Earnings Season - Earnings Season: Episode 3 - The Tangent

Episode Date: August 29, 2019

Stock Talk this week... Randy and Danhai touch on many a stock, everything from Barita ($BIL.ja) to Wigton ($Wig.ja)... Give it a listen and let us know how you like it... ★ Support this podcast ★

Hi guys welcome to this week of earnings season with me Randy and me Danai that's right I'm at RT Euro if you don't already which you probably do and I'm at H Danai finally I can't say that really easily again Again, again, last week he pointed out he changed it, but he's H. Danai, which sounds much more government. Yeah, unless anything else. We were just talking about America this week, and we are, of course, let me start properly, we're at BAM Production Studios again, which, yeah, I know I should mention that

every mickle is coming to you courtesy of bam production studios and we are part of the jamaica podcast network yeah there we go and it's so i've finished my contractual obligations for the week thank you goodbye uh yeah uh there's this week we're talking about what's happening response um things are happening in the market blah blah blah the usual stuff the people who like it like it the people who don't i'm so sorry uh i'll go straight into it we've had you had intro we have not a guest in a few weeks has anybody asked you to come on tonight oh no not yet wow yeah wow i guess we're not that we're not good a couple of people have asked me and i have asked a couple of people I'm hoping to keep things interesting for people I like to manage expectations right off the bat guys do

not expect us to be doing guests every week we're not going to the guests every week yeah I think that I believe here so I think in terms of content so I farm in same time I said and then I am in terms of content I've said it to him before too but what then I bring to the table should be good enough for people to tune in every week and i think so i mean i enjoy talking to that night he's one of the traders i respect the most he's not a trader we've got people in the market that i respect the most and and we have good conversations i think same for me and i think that if those conversations are good enough and if we have a couple of guests a couple of times it'll be even better right it's like's like a bonus. It's like,

what's something in the market that's, I mean, it's okay, it's nice to get it, but you don't really care if you don't get it. Dividends. Oh, yeah. You see,

I didn't even think of that. I didn't even think let me get some dividends now. Yeah, yeah, yeah. Speaking about dividends, I'll go right into it. Something had a big dividend this week.

I didn't even remember that. Like, Barita. Barita, yes. Barita had a week and you remember that like one person at the high price one point one plus actually one plus at the high price but let's be serious it's 45. forget 45. nine dollars at the nine dollars yes and the nine dollars over ten percent dividend guys I'm a hypocrite because that kind of dividend I care about that's ten percent on your initial investment in less than a year in the form of a dividend and capital gains to the tune of what $9,000 to $90,000 as he's falling now but $9,000 to $90,000 that's that's that's that's pretty crazy. Barrett has a wicked momentum and I was looking at the I remember when the when Chronosone just acquired them uh-huh I

think the first dividend after I looked at how much they're how much they were when they when Chronosone just acquired them and I think the first dividend after I looked at how much they were how much they were getting and I said they basically pay back for them shares now

yes in one dividend yeah it was the first or second dividend after the acquisition that's what shows how much money

was pumped into how much money the company was getting after the acquisition crazy ah yeah for the people

who lost completely and you listen to this for tips, you're going to be out of luck with all the tips. But if you listen, you learn stuff. But I'll just explain what he said. Cornerstone is a private company owned by a couple of rich people in Jamaica

who bought into Barita, which is on the market as BIL. They bought a brokerage, Barita. They bought the majority of the shares from, what's that lady's name? Rita Humphries. Rita Humphries Lewin. She's one of the, well, she's not the father. She's one of the mothers of the market. She's been around from the early days, from the start, I think.

One of the pioneers. One of the pioneers. Thank you. I feel that they're just, he will never enter these doors again. But yeah, she's one of the pioneers of the market um and so it's an old house it's a respected house definitely and then the young money work for you yeah and then the young guys have come in through cornerstone like i said it's a private company run by by people that have money but they brought in um who's running it paul simpson so he's co-founder of cornerstone so he's integral to how they operate yeah um and if you've been following the stock market for a long time you if you follow in business in jamaica for a long time you should

know who paul simpson is um he's not a new guy to the market he's not dumb you know he's he's I think he's a genius yeah I don't know him personally but just as things I've seen him yeah we spoke about some of this together and way their position in the company where they invest the money it's great to me yeah they've been they've been they've been setting himself up I think Paul Simpson somebody who has had the good fortune of having a great idea being able to meet the right people can help fund a good idea and he's believing is you can't tell much people i'm going to go into investing and equity look how much money barita is pulling from the equity investments again that's that's a heavy you can't tell other people hey i'm doing air quotes risk the money on equity market i'm going to risk your money equity market yeah you can't tell people that

and they actually listen to you and go forward with it but it has making a killing with that equity line and here yeah yeah and and it's such a funny thing to talk about very typically cuz the industry was first shocked then happy and I know my my personal view is that a whole lot of the industry views buried a very questionably yeah I've held out from tweeting about why but I mean I think I can say no and so told I feel like every week I show to Iranyan shout out to five seller on twitter um he he he made a tweet about you know something that they hold and i have seen it and i know that i picked it up to respond about it after but essentially it is believed let's not get sued but it is believed by by me myself it is my opinion it's not a fact but i believe that burrito has a

either company or they have a company under them a subcompany yeah the unit trust holding company yeah and um i believe that company owns a lot of the barita shares their ownership in the company is such that they'll get they'll receive capital gains from the movement of the shares in unit trust yeah man everybody just lost a while ago. Again, again. I'll try to simplify it for you. I got too industry there. So he's saying that essentially, but say it again and let me break it down again. Yeah, so their holdings in the Unitrust company will give them capital gains from the movement of the price of the shares of the unit trust yeah man it is complicated i hope people even understand

it all right so essentially they own a company and that company bought their shares meaning barita shares let's call one barita one the one that we all know and barita two the sub company so barita one is a barita one that we know on on the stock exchange and lots of companies own companies under them not every this is a good little bit of information companies and people create companies all the time for simple simple stuff yeah if you have sense right now let me tell you something here's a free tip for the week guys you get it early if you have sense and you're buying a property especially for people who claim to be buying properties for, it's an investment.

It's an investment. It's an investment in real estate. I never want to say it. I don't want to make money from it. It's an investment. But you know how it is. That's how people make money. That's a good thing to own.

You know how much land Mr. Leach can own. He's like, I'm going to own the whole apparel. Shut up. First lesson, real estate is not what makes you wealthy. Everybody, every account book just boned up. They're obeying me right now. Real estate doesn't make you wealthy. Think of real estate is not what makes you wealthy everybody every every accounts book just

boned up them them obey me right now real estate does not make you wealthy think of real estate like a diamond necklace right you're not rich because you have the diamond necklace you got rich and then you bought the diamond necklace no you can make money from the diamond yeah right and don't get me wrong i'm not telling anybody that real estate can make you money real estate can make you money real estate is very lucrative and like everybody knows we're not making new land all right so there's still land that you have to get and once you own that land it's yours forever all right there's still controversial point there's still families in jamaica from the jump who owned land that was slave well i call it slavery land because you know my ancestors worked on it and didn't own any

and some of those families still own that land just because great, great, great, great, great granddaddy made an investment

and it worked, right? No, I don't like great, great, great, great granddaddy but the point of it

is that yes, there's money you can make in real estate. I don't want anybody to say that Randy said that you can't. Big up NN Boogie for live tweeting.

Oh yeah, I read that. An tweeting um an episode of of of earnings season yeah i i don't know if it's the last one this is the one before the last one i think we would have been our first official yeah i hadn't changed my name as yet so yeah you're still the data the dog um big up nn boogie again uh come on the podcast please miss ma'am if you're so inclined of course no pressure but anyway saying that yeah I'm not I don't anybody say that I'm saying that real estate does not make you money real estate does make you money my saying it's not a loot it's not a business not wealth creating it is just a sensitive it's sensible exactly yes and we

admittedly because they're not creating new land the real estate business is very very very old unlike any very very very very old business it is harder to get into and more expensive to get into definitely so it means that if you are actually doing real estate for an investment there is a certain way you should do it in ultimate money there are certain things you should track there are certain things you should look for and you have to do those things in that order or not but you have to do things a certain way to actually make money from it do not think that just because you have acquired just because you have acquired um real estate that it's going to automatically be an investment it must go up i can assure you that you can lose money from real estate. If you don't believe that, check Jamty.

Jamty is what, 2018 or 2017 numbers. Jamty bought a piece of St. Thomas and did an entire scheme. You know what I mean, so the rich man or the money man, H. Mahfouz and sons, they bought an entire, that bought, they built an entire scheme from nothing and sold every single unit in that scheme and they made a loss. Because as they told you, they were trying to do low-income housing

for regular people. Your poor people get burned all the time, my Lord. I feel it. I feel it. It's funny that they set out to help poor people and they got burned. And they got burned doing it. And it's funny because you see the response.

They're like, we will not be doing this again. Yeah, we're throwing away your money that you invested in this company. he didn't buy into this company for the charity for being a charity big up social stock exchange you can go into that one yeah yeah isn't there oh no I think yeah it's so confusing big up the jersey but yeah I get on a trouble. But yeah, again, we're on a tangent, but I'll work my way back through the tangent. Real estate is a business.

It can make you money. I'm not saying no. However, I did make the analogy about it's like a necklace. So you got rich and then you bought the necklace and you can make money from the necklace. Yeah, I'm not saying you can't get rich from real estate, but you have to understand is you need a lot of money to go into it.

Real estate has I seat, I, Randy, Ro to understand is you need a lot of money to go into it real estate has i see it i ran the row seat you either have a lot of money when you go in in order to do a lot of things that will require a lot of money or you wait a lot of time so if you buy a piece of land you do something you're willing to wait 20 years of course it's going to be worth more your parents house isn't worth what they bought it for they bought it in 1991 for 300 000 all right and you were talking you're talking you're paying rent right now tata hearing those stories oh yeah god yeah all right and you mr investors are talking about i want to buy real estate so i can rent you buy you buy the house and get rented or please think about yeah please think about how are you going

to buy the house if you don't have house money you're getting a mortgage there we go will your rent beat your mortgage that's to me that's the first step fundamental point that people don't think is it's for any business i'm gonna spread it for any business is the revenue from your business idea enough to cover the costs of your business idea if the answer to that is no then he's not making sense there we go if the answer to that is no and you don't have a way to turn that no into a yes then it's not a sensible business yeah so you're not doing it for the legacy to make a loss every month on your mortgage you did this to make the money so there we think about it as making money don't give yourself the excuses of where my own house and we can't live there you're not going to live there so please start with yourself yeah please understand what it is and i'm not

saying that you shouldn't buy a house i mean then i'm saying that either and i'm not saying that you shouldn't buy a house if the market is expensive blah blah blah as um what's that guy on twitter the guru simon simon johnson yeah i didn't big up simon last week i should have because i had gone to his class yeah then i also went yeah there's a good class simon is simon knows simon knows his stuff i think he's doing an mba i could be wrong oh i'm not sure actually i'm not speaking yeah i don't know either but he knows his stuff he's um he's very good in terms of if you know like you're not you're not gonna trick simon we don't i like that you know simon knows he knows what is what he knows even the more advanced market stuff which is yeah funny because i generally don't like the how do i say this opinions of the heavy industry carefully yeah

so when i speak to them you know they come off condescending sometimes or they have that on twitter or they have a they have a because they know so much everything they start them start not too much they they play this and tell you that and because it's so ego and there's nothing else after that simon he actually listens and his points are often very relevant yeah big up simon because one of the first first industry people has to talk about mje in a good light on twitter yes yes yes i don't get him into my trouble so i don't press him on things like that there's lots of things but days, my Twitter is a long line of things that I don't say. So there's less tweets than there should be.

But we got lost on the tangent and I'll carry us back. We're born out of real estate and all the realtors hate us. Sorry, NN Boogie. Yo, follow NN Boogie. If you don't know who NN Boogie is, go on Twitter and go to

at NN Boogie. She's always pushing real estate. So I know she's recently really, really put a lot of energy into her real estate. And I see a lot of deals from her. That's a good value for buying that. I see some proper deals. Yeah, yeah. I saw even rental shares go. So far, I see she has a nice new Kingston place for renting for like 50-odd grand. Oh, yeah. But I think it

moved very, very quickly. Of course. I don't think that will last. Yeah. A big up for that. Having said all of that though, I did get to this point about real estate being the necklace and you being rich and blah, blah, blah. Not that you can't get rich. It's that it's often something that people do after they get rich. They buy a lot of real estate.

If you look at Bill Gates, he's done it. If you look at Ted Turner, people who know old money, old money in America, Ted Turner, who at one point was the largest landowner, now I think Jeff Bezos is one of the largest landowner no i think jeff bezos is one of the largest land think about that guys jeff bezos now is one of he might not be the largest but he's one of the largest landowners in america um i think ted turner was rumored that he

could walk from one end of america to the other and still be on his land yeah well all of that happened after him get rich right yeah you you buy land when you get some money i'm not knocking buying land but don't think of it as your first step unless you have a lot of money or you have a lot of wherewithal you have a good team of people around you know if your father is a developer go ahead and go into real estate business as a business right that you have a step up above everybody else yeah if your father drive truck manage yourself i'm not saying not to get into it i'm not dissing people who drive trucks my father drove a truck he sent me to

school for many years to it and took care of family that way but understand where you are and what you can do at where you are that's my point i'm going to bring it all the way back to barita for the people who haven't dropped off so barita one the company owns barita two and the tip from people i did promise you a free tip if you're in the real estate business or you say you're going to real estate business which means you're buying a property with intention at some point in the near future to sell that property incorporate a company and buy the property using the company from that point on anytime you want to sell the land all you have to do is sell somebody the company this used to be very lucrative before the government the government dropped the um the the stamp duty and all of that

because you didn't have to deal with any of that especially if you incorporate that well you have to deal with it if you if you incorporate a local company but then you could just incorporate a sentence and then it is boom there's no then there's no tax i got to say and real estate and then what it is is somebody want to buy your piece of land or your house or whatever what you really do is you sell them all the shares in the saint lucia company that owns the land and so they avoid tax almost completely or maybe just one percent but it's it's next to nothing yeah the jamaica company still has to pay property tax there's no avoiding that the land is the land but what happens is that you don't have to in itself yeah but when you're selling you avoid a holy puddles because I don't have to worry about the there's a whole lot of fees you you don't have to worry about you

know there's my free tip that I suppose tell people the last time I told somebody I can implemented it I was paid a lot of money to help them come up with that so I can tell you that that is a good thing that you just got a free here on the earning season probably does don't this realtor's I'm saying maybe they can use that maybe some realtors I'm sure yeah I'm sure that I people get more savvy yeah and depends on where you are in this basically might be working for somebody and we might work like that so that's true that's true but i encourage people to hustle no matter where they work definitely

yeah the boss will fire you anytime it makes sense to fire you funny no plug my office they actually encourage hosting get yourself fired no man like hosting on the stock market like the whole office is invested on the market really like i've been to other brokers i've worked other brokers and trust me it's like it's pulling teeth to get people to invest yeah i'll confess something i don't confess often so i did well then i knows i did um the jsc what's that course that you're supposed to do from jsc um the market yeah the online securities course yeah and and there are a lot of maybe people in my class maybe so when you just you just come to the company they send almost everybody and even like suppose you're already

qualified and you don't have to do it you can request so i when i came there apparently my degree i could i didn't need to do the security was like i requested it i was like yeah and they paid and sent me through yeah apparently they sent all employees all employees even the guards bro really you should bust the guy i to be honest i'm not sure that they wouldn't you just they probably asked about it next time you go lunch talk to the guy that asks if you want tell him same for doing because everybody like four people here are talking about yo i was by somewhere and i was on the road today and i heard the security guys talking about them stocks you know big up jc for that first of all big up jc for that two big up the guards for caring about the future three i

wonder if it's like the same two guards like everybody going there like it's like kfc constant spring or something big up kfc i'm a Jamaican, which means I love my family, my country. God up above. And KFC, Jamaica. Barbecue. Also, wings. Also, it's not a joke. I'll never forget the first time I went to America and I had KFC just to see if it was true.

I was like, oh, wow. Not better. Who's better than us? Big man thing. I've been checking. I heard, what's it called shift it I went to Barbados I had chef it that's interesting It was interesting it was a good trip I'll tell you guys off it I

Was joking about that last night. So last night we were recording this on our days today tonight Friday Friday today is a Friday. It's the day before my second grow event So if I so nervous, that's why. And if you guys have this come out Wednesday and you hear I'm not on Twitter anymore, maybe it didn't go well and I had to run away. But that won't happen. It always goes well.

And the people who pay get exactly what they paid for and more. That's my thing. I try to bring value to them. But anyway, I was saying something, or did I interrupt you for nothing just to do a plug? It's like a free plug. God damn.

Guys, I talk too much. I how the podcast i love it that night uh i didn't remember the hell i know we were talking about kfc guys fighting i didn't want to match up the money chefette is an interesting thing i want to tell a story about that i don't want to frustrate people too because you tell him here's this great story and i can't tell you about it but i went to shepherd in barbados and i was carried there by a very interesting person so interesting that if i tell you you won't believe who it was i won't say it and i'm sorry people can guess at me on twitter i guess who it was i carried me to to chef it there but it was somebody that you wouldn't believe that character chef it was not rihanna if it was rihanna i would tell you i would tell you about rihanna and our children we wouldn't be hearing about it no you see man you don't hear about it at all bro

I'd be a slave for her that's not cool to say but yeah that's cool um anyway big up Rihanna big up Rihanna big up Shefet but big up KFC Jamaica most of all KFC is is a national dish it makes me sick and I still eat it. He's like, I'm not going to get sick, but you just plan it out. You just plan it out. Some things make me sick. You're allergic? I think it's something in the spicy. Yeah! So again, burrito. So burrito one. I feel bad. Say it one more time just for the people, because I remember the story. So, Barita. Barita. So, Barita won. I feel bad. Say it one more time

just for the people because I remember the story. So, just say the thing that they're doing. People that, oh shit. It was about

how they hold themselves. Oh yeah. So, they hold shares through the Unitrust, I believe, and the Unitrust will,

has to register its gains. Has to register its gains. And the Unitrust gets priced differently. So, if the companies are the investing go up then units just price goes up and then buried I require that gain all right and so the bread and I was going to give people is this alright burrito one which is a burrito we know has a company under it and in this case it's a unit trust again this is all it is could be wrong guys for wrong

speculation is not speculation it's not informed speculation because i don't behave that word that's true based on some things we've observed yeah i'm just not saying it's a fact because i can't bother get sued i can't afford to be yeah yeah and i don't think that i also don't think they're doing anything they're not they're definitely not doing anything illegal or wrong yeah some people don't like it some people are aware of it but yeah it doesn't it doesn't matter it doesn't matter in my eyes um but i know it matters a lot of people so here's what they're doing marita one that's on the market holds as then i said the owns a unit trust the unit trust i believe owns shares in barita itself so in barita one. So in Barita 1. Barita 2, we'll call Barita 2 the unit trust. Barita 1 is Barita we know.

Barita 2 owns shares in the company that owns them, which is Barita 1. Those shares, as we know, we've said it moved from $9 last year

and earlier this year all the way up to $90. $90 this year. Yeah, it's been falling this week. It's been falling this week and we're recording. The record date, who left?

The record date has passed for the rights issue that we're doing right now. Say that again, I don't think your dates who left record it has passed for the rights issue they're doing right now so that's again i don't think the record date for the rights issue is gone it's gone and that day was august 20th august yeah yeah yeah if you're not on the shareholder list as that day you don't have any rights to apply for yeah um and you can only get right i have if you don't have right issues guys www.every michael.com there is an article up by the time you hear this it won't be the latest article up or it shouldn't be the latest article boys either the first or the second I'd kind of age telling you what is a rights issue and it breaks it down very simply very beginner ish very normal language which is what I'm

also trying to denote to in terms of what I do for Barita. So Barita's subcompany, the Unitrust Barita 2, owns shares in Barita 1. When those Barita 1 shares flew from $9 to $90 odd as we said, Barita 2 has to record that gain as profit. Which makes Barita One's profit increase. And because Barita One's profit increase, the PE, because the people who come to the Grow event, you understand PE fully. The PE,

I won't even explain it. If you want to know it, you need to check out everymicle.com where you come to our Grow event. Sign up for the mailing list on everymicle.com. Anyway, the PE, as we know,

when profit rises, if the stock price stays the same, the PE falls. So their PE fell terribly. Terribly meaning in a great way right? But then if you are analyzing the company properly you realize that a huge part of that fall is because they're the rise. In other words because their share price went up their profit also went up and what profit go up they report the increased profit and part of why the profit went up is because they bought those shares and the share price went up

right in jamaica and everywhere else profit and the financials of our company are recorded and a lag so for example a lot of people's their quarter ended in June at the end of June and they will report it I wish I wish big David David knows all these and David was here on our first episode David a lot of people give me a lot of commentary on David being here David knows his stuff I think I think for 30 to 45 days after the end of a quarter there's a 45 days of end of a quarter they post the unordered financial statements there we go so um those within that time that means that 45 days after they've done it it gets reported right which means that you hear about the profit afterwards and then of course people like you and me would

run away buy some shares because wow they have great profit right and there's more to come they just got taken over think about it just got taken. The new guys are now truly in charge and pushing properly. And the profit is flying. So this seems like something I'd buy into. It makes perfect sense, right? It's a logical decision. And then you hear about increased profit. And because I'm buying in, the price is going up.

And it's so funny because that price moving up is causing future profit to go. And that keeps happening. So every quarter, the profit is going up. And because of that, people are like, like wow there's something great happening and they're buying in and so this is part of what I won't go too far but this is part of what sent the price really high and it also sent it really high. Now at this point I think a lot of people in industry, it's a small industry thing so people talk to each other and a lot of what happens is that the industry now knows a lot of

what's happening and they're seeing that it's internal no to be to burrito's credit core operations have also doubled i think doubled double like the money from each line i think i think it's almost if not doubled almost double they're doing really well in the department man i like let me be accurate for the people core is strong core is strong not core is strong core is growing growing oh yeah yeah of course more money now so you know yeah they keep taking more money they took a loan that day how much how much i took they did uh they took like what was that 600 and they took or was it oh sorry i think it was signals that's not them yeah signals took some money so burrito takes money they are rights issues and i'm sure they take loans but the right issue is the big thing and so the right issue just closed um and i'm saying people are aware in the industry some people i think are aware in the

industry i was noticing that vm vms they don't book they gain on the air from equity in the profit in the profit and loss statement the booking the comprehensive income that you don't know VM here VMIL so VMIL their gains from unrealized gain on equity mm-hmm on investments what does that mean in real terms in other words they bought some stocks and the price went price went up and they book again so you make you in profit so that that profit figure is in their comprehensive income so not the net profit and it's heavy they made so much money yeah when they sell where does the money go when they sell it stays in comprehensive income wow so no time does it touch a piano no time wow that's like mje that

we spoke about yeah that's how you can see a company report net a net loss oh yeah and then you take your bank account so good what are you taxed on you tax on net yeah my god so yeah are you not taxed on oci no no no definitely not mate i think it would it wouldn't be income tax, if anything. No, but yeah, but trading has its own taxes. But outside of trading taxes. Yeah, so it's income tax. Wow, that's a good deal if you have sense. If you can put those dots together, that's a very good deal. MJE is a St. Lucia Incorporated. Yes, it is.

Who spoke about that recently? Again, David. David did at JC Knight 2. Yeah, he actually did a little thread on Twitter explaining how MJ is a St. Lucia company. So they have taxes on lock. So all the money they're making is going straight to you. No taxes. You the shareholder.

Yeah. Smart company to buy into if you have sense. In fact, it fluctuates nicely too. MJE. You could buy MJE. Even up to a couple of weeks ago, you can buy MJE for $8. And now it's at little mje you could buy mje even up to a couple weeks ago you can buy mj for eight dollars i know it's at eleven dollars yeah and and funny enough this is where the market experts will tell you that the market is inefficient um mje which is mayberry jamaica equities

is owned by mil which is mayberry investments limited and mayberry investments limited owns 80 or 70 percent of 75 to 80 i think yeah thereabouts and yet mil has a lower share price and i don't want to link share price you don't compare your personal shares the same exact amount of shares yes that's true they did do that 110 thing and the the whole yeah wow one two zero one four nine nine don't ask when i know that oh we know you know that hey you're just coming from work but um so they didn't know hold on do they have the same i'm not sure they have a tenth no they have they have the exact amount or do they have a tenth same amount of shares so where did i get that ten percent in my head from? When we got 10% from the independent in-specie.

Ah, yeah, yeah, yeah. They gave us 10% of the company. Yes. It was 1201 and it got up to zero. That's true. That's where that 10% came from. We got 10% for free. All you have to do is read

or watch my tweets. It's free. It's free. So not free. We got it because we owned ML. But I say the market is inefficient because ML is not priced quite the same. ML is way below. So not free we got it because we owned MIL but I say the market is inefficient because MIL is not priced

quite the same. MIL is way below in fact MIL is below book value if memory serves me. And it's funny you said an analyst who says inefficient

but I find this to be an inefficiency of the analyst himself. Yeah there's no efficient market. They inform the market they will tell you strongly oh you know the stock

is trading below book value yeah look at MIL yeah and I don't know, the stock is trading below book value. Yeah. Look at ML. Yeah. And I don't hear much news about ML trading below book value. All right, so trading below book value, the book value of the company is X. And the price of the company,

you can buy it on the market, is lower than X. Yeah. Let me break that down again for people in case I'm doing this. I feel like I'm doing David's job. You have a, let's say you are a company so you own a house a car and a cell phone cell phone costs a thousand us house costs uh now that i've said the house costs 10 000 us what's 10 000 yes one million 1.3 but 100 so the house costs 100,000 US and the car costs 5,000 US. So we've got 106,000 US

if you add that up correctly. The book value of you as a company is 106,000 US. Now let's pretend that you are an actual company on the stock exchange and you have shares. One share would then be 106,000 US. That's your book value. one share would then be $106,000 US.

That's your book value. But somebody is currently selling you, we're back on slavery again, I feel bad. But somebody's currently selling you for $50,000 US. So you're being sold at roughly half your book value. So that's what book value is. And MJE currently, not MJE, MIL, which is Mayberry Investments Limited, which is a brokerage that we all know, is currently 29% below its book value. So if it's worth $100, it's being sold currently for $71. That's

a situation that I personally say, that's a situation that business people, smart and rich business people, in which that you take a loan because loans are usually against your book value and or can be and you you buy your own company you take it off the stock exchange because you would have bought something for for less than it's worth than it's worth yeah um but my and even like where MIL is, how much of the book value that comes from MGE, that says a lot to me. The fact that the value you get from the assets of the company is stocks versus, say, you own a machine that prints shirts. The value of selling, you probably can't sell it for what it is after a couple of times. So the loss in value of stocks isn't the same as a regular machine

that pumps out some shirts for you. So the value in assets, stocks versus that. If I was to get the assets from the T-shirt shop, right? Then I'd have to be working. I have to make up my T-shirt shop to make money from it. Okay. If I get MJ's assets, I get stocks.

Again. No, you don't have to say it again. You know what? I wasn't paying attention. I'm sure people were paying attention. That's fine. Because I know the value of MJ and ML. So yeah,

the value you get from the assets themselves, it justifies it the company trading at book value yes yes yeah for many things it's just for a good example of that is ssf such as select funds um the nav nav means next asset value but it's also is it the same thing as book value is the same thing as book value no Is it the same thing as book value, no? It can be. Yeah, it can be. So for like a SSF where they own absolutely nothing else, it is the same thing as book value because all they have are the shares that they own.

So SSF, Sajikor Select Funds, is a pseudo index fund. It tracks the financial index from the JSC. I can't explain everything, guys. Some of you are going to have to just know. But yeah, so the JSC have a financial index the SSF tracks it and so SSF as a company all it has is shares in the companies on the financial index is so funny yeah it really is it's the same I knew it was but I want to use the Sun smart because I google it but i know it's the same thing exactly so in some cases it's very good to buy a company if you can get it for that you know all right so that's a great buffett point oh yes definitely yeah buffett did that she's weird

i keep i keep saying this on twitter if the value investors air quotes they generally follow buffett's principles or okay they they say they do and they like the idea of following buffets principles buffets popularized principles not his real principles yeah few people know his real principles because his real principles don't sound as nice and involve and involve you knowing and understanding risk and riding it but go and talk to them so yeah and they don't buy into mje a company that's trading below what it's actually worth i don't hear much about investors talking about mje being below worth or big up simon actually because at his class he mentioned he mentioned that mje is trading

below his nav his nav yeah which it is which doesn't make sense to be honest yeah mje's biggest holding is they own a good chunk of Supreme Ventures. A company which has grown a lot since we bought MJE. And the dividends from that company pumping right into MJE. You have cash flow. Every three months, they send out 17 cents.

To me, I don't care about dividends. So guys, here's another explanation. Dividends, just like real estate. I don't invest for dividends. I waste the time. But if a dividend is good enough, pay attention to it now dividends are for people that have a lot of money if you have a hundred million dollars you can invest in the market or in one company then dividends make sense because a one percent dividend on a hundred million mean a million dollars if you get one percent every quarter let's say it's a four percent dividend

a nice dividend somebody some people have that right yeah what a four percent dividend yield if you jsc last year in 20 whatever last year was 2018 the dividend yield in 2018 for jsc was 4.28 percent right so that means let's say you get one point whatever every quarter from from that you have a hundred million you could put in jsc paycheck there yeah you mean you're getting it's like not working anymore there we go it's like you have a four million dollar paycheck for for nobody saying you know you just say that's my paycheck four million dollars right um or well in this case it'd be 4.28 million dollars a year and you get an internet getting paid every month you get paid every quarter every quarter you get that nice money now watch me if you have over i'll say if you have a what i'll be nice i'll be generous if you have over 20 million dollars go ahead and invest for dividends yeah or if you're investing on a long time scale go ahead and invest for dividends yeah but if you are a regular person who just want to make some money

from stocks you don't really understand it you're trying to get there i'm not saying dividends aren't for you but understand what you're getting you're getting one or two percent of your money you're getting four percent of your money you look 100 grand investing and you say i want this grow over the next three years you're getting four percent on a hundred grand over'm getting four percent in your money look a hundred granny investing and you say I want this grow over the next three years you get in four percent on a hundred grand over three years four percent of a hundred guys I'm gonna do something to give them capital yeah that's the only thing capital gains which is which I have no problem explain to people is when the price go up that's all capital gain is you buy it at a dollar it go to dollar

you just made a hundred percent capital gains that's all capital gains that's what I invest for because that allows you to make money the dividends not just a nice cabrata so if I get a nice good dividend and it pay for my pay the fees for me buying into the stock then it made sense to me yeah that's all that's all I see the market I saw I go into these things but I know it's not the same for everybody people People are different, blah, blah, blah. But if you can follow Buffett's actual principles and you buy into a company that's below its value,

so turning it back to that point, below its value, a good example is an insurance company. Insurance companies, too much to explain. I'll just talk straight. Insurance companies take your money and do whatever they want with it unless you have an accident. That's the simple version of what insurance companies do. And they're required to have a lot

of money on hand. Their requirement is literally that you have to have a crap load of money and you also have to take people's money every month, every quarter, every year and I need you to then invest that money. Well, you can do whatever you want with it, but if somebody

gives you money to just hold and you only have to give them back if something happens, I'd advise you to invest that money. Well, you can do whatever you want with it, but if somebody gives you money to just hold and you only have to give them back if something happens, I'd advise you to invest in it. Yeah, man. If somebody makes you hold some money, invest it. Not everybody is going to say, yo, my mother gave me a grand thousand years to hold and ran this actually.

I went out and bought SSLVC and this is running this far. No, well, yeah, leave that alone. But the point is, if you really follow Buffett's principles buying into a company whose book value is higher is good but it's not just good because the book value is higher at Buffett's level he was buying into companies where the book value is higher and then he got to control those books that's where the real win is a good example of that is earlier this year key insurance got in some trouble.

Some trouble, eh? Trouble in this sense. I avoid a lawsuit. I'm allowed going, oh my God. I won't call her name. For some reason, I don't ever call her name and I like keeping it that way. Let's keep her out of trouble. But Key got in some trouble

because they couldn't meet their capital adequacy requirements, which is really just the government saying that if you're taking people's money, you need to have X amount more in your pocket. They don't want to plan to get over it here, and I think they're already above it as of this date in August. But I know that they were in trouble earlier.

Now, to me, when I see a going concern, that's a good company in trouble, that's an opportunity. Opportunity. Yeah, yeah. So we really saw Key quite a lot. Yeah, I'm surprised that some of these value investors haven't bought into that because I would love to buy key and play with their book out can imagine if you do the keys book what burrito is in our

opinion doing to their own book imagine if you're growing operations around hundred percent just like that are you just going to book by hundred percent because again that book is yours you do whatever you want with it. All you're required to do is to have as much money as the government says you need to have and also to pay out any claims to anybody who has an accident. And if anybody has dealt to an insurance company before, you understand how

difficult that can be. The insurance company is in no rush to give you the money that they said that they would. But during that time, if you run the insurance company, you can do all sorts of things with the money. You get that money to do everything. And the truth is,

most people don't have an accident every year. So you get that money for free. Because every year you pay a car insurance, for example, and you do have an accident,

you don't get back that money. What they do is they tell you you have a no claim. So next year, next year we'll charge you a little less. Yeah, right. You're right.

Think about that. You pay to a little less. Yeah, right. You're right. Think about that. You pay to qualify to pay. Oh, yeah. And you can do it for 10 years and crash one time. That's good business right there to me. Yeah, yeah. I, on one record, in my younger, less smart days, I've called insurance a scam.

But if a scam gets good enough, it's considered a business. It's not a scam, but it's a really lucrative I really look to Pacific and and buffet utilize it and the value investors locally I would have expected to utilize it to yeah but I bet the management thank you know they say something to talk about a lot so imagining it up insurance company can manage the float and make a lot of money they I'd even hear them say that I'd even hear them say that I don't hear nobody talking like that yeah it's more they say oh yo what Warren Buffett does this yeah and then they glorify it and they leave that you know what becomes personal warren buffett says insurance is a great business to own that's it yeah like

really well why why was that great business for him yeah but he bought into it yeah but he was controlling the float yeah you're not controlling the float but and that's the thinking that well people who know us know that we talk about it all the time. People who follow Warren Buffett versus people who actually pay attention to what Warren Buffett actually does and says. And what he actually does is a lot harder than following the little quotes. I think all of them would be surprised how much respect

we have for Warren Buffett. Because of how we speak towards their principles that they think are Warren's principles. Yeah. It's a lot of them towards their principles that they think yeah yeah yeah yeah it's it's um I find that what it is that people don't pay serious attention to what is behind what you're saying the list the words and they try to fit into what I think you say you tell us how you saying and they just hook on to it no

matter what and it's awful like I need your words so much my idea of what you're saying diversification yeah exactly um you know funny enough i have a story for this week so somebody was i was speaking to somebody about stocks and somebody bought it in to tell me tell me about stocks and they're asking how much I own so I said a really small number and the person's the phrase change never started telling me why should diversify you read that you that how much money I make yeah yeah then I sing worry map how much socks it all know deny three three three lucky number so she's Donna Donna I who I consider to be one of the he's probably I say that Dana is better than me at investing he's just not doing it long enough

to truly better than me but in terms of thinking another thing he's probably better than me definitely on my level easily and you own how many three all right I get I feel bad if I own more than yeah I own more than three right no but there's there are reasons I own more than three. I own more than three right now, but there's a reason why I own more than three. It makes more sense. But ideally, I don't play to bring my entire portfolio and trade in one company. Oh, you're a try. I try so hard. Oh, yeah.

So the person has so much money I'm making. So I told him the return percentage, and they were shocked. And when they finally brought it back to home the first more the first words were why no sir you should diversify though and I was looking at him like so I made this money because I didn't diversify and he will go back to your principle of you should diversify for what reason so I should look in hindsight and say you know so even though they make this good money, I should diversify and make less.

What's the point of that? The risk is already gone. Yeah. So I don't think they actually believe in what they say. I don't think they know. I don't think they realize for a lot of them that the point of diversification is to mitigate risk. Yeah.

I think they're just diversifying because they're told that they should. Everybody knows it. It was a Chris Rock joke. I should diversify my portfolio. It's not a real thing. Yeah, you're right. You just know it. It sounds stockish.

Just like buying Carreras. It just sounds stockish. Everybody knows you do that. Oh, dividends. Oh, yes. Carreras is actually a great buy. I'm going to get in trouble. As of today, and today we're talking to you, it's Friday, August

23. I think Carreras in the short term, I personally... Talk about that ratification. Talk about short term. You want a reaction? Oh, God. In the short term, I've said that Carreras could be an okay buy. Carreras is currently

$8. I know I said something to... I can't remember the guy on Twitter, but there's a guy on Twitter who I think he invests also. I think he's an investor and he said Carreras is currently $8 and I said something to a guy on Twitter but there's a guy on Twitter who I think he invests also I think he's an investor and he said Carreras was good like over the next few years as a good buy and I said no because it's always weird talking about Carreras because I know it internally and externally but it's not for any internal reason I didn't like Carreras it's like externally the business itself tobacco generally we looking at the numbers for career as in terms of the revenue it's not a growing business I say in fact the current MD Marcus steel has done something amazing because I believe last year managed to

grow revenue he grew profit and revenue and I think he I think I could be wrong I look at numbers I think he grew sales also they don't give sales numbers but they can be figured out and I think he grew sales and that's how I did I think he grew like one or two percent but in the cigarette business a big deal it's a very very big deal I won't go any further because I don't know much of these numbers margins are being squeezed so imagine growing sales constantly right yeah and he goes so he said it's funny there's that's one of the things I said industry that it looks simple but it's not people right? Yeah. So it's funny. That's one of the things that it's an industry that it looks simple

but it's not. People are always like, yo, it's addictive. People buy it anyway. Nah, they might not and they're not necessarily going to buy the illegal cigarettes and all kinds of things, right?

So, but I looked on it and I'm saying, after talking to him, seeing the guy on Twitter and I thought, eh, it's an okay buy. Like, it's at $8. It has a PE of 11.

At 11.09 at $8. But, I mean8. But, I mean, if you, if you have big money, and Careers is a great, heavy dividend payer, I will say that.

Their dividend, I spoke about JC having a great dividend last year, 4%. The year, Careers' dividend last year was 7.6%,

7.63%, right? That's money, money. Yeah. Barita's dividend last year because of the first big buy was thirteen percent so kind of storing kind of some Express catering ECL yeah like their dividends also thirteen

percent and they pay their dividends in US dollars SVL's dividends it's real no mm-hmm you're doing then i hear okay that's very smart svl's dividend it was last year was 7.03 percent the year before yeah wow wow wow i see what you're doing there i'm not connecting with lots of people that's very good that's that's very very good uh salada had a good dividend also um I don't know I don't know if I want any more Salada stock I did own some before they're going through a rough time right now I'll just jump right into that whether nice to idea in my know this episode gonna waste not going that way boys market talk I hope

you guys like market talk Salada had a nice dividend of nine point three percent again I don't believe in dividend so that's not why I'd buy them but at thirty three dollars their pe is 17. which is an okay pe but they're going through some trouble now so the business is good business good real business is good i don't know this is good yeah the business is good they're having some stress i think from jacra yeah the the jacra is i tell people that JAKRA is the Jamaica Agricultural Commodities Regulation Authority. Essentially, they're the guys who tell companies what they can or can't, or if they're involved in any crop grown in Jamaica.

I'm sure I have it wrong. I think it's a certain group of crops. Certain kinds of crops and things that we have an interest in. Definitely coffee. Blue Mountain coffee is definitely one and jacquara can can can tell you they can levy assess assesses on so it says on coffee yeah coffee beans coming in so import there was says on that so they're trying to make jamaican coffee more competitive there we go yeah so what they do is that they do attacks on anything coming in that they care about that what they want to grow

local so you know everybody has go can you imagine ginger come here's one that i've always heard um onions onion they will import onion from china can you imagine that right so jacquard's job is to try and make local onion agricultural production really good and really lucrative and they do that two ways one i'm sure they help the farmers blah blah blah but the other thing that they do is that they can put a tax on that product coming in from somewhere else so they can say okay Chinese onions I'm so sorry China but Chinese onions cost a dollar a pound for every pound of Chinese onions okay and Jamaican onions cost $2 a pound. So for every pound of Chinese onions

that you bring in, you have to pay a $3 tax. So now a pound of Chinese onions costs $4. $1 and $3 tax and Jackra gets that $3

themselves, right? So it's now $4. And obviously, if you know simple numbers, they've now made Chinese onions cost a lot more than Jamaican onions, which should naturally turn you towards Jamaican onions. into if you know is simple numbers no they've no made Chinese onions costs a

lot more than Jamaican onions which should naturally turn you towards Jamaican everything I want to do because it's going to be cheaper because they've made in the one that was cheaper before but coming from external sources they made it cheaper for you to use the local one by making the cheaper external one more expensive right now use that example for coffee so for coffee the u.s was cheaper there's a sense on it yeah and he brought the price up to jamaica jacquard did the same thing jacquard put a assess this is a fancy word for tax asset tax i hear legally assess is not a tax the lawyers know why that is i don't know i

care in my mind it's a tax so assesses attacks that they put on it so what they did is they put a tax on coffee that's not grown in jamaica and i believe salada uses only 30 percent of blue mountain coffee oh yeah yes yes 70 percent it's urgent 70 and 70 is imported imported i know they have to pay a tax on the effects on that and imported I know they have to pay a tax on that and Jackra I think they told them that they have to change the mix 20% so I want I deliberately separated those two points because recently there was a gleaner article about those two points yeah so it's 2080 they want to move to the instant coffee mix they want to change the formula yeah Yeah. I break that down for people deeply. First thing, the CIS.

So the CIS that Jackra put on them was on coffee, I'll give you the actual number, is, it said something like it ranges up to, I think the max is two US dollars and 40 cents per kilogram of coffee beans

at the import. I don't know what that works with in the coffee industry. i know is that it um it it causes overseas coffee to be more expensive than local coffee but i gather coming from salada that local coffee quality this is blasphemy the quality isn't up to the standard that they would yeah and i know that local coffee is really expensive i know i think everybody knows that you go anywhere you see i like it stupid a blue mountain coffee stupidly expensive yeah man they're like top level coffees in the world that aren't as expensive as blue mountain coffee uh what this means for salada though is that jacra

has put a fee on one of their input costs their raw materials and so now it is more expensive for them to make the same product. Now usually like when you do Jamaican BB you can just put that on to the price and send it to Jamaican BB but this amount is so much higher that they can't really do it and moreover they also they do a little bit of exporting but they can't export because the sales are so heavy. They say that they have already paid out. I don't want to get it wrong. They say that they have already paid out. I won't get the numbers right. I don't want you guys having a pregnant pause. That's the only thing I learned about on Wikipedia. Pregnant pause. They paid out 70 million. since the charges from them on them from Jokera started in March 2018 and between March 2018 and August 2019 at least according to this article

they paid out 70 million Jamaican dollars to the regulator and what that means also in terms of them in terms of profit to them this the profit has slipped recently I'll get to the profit numbers recently I get to because they blame it on that says but the second point which I stopped the honor reality now is that Jackra also can tell you how much coffee you are how much your product mixes local coffee and currently they use Salada uses 30% 30 30 yeah was it not a 20 20 80 and Jack rice telling him to go up to 30 the 30 30 local coffee i think

so they're trying to put more local coffee in it so they're 20 yeah 20 local for 80 international now they want them to up the local to 30 yeah and the deadline on doing that was like yeah and the deadline on doing that was like it's it's so funny the deadline on doing that was i know it passed mm-hmm yeah it passed i think it passed yeah it was like my mind yes exactly exactly um whenever it was but that rule saying that you have to raise from 20% to 30% that's a big deal because now I'm telling you how you have to make

your product and I'm saying you have to increase you have to you have to increase something that you're buying at 20% you have to increase

that cost by this is going to be confusing for people who don't like math the thing that you're paying for from Jamaica to make your part of your product the cost

and that is going to go up 50 because while it's only 20 of the overall mix they're telling them to move it from 20 to 30 and the difference between those two and a matter of just trust if you don't trust me trust than i it's good yeah it's a 50 increase on the jamaican side of things. And the Jamaican side of things is expensive. And the other concern is taste. Yes. Coffee is sold to taste. You buy coffee because you like how it tastes. You might buy this coffee, this brand, because you like how it tastes,

but you don't like it. Next brand is selling the same or competing product, and you don't like it because their beans taste different or something. If you change the blend, then you change the taste. So that will affect their market yeah man and you know it goes jamaican to know it already here we just pick up kfc as much as i said that sometimes i think if kfc was to ever change them 11 herbs and spices i know somebody's saying well they did change it back in the area i'm not at some point they changed but like right now they can't just lightly change it because it's a big deal it's how your product is made so for jacquard today this is like a big i've been wondering how they're going to get out of it yeah well they did say they're going to

start import importing 100 blue mountain coffee well they're not importing export export yes exporting 100 percent blue mountain coffee yes they did say that they're a new product so diversify which is good for companies but not necessarily for the investment portfolio but for companies or the diversifying their income streams yeah and i'm always for that that's cool that's multiple income streams that diversification is good yeah and you know it goes this is that's proper risk mitigation boy if this something happening in this side i am making money on this side yeah sure you're getting them but they say yeah and and that's good for salada so salada's response to give salaries so they did multiple things one they started to buy more from local coffee yeah i don't i think at one point i

said about like 25 000 boxes but i don't know what that means i don't know i don't know really i want to see that number parted so much i know somebody in pr wrote it because it sounds good it sounds good to the people who needed to know and i'm happy for that i know as you've said they've also said they're going to launch um they're going to launch 100 percent blue mountain coffee that's yeah so and export it export it and export it to jamaica and so many yes because farmers jamaican farmers will know be selling the salada who is buying for their product 100% local coffee. Ah, okay.

So it's straight being a buying family. Yeah, that's good. That's good. And I'm wondering if they found like some legal room or maybe that's like some compromise between them and Jakra. I haven't heard about the mandate to 20% 20 or 30%. And I checked.

Even in the article where they talk about 100% there's no mention of the JAKRA 20% or the JAKRA 30% mandate oh yeah at any time I see things like that suddenly I shouldn't say that

there is something in there I'm looking for it just now yeah let me not get in trouble let me read it verbatim verbatim from the Jamaica Gleaner so the article is from the Jamaica Gleaner it is fresh it's Friday August 23rd in the Financial Gleaner and it says I'll just read it verbatim verbatim from the jamaica gleaner so the article is from the jamaica gleaner it is

freshest friday august 23rd in the financial gleaner and it says i'll just read the importance jamaican coffee is still more expensive than us after the cest oh yeah man i said my stop it i think somebody sent me a picture once of like all the coffees for sale and there's like five dollars three dollars five dollars three dollars there's a pile in the middle and at the top Blue Mountain Coffee $100 a bag US that's it no question

yeah no man I mean for Salada Salada when they're buying coffee yeah process

they still pay more for the Jamaican than the US oh yeah yeah the imported coffee is good so

is it said it's good for the company yeah it says it's not really good for the company you know what I am a coffee drinker people I don't you drink coffee no I drink coffee I enjoy coffee um like I drink coffee black or black with sugar besides British I like coffee and I've had coffee from all over the world Costa Rica funny thing about coffee every single country that does coffee

claims that yours is the best oh yeah yeah I remember the very first time as in I think I think Costa Rica a couple years ago 10 years ago and they brought some Costa Rica coffee you should try it is is the best in the world so first I'm the Jamaican there and Costa Ricans are not getting international they are not black well they're not black people right and we're some they're not our own black people cool people I'm always comfortable around but you're telling me that it's the best in the world i'm a jamaican my face start make up same time wait i'm sorry we go you have a blue mountain here so so they so they say i know you have to say it's the best in the world i taste it it's good

it was good coffee cannot them abridging was there and he's from colombia and he's like no no no no no vex and i said vex enough and up any man fix the next day the man come with a better man to find it this is Colombian coffee random you have to have some because they're saying is the best number column and coffee is also pretty good right and Nicaraguan was there that day and he's like no but he had his coffee same time how somebody's on his had in the car I've gone coffee author them are saying that their coffee is the best in the world and all them have look on his website and they're the same to show that there's the best in the world and i was so surprised i'm like you're wrong it's jamaican

blue mountain coffee but i but obviously everybody uses that to sell my point is though what the most expensive in the world not the most but definitely one of the most expensive is jamaica blue mountain coffee and i've heard from coffee people that you know it's been questioned you know as to how good it is so i say all that to say that it's it is really going to hit Salada yeah definitely I think it has been hitting him the profits slipped 10% because of the new requirements which is funny so there's a lot in that 10% yeah year on year I think I think didn't they just have some fresh numbers they just dropped fresh numbers yeah it took a lot in the boy in the boiler quarter you know and they dropped

on sales in that quarter so it came in uh the sales are or um profit definitely they had profit they had a loss in the boiler room quarter so that impacts what the year-on-year looks like the gross profit is what slipped 10 percent but even the yeah yeah remember the boiler rooms who affected them because they sure selling product cost of sales went up from 456 to 503 that don't necessarily mean nothing oh yeah yeah that doesn't necessarily mean nothing just in that way it's not that thing but the boiler room is the thing there right the gross profit margin no no yeah gross profit margin that might say something yeah i don't want to speak too much to go to the well room quarter yeah you know what let me be complete if I do anything let me do it properly I'm gonna bring up the the Salada numbers are not talking crap all right so I have the

number in the numbers in front of me now guys so saying Salada is as at the nine months that ended June 30th which is the latest thing they've reported their revenue has gone up from 266 in june 2018. three months that's three months yeah and i do that deliberately for the quarter so versus 275 um for this june 2019. um and the gross profit however has fallen from 101. are worse yeah cost of sales and I think they included I could be wrong but I think they include the jacra fees in cost of sales yeah well no if you're forced to buy more local coffee and it's more expensive because of sales because they go up yes even the jacra

fee isn't included there yeah I don't know which line it's in I'm sure somebody on that they're proven that's why i don't know what they're talking about but that this is good because well it's not good it's good for jacker it's good for i don't know how good it is for jamaica because there's one point in in the article that they said something that i don't like it reminds me of the 90s where they're saying that essentially they'd consider moving some production overseas because if they're forced to yeah but it's not for the country it's not good for the farmers not good for anybody yeah it's like it's like Jack are holding hard into the

point where people so fine I mean yeah let's go back to everything that car is working for yes reversed yeah like a pure victory like they might they might win the battle of you or you have to pay us this exactly and and companies do that guys that reminds me of something i said on twitter totally unrelated and i saw this guy talking about bpos are forming a union oh yeah i don't i understand where it's coming from i feel it for you i know that some bpos can be terrible some some people get treated terribly but you can kill the golden calf because around with one-eyed foot yeah yeah yeah cuz BP OS will leave yeah and you know what is the easiest job to leave Jamaica because that my burden runs one and it comes down to this SM a exec in Philadelphia and I get a call ah my beep

well remember this you know is let's say Amazon for example right Amazon doesn't have people in call centers in Jamaica Amazon has a relationship with our calls in a call center in Jamaica and then causing the employees are on the Amazon account right now if that that call center company in Jamaica has to pay its workers more. And it's costing Amazon more. No, they'll have to charge Amazon more. Remember that thing that Danai mentioned maybe 30 minutes ago

where he said if the revenue that you're bringing in is not more than the cost of that revenue, then you don't have a business. So if the cost comes up, because BPOs don't run on very big margins. They run on very thin margins. Yeah, I expect so. Yeah, man.

Thin, thin margins. So if they have to pay their workers more, they have to charge Amazon more. And the second, and Amazon pays attention to what's happening. And I think some of their people

might actually get good benefits out of that, blah, blah, blah, when you're on their account down here right but the second they hear about unionizing this they have procedures in place they have corporate procedures that when you and I seen happen it stops immediately people who don't know what that is yeah if you follow me on Twitter you see me talk about a show name succession watch episode 2 of the latest season of Succession. Season two, episode two.

Look what happens. So there's a company there where unionizing was just mentioned. Just watch what happens in those. It's mentioned in one scene. There's another scene. And then there's a third scene. Just watch what happens in those three scenes. That's a very, very, very, very American context in the Jamaican context what happens is you

unionize I get a call at my office in Philadelphia listen we have a leak as its legal right Lee you know Charlie color you can't stop people from joining a union legally in Jamaica by the way so people farm where a union country so if people form a union and their employees you have a reason cause you have to tell people if at Randy rowing I don't say Randy row at evil person incorporated in So if people form a union and they're your employees, you have a raise your cost. You have to tell people. If at Randy Rowe, I don't want to say Randy Rowe, at Evil Person Incorporated in America, the phone rings, employee picks up and here,

unionized in Jamaica, okay, I'll get back to you. Boom. Pick up on our call. We have a union situation in Jamaica. All right, what does our contingency plan say? What's the cost increase? Cost increase for Jamaica is 25%. Okay. What's our contingency plan say uh what's the cost increase cost increase for jamaica is 25 okay what's our contingency plan a cost three percent boom three percent you know three percent might be that might be india and you know how they move the cars from jamaica to india one click

the phone literally rings in jamaica no and just one click and it just rings in india that's it so somebody here hi I'm Johnny are you pretending that you're not in Montego Bay and suddenly is I am well I hear you kind of voices I wonder Indian voice but it's an Indian guy in India pretending to be somebody else and that's it it's that simple you can lose a BPO job it is the easiest industry to kill and the easiest way to kill it is the unionized I'm not telling people not to unionize i think that things should happen i think that there should be i feel some responsibility since i said i know so i was waiting on it because you have to clarify yeah yeah because

because i'm here otherwise yeah i'm not against unions at all i'm a product of i spent years at carreras carreras is good because um i mean i'm a i was in a union and Careers was not unionized. It was post-union. And there was only one person there who was in a union at the time. So it's not that, they're post-union. I learned a lot about unions there. And the thing is, even post-union,

you keep a lot of the benefits that the unions had. So one of the reasons why Careers has such a strong compensation package is because you're benefiting on the things that the unions did. So I'm not against you but i understand that like if if i have to pick between unions or the entire bpo industry in jamaica i'm going to pick the entire industry every time because i need because i want us jamaicans to have the money and i always have to bring it back home to make it personal you start

a business yeah and you hire some guys right and those guys say boy we need some pay increase they give them pay increase and you're no longer profitable you're losing money I'm going basis but this is doesn't make sense anymore and have a shut down that's really it and then those same guys who because you're paying them you can be in profit you can't be probably there no all out of a job oh yeah no imagine that across Jamaica yeah business in general this is they don't run up they don't run away from this thing I said you know operate on BPOS a person's slim margins so that means paying more to everybody

there how is a problem yeah because they're going to us and the boy demand at least a the BPO invest all in pocket money and make it happen they didn't he is in arsenal so um yeah so he's talking about it because yeah and then stop and then know all the people who wanted that union for things to be better for them i know out of a job all right and and that that has happened in the past in jamaica so not discouraging anybody from trying to form unions or anything no but i but I want them to understand what I'm saying. I say I feel some responsibility in terms of saying what I think should happen. I think certainly there should be a lobby

group. I think there should be maybe a it sounds funny, not a union, but an industry association for the BPOs. And I don't mean people who own BPOs, because I'm sure there is one already. I think BPIH or something like that. But for the workers, right? And I think that should lobby the government heavily

and have the government put certain standards in place for the BPO industry and make it enforceable, right? But stop short of being a union because unions will kill the industry and you when you lose industry all the same people that you wanted to help I know hungry you have to think about that that's like that's like that's like when you that's like if you you have a child and you say you're hungry and the child hungry and somebody this you or you don't like this person I'm offering you

money yeah you're not taking the money because weekends you don't want it right but your child is hungry and so you don't take the money and your child has starvation i'm so sorry to carry there for that darkness but i don't i don't want to i don't want to to carry that darkness but it's that sort of thing so now you've won the pride game but you have lost the life game i don don't want to happen with the BPO. I don't want us to get to the point where, no, we have to treat our workers because we should. I believe that completely. People should be treated humanely and well, right?

We should treat how you want to be treated. But we can't lose everything because of that fight. You have to put that fight in its place and fight it sensibly, or you can end up losing everything. But going back to the Salada point, the numbers up in front of me, and I made my little point about BPOs and how I don't hate unions, but Salada, in their nine-month report,

in the June 30th, as you're saying, they have lower margins, gross profit margins. And on the profit line, however, they do have an increase in profit for this quarter. $60.4 million versus $56.6 million. So they're increasing, even though they have had trouble. Yeah, that means that corporations have really been brought to a good point. And on the nine-month basis, however, they don't.

In nine months last year, they they made 136.9 million in this year nine months they made 114.14 million i think they're blaming that completely on jacquard yeah they are blaming that on jacquard and i don't know if they're wrong but i know that i don't want salada to move production overseas as a salada shareholder you will make more money if they do that as a jamaican it it hurts too many of us yeah it hurt the economy yes i'd rather jacra find an equitable solution but let me stay with that big fight right that's that's it as far as i'll touch that fight uh is there anything else that you liked in the market tonight uh currently like this week yeah i'm not going to attack jam t again it's yeah what's happening i still like it but no same same qw but last two episodes i think i mentioned jam t as what i liked

in the market so let me find somewhere else no it's all right if you like it so no these people are not paying us definitely but i was thinking i was thinking about weakton the um interesting because wicton is is some people think it's way ahead i know some people think it's a it's not it's not a viable concern oh yeah yeah some people think it's a failing company um other people think it's which i think is a more a more common thought other people think that wicton is currently like if they're priced they're priced well where they are now is where they are. They came in at 50 cents people that own Wigton right now as we're speaking Wigton is currently

valued at 97 cents per share almost a dollar the PE on that just for clarity is 14.3 what you thought what you think of where they are looking at the recent numbers they made the double the bottom line bottom line is a profit profit profit yeah double profit and if you look at the audited financials that they posted right before they yes they're lower than last year the profit is lower than last year but if you if you look if you calculate what they had for the fourth quarter you realize that a lot of that isn't from they got out of gains from the refinancing of the debt yes so they're saving so both the last two quarters they posted the fourth quarter and the first quarter mm-hmm there's a lot of savings so in the fourth quarter during

the IPO, they had increased expenses, and you can see where they made a loss from that. They made a loss in the quarter, I believe. And that's not from the... So the debt helped. The refinance of the debt really helped them, but the operations were brought down because of expenses.

All right, let me hit that, and let me explain some of that for some people. So the debt, just to give some people some context, the Wigtownton quick side note wigton is a government thing everybody should know what because there's so much heavy ads done but while they were still owned by the government and the people of jamaica via the government um they they got money from pdsva which is venezuela essentially um venezuela used to give us cheap money. I guess people knew that Venezuela was getting in trouble, they knew something was happening and I guess the government told us they wanted to push We Turn Out onto the market and to the Jamaican

people. So what they did before they moved the IPO was that they refinanced the debt. It means pretty much they go locally, borrowed the money and pay off the Venezuela loan. But no, Venezuela loan was in US dollars. So whenever the US dollars rise then you will see where they book an expense because I borrowed money and it's not worth the money I borrowed is no... I borrowed money and the money I'm supposed to pay back is no more than the money I borrowed. Yes. It's about 100 US, 100 Jamaican say and'm supposed to pay back is no more than the money i borrowed yes about 100 us a hundred jamaican say and i have to pay back 120. yeah so essentially yeah then borrow 100

then borrow 100 us when the rate was like 189 and then have to pay back no same amount you know in terms of 100 years when i have to pay it back at 135 and they make money in jamaica so you know how that goes so that they've been buying with change exchange rate yeah and they get hit hard yeah so it was hitting them hard yeah so where the refinance about it gets into jamaican dollars and so they don't have that fluctuation bothering them anymore yeah you know when we go and say boy they are gone up yeah they're recursing too and yeah but for them it was so heavy and then it would be us because it was owned by the government so yeah but now it's owned by the people well he's owned by the shareholders and he's paying taxes yeah so there

we go and the government got five million for it they have a profit so you see i hear i tell you say i'm double profit well they paid more taxes this year then also you said that like their their thing because their their sales went up right and they only have one customer so what i mean sales going up a week then means that they sold jps more energy that's core operations i mean that the core operations went up it's not a lot it moved up from 2.356 billion to 2.447 billion. If you want the numbers on that, 2.447 is the most recent number. That's how much they made this year

because that's the entire year numbers. And last year they made 2.356 billion Jamaican dollars. And that's almost, I don't know if that's one, that's less than 1%. I feel like, no, that's not 1% I am calculating wrong. That's 3.9% roughly three point eight percent at a company a week down side three point eight percent is noticeable yeah and it's a one customer thing so you know how it go people keep saying to me that one of the reasons why wiketown isn't good

is because they have one customer stop all right that's how it goes in jamaica you can only sell electricity to one person yeah jps and you have to get that whole heap of licensing and blah blah blah just did that weakton is fine in terms of customers they will never have more than one customer unless i can't say unless the government changed because they mentioned it they mentioned they mentioned something in the news recently it was a single customer thing i don't know yeah they said they they see the reports are in the news some about diversifying where they might end up at a point where they might

have more than one customer. It's not less than JPS. Oh, yes. I noticed that. I noticed that. It's great. You know what I think they'll do?

This is my assumption here. Um, I think that they'll go into that thing where, okay, so legally, like I can have solar on my land

and run a line to you. Yeah. Yeah. That's, that's literally, that's literally that's mid as jail work but I could be wrong but I'm not a lawyer I'm also not an investment analyst and I this than I but you and I can buy solar in my yard and at that point it's okay for me to give you solar because I'm not giving you so that's your own piece of it, right? And I think Wigton might be open. It's a business idea in my mind to doing solar farms for certain companies or wind farms for certain companies on request, on demand.

So let's say at Grace, for example, have like a plant. plant and Wigton comes in, sets up solar on their area, on a piece of land that they have and puts that factory on solar. Now Wigton owns that solar but Grace also has to own

the solar because they can't, remember you can't buy it but if it's yours, it's yours and then maybe Wigton just has a maintenance fee or whatever but at this point it's income it's diversified income. Or even it's a lease. I'm leasing you the solar on your property. So I put the solar there and you lease it from me.

You're not paying for a light, but you're paying for... The thing is installed on your property. You're paying for usage to own. That's so complicated. You're borrowing it. Do they give them energy from that? Yeah. But you can't give energy.

You can't cross energy energy across a street line all right so that's a line unless you own it no man so i i put i put my my thing in your yard okay and you operate on your house you attach to your house everything one and you pay me at least for the equipment equipment i'm going to read the energy thing but that might that's good so they could they could do that that's that's uh that's diversification of course they can also go solar they can they can go with mpc clean caribbean whatever um there's there's synergies there i don't ever talk about those two but yeah even water because in in victims projectors they broke out the price points of each of the things yeah yeah and hydro

electricity is the cheapest one yes it is cheaper than the more gps wanted because i'm paying less for it there we go and jps has a mandate to take cheaper than oil. And it helps the country because for every kilowatt that is generated from a renewable thing, it's X amount of barrels of oil that we don't have to import. So it helps the import bill also. It helps our exchange rate. It helps so many things. But again, Wigtown is a failing company.

Anyway. it helps so many things yeah yeah but again wicton is a failing company right anyway um but but what was good was that we're looking on and then making more money this year and the comprehensive income is what because we can this though the comprehensive income don't look that great you know this is wrong am i looking at the wrong thing yeah you're looking at the wrong thing look at june am I looking at the wrong thing? you're looking at the wrong thing, look at June the March the March shows the March shows the year end

so guys ignore all the numbers I just told you I was looking at the wrong thing that's on me, I was looking at the year end numbers for Wictor which a lot of people looked at and thought it was bad so the price dipped it went all the way back down to like 500,000 profit 500 million profit on time.

Boy, it's not a rework. It's a drop because it was... On 2018, they made 775.5 million Jamaican dollars in profit. And in 2019, their year end, because their year ended in March 2019,

they made 573.4. So that's 573.4 versus a year before, 775.5, right? Pay attention to the numbers in the prospectus. It's a nine-month statement, audited nine months. If you compare every line item, then you find out how much they made in the quarter. And yes, they're at a loss on quarter, but you can see where they're making the gains

that we tell you they make in the foreign exchange where they refinanced it. Yeah yeah you sound like you actually pay attention to the reports then i feel like some people should i think they should but the first quarter yeah well yeah yeah you're just talking so you just start trade with it you don't know none um the first quarter financial you are correct they talk about how much production is and they made they produce roughly two million kilowatt hours more electricity 2.9 percent change upward so i mean core operations went up by 2.9 and again their operations can't waste anything they make is sold to jps right uh i won't talk about EPS because there was some move there was a

movement in the share price but in terms of net profit straight up net profit in the first quarter so we're looking at the first quarter no first fresh quarter of a new year as a new company with less debt last year first quarter they made 174.7 million Jamaican dollars. And this year's first quarter, they made 366.4 million Jamaican dollars. That's a difference of 109.8%.

And the main contributor was refinancing off the debt. Not FX as in cash held, but just the fact that i no longer have to pay i no longer have to pay this heavy us dollar day yeah yeah yeah yeah yeah right wow and so that's going that's going forward yeah i think so people see it exactly so it's not a one-off thing i think that's enough people are paying attention it's not a one-off thing wicton i won't say they don't have seasonality because everything has seasonality yeah but the first quarter april to june you know

that is not that is not summer oh yeah that is not everybody have them ac on that is not people come from fine that's not more tourists here that's not someone so july august september hot narrated August, September, hot and rotted. Right now, it's physically hot. It is so hot. People have AC run all the time. Where we are right now, but I'm sitting and I have a fan maybe 12 inches away from my face. I don't want him living like that. Maybe.

And it doesn't have anything around the blades. It's dangerous. But that is energy being used, right? Wigton is, in my humble my humble non-qualified unqualified opinion going to have to produce more energy in this quarter than they did in the last and can they really scale the production there's a limit to production yeah they get what they get told how much to produce and then after that yeah they get told well jps asks for a certain amount and there might be times when jps under pressure oh yeah and i'm saying yo we need more and and there's there's

there's a i i'm not an expert experts are listening to this and they know better here's my amateur view of it my non-qualified unqualified view of it there is a band within which they can scale up now there's a limit if every single single wind turbine is spinning all the time and they're buying all of it, then you're not getting... Then there's a limit to which they can produce after which they're going

to have to have new wind turbines. But I don't think they're at that limit yet. And little things like that. Look how much... The difference between the production, the 2.9%,

it seems small, but when you don't have as much debt to pay, that's a big, big deal, availability percentage-wise they said in last year the availability 86.7% if you're looking at the financials is 88.66% and in the first quarter of June the first quarter of this year it's 97% of the availability yeah that says that you're out this thing off a run right yeah yeah now we can't talk about week 10 and I talk about the big deal that came up that idea on Twitter in fact a friend of mine

from years ago from my early career is actually message she'd well make sure she tweeted at me and she's so intelligent I've always not like I don't respond to her to yet as days later and I said I'm going to respond to it we're just in the back of my I need to respond to it but what she was saying was she was talking about the concerns that john jackson raised in his ic inside the article about wicton what was it was the name of that that article and i see inside out we made it i think you said yeah wicton's ugliness needs to be um sorted out or some some something about those lines yeah one of those i don't I don't quote mr. Jackson wrong I won't get it exactly right I'm not seeing it on you think him deleted no as one if he did it where he didn't the ugliness of Wigton demands

action that was it from August 18 I'm John Jackson the points I won't read the whole article you guys won't bore you can check it out on I see inside or outcome if you care about stocks you should look at that site also and everymicle.com. But yeah, you should look at IC Insider. That's from John Jackson. He spoke about it. He said that the quarterly results for the first quarter

suggests a bright future outcome, but the reality is vastly different. He writes, he writes, like he writes in a way in my mind, I think I can hear him it's vastly different his analysis of the results of historical data show that investors have been unwitting have been unwittingly duped into believing that the earnings of the company had blasted off sharply blah blah blah but nothing could be further from the truth that's dangerous he's walking close to the line that might be defamatory we get a call because it says duped analysis of the results show

shows clearly that investors have been unwittingly duped oh yeah you're right you know that's strong that's very strong that's strong guys i only act like i'm stupid i i know better most times but that is interesting anyway um the points he said in the article was essentially what we've said, that the numbers are good if you look on the numbers, but he was saying that there's more to it than that. He's saying that on the prospectus, they didn't speak about seasonality.

Seasonality means like something happens more at certain times for the year. So for example, we know if you, let's say you sell cakes, you can sell more cake during Christmas, during the last part of the year. So if you're a listed company that sell stuff like that there are certain things that happen that's earlier that's seasonality now i don't know what a company has to tell you that and i do know that there was evidence of seasonality in the prospectus because i saw that myself um i don't know they have to tell you that it's seasonal though um i don't know that they did anything against the rules but john jackson is

more qualified than him and he knows a lot more, and he has a lot more experience. The second point that he made was that showing a critical... He said, I'll quote him here, and it's later in the article. He says, a review of the prospectors provides no information about seasonality. A critical bit of information that's missing. I don't know how true that is john jackson but okay um and he said that he quotes one of the accounting things saying that seasonality blah blah blah but that thing doesn't say you have to it says it encourages disclosure encourages mean it's not law i believe in law encourages nice the real thing is in the last

paragraph now. And I'm quoting John Jackson here. This isn't me. The shocking discovery is the composition of directors and shareholders of the company pause there and tell people something. So one thing that was very obviously missing from the prospectors was the board.

There was no board in the prospectors. Yeah, it's very weird. Not just weird. It's the only time I've ever seen that. They didn't tell you who the board was and it passed. I'm so this industry is very very weird and i i think i think they may have spoken about it in the fact that they're putting it together or it might have changed or something i found it very weird i don't know the legality of it no i'm saying this i'm going to have to go find out what's actually actually from where was that john jackson didn't

say anything at the time ah you know that he went through it right he's usually one of the people I will speak up yeah yeah you see something like yeah yeah he's one of people at the industry looks to to speak up actually because it's a joke I've heard said before and I've made a joke before that if John Jackson don't find anybody and he has found things to his credit yeah yeah definitely yeah it was when i i've gotten heat for speaking about ssl vcs and they're and they're they're what i call how do i say this i think they take the market for fools and they treat us like puppet shows that's what i think that's my personal opinion all right i don't think they're taking them that's not dana's opinion that's randy

rose opinion all right um but i think that they're not taking the market seriously. They're not taking the people in the market seriously. And John Jackson and I at the only time were the only people I know who were publicly saying that, yo, this is like a puppy show thing. No, John Jackson carried a lot more weight than me, so it went where it should, and things happened, blah, blah, blah. I have spoken on Twitter,

and I've tagged the JSC, and they don't say nothing about stupid, obvious things that they've done wrong that they need to fix right John Jackson tagged them on things and I saw a response written in the newspaper yeah they didn't address the things he spoke about but they put a response and they say we further to John Jackson blah blah blah so he gets a he carries a kind of weight I say all that so you guys could understand what I said what Danai said John Jackson didn't notice in the prospectus but suddenly notices it months later.

It's noticeable that it's weird, right? But I will go back to reading his words. Again, these are John Jackson's words. People in authority should avoid conflicts of interest, full stop. The big question is, on what basis was the Wigtons prospectus approved that a board member of the financial services Commission shown as a director of the company and subsequently a shareholder judges cannot oversee cases involving themselves to do so would be a huge conflict and that's the end of the

article but what you're saying essentially at the end there is that when they did the prospectus they didn't show that there's a guy from FSC's boards FSC's the financial services commission which approves IPOs which approves IPOs and oversees the financial markets in Jamaica yeah so they're saying so he's implying here I'm assuming he's implying that the the the FSC the FSC member the board member of the FSC being a board member of Wigtown is a conflict of interest. No. We're not lawyers here.

There's only gut level. I can see that. I can see. I can see where it's honed there. I can see where you think that. If you're not a lawyer, I can see where you think that. I can see there's a lot of removal from the situation. So let's go second level now.

that there's a lot of removal from situation so let's go second level now um there are processes that can be put in place to stop conflicts of interest there's chinese walls you know yes there's chinese walls there's all sorts of things now the disclosure the non-disclosure to me i'm not knocking john jackson he's right and i i want to really want to yeah i want to know who the board who's on the board of every single company i can buy into yeah everybody cares going to buy everybody who cares about that even people don't know a lot about stocks now that they've checked the board some people who buy stocks only buy base and that yeah you hear a conversation yeah so there's a strong board you know there's a strong board i heard that a lot for um i won't call that company i heard that a lot for a lot of companies there's a strong board on it and people think that means something um and it should in some cases for something yeah but in this case he's saying that and they didn't say who the board was and then

for somebody on the board to be in fsc i can see where that is here's where i get responsible i don't know if there's an actual conflict of interest right i don't know what the rules are on conflict of interest and fsc board membership versus blah blah blah is i'm not knocking john jackson's point there what i am knocking however is um him drawing this point and using wigton's performance as the basis for it as if so you remember he's saying that we've been duped in dupes i've not seeing where this is a performance issue yeah the company performed well yeah and that is an issue probably but the company performed well so yeah i'm not raising issues yeah i'm being ugly i'm not seeing right actually first issue what was that again the first issue from the first sentence he's saying that there are good results he admitted that they're good results second issue sorry the the for the issue he mentioned was that

the the director's report accompanying the june quarterly results is just inadequate as it does not clearly communicate what investors can expect for the rest of the year i'm not seeing where that is ugly i think I really want our company to talk about these things as much as possible I love so we can monthly pull something on how much they produce this month I don't see that yeah I want as much information into the companies not necessarily why it's ugly yeah many companies that hide hide hide some information almost every company hides their information I don't know

how much companies are willing to speak like that none of them do yeah like I said I don't in fact John Jackson's company

they do John Jackson's company do no they don't how many cars did Jetcon sell last year okay so yeah I get what you're saying yeah they don't tell you

sales number they tell you profit numbers they tell you profit numbers yeah which is more than a lot of companies to be honest that's why I said that I'm not knocking him for openness you know when John Jackson is on a board I companies to be honest that's why I said that

I'm not knocking him for openness you know when John Jackson is on a board I know that that company will run good I know that he'll be open I give him

I give him props for that but then when I see somebody who I give props for that suddenly saying this I know there's something else wrong I can't even beat Ron Bush

I'm trying to find the right way to say this I'm not saying anything I won't I'd have John Jackson money let me keep my mouth shut but I think if somebody has a problem with something else they should address the problems individually and for John Jackson money let me keep my mouth shut but I think

if somebody has a problem with something else they should address the problems individually and for John Jackson who I respect I would expect to see him address issues

so erase concerns but not outweigh the expense that doesn't look good it doesn't sound good to me it doesn't look good to me I know that

yeah I don't say anything for this one don't get yourself in trouble I always get myself in trouble so I'll do it it's like it's like you have a you know relationship right you know like that. Yeah. I don't say anything for this one. Don't get yourself in trouble. I always get myself in trouble, so I'll do it. It's like, it's like you have a,

you know, a relationship, right? You know, your girlfriend vexed with you. And she vexed with you about whatever it is. You won't watch the dishes

or something. If you live with her or you forget, you forget like the anniversary or whatever, right? And she vexed with you about that.

But she don't, you don't, she don't want to say that to you, right? Or maybe she vexed with you about it, you don't care about that but she don't you don't she don't want to say that to you right or maybe she vexed you about it you know quarrel about it she don't she says she okay but she's not really okay yeah maybe okay and i'm fine i'm fine i'm fine you can't keep bothering her because after the fourth i'm fine is after the third after matter of fact some man you're good i'm fine i'm done right exactly yeah man you you hear you sneeze before you say that all right only one person only one person in this room can i say that you're single or not it's not okay you're saying that on the podcast yeah okay great so

only one person in this room doesn't have a girlfriend so i can get in a lot of trouble by saying this the rest of you should keep yourselves out of trouble anyway so hypothetically you have a girlfriend and she vexed about something she don't want to say what the thing is right so she costs everything else the second you do something else you put when you put your shoes there so there's always a problem with that but she really vexed by the fact that you forget the anniversary right reading this seems to me like john jackson ve Vicks or something else so the man just said lick anything

in full lick right that's all I'll say there and I hope whatever else he has a problem with is resolved very quickly because I want it

resolved also yeah I hope it's resolved very very quickly I want it resolved also I actually agree I actually agree with his stance okay

in that situation I fully agree with no I agree that's the funny thing I agree with his stance in that situation. I fully agree with it. No, that's the funny thing. I agree with his stance. Everything that he said on paper in terms of both the information in the prospectus and the directors and shareholdings is completely true. But none of those things are new. Oh, yeah.

And what I'm agreeing with, with too is the thing that we that we think is flexible to actually think actually leave that alone leave that alone leave that alone yeah yeah no you have to edit because you haven't said anything but just leave it alone plus you work in industry yeah keep yourself keep yourself employed if you want to yeah but i just think that i just think talking my hypothetical girlfriend, I think if you have a problem with me forgetting the date, you should just deal with that issue. Talk to me about that issue.

Vex to that issue and when we're done, we're done. Sort it out. Don't vex about that and cuss. My mother is cooking. My mother's cooking is amazing.

Watch yourself. Go easy. That's all I'm saying. John Jackson, who is not my hypothetical girlfriend, should do the same thing. If you have a problem, say it and I agree with the things he said in principle and if there is actually That's all I'm saying. John Jackson, who is not my hypothetical girlfriend, should do the same thing. If you have a problem, say it,

and I agree with the things he said in principle. And if there is an actual legal problem, say it. Because I don't know if John Jackson writes the way I write, but writing for me is a headache because it involves heavy research. So if I see there's like for this, I have to go and, that's why I haven't responded to that girl who I say no.

Because I have to go and research it, I have to go and find out what exactly is wrong. I have to go and, that's why I haven't responded to that girl who I said no. Because I have to go and research it, I have to go and find out what exactly is wrong. I have to go, to be fair I don't even know which director I'm talking about. Yeah, it's it. Alright, but wait, I'll tell you now. So the directors of Wigton are, as at this point in August 2019, Oliver W. Holmes. Oliver Holmes is a known person if you know about business in Jamaica. Nigel Day. Jacqueline Stewart, I always mess up her last name. homes oliver holmes is a known person if you know about business in jamaica nigel day jacqueline stewart i always mess up her last name leckler i think she may be uh um she may be a lawyer could

be around i know she's on something there's board too she's on stanley matters in fact i think she's going to do mj maybe maybe not i don't know i think i came across her name when I was trying to figure out who wrote the MJE prospectus. Because I love the MJE prospectus. Oh, yeah. I was about to ask that. Yeah, yeah, yeah. So I think she might have something. I could be wrong.

But she's on Stanley Motta's board. If I'm wrong, I'm sorry. M. Georgia Gibson Henlin. Hmm. I had a lecture on him years ago. Gregory B. Shirley. Is that guy related to the first rock guy? Is his dad?

I'm not sure. I think so. Pierre Shirley? Or I could have it wrong. If I'm wrong, I'm completely wrong. I should leave people's families alone. I don't know these people alone. But here's the names again.

Let me start over. Oliver W. Holmes. Nigel Day. Jacqueline Stewart-Lecker. M. Georgia Gibson Henling. Gregory B. Shirley, Hugh Johnson. Now, out of all those names that I just named, two of them own shares directly. Jacqueline Stewart-Leckler owns 8.7 million shares in Wigton, and Gregory B. Shirley owns 2 million shares in Wigton. Now, Mrs. Leckler also owns 8.7 million shares through a connected thing. So it might be a company she's on the board of or a company she owns or a husband or whatever it is.

Somebody close to her in the legal definition of connected parties. That's a neat thing. So if you heard that connected parties, you just hear the term connected parties, what you think of as a connected party might not be what the law says is a connected party the law has a definition of it which is funny I think it doesn't include your mother

I could be wrong but I think it doesn't include your mother I actually don't think so either so think about it my mother could own shares in something and I

work for a company or I am an associate or on the board of and it would say zero for connected parties because legally your mother is not a connected party no if that were to happen as much to find my mother own shares and company it wasn't disclosed

because legally it isn't you might think that's a moral I look bad but it's not illegal and people who are not trading is illegal inside a trading is illegal yes yes so there are restrictions around that but what a connected party is has a legal definition. In the same way, I said all that to say that there is a legal definition of what a conflict of interest is for each company. Yeah. And I suspect that if there was an actual conflict of interest, there would be bigger noise made.

But because I don't know for sure, I'm going to do my research. And I would hope that Mr. Jackson's on his own research too I don't know what the thing behind it is mr. Jackson let me tell you something I've said I want people on this but if you want to on this podcast feel free if in public person so and I'll never be on that podcast I'm sorry I'm fine thank you for the money of helping me over the years I'll continue to the stuff you say thank you for all that I'm sorry that you hate me but you know that that the shares have worked thank you for your leadership sorry that you hate me but you know that that the shares have worked thank you for your leadership of of that's enough for john jackson the whole thing and miss stewart

actually you know miss stewart is i don't know if she's a liar but she's the managing director she's stewart's automotive that's who where she is yeah um and and fsc and she's a jp but i would like to think that is they're li lawyers involved in all of this they know what they're talking about and they're good um thank you John Jackson for being your usual strong voiced self and I hope you keep that up anyway let's go to less touchy things uh anything nice in the market I mean we still have to wrap up we've been giving the people a whole heap of content I know this one is long you have anything nice in the market that you see other than other than other than jam t empty signals are still looking at signals the results should be i think next week april 3rd um august 30 the latest unless they change to 90 they don't

think they did what's that 90 days 60 days after the quarter i don't think they change from the 60 days so i'm expecting to be posted by august. That's nice. And that's audited. Audited financials. Yeah, audited. It's funny enough. I'll end on this. There's a terrible note, but we can talk about this when we're done.

I'll put it all in one. SSLVC dropped their unaudited numbers today. Yeah. I'm on record as saying that I don't... Before, in my earlier days, I don't care about audit part of the numbers right because there's so much it's so heavy I think to screw with those numbers on a listed company that I really care about the audited part but thanks to SSL VC I know pay attention to that and funny enough even not just pay full attention to it they dropped on audited numbers and I don't care yeah I don't care for

the first time I'm wondering are these real numbers I think the market I think the market can have that same sentiment Wow because yeah it's just I don't I literally just don't trust you yeah Yeah. They're still frozen now. They're still frozen now. They're still suspended. A lot of people are itching to sell. Yeah. So people can't, well, you can sell,

but you can't sell on the exchange, right? Yeah. No, you can't sell on the exchange if you're suspended, but you can sell privately. But who is registered? Is it Alpha Christian?

Well, owning a company separate from being listed. So my company is my company. So I can't sell it. In fact, we know that happened for a fact because, okay, we know that happened for a fact because you didn't okay we know what happened for a fact because when um it was while they were suspended that that that they got some oh yeah buying from the hendrickson the sun and the hendrickson

hendrickson is the is the last? Hendrickson bought into SSLVC did he not? He bought into Blue Dot which is under SSLVC so SSLVC has three companies or maybe that's more now, four companies under it four what they call portfolio companies

was Muse360 which is an advertising, marketing advertising agency which was run by Andre Burnett Blue Dot Data Intelligence, which is a young and millennial-focused data intelligence company run by Laren Peart.

And... Bar Central. Bar Central. I don't want this, the Bar Central guy, because he deserves his name to be said just as clearly as others. I know Laren and Andre personally,

which is why the name comes so easily to me. But the Bar Central guy, I don't actually know him personally. And funny enough, and Andre personally which is why the name comes so so easily to me but the bar central guy I don't actually know him personally and for you know if that's company SSL VC owns the most Kevin Frith that's his name Kevin Frith a guy who I only know the story I respect the story so much because I hear him bill it up out and nothing by himself regular ghetto youth I don't know if it's like ghetto youth I don't know the guy's name but you know, he went to Dunhuang Tech. Big up him. Big up him. I don't know if it's like ghetto youth or not, but I respect that he built it from the ground up himself. That's what I heard about.

And he did his thing right. We've never done, I remember reading a Gleaner article about him saying he passed his CXCs, he was never done, whatever. But he has done his his thing he has learned the hard way how to build up his company and he built it up and then he got with ssl vc i don't know what's been happening since but big up those three people in the portfolio companies i said four they just bought into a um a radiology yeah company i don't remember the name but it just just just bought into it recently while unless it's i know that they can move shares around even though they're unlisted um and it would seem that they're doing some good things depends on how to buy injury because the company moves up operating so buying into the company that's fine people coming and buying the company itself that's the issue yeah some you buy an sslvc

is the issue sslvc buying into something else is an issue yeah yeah but so you can as easily if you want a piece site you're going to have to talk to um you're gonna have to talk to to the prince company principles themselves anyway so they just drop their numbers and like i should talk about it but like i said i don't like to me it's like i just don't believe it i don't even want to look at it they're profitable according to these numbers but again these numbers are unaudited and funny enough they had to put out something saying that their audited numbers were going to be delayed but the unaudited weren't the last time they had a delay with the auditor i hear that they couldn't find over 100 million in revenue so i will wait for those audited numbers auditors have their use auditors

you win this round completely um i will be looking for it i don don't know. There's not much else to do. I see Danai has been very patient. I think he's hungry as hell. So it's time for me to wrap this up. I'll leave you with one thing. I'm looking on the SSL VC's top 10 now and I'm actually, it's very interesting, this top top 10 it has changed a little bit so that's good I like business I want SSL VC to do very well because I want VCS also in Jamaica to do very well because I think there's a lot of um there's a lot of value there and I want I want the industry time so I'm hoping for good things for SSL VC and people when it comes to stocks I'm a wagonist

the second you hear me say I've bought into SSL VC you know that I in it completely uh would i buy into it right now no but the time might be soon anyway you've heard enough for me i think dana has heard enough for me and you guys have heard enough of us so i've been randy this has been the every maker podcast you can find me on twitter at rt euro my website is every michael.com and i'm the night you can try not to talk h it's such a good name bro i saw professionals and this has been the earning season podcast this week from the brand production studios thank you thank you guys see you next week Thank you.