Earnings Season - Earnings Season: Episode 4 - Stocks on the Rocks

Episode Date: September 4, 2019

Earnings Season - Episode 4 Show Notes This week @RTRowe and @HDanhai cover some of the week's Financial Happenings; Stocks on the Rocks, @JCKnight's Event. They also talk about listener feedback, correct some info from last week on $WIG.ja & John Jackson's article and speak on a whole host of other things like $JAMT.ja's Directors selling shares, the JSE Stock Game, $SSLVC.ja's wonky unaudited Financials, Bull/Bear markets, $CPJ.ja's troubles and a bunch more. Listen in! (Apologies for the rough audio at the end guys, we had a few technical issues. We're fixing as we go along next week should be better) ★ Support this podcast ★

Hi guys welcome to this week's earnings season with me Randy Rowe at RT Rowe and me Danai at H Danai This week is a nice week for us it is the how do I say this nice it's the last week of August we're recording the last week of August August almost done it's been an interesting was interesting month interesting year so far ah actual earnings season somebody let me start with that somebody asked me why the part the podcast is called earnings season yeah it's I just realized that it's a it's really the stocks thing so if you don't know stocks you might not it's right it's industry term yeah it is an industry term so earning season let me give you guys the original and official definition of what earning season is if start off nice and clear

earning season is a season in which most of the listed companies on an exchange have to report their earnings pretty much is when they tell you what they've done is where financials come out so for example in jamaica the jamaican financial year that the government has is from april to march if a company follows that that means that march would be the end of their financial year and we know based on usual the usual rules especially we bring to Jamaica the JSC rules, if your end of year is March, then you have like 60 days? 60 to 90 days.

60 to 90 days. So let's say they're going to report in 60 days, so two months. So April, May. So May, oh, you can go 90 days. Let's say everybody chooses the 90-day option. So April, May, June.

At the end of June, you usually have like a lot of companies reporting. So they call that time earning season. So at the end of June, you're seeing 5, 6, 7, 8, 9, 10 companies reporting all their earnings at one point. And a lot of activity happens in the market because people are reacting to what they've seen. Exactly.

So you're expecting a lot of good things or bad things. You see it and immediately you buy. So oftentimes you can make a lot of money just during earning season so that's why i call it earning season plus i like the name people actually never call it every mickle remember in the earlier in the early episodes we're wondering like should we call it anything else i like earnings so people want me to call it the every michael podcast it's kind of lame i think the every muckle or the muckle podcast or something uh Nah. It's kind of lame, I think. Every Mokko. Every Mokko. Or the Mokko podcast or something.

Happenings. You have anything that happened this week? This week. This week. Anything big? I know we went to... Danai and I went to Stocks on the Rocks. Oh, yeah.

This week. Yeah, that's that event. Just last night? Just last night. That event by Simon. Simon, yeah. Guru in Training on twitter guru in training underscore underscore yeah yeah underscore is it um cool guy was that interesting yeah i had met

simon before at his his event simon had a class a class at the night and i also went to let's see what's happening so people are thinking so simon was doing it was cool the first time he was at ue he did a nice lecture yeah um it was great it was informative and the people liked it and i saw some of those people also at stocks on the rock so that's good i like that the community yeah it's being built yeah man yeah finance twitter that's right why that's it our local local i don't really like i don't really like you know turning myself on the finance twitter yeah whatever likes the the labels like i like i don't like grow it should randy yes but if it works it works sometimes right yeah so finance twitter ja finance twitter yeah um have a nice little community being built up so it was good to go there and see people i never saw a lot of people but i i saw enough people for me to know that yeah

yeah something happening here people seeing it and it's not it's not just finance professionals it's someone it's finance professionals it's regular people it's that's what i like and and to simon's credit also he keeps it by palisades nice venue beautiful venue nice and cool yeah but also free yeah yeah as long as you can get a ride out there you're good and people carpool that's good that's actually a great event i like it i like that he does it he does it once a month at the end of the month yeah and yeah big up simon for that all a good time i'm looking forward to making sure i added it to my calendar to make sure that when i can i'm there pass through great conversations though definitely yeah great great conversations a good

chance to hear how all those different people that we've spoken about think. I don't know what you call me. It's a good perspective on the market. Yes, great perspective on the market. New insights. So if you have an idea, then you can share it. And you can hear other people's thoughts on the market. Yeah, great, great thing.

So big up Simon Guru in Training on Twitter. Guru in Training, underscore. Yeah. On Twitter for that. David also had his event. Yeah, he had his class. he had his class he had a class last sunday i believe david is also well you guys have heard david on this on our first official episode yeah david is our first also our first official guest um and he is at jc night

on twitter yeah david rose um he's a guy who if he was here now we wouldn't have a big guessing i said earning season he would just fly up with what earning season is because he knows the definition yeah um you got any feedback actually that last episode yeah yeah i'm not a good feedback actually good feedback tell us the bad feedback let me hear you say anything that people definitely want say yeah they need to fix that not really to be honest yeah hearing much bad feedback i don't think i've heard any bad feedback yeah some i mean i seek it okay you know i'm always looking to improve things i keep saying give me some feedback give me tell me what's wrong but i don't get much of it so yeah i'm always looking for for to get that quality up

yeah people have been telling me i really only in the last episode tangent because oh well yeah um people have a compass i have adhd um sorry i blame my parents but uh yes i go on tangents a lot but i am very cognizant of it so i try to ensure that if i go on a tangent i either bring everybody back eventually in time or i make sure that the price that you've paid in terms of listening to the tangent is good enough for the information that you get yeah yeah value is what i try to make sure that the price that you've paid in terms of listening to the tangent is good enough for the information that you get. Yeah, yeah, value is what I try to make sure people get. So yeah, you will get tangents and I'm gonna promise you that that won't happen.

Danai probably is better at keeping me in line at that. So let's hope that he does more of that. And I stuck something up last night and I was making a story and he was like, yeah, but you go back to the story you're talking about. So that's excellent. So people, if you don't like the tangents, I will try to manage it, but I'm not gonna stop it because you never know on tangents

you get all kind of beautiful things i've gotten a lot of good feedback on it people tell me they get a lot of gems from what we say yeah i'm glad to hear that um i don't know who to big up i don't want to say i big up one person and you lose you lose the big ups from a whole heap of other people uh but yeah i like the tangent um some people mentioned funny enough how long the episode was last week's almost almost two hours it was really uh oh and 48 minutes but i think everybody will listen to it actually enjoyed it and it got better as it went along although i might be biased in seeing that so let's know if you like the longer ones or the shorter ones i will take it into consideration that i too i'm sure but we are not gonna promise anybody anything other than good content good quality and maybe some entertainment yeah yeah uh oh i did get one

thing that i know i must mention we spoke about wigton for a little bit last week and john jackson and the whole thing right yeah so big up to i won't get the person's name exactly correct. Big up to this person who DM'd, the social media person told me that they DM'd Instagram. I'll read the message out. It's kind of long, but I'll read the message out. Hi Randy, I listened to your podcast recently, episode three. And for the record, John Jackson's last speech on Wigton is questionable. I'm paraphrasing your card. It's a question. I think there's a bit of a typo there.

Why? I don't know. But the fact is that a list of the board of directors was provided in the prospectus. Kindly refer to section three of seven. And that's page two, if you're looking at the pdf um what they're saying here pretty much is that last week i said that we did find it kind of weird that the girls weren't included in the prospect in the prospectus correct but this person has reminded me and they are correct and the person is dice eight seven six thank you dice eight seven six i don't know who that person is, but thank you for the correction.

That, yes, they are included in it. Moreover, I feel dumb making that mistake because... Yeah, to be honest. Yeah, that's a dumb mistake for me to have made. Every prospectus must have in... The directors. The directors. And they do have the directors in there. I'm looking at it right now.

If you have the PDF of the prospectus open, it is on page 55. Well, if you're on the PDF, it's page 60 of 179. But at the bottom of the page, it says physically page 55. And the list, they start listing Oliver Holmes, Nigel Davy, Hugh G. Johnson, Gregory Shirley, Georgia Gibson Henlin, and, of course, the one that John Jackson kind of made half reference to, Jacqueline M. Stewart, and I messed up her last name. I think it's Leckler. She's a JP. She's a managing director of Stewart's Automotive Group of Companies. She's many things, but also, and I'm reading from the prospectus now,

she is also the chairman of the Financial Services Commission and a board member of the National Education Trust. They said it in the prospectus. That's where my issue, my issue with what he was saying grows deeper with this because at listing,

we would have seen the prospectus before listing and no issue was raised with her being on the board. So now you're raising an issue afterwards. I'm not sure you're sure prospectus before this thing and no issue was raised with her being on the board so no reason an issue afterwards i'm not sure you're sure what you're trying to get at what the issue is really yeah well i mean i kind of hinted at it in the last one i'll be a little clearer now in what i can say and i'm still trying to walk a careful legal line,

my personal belief is that... Let me leave it. Let me stay. You can't get in trouble for something you never said. Yeah. Let me say, I still think that John Jackson should have spoken about what his actual issue is

and not try and tie it to Wigton's performance, which is what he tried to do. And I trust that the management and leadership of a publicly listed company is being done in a way that is legal

and above board. And I am almost 100% sure that Wigton, because of the amount of noise and attention around it, with it coming from the government and all of that, they could not screw that up. Yes, I'm sure if there was any true conflict of interest,

something would have come up. And even if there isn't, the fact that John Jackson said it now, I'm sure because it's out there. Wigtown, I hear you talking about Wigtown, because it also becomes political. So you know if one party does something bad, the other party would jump on it immediately. Especially for Wigtown, because Wigtown, Andrew Holness, the Prime Minister,

started talking about Wigtown as part of the, what do you call it? Something about making people generally richer. You know, having us be better if we can all have more money. And the other party, I'm sure, would not like that. They wouldn't like that claim to go to them so if something was wrong they would have jumped on it immediately um i trust that if something is wrong i'm not a lawyer i'm also not an investment expert that denies neither those things either

he's not an investment advisor or anything so we don't know but I trust the audit report and I trust the general corporate governance I trust being listed and I trust or rabbit political parties to not allow the other one to anything wrong and they don't become a point so I know something's a problem there is going to be a problem I don't see why John Jackson did or he did I think he could have done it better I rate him I won't stop rating John Jackson but I think he could have done it better definitely yeah again John Jackson I saying I think he could have done it better. Yeah, definitely. Yeah, yeah, yeah. Again, John Jackson is saying it. I'm being very plain.

If you want to come on this podcast, I am more than willing to have you here to hear your views and your voice. You can tell me to shut up to my face. No problem there. I don't have an issue with having him here. You're fine with having him here? You're fine with having him here? I'm fine with having him here.

I don't know about being told to shut up to my face. No, man. I don't mind that. I don't mind. I'm respectful to everybody. If you feel like, listen listen i'm doing a good thing here and you don't know what you're talking about john jackson is the expert yeah definitely yes you can knock him um yeah big up qw i went to ulysse right john i will be buying shares oh yeah actually the issue that they had with qw i with fSC telling them about they need an independent third party

for the management, I don't think that's a sensible issue for FSC to take. If you look at, there's a company managing its own financials with anything, any venture they're going to, any investment they're going to, they don't need an independent third party.

So is it a publicly listed company who need it? I don't think so yeah let me clear I see no laws barring this all right yeah I know people are like I am lost already context first of all I won't say her name let me keep it quiet but because what people give me like deeper feedback right so or people say randy you have to explain everything for everybody all right make some people catch up on them on and i get that but this one i think deserves explaining uh quick explanation jam t's jamaica t's is a company that has under it another company called qw you know last week we spoke about with burrito company one company two in this

week jam t's company one and jam t owns another company within itself called company two. And it's called QWI. What does QWI stand for? I don't really have a name. I think when asked what the name means, John Jackson said, anything. We just picked three letters because KW was taken. But you can call it quality wealth investments. I like that.

But I like that he's open at it. I don't really mean it. Yeah. Anyway, Jamty, no big tangent, sorry. Jamty owns QWI and they have been very open about the fact that they're going to list. They're going to attempt to list QWI and the Jamaica Stock Exchange. And I don't want to get this part wrong. So I'm quoting from a Jamaica Galena article dated July 3rd, 2019,

where they speak about the issues that they're having with FSC. I'm going to I'm quoting from a Jamaica Gleaner article dated July 3rd 2019 where they speak about issues that you're having with FSC so QWI is on the effort is under jam T and they are an investment company so jam T put a lot of money into it then sell them supermarket I think I'm put the money into investments very smart move higher margin business right before the tax break on you and they want to list that company on its own qwi is a company that owns shares and we are buying into the company shares that's all apparently the fsc has decided or i shouldn't say has decided that's where you get in legal trouble apparently the f, the Financial Services Commission in Jamaica, seems to have been under the impression that QWI needed a dealer's license or equity dealer's license.

Yeah, they need somebody with an equity dealer's license. But for them to, I don't know what what the fact that they're listing on their own shares they need to have a dealer's license for that that doesn't make any sense it doesn't make it sense to me at all yeah it is a senseless idea essentially they're saying that if a company has to own shares they need a dealer's license yeah you know many companies on the stock exchange own shares it just just randomly imagine when i'm listing my company yeah and i hold it through a holding company does my holding company now need equity to use license that's dumb it's actually it's just it's just illogic yeah yeah if anybody from the fsc wants

to come and counter this and tell us we're not liars feel free to come i will tell you that you're dumb to your face i'll be nice i'm not a rude person but i think that um i think the the idea itself shows a lack of logic yeah i think our lack of understanding in whoever is telling whoever was telling jamty that they need to do what do this i want if they understand what it is that they're saying what are they saying well do that that's a weird thing because i i lawyers. Don't they understand the implications? What's a legal term? Precedence? Precedence, right?

The precedence of if you set it up so that a private company owning shares or being a company that holds shares being listed and being bought into by the public

needs a dealer's license, then every single company that owns shares that wants a list will have to get a dealer's license. And then private companies will ask, that's just a duck. Just think about it, you know it's dumb. There's no reason to need it.

Does Deremon Trading need an equity dealer's license to hold CFF shares? Excellent question, right? That's Caribbean flavors and fragrances. It's a dumb idea. It really, really is um i don't know how that happened so i think that there was some eruption in that well again i don't know what i don't know what happened i don't know john jackson i don't know anybody at fsc so let me

speak again from the glena article again dated july 3rd 2019. it's saying i'm halfway down the place qw i will trade as an investment company but it is not a registered securities dealer my food that's John my food yes John my food who is a director managing director of jam T and also obviously principal shareholder yeah and also definitely obviously a huge part of QWI yeah although I think the actual chairman of QWI is funny John Jackson. John Jackson yeah. Coincidentally. Anyway so the FSC has an issue apparently from this article it seemed to me with the fact that the QWI didn't have an investment license or a dealer's license. No the article says, Mahfouz says

they have not approached the financial services commission for a dealer's license and he doesn't believe qw needs one as a company will be trading solely for its own benefit and not on the behalf of other investors exactly exactly the investors own a piece of the company but the company is doing this thing for itself yeah there's no way that that needs a dealer's license i wonder if they they thought they were taking precedence from mje and select funds with the fact that they both have independent third parties yeah but they don't need it they don't need it exactly so even select f doesn't need a third party they've chosen to do that for i guess their own benefit that's another

thing well i said i think sagicore is doing that because it's an easy way to make money yeah they make 0.5 percent percent of something they're not that they got your money for yeah yeah and they say it's a good deal because they didn't take one percent huh and it's passive management so you know how that we buy it and it waits yeah that's so nice thing that's like yeah i robbed you of no that's not good let's just grab that let's take that part out i don't want to rob with sagicore so yeah you can leave it in with me saying i don't want to rub with sagicore because i don't think sagicore robbed anybody i think it's good business for them to i think it's good business for them to do what they're doing but i look on it like smart business yeah you're making 0.5 percent every year

of something that other people gave you money for yeah why not it's like it's like in a partner when you have a banker you know what you know partners are there sometimes you have a banker and you have a banker's fee oh yeah yeah yeah the first time i heard that i was like what so i just but you have a hand but you also have a banker's fee so i'm paying you money to save that's like that's like you're evil scott that's like you're evil bank that don't make any sense but people do it it makes sense for the banker hey yeah so in this case it makes sense for the banker hey yeah so in this case it makes sense for such a core to do it for their own benefit which I understand it's passive management but you still have a stake in there but you don't need a license for that but of course

such a core has a license so it don't make sense MJ he has Mayberry Mayberry asset management and so maybe asset management which is which again has its license so that doesn't happen so i think maybe somebody who don't understand it look and say man these these like these similar companies have exactly license first license dealer so you need one you need one too that shows a lack of financial literacy yeah definitely yeah and and i think logic which well i want financial literacy to be higher if this offends you i'm sorry i've just learned to say that thank you um yeah i think it's a dumb thing that they were doing and they're saying um i gather that it has been resolved now i don't like the resolution but since

i'm not sure what the resolution is i wait for them to say but i gather I gather it has been resolved now. I hope that QWI will be soon. I know I'm excited for it. I know a lot of people are excited for it. I know Jamaica Tees is excited for it. Yeah, so I'm looking forward to QWI listing. I'm sure all the people at Jamtee are looking forward to it. You heard me say Jamtee every week now on the podcast, so you know I'm looking forward to it.

Yeah, yeah, yeah. Wait till this guy don't buy any yeah Jam T good point so I get DM'd this every week

especially from people at my grow event they ask a lot about why the directors are selling selling oh yes you have an answer for that

no I do not come on you're an expert tell me what you're thinking no clue right I'm blank on this one yeah I'll be honest with you guys also Come on, you're an expert. Tell me what you're thinking. No clue, right? I'm stunk on this one. Yeah, I'll be honest with you guys also. I'm stunk on this one.

So we pay attention to when directors buy and sell because when directors buy and sell, it usually means stuff, right? The director knows a lot more than you do. And so if, how do I put this in context? If Leach sold half his NCB shares tomorrow I would be fretting I would start to fret yeah

because what does he know that's coming why would he get rid of these shares right but Leachin isn't selling those shares Mr. Leachin is not

selling those shares in fact everybody that can buy them are actually buying them still under undervalid NCB is still undervalid 200 and something today right 200 and

make a bit that's 300 stock in my view anyway uh jam t almost every day or every other day has to report large movements in shares though from a director so they're legally obliged to tell you when directors sell shares because you as a small man need to know it's how to keep the market fair I'm reading one from August 30th I noticed us on the Jamaica stock exchange website so the world five million shares so far Wow so this notice I'm reading went up on August 30 says Jamaica tease Jante has have has advised that a director sold 1.7 million jam T sharesshirts during the period august 29th to 30th 2019. 1.7 million jam t-shirts are a whole heap of shares you know yeah holy per monitor you know how much money that is as in do you actually know how much money it is no no no no this is a little

but that i use on on um on telegram to tell me the prices every days are cool is that very cool tell me the closing prices very very cool thing all so those people who have been on every michael.com and downloaded the stock dashboard you can just put in the name of any stock in that on that front page and it will pop up what the current price is yeah if you don't see the current price hit that red refresh button up top and thank you for downloading the sheet i hope it helps you it has helped me greatly so jamty closed this week at 5.85 which means that this director sold 1.7 million shares which were worth at least today they are worth 9.945 million german dollars why would they sell when they know what's about to happen exactly so qwii is designed it's like value is being brought

by the jam t yes especially in this time heavy value too everybody yeah so why sell qwii why sell jam t knowing that my shares would be worth more? Right? A lot of people are asking if they're doing it to buy into QWI. And I don't think. That's not. Come on. I don't think.

They cannot take a margin on the shares. They can't use the money they have outside. These guys aren't short. Yeah. I don't think. And technically right now, if you own Jamty shares, technically, you own QWI shares. Yeah. In fact, not sure about this guys this is me just yapping they cannot remove the value because I own the

shares and all shares are para pass para pisu if there was a law in the room that would help you be so great how do you pronounce para pisu para pisu para pisu para p possible parry possible thank you I don't know I always mess it up parry possible uh so also there's a power pass which a fancy Latin term that means that they're all equal truly equal which means currently anybody who owns a jam t share owns a percentage of qwi yeah indirect holding yes QWI no directly no you don't own you own it through yeah but you have direct ownership oh direct ownership of QWI yeah sure I mean shares not ownership of the company uh shares are ownership of the company what do you mean

if I own a holding company and a holding company owns a hundred carrier shares that I have an indirect holding of carriers true true you think okay I see you say you coming from a compliance point of view I see what you're saying okay but to me but I'm not a finance person believe it or not guys I really am NOT but but as far as I've been able to see it works equally no definitely yeah yeah so in terms of true ownership it is actual ownership of qwi i say all that to say that we currently own qwi shares even though we don't recognize them ourselves but that means that when qwi lists we either have to

get some shares because they can't remove the value from us they can i have to get back the value well so in some way we do get the value so when oh when the money the money we get is value coming back so we don't have to get shares directly we do get value when we so you know they might throw in here pool for jam t shareholders you know give us an extra pool pool don't matter because that's extra correct yes it's extra valuable the value we get so that's like you have a company we've seen before so when we a company we own benefits a sub company yeah the seller of some part then the value we get is the money we don't lose value because they're running the company at that trade price perfect well the point that the part that he said that was really important was just there he was saying we don't lose value yeah so we cannot lose value yeah legally you cannot be

your value cannot be taken by the company they can't take 10 million dollars out of a company just for themselves give it some yeah yeah it has to be worth something yeah and you have to get back that thing um i get i guess mr berry your boss's boss has broken us bad because he yeah man he gave us he gave us shares he gave us yeah he gave us shares right up front he gave m i l mayberry shareholders mje shares on a dividend yeah on a dividend straight up they call it a dividend in species big him up for that cause someone's made a lot of money yeah um he's the what he did has made me want that all the time so when blue blue paul was doing that with the lumber where we they have so many to give us some holdings of the new company lumber depot then mil mje all over again and you suspect that's going to happen

with blue as anything we're going to get a dividend in speech i don't know how they're going to do it but they say the people as of that date they they're recorded for it and the people as of that date that are recorded yeah man check it man all right i will but go on talk i'll take it record it for it and if you own blue power shares as of that date then you'll be and you'll be getting you'll be entitled to some piece of the new company lombardypo oh no i really hope you guys listened and bought in because we've been saying this one before they did it the date has passed what was that day you don't know i have it now blue pole group limited has advised that the board of directors met on july 11 to consider the payment of a dividend the following resolution Dividend of two cents per share paid out on August 12th.

Record date for that is July 25. Ex-dividend date is July 24. You guys don't know what those things are? Check out my website, everymicle.com. At the AGM, August 14th, blah, blah, blah, blah, blah. They've advised that they've considered the issue of blah, blah, blah, blah, blah.

They do have a date in there. The issue transfer of the company shares into a newly created subsidiary company called Lumber Depot Limited. Very, very inventive. Sorry, new Lumber Depot. To the company shareholders on record as at August 1.

So if you didn't own before August 1, you get joked. I say that now and I'm immediately going over to my dashboard to see if I own any Blue Power shares at all or else I'm just running off my mouth. Rotted cup. Suppose the train missed me, didn't I? And I do own a little bit of Blue Power shares.

Not a lot. A small amount, but enough just to keep me in there. Yeah. Yeah, that's good. I hope I own more back then. I don't remember. I can check that later on. But that's cool. That was a tangent. You're supposed to keep me in there yeah yeah that's good i hope i own more back then i don't remember i can check that later on but that's cool that was a tangent you're supposed to stop me from doing that the original point was where are we kql and fsc yeah or no we are jam t and the director is selling yeah we're doing qw and fsc um jam t and the director is selling

i don't know what is either people dm me all the time it doesn't make sense to me my fear is that they know something that i don't know and so they're trying to get out but the truth is they still own even all the directors who own shares i'm sure still own a lot of shares so they're not exiting they're not exiting they're not saying throw away these shares we still they still have a stake in the company so and empty is still valuable very obvious yeah they might be selling but i'm not seeing where dumpty is has lost any value if anything they've gained more yeah and and guys you know what as much as you see the director is selling let's think about something those directors aren't selling to the air someone

bought 1.7 million exactly thank you this way whenever somebody sells somebody buys exactly somebody sells any seat but you have to know that somebody is looking at and saying here's a lot of value here yeah anybody let me somebody decided on Friday or Thursday that they're going to spell on nine points of million mm-hmm nine points of million to get some of these shares to get nobody buys thinking boy this a lot I'm buying this because it's going to go down now i'm buying this because it's going to go up exactly no well we don't have short in here yet officially so no we don't agree with them so we can disagree with it oh yeah i cannot wait i cannot wait for sharting i'm excited we can talk about that later i want

to know did i actually that once i asked you what would you start right now oh yeah yeah ask me that yeah but but let's stick to the jam to you think so as to whether or not they know did i actually that once i asked you what would you start right now oh yeah yeah ask me that yeah but but let's stick to the jam t thing so as to whether or not they know something i don't know but i can publicly say i'm getting used to doing more of this i can publicly say that i am not selling my jam t-shirts oh yeah so if something bad gonna happen it gonna happen to the whole way i used to be complaining that boy jam t not move it then it moving but not removing moving I haven't sold any shares if anything I think I've bought more since have you I have not bought a lot more but I think about a bit more because I've had a lot since way back when in expectation of this my my APP my average price is pretty low so I haven't pushed it up I i you know what it is the fear of not understanding why

they're selling oh yeah yeah has frozen me i haven't bought because i don't know why i'm like in the queue when i say a 585 and i'm thinking well i can just sweep that up but yeah so guys you know i know some of you think that i know everything or I know a lot and sometimes when I say things like I really don't know I'm guessing this is like a good proof of it I am guessing yes I'm good at guessing because it's an educated guess every time definitely but I am still guessing and so something like this is a great example of earning season meaning the description we gave you earlier because when their next set of earnings come out one i will know which director it is that has been selling you because we'll see

from the top 10 and which i have to tell us and secondly i will also know i will also know i guess by the time the next set of results come out we'll definitely hear about qwq probably going to list very soon yeah i expect it yeah so when it lists very soon we probably will hear a lot more information we'll see i suspect we'll know why the selling has been happening and if not we'll just keep going but the experts like to talk about fundamentals simon had a great little talk about that yeah about fundamentals so we agreed in that we both trade on the fundamentals i know danae does i do the same too we believe it or not we we're all fundamentalists trust me yeah if the numbers are matching believe it or not, we're all fundamentals. Trust me.

If the numbers not matching, then it's not happening. Yeah, man. So we've got fundamentals. If we weren't trained on fundamentals, then the many companies on the market that we ignore, because ignore meaning,

okay, I buy this and I don't buy the others. Then if we weren't trained on fundamentals, there'd be no reason for us to ignore those companies. But yeah, so I agree with Danai. Fundamentals are the thing that we start with But then we pay attention to other things

Market sentiment is a big part of all trading Yes, and you know from the textbooks That you should not pay attention to market sentiment That's not a sensible way to make money You can't make money that way Also can't short-term trade in Jamaica Good luck So, so Jamtees Yeah i mean you meant you mentioned sentiment

so one of the additional things i looked in terms of not just the fundamentals is like what the directors do so them selling has made me wonder why yeah but i'm still sticking with it i believe in the fundamentals i see the value in qwi straight up and i understand the value that qwi can bring to jamt so there's no reason for me to exit jamt but i will admit to being fearful and not going harder because i can't figure out why you're selling yeah so instead i've been going harder on sickness god yeah yeah yeah like i'm like i'm almost at fearful levels for sickness yeah yeah you know i'm at fearful levels.

Yeah, I know you're at fearful levels. Dana is in Cygnus heavier than I am. Can I say that? You don't mind? That's fine. Yeah. Dana is heavier. I'm heavy in Cygnus and Dana is heavier in Cygnus than I am.

So if you don't hear from us next week. The earnings done. Yeah. And funny enough, Cygnus just released something saying that they're going to be late with their numbers. Oh God, I hate that. But you know what? I have been're going to be late with their numbers. Oh God, I hate that. But you know what? I have been loud about companies

being late with their numbers and using the excuse of IFRS 9. IFRS 9 is not new. IFRS 9 is not a surprise. Check Mayberry, they already adopted IFRS 9. Oh, okay. IFRS 9.

You notice NCB never have any late results because of IFRS 9. And they're very complicated. Right. But people are like, yeah, but they're NCB. They have a big problem with that first night right anything so huge yet they seem to be on time yeah yeah i maintain i have no proof of this i maintain that companies will take any excuse i can get they use not all right that then i signal into me not to get anybody in trouble

i won't get anybody in trouble I will get anybody in trouble but I meant it Winston Churchill once said never waste a good crisis I suspect if RS 9 is a good crisis it's not easy all of a sudden all these companies just needed to just the companies with bad results needed to have a delay to get their numbers in order because of IFRS and just the companies that have bad results yeah yeah but it worked out now we're past the hump i said that in relation to signals though that i see it and by now i'm i'm i'm in order to to see companies say oh we're going to be late

because of ifrs9 i see but i still love signals i still think they're just me yeah i don't think ifrs now impact them to the point because it's just accounting the company doesn't change because they account differently i don't i'm not seeing where they're destroyed because i have forest nine so yeah still that company still love the company all right so um on the point of ifrs9 and specifically for signals another thing i can tell a lot of companies when they have to recognize ifrs9 this boring stuff guys i'm bored you with it the accountants know it that's kind of content or google it but essentially most of the companies that have to start it at the point where they're starting they have to recognize certain things yeah usually have to recognize their crappy investments because ifrs then forces you to recognize all your investments

in a certain way um i don't think signals has crappy investments but i would not be surprised if they have to take a hit yeah man so impairment for credit loss blah blah blah receivables all sorts of things they might have to take a hit meaning profit could fall for their next resource the results that are delayed could have a heavy profit yeah it might be much less than the previous quarter yeah and being open obviously i do also think that signals is still great so if they take a hit for the iris 9 then right after that they have i think good results coming one time it's like it's like you know it's like you have an injection you can take the injection 9 p.m at night or you can just start the day and take the injection and move on so this might be them taking the injection funny enough you know I go deeper I paid attention to the dates

uh they said that they won't be able to report until September 13 September 13 oh David you're so good so they're going to report September 13 right uh but Cygnus they're what are they reporting September 13 their end of year numbers yeah audited financials I know that their Q1 is the Q1 ends in September mm-hmm that's so convenient so that results close by so that means that June is the end of their financial year? July, August, September, right? So they're about to, we're now at the end of August and they have a little bit of a delay in terms of reporting the end of June numbers. And they're going to delay until September 13th,

right? All right. Now if you're delaying until September 13th, sorry to bore you with the calendar stuff guys, but this is how you make the, this little boring part is how you make the real money and get people to ask you you so how you know how the price going to move this is how i know how the price can move all i do is do the reading and research if they're going to delay until september 13th right that means and the end of their first quarter is september 30th which they have to report what 15 days later 45 days later 15 to 45 45 days after the end of after september 30th they have to report the annuity numbers i don't like that that means november 15th yeah november 15th but they could go early burrito went early that day oh yeah man

burrito reported in like Two weeks or a week Yeah But and they were I find that funny When there were good results coming Yeah man everybody ready Quick quick quick Bad results come The bread has to get it

Off the shelf It's on the shelves Yeah yeah You know like You have to tell your parents Bad news from school So you start telling them About your entire day

Yeah Yeah mommy you know This morning I just really like Mommy you know I love you I like how you carry me To school every morning And you really care about me Your breakfast nice you know, this morning I just really like her. Mommy, you know I love you. I like how you carry me to school every morning and you really care about me. Mommy, your breakfast is nice, you know. Daddy is lucky to have you in his life.

Daddy, do you know that? You see him look at you like, why are you putting pressure on me, boy? And anyway, I love you guys no matter what. And math is not the most important thing or physics. So it doesn't matter to me or you guys what those grades are oh god big up my periods don't big up maths or physics big up maths and physics yeah nerd anyway so it means that if the end of september is when their first quarter ends and that would be the first quarter post ifrs9 implementation so if i'm assuming that

they're going to take a hit in the profit which already gone june and i'm already going to do them work and it's going to end september so september 13th i'm going to hear about whatever happened at the end of june 13th or 16th i'm looking at the wrong card sorry the 13th is a friday correct yeah the 13th is a friday and it's the middle of the month so my god i hear you getting results yeah and a day too yeah they do it on a friday evening so that you have the you have the weekend weekend so if it dropped the expect monday morning is definitely going to drop monday september 16th why is that date important to me? Ah, I see why that date's important to me.

So, Monday, September 16th is when we might see the first reaction to those results from last year. Now funny enough, two weeks later, their first quarter ends, September 30th. If they report that, let's assume they reported 45 days after the quarter, that means that they reported to us, September 45 days carries us to november 15th actually yes thank you yeah november 15th which is another friday uh but that's an exciting friday oh that's

an exciting friday yeah because i think those results will be really good oh yeah because they're comparing to us so if they make profit you're having a very good time exactly and regardless they are way ahead of where they were last year definitely significantly all the money's deployed and even raising more money to deploy yeah i think last quarter they were like a million us ahead of where they were so yeah they made a million they made over a million us last quarter just in straight up um profit yep yeah yeah so signals signals isgnus is strong. Cygnus is strong.

But Cygnus might have a little bit of a hiccup. What that means, let me talk to the hardcore people listening, just in case. Let me give people some hardcore. If you're really hardcore,

maybe you sell. Maybe you sell. Maybe you sell now and buy back later on. Maybe you sell now. What's the last price that Cygnus had? What did he close that Friday?

David. What did he close that Friday? He's on the that Friday David I get him I bring it up also so I think on Friday it closed that SCI J and these are we talking about here guys nothing else we can bother going to the all others this to the early episode to hear about other sicknesses but SCI J and D is what we're talking about and right now it's at twenty dollars and ninety two cents Wow yeah what was it it was 25 dollars just the other day right wow let me refresh my sheet that's your kind of hit attack my numbers are still good but yeah but that you know that movement look at the feelings you know my heart i feel in my heart yeah now

you're supposed to take your emotions out of investing no no yeah yeah because we're all robots supposed to take your emotions out of investing no no yeah yeah because we're all robots um that's a 25 hit though oh i think that's worse because i'm heavier i don't know i know what to course yeah yeah that's a 25 percent hit see that 235 yeah we're still in profit about 30 is gone wow wow okay yeah wow okay

that's a lot of money to lose lose yeah lose lose lose sorry I said it's a 25% hit

it is not it is a 20% hit oh yeah sounds bad but still better yeah 20% hit not so bad still in profit from it

definitely definitely yeah that's the secret to investing make sure your losses aren't real losses yeah that's right maybe send them to the oci yeah maybe it's in the profit to this oci yeah maybe it's such a terrible company especially mje i know right doing so well that's the issue like the problem is they do too well yeah they're really really really good bad company they make a lot of money that doesn't count um i was just looking for something very significant oh epley because i refreshed my sheet and i do own epley guys that's all i think people ask about epley properties

caribbean fund yeah randy you're biased because you never say nothing about him i never had anything to say about him yeah you know guys you guys don't get raised in a loving family as a loving family i was told if you don't have anything good to say say nothing yeah it's fine and not even that they're bad it's just it's not my cup of tea i understand that going forward i'll have to talk about everything regardless but the most important thing for me the eply was that they're essentially every property caribbean fund caribbean property phone whatever was a it's a real estate fund from the eply guys but through their barbade and arm and

they're looking to buy like they're revitalizing some old older company and they're buying new assets and doing good so for them those guys don't remember they've made a lot of money for a long time I i trust them for that but uh i didn't buy in and i probably won't ever buy it i'm not a huge fan of real estate maybe one day so something like this i have to see an opportunity yeah generally my idols go over it but the real value for me is that management fee line on newer property so they raise the money buy more property so there's more property in the fund they're getting a management fee line to happily right word i play the actual other listed episodes

so what i do what i do is i have a play because i just wanted to keep track of them so if i buy it it forces me to keep track of them. And I figured it was a rich people club. I mean, I'm in profit. It has been a rich people club for a long time. Yeah. Yeah. It's been a rich people club for a long time.

So I bought a thousand Epley shares a long time ago. Back when they were very expensive, actually. Very, yeah, man, of course. At one point, Epley shares were like 3,000 Jamaican dollars per share. Wow. Yeah. They are the epitome of money. When they split on hell for how long oh my god yeah those guys we just they're like we're in no rush we're in no rush we're first of all them lists and emilis at the price that they

allowed what i'm saying they did something where they're like you know this is the price that the original people paid so we have no reason to list below it boom you get it they get it that's rich people talking about you they do it or you don't do it and i don't care yeah so apple did that um i know that they've kept it eventually split the shares are a lot cheaper now i'm doing air quotes for you guys who can't see me the shares are a lot cheaper but the value that they bring is very you have to know what apple does i think of apple as a as a rich people club. Very few people buy it, very few people get in, and they make their money the hard way.

They make their money the rich people way, which is top end. So like in New York, like you said, they have a line, an expense line in Epley, Caribbean, whatever, where they get money from that, no matter what happens to that company. Second, interestingly to me, I remember reading long ago about,

yeah, here's a tangent, guys. I don't like to people suffer my personal life so I want but I know a building in Crossroads because I remember from it as a young kid and the the I used to have a barber in there actually and I remember seeing it it's an actually a part maybe a historical building I don't know but the point is I remember seeing it in newspaper a long time ago because at the time epley the jamaican epley was buying it and revitalizing it i thought oh that's cool i know that building blah blah blah blah the only time i've heard about that building since is recently surprising to me to see that epley property fund whatever is buying that building but i don't remember seeing any mention

of who was selling it. But I know the last time I saw it, the person who bought, the company that bought it was Epley Jamaica. So I wonder if they still own it and if Epley Caribbean property, whatever, is buying it from them. Now, that's a bad thing. That's perfectly fine. It just says to me that Epley Jamaica is about to make a lot of money.

Because they're now listed also, yeah? Yeah. And I should give them the respect that they deserve. What is their stock ticker? E- y ep no no i know i know what apple is stock to pay is what is the caribbean property fund cpvf that doesn't make it really yeah that was right say it again cbv f i think cp v f caribbean property value fund CP the F cab a property by the fund is that ECP via I think there's a in there I hold on let me get to exactly right I'm gonna check in to make absolutely sure she don't know I wouldn't start at you I wanna call it a platter I wondered CP CP fv okay CPF oh yeah yeah what did that what was their IPO price why you can look that up

on them because right now as of today the end of August they are listed at per share you see something just immediately skip from me I saw no I getting old prices 46 18 46 that's what that's what I listed at yeah 46 18 that's not bad CPVF closed. PVF closed at... Why won't it show me the price? Why is it doing this? It's like my sheet just don't like Epley. Caribbean property fund, whatever.

Anyway, I can look it up the hard way. They closed at 48.11. How much is that? 46.18, I think. You think? are you sure 46 18 yeah i mean if you bought into that ipo you currently have made a whopping total of 4.1 percent 4. percent four and one eight percent um congrats first rule of investing is to not lose any money so congrats for not losing any money and i think something like a caribbean property phone let me give people responsive information

something like this is a i hate to say long term a nice material long term thing don't expect this thing to be blowing you out of the water right now but expect it to continue to give you a nice material long-term thing. Don't expect this thing to be blowing you out of the water right now, but expect it to continue to give you a nice, steady, small growth over the next however long. Yeah. Yeah, it's cool. I'm happy for it. I want more things in the market and I'm on record as saying I want every company to list.

If I have it my way, every single company, except mine, would list. But yeah, I like the openness. I like when people can participate. Epley itself just did a dividend. Epley's currently at $16.09. I don't know what the dividend was, but happy for that. And that would mean that I am in profit still.

So I don't even actually care about profit, I don't hold enough to care about, but 16.09, not bad. Not bad when I look at my price. Let me actually tell people how much money i've made and not how much money my percentage gain and every has been oh my not bad 39.7 percent nice no it's all right i lost for a long time close to mine around 12 dollars 12 dollars is the average post split yeah my average my average is 11.5252 I don't hold it for the money I hold it to to see what they would do but no is actually a good time I would have thrown money in there if I was retired I turn money in there the other day when

they when the current property funds because I know they spiked after that because the industry figured up figured out that they could I'm going to pause one second cuz I smile up then I realize I use interlock this episode or you can keep talking what else you like in the market what's there i feel like there's something on our list oh thank you for the feedback the people who said yeah we like it but sometimes we feel lost you know if you're like some kind of a guide i'm thinking it over i don't know if i want to give you like a straight up guide because again this is not owen james report big up owen james but it's not owen james report but i don't know how deep into guide i want to go

but i am okay with people not being lost i know people don't want to be lost i don't know how deep into guide I want to go, but I am okay with people not being lost. I know people don't want to be lost. I don't want them to be lost either. So we spoke about the Jamty director selling. Here's a cool point you can talk about while I look for my charger, something that you can't enter the JC game. Oh yeah, yeah.

I can't enter. I work in the industry, so I'm barred from that game. But a lot of people get a lot of experience from playing the game they're well yeah i'll just say it straight i came third and fourth in that game last year everybody except jc acknowledges that jc jc just ignored the game and ignored me um and there's a first second and third place prize i'm playing it this year but i'm not paying as much attention because i'm a lot busier but i still want to win it i'm very competitive at times so i probably i'm going

to win it or come first second or third or hopefully all three and pick one but that game is important because that game allows just like then i said that game allows you to learn a lot of things without risking any money the jc has a game i think the jc isn't as usual not very clear i stopped complaining i just started fixing let me put myself under accountability guys if you're hearing this and i don't have a blog post up on every michael.com talking about the jc game and giving you instructions on it at me on twitter and ask me where it is and when am i putting it up um i'll do something like that for it in fact i think i might do every michael version of that game meaning you know just just just just straight up hijack it yeah yeah i'll put up a list

you enter your username is on the list and we track the every make of people who are listening and actually playing the game so no matter where in the jc game you come we're just competing amongst ourselves i'll probably give a price for the winner i don't know a thousand shares in something or some money or something i give people i'll come up with a nice prize or two first second and third and unlike certain institutions i will not ignore you if you win so i'll come third or come third you know no matter how much you flame them on twitter and i will not body up for that like you're don't like if you win you win so if you don't see it hold me accountable to you let me give you something i wonder a little bogarting thing i give somebody some thousand dollar credit big up credit big up

did you sell please list not did you sell did you sell did you sell jama dollar credit big up credit big up did you sell please list not did you sell did you sell did you sell jamaica and big up flow for being listed yeah big up cable and wireless my favorite stock that's no longer around on the market uh yeah we got the jc for that so what else ssl vc drop the numbers how you feel about that so my issue is the other income so two of the two other portfolio companies are only profitable if you add our income line right without our income line they better last i think so that might have been that might have been load because i was throwing the charger to bam you got the bam production studios

i would like to know what exactly the other income line represents, what income it is for the companies. So I think SSLVC needs to give us more. Bring in the beginners before you go that deep. So SSLVC released their numbers, right? Yeah. He mentioned portfolio companies.

Yeah, so they are VC company, venture capital. They find companies that are just starting or at some level in the starting stage and they invest in them, take our equity stake and give them money. Usually, VCs invest anywhere from 5 to 15, so 5 to 25 percent in a company. SSL took almost half. Yeah, in lots of the companies they have. So, they validate the companies they companies so they give us company

reports but they don't break out exactly every line item for the companies i would love that and i would like to have an explanation of what other income is for these portfolio companies yeah so essentially you're profitable because of other income and i don't know why so i don't know why you're profitable in each of the portfolio companies, or is it SSLVC itself? No. So, Muse isn't profitable. Blue Dot and Bar Central are profitable because of an other income line.

So, revenue is X, expenses are X, and they have a large other income line for both of them. Wait, say that again. So, Muse, Bar Central, and Blue Dot. Last time I'm doing this for you guys. nine for both of them wait what said it again right so muse all right news bar dot bar bryson bryson and blue dot last time i doing this for you guys muse 360 is or was is is an advertising agency kind of like lab um but not as big and obviously not not directly listed uh and they're they're under ssl vc ssl vc owns three companies. Muse 360 is one of them. The other one is Blue Dot Data.

I want to get it right. Big up Laren Peart, the CEO of Blue Dot. So let me get it right. Big up him company. I need to hear it properly. Blue Dot Jamaica. Blue Dot has a whole heap of things going on. You know, like a regular person.

If you listen to this, they have a product called Blue Dot Communa. Free ad, Laren. Link up for the free ad run my dirty money um free they have they have a thing called blue.communal where essentially they want to get everybody's opinions you know like surveys but they pay you for it so you can get paid in you can get that bank transfer you can get i don't know i i don't know the details but check out blue.ja.com and you can find out what it is they talk to you

about blue.com you know blue dot is a is a market research company and in the last portfolio company under well the last of the original portfolio companies on the sslvc is new 360. no no no we said news right is bar central yeah which is uh merchandising company or something like that is something in the liquor and distribution definitely and working directly yeah so bar central revenue generated for the quarter was 90 million cost of sales 88.2 million administrative and general expenses of 37.2 million. So that's immediately hits you as okay, that's a loss. And then they make it up with 44.4 million

in other income. And they don't know what that other income is. Do that, revenue generated was 18.6 million. Other income 21 million.

Direct costs were 15.4 and administrative and general expensive 21.6 so again it's profitable because another income line is there yeah i bring the beginners operationally profitable yeah man i bring the beginners again it's like everything in the business look like it making a loss and then amanda's writing miscellaneous and that miscellaneous amount is so big that it allowed a net profit it allowed profit to be made and you don't tell me what the profit is you don't you don't tell your profit but they don't tell you what was miscellaneous so our income they haven't

explained what makes up other income did you read the um interim report as in the manager's section did i tell you would they tell you what it is oh that's where you know that's what i'm reading yeah okay because you know we've spoken about ignoring that part a lot, but you're right. That's it. I've seen it right here. They speak about... Yeah, that's...

Boy, SSLVC disappoint me every single time I look at it, boy. I don't know. I need some accountability. I need to know what's happening in the company. If I can own this company and speaking about ownership the company the latest of the financials has a company halted so you can't exit you can't buy so you're one of the companies not on the jc yeah you can't you can't trade on the jc you're stuck because they're because they're suspended because they didn't meet the jsu rules

spend it because i didn't meet the jersey rules yeah you know that their their mandate ssl venture's mandate is to fund grow lead jamaica oh okay yeah you've been failing at that right now it's embarrassing actually honestly they found it they have they i mean they have they've given yeah they have 103 not that bad right 33 percent they're a good portfolio in a bad year yeah they're a bad portfolio in a good year christ uh yeah so they just need to be more open i need to be more open with all three of the companies and i have said that for the very first time because of SSL VC I don't trust an unaudited report yeah yeah I need an audit to tell me that this is right this is right yeah and even then boy I don't know I can still kind of look at it away

but I trust the auditors because they have such a heavy responsibility on you yeah you just write in a line I don't write in a line I'm not saying that they did anything illegal I'm saying that I need to know I need to know what that thing is. Because think about it. If you, when you form a company, you listed, you have to tell people what it is that you do, right? And these companies say what they do.

So I told you Blue Dot is research. You know, the other one is a marketing company. The other one is a merchandising company. So if you make any of those, your main thing, I'll use Jamtea as a fourth example, Jamaica Teas, they tell you what they do. They have Jamaica teas they make actual teas which are selling Jamaica and overseas this have QWI the investment company that they've got that they're

on and they have H my food and sons which is their real estate that's what they make money I might forget anything they use other supermarkets over the habit in America all right and I've said the real estate cool um these guys well you know the three things that they do so if they do if they make money other jam t again using the jam t example if jam t makes money from anything other than investments real estates or selling tea that goes to other income and if it's big you have to say what what it is because it's like yo what is this new business that you found that is making you so much money yeah i need to know what what that is these guys just say oh other

income some other money and yeah don't worry about it yeah that's that's crazy that's crazy to me it's crazy to me and it's and and the funny thing is there are no amateur outside of the guys in the portfolio companies i don't believe there's anybody involved in this that's new new to the marketing and yeah so um please do questionable do better yeah do better please there's no excuses for it literally no excuses for it uh any other business anything cool coming up you starting a class today everybody has a chance no no i'm not starting i'm actually a terrible teacher i can t i've taught CXC maths well Anything else? I think I failed pretty heavy So I'll still take the teaching for now

I used to say the same thing I am on record as saying I hate teaching I taught for a little while I taught primary school I taught all levels of that I also taught a little bit in high school But I taught primary school

I used to go home and You'd hear them in your head. The house is silent. Sir, sir, sir, sir, sir, sir, sir, sir. Jesus Christ. I mean, I'm cool with kids. I love kids. I'm great with kids.

But they made me hate kids. And they didn't do anything bad. It's just that they wear you out. And it turned me off teaching. I used to do volunteer teaching. So I used to do something on standpipe. That's another set of people where you have to deal with you deal with rough kids different but you don't do your kids rough but them deal with you wake them do with your rough sorry i move so mine you

know you're sick you're six years old jason what are you doing say yo you're not in the money you're not on credit we are dealing yeah but you know i said i'd never teach again i know her i'm at least every month i know i'm not the best teacher so yeah but you you'd be surprised you might actually be pretty good at it uh david had a class david i think he's gonna do another class i'm gonna try and give david some push on his other class the people who went to his class really liked it i remember the girls then but i saw a girl talking about how we went through certain things and david like me likes to talk about um understanding the thinking i think david loves to teach certain things and david like me likes to talk about um understanding the thinking i think maybe that's funny i really think david loves to teach yeah david definitely

loves to teach that that is his post he's all about let me provide some information to people yeah that's like his thing he's like a a source of information so check him out on twitter swinney's next class is at jc night two if you want to hear about learn about stocks and get a start if you're a beginner check him out at youtube check me out also every michael.com but big up david i mean there's more than enough people to teach everybody so let's let's let's try and get that you want to learn learn from me david is a lot different from my um he's not me so he's a great he's a great way to learn other than how i teach because I know how I teach can sometimes be annoying because I know I have a little amount of time in which to spur you to not

listen to what I'm saying but to learn the thinking so you can do it on your own. David is more, he will guide you more in terms of he will tell you the thing that you have to remember. I don't want to depend on your memory, I want with your comments so yeah so you go i want to go for big guys i'm looking at the top 10 for ssl dc again it's changing what i'm doing ssl oh yeah drew gray the farmer, what was Drew Gray there? CEO? CEO I think. Yeah, I don't think he's there anymore but he still owns a million shares.

Or he did as at the third category in 2019. Oh, Jeremy. But he also has signed people trade. I mean, that was a suspension of the shares. Well, I didn't even know but maybe he started there. Yeah, started there. Mike Ramsey, Mike Anadu, and Saradamsey are the fourth biggest at 6 million shares, 1.5% of the company. Gerald Wright, 6 million shares. Cross Grave Holdings Limited, virtually I guess it's Mike Cross Grave Limited or I associated with 6 million again.

Gerald and Paul, 6 million shares. Andy's family, Melissa Green, Paul Price. And Krumar Wilson, Alana Jones, and of course, Stocks and Securities Limited Managed Account, to wrap up the top 10. So the top 10 owns 95.16% of the company, and everybody else fit in the other 4.84%. That's not a strange thing, by the way, guys.

It's very common for that. The top 10s usually own a lot of companies, yeah. So, not really that big deal. The problems with SSL don't lie in the top 10s. They lie in the financials as far as I am concerned personally. Must have something else. I don't want to go too much there. I don't want to give people a long one like last week. CPJs out. CPJs is... sure you know i don't want to give people a long one like last week cpj's cpj's cpj's is um you know let me talk about cpj yeah let's talk about cpj cpj is that good cpj they lost that cracker with the money do you know that they actually have that they have covenants on their loans that they actually broke

they broke it as well as tweets and everything they had to ask the banker for a waiver. So it wasn't that they were asking permission to break it. They broke it and asked them if everything is good? That is a good question and I don't want to try to answer that. I think they were seeking permission. Seeking permission to break it? Yeah, because you know the Loan Covenant, if you have a bond, the Covenant a covenant under it and you can't do certain things like raise outside money, blah blah blah blah blah. Well in this case, I think they want to allow a certain ratio outside of new rates or something.

A lot of those new rates, I think it's just the debt to... The debt of the thing. Yeah, one of those ratios. It's in the... You know, that's a common covenant. So I think they... It's a common covenant, It's a common company and it's usually broken. You know what happened with them.

No, tell me what happened with them. They took a big hit when they bought into a system, a management system I think. An IT system. And then they had to go ahead and write off yeah they had to go ahead and write off, look at the number they wrote off, and these financials are making money I think it's the end of the year right? they wrote off, they had to actually write off an intangible asset 679,713 United States dollars.

That's not a small amount. So this write off amount, I'm using a rate of 135. That means that in these financials that we have, which are the latest ones I've released, they have written off 91.8 million Jamaican dollars because of an IT system. I'm going back to the old system. Yeah, I hear that IT guys are fine.

It's going and done. It's going and done? They say it's going and done in terms of their sales and so on. Sales and so on. I'll respect comments on that. I mean they're the experts of Asia. They're different. I'm just talking from memory. I'll say bye. I have a little experience with how... I know who you are. Yeah, with how distribution companies work. Never waste a good crisis.

Georgie was right. But yeah, they spent a lot of money writing off that asset until he said that it hit them. But as he announces that the gross profit, which is the spirit of core business, the gross profit is, a well down by 2 million. They made 20.4 million last year, this year they want to make 26.2 million gross profit. In real profit, last year they made 2.3 million, and this is US again, 2.3 million US dollars last year. And this year they made a loss of 1.1 million US. hate the last of them even if they didn't have the right half of the city but i said like those are still made a loss and they said that's the system that caused it yeah yeah yeah oh yeah but too deep into it but that that is i think i'm going through a rough time yeah definitely yeah well you know tough times make tough people

make good profits that's goddamn right. I love that. Anytime you see a company going through trouble, I'll bring you back and say, hey, I want you to get through it, but I want you to allow us points, and we'll buy him because we're going to go to great heights together. Yeah. But I think this could have been avoided. I personally, I don't know the details.

I'm not going to say it right, but when I look at this as a shareholder, I'm like, yo, you need to do better. Yeah, you can't tell me, say you're writing off almost a hundred million because of... It was a second time. Yeah, it was a second time. Yeah. Yeah. Yeah.

Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. I personally don't know the details, but when I look at this as a shareholder, I'm like yo, you need to do better. You can't tell me you're writing off almost 100 million because it's the second time I've had over 100 million write-off. Or close to 100 million write-off. Because the new CEO, the current CEO came in because the last CEO's head got cut off because of issues around $100 million write-off. What does this guy have to do? A hundred million dollars right now. In fact, one of the things that he came and he was touting

and he was very proud of was that when he came in, one of the changes he was bringing was this new IT system. So he put his reputation on the line with that one. Yeah, David Nash. David Nash. Yeah, David Nash. To me, like to me, I have a problem with it. And I tweeted about it back in the day

and I still maintain the same thing. I need to do the more openness explanation on it. And I said I need this head to roll, but I wouldn't be surprised if his head rolls because this is his head rolling on him um I think he'll be fine that's why I think he's the he's that ganja doctor he's actually called a doctor Dr Henry Lowe's son I believe that's who it is and we should call him Dr Henry Lowe's son, we should call him his actual name which is Mr Lowe, I'm sure and his actual name is David Lowe Mr David Lowe, and don't get me wrong, you see it in the paint because he owns shares in C4J I love that stuff, I love when CEOs own and stake in these things

100%, that says to me that they're understanding and paying attention to the thing and it matters to them Like I can't lose money lose money and I can gain money and grow with you Grow with your friend Grow with your friend He owns 12 million CPJs Oh yeah That's a nice enough amount to pay him

I like that So Dr. I don't know if it's a doctor So David Law Mr. David Lowe, his company is called Bricks Limited. His personal company. So, Mr. David Lowe, let's have him make a lot of money along with the rest of us. Let's fix this thing up, please. I know if he's burning us, he's burning you. Because you have 12 million shares. So let's try and get that fixed. Anything else you want to wrap up with? Uh, I feel like I'm forgetting something.

I don't remember until we say it. Book there, that's one thing I want to tell you. Get any of that, oh Lord. This week on Twitter, on finance Twitter, J-A, finance Twitter, investment Twitter, they'll be able to talk about whether or not the market is in a bull, whether or not the market is in a bear.

I hear people talking. I should state my view, where I am now. I've been listening to Twitter, they've been talking about whether or not the market is in a bull, whether or not the market is in a bear. I hear people talking. I should state my view, where I am now. Obligatory weekly shout out to Ryan, 5celi and Twitter. We have similar views on this. A bull market bearer like markets move in cycles. And people like to think, a bull bear is also connected to whether or not the JSC is in a bubble. I will end on that point. I'll tell you my view. Then I can tell you his view. I don't think the JSC is in a bubble.

Definitely not. I don't think what's happening now is a bubble. Secondly, I don't think that we are in what I consider a true bull market. You know what I'm trying to see Brandon come on and talk to us about this. Because he has good views on it too. But I don't think we're in a true gold market. I think Brandon has a good view on everything. Yeah Brandon has some pretty good views. You don't agree on everything but yeah he's sensible. He's a good veteran. So he, I won't say he's not out of it, that's just my view of it.

We're not in a true gold market because I see a gold market this way when that market rises to its true potential and it achieves a sort of steady base right so you rise and you just steady base and you run along that way sometimes it rises sometimes it dips and market really rises and dips good and bear but Jamaica has been depressed for so long that what's happening now is not a boom, but it's not a bubble. I used the example on Twitter of a man who had no money, born and grown, object poverty. Straight up poverty more like it. He would really own up. He would get to 15, finish high school, get a scholarship, go to make our new tech you got you take you finish that you get that you start a business you start make some money buy a house buy a car build up get a family and then one day he said to himself oh wow the bubble is about to burst and i want to go back to the actual public

it doesn't make sense right no he can get really really rich and lose a lot of money but that doesn't make him yeah to lose our money money. Where we are now is not a bottle. We have just been so depressed that we never know what things can get better. We're not even good yet. People who actually look deep at these markets are not even good yet. So I don't think we're in a true bull market and I definitely don't think we're in a bull. Please don't give me an ass what it. Don't give me an ass what it is. Don't give me an ass if Trump is causing select F price to drop. It is not. Trump has little to no effect on the Jamaican market unless he says I am coming to screw up the Jamaican market. In which case, good luck to you guys. But yeah, outside of him doing that, he doesn't have a direct effect on the Jamaican market.

These companies trade on their fundamentals and on market reaction and market setting, like that I said earlier. What we are now is in a place where for the first time, we're actually getting closer to our potential. So I think we're in a boom, but it don't mean that it has to be followed by a bust. This boom can be followed by a plateau.

I said it, that's me, that's enough preaching from this one right and guess what as the market continues to go up more things come to you and shorting not shorting does shorting allows you to make money when the market is bad so that's what jc gets out of it because even things go back to people who make money you have anything you want to say on this or you want to keep your job My heart is right there. Do you have anything you want to say on this or do you want to keep your job? I completely agree with you.

I don't mean to be a job job, but the people I pay are good ones. But yeah, I just don't think we're in a good market. I don't think we're in a true good market. It doesn't make sense to quarrel about it because people don't always see that way. That's one of the real reasons I like that link up with Simon. Simon again for having me stuck on the rock side of the real reasons I like that I link up with Simon. Simon again for having me stalk Sander outside and having a really good day. A lot of good conversation about it. Conversations about social media and stuff. You can talk. You actually have context when you speak.

Yeah, you can explain things. You can go, listen, what I mean is this and blah blah blah. It makes more sense when you try arguing and start talking on Twitter. But of course, it's a long time right well you're better than me i need to i need more than this again i need to shut up more and stop going for every person anyway what we need to also stop doing is talking in the ears you guys have been listening for a little longer i think that's enough this week but it won't cost you another two long hope you guys enjoyed it i've been randy at party room which i've been Randy at RT Room which has been most of my life Danai, H Danai which has been very recent Thanks for listening guys, see you next week you