Do Go On - Earning Season: Episode 11 - The JMMB Episode

Episode Date: October 24, 2019

All about JMMB's APO and more! Hosts Randy (@RTRowe) & Danhai (@HDanhai) get joined on this episode by two JMMB Executives, Kerry-Ann Stimpson - Group Chief Marketing Officer (http://bit.ly/2qAgaXM) & Damion Brown - Group Chief Investments Officer (http://bit.ly/2Pi2paw). They discuss the JMMB APO and a bunch more things JMMB related (yes, including the cussings 🤣). Listen for the love and check out the show notes below. (BTW, I made a mistake when I asked Damion about the upsizing of the offer. The offer can be upsized to 325m shares, not 350m as I mistakenly said - RR) JMMB APO Prospectus - http://bit.ly/2Jj51kQ Addendum 1 - http://bit.ly/2N8TKVp Addendum 2 - http://bit.ly/367PnCL JMMB AGM Approval http://bit.ly/32LJzMS @Kalilahrey's Money Mondays JMMB APO Edition - http://bit.ly/2pMCsoW JMMB's MoneyLine - http://bit.ly/2BEpRXx JMMB SME Resource Centre - http://bit.ly/2BFZJLZ JMMB Account Opening Info - http://bit.ly/2BEr2WX JSE's Indexes - http://bit.ly/2p1ay8R Follow JMMB on Twitter here -> https://twitter.com/JMMBGROUP Shoutouts: @nnboogie - http://bit.ly/2JgCcoT, @ChrisfromPROVEN - http://bit.ly/2pLdXbR, @5solae - http://bit.ly/360HdMc, JMMB - http://bit.ly/363xF36 ★ Support this podcast ★

Hi guys welcome to another episode of earnings season I'm Randy at RT Euro and I'm with me of course Danai Hogg at H Danai all right and this week we have first of all I figure you guys are hearing this late so let me start with an apology because i know we said wednesday and i'm not sure if you're hearing this wednesday or thursday but if we're hearing it thursday i'm so sorry but we had it late but we decided it had to be great because we have two wonderful guests here talking about something that i know you guys are interested in and we wanted to get it out so we have with us i allow you to introduce yourselves or you want to introduce you i have two nice representatives here from jmmb i'll do the honor since i'm supposed to be a good host i have mrs kerry and stimpson let me not get anybody's husband on the video

this is kerry and stimpson from jmmb and kerry can you give us your proper title i don't want to miss sure not a problem it's group chief marketing officer that's right reporting to the ce the CEO Well technically no I actually report Into Donna Who is our group Head of culture And human development

Watch me get in trouble No you reported A nice one It's all good But don't worry Keith calls my phone Often enough So it's you know

I call it a report To him too It's no big deal And of course Not to be left out We have Damien Brown Group chief

Investment officer Yeah who is coming With the hard Hitting things As you guys Probably figured out Not to be left out, we have... Damien Brown, Group Chief Investment Officer. Yeah, who is coming with the hard-hitting things. As you guys probably figured out by now, this one is all about JMNB. And we know the APO is in the market, so we decided we wanted to get something. And we're very thankful that JMNB could join us and bring information that I know the people want. I'm happy that you guys have it. Let me just jump right in.

Let me introduce myself. Well, people know me. People know Danai. that i i think i'll start again if you don't mind carry with what you do day to day generally the things you can't tell us so yeah so i'm head of marketing for the group so group means of course for jmb we're in jamaica we're in trinidad and tobago and we we're in the Dominican Republic. So I have overall responsibility for the group in as much as we do have marketing CMOs, CMOs in Trinidad and in the DR as well. Chief marketing officers. Chief marketing officers, yes. I think for my listeners who might not know what that means.

That's fine. It's a relatively new role, title, nomenclature for us as well. So overall, you're talking about brand. You're talking about digital marketing you're talking about of course your advertising activities promotions event management and so on but I like to say that I'm supporting revenue generation as a number on reason why marketing exists for us so it's holding a partner with our client partnership aka sales team to support or helping our clients to

grow acquiring new clients into the fold and building brand jmmb which is an awesome responsibility so that's about it for me you mentioned building it regionally no i think i don't think we give the props that we should give to our jamaican companies i think i need to do that um uh you know let me start out honestly because i like to start out honestly people know what i'm saying listen to my talk today hypocrite i have given jmmb a hard time over the years um deservedly so i say uh but also i've given jmmb a lot of praise because jmmb is where i did my very first trade and it is where i opened my very first account and i still have that account yeah and um and i'll slide it right over to our second guest because that's also where I did my latest, it's not an IPO, but APO application.

I did it as part of my Agro APO thing, which people know. They'd know it if they follow me on Twitter, they'll see. But one of the things I did in it was that I did an actual application and it was amazingly quick. But before we get to that, we can get to what you do day to day.

In terms of the role as group chief investment officer, how we put our capital over time. So as you mentioned, we're in different business lines. We are also in different jurisdictions. And in terms of that balance between ensuring our customers get that wonderful impact in terms of service delivery or shareholders get the kind of return that will allow us to continue to grow and that we manage our way in a prudent level because we're uh fiduciaries in

terms of ensuring that people's dreams and their financial futures are achieved um that we need to have a coherent plan around that i can be jmb and being dynamic it really opens up wonderful opportunities in terms of our growth, in terms of where we can stay true to our culture of helping people to meet their financial goals and also getting the trifecta of giving shareholders good returns and staying with us.

Yeah, I like that last one. That's our favorite part. Yeah, good shareholder returns. So if I was going to distill that down to something simple for the simplest of our listeners, maybe me listening on a bad day, essentially you guide where the company does its investments. Yeah, where do we put that dollar?

Oh, but also where the managed accounts and so on. Okay, so generally this is what we're going into. I'm going to proprietary investment to ensure that there's no conflict of interest. We actually have other professionals that manage the off-balance sheet funds. But in terms of where J&B's own proprietary money is placed, that would fall under my element.

Okay, so which brings us again definitely to the APO because you're doing that. You know, let me start off because we're talking about APO. Let me start off something I noticed. I had at first said that J&B wants the money from this APO to buy into AlignVest. Anybody who don't know it, you can check the tweets, check the information, or check the prospectus, which is up on Jamaica Stock Exchange website and JMNB's website.

But I say that, and I think it's generally said, but in the prospectus, it doesn't actually say quite that. No, that's understandable that people come to that conclusion. But what you'd appreciate in terms of being able to announce a deal of this magnitude and importance, that everybody would have had to feel comfortable of the ability to execute. So from day one, we had financing options that would allow us to close the transaction. As we have said in the prospectus, and our group CEO said at our annual general meeting, GMMB is in growth mode.

We have been in growth mode with acquisitions over the last few years, and in terms of starting new companies, primarily the Dominican Republic and Trinidad and Tobago, and we are seeing significant growth opportunities as some of those younger companies now come out from the infant stage and are looking into their growth periods and in terms of even our existing major business lines the brand has always been well received and as we look to execute on our financial goal

partnership we are seeing significant growth especially on the banking side as well. Not to mention that there are investment opportunities that come up, such as investment in AQI slash the new Sagicor that we have made a major announcement on. But we see other opportunities that will come up over the next few years, and we're ensuring that we are in the position to continue to spread the GMMB brand and to take advantage of the good ones i like that i like that you've gone regional with the growth um definitely yeah the the i remember seeing two things that stand out to my mind one not not just that you went to the dorm rep because jmb is in dorm rep that's a good thing

but that you guys got approved i think last year for pensions in dorm repia, which is big. You know, that means that you guys are going long on Damrepia. Right. We think the Dominican Republic has significant growth potential, both in terms of their overall macroeconomic growth, where the development of the financial sector is at this point in time,

and especially for JMB in terms of where we're positioned in the marketplace and the kind of response that we have gotten from our investors and our partners there. And it's part of the overall strategy where we want to partner with people through their financial life goal cycle. So if you don't have that much and you just need a rainy day fund, we want to be there with you when you have progressed and you want to make that investment in terms of a car, home, further education, whatever you want.

And when you reach that later stage where you really want to build, well, we're here for you. So that has been our approach. We look at it from the perspective of understanding what the customer's objective is. And then you build the business lines and the actual business licenses that allow you to provide the different discrete products that will fill that objective but the real thing is we had a tagline that said your interests at heart full stop this is our way from a corporate side being able to fulfill that in the most meaningful way possible I like that you're really coming in

I love that actually from the strongman you're really coming in every boy I like that I like that you're on point

let me keep it on the APO though so 10 billion 10 billion and people I don't want you giving me a hard time saying that I didn't

ask them some of the harder questions you have to understand that I have to know what I can and can't ask for example let me show a good example are you guys going to

upsize it to 350? we have the ability to. What I would say, that decision is very rather loyal. Like any other person coming to market, that decision

will be made based on the receptivity that we get. What I would say is that part of our approach, even in terms of how we're doing the allocation mechanism, is to try and ensure that there is as much mass participation as possible.

So we've made a decision in our context of trying to ensure that as many small and medium-sized investors get to be part of the GEMMB dream and wealth creation as possible. I like that because i know a lot of people always on i don't know if you get the same messages as i do tonight but like every ipo people are angry about oh god i don't get enough for i don't get i get one percent or

whatever you know too little yeah i got too little but i realize i mean the minimum buying this offer is 300 shares and i didn't so they gave give us a 100. yeah but then the bottom up allocation is on three thousand so everybody everybody yeah you're going to get at least three thousand hopefully unless you guys get that super yeah offer uh we expect that there will be uh the response that's in line with both the strength of our brand, the kind of achievements that we have made on our track record speaks for itself and that's within the prospectus and also in terms of what the growth opportunities are going forward and we see that as tremendous. We'll clearly stay true to our roots and what we stand for but from a business perspective there's already lots of

opportunity to grow and just looking at the landscape within the Caribbean for financial services, we think that there will be definitely other opportunities that we can put the GMMB brand with and create value for shareholders. And the fact that it's in the two countries is something we're super excited about. I put myself on record recently as saying that Jamaica is, and I stay on record saying that Jamaica is the financial capital of the Caribbean. Of the Caribbean, definitely. All right. That's what I believe.

You can see everybody's branching out from Jamaica. And look at JMB's push right now with the Sajikor. You mentioned the regional push they're making right now. Sajikor is so broad across the region and JMB is taking 22% of that. That's great. Major money. Major, major money. I said 350, but it's actually, let me be accurate because I don't want anybody to hit me on that. You have the option to upsize to 325 million new shares. And you guys have to respond so you don't get into any trouble. But I think, I

believe that that's probably definitely going to happen. Especially with the shareholders that you have. Especially the large shareholders that you have. Oh, yeah, definitely. So I know that the single largest... Is proven. Is proven. The 20% of the shares. Probably going to buy 20% of the offer.

It only makes sense to me with the way they book their income. That's true. The share of profit. If they don't collect 20% of the offer, then they't put a book share of profit in associated from jmb anymore which would mean they take a hit to the profit yeah so they're not going to do that yeah yeah yeah notice you guys don't say anything let's keep it up i'm just saying we just hope chris willie and his team are listening right yeah yeah i hope they're listening to but yeah i like what they've been doing and i like what you guys have been doing bringing it again to the apo because we get we're

very unclear terms what it is jmb is asking for money because they're expanding and we have seen the expansion it's been slow but steady expansion over the last few years and this is a huge huge step for me now in my mind yeah and then i have then i have had these conversations many many times it's a big big i don't know if people realize what it is. It's a big chunk of a huge corporation that's being brought to Jamaica like that. In just one go. One step over the other.

Yeah, one step. And I think you guys are being a little conservative because I'm looking at the prospectus. I know that the forward-looking statement says that you hope that it will hit. It will increase profits by 20% next year. That's the official line. What we would say is that we've always come from humility, but our performance has always been anything but humble. And we hope to continue that kind of transition going forward. Yeah, well, you know, don't say no more. We're from Jamaica no we're from jamaica so you go but i like i

like that we're taking that big step um actually let me not ask the wrong question go ahead dad and the next thing online versus a canadian company technically yeah it is so everybody's looking at it as jamie taking a next piece in the carib JMMB is reaching to Canada to take an expertise in the Caribbean. Yes, yes. I will definitely not get you guys in trouble, but I have had strong views on Canadian companies and certain countries owning local and regional assets. So to see a homegrown asset getting into that space and saying,

you know what, let's grab a piece of it and hold it for the long term is is major major major it was considered a major thing

that Panjam owned 30% of Sajikor Jamaica so wow yes 22% of all Sajikor

and and I always like to drop some tidbits Cliko you guys can google whatever the Clico thing is, but Clico has old insurance accounts that they have, and they've recently sold it to Sajikor. Sajikor.

Sajikor, I think Trinidad and maybe Sajikor Barbados also, yeah. Which you guys are hopefully going to own. Yeah, so, yeah. We definitely see it as a good investment that Sajakor in its entirety has good growth prospects. And we're looking forward to benefiting that in terms of our profile as we set out in the prospectus. Outside of the earnings, there are other benefits from a diversification perspective that it brings. And as we highlight in the prospectus again that in terms of our core operations and existing operations they're the clear growth path.

I like that clear growth path that you keep mentioning. So the people want to know, the people want to hear the easy for them all know when is the offer going to close because I know people want anything going to happen of time I tell people to treat the opening day like the closing day but opening day has passed locally um when when is offer slated to close if you can tell us a steady answer um currently in terms of the latest date will be november 11th there's always the option to close prior to that or extend right i wouldn't be able to speak to any decisions or conditions that would lead to closing early, other than to say that our objective would be, again, to ensure that there is wide participation. But I'd encourage those that are interested to move forward with Alacrity and when you have a good thing, take advantage of it.

Take advantage of it. Yeah, yeah, yeah. And this is definitely a good thing, in my opinion. Yeah. I know people might say good thing i mean it should jump in right now i would tell people to um one thing i am careful as saying is that it's not the typical it's not an ipo it's an ipo um and so jim and b has a track record of moving so don't expect them to jump overnight although they might jump overnight i think if the deal closes are you guys allowed to tell us when the deal closing or no no no in terms of our expectations we would have aligned what we could in the prospect in the prospect why i don't like this what i like is that i can still tell people who really prospect us instead of asking us questions

yes but they're gonna ask anyway right yeah i know there are no hard dates in there because that's the big question when is our line investing going to close and i as somebody been paying attention to the canadian disclosures on it because they do have to have some heavy disclosures um they don't have a date yet though but i know that they mention a time period right if you'd appreciate that sagicore given the has operations in I think it's over 22 countries. Including America. Right. So getting through all the regulatory approvals and other considerations will take some time and some intricacies.

Yeah. I like that. Speaking of America, a general meeting recently where you guys spoke about the APO. You spoke about the cap raise. You mentioned, you were speaking about about sagicore as a good investment and you mentioned that they have 48 licenses licensed to operate insurance business in 48 states in america yes so imagine that for hitting jmmb all right that is true so do you know if they actually intend to start operating there um in terms of their disclosure than they are operating

strategy and the back for theirs what I would say is that that is definitely a growth opportunity as are other areas of their business so overall we do see that there will be a growth and a very positive impact from us being the largest single shareholder in Alangis. I don't know if you said that. I don't know if that's public. It's known that you guys would be the single largest. I mean, you can go and check Alangis. Yeah, we did. When the deal was initially announced, we did say that if it's successful, we would

be the single largest shareholder imagine that yeah yeah and then also we would have two seats on the board of directors that part i do i don't know you won't hear something funny right so they'd control there'd be the single-agent shareholder and sagicore financial group right remember that sagicore financial owns x1 which is a single agri-shareholder or second second and player oh gosh oh lord oh my god select f select funds which you guys are also going to control technically 22 of select funds because of the ownership of sagicor which one getting that wrong sagicor select funds is the product sagicor jamaica jamaica but you because you

funds. Or that's Sajicor Jamaica. Sajicor financial group has controlling interest in Sajicor Jamaica. 49%. I think the work's done yet. Alright so I mean I think people know the APO. I don't want to go too too deep into it but people know the general thing is $38 if you are a GMB shareholder as that October 15th October 15th which means you'd have had if you didn't own shares before then it don't make sense in terms of thinking of getting that price but the prices are so similar I think the difference between them is less than two percent so yeah I think it's probably just a buy fee it was like exactly yeah it's probably just a buy fee the difference between them. So you can still buy. So you still if you were to

go on the market today and buy at about $40 it's still a better just going to the

offer. Because the fees are going the difference in fees the 2% wouldn't be

beating the 2% you pay on the $40 on the market. So yeah makes sense just going to offer.

So we know the price we know what they want the money for um we know how they're doing because jmb the numbers are open and they've been doing well over the years and they they're serious about their growth now um i guess you can oh big up khalila because i watched her money mondays i saw saw you guys on it and you spoke about 9 billion you want to grow your bottom line to 9 billion by 2022 I think or groups you spoke

that that's all aspirational of you I will be doing pulling out all the stops to make that a reality well it's a heavy stop that you pull out already

because 2018 2018 financial year you made about 3 billion profit so to 3 billion to 9 billion. Triple in profit.

Triple in profit in three years. In three years. But if there's any three years that it could happen, this is the three years. This is the time. This is the three years. And they're showing us that they're going for it because I calculated on Sajiko. 89 million, I think, in the prospectus where they say 89 million is a prediction for Sajikor's 2019 profit and 20% of that would be around 2 billion. 22% that would be around 2 billion plus Jamaican.

So the share in profit and associate from the Sajikor would be 2 billion and 3 billion from 2018. So 60% of their current profit is coming from Sajikor from this one acquisition. I remember I said Sajikor overseas bought the Klikor assets. Oh, yeah. So even better. Yeah. But I think they would have factored that into their production because 89 million is a production. I don't know if they would have factored it in.

I tend to take those things and say that they haven't. But I don't know. You guys can give any insight on that? Let's say that what we would have put in the prospectus was what is publicly available that would have been put forward by both sagicore and align invests um anything else we wouldn't be able to to to speak to say okay no problem i understand let's keep everybody employed and happy thank you i like that i like that so um well so it's one of our prices what about they do well we should talk about the actual application process I did mention that

before we started recording and I'll say it again officially on air that in my well I mentioned it that I applied I applied during as part of my grow

experience as part of our doing the thing to show people actual hands-on application and even I was surprised at how quickly it happened like I clicked it and it said

it's in and I passed it away hold on it can't actually be in it and it said it's in yeah and i passed it can't actually be in there yeah people think it's faster than ncb oh let's get us in trouble now you're trying to get everybody in trouble it is faster i mean fact is a fact it is faster and i can understand why it's faster because you guys are leveraging your your customer information that you have already which i like so you don't you don't have to ask me for my jcsd number you never asked me for my id you have all that already all you do is you say okay randy rowe is applying for this much and we're taking this much funds as accounts a boom i like that i like i mean you guys i've i have i don't know who said it on the podcast i'll say no you

guys are heating up the brokerage drawers yeah so one of the things we wanted to do was to make the process as simple as possible and as customer friendly as possible. And we have gotten a lot of positive feedback, similar to what you have said, where the most negative thing is people can't believe that the process took place. They feel as if they must have missed a step or there's something else left to be done because they haven't experienced that. But in any market you'll have evolution and we wanted to put our best foot forward

for APO and we'll see improvements over time our technology and our processes that allow yeah I'm looking at you

pressuring the rest of the market to step the game up yeah and it's the second thing the second time I want to close the APO before I start

so we know how to apply you can apply one i'll just say to the people officially you can apply if you're applying for the api you can print off the prospectus apply with application form at the back i'm speaking mostly jamaica but the same thing if you're in trinidad you can apply with the back two you can go if you're a jmb customer you can apply via money line and the beauty of it is guys i will say this you can get a jmb account open relatively quickly yeah you can get relatively quickly and it's my view that you can because you're here we're recording this actually the wednesday so if you are to hear this as a wednesday or thursday you're going to jmb tomorrow

morning you can correct me if i'm wrong here but you can open a jmb account and i think by let's say next week monday you can apply for the apo from your money line account so you can apply for the APO from your Moneyline account. So you can get the same experience once and get Moneyline, which I still say is pretty good. It's still a pretty good system. I want to wrap the APO before I talk about GMV operations. But yeah, so if you want to apply, you can apply there. Today also I see there was an addendum to say that you have updated your selling agent list.

So NCB cat market is no on and so it's such a good um and and i mentioned ncb cat market because ncb cat market does have the go ipo right yeah so no people can apply with money line if they're money line customers if they're not they can go out their money line account if they want to come to jimmy account and get money line going if they want if not they can apply via the goib whichever broker they are yeah whichever broker you can do it that way so you have lots of options people and um again so he's not getting in it should not be excuse why i didn't get in there we go no more excuses please don't message me christmas well boy you know what you hear on the podcast and my deed for back you know when

they don't message i get out yeah boy you Jamty. I'm a deed for buy. Yeah, so let's not have that with JMMB. I can assure you, my personal view, and again, I'm not a licensed financial advisor. I don't think anybody here is. Is anybody here? You guys are? But you're not giving licensed financial... Okay, so we do have one, but we're not giving licensed financial advice here.

But I'm personally thinking that JMMB closed today at what? 40? 40 something? Let me check. This is the bot that we use all the time to tell us exactly what's closed. You guys don't know your closing price right off the bat?

I'm joking with you. I mean, I like that. That'd be stressful. You might need it every day to ask. I like that too. You really shouldn't have to pay attention to your stock price every day. In fact,

companies that have to pay attention to their stock price every day is a totally different business. Yeah, that's a different kind of headache. I don't know if I'd want that. Unless you're like an index fund or something where you're actively managing, you shouldn't want to have that sort of headache. So you guys have more important things you have to check every single day. It goes at $41.80.

$41.80, that's nice. I do not see GMMB being anywhere near $40 or even $50. Personally, $60 by the mid next year i think when the deal was announced it was at 50 plus so yeah well this is an opportunity yeah the profit has gone up since yeah so they've made more money they're going to buy into something that's profitable it just looks good to me yeah yeah so i can't say whether or not it's a great great great i can't tell anybody to buy it, but I personally can tell you that I have put in an application.

I'll probably put in another one too. So yeah, let me call that the closure on the APO conversation and then wrap it and go more into more of the general J-Main-B operations where everybody wants me to cut Mrs. Stimpson. Yeah, I'm glad we've got you here for the custody. I'm not custodying you for anything. You've been doing a really great job leans back in his chair i'll allow you to show your expertise meet the bottom of the bus

yeah but uh jmb has um i will say that you've heated up the brokerage wars i said jmb started this run of the brokerage wars because Jim and B brought money line online platform. The first online platform. I think, I think so because that's where I did my very first ever trade. And I thought way back. Yeah.

Yeah. Way. Thank you. Is that that far? But yeah. Uh, when I was in school, I tell the story of my uncle who asked me about which all these stocks you

think we should buy. And that was money line. And it was when money line had just started so it's a big deal for me seeing it as into computers and as in high school and there's this money line system and you can buy stocks on it and of course it went well he made a lot of money off the thing i think so congrats to him hi uncle i hope you're hearing this it'd be good if you could send me some of that money but um yeah it's good that you guys started it that way and you kept the system because the system really did work in fact i am on record again i have written about it i've said that it is the best system it was the best system until jc launched

j trader which i know is i think j trader is better than anything else is because it's directly into the direction yeah and money line is a system that was built long before internet existed. So Moneyline was essentially JMNB putting together something for it. But I know then you guys have a huge customer base. I know it's a long question. Is it setting you up? You guys have a huge customer base. You have a large amount of retail clients,

which says that the day-to-day regular people use jmmb because it's probably the easiest account to open also yeah if not one of if not the easiest account to open um but they're opening with what's the amount of money you can open an account with karen well a thousand dollars i don't want to hear anybody complaining privilege that yeah it's not a privilege podcast a thousand dollars is amazing yeah and can i tell you that's just really how jmmb started Anybody complaining? Privilege. Yeah, privilege. No, it's not a privilege podcast. A thousand dollars is amazing. And can I tell you, that's just really how JMNB started, you know. So when our co-founders and the more popular one being the late Joan Duncan,

that's really the basis on which we started. Because at the time, the money market was really only accessible to institutional clients. And she was like, look, we need to create something where the average everyday Jamaican can come in off the street with a few hundred dollars to invest and benefit from the money market because at the time it would have been just your typical savings account so that's where we started and we've always remained true to that so we are the place where everyday jamaicans can go so everybody talks about investing being a rich man thing like jmnb is a reason like investing is no longer the rich man thing. That is 100% true. When I tell people I started with 10 grand,

I started with 10 grand at JMMB. That's where my start was with JMMB. I mentioned this and I mentioned Moneyline because I do think while it's still great, the speed to market, no, as the market has sped up, Moneyline can't keep up in that.

It is still, it's a good system. It's a great system in terms of how it's maintained and the access it gives you, but it's not as fast as JTrader. I know you guys are getting hit, so you guys are going to ask straight up, are you going to give your customers JTrader? Yes or no?

So what we can say, taking Fred out of Damien's book. So first of all, we want to acknowledge that we hear the complaints and the concerns and we are going to answer okay but what I will say is I'm not gonna guarantee that it is gonna be JTrader because what you have to realize of course in the whole investment stock market investing there are many components to it there's the ipo application component and then there's a trading component and they need to have that information virtually real time right now so far everywhere there is a gap because with j trader you're seeing everything and

you're in the queue and it's live but you can't apply for ipos on it then you have go ipo you can apply for ipo from any broker but you can't trade with it that's true with money line you're trading not real time but you can apply for ipo so you see the pieces of the puzzle coming together we're coming with an answer so great i think i think i hear your answer a lot yeah we're gonna we're gonna close that loop we're gonna close that loop i won't say how i mean j trader is an option we're going to make sure that when we close the loop, you're getting the full value, not a piece of the value. Okay, I love that.

And let me publicly say I'm ready to help you guys with anything that you need. Because I really, I'll still say that outside of maybe some of the smaller brokerages, Jeremy B. still has the best customer service. You guys give a whole lot of trouble. I won't lie. But it's part of just being as big as you are yeah it's positive because you are so i know on the one hand like i got some beat up because i got telling the congrats saturday for the last i have here you know my god

literally as i tweeted that congrats because i haven't gotten any complaints yeah what i was told but i understand how it works it's a big organization and so you can't help what somebody in port more might tell somebody on a bad day or even if its employees anyway employees might just not follow the instructions that they're given so I do know I still say that Jeremy B has some of the best customer care oh absolutely in the space yeah and again it goes back to again who we are you know I remember the same conversation you and I would have had about the beat-up about what applications we're taking and not taking. I mean, we're the type of company.

And I'll just be very frank. I don't want to talk about that yet. Oh, my Lord. Brendan, I'm going to lose the work. But, you know, instances where, you know, we would have made mistakes and having to compensate, you know, our clients admitting for the mistakes that we would have done. That is true. Honestly and truly. That is true.

That's, again, who we are. So, customer is number one for us. So, I don't... I'm very careful these days about what I say. I don't... I have seen some cases followed up. And I actually have a friend who was one of those cases and he was compensated fully.

I think you know him too. I won't call him in, but know himself. He was compensated fully. When he was shown that it wasn't his fault, the end was jim and he said you know it's not your fault um as at this date you would have had this much we're compensating you to that much and i have heard the same situation with other brokers but he's the only one i've heard that resolution with so again i can't knock it it's like my mother used to tell me you know i beat it because i love you my mother has never said that to me i'm so sorry mommy i'm so sorry she never said that to me but

but it's the same thing because i care so much about jmb and i see what's happening there because you guys really push an industry and i think that people will mention a lot is that jmb has dropped their brokerage fees to zero oh yes once you do it online yeah yeah absolutely and again that's an answer to the call. We hear you, we hear you, and we answer the call. 0.75% is less than half of almost

everybody else who hasn't dropped. 2% is pretty much it. And 2% sounds small until you hear that you can get 0.75%. So that's major that you guys are doing that. So you the good company you have the employees that are interacting with people you're coming on something like earning season which i can tell you most brokers wouldn't say thank you very much but it's brave you bring the lawyer with you the eternal lawyer but that's good

still i like that i like that you're interacting with us the right way and um you're taking the feedback which is what i really really like on the market and interact on the market i tell people all the time you know if i tweet something about JMNB Vex, you know, I can call the second until the phone rings, you know. Hi, Ronnie, this is Kerry. I'm just calling about them. And I say, why? And Kerry says, she's so nice.

I want Vex, I can't Vex, you know. And then if it's not you, you have a second. I need to be, please tell me the name of your customer care, lead customer care rep. What's her name? Wow. She's who used to call me first. I wonder who that is. Okay, let me call some names.

Jessica, Patricia, Michelle, Nikisha. It might have been a Nikisha. Big up everybody. Nikisha is one of the team leaders in our client care center. That's Nikesha. And then there's Michelle who heads client care. Yeah, so there are so many people, I guess. You may feel like they're the lead, but everybody kind of have their hands in the pot.

This specific person I had looked up. I remember I saw her. I know she's a nice Christian lady. Wow. That doesn't narrow it down. That doesn't narrow it down. That doesn't narrow it down at all. Yeah, but I remember it's good because she'd always call me. And after a while, it's like, you call me.

But that dedication to what's happening. Because not many companies do that. Because JC is a private company. I beat up JC all the time. Even JC made the fixes I thought about. They don't say. They don't publicly acknowledge it. They don't ever interact with me. Which I can understand that's one that's one route you can

choose of let's just not ignore it but I like that you guys had a harder route which is we hear you and we're fixing it and I have a whole heap of respect for that. So when you're going to start giving people like a little bit more a little bit more to push them I mean 0.75 is not really much you know just zero and done. That's what's happening in America. Everybody's going no trade fees to pull people, right? I can tell you this. If you've got no trade fees, I'll be the first person to tell people,

say, listen, JM&B is where it's at. Again, let's go back there, guys. Even though the 0.75 is still great. But I need... I'll say we hear you. We hear you. And I'll definitely take it on the advice. No, seriously.

We'll take the feedback always and definitely assess it. And at the end of the day, make sure that we have shareholders. We have to be covering our costs and these kinds of things. So just saying. If you're complaining about the fees, just buy JMB shares. Yes. Because it's paying yourself. Yeah, that's true.

And from a free fee structure perspective general generally we are a company that's that's very good on fees generally yeah so when you hear people complaining about fees so for instance we don't charge fees to come in when you want to come into a branch to put in money or take out money from your account that's true and you know we don't and i'm talking about you guys as a broker i'm so sorry you know as a but you are a bank you're a commercial bank also yeah so i like how money line plugs into that so they got commercial license and it's an operating like commercial commercial bank and it just brought money line on board for the whole ecosystem ah yeah yeah yeah yeah that which which makes sense right because i like that one platform

you don't you don't you don't lose anything by being there. Banking and investments on the same platform. Which is good to me. It sounds great to me. So, I mean, how is the banking side of things going? Are you guys having fun with that sort of pressure? Because I think people are expecting you to maybe hit the banking side the way you hit the brokerage side very, very early. Yeah, yeah.

So, I mean so it's very exciting as you rightly said so of course when we acquired capital and credit would have been a merchant bank we would have transitioned to commercial banking as you rightly said and so for us it's been a very exciting learning curve but we've been growing exponentially because of course our clients especially were looking forward to us going into the commercial banking space because again understanding their frustrations perhaps with what their prior experiences would have been they were looking forward to the jmb way of bringing the love to banking so i would say what you can look forward to and we've already publicly stated it is that um we are going into the visa

debit card space which is the next big kahuna for us. So certainly before the end of our current financial year. And the financial year ends in March. We're coming to this space with our GMMB Bank Visa debit card. So now then you'll be able to do your online, local, overseas. We're going to be converting our current network of electronic transaction machines or ETMs, we're going to be converting them to ATMs

Visa enabled ATMs I've never used one I've never used an ETM because I started thinking of GMMB as the money put in GMMB is almost like you shouldn't touch it yeah

yeah so it's like this ETM thing is really good because I'm not I'm not I'm not going in that money so let me just leave it but that's really really good um you guys don't get your credit because I'm also gonna drive through yes it's long time I don't go in a branch and I pass it you know go drive through save the drive through until let me just go to drive through and that drive through in in on Horton it'son in New Kingston is open on a Saturday. So there can be a Saturday drive-thru and so on. And then Portmore also has a drive-thru.

Yes, sorry. Big up Bam Production Studios. Passing notes telling us that he might switch to JMB. JMB is actually a pretty great place to be in terms of a long-term view. If you're not crazy, I think what's happening currently with, I shouldn't say crazy.

Crazy isn't the right term to use, but there's a lot of action around the market now. People looking at, boy, IPOs. And I hear them talk about it almost like how they talk about cash pot, which I don't like. Me neither. It gives the wrong sort of buzz around it. It's not a buzz thing. It's an actual industry. But JMB doesn't act well, but they don't have buzzy very very long term very very um structured in order rollout so if i know you had a lot of your her wealth your her wealth program

is something that you had that's something that i get hey big up nn boogie for getting me in trouble nn boogie i wish you were here this week to were here this week boogie boogie boogie you know people wouldn't believe i should say how do i tell it now people you might have thought that i told boogie to say and then boogie think that i say to understand you shouldn't neither of them i might say to each other i wake up i see the tweets i'm frightened anyway so people who don't know i mean i put in the show notes what we're talking about if if the tweets have been deleted from Boogie. But it was pretty much one day, I think Boogie saw the Herwell thing, and she's like, how come Randy isn't here and he's a person who got everybody to the market?

But I think it was, Kerry, you can tell your side. How come I wasn't there? Tell the people. So it actually was Elevate, I think it was. So earlier this year in January, we had this kind of a kickoff event for the year, you know, to help people kind of get charged up about their goals and we had an event called Elevate this Saturday and guest speakers were Rochelle Cameron and we brought in Paul Brunson, Paul C. Brunson from the States and the following morning we wanted to have a breakfast which was like a talkback session with Paul and we invited people who were yes influencers in a sense but also

small business people as well because we had um kimala there as well every time and scott dunn um from um not main events forgive me scott dream entertainment i know they're they're part of the same family ish so and listing soon i gather you guys don't say anything just give it a pass yeah so um so yeah so what happened was somebody had posted i think it was on linkedin or one of them places that you know jmmb had a breakfast with influencers yes and um and i think it was boogie who was like well where, where is the brethren Randy? And so we're like, royal.

So we said, well, let's clean it up because we had a list of people on there as influencers again. And Randy was one of them. But I think the number we had or whatever email we had, we just could not get through. So we were sending and we didn't hear from you.

And admittedly, it was on very short notice as well. It was like a day's notice. I didn't even think I was in the aisle. So we had to call Randy and say,ly, it was on very short notice as well. It was like a day's notice. I didn't even think I was in the island. So we had to call Randy and say, yo, I know somebody at the sale.

He was trying to invite you. He was trying to tell me that my phone rang and I heard it. I said, but I don't tweet none. I said, Kerry,

what do you call that? I haven't done that. Look how much customers Randy give JM&B. Yeah, big up Boogie for that every time. She said, I don't thank her enough for it.

Thank you wholeheartedly, Boogie. And then that's all i know because she started invest i think she invests with you guys actually yes yes she does based on what we see from her tweets yeah man so big up for that and thank you for that but i i really like how jmmb pushes in all these areas and pulls people i don't want the latest pushes we're talking about on the way up than i was um the the small business push that's how yes the sme growth center or something yeah the resource center yes yeah man so that's technically open um although we're officially rolling it out on the 6th of november which coincidentally is our birthday oh wow so yeah we're gonna be 28 years old this year. Oh, that's older than you, isn't it?

That's younger than you. That is, wow. Yeah, 28 years old. Yeah. Yeah. So, again, we thought it was a great opportunity to match the anniversaries because what the Resource Center is going to do is really, well, the SME Resource Center is just going to be an arm of the breadth of solutions we're going to provide to SMEs

as we roll them out over the coming months. But the resource center primarily is set up to support businesses at various stages of their cycle, growth cycle or business cycle, life cycle. So we have partnerships with different entities in different sectors that are set up to support businesses so if you need accounting advice auditing advice marketing advice or to even start you know get get your business growing and so on we have those partnerships in place where we can connect you with the people who can help you to grow your business oh perfect and yeah that's i know the sm is crying right now So if you say, every michael.com, my company can get a loan soon

and from J-Man be a small business. Well, J-Man is here. I'm kidding. No, but that's a very... J-Man gone far from us after all that. I think it's definitely our objective not to steal anything from the launch, but just like how we partner with individuals

during their financial life cycle to partner them with businesses and to give them just the factual advice as to where they are and what really is best for them and where there are solution sets that we offer to put it in a way that makes it less cumbersome for the small business. It's really a win-win because if your business does well then we do well and we have the products to help you grow over time. If you understand our story, we were a small business.

For a long time. At that point in time, we were a dream that somebody had to change the way investing was done to change not only financial returns and a technical issue in our market, but somebody had a passion in terms of what life should be like and how people should be treated. Well, our story stands for itself at this point in time. And you keep pushing it because you're to mix drinks here. If you consider it a drink, your group CEO, Keith Duncan, is also head of the EPOC.

What does EPOC stand for? Economic Policy Oversight Committee. Look at this, the employees are in the office. But you are correct. And he has been, I think, almost the face of this new drive to engage SMEs again. And he's the new president of the PSOJ too, so it fits in. Let me tell you, that video, there's a video that went out

and people believed it. Even I believed it. And I'm hard to convince. Like, boy, they're going to come again. Now they're going to come to small business. But literally hearing it, and this is the same GMMB thing. They came because, like, we hear you. We really haven't been doing what we should do.

He wasn't speaking for GMMB. I love that. Right, just got all backs. Yeah, but that really made a huge difference. So big up, big up, keith duncan for that um i'm really happy to hear that jimmy's going in that direction so you guys have the bank going well you have the brokerage going well you're giving people trouble what is your pensions in um going pretty well you're going to beat up trinidad and to be a good really and barbados you're gonna run it you're gonna want 22 of their biggest

companies yes yeah i don't know if it's really their biggest company apologies to the honorable me and marty if that's not so um but yeah definitely going to have a good a good footprint right right across the region really so what other areas do you guys think that you're impacting that i haven't really given you a nice bit of spotlight on? Because tell me something that you wanted to come on here, you definitely wanted to say that Randy hasn't given you a chance to say it. I think we'll just highlight that while we have businesses, we have regional diversification, we have good investments,

we have growth, we have additional growth prospects, that at the end of the day when we look forward, it's really, did you help your customers meet their financial goals? If we hit that, we will make money. Markets will change. Interest rates will change. Economies will go up and down. But at the end of the day, what we are working towards is that people can sit down take their future into their hands and really partner with somebody who has the expertise and achieve their goal because they have different paths I mean financial returns is nice and money is always a good thing but it's how does that impact you in life and whatever that interpretation is and whether it's in a business SME

those who have been successful to large corporates, your retirement, just starting off, consolidating, whatever, that there is that trust, there is that ability to come and meet your goals over time. We hit that, we will make money over time. And when we look at the future 28 years, the success will be even that much greater. Definitely.

So Jamie and me lifting up Jamaica. Yeah. I mean, if I may jump in, there are a couple of arms in Jamaica that perhaps because they're smaller, they don't get feel, they get a lot of love, but we do have an insurance brokerage as well. I wanted to mention that. Yeah. Which is like 1% of your business, but.

Yeah. Well, you know. No, that's good because it means you can grow it. Correct. Yeah. Correct. percent of your business but yeah well you know no that's good because it means you can grow it right yeah right yeah correct um so there is the insurance brokerage there um which a lot of our clients love and it's part again of the whole financial package where there's financial protection as well as available and we have a money transfer business as well which a lot of people don't know so we're in the remittance business really yeah man so what we do is we have a partnership with about nine different international remittance business really yeah man so what we do is we have a partnership with about nine different

international remittance companies around the world so if you've probably heard of zoom i know you're saying right now so zoom is one of our partners and it's an online service yeah yeah so there's zoom ria is is is probably the i think they're like the third largest um remittance um entities certainly out of North America. We have partnerships with them, so you can use their platforms. If you're overseas sending money to Jamaica, you can send it through JMMB money transfer. Beyond our branches, we have partnerships where we have over 100 locations across the island where people can pick up their cash like a regular

remittance company or have it sent directly to any account in jamaica so you know sorry set up right so you can use say for example zoom or ria use their platform and send money to jamaica and send it through jmmb money transfer and then your recipient in Jamaica, your family, your grandma, whoever can go and pick it up at either the one over 100 locations that we have across the island. They're all there on our website. Or you can send it directly to a bank account in Jamaica. So whether you're a Jamaican overseas and you want to pay mortgage, you can send it through JMMB money transfer. I know there are family members overseas who want to send money and they send it through jmb money transfer um i know their family members overseas want to send money and they send it directly to a bank account and the fees in a lot of instances

depending on how much money you're sending could be even more affordable than a wire transfer yeah so there's that facility as well i don't know if i won't put you on the spot is it the fees are in the 10 region or less so it varies based on number, on the amount of money that you're sending. So it's a variable pricing structure, not so much a percentage per se. Oh, okay. So, yeah. So, and then of course, depending on the provider. I know Zoom for us, I think would probably be the volume leader.

Because again, too, they're online. Yes. So you go online and you send it. But it's really a great service that a lot of people use and rely on to do a number of things. Definitely. So, yeah. And then finally, you know,

another thing that I'd also want to mention is just how easy JMMB has made investing through what we call our portfolios. What are they, Damien? Managed portfolios? Discretionary? Right. But the way we approach it is really your goal.

So it is a financial portfolio at the end of the day. But going back to what I said, what is your goal? I like that. That's the same approach. We will transform that goal into portfolios that will give you a very high probability of achieving that goal or give you advice as to what else you need to do if it's not feasible in the current market environment to get to that goal. Right, because that's the thing you say, because a lot of people now, they're like,

okay, what stock should I buy? What bond should I buy? And that's okay if that's your thing, you know. But what we've created are these portfolios that you just buy into and then we will do the asset allocation, buying and selling on the back end. And all you have to do basically is just keep track, keep investing, keep adding your little nickel to get where you need to go, you know, and that is what we provide. You're not using my tagline?

It's not a tagline, disclaimer, disclaimer. It's my lawyer here. But yeah, no, that's actually, so when you hear about things like JMMB graduate and JMMB wealth builder, that is what those are. They're places, they're portfolios, you put in your money, and then we take care of the rest. So if you're not into, you know, the watching of the stocks when you want to buy,

when you want to sell, that's okay. We have a solution for you if that's your thing. And then of course you go in based on whether you want to go high risk, moderate, low risk long term pick your option what aligned with your goal and we'll take care of the rest so we've made it really that easy for you that that is true um i said i i have always been against not not against i always tell people to know well first of all where you start to in terms of the goal 100% correct that's what i like to hear and that's what i tell people that you need to go into your broker and the first thing to

tell them is what you want to get definitely clear in as clear terms as you can so how much money you're starting with how much you want and over what time period and then the broker can tell you if it's doable how it's doable so on and so forth so i like that jmb is you know because that's where i think the market needs to head to so i like that that's happening already and people i think i'm all stock stocks no i'm very much the same way i do if you don't have the time to watch it if it's just not your thing if you have an entire life to do it but you want somewhere to put a 200 grand and you maybe you don't want going to this give it to them the broker is supposed to manage it you're supposed to take care of it it's supposed

to have those managed portfolios for you so i like that um that's how you mentioned they also have the smart investor yeah free plug again save smart free plug again people have no payment nothing but yeah but i like that i like that i like that you have these options for people and i like that you're being open with them and telling it and it's not just jamaican dollars because i think the save smart i'm looking at it right now the same smart smarties are also in US dollars. Yeah, for sure. I'm actually impressed with what JMNB is coming with now. Same, actually. And I'm hard to impress, so.

It's Kerian when they sell Kerian in town. They send you the troops. Alright, so I'll give you guys the fun part. We run through all the hard stuff. We know the APO is happening. It's open now and it will be open for a little while, guys. A couple of days at least officially let me let me be careful the prospectus says that closing date of the prospectus is november 11th

currently and we're recording this on the evening of october 23rd so you know there's a little bit of time there for you if you want are you hearing this very soon if you don't hear october 23rd you're in october 24th so you have a little bit of time to go and get in if you're interested in it. And if you're not, they have lots of other options for them. And you've heard Kerian tell you what's happening with JMNB itself. Let me ask you one hard thing and then we'll go into the fun things. Actually, I'd be remiss if I didn't ask. I've been waiting for a bank in Jamaica, a commercial bank, to open up what I call the online platform oh yes the true online walls meaning if e-commerce yeah e-commerce yeah essentially i should be able to let's use quick plate

quick plate as an example big up quickly if if if you have a quick if you wanted to start a quick play thing and you set it up completely and I put on my website quickly calm the actual buying I want to have people buy a service from me I buy it on a website and it goes straight to my bank account so you don't want to pay a pile and then take a check I take five weeks okay I want to go straight to my bank account when you guys going to do that you know whoever does that first wins right Wow but I understand that it's also pandora's box but because once it's once it's open it's open the internet is that wild financial space but when if you guys want to answer you don't have to by the way i don't want to yeah yeah yeah yeah

so i'll just say we hear you oh come on i don't know how seriously actively looked at um i can't i can't speak i can't say i know as i, we have disclosed that there are certain priorities that we're focused on right now, as I said, such then certainly you know once we we feel comfortable that those are being adequately addressed then we would be we'd definitely be you know i can't see that i mean that's a fear i won't pressure you to because i understand it is you know we're not 175 years old oh wow this is a podcast of frying shots wow That's a frying shot. Wow. I'm just, we're 28. We're 28. Do I have to edit that? Tell me right away if I need to edit that. No, I mean, it's not.

No, it's certainly not. I'm going to go work at a certain place anymore. Yeah. As a matter of fact, I went on Twitter a while ago and somebody's like, oh, NCBO, go IPO, tech in gym, MBA, PO. So the malice done. And we're like, no, we were never in malice. People, rich people don't malice the way

but no i mean seriously it's it wasn't a job at all at the end of the day again as the newest commercial bank we are we we have to address certain basics that we expect and so that's our priority that is true that is true because that's the reality as much as i'd like the online portals to be open the worst thing is to be unlike a portland weekend we're the closest atm there yeah yeah so the atm you're right you're right yeah the closest item is a lot more important to a lot more people than maybe online online access but remember i tell you this whoever does it first wins yeah and i'm sure i know i'm not talking to people who don't know that already so i'll leave alone it is a stocks podcast at any day and I ask you guys some fun questions and what sucks you like let me start with a lawyer who's not actually I

should say that what I'd say that I actually say the portfolio approach at this point in time and my approach is more more of a value value you're a value guy you're a value investor over time so there is i'm and i knock nothing there has been especially ipos and other stocks that have shown um short-term growth trajectories and i've seen strong strong movements but i'm more something that you can put down it fluctuates up and down but you know it's a solid in 10 years investment going forward um clearly i'm going to overweight in the apo relative yeah no all right you're not allowed to say jmnb or sagicor but i i wouldn't um what we do is that we have a research team that um for clients puts our research reports

and gives a very neutral perspective of what we really expect and what we think are from our fundamental um perspective relative buys and relative sales and why as well because people can have different expectations and understanding the why i think it's what empowers people not just to take the recommendation but to interpret it as they want the why is actually the most important but not gonna make you skip my question all right you're a value investor i can accept that 10 years you're buying one stock that is not such a car jmnb but 10 the next 10 years one thing what would you have in mind i think there are many but um if you look at our stock like our panjamb that's well diversified and has some of the exposures that we...

No, no, no, no. Panjam owns 33% of Stagicore. It's something else. And I put them out of JMB. And I put them out of JMB, so that's true. But they're diversified. They have a strong track record in terms of proven management as well. No, but Panjam is actually...

Just from a diversification perspective. Panjam has been around long before us and it looks like it's something that will be here long after us. Panjam is not a bad one. Kerry, you can't come with Panjam. You can't come with Sajikor. You can't come with JMMB. You can't come with Proven.

So I'm just going to speak as Kerry and Stimson. That is who I'd like to speak. Not as JMMB i've i've worked in the financial sector on my life so just kind of watching what has been happening through the years i can tell you stocks that i have an affinity for um so you say i can't say sadrick or i've been with from loj days okay wow so i've been i was with loj from those days and until sorry scary i'm so sorry to interrupt you on this point. Let me say this. I'm old enough because I'm 33.

I'm old enough to remember when I was at Jamaican Company. I remember when it became Trinidad and we lost it. You're big up GMMB for bringing it back. Yes. Big up GMMB for bringing peace back. Trinidad dragon. And Twitter didn't do it like how they did Rihanna, right? Wow.

No, big up Rihanna too. I remember remember when she was younger she was in Trelawney that's where she's from right I think you were in Trinidad at the same time oh wow Big up Rihanna biggest Jamaican I know let me hear a nice thing JMMB did not endorse that

right so I've been with them from then so I can't say that Sorry to interrupt your point. Let me hear a nice thing. GMMB did not endorse that. That you had on. Right. So I've been with them from then. So I can't say that. I'll be very honest and say I've been with NCB for about 15 years now. Wow. I'm definitely editing that. You sure you want to say that?

No, man. I'm kidding. I'm a shareholder. This is just me from back in the day. I was at the time when I first bought them, I was employed at the former Daring, Bunting, and Golding. Wow. And again, just as an individual investor getting started in investing in stocks, they were one of the first stocks that I bought. And look where they are today.

I just did not buy enough. That's what I need to beat myself. And I didn't do the dollar cost averaging like what Randy said. You do need to do some more averaging. I don't know if that's the last time you bought. No, that's not the last time. I mean, I've bought more in recent years.

But once I did that initial thing, I wasn't as diligent in making sure that I bought my little bits. Mikkel. Mikkel over the years. A good point Ryan made. But definitely one of those.

A good point Ryan made. It's more about the habit than the price. Yeah, that's true. If you believe in the stock, just keep buying. Big up five, silly. Mandatory big up. Yeah, that's true. If you believe in the stock, just keep buying. Big up 5% mandatory big up. Yeah, every week.

Every week. Indeed. Scotiabank is another one as well that I have. One stock that I do like, and this may be controversial, so again, I'm not speaking on behalf of JMMB, is Carreras as a dividend stock. They are tremendous. My old empire.

They are tremendous. My old empire. They are tremendous. So I'll give them props for that as a dividend stock. Actually, I think the undervalued are funny enough, right? Yeah, I would answer too. Yeah, they're not a growth thing in my view. They're not a growth market. No. It's always very funny talking about them because I've gotten so used to holding back what I say about them.

Yeah. Having worked there. But yeah, I personally think they're a little undervalued now. And they're going to be around for a long time in some way, shape, or form. Dividends are quite attractive. Strong, strong. That's all careerists do. Sell and send the money right back out. Yeah, strong, strong, strong dividends for that. I thought you were going to say something

nice like Fontana or something. Oh, I'm sorry. That's fine. Yeah, I did get in on the IPO. But my thing is, you know, Randy, I guess you'd be happy if I would be a student of yours. I just buy in and I just forget about it. That is a great way to do it. I don't really go in and, oh, it moved. All right.

Come and pull it out. So I don't even know where it is right now. Oh, wow. So you bought from the IPO? Yeah. You're going to be very happy. Okay, great. Because I just buy and I just put it down and, you know.

Yeah, that's good. I lost some years to pass yeah you're gonna be very happy yeah you're going to be happy over the next few years too i think i think yeah yeah not right now but you know if you bought from ipo you're very happy right now what did ipo have 188 188 yeah yeah and they're like nine dollars something no no i think they went down recently but even six six, that's still 600% But they did do a reconsideration for the dividend. So they

had a dividend consideration and then they, what was it? A postpone or something like that? But they did put a dividend consideration notice again recently. You know what that is? I think it was bad press. But we'll save that for a podcast and we don't have guests on it yeah because they did cancel that dividend consideration meeting

and i saw that we actually mentioned it when it came out yeah at that time all right um you know what i won't keep the people too long so i'll give you mine because i always let me you know i know i was coming with this yeah yeah well you know what i'm gonna do it first i'll ask myself first okay randy if you're investing for 10 years what would you invest in Randy I was putting money on for 10 years and I can't say subject for NCB I want to see if your panjam although panjam was really good uh 10 years I would put it in carob cement but I would buy every no okay yes carob cement but I would put it in carob cement, but I would buy every single month. So let's say I put 10 grand in, 10 grand Jamaican in every single month, dollar cost averaging.

Every month, no matter how much it gets me, I put it in 10,000 Jamaican dollars over the next 10 years. If you do that, you will be very happy in 10 years because construction isn't stopping anytime soon. If it's not carob cement, however, I would probably, be like a cheap, I'd probably buy Select F. Sajikor Select F. I know I say I couldn't say that,

but I would, just because it tracks the index. You guys have any plans to grab an index? You guys should do an index now. Why you guys don't do an indices? A couple of indices. Or you can't say anything. Index funds in general.

I really have an idea of jamaican companies pushing an actual index fund we're not it's not done all the time i want a broker push an index so you guys can say anything about that or you're not saying that so they're looking at each other guys and i don't know what it means i'll take care of that and we take all the feedback come on guys bill index be like poor people. I'll help you build a poor people index. Yeah, build a nice IPO index. Build a couple of indices. Because, I mean, the company you're about to own,

they're jumping on the wave. We saw that they did with Select F, which is the pick I would pick because I think the financial companies are going to fly. In fact, let me end that point and not go off on a tangent. I've said it before, I'll say it again. When JMMB grabs 22% of Sajikor Financial financial on their books that's going to be a canadian company hitting a jamaican company boosting them by 20 i suspect they might go up to maybe second

or third on that list of of waiting on the select f and then over the next 10 years whatever is happening now is going to happen even more so So select F today is probably like, what, $1.20 something. $1.20 odd. In 10 years, I wouldn't be surprised if it's $25. And for my basis for that is not just what's happening within the industry currently. And competition is one thing that grows in the industry. But also, if you look at the other indices that's on the JSC, guys, if you're reading the show notes, I'll put a couple of them in there. But if you look on the other indices or indexes

that's on the JSC, you see the growth of them over time. Over time, indexes move up. That's just how they move. So I would probably go select F if I had to pick one. But what do you guys think about poor man index? Do something, man. Do a couple of indices. Consider it, please.

Please take this as an official consideration. We'll definitely take it under consideration. Yes, please. But listen, If I see you in a corporate index In the next two years Half a say And the prospectus might say As Randy said On earnings season

Big off Randy But please come with something like that Because I think it'd be great And you know index is easy It doesn't have to be as official It doesn't even have to be run through the jsc you can run it to yourself because as you know yeah i like it i read that idea of it jmb employees very careful because i'm very good at talking to people and getting them to slip and say things you

know no no slip then they'll become the base i'll take it on that advice then we are hearing you big boss yeah yeah i'm not touching this at all but please do uh yeah so pick up jmmb for that um so you've gotten my my tenure which is which is carb cement i'd buy every month 10 grand and if i could put money in something and forget it for 10 years you'd probably be selected if i could buy an ipo no probably the blue power lumber lumber warehouse yeah yeah and i said that one just so that then i couldn't say it so then i was yours it's right like runny likes me it's hard for me all right so 10 years i like with cinco because they the drive they've pushed for the exporting it's not that great right now and the amount of power they have in our local markets has put put

them so far so imagine when they start exporting heavily towards the rest of the they have in our local market has put put them so far so imagine when they start exporting heavily towards the rest of the caribbean so we're talking about regional players at ip i think they said they wanted to go regional and they haven't pushed as heavy regionally exports are still next to nothing for them so imagine imagine then yeah i got one better imagine if they start to sell cheap clean water in haiti oh yeah yeah you know you just said that to me yeah i mean just listen you said that to me yeah yeah yeah yeah yeah i only sound like i don't know what i'm talking about you have any other picks or can we have our lovely people get wrapped because i know they've been

very kind let me say thank you for doing this on such short notice, by the way. Not a problem. Thank you. We appreciate the opportunity. I still like Bluport if the price falls. You can't say it. No, not Bluport. Not the lumber company. Bluport. If the price falls. Because of the restructuring in the group

and the money they're going to be getting from the lumber company. Yes. Meaning the payout and the money they're going to be getting from the lumber company the lumber company yes meaning the payout the payout and the fees yeah yeah similarly jam t right now we spoke about this earlier today um we're looking at the amount of so q dubai started to pay them administrative fee i think it is and they 17 million a year or is that the lumber something is in that room yeah something like that yeah the money that will be coming from their supermarket play they bought back into the holding company that held the supermarket they bought it completely yeah and they want to expand the supermarket they already have and they finished construction they're finishing construction on this there on the real estate they have

they they move away from the low income housing towards the higher income housing i suppose it's a higher income but i see them quoting prices 20 million in this market but i see i saw this is a 700 square foot apartment i don't know 700 square foot but hey in apart man apart exactly in the whole things are going in real estate no to me that's gone yeah yeah you buy two and knock out the wall so yeah i think jam jam tea is going to be some good money coming within the short term okay okay what's your long-term pick long-term was you single bro we're single how much years

oh i was looking 10 years 10 years? But I think he'll be Actualized Shorter than 10 years But I don't think That's the only play They'll be having

Over a 10 year period Isinko is hungry Isinko likes growth Yeah Let me stop myself From saying the wrong thing Isinko is a deadly company I respect them a lot

But thank you very much guys Let me bring it back to JM Thank you very very much For being here Thank you guys Whenever you guys want By the but thank you very much guys let me bring it back to jim and thank you very very much oh pleasure yeah um whenever you guys want to by the way anything you want to say show me i'll show up like i went the extra mile today because i wanted this one to happen but you have anything you want to put out in the market you want to say let me know show that night tell me on twitter call me yeah so so uh whatever you need to thank you thank you guys for showing up. Nick, I'll wrap it very quickly.

I said thank you. Anything you want to say to the market, you can, and we'll just wrap there. As I said, GMMB is continuing on its growth path, and we think it's a wonderful opportunity for investors to participate. And we have deliberately stayed true to what we represent so that the smaller investors will have a greater chance of getting

a significant part of their allocation. That's a major thing, the bottom of it. Yeah, and truly that people can be part of the huge growth that we will experience and the broader Jamaican as we have seen in terms of improving economic conditions. Yeah, and just encouraging everybody to be a part of the family, whether through this APO, if it's for you, or just to become a client. As a Jamaican company that has grown regionally

and just flown the flag of Jamaica high as a strong financial institution that really believes in building the greatness in people, we are open and willing and always welcoming people who want to join the family so yeah yeah people do join the family let me tell you a story i know that story i remember i was going through my father's old attache cases the other day a couple months ago he had left there because he's in jamaica anymore but the attache case was here and i saw um old colored piece of regular printer paper but it's like bright

yellow i don't know if it's bright yellow age but it was the the jmmb ipo wow from the world way back then wow yeah and my i was not from a rich family so it's poor people and the money that they put in them is still there so yeah yeah the more i think about it the more i do you guys actually are responsible for democratizing a huge part of the financials absolutely yeah so there's no there's no knocking that so thank you guys very very very much and i hope to hear you again and i hope that this i hope that you well i know the ap will be successful and i suspect that it will be upsized and it does anything again but yeah i will see what happens november 11th or whatever date it closes

so thank you guys very very much this is earning season guys I've been Randy at RTRO and Danai at H Danai and our guests

we can give you guys names if you want to give any social media plugs this is your chance Kerry you want the people embodying social media or no no

at JMMB group at JMMB people at JMMB group thank on the GMMB group thank you guys it's been earning season thanks guys bye