point is.

Come next week Wednesday. right? Are you going to clear the queue? I'm being figurative now. Right? We're not because we don't know what your point is. Because if it is that they choose not to clear the queue. I have to cut you. I have to cut you, but here's a good part of this show. I'll be honest. It'll be my thing putting out there. Let's say next week Wednesday, it goes to the vote and the no vote happens more than 25.01%. So they don't get it, I might sell a little bit of my shares.

Just as safety, just to give me a little safety cash margin. I tell that not all of my time. I tell a little bit about here. I want to see what they're next. Okay, not all. So you kind of adjust your stance based on the conversation so far. So I guess that's a part of this question. Because I'm expecting, I don't know what might happen.

So I just give myself a little safety room because I'm expecting that when they come back and they say, hey, this is or I would think that they'd come back and they would start to give more numbers. Right. Give more of their stance. So it's in a corporate way that, guys. We are. You mitigate your risk. You minimize your risk. Yeah, adjust your risk.

And they might be saying to us, listen, this is our new offer. 110. And based on our cash levels and blah, blah, blah, blah, we want to be clear that this is our final offer. If this does not pass, we will not do it. Is it there to say that? I wouldn't push them past. I wouldn't try to push them past 110. But I don't believe that 75 is their max.

And we have a binary choice. The only way I can get them to pay more is to say no. So believe, believe is one thing, knowing is another thing and none of us knows. Exactly. So the only way to get more is to push a little bit of the no. And as it says, nobody loses. Either win or you don't lose. So what are trying to win, right?

That's true. But I don't, I don't fault anybody for looking at it and say, boy, young boy can something like him on to know. But I have, if I was 70 and I don't know, God probably that I'd have 20 more years if I'm lucky. I don't care what this guy on the internet is saying. live life young but no star right so i couldn't fault somebody for making that need to get some lump sum to to as you said you know live some more life before i i go see you the father or you may

have some medical bills or you may have some medical bills that you need to sort out or you just want i mean god forbid that don't i think i have 10 years of life left or 20 and i can get eight years of that money right now exactly exactly Exactly of the dividends. Exactly. So you're right. And it's not a binary conversation, you know. It's just a binary choice in that the only way to push them up a little bit more is to say no. I don't like that it's that way, but it is what it is. And I'll end my point with this. I am happy, let's say passes, yes, I'm happy. We're pushed them from 61. 150. Hey, you know, you know, Randy, I said this last point, right? Right. And you have my number and I think I have the number. We can't talk separately. You know, Randy, if this deal goes through and $65 coming to the market, right?

75. So, no, 65 million, sorry, comes into the market. 65 billion comes into the market. You know how much positive damage that can do to the market? My brother, I use it two terms. So you say, hold on now, hold on now. So it's in my little portfolio, right? And your little portfolio? It has, it may not happen, right? Because you're not Jesus Christ, but it has the potential, right? Of mark to marketing those portfolios in a material way.

So if you look at it from this perspective, say, for example, 10% of my portfolio, in Scotia. I mean, I believe so the money can be $100. Cool. It means that 10% of my value can go up by about 25% of home. No, no, no, you'll go to the months. Move from 75 to 100. You can go up a couple percentage, right?

Right? So my 10% can go up to, alright, let's use numbers. That's the third. It's 33. Let's use numbers. Yeah, yeah, let's use numbers. My portfolio is a million dollars.

Cool. I mean, I have 10% in Scotia, which is 100,000,000 at the 75. Cool. I believe that my whole lot of the man, zand, zay, because more 100. We get the 100,

or we potentially get the, no, we not get the 100 because we don't know. Zey? My bet's about we can get another $2,000

or a par 9,000. So therefore, my portfolio now is going to look close to, from a valuation perspective, maybe about $100,000,

cool, right? So my whole out on them on them, we want to have no vote. You get your no vote. vote. My name's

all right. You're not three years we revisit this thing. Versus, you get the yes vote, $65 million hit this market. You see the rest of my 90% of my portfolio? If that goes up.

And again, I'm saying if. It's sound logical because you still, you have a lot of volumes coming to the market, right? So there's a logical argument, Maggie, but it don't necessarily mean some. So I'm putting that cave yet. But the expectations are your, Scotia is no more in the market, people wanted to redeploy.

Some is obviously going to go in a fixed income, but some are going to go back into the market. And therefore, the overall valuations of my portfolio is expected to increase. So my $1 million valuation of my portfolio is going to go north as well. No doubt, no doubt, no doubt. And I potentially can dispose of some of those securities in that portfolio and the better off. So the argument, not sure I bring cross-burgeoning is that we have to or we ought to you know, just

sing through, talk through and that is how we get ideas in each other's head. We talk through these things together, right? And look at the different parameters because if $65 billion dollars within this market, right, the energy can bring us to the market, somebody who gets it may want to buy a partner,

they may want to do this, they may want to name out some of the money, right? And that generates economy activity. They want to club it out, but they want to do something constructive, they want to start a business, they want to get them grandsons and some money for good to certain things. It generates economic activities, but a large portion of that money is going to be looking

for reinvestment opportunities, whether it is in bonds, Georgia securities, or the equity market itself. You would have seen, and I can't say it has attributable to the movement in certain stock prices. So, for example, a certain stock moved from 40 or 50 straight to $75 and back. once the announcement was made. There's another stop that I say moving up the other day. Oh God, which one was it?

Something moved materially over the last couple weeks. Right? But you see, oh, Grace, Grace, if they won your higher. GK over the last few days. Yeah. Because people are,

and I'm assuming, people are kind of thinking about redeploying ahead of the game. So natural evaluations can also go up. So while we speak, we'll ask. From a, well,

Nina, do not say that, Burjwin. You know can't say that. Right? Them can't fire me either. I can be worth for myself. But you can say that.

So, GK move up. You saw NCB moving up. You see certain other stocks moving up. When that money comes into the market, even though we're looking on it, and I'm going to use word binary, we're looking on kosher itself. And whether or not we believe

is a good dealer, not a good dealer, the man I can pay some more, we have to also look, not just on the, let's call it the micro-discussion. But look at the macro conversation and, you know, we can't say macro economy, but a broader conversation around the impact that this deal could potentially have on the market and drill down to your own individual portfolio. If you have a certain stock in your portfolio, chances are you'd have seen it appreciated by about 20%, 25%. Could be for the same reason or could be something else.

it's been a good quarter for me, you know, so... It's been a good quarter and, well, I don't know if it's a better quarter than previous quarter, okay, I know you know your thing. But it has been a good quarter and it could be attributable in some parts to the fact

that the man they make an announcement at 61. And then when you check a stop now, when you check a stop now, the man of lifting prices, 75, obviously if they'll lift it to 100, the whole place or bloat, right, but we don't know. Right? So the truth is,

be told is that if $65 billion coming to the market in mid-November, right? And we know that there are potential other deals coming to the market right, that can bring value to the market

where you can buy new equities. Because people are lying enough to bring deals to the market. And, you know, it is no common secret that the dealers are always active trying to bring new deals to the market. We won't get into the debate about the quality, but certainly there are expectations that these are going to come

to the market that we are only thinking about redeploying based on what we see on the market now, but there are potential other opportunities that we don't see but demand them in the brokerage house that work behind the scenes for bringing some deal to the market. I... Can I call that name because we're not getting in the show? I get you. I get you. And I...

So privately, at least if I... my girl group, we've had those conversations and I have said exactly that. I want you to understand something to. I want the deal to go to Rito. I just know that more is there, quote unquote, no, more is there. And I want it. And the same points I've made. I'll tell you a point that I've made privately, I'll make publicly hear a lot. People here about 2015 and how good it was. It was on the back of the Diageo Biod. Just for context of everybody listening. I think the Diazio bio was like 23 billion. and you can take a step back and you can take a step back you can talk about last year's

democrat in 2008 yes with blackstone with angostura yeah you get what i'm saying so yeah yeah yeah so markets go back even further i've read this is a little passion of mind so i've read things going back to flower mills yeah yeah yeah yeah yeah yeah nc you know that national continental was listed as well right they were the listed in 1994 yes right so i'm saying from so i know that it's coming but it's a beautiful thing that we have here where my time to now you need a shot in at the army of the market oh no one i think if the diazio in 2015 caused a lot of what happened in 2016 so many of those majors moved up the stuff that happened with jamaica producers and panjam

2016 jama jp moved up the stuff that happened with gk like there's a there's a direct effect between those two and that was 20-something billion this is a whole lot more and I felt that way when it was just 60-150 so at 75 I'm even happier but I will not lie I'm a little greedy better you say than somebody is I truly believe I truly believe that that kosher for whatever reason wants it and I truly believe that either way they're going to bite So I believe we're going to get that shot in the arm either way. And so it's a rare situation where, guys, we can actually be a little greedy. Not too much.

For your age. For your age. For your age, yeah. And for the situation. For our age. Yeah. Well, I am not lying, right? I am not lying.

Right. 65 billion dollars in this market looks good. All right. All right. Okay. I have some goals, right? And that's 65 hit in the market. can, you know, can energize some, some stuff.

It will, it will at a can wait. But I just want it to be more than 65. 100%? Well, maybe you can get more than 65 next year this time. You're willing to wait a year or two? Yeah, no choice. The time will pass, invest. Okay.

Time value of money. Yeah, ma'am. More my 65 billion in the market today. But I want to wait until two years' time to get 75 billion. I agree with you. I'm just throwing those slide coming so there just to try get across a couple points.

All right, gentlemen, this passed my bedtime. Right, normally mean I'm a bed by nine o'clock. Right? I see the call and I'm a jump on it. And it was a very good discussion. I appreciate the conversation.

I appreciate the conversation. Every known again, I'll jump on. But I go to my bed by nine o'clock. So, so listen. Who is this? Who is this? Who is this?

Who is this? Hello. Before you go, I just want to big you up, you know. Who is this? As a fellow, my son, familiar. As a fellow, Wilmirae. Who is? Philip Burgess.

Philip Burgess. What you say, brother? Some back in the day, back in the day. Yeah, man, enough love, enough respect. Yeah, man, yeah. What the man in the vexed to Woolmerean, you know, panic, you know. No, no, no, no, no vex, no vex, no vex. No, no vex.

A college band, I'm gonna call. No, yeah. You have to say purple three time before them show. Oh, gee. It's false. Yes, Phil. Yes, Phil. I mean, I never normally coming

because I tend to stay behind the scenes. But I was listing, I was, we call it, anonymous. And then I was listing and I say, oh, I'm just jumping and, you know, be a part of the convo. Yeah, man. I just wanted to say it's a good conversation. It's a moment of pride for me. As a...

To hear you... As a Wulmerian. We talk offline, man. No matter with that, brother. Yeah, man, yeah, man. But also pride in listening to what Brick Talk has brought out. Yeah. As a supporter of Randy and Denai over the years.

Because it's something that the market itself, needs and has benefited from over the years and we need more of this right the both sides i mean mean not even both sides it's multiple sides of the the whole argument around the scotia deal have come out tonight and i think it's very important when you look at any negotiation there's in this this whole thing is a negotiation between the scotia caribbean and the minority shareholders and each minority shareholder must act in their best interest, their own individual best interest as the other side of the negotiation is acting, in their own best interest.

Yeah. I'm happy for it. And sir, listen, thank you very, very much for jumping on and make it a good view known. Indeed. Definitely. I won't try to keep you up, but thank you very, very much. The conversation is good. I'm sure there's a whole lot more, and your doors always home,

so I as well come to hear it. Yeah, man. No worries. You can shut up my phone for the weekend. Yeah, man. All right, bless him. All right. Cool, cool.

So, Sir Phil. Yes, sir. Yo. So you change your mind? The dance nice, man. Dance nice, but you change your mind? Wednesday? Wednesday?

Yes? No, sir. No, no, I make decisions within my own best interest. True, true, true. But I think I like that he laid the point out so well. I like to say the point out so well. And I like that he made it clear that a lot of times the decision need to be. Exactly what I'm said.

The decision has to come from your own point of view, which is something that we agree with. But him saying in his way, I think brings it out fully. And, yeah, I'm just happy for it. I'm happy for it. I'm happy that all views can content. And I'm happy that the market is a thing that's bringing those views out. Definitely.

Yeah, yeah. I mean, I also wish things it worked, like him say, you know, just buy up the queue, send it up to our hundred, right? Yeah, that would be a night there. I didn't want to come on when he was saying that. Because, yeah, I wish your pocket did so heavy. Yeah, yeah. I'll tell you, $6 million going out of the buy queue there,

or well, I guess in the cell queue, buy up the cell queue on Monday. Another $6 million coming in at $75, $75, sell it right back down immediately. You know what the funny thing is? And I think there's a bit more raising there. Like, me buying that doesn't change the vote, which is the real issue. Correct. True.

I mean, the thing, I mean, he made a good point around, all right, even if to vote goes, yes, then we have no certainty that we have a better price. Like we said to Mali, the money might not say, okay, no mind, right? So yeah, but the real deal there is, even me buying it doesn't change, unless I can buy 25 points in you or one person and then my, and my thing is if I can come if I can force a decision and then hope for okay hope for hoping them on the back of that it even better right but then even the risk there still remains of course as he said I can vote no and I get the force going no in my direction and then they say all right cool I'm done yeah now but I make a thing there and then I have I have I bite up to 80 and then it's falling no because no more 75 dollar offer problems So that risk is to the reality. True.

But that thing that you said, Dana, is the thing, well, actually I said that, we said that, not on this, but at Advanced Grow in July, that's the case that I laid out where at the point of the offer, once the offer came out, if I had money in the bank like that or money in my pocket like that, I'd put in like that, I would push, push or find a consortium, I would push and get to the 25.01 yeah and once you get to the 25.0.1 matter of fact, I'm not sure that that's not what happened because if you notice what the notice says the 21.1.2, yeah, I'm close to 25. So that's what I say. Yeah. So they came in and they negotiated. We can get an offer in our direction. Yeah. We get an offer in our direction, which I have so much so close to 75. Yeah.

Which I, I respect. That's what you should do. You, you're forced them. The The duty of how the thing is now is that everybody else in a minority class benefits from the work of these people who push them. This 21%. Yeah, the 21% who push them. If I had the money, of course, I'd got to 25.01, and then I wouldn't have to be guessing. Just call head office. We call and say, oh, why we go? I'm no right now.

So let's see how far you can go. Let's see how far you can go for the yes, you want. Yeah, literally, it would just become a conversation of what's the number. that you can give me for me to say yes or here's my number for a yes because if i go to the 25 0.01 they they made an agreement is all right this so all right cool exactly you want a yes from me give me a number like yeah yes so all right so me ran the field and listen by a next by the next 22 and say hey give me some more money here's something if you want to yes to the market and you know that i mean this is like axe capital and um yeah and and

succession where you know people who can't set the market not mature anymore i wish stuff like this i hope that's exactly that's that's that's that's that's my biggest takeaway from something like this we are i mean i even said earlier but not exactly like i but i'll say the the point here is that we want to get to our market to a point where everybody understands where they matter and we can and have things that is happening, where your money goes somewhere. Your money is actually a tough. You, your votes actually matter. Yes.

And if you know what was it something, then that's it. So, yeah, if me, you feel like this and can buy 25 and we'll call them again. Then game is the game, right? Even what has happened has happened. This consortium of 21, as far as I'm concerned, negotiated and pushed them to 75. You know, Mark, that's what happened. It's just that on TV, it would be, it would be ax and him with, no, I'm not saying no, I'm not saying. No, I'm not saying, push it up, and it would look good.

What he put a script around it? It can look good. But this is what the outcome of it looks like in real life, those who don't see. This is Warren Buffett called and he cornered this much and say, hey, I've got one. I've got $11 billion more. Exactly. So, I mean, we're all benefit from it. A whole listen guy with you.

I just, I've just greedy. And I do believe eventually that it will pass. And I'm saying 150. I feel like they've got triple digits. I don't even know if they would. But we're already winning at this. I think our only risk, meaning truly negative risk,

is it's pushed to a level that it's not worth it for them. But the truth is we're not pushing it. The most can't be saying no, and then they come back with an, Right, they can come back with an offer and say, and add some information to it and say, look, this is our final offer. True. And I'm saying that, yeah, and I'm also saying that and we know that they can put a bigger stick.

As I said, they do not have to be listed. Yes. There is no vote as to whether or not they're listed. Yes. Yeah, yeah, they can go, okay, well, we're saving some money, we're saving some money on JCE fees and boom. And then you wouldn't get it. There's be a bit of an injection of cash, but it is what it is. But I don't think we're at that point yet. And as I say in the team, you know, I can negotiate from both sides of the table. So I feel to the Canadian, them have it, man.

Them have it, man. Them look in bills now. They're not, bro. Yeah, they have it, man. They'll have it. They have it. They have it. But yeah, I'm happy for that point.

And it's probably, I don't think there's anything bigger in the quarter, is there? No, I don't think so. There's anything bigger in the quarter. I don't want to bogart the conversation. I know a lot of people have been waiting. So, um, Steph, D, I did kind of have to talk over here at one moment. I just bringing you back to him. I'm reaching this.

Yeah, man. Money thought bringing him out to know. Stephen, what's up? Never yet, bro. What's up for, though? I don't know about that. Night, everybody. Night, guys.

All gone. Night, night. It's been a while. It's been a minute. You know, I live that life. You know, I live that life, but I kind of put it down a little bit. That's part of the reason I'm here.

Yeah, but I don't have, I mean, that's a joke. Don't answer it. Don't answer. Just be sure you say. Yeah, no comment. Yeah, but I haven't really been doing as much.

in the market recently so i can't really speak to like the q3 stocks as such um you guys know from long times i've been in signal so that's the only thing but it's it's moving slowly but it's neither here nor there but i really that sounds just been on my money yielder though absolutely yeah absolutely how you feel about the news out of them recent what you think about the um the change um well i haven't seen i just saw earlier the headline that i think ike is stepping home but that's the only thing recently i've seen uh i don't know if that's what you're talking about ike johnson that's the two biggest things i think happening with cignis is that the one of the founders leaving and um the second one is the i think maybe porto rico getting passed in another

milestone yeah so um the the PRCF um Puerto Rico fund um I think every year pretty much them hitting hitting some milestone it's it's at this point I think it's their their main driver and definitely one of the big things that they're banking on in terms of to drive to drive profits they've been doing or have plans to do other things I think they had started something in Bahamas somewhat a fund a much similar to what they're doing in Puerto Rico, but I think at a lower level, if I'm not mistaken. Yeah, but that's going to take a while to build out. And it's one of those businesses that it's because they need constant capital injection,

it's it's hard to predict and project how they're going to be profitable or how profitable they're going to be each year in my opinion yeah because they've had some some years recently where it's like because how they mark the Puerto Rico fund I think based on market valuation yeah it's not really I don't think it I don't think it's it it what you see here right yeah so recently they've I think over the last quarter or quarter before it was the first time they've paid a dividend so that's actually good I think it's one of the reasons that the dividend is has gotten as high as has as high as it has gotten recently and projected to continue

growing we talk about the Puerto Rico dividend are you talking about Cigna's dividend to us shareholder or three four three or dividend to Cigna Cigna's and then Cigna's pass in that time. That's a very funny idea. Are there? Because, you know, are they? That's what they say. That's what I said.

Puerto Rico paid a million U.S. But just invested $2 million a dollar on. All right. Okay. I think there's more behind it, but not much I want to get into and break up.

But I agree with you that it's a great thing. Overall, and Stigna's dividend is one of the best on the market. Yeah, and especially it's strong. In fact, in fact, not one of. It is how I measure yield being real yield, not just raw dividend versus, you know, share price, but like, you know, what you could get if you,

depending on if you buy it up to the last day. It's the number one. In fact, I don't think the X date passed yet. So. No, it's serious. Today. The record date is today. So still, 592, 5.92% yield.

that's that's on a single dividend not bad at all it's the best dividend if you include the first one also it's the best dividend on the market so far this year and in fact that is a real real uh in terms of real yield so to speak as it's tax that's 3% if you if you got real yield it if you if somebody's just buying it uh you know throughout the year a bite on the last day when they could qualify for the first one and the last day, which would be, you know, yesterday for the second one.

8.73% is the yield that that person would have gotten. You can't knock a number like that. But you guys, one reason that I want to come on and kind of discuss this. I'm actually curious because it's always around what this is saying as well, where,

you know, it's just like, you know, if on Monday, if we have this assumption that this price is the actual value and the price is going to be this, we should just buy up the queue. And I'm just like, boy, if only it was so, because some people would believe,

for example, and even the stake the company principles will say all the time, we believe the stock is undervalid and people should buy it up, buy it up, buy it up, but, you know, for various reasons, I think in the cell queue, we have some large orders and there's not

enough buyers. I'd say nothing of money. Cigmas? Signus specifically, but there are some other stocks. And I'm just curious, because... Yeah, for many stocks, I agree with you, for many. For many stocks, yeah.

And, I mean, we know that Jamaica, everybody has a lot of money, so to speak, but there are people in Jamaica who have a lot of money, but I don't know if these people have a lot of money. I don't know if there... I don't know if there's a lot of ambition. I don't know if they don't see the vision. I don't know what it is, but I believe if somebody

or a set of people had some serious money in the market, things could be done, but I don't see why people not doing it. I think, I think, being realistic, chances are if you have a lot of money in Jamaica, if you made out of money in Jamaica, chances are you've made it, you've made it in Jamaica, you've made it in business, right? Which means that you have done something that makes money. So, you know, Steve now I talk about this privately.

So I talk about in the group where if the people who run these businesses, very few of them know about the market. You know, they, people are often surprised when I tell them how little most business people know about the market, but I tell them like, hey, Jim sells trucks. He knows the truck business really well. He knows how to manage a truck business in Jamaica, you know, to make sure to work at them though teeth, you know, if I make sure to say, oh, this don't mash up. You know, for make sure say, you know, in place don't get robbed. He's really good at doing that.

And because he's so good at doing that, his business has made him a lot of money and he's gotten rich. And in our minds, we associate rich with knowing everything about finance, but that's how it work. He doesn't know all about finance. He don't know how to run a massive company, he don't know how to handle the stock market or a portfolio. He knows how to handle a trucking company really, really well. So he, like everybody else, goes to an advice, but he would need a deny to go to it. Because he can go to the night and say, listen, I have 200 billion and what should I do with it? Or, you know, I don't want this to happen, but what can happen with it, right?

Because that's not his area of expertise. But his area of expertise is how to run a trucking company really well. What I say all of that to say, if you're running a trucking company, you have the 200 million in the bank. And you know, you listen to the advice and you have it in a couple of small things, but you know better can be done out there, right? You listen to Brick talk and you hear them talking about, you know, for the, for, I'll bring this in for the month of September.

Yeah, just for the month of September, the number one stock on the market was R.A. Williams, 131 percent. You know, so that's out there. It's not somebody just making it up. The numbers are you can see it. IPCL was number two. 59% this is just in the four weeks. I'm not saying that you want that in four weeks

if you have the $200 billion, but you won't want something better. It's hard for you to take the $200 million that it took you so many years to get. You know how hard you have to work to get the $200 million. It's hard for you to get it and put it into something that to you

is blind, it's a black box, because remember, you know a trucking company well. You don't know the stock market. And you are aware that you don't know the stock market, right? So most people that you know in Jamaica or you know famous in Jamaica to have money. Yeah, if you tell them if they want an

extra 20 million and I'm of a hundred million already. I might know that they can buy, you know, Jack-Con and wait three months or six months or a year or five years or whatever, then I might know that what they can do, but they know how to run their car wash well. So they don't know about all of those things. And to them it's like, yo, when I know the stocks, things and it comes back onto what you're comfortable with. That person might be more comfortable taking the 100 million and building a second car wash or a third car wash. And having it, and then doing the work over another five years to get it going.

And then in five years when it works, no, them have 200 or 300 million or 400 million. And if they see it work and you with the knowledge at the stock market, we look on them and go, yo, you've got it just by Transjamaica, you know, two years ago you got us by the trans jamaica but to them buying trans jamaica is like to honestly as picked a lot of these business people to them buying a stock to earn money they viewed the same way like buying cash for because they they they because i've i know lots of that talk to them they they don't know why the man play what he's play right oh turkeys play today and them hear him here the guy that washing car said boy you know some

my dreams to this last night so my dreams of three dogs So dog must play. And then if dog play, he's like, yeah, that don't look real to me. A lot of them view that in the same way as me saying, JetConnor go or R.A. Williams are go up. And it goes up. They view the same way like the guy that wash your car saying, my dreams is something.

My dreams is doppy. So doppy must play. And then doppy play. You're like, yeah, it happens. It did not really happen. That's part of why. There's no reason why it happened. me just i just lucky them there's no reason so that's so they're like i'd rather put my money

in another car wash or buy a piece of land or a car if i tell you i said i spoke to a car dealer way back in the day jack con and he was in this belief that the stock price is going up disbelief he was in disbelief and the truth is it just never understand how that work and he he means his view of Jekon is Jekon or just as the business itself but not in the car business too yeah but the reality he doesn't know under the hood he just sit at certain he doesn't analyze it past a certain point he won't look at the factors that we're looking at a certain degree it's just how people how people in that sparse income thing it's just oh business booming so the price moving is the

the price must be booming price moving business business business business business business business must be moving to a strong level it could be that the price was to slow for long for too long you know yeah so

that's just connect with what the market how the market is and thing there what the market really is and how people view it and thing there you say yeah I can't ask for thing to all this thing I also feel like the people who should know, so to speak, you know, the institutional investors and so on and the big companies, like they're not leading the charge either. And I'm thinking about, you know, who's chasing alpha? I mean, actually, I don't know if they're. I just thinking about it other day. If there are any hedge funds, yeah, if they're in hedge funds or a head fund like operations.

earning season me and randhi spoke about that and how that drives our market and we don't and the culture around our market is a big deal absolutely if they if we look at the u.s market and we talk we talk about valuations there versus here and how certain things move things and then and that's why people affectations flowed onto our market and oh in the u.s market this would happen and sometimes they're right sometimes they're wrong And they look at our market and they're like, why not in the Jamaican market? And they speak about maturity and whatever, whatever. And they don't really get what's happening on that market.

And you mention who is chasing Alfa. That is a big deal. The fact, like, listen and say just now, oh, why we don't go on clear the queue? That conversation is much stronger in a market where everybody, it were people, there's a lot of money that's willing to just go on the market and make a certain level of moves because reality we just talk about it somebody get 22 person and do something if if if and he said uh why he not he said it's not just me him and randy

why we don't think that why we don't go out clearly cute why is there other big money that's not doing that the truth is there's a lot of things that big money is not doing on the market that can be though right absolutely when we see when we see You have a company laid on the market undervalue sometimes. Because that you think about what I really is. That's a block of my control is just on the market for anybody with the money to get a come pick up for cheap. But that can happen on our market.

Mm-hmm. And a large part is there is certain level of money that's not running down value, that that's not running down value. Yes. Yeah. Not like that. That did not in that way. The money money is the first thing of a lot of big money in Jamaica goes to it they don't go to the market.

It's all. It will open this new thing versus or there's a business that already exists. It's really great. And I'm buying for the prices and there's a value that I can extract just on the movement of that price. A lot of money in Jamaica is not looking at that direction. U.S. market is very big, very big difference. A lot of money.

There's a lot of money there. I think, as they said, head phone, there's a guy that said to a lot of money. There are many people that have a lot of big money who have a business, a big chain of businesses, a very little bit of big business. And I know there's opportunity there. And knowing there's an opportunity there is a very big difference between us and there, if you really take it. As Randy said, this man with a big car wash plate.

Him here, Randy, say, this all got up. No, I'm not really thinking so. or or all right it's a i'm sorry the cash back man or dream say yeah the culture there is different those guys know that that's a possibility and they know that there's a reality where there's a person that can call that so i'm only give you some money

and me and i'm gonna do the team because me know him can do that i also think there's a hunger i don't you can tell me if you're waiting i think there's a hunger and ambition that them have over there that we do have over here i think come on himself and get that piece of the end i don't think i'll i don't think i'll lack it i think the direction it goes or or or the expectation and the belief that it can come from that but i'll i'll go one deep i'll actually marguer with steven on that here's a thing most of the money i think the active heavy money in the market is not personally linked Why you think we're rate very so much on the show?

Oh yeah, yeah, yep, yep, yep, yep, yep, yep, yep. MJ is personally linked, right? QWI, as much as we might want more ambition for them, so is personally linked, but, but, um, uh, but these, that VM, VM, VM, VM, VM, VM, M, VM pensions is not personally linked to VM. Isn't that something I was saying? Yeah, no, I'm, I'm, I'm agreeing. those those guys that know so it's not that so i mean very have ambition and for and and ambitions can be channeled towards the market yes but but his his hunger can also be challenged

toward the market while it is okay so you say he has more hunger than than vm pensions i think so i'm not about vm pensions bro i thought about somebody else with money outside who i think so no no but who else there with who who else there with who else how many as I'm saying they aren't market related the people yeah but we're talking about that's what you're saying Stephen's point was that people in the market so not people oh okay okay okay yeah don't have that kind of home business people oh yeah they're yeah yeah they're that kind of hunger so in fact they're one step further not only are

not hungry it is safer in many just like what this and earlier to say for them like Why should I risk? Okay, if think about at the 61.50 point, right? Think about when we knew that I'd jump back to the Scotia. I hate to do it, but it's worth doing. Think about when we knew at this point that the 6150 was a thing for Scotia. So we're talking middle of June, June 15, June 16th, right? I think it came on June 11th.

So let's say I'm going to jump to like June. 16. At that point, we know 6150 is there as a fact. And we know that, well, if you're like me, you did a research, you know about the 25%. So let's say you're spending, I think we'd work it out to something like the numbers aren't 100% correct, but I'm going to just say. Let's say it worked out to like $6 billion, right? Six bill, B. I'll, six billion. Do I I take the people in pension that I have a fiduciary responsibility to. I spend the six or, let's say, 10 billion to lock down 25.01% to then negotiate with Scotia to push the price,

not to push the price on the market, but to push them because you literally cannot take the market, you cannot do what you want to do unless you get my, Yes, because I spent the 10 billion to lock back that quarter, right? Do I do that and then have that one-to-one conversation? So I spent 10 billion, I will push them and based on how to offer work out, there's an extra $4 billion in there for me, for my pension. So my bonuses here is great.

Or do I just buy some of the Mayberry 9% bond and some of the GOJ bond and a I collect the same pay this month and those things are going to play out and I might even tell you get my bonus and we do have some Scotia and if it work out it work out because it's going to work out at 6150. So do I take on the risk of something that if it works, we get an extra four billion or do I play it safe and collect 6% on top of the 10 billion that we already have? And bear this in mind it's not my money, I'm just at work. I was going to do this. But then if somebody's personally linked to it and I'm hungry, yeah. If you have 10 billion, you don't get many opportunities to turn 10 into four in less than a year,

10 into 14 in less than a year. So you'll find like a very, I'm not saying very very anything to do this, but you'll find like a very level entity or a very linked entity, a QWI hopefully that would make that kind of move. While I, I, maybe I'm just cynical, I don't expect them to, the funds to do it. I call them, you know, the fast or horse kind of thing. does it and shows that it's possible, then they'll start doing it. So I worked out in my head and it worked, it came all the way down to, it's up to us to do it. We are the medium-sized funds in the market. We are the ones that are going to have going to take us years, but the truth is. We didn't start this whole thing. We're standing on the shoulders of giants. There are people in

the market before us. The other people in the market after us. So we are going to have to be the ones that do the thing. At some point, the Scottish situation is going to happen again. I want of us or maybe a bunch of us together are going to be able to force the decision our way. And then I'm going to come out to that meeting where we agreed to 20 and I'm going to hear somebody on a podcast saying, oh, guys, we can get 50. And I'm going to be like, young boy, I don't know what storm. But I'm saying that knowing that I just locked 20 and I know what 20 means for me. It doesn't mean that the guy's wrong or it don't mean that I'm wrong, but it means that we have

brought the market to a point where it's more mature. truth is that's the only way to get there, Stephen. Them not have the ambition. The best way you can do is tell somebody else who know business and also a friend what's happening. Just get them into the market, little by little. Yeah. You'll see it.

But I also want some of these, because even as you make a point, except the other part from even says, Scoti, right? Some of these principles that have within their own company that they own and run and control, nobody could misspending years as an example. So I saw this week, in video obviously we're talking about different

levels of money different levels of well but I think I want to say Nvidia had a plan of stock buyback of 250 billion I want to say I'd have to look at the offer right and I did a thread

a year or two ago and I was looking at some of these other companies Google Microsoft so on and so forth right where this company is a common practices within their culture the company culture to have an aggressive share buyback. So you have a dedicated,

strong, wealthy buyers of the stock to push the stock market. And the government, America is set up the stock market, you know, 401Ks, the Roth IRA, the whole system more or less is geared to and set up to push investment and to push the market and to keep things going. So it might be a little bit of an exaggeration, an extra point but you know what I'm saying and there's a culture among persons who are ambitious I want to have a company you know you get this stock

uh RSUs are a standard thing equity compensation for employees and the owners you know it is a common thing so the people who will work somewhere if them not get in exactly it's not just your mother cut it my salary and then you know go on business or whatever so vested uh you know options on them something are a part of it so the and there's a mental to say go this company scale it exit take this money do something else and you know keep keep keep the money flowing keep it growing keep it growing and I don't think it's here and but I don't think it's that far out of reach either and I think

the man of me to stop free into that push and try to get a plane like you get my sister I don't know if I think it's possible let me just want to get that Porsche and just yeah I'm a good because the the i don't know i think the competition is so small or you can you can be a big fish in the small pond so easily i think that must be a part of it and then ambitious they're not like yeah i could i could because i'm thinking i'm strong conversation around there's a strong there's something strong going into everybody's favorite buzzword generation oil bills we don't read what that mean when people are talking about yeah deep online they're not

you know, me lease it, and then take that money to go to somewhere else. That, that, that, that, that goes really far for people who do that there. That's two generations secure that for that. Yeah, well, finish what you're saying, Stephen, because you're saying... I was caught. I was going through, Steve. That's cool. Yeah, so I'm just saying, like, these things, even though, as you said, and you're very true,

very correct in saying that, you know, a lot of business owners, for example, you know, them just working they've noticed thing they've got it make a money them talk to them advisor and advisor said boy put this money in this bond that's also a separate issue because the bond market I know the world over in or in quote unquote more advanced markets the bond markets is huge whereas our bond market it's been what two years since it's been officially the jesse bond market second yes market in the world yeah and but like out here it's still in its influence in on the exchange I should say but I know if you're an accredited investor or you know they'll put you into these um bonds but there are some one

securities yeah right but you know so I may just come to the messire you know you know this big money just put in this bond you collect you collect 9.5% or whatever and that's enough my but I don't know if there anybody's showing them you know Like, yeah, if you do X, Y, Z, you can make a lot more, and it would be valuable. Well, honestly, Stephen, I can't speak to what he's showing them, but we're doing all part. Yeah, absolutely, absolutely. That's it. We're doing our part.

I mean, I mean, my track record is there. You see, Dana is also there. Danai helping people. I have trying to help people. The general public to know, outside of this, I've helped. And I still work. I've helped companies. I've helped companies to list and God's willing in the future I'll help more to list.

And I'm helping people to see, but I feel like how you felt in the past and I still feel that way. It's like you want it, no. But the truth is sometimes you have to also accept that you're looking on the most advanced market in the world and comparing it to ours. And you shouldn't be surprised that there is a gap. Yeah. That's what the truth. It's a most advanced market in the world in the most, in the richest economy. Yeah. And it's not just them.

Everybody also, I mean, you were looking on those things this week. And if the right deal is in front of you on the market, the right shares, you'd buy, you'd buy Envić, you'd buy whatever. And you're not the only one. People all over the world invest in their own country's stock market and the US market. In fact, think about how many people you know who won't, you know what, you know much business, owners, I have to convince about the local market and I can't. And then then done them and ask me, what do you think about spy?

I'm buying some spy options. Like, I can't convince them to buy my IPCL or, or, or maybe separate or whatever. They'll buy something that they know the name of. But I can pick anything on the Russell index and they'll, they'll buy. I name them don't know. Never hear about. You sound good and fancy.

It's on the US market. Yeah, man, me a try, man. VIX options, but you won't buy Trans Jamaica. Do you know what is behind how to make property in there? Yes, exactly. But they'll put, and they'll put some stupid amount. Stupid money, money.

They borrow money you're going to do them thing there. Right? And borrow money you go find a stock for sure. Abraad, no no stock. No, no, no. People want to say online. They put on Reddit, them on Twitter, and they'll do it. Yeah.

I mean, to meet well, but then after I got over it being wild, I had to look at the thing. What is it? It's not the actual thing that they're putting it in. No, no, no, no. Trust that they have in the U.S. market. Exactly. You hear people talk about the U.S. market.

Yo, them thing they can't happen on the U.S. market. Anybody who said that doesn't actually know the U.S. market works. Correct. SSL. That can be on the U. U.S. Bro. Bro, we're you thought about?

Once a week. Do you have any idea? Weekly occurrence. It's that thing there. It's like the TV setting there. They go scam in a far. What are you talking about? We're talking about.

But what you're hearing there is, is the trust that people have in the US thing. And then what should I do? Tell them not at the touch. No. What I try to do is show them how what we have. have is worth it. And then what I try to do is to show the link between, you where we are, what you're actually seeing,

and what you can put your hand on. So sometimes, like I said to our bedroom, Jetcon, just like that I said, JetCon, I can convince for Vic's option, Bridgerin, for putting the money in a jetcon. But later on the conversation, they will mention, say, why the Chinese car, them pack up the road? Mm-hmm.

Who do you think that's a little? Exactly. No, they're not sell Jet War. what them sell the bike and the and the arfox what name are fox me no know the bike oh me see them there but they not sell like the jet tour yes but they don't need to sell like the jet tour right you don't have to be number one on the stock market but you to net money right um it's just how it actually works and it's just having people see that what them actually know is already enough to get into the market and trust the jamaican thing and well as you well you've done

I don't load up still, but you have done grow before. So you know that what I put a lot of energy into people seeing is that they already know more than enough to invest sensibly. Like, yo, you said Chinese guy the back up the road? The bike them do sell, so we call it bike, but the bike them do sell like the jet tour, but the bike themselves. And the bike is sold by a company that's listed. Every day I get a one go Fontana, they're listed.

Right? boy my mother want me put you on my deck the house car cement listed but you don't buy the cement from car cement do you know where you buy it from jimmy's hardware where does he buy it from but no no atlantic who's listed and then suddenly them start to see that in their day to day lives the stock market is already there and then sometimes you have to show them say yo some money make to you know my brother and once them start see more and more people do it then them see excents why we do this show for so long I've done the show for years is because it also allows people opportunity to go back. The episodes are all there.

There's nothing. You can go back. We said, we predicted something. You can go back and say, yo, three years ago, and they say, Jackcon needs to kind of fix up the thing called the used car kind of changed. And now you're hearing that Jack gone, Lego, the used car, and then go Chinese car, and the thing changed. And they're the fifth biggest earner in terms of share price, 81% at top of the money.

And suddenly you start thinking, say, it's a scam or it's not good enough. Suddenly you start realizing, say, so wait, if they put one million in there a month ago, out of 1.8 million now, yeah. Then suddenly you start realizing, but, well, I'm going to go off last week. I'm going to see a bunch of car come off at another bike than that, though. And then they start sending me on what's a picture of things in them life

that they've seen that's on the market. I just want to take a while. It's annoying to me. I wish it could happen overnight. The truth is America's wasn't built overnight either. Read some of the old books. We've had some books, especially on, I think you look at the market in the US in the 40s. Yeah, with speculation.

Yeah, man, look at when Buffett was actually cutting him teeth. Benjamin Graham. On the BBC, you know, look on Buffett when him, when him going in and buying your company are forcing your hand. He only needs 5% of the flow for force your hand. Check out with them. 5% of the floor. Yeah, look at how we, look at how we got Berkshire Hathaway. The guy, the guy was screwing on what, 50 cents or something like that?

I'm not taking the 50 cents. So I'd rather take this failing company that I'd allow, that's just a feeling thing. That's just a feeling thing. I'd rather the whole failing company than allow you to screw me on the couple cents. And that thing became Berkshire Hathaway. All of that had to happen. for somebody to feel comfortable buying something else, knowing that you know who's gonna buy it?

The 401 is just a pension at the back of all of these markets, at the back of the US market is the pension. So just like I think, I'm a brother. Just like all market, yeah. And yes, I want them to be ambitious too. But you're taking a little time, but it's happening. It's happening. It's happening.

Little by little. Little by little it's happening. And we take some hits too. You know, the young CEOs have put us through the ringer boy. But still doing my part. You heard last week, we had a young CEO on that. Very interesting. Yeah.

And his company is the number one stock for the month. 131% Ari Williams. I don't think it's that. I don't think it's that yet. I mean, obviously it started, but I mean, it's not even back at its IPO price yet. And it's a lot stronger. now right so it just has taken a little time it's just how it gone along the way why make money same way so stephen take some of the envida time and put it on the market now yeah

i'm now i'm i'm splitting it i'm splitting it i'm splitting it i'm money if you make any can in rea can make sense so although right now uh foreign looking maybe bubblish but if you try to see what i think so i i don't know any time at least in my life that you have been that it has not been a bubble yeah that there hasn't been a bubble yeah man i don't know if you think about it obviously for the last uh four or five years is AI and I've been hearing it's a bubble from 20, 21. Yeah, everything is a bubble. Yeah, everything is that bubble. Before 2020.

And the table, the one bubble they know of. Man like Michael, but recall 10 of the last two crashes. Yeah. Mark is always crashing. That bad. I know somebody like that. I know somebody like that. They always find the doom. Come on. Come on.

You find the doom. Premount. make it. I won't talk about bubbles. Yeah. Well, I say, I mean, invest. Keep investing. Yes.

Yeah. Yeah. I like it. I beg it to look back at the local market. Yeah, man. So, yeah, you're not going to get. It's probably a good time now. It's probably a great time.

And the U.S. market has been a great time. I mean, as much as I talk about Trans Jamaica, but I didn't say, but I planned to say from before, a Trans Jamaica this month, a rare event, down 10%. You know how long as they're eating the red? The red side of this chat? Where is it? Trans Jamaica down 10% for the month, right?

That's why all the Transamerica people not as happy. Transmaker, USDA, down 13.5. But. You're just about an opportunity. If you believe it's going to go higher in the time that you have your goal set up for. If you think it is, hey, because if you look at the year to date, Trans-Gamacca USD is off 150% from the start this year until now on the USD. There's not many things that I think you're putting your money into on the US market.

that you're getting that with the same level of certainty that you're getting into top jacked jakea yeah there aren't things that grow like that on the u.s market but you can call jensen no and then i think outside of outside of the air related stocks i think a huge number of the the u.s markets is down tremendously i think you're really the air stocks see you hear me hear me i'll tell that air stocks a huge amount of the market is up as well. Don't forget

things you're hardly learned. No, no, no. I'm just saying that I don't want anybody to also feel like it's just a better rose is going on over in America and everything that's going up. Never has been, never will be. That is shark-infested water. The world has always been just about

to end. Yeah. You could be the pocket put in on a shirt after that. Yeah. And that's it to that day. Once you start going into derivatives, the options and stuff, you know, you can win big. You can lose big. Yeah.

So it is what it is. But Stephen, I'm happy to hear, I don't want to rush you off. I mean, happy to go through everybody that I'm set a speaker request. And I also don't want to be up until three. So yeah, man, big up, Stephen. Sir Phil, you're sticking around, you're something you wanted to say right now. No, man, no man, I'm sticking around. You can go ahead to the next person. Jerry Mac himself. Jerry Mac has been waiting patiently. Jeremy can tav, but I don't see Tav.

Eilings, aliens. All gone. What much for you do, Jeremy? Yeah, I'm one, two. You can pull the microphone closer. It's like a reunion tonight. to him faith. You see it. Glad for you.

Yeah, man. I wonder for this one, you're all right out. What you thought of his points? Great points, great points. And boy, you see, I always tell people when they refer to you

as being strong and, I mean, you know, we hear the one and a few comments that you may be condescending sometimes or whatever. Always to people that so people are often of the opinion that you cannot be challenged and you're not welcome to opposing views I tell people how I look I'm one of a principal come with the opposing view but come with the fucks

to back it up yeah yeah just come with something surface level and expect the man for just change why and it's the same do with me it's a bit the people don't realize they're doing the same thing you know Jerry they come with their thoughts and the reason often people are actually saying is i have my views add up them because i disagree theorists and they're not realizing it's on the same side it's on the opposite side of the same thing you do you the same thing to me why should i get up and the thing you believe because you believe exactly so it's not that your views can't be challenged but if you're believing or something after doing your research and and having your experience,

you're not going to say go off at the first time somebody comes to the opposite or something contrary to that. Then if I come and come with convincing information, well, you for understand why I them believe or they believe. Yeah, I'll say it's not. Well, one, how weak are your beliefs if somebody can say no,

are you just drop it? Just drop it. Exactly. Some of the best conversations come with strong opinions, you know, challenging each other. And strong opinion, but lose the health. Also, what I find is that what I've learned over the years

is that that's just how I've always been a growth that way. To me, how I grew up, in my family around my people, it's not, if I think that the shoes are blue and somebody else thinks that, no, the shoes are green. Them saying they think it's green, doesn't offend me and me saying no to them does not offend them but also me asking why like me

questioning your view at least in my space and circle and experience has not we don't see that as a bad thing exactly so learn from each other exactly and like some of my best lessons have come from something that I was absolutely sure about and then I got proven incorrect in a conversation and And then, wow, like, it's, it is the, that's how you learn. You can't always be right. I don't mind that. I don't, I don't think it. And so I also want to give people like gifts.

So I want to question it. And then we're talking about stocks on the market. You know, I often like to question why people say what they say. And I don't believe in like the kumbaya, I think, because what happened a lot of time is like, you know, Stephen come on and Stephen say, Jetcon gone going to go up, you know, by December. I would say, yeah, man, of course, that go up. And then Jerry, come on and Jerry say, you know, Jack cannot go down by the end of December.

I'm going to say, yeah, man, I can't see it, man. Right? Both of those cannot be true. And I'm not pretending. I have to hear why you think what you think. And I will look at it because the why is most important. Why is the most important thing. But the truth is, in some cases,

because it can be. right, you know, because they can go up and then go down back. Exactly. Exactly. And I find, at least, me know, my artistic, I find that as Jamaicans, we're very, we're loose with our communication. We're very ambiguous.

Yes, yes, yes. And the market don't allow that sort of ambiguity. They cannot go up, you know. Yeah, man. But when? When and why? Yeah, when and why? is the thing that a lot of people avoid because you can get it wrong.

But guess what? You say you put your money in something, you can get it wrong. So better we talk about it before. I'm going to get it wrong in the conversation than we get it wrong around the market. Of course. Yeah. And I mean, sometimes the disagreeing can lead to people feeling agitated after. But the feeling all left after a while, the money we leave and I come back.

trust me i put you this way you lose the money you have got fire away if you make it back elsewhere i make it back that money gone you know better like a feeling's earth there are a lot of people sitting in jmnb shares the last six years next over a few feelings the world with the market with everything market narno sense yeah but but does that help The same stock of there, the same stock of me had the local calculation that they realized, like, cumulative I make 10015% since 2019 and now

for J.M.B. Look at that. I mean, I bought in the APO, and I didn't sell at profit. I exited at a small loss. that bottle make a hundred and nineteen percent in addition to recover that loss yes which is the dangerous thing now because you can make so much profit below it but I think hey on the jim and B point people love hear this I think it's coming back up I think it is now

though I think maybe yeah I think the time is drawing yeah time dry now because of best in interest yeah yeah and it's something that something that useful that cheap for that long at some point somebody's gonna go wait it's a it's a bank bro yeah yeah I just say a company car still under value on a market just so you know works exactly not only is it a bank it's a regional regional yeah yeah so at some point i forget that at some point somebody's going to want to have a regional presence or a caribbean presence and realize they wait nobody owns this but not own this yeah clique or sell them for them peace yeah click or they're a much clika yeah and and um

I mean, if you get the click of peace, you have a holy part talking or who else who else can be active? If you get the click up piece and you get Pan jam. Yeah, who knows? Anyway, the bottom line is... Yo, you're jumping off, isn't you? You're jumping off. Yeah, yeah. So see you guys next week. Oh, no, yeah. Yeah, big up, big up, big up, big up. Yeah, but yeah, but you can't have something that's that, that, locative sitting for that long at some point somebody's going to realize that eat it

yep anyway bro um i wanted to like a slightly contradicting point to our i see that supporting to what extent are if anything um just expanding the conversation slightly because um um we are in a market and Scotia is listed on a market and as you always preach the market of wholly different elements and I well I agree with and support looking wider as this I mentioned I also believe that there needs to be more force site and active moves in the market by even some of these same people is referring to her because Scotia's price would have moved from a 50 or something and it was 70, 72 somebody about now. If you are in their need for cash and you will see this big adjustment in price,

positive adjustment in price and volumes have increased significantly why not sell now to the people who are willing to hold out and try and get the hundred and why not why not advocate for your people to sell now that the price is i mean yeah yeah give or take on on three dollar there about but you're willing to give up twenty five dollars or at least an additional 25 or 75 dollars out of concern that look if we hold out, we now go get no more, we have got just depend on the divining going forward. So why not sell now,

take that cash and move on to something else? And going back to one of his latter points where you mention that money coming back into the market. If you go into things that you suspect will do well are people going and entities are going to increase their stakes in after the buyout is

completed when I sell on the market and take that cash and go invest in those things from now and why aren't fund managers for example encourage as him say what we're saying says that maybe some people

seeing the light early and moving from now seeing evidence of that. But I think the conversation should also involve that that as investors, yes, the typical way or somebody looking, the pension funds and the personal pension, as I call them, Randy, may invest because of the norms on what they have been taught over the years. when I tell to teach them additional ways

to benefit further from the market and improve them earnings. I agree with you. Talk in certain ways. I agree with you. I agree with you. And I also understand the other side of the coin. But I agree with you.

I agree with you. It's just I want a conversation but off here because I don't want to have communication that guarded way yeah, boy, yeah, bud, yeah, bud. Yeah, but I mean, I don't care that I have an idea of what the fuck

does that play, why it don't happen, but I'm saying, um... Also, I think, well, I think the answer against Stephen still the same thing. I think if there's more... I think if there's more personal ties to the whole thing, meaning meaning if even if even if you're even if you're a pension if if you do the thing that's the

braver thing and it work out I mean it's a it's not it's a lopided risk if it don't work out then you know the pension has lost money not you so that's lopsided but I would like if the pension made money taking on certain risks if it also benefited you or a team of use, you know? So maybe like an intrapreneur sort of thing in some of these companies. And I'm not saying it's not happening. Remember for a while, for example J. M.B. for a while

the pensions were, and still is. Taking a couple of ventures out there, right? Would I want more? Yeah, but I because we can maybe talk off here who I really want to talk about it. But yeah, I do agree with you that there should be more

hunger. certain hunger moves certain maybe more risk but then think about being the person bringing a conversation to hey guys let's take more risk with the pension yeah yeah wicked man and it right i like we already risk to take with the pension is what we we vet deals we vet our deals and we put the pensions in it what you want us to yeah i i i i i i i i I want it to. I want, that's what I say. I want it to. It's just, it's going to be us to have to do it. You know, then I have to get a lot richer and me and you and all over we get rich. And then one of our companies have our pension fund and 12 companies have a pension fund. And we have done it and we do it together and then all look a pension do our thing and even our pension do a thing, it gets even bigger and then another pension seat or you know, one of the people are working with us

go and work at another pension and say, you know, when I was over there, we grew it by this much by doing this and that. It takes time. You take time. I hate that, but it takes time. Yeah. Yeah. Along the way,

what we'll have to do it to ourselves. What we do to ourselves? Oh, boy. Yeah, I wish I could speak as clean as I want, but I don't. I can't. I can't. Not on that order anything.

Oh, I don't. it big up jerry i i i'm happy happy i's happy to hear from you and was the last or second the last person i think it was was it tough sorry i not seen um sorry it's it's it's it's um dream i'm yeah good jett khan i'm actually not here to talk about jet con no so i wasn't going to request to speak then but i heard uh listen's point and i immediately decided to send a speaking request so oh word i'm gonna see that was funny yeah that was funny yeah as the one of those top 10 shareholder you should you should play the role and they think about it if lab turns this into a movie then randy should play the

role randy i mean i i agree with you i'd hope to play the role of me but if not who could we get to play me good question um and big up lab too that movie that they did i were talking about a couple weeks ago um yeah past a million views Nice. Love it. Lovely, lovely thing. The reach of it. I don't stop. I don't know if it's my algorithm. It's sneaking to know I've seen so much of it.

I see a lot of people talking about it. And a lab team still working, I'm sure. So I'm happy lab shareholder. I don't have enough. I'll say that. All right. I'm not going to keep your head up. So let me just say my point.

And then I'll fade into the night. All right. So I feel as if, you know, Sir Lysand was here trying to convince us to vote yes on Wednesday. That's the vibe I got. I don't know if everybody has got that vibe. However, hearing him made me realize that, you know, my beliefs aren't so weak that I'm just going to get up and go vote.

Yes, no, I'm still going to vote. No, on Wednesday. So what I want to say, let me hear us for a minute, people, right? This is a once in a lifetime of what you and to you. Back when DNG was D-Listing, I wasn't active in the moment. market like that so I didn't get a vote or a saying that I didn't get the benefit from this is our D&G moment like Scotia it's been listed for like about 60 years now right I don't think we're going to get an opportunity like this again so I want you to just

even if you're not a Scotia shareholder think for yourself all of that money that they're going to pay it has to go well some of it I think will go back in the market certainly into some stocks so even if you're not a direct scotia shareholder because I recently became a school structure roller you will benefit from this even the people in or go vote yes will still benefit because i believe we can get more money from this and we will get more money from this if the people can rally together and vote no on wednesday so people know is our time and see you all at the age yam on wednesday all right i like i like it's a dream of pips talk yeah i'm just a put it my words are put in mon die mon die true yeah i rally the truth

say. Come on, hype, man, hype, man, dude. I mean, I want a no vote to. I'm going to repeat the point outside of saying that. I want a no vote too. I think it's worth more. I think they can pay more. I think they're willing to pay more.

And yeah, it is a win-win situation. So you can't, you can't, you can't ask a win-win situation. I would only get to sell the thing once. So this is it. Either way, I think the next year and the market is going to be great. Yeah, either way the next year on the market is going to be great. Really, really great.

That money, as everybody talks about the Scotia thing also ends with a conversation about where is that money going to go. I see, I see Craig Wilmot on YouTube just say, even if a small percentage of the Scotia money goes back into the stock market, isn't this a plus for the JSC? the stock? Oh no, he meant and he said the stock. Or JC the stock?

Yeah, I think he means JC the stock. I mean, I think it's a win for the JC, the company. No doubt. Not I think it's a win. I know it's a win for JC the company. It's a massive win for

JC the company. Anyway, they cut it. Yeah, it's a massive, massive, massive win. As I said, we did this at Advanced Growl in July. So this is, for the Grow of Grads, this is not new information. We've gone into the only thing new is that it's now at 75. Yeah, there's not new information. So some things, I don't know if I've said it here. I've said it there, but I don't know I went to the JSC point.

I calculated out the JCP point. JCP wins no matter what. And that's, that's one of my pension stocks. So hey, all this is happening on the market. If you want to understand that, you understand it better come on to grow, can sign up a grow and learn more about how all of this works and how, like this is not cash spot, but SVL is on the market, but it's not cash pot. You can predict these things.

Not that we can predict what they've got to pay. You can do that too, but that's a harder thing. But you can predict the market. You can predict moves. Not a 100% certainty, but some amount of certainty. And you can benefit from it. And it is one of the greatest wealth multipliers available to you as a Jamaican, whether or not you're in Scotia or anything else.

There's so many options. Do you believe me, ask anybody who owned Transjamaica from last year or earlier. Shout out to the Transjamaicum multi-millionaires. I know you might be feeling bad now, but just remember how happy you were two months ago, or three months ago. If you feel bad about Transylaker being at, is it 9, 99, if you feel bad about Transamerica being at 999, just remember how you felt when it first hit 999. 99 is quite the number though.

Sound like one of them Price tag thing there. Yeah. I remember my points around it being around 10 being a psychological number. Yeah. It's the pressure. Very, very pressure.

But sorry, I thought that sounds like like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, like, tell you. I really from the, from the, from the, the, the, the, the whole Scotia thing still. It, it, it mentioned a lot today, but

you know, we have to get the point out because well, I understand why I mean by him name me not, but it was the speaker that he had on listen, yeah man. I really understand,

you know, the point of me that try for making all of that but the truth is that the point the point wasn't for for me and the average man that whole Scotia shares. You get me?

Because a lot of the talk was around, oh, you know, the people and we can get the deal. Even you mentioned, like, an older person we want, you know, we decide, say, oh, you know, I have long left for you do, you know, so good for me,

grab this and can enjoy some of it or put on some for this or something for that and thing, you know? Majority, I think majority of the people them with the small amount of shares and things me have a hundred grand in a Scotia you know more a little bit more about my hundred grand you get me the man with a bigger money a billion dollar rate of shares or five hundred million dollar shares him would have seen more value out of the deal so that person would

be more inclined to say yes based upon the deal they might get because what do you hit a trade at x not a trade of y and then when them look on the real return with them can get raw cash in a them account right now jimd r u s d pick and choose or refuse you know this is a once in a lifetime yes for them you get me but these people had a meeting with the pension funds them to me understand and whosoever other people that they could have decided that oh you know we're going to say yes to that deal so those people went in a meeting and decided what we should get for our shares that we have

our little bit of money in it. You know, we wanted the stock for bill up to and can reach the amount of money where everybody else in there have. We decide that them can say yes for the money. I'll push back. I'll push back. Remember, we're all shareholders. Yeah, man.

They had a meeting. They didn't decide for us. They decided for themselves. Yeah, but I mean, the meeting must have been some special thing as to why them feel like those people need to have a meeting with them. Well, if you have 21 point, that's very, if a group of investors, and this is some amount of speculation on my part, blind speculation because I don't, I just using common sense. If a group of us collectively hold 21.12, that's very close to 25. my assumption is that if you have the money to get 21.12,

then you have the money to get the remaining 3.3. What's that? 8 to 88. You can get the remaining 3.888. And if you have that, then you, Scotia cannot win if you get to the 25% today. If a single group or a single entity, a single set of people have the 25.01, the deal literally requires that group. Yeah. Based on what it required to pass.

Yeah. So if you have that level of numbers or close to that level of numbers, you can walk into Scotia head office. Hi, I have or I represent a group that have 25. Talk to me. In fact, you might not need to walk in there. It's not like them don't know them shareholding. Shareholding isn't private. So they would probably call you.

That is what I say. They would have probably, because what I think them are doing, you know, from the one, I think they're trying to. All right. Knock off. You mentioned. Not the heavy owners.

Yeah, man. Exactly. Because. And then work the thing and do it the way of them do it now for make the retail don't show up. They're small asset of people. They don't show up. I suspect cause.

Exactly. So that is what me think, they're a chefe, though. You know, so we secure these people, 20 a percent might sound very small when we need 70th-od percent, but the entire 70-od percent now go show up. Exactly.

You get me? So as long as we get this 20-od percent, we run a quick calculation and do them look up, matsup and rare-r-ray-ray-ha-ha-ha-ha-ha-ha-ed. this should be enough to secure this thing you know based upon the amount of people where we expect a go show up you know so if we don't get the amount of people for show up we can outweigh our sway that vote from those heavy holders where them decide say them already collect um

proxy farms for we're in a trouble yes and i think i think i mean in again i say how they've played this their shoes I played the same way. Definitely. And you can't wrong a man. A man just try if you cut a deal. You know, you get bigger in a thing and you reach a certain level. You see a company you want to buy. You got to do the same thing.

You try to get the best deal possible. Same like how we are. I always use the analogy if you say squeeze out the orange. You know, you want to get all of the juice. You want to take all of the juice. You want, so I mean, they are just investors trying to get as much juice out or something at them want, you know. It's up to weed.

Scotia Caribbean? Yes. okay yeah yeah you give me them just a try this orange is exactly and they know the amount of juice can get from it but exactly if the other set of people we have the other half of the orange

bye alright with half cup of juice you know you know the man don't want the rest of the cup of me and I'm glad when they eat half of the orange and potato guy my god decide to you home you want all of this you know so

I just think they are quite fine with their $70 something where them agree to because them see, I mean, I would probably agree to $75 if me did have a big piece of food in I'd say, yes, life changing cash.

If you had a 25. If you had a 25.01, would you accept the... I had the 25.01. You acquired it. You acquired it. You acquired it. You acquired it for $50. dollars per share would you say yes to 75 me me that's a dollar value for that but um

no that yeah that's a dollar value your your your per share spent to get that in 25.0.0. It's 50 dollars per year okay and you're in the meeting so that and they offer six to one and you're in that private meeting and them say hey 75 would you take it the truth is that based up on the meeting i would have probably because if if they reach if them reach if they reach that agreement the meeting is just them and you the meeting no man that is what may i say i i think some level of discussion go on and i would have arrived at say all right cool i'm quite fine with that based upon the amount of shares got that sound like over a billion dollar oh yeah yeah with the 20 exactly so for me for me have 500 million you spent billions exactly i know me i get

1.5 billion cash. May I go take it? I'm going to take it. I'm not a hypocrite to the situation. That's why I may I say, me can understand the perspective of those bigger people because a lot of them, even if they want to sell all of them shares before this deal, them probably couldn't do it.

You get me? Yeah, yeah. That's the reality. There is no situation over the last few years where anywhere near enough bids enter the queue for you to sell any anything meaningful in Scotia share so so for a heavy Scotia shareholder they were happy at

61 50 that's the truth exactly that's my feeling I shouldn't say that's a truth because I haven't spoken to them and it makes sense even if I had the truth it would have make sense as to why a man would accept that exactly and then Scoti as I said has played this extremely well they did it's like that offer of

you can get it in US dollars if you want oh god is that like them don't know how much they know they know what people want yeah yeah because they might give them the option i don't know b jays are low in that i don't know b jays are low in that but hey yeah and they might get an option because no them can't take that u s dollar without a feature if you convert it and get the cash and if they want to invest the money overseas them can do that car now them have the u.s dollar without a few whatever so they might give them good option as to why you can actually how good this deal is for you and that's why i may i say them can actually have that meeting with

those people you know because them know important that side of it to to them so things them have their for them meeting we need for our meeting too so we and when me i say our meeting may i talk amongst ourselves so we can then go in and vote no and we know this 21 is going to be at that meeting you know no i don't think them to be honest i don't think they're going to be there i think i just praxis them get no no when i said be there i mean i mean they have already voted yeah man definitely Definitely, definitely. Them secure those farms already.

And that's why I may I say, we need for the whole part because the truth is that they are doing their part. They're going, them talk. Them say, yeah, man, this deal nice. Them can't wait for the money to reach them account. We see certain tweets in the market already, you know, as it relates to about the money

and everybody, the biggest buzzword now is that where the squash our money I go. You understand? So, to me, a whole heap of eggs account before it hatch. You get me? I think I prefer some stuff to be said private. I don't want to always be saying that, but you said it earlier.

They know how many people come to the meetings. Generally, some large institutional shareholders entered into voting arrangements. It's the people who already hold proxies for some of the heavier pension funds, a heavier companies, a heavier stakes who are also usually represented at the meeting. And if you go to these AGMs, you know, there's not that many people at at the meeting even if some more show up now if you already know it's a 21.1 2 is going to vote year away and the majority aren't going to show up majority don't know about is people here saying people here saying yes done already don't deal yeah let's say don't they have it as a done deal

and spread it out as that done deal and that's a serious about most of the investment public most of the investing public at 11 a m 11 a.m on october 7 is that where our work they're not filling out a proxy form. These are the people who are asking if you have any link for the AGM that they want to vote no on the AGM. You think, Scoti is how you vote or you do your proxy thing and go through the full proxy procedure. They know most people not doing that. So there's a safe enough there's a safe enough bet on their end. But you can't stop, you can't stop the investing public, the entirety of the investing public from trying.

And who knows? You might get a surprise. You might get a surprise. Because I mean we can make our case. Yeah. Either way. Either way. Win, win.

Right? Exactly. The truth is the market and all of us would have benefited at 6150. We'll benefit even more at 75. And if it goes and if it off a wheel and come again and go higher, we'll benefit even more. And the reality, Randy, I'm so bad with names. But he mentioned. And yeah, he said he mentioned that, oh, you know, they might walk away from the deal and, you know, revisit it three years.

Yo, them have opportunity cost to. That would be a feeling thing. That would that be a feeling thing. For walkway from a deal, you have the money. You know you can do it. You know you want this thing. You already lay out a massive plan as to why you need this thing. but who

them them want more money so me I gotta just wait three years you know they're not not three years exactly

exactly it can be too close to the second deal or then you'll have to exactly exactly but again it's a good gamble they know that most people

don't know exactly and why not do it they may negotiate you know it's a negotiation exactly exactly exactly

So they have other buttons them can press them. Like I said. It's the same thing grand they are just more money. Like for them. So compared to them, comparing them to us are just the same thing, but just more money. You know,

they're negotiating. You get me? It's just a negotiation and we need for understand that. 10, 20 grand by my 100 grand. Yeah, that nice. You know, but 50 grand per my 100 grand, nicer. Yeah.

A man 300,000. million for him billions so nice you get me and it might be okay with that car 300 million you know fear amount of money but at the same time everybody think different so we need for reach a level way kind of okay with everybody you know so i think you know a next offer would have been nice let me just say that i think so too and i would love a surprise to come and i think if they get a know on Wednesday, they're going to come with another offer. And to be honest, me probably not have the negotiation skills.

Well, no problem. But no, me not have the negotiations skills like there. They have on the amount of heads where they have a plan out this thing and are executed or whatnot. But you know what I do, Randy? But I'd have the third offer before we've reached the vote. And then do the same thing what I mentioned. I would have to do it and mention and say, look, you know, we have discussions, you know, reach a pint and we're gone to our maximum amount that we, you know, we can't afford to do this.

And if it is that, you know, we don't reach to a deal, we're afraid that the deal would have just, we have to just leave the deal alone. You get to me as it? I get you, the only thing I change is if you and I are on the same side and we were on the Scotia Caribbean, and cider you told me you're doing that i tell you absolutely not no why spend more why spend more in fact they i they only did these are the people who push them to the 75 in my view in exactly exactly that's because the law does not allow them to pay them if they could have them alone is 75 they would have yeah but you know what i don't know other things they don't get them how you know what they don't they'll say hey like we're not allowed to pay you early

but we are a bank you know you could get a loan for the amount right now and then maybe some of that money starts pouring into GK. And that's why I made that mention that the group. I'm giving you a loan for the exact amount. Yeah, some deal sweeteners. Some of that deal sweetener, you know?

Exactly. Yeah. There's lots of things there. So, that's why I don't mention that the group is that we don't know what the negotiation about. I have a pretty fear of you all this whole thing.

And as always, I just, I want them to know that it's not the retail of yesterday. That's all it is. They only know it's not the retail of yesterday. And yeah, I'm not blind.

I have a pretty good view of this thing. And there could be a surprise. You never know. You never know. You never know. It's a good time to be investing. That's all you know. Exactly.

Either we as they say, win, win. either we hate it. I remember one time when I was revisiting, when we just started investing on the whole thing, but the redstri, buy out and whatever did come at me, did I look on it on me, I said, boom, buts,

you know, can't imagine me me are investing in a them time, yeah? You know? Maybe, maybe, maybe this is one of them instances there, you know? A little bit different in the approach but you know it's nice to be investing now at this time where you can get the experience of a offer like this exactly and and medium this mediums like this out there no way you can literally talk about it and you know have a good conversation and get multiple sides on it and

actually bring awareness to certain things as i mean some people might look back now and decide say, right. You think them money are talking on me, you know? And then some might decide, listen to the other person and decide, say, boy, I love what you see a man, because when I say makes sense.

So, you know, it's a very good time to be investing. Very, very good time. It shouldn't be a default decision, and it isn't. Exactly. That's a doubt of it. It shouldn't be a default decision, and it thankfully isn't. Yeah.

That's how I can say. And as I say, this is my thing that I really like. The market, I care about the market or investing. I care about us. I care about the local market specifically too. And I know the history of it. You know, there are billionaires now who made a lot of their millions through situations, their versions of situations like this in their time, in the past.

I mentioned some of them. The flour mills one was a good example. there are retail investors years ago who are a lot richer now because sometimes you get these little boosts right there's somebody yeah well you get these little boosts and it is what it is but we're in a new time and where we're going there's going to be people who look back and go boy yeah man yeah man you can go and go and most of the invest then exactly exactly at this same point me And that's why to go even further than this whole Scotia thing, other plays there where money can make from also.

Other places are out there, you know. If people talk about long term and certain things, to me, I'm one of the easiest time now for actually have a goal and achieving it. You're setting yourself up for the actual long term now. That's part of why so many of those. That's why you hear so many people repeating to where are the money going to go. Exactly.

A lot of them, they're at work and they hear what the boss say. They are there in the meeting and they heard what they're saying, well, we're going to re-deploy into, oh, so where's this money? Of course, of course, of course. Don't take a genius. You can go to NCB. Some are you going to go to GK. Some can go to Seprad.

Yes, you're going to have some new thing. Everybody's looking. It's food. Food coming to the table. You reach home and you smell the food of cooking at the kitchen. Food is coming to the table. We know that. everybody know that but my thing is more i don't want it no i want it no i want as much as i can

know also because if this is going to have such a big effect why not have it have as big an effect as it can yeah and you have to have the hunger no because the hungry know is going to be the hunger 10 years from know in a different way yeah so once in a lifetime opportunity man trust me i said once but certainly a massive opportunity massive who knows what the next one is going to be who knows what the next one is going to be exactly we don't actually know but you know when they look at certain things out there

so was dolphin cove um decide for the list in the same way so that's why um the founder stepped down as chairman because maybe as chairman he's as leader of the chairman of the chairman of the board if he's associated with the entity out of damrep which is just a fellow initial founder i mean if they've come together and he's associated to that group and can't also be chairman of being that group because if they're got under the buyout it's a similar south of scotia and he would be linked which would link to his shareholder yeah yeah yeah makes sense yeah yeah makes sense easier to do it in dolphin cove than it is to do it in scotia

It's kosher. Why should I practice here first? From no. Come on, them can't fire me like, hungry. I'm hungry. Exactly.

You know, exactly. We need, we need, we need, we need a decent deal still. That's all I can say right now. You know,

pension them, all right, we get in that. And, yo, the man them do a good job. I'm not like, have a big dem up.

We do a very good job with planning this thing. Because I see somebody yesterday them walking to a bank and somebody comes, yo, me tell her, said, me that have to turn up the money more, you know. The way I'm approaching,

it sounds like him ready for say yes, you know? It's all like him ready for say yes for a 75, you get me. And I suspect that him do fee calculation can I have a lot of shares, you get me?

Because he might buy Scotia for probably more than 20 or no, every month when him get pay. You get me? Yeah, tough. Yo, more to care for when I talk about your pension, them are right, and I got my pension in there, you know. When I have to ask. Your pension order this sign, yes.

Boy, I tell her, you got to be half. See you love a deal. I tell your star. Yeah, man. Yeah, man. So, I'll keep the Scotia point with this. Monday's last date for anybody who, who wants to send it.

So if you know you can't make it, you can send in your scheme booklet, you have 11-year Monday to send it in. You know you can't make it. Do the proxy form. So I call it the scheme booklet. Do the proxy form and send it in Monday. Which, which it is what it is.

I've said what I've said, read the scheme booklet if you actually care about this stuff. Monday is the last time. If you know you're not going to the meeting and you're truly caring, you want to vote, no. There you go. You have your time. 11 a.m. also.

Note that. And best believe. Best believe. That means 11 a.m. Monday is the last moment if you're not going to go to the meeting. And best believe that they're not going to accept it late. No.

They're not going to accept it late. With everyone, everyone know, where they're on the paper, but we don't just, we don't know. Yeah, man. We know. 11 o'clock lock the door. We're not doing. We're not business there for yes.

We don't want it. Yeah, man. So, trust me. Or if you miss that time, you have to attend the meeting. All right? Or if you're sending you a yes already, you can attend the meeting. And if you attend the meeting, by the way,

it cancels whatever you'd sent in before. So Monday, 11 o'clock is the actual last date if you're sending in the proxy forms, right? For anybody who cares about it, that is the time. And after that... I mean, if you're going to reach them by that time. Yes.

They have received by 11 a.m. Monday. Big point. That's for no. Next thing, man, go send him for you, man. That time I feel like, say. You know? Yeah. To have a reach to them.

Yeah. Yeah, and the rest I'll keep off here. But yeah, I'm... A very good episode, my fie big up, Bridgen never did come on earlier. You know? Really appreciate the perspective, you know? Oh, yeah, yeah, again, listen. Oh, you can't remember, he's the only person I've known in the world if he...

Then that's the same I don't remember Randy. Okay. The only person that name my brain can't touch the name that time. Everybody who are a regular name would have him but a long time. Well, he's the only person under the name. So the Dave, the name sticks. I'm really happy that he came on. And I'm happy for everybody else who would join.

I'm putting their views also. And I like that sort of thing. You know, people... Exactly. He's not that they disagree because I don't think he's a disagreement. No, the perspective one. I think he has a perspective for things that most people also wouldn't. and actually really well I'll say in a girl group more but actually really respect that he came on because I think he I know it didn't have to and I could see many reasons for him not to but but I respect that he chose to put that to put that view out there so people can understand more about it and yeah that's what I want all views can count more people like like like him come on you know and talk people are

Yeah, yeah. More of them, come on. Yeah, man, I listen a lot of them, man. Listen a lot of them. But, you know, like, on a more regular basis, you know, can get more industry people or people so we can hear their side

or how they think about the thing or, you know, most of the time of people like we retail or whatever, you know. But to that good for you, different perspective, because we attack, similar to the world thing, we attack on our behalf and our money, you know, so to that good for we get more people like that for if we come on and hear their perspective.

We do sometimes, you know, but you have to remember say, like listen, his independent, we can speak, a lot of other people. Exactly. Good point.

And people do come on and say, I'll tell you this, I'll tell you this. A lot of people do come on, but they don't make it known. Yeah, yeah, exactly. Because they can't. We get enough.

We'll get it enough. We'll get it. I see enough time, man. You can pick up for it early, man. I pick it up a lot of times, too. And, I mean, I respect it. I don't push past certain points because I don't, yeah, I'm happy. You have to understand.

That's how I never push the whole point on me asking about the valuation. And when him asks, you know, if it was okay, you know, my understand as to why, you know. I mean, never really push it. I think he answered extremely well. Yeah. I point about not being able to see. Yeah.

Fear is a. Yeah. there is a word that carries weight. And that's somebody to shy away from it and say evaluation. Even that, even that, I think, he answered well. He answered well. But yeah, again, happy for him coming on. Happy for all of you guys coming on.

As always, I pick a title before these episodes, and I can guarantee that the episode will be the title. But I'm happy with how it went nonetheless. I'll wrap with that. If anybody, I think, was the last person, Phil, you'd want to say something because I know you'd come back on. See, Phil has listened up on my end. Okay, I guess not. I think that X of that style in around, anytime your connection switch. Save it.

It takes a while before. No, you know, you kick you off from speak. You have to exit and then come back on. So if you go home and connect by your Wi-Fi, you know, see, fill up your thumbs down. I'm not sure. All right. No problem. No problem. No problem.

All right. Well, I'll wrap with just how the year, month, and thing has gone. The top 10 for the year, from the start of the year till now, today. Well, not today. For the start of the year until the end of September. So Q1, Q2, and Q3. West Indies Petroleum Terminal width is the number one still with 604. As I say, I hope something beats.

it, but I don't expect anything to beat it. I think Kintaya's going to try, I repeat a last year, you know, coming near the end of the year, putting the results and try for a big gain. Who knows? Let's see if it works. Let's see if it works. If second time's the charm. But I don't think anything's going to beat it. 6404% up from the start of the year until now. Jack Khan number two, the sum of the people's champ. up 220% Trans-Jamaica 116 and 115 on the U.S.D and the J.M.D. and the U.S. respectively. R.A. Williams up 100% from the start of the year until the end of September. IPCL, 83%, 7 NCB8, Carrieras $9.10.10.10.1.

And honorable mention to 11 general accident, Genac, at 37% of, right? Check out this on My Moneyj.j.a.com. yourself, you can see how it looks for the year to date. For the quarter to date, IPCL, Image Plus is the number one, 161 and Ari Williams, 124. Those two are obviously back in people's eyesight, I think, and a lot of the top ten looks the same, but some things are different, shorter time period. Spur-3, I think caught my eye at number nine, up 37, and CPJ with a surprising rise. as one and then the separate moves have me going,

oh, that was smoke. I won't say fire, but more smoke. We can talk about a separate thing another episode, because that will be, there's a lot more to that. As I talk to the girl grads before I talk to anybody else publicly about it most times. And special mention to dollar, up 33% for the three months and then for the month itself for the month of September Ari Williams number one IPCL number two so those two really kind of swing uh quantas number

three on the back of a strong and their first dividend congrats to them pulse with a sudden end of quarter 41% surprising to some not obvious to others barita I'm jumping number 6pj 8 number 7 barita Jet Kani number eight and one GS number nine and Iron Rock number 10 and Scotia the the Canadian man of the moment at number 12. One thing I said stood out to me for the month was one stock. Elite number 17 just because throughout the quarter elite has had I think Tom Singh spoke about it maybe two or three weeks ago on here, noticing this, and we've heard it mention a couple other places. And it wrapped up the quarter with an 88 million unit trade.

I should say, didn't wrap the quarter with that. It ended the quarter and then the first day after the end of the quarter. Why do I think it was the end of the quarter? That's very interesting, but that won't save you, will it? Get it, the first of October. The first of October is when the 88 million unit trade happened. Why is that of any importance? It's of importance because that's the number one shareholder that traded.

It's the number one shareholder in elite whose units would have traded there. And a lot of other units have traded a row. it and the queue itself at the end of October 1 the same day when it happened. I mean, there's a nice big iceberg right here. I think up to the end of yesterday, I should say today. Oh, look at that. Refilled at a million units. Iceberg still, million units.

And it's at number four. Huh. So I think it's just a matter of time now. For those who are sharper, I speak to the girl guys. I think elite, yes, elite is a standout thing for me, sneaking it into the fourth quarter, looking ahead. I think elite is going to have a little bit of some noise around it. I think some people have been noticing it and they keep noticing it. And yeah, shout out to those people.

Here's hoping that it works out. All of us involved, I do have a little bit of elite myself. Nothing to phone home about, but yeah, big up to whatever is happening with Elite. And we're going to find out who it is that has bought in that stake. Is it one of the three? Yeah, it'd be cool. I'll end with this one I think would be great. It would be great if it'd be really great if it's IPCL.

if IPCL realized that they could take an associate stake in Elite at a price that is comparable to some of their comparable to a price that they've done some of their some of their acquisitions at granted some of those acquisitions have been you know large acquisitions but this is another entity so it could be building out a hell of a group or well I lead the R to what some of the other R are we'll see. You guys can come tell me what you think about it next week or by next week. Maybe we'll hear what's happening. But anyway, thank you guys. Thank you very much for joining everybody. I'm going to get up on the views. Thank you for thoughts. Big up and it's Brick talk. Hope you guys enjoyed it. See you next week.