Earnings Season - Earnings Season: Episode 9 - Money Talk 2 w/ @5Solae

Episode Date: October 9, 2019

This week Randy (@RTRowe) and Danhai (@HDanhai) bring back the crowd favorite Ryan Strachan (@5Solae). They cover loads of topics including $QWI.ja's IPO response, JSE Bubble?, $SCIJMD.ja, $SJ.ja, $PULS.ja, @NNBoogie's AGM Challenge, investing using borrowed money, Market Sentiment, Investor Fear, a practical understanding of bonds, and a whole other host of things and as usual, the picks they're liking..oh and Ryan explains the meaning of his username. Listen for the entertainment, stay for the information... Show Notes The tweet - https://twitter.com/rtrowe/status/1132009986551418881?s=20 The Call Out - https://twitter.com/guruintraining_/status/1175572883088822272?s=20 The Response - https://twitter.com/rtrowe/status/1175612362738556929?s=20 Mantra - https://twitter.com/rtrowe/status/1175613471179902977?s=20 Dollar Cost Averaging - https://www.investopedia.com/terms/d/dollarcostaveraging.asp SSLVC Audited Financials - https://www.jamstockex.com/ssl-venture-capital-jamaica-limited-sslvc-audited-consolidated-financial-statements-30-june-2019/ SSLVC Resignation - https://www.jamstockex.com/ssl-venture-capital-jamaica-limited-sslvc-resignation-2/ The Late Ralph Chen - http://www.jamaicaobserver.com/business/Ralph-Chen-remembered-as-a-hero-to-shareholders_13460301 Orette Staple - https://www.google.com/search?q=orette+staple+jamaica&oq=orette+&aqs=chrome.1.69i57j0l3.2727j0j4&client=ms-android-google&sourceid=chrome-mobile&ie=UTF-8 Access/Mayberry Board Happenings - http://jamaica-gleaner.com/article/business/20140912/access-owners-vote-status-quo-under-high-security-0 Barbados Stock Exchange - https://bse.com.bb/reports Walkerswood Saga - http://mobile.jamaicagleaner.com/20090422/business/business1.php Barita Rights Issue - https://www.jamstockex.com/barita-investments-limited-bil-rights-issue-3/ Old NHT Article - http://jamaica-gleaner.com/article/business/20171231/no-home-insurance-changes-august-says-nht Shout-outs: @kalilahrey @Michael_LeeChin, @dgwheby, @oswaldasmith, @BrandoAttacks, @David_Coolbreez, Bob from @BAMCast, and as usual @5Solae. ★ Support this podcast ★

Hi guys, welcome to this week's episode of Earnings Season. I'm at RT Rowe, Randy Rowe, and we have Danai Hall at H Danai. There we go. And this week we have our favorite guest. Everybody's favorite guest. The most requested guest sometimes i've sat wondering if it's his podcast or the man himself ryan strawn five soleil that's right great to be back guys yeah i'm having a requested episode yeah world yeah so let's do it yeah we started we decided to just run a little bit um the usual conversation that people are always asking us for so we're starting off nice and simple i guess it's just money talk again money talk with five soleil yeah yeah yeah anything you want to talk about specifically iran are you

going to go through it normally you can do it normally i mean i think the market recently has had some strange occurrences and then particularly when we consider what we spoke about last time had some strange occurrences and then particularly when we consider what we spoke about last time ah very cool to see like what we discussed and what has happened since so one thing was mpc and we're here about the rights issue and i think another thing was scotia and but there was something else that i think i'm missing will come up i suppose during the show it will and i'll check the show notes out by the way it's also everybody who's been checking the show notes i mean they're annoying i said today i did it myself but i know i know it helps a lot of people i know it helps a lot of people with uh with knowing what we're talking about so you know you check yourself that you like you're around to mpc all of us you

know you check the show notes for this you'll see probably the story on mpc what did we talk about the last time around what we said about mpc i think mpc we're just talking about the dividend and the fact that some of us may have missed it and that it's really appeared to be a great opportunity and there were no shares available so when you know when people at us were looking i think i think one of us got that it wasn't me but yeah yeah yeah at this point i can't say nothing because people if it's not you you know it's just me at the night left and we don't want to At this point, I can't say nothing because people, if it's not you, it's just me. If Danai left, I wouldn't want to talk about it.

Nobody's going to confirm or deny, but I wasn't one of the lucky ones. So I know for sure the demand was robust. But obviously, there's a secondary listing coming up. I'm sure we'll know about the form of it. But that jumped out at me as a kind of follow-up. We know what we're talking about, it seems. Well, it would seem that way. I mean, I know you know we know what we're talking about it seems so well it would seem that way i mean i know you don't know what you're talking about but i'm happy that i'm happy that other people could have seen opportunity for that i will you know what i noticed i don't

gonna go too straight into this stuff tell me any what else has been happening nothing big people talking i've seen a lot of a lot of noise now around too so we had our listings until last time we talk yeah yeah what about qe qe that's what you guys call it yeah i still can't qw i also yeah so um kalila's interview with john jackson yeah big up kalila kalila enriquez yeah shout out to kalila kalila's been doing a hell of a job kalila reynolds kalina kalila enriquez reynolds but kalila reynolds apologies the lady soon to be she would have corrected you so yeah she would yeah man i read what she's been doing oh definitely yeah and i read her something man so shout out to kalila you're saying that i think oh yeah man they confer john jackson they confirm what they call it in office qe right so yeah so i'm still saying qw but qe sounds some kind of cool stills but i guess

i guess my observation with it i don't really haven't really been tracking it but it's below the ipo price or close so right i don't think it's below it's below the ipo price i think i saw i see trades below the ipo price i don't know about the closing price but i know i saw something 131s and so and that's below the regular share pool closing ipo price so i wonder why people would sell below that price because and... And the NAV was... even in the ordinary share pool, the NAV was above that price. So if anything you expect it to go up right? Yeah the NAV. So I'm not sure what's happening there. What's your thoughts?

Boy, I mean I'll call it. I'll say that there's a bunch of people who jumped in looking for IPO pop. They've been sitting on day one. Oh yeah. So panic selling. Opportunity for the rest of us, right? I love panic selling. And I tell people all the time, you know, I say,

listen, if you're buying an IPO for the sake of trying to flip it, you're playing Russian roulette with that part of your portfolio. And I said to, I said to, if I buy a nice house,

like I really love the house, why am I just going to put myself through the hassle to buy it, to make 20% on it? I'm paying fees on either side with the realtor, taxes or whatever. You may like a tweet about 20-30% of a minute and say, boy, people give me hell for that. Money man say, I can't waste my time for 20-30%. But why would I?

Why would I take the risk of hard-earned money that I could use money man say i can't waste my time for 20 to 30 percent but why would i why would i why would i take the risk of hard-earned money that i you know i could use and you know go for dinner or you know you know depending on the amount you could do anything right buy tires for the car buy a car whatever you take the money in you buy a stock with it great company and you do your analysis and you realize it's undervalued why am i sending for 20 so it's undervalued well let me give you some context i'm gonna give you some context we're recording this a night of wednesday october the second right so you guys are right by the way well ryan was writing that it if we go off the original ipo price 135 it closed today according to i'm looking at j trader here 134 so one cent below ipo price what's the lowest price

what's the lowest price you mean on the on the queue no man the lowest price lowest traded value it traded at a low today of one dollar and 30 cents bananas to me and you know one thing i said on twitter about it was that and cooper can't remember the original point I came up with, but one thing I said was why the real driver in QE to me was the person who doesn't have any shares. And says, boy, I missed the boat. And I want an opportunity to catch the boat. This company has diverse holdings and, you know,

reputable fund managers and directors. Why then would one not want to buy and hold? You know what I'm saying? I get you, I get you, I get you. Why would you buy it to flip? Because then if you sell it,

technically, what stock are you going to buy into? And this is something that's not in the portfolio. Ah, yes, yes. I don't have a portfolio. There you go. Unless then you're saying to buy into and this is something that's not in the portfolio ah yes yes there you go unless then you're saying okay well i have money to pay on the house and becomes due in three weeks and then you go in the ipo and say all right just put the deposit in and you can pull it out for 20 or whatever risky game but fine i would understand that but if you don't have any immediate need for the money it's

not for any immediate goal or something to do selling like that doesn't make sense so people come to me and that's all the time let's say guys you know what i appreciate you wanting to move ahead in life i'm not the guy to help you there you're not helping a lot of things i'm not the person to help you there and then i use another another example of, well, I can't use that example because everybody knows the way to talk about it. But let's talk about Lascaux when it came out. There's a guy, Lascaux came out at $2.50, the equivalent of $0.25 now. It went to $4, and the guy said, sell everything.

And I said, why are you selling? I mean, we're sold. But I went in and asked him, well, why are you selling? And he said, you i'm wondering i asked him well why are you selling he said you know i've never made money in stock market before and i want to this guy's a businessman whatever so he was he would sell their products i mean that was 40 cents no last go is five dollars ten cents so he asked himself i mean all right fine he made a couple dollars on it but then did he really maximize his earnings or did he take into consideration where the company can go?

That's right. That's right. And you're thinking, let me start the foolishness. So you're saying it's only very long-term, right? Yeah, I mean, of course. I mean, listen, is anybody really and truly

going to consistently take up something they don't want just to say they have it? Suppose you're stuck with it. You know what I mean? I'm sure some people may do that, but who's going to take up... Oh, goodness. Someone's going to take up a girl they don't want

in their life for a long period of time just for the sake of... Well, you know what people do that. You're right. I suppose, but is it really the best way to do it? Not to say I was always above that sort of thing, but I'm just saying, you know, what about people do that? You're right. I suppose, but is it really the best way to do it? Not to say, you know, I was always above that sort of thing, but I'm just saying,

generally speaking, is it consistent with a healthy lifestyle? Maybe not. It's stressful, right? Definitely not. So why am I going to buy a stock, put my hard-earned money

towards a stock, right? That I don't like because I think, oh, it has a little upside. Then suppose it falls. That's true. Similarly, why am I going to hire somebody I really don't like because I think, oh, it has a little upside. Then suppose it falls. That's true. Similarly, why am I going to hire somebody I really don't want in my business? Ah.

People don't think about the stock market these ways. They just think it's numbers on a page. Yeah. It's a ticker symbol. It's abstract. You know what I mean? It's not in any way connected to real life. I am agreeing with you there.

And I want to say you're right in that that is part of what i just followed the night and i would think about the math in terms of real things we think about our custom not our customer we think about our company going to grow we think about the actual company whose actual customers are people have been to grove heard me talk about this we talk about real life talk about what is happening to the people i said i said one of the rules i said to people at the last girl show to everybody was at the last girl what the last thing i said last girl was that um no one of my rules are analyzing a company rule i think number three know what its universe is i define the universe as what it's doing internally what's happening externally with it what's happening with its competitors and what's happening with its region so for example

i give you a good example last year i remember reading something on the 31st of december an article you can look it up i probably put in the show and i was saying that nhd had realized that they have to think ahead for august 2019 because property insurance rates are going to go up and house insurance rates are going to go up you know everybody over nhc loan have a insurance rates are going to go up and house insurance rates are going to go up you know everybody have an nhc loan have a have a insurance have insurance with it right real life that says to me i put together that with the fact that at the time if you're paying attention to the insurance company's numbers insurance was taking a kind of a hit not many were doing good really only gena general accident and um ncbs at the time ncbs insurance company

those are two really good ones at the time and that's from last year 2018 i, at the time, NCB's insurance company, those were the two really good ones at the time. And that's from last year, 2018. I looked on the time, you know, that in August 2019, the rates must go up, which means that, you know, the rates go up, the revenue go up. Common sense. But if you look, if you think of it like a real thing, you're doing good.

But if you think of it just numbers on a screen, it won't make sense. It won't make sense. You literally have to think real life for these companies. So I like that you did that. I have to. You have to think real life for these companies. I like that you did that. If you're looking at the past reports, chances are you're missing what's happening in the company.

If you look at the news, today Ryan shared something about something that's related to MPC because of the renewable energy in the global scale. That's directly applicable to what's happening in MPC.

MPC is investing in renewable energy across the globe. Absolutely. And you know the funny thing with that is there's a guy on Twitter who was saying, I really don't, I'm not very good. I mean, I use Twitter a lot, but I really don't always remember who said what. But the guy was saying, you can't apply the same theory locally that you do overseas when i said but that that's

that's that's nonsensical because it's the same market the same same people instruments trading people they have emotions they have likes they have dislikes the currency is maybe different but in the day it's still the exchange of an asset. There we go. Value. So the same thing you would use to assess an overseas company must be the same measure you use to assess a local one. Now don't get me wrong. Yes, the US market, for instance, may be more liquid and it may not respond at the same rate, or the Jamaica market may not respond at the same rate as it.

But the principles remain the same. Definitely. You know, and I try to impress on people the need to be thorough or have somebody thorough on them. Because guess what happens? We'll always have a stock that bombs on us.

Nobody is going to have 100% winners. There we go. I mean, I should say, speak for yourself. I speak for myself. I mean, no, no, no.

But you're right. You're right. You're not going to have everything that grows 300% in a year. It's not going to speak for yourself. Ask me for myself. No, no, no. You're right. You're right. You're not going to have everything that grows 300% in a year. It's not going to happen for everything. No, no. It cannot. It cannot. It should not.

It can't. And if that, I mean, there was something fundamentally concerning. I won't say wrong if that's the case. Yeah, it would be a bit of a concern. Don't you at least want that the things you win on, you win big because you did the thorough research and you held it for an appropriate period like that I said looking forward to where you think this company is going in the long term perfect medium I used to if it gets there and he gets out true so go ahead

Donna but not those things about time yeah literally which is my thing literally that's my thing I'm always into yo set up your timeline I've always I got into some trouble I got into some trouble for um

I got into some trouble because I went on I went on to say the other day that uh well I got called out I should say

for saying for saying that I I don't know when I became the poster boy for anti long term right and um Simonon simon

i remember what simon used to name guru guru in training on twitter said that you know he's pretty sure he's seen me do a long thread explaining how much i hate long term blah blah blah blah blah and so i asked him to show me the tweet and the tweet was me saying i won't look up the tweet but the essence was me saying long term don't make sense and long term is an excuse that covers things and i stand by because i'm talking about the term long term what happens is when people don't know their thing i i have gone through a rough couple of weeks i'm a little more militant now so i mean you can't take the money from me so i just talk straight i talk straight i know what i'm talking about and i have sense and there's no need to doubt it uh

people know what they're talking about like I have sense and there's no need to doubt it. People who know what they're talking about like Rand. Rand and I invest differently in some things. It's funny because, yeah, because I believe in long term

when it makes sense and I believe in short term when the gain is there. But, and I think Rand more is more medium long and then he'll see short term when the gain is there.

So a little bit of the vice versa, right? But my thing is not to tell anybody long or short term because when we're talking, we don't know. We say long term, short term, and the three of us say long term and it means three different things.

Exactly. Yeah. And I think something that people missed out on, if I remember that thread correctly, is where you said many times advisors make bad picks or people make bad picks. There we go. And then they say the excuse is,

but I'm holding for the long term. But it's still a bad pick. It's still a bad pick. Exactly. And in the interim, when this pick is suffering, you had other stocks that did 150% and maybe that pick that

was depressed for a while would be appealing in light of this new normal when somebody made all that money. That's kind of like Berger for a while. When Berger was $3 or $2 for maybe five, six years. Yeah, it stayed between $3 and $5 for a while and when burgess burgess three dollars or two dollars for maybe five six years now yeah it stayed it stayed between five for a while so when i got in coincidentally it just so happened that oil prices were low so their overheads were fell to the floor yes so they made i think 300 million plus that year that's when it went from three to 20. 20.

and they had an m an MD who reorganized. Exactly. Shout out to my brother, Nigel. No tweet no more about him. Him lurk. Nigel who spotted same time that they reorganized their inventory management to sell off all of the old inventory and run to almost a just-in-time system. Boring stuff if you don't know logistics.

But what essentially means that them get rid of all of the old stock, got the cash for it, and started to run the business in such a way that, yo, things are on hand quickly. We don't need to pack it up too much if we don't need it. Guys, don't quote me if I have that wrong. Blame Niger. If I'm wrong, I'm wrong there. But the idea is

that the MDs switched operations around in such a way that they were able to be a lot more efficient, and they made a hell of a profit. And they moved from, what's Birdrat now? Street, I mean, now it's 1920. Yeah, yeah. From 3 dollars. From 3 dollars. I'm out now, but the point is, it languished. What was the time period?

I had it for three and a half years. Three and a half years. I mean, that's not bad. And still, I mean, there was still a dividend paid that worked out to be about it was, what, 50 cents, I think, on an average price of 5x. More than 10%. More than 10%.

But I think I had a special dividend that was above that. So I have no issues with it. Really? You got a special dividend of 10%? That's a good pay off. That's a nice dividend. Wow. In fact, I'll tell you a story.

The lead in shareholders' average price is $1.80. Whoa. They own more than 5% of the company. Whoa. So when they pay 50 cents in dividends, now that person's yield is about 20 odd, 45% plus on top of capital gains of 1000%. Bunky. That was a distressed buy.

So I said to people that, you know, that's what i took from your thread in terms of the excuses i'm gonna hold it for the long term sometimes it's okay to say listen i just made a bad pick exactly exactly what's the big deal in that i found out we're missing out on that in the industry we already talked about that um we want to go out there and say yo this is my outlook on the stock in x time when time come and this is the results x time come results come out was i wrong was i right and he'll go forward he can he can go for he can at the end of that say boy i was wrong my view has changed there's nothing wrong with changing your views after after receiving new information correct i don't understand what's happening but everybody everybody is fighting and saying, boy, I'm right all the time. So it's a three-month play, and then you look at it, boy, I'm wrong, you know, long-term.

This could happen in the long-term. That's going to hold it for 10 years because. Yeah, just because. Yo, let me tell you the problem with the man and the woman right now, right? And the woman, because there's some women in the industry. Pick up the women in the industries. Always. Here's the issue.

Here's the issue I have, right right everybody wants to get the praise for having improved yeah but nobody wants to admit that they've improved from something yeah man absolutely yeah it don't make sense i found the tweet the tweet i said was i'll cut it verbatim long term in air quotes is foolishness that has been used by long-term foolishness has been used by the industry to cover poor analysis and picks i don't buy long term i buy with set dates and goals in mind 99 of the time long term is just a cover for this was a bad buy at a bad time but it will probably get better in years that sounds like what i said literally exactly what you said it makes sense but i guess if you need to match a narrative you have to say something else sure yeah i just i don't at this point i literally have a

say something else sure yeah i just i don't at this point i literally have to have a look up come to heart with myself i have a couple of friends who say yo hold on you're arguing i feel weird i've made money more money i never thought i could make in ways that is me testing my own theories and they're working and i hear worrying about whether or not people are saying i'm right or i'm wrong when i know for a fact that I'm right and I'm not doing anything magical no Ryan and I differ in that I do touch shorter term things

but I don't aim for short term either I'll say it but I'll say it to anybody who's been to Grow has heard me say it you guys want to learn

about this stuff you can come to Grow but www.everymickle.com let me put my ad in www.everymickle.com this podcast is from everymickle.com that's my website

you want to learn about investing you want to learn my personal methods and the basics of the industry you'll hear it for the people

who are into who have been to ground have been testing me all the time not testing me but you know being in my neck which is what I like

social pressure for me to have an advanced class it's coming it's coming very soon hopefully in a week or two you should have an email and it goes specifically to those people I don't want to drone people over their emails but yeah an advanced

class to hear more of my method but i was talking about my method because my method is this right i use event-based things you see that thing i told you about the insurance coming yeah in august if i don't have no money i have a hundred grand and that and last year december my hundred grand was in NCB and I'm not taking it out of NCB, right? It has to be really good for me to take it out of NCB.

I'm okay waiting until July this year to then put it into an insurance company and I pick which one is the best. It's not my turn to move from NCB to an insurance company now.

But in this hypothetical situation, I would move it there in anticipation of august rates going up matter of fact if i'm very smart i would know this if the rates go up in august i have to check to see when august is for these guys quarters right then we're going a little deeper so now we're looking at august is the time when the rates can go up but let's say august is a it's the start of somebody's quarter. Then I don't worry. I wait because I don't buy necessarily in August either.

I watch it every day though. I don't buy in September. In October, I buy. When I get a little, it's August, September. In October, I buy, right? I put some money in and I wait. Why? Because I know if I'm really desperate

or if I'm really trying to ride it long enough, I don't put in in October either because I know the rules say that they have 30 days for the end of the quarter to report. So that means that end of the quarter, end of October, we're looking at maybe the end of November 30th. So maybe November 20th I buy in.

I think it's 45 days. You'd have like till mid-December. Mid-December. That's if it's a year end. No, man. No, sorry. Year end is 60 days. 60 days if they've chosen.

Yeah. But that's the sort of thing that I'm thinking right now. If I had bought in, let's say I bought in the 30 and I'll give the extra 15 days and then they come out 15 days later and boy, it's good.

And of course, as we find in Jamaica, stocks don't move when the news come out either. Stocks move a week later when Cleaner, Observererver put out an article. Somebody say it on Twitter and they get passed around. So I know that I have them all the time.

You'd see me buy it end of October. And you'd see it rise early December. And I say it rise 20%. And I say, yeah, bought this end of October. It rise and I say, oh, it's short term. So it's not short term. I literally saw it last year october exactly they have more money and i don't have the time to waste i had a bite last year december and

put it on a weight right so i have been working very hard at a poor man level with shorter money because that's just the truth that's that's the thing i post the thing all the time if you have less money you have to work harder you know yeah it's just a simple thing my bertrand ryan i've always known has had a good luck of working with bigger money people so he's had to he can't he couldn't be telling this i wouldn't let's say i have i don't call him by the name i don't get in trouble so let's say well i'll call one name this guy that owns that come with me i don't know if you know michael leach yeah yeah we own a couple of companies together yeah yeah one good guy good guy he together yeah good guy good guy he's been doing a good job he's been doing a good job but yeah but if i if i talk to leeching i'm not going to

tell leech into in december last year to wait until october next year to put the money in no especially at the level of money that he has big money cannot move quickly in jamaica on the local stock market because the volume's not there some companies you just have to be very careful going back to QE if you look at how many stocks that company holds you realize a lot of them are junior market stocks

but the reality is you have to hold that many stocks because not just for diversification but you just literally can't put that much money into any company it's tough you raise over a billion dollars and your their companies on the market not worth that yet yeah yeah and when i'm selling that i'm gonna find somebody to sell it to you can't sell it on the open market yeah we see the same thing with access although that's i don't jump to access it you guys want to touch that anyway let me wrap this point it's a long tangent um let me wrap this point my point here is that

people need to be sure of what their goal is ahead of time. They need to work towards the goal and be honest with themselves to what their goal is because a lot of time what you find is that

they say one thing but they do another. Sure. Absolutely. None of that. Pay attention to what you're actually doing and buy towards that and let me see you do it.

And stop ridiculing other people. Ask them about the results. I know this is the one thing everybody shouts from when we're talking about is results. do they shy away from results i'm not even sure i don't know you know you made a good point and you know i'm not the kind of individual to get in my feelings over the truth right so you said something and i thought it was a very good point you said that if an advisor can't give you stories of their personal successes in the market there we go they have not justified

their standing as an advisor that's right i think that is a true metric to hold persons still but the joke is he just caught the number of advisors he actually got on to a very low number because the actual amount of advisors that are investing and slim and what they're making money even slimmer but a lot of them still waiting on the long term to reach yeah i mean yeah man i've said to ran privately years ago i don't even remember i said to you say yo the way i see this industry this long for i didn't i just i was right in every nickel i've been here for years but i never said i said to ran yo the way i see it in ran is you me john jackson chris berry and maybe two or three other guys i know john jackson a couple of people behind him who do some really deadly stuff i know

chris berry and um what's your boss name then i don't lose his work you know gary pierre i know gary pierre also make some deadly moves in the market donovan lewis man i'd say he's probably yeah donovan lewis is yeah yeah og yeah og og people you're not going to see that in the show Donovan Lewis man I'd say he's probably top of the list OG OG people you're not going to see that in the show notes look it up I'm not going to put that in the show notes that's an OG enough respect every time I said that years ago thinking

yo there's not really that many people I see really moving now that I'm actually doing a lot more with the market now that I'm paying attention to the heavy volumes you really realize there's not that many people because we see each other in the market yeah yeah i know we might play some time and yo 200 000 units of x is out there you know and i go for it but guess what i want to catch 50 so we're gone somebody else move and grab it yeah and it's not it's not a it's not a random somebody because after a while the same thing keeps keeps happening. And two twos, you see a name pop up in a cup.

I remember one morning, the other day, I ran the queue of a certain company. I ran this, oh, that's me. I was like, oh, I'm going to put that same order in. Literally. Yeah, but sometimes he sends me a thing and I say, yo,

this, this, this, this, this can move. And I say, yeah, no, I just, I just, I just, I just order it. And next time, like, I talk into me i think i'm saying oh uh like this this this this this can move you know and i say yeah no i just i just i just i just all right and next time like i'm talking to friends you have a couple of friends you talked about stocks and i'm saying boy them think this look good you know and i'm gonna buy tomorrow i say yo just put in a big order because you're not going to you're not going to get that yeah because because i i know i'm grabbing everything yeah and yo i said that were they about pulse we kind of say go into pulse Yeah. And yo, I said that with the, about Pulse. We kind of said going to Pulse because that's hot right now.

I said that with the, about Pulse and, I had to tip back my top because somebody else grabbed it before I grabbed it. And I put in the order from, must have 4am.

But yes, somebody, somebody just went and grabbed everything at a certain price, everything below a certain price. I had to just hold my con and go above. Way to talk.

Yeah. That's what I go up. So I know the market isn't really heavy enough for a lot of people but the people who are serious about it the people in industry are serious about it they're making money and they're seeing it and the guys who are advisors i don't i still to this day i don't know what to send anybody to i can't tell send the people into rand people have 100 grand knowing so to anybody i mean i started with 10 i noticed anybody but randall at the time for 100,000 jamaica yeah i mean i'm not going i mean whosoever will but you know it's just not time sensitive all the time but yeah and people want to feel like they're everybody wants to feel number one and they should when they feel no more than you

them broker the broker complaints i get i do i can't even stand up and i feel shame for on behalf of some of the brokers yeah i mean, you know, I think we're... Do I really want to go into this? I think the real challenge I have is when people start complaining because it says to me that it's something that should be addressed. Now, remember, I'm in the industry, so I'm still one of many advisors. And I think rather than one getting their feelings about it, we all should

take it as an opportunity to improve and do better and better serve people. There we go. That's the ultimate outcome, I think, rather than talking down about people and all that because in the end that doesn't help anybody. It doesn't help anybody, right?

If I'm talking about people, me wasting my own time yeah i could be constructive doing something making more money exactly so and this is this what we have with the local market is a real opportunity for small money to become medium and to eventually become a large money it's the ultimate to me value creator in jamaica right now i'm sure we've all we've all seen it for ourselves all senior persons i can tell you small money as i said on twitter when i was buying burgess three was 10 grand so i said to people i mean it wasn't always with 10 grand but i said for

every 10 000 it was 60. ah you do that five times you know you go from 50 to 300 000 yeah without doing anything yep yep so yeah the same they've got the same temperament it takes to look on money in your bank account and not touch it because you really could take it i mean technically it depends on what you do if you if you're inclined to go out and drink you you can go out and buy Hennessy, buy the bottle for a long time. We go 16 grand a bottle at Ribby's. Matter of fact, let me pause our point to interrupt Ryan. Say one, big up to Brando Attacks,

our guest last week, yeah? Who sent some shots your way. I'll never hit his bar, but you know, I do my best to do my thing. Yo, one, one, I'll do my best to do my thing and coexist. Yo, one, one,

in the Amalika celebration, one, one, one, Ethan at, at, at Ribby's. And I don't know,

I don't know, I remember ordering one butler Hennessy. That's it. That's what, that's the only last thing I remember. Never again.

Was that celebration recently? No, no, he hasn't been celebrated. Oh, you like to spy on shots though. Oh, wow.

Wow. Okay. Just asking, stuff. Oh wow! Okay, no it wasn't a recent celebration. It was maybe a year or so. It was in the fun days of SSLBC. Who just released their numbers today? I did but I didn't really look very closely my one thought was the admin expenses number was high i don't know 145 million and 320 something million revenue struck me as high i didn't know i really understand that but again it's not something i pay too close attention to ah um they have a new head of everything now i believe yeah zachary harding zachary harding yeah so i think he's ceo for the group you know shout outs to zachary all the best yeah man in fact i i did i did some praise on twitter let me do it here also to say big up to him because i mean as new ceo i've seen numbers now come first of all the auditor didn't resign so that's an improvement right there

and then the numbers himself the auditor put the name behind the numbers so i have a respect for that note and i'm gonna swear to numbers because behind the numbers, so I have a respect for that note. I don't want to swear to the numbers because I only did a light look myself. I looked for that little line in the audit report to say we believe this to be a true and fair representation. So I'm happy that I saw that. But they did qualify it though,

but if you look on his initial, Zachary's initial, I may not have been his initial press release but he definitely had bare bore quotes from him where he said that the audit was ready it would be filed and it would have been qualified and it would have shown a loss and all of that was consistent so i think it was good that he said it ahead of time yeah because there really wasn't were no secrets but i think what would be interesting to say for all of us as analysts is what follows yeah what comes next yeah what comes next yeah i know what steps are taken because there was another resignation of a director that was

announced today today i believe so and there was one there was one last week i'll tell you the name in a second i have it tomorrow wow the one last week I know was... He used a weird name. It was Richard... Richard Forbes. Yes. Richard Forbes. The land of Forbes. But Richard Forbes.

From the news board. Oh, but then you have Cecile Watson. Yeah, she resigned. So you see where... We know what was said last time. We said sometimes you may sit down and advise a boy. You know, somebody left. You know, you heard about the resignation they'd be like

yeah it helps to be on top of things so and people give me a hard time about it because you know what happened now it's like i'm almost the the the dear pastor of the stock exchange you are popular i'll give you that yeah unfortunately right it's not it's not it's not that but i i understand how people do it and i'm glad i'm glad that people now feel okay sharing these stories with me what i want them to do is to come out and share it their own because i say for years i was the only person bawling about it the point that we already know i can't be the cantankerous one always bawling you get me i need more people to say if you have a bad experience with the broker state exactly what i'm telling you put it out there you can add Med-N if you want

you can even add I don't know if you can add the finance to the fee because a lot of them some of them might work for some of those houses some of them

might not want to step on any toes blah blah you can add me you can I'll say it if it's wrong but the worst thing you can do is

keep it secret because when you keep it secret nobody gets help and the person that comes behind you gets the same crap happening to them

I mean I see things people somebody sent me something today saying that they like they ask for a statement from their broker and the purchase price on their QA shares were wrong. And so when they asked, I won't say the person's name, but when they asked about, you know, why was the price off, they literally cut and paste the response and show me. The person is saying, I really can't tell you why. Off the bat right there, I broke up. My rep can't sit in front of response and show me the person is saying i really can't tell you why right off the bat right there i broke up my rep can't sit in front of me and tell me that i don't

want to shame the company here also because you know i need some ads mail at every mclough company you want to put an ad it probably won't put that so it's fine but i don't shame the brokers but you don't you don't you don't tell that to a client you don't tell that client i don't know for something that you have their money you're mad right now man you can't tell that to a client you don't tell that client i don't know for something that you have their money you're mad right yeah you can't tell them that man yeah you have to find answers immediately and then the actual response that they gave was weird was weird i i don't want dicta boys essentially you're saying to me that you i don't know something i come to you as an expert and you want to me you don't know either and then the second thing was that oh that wasn't our ipo we didn't do that one this isn't

this isn't IPO processing this is now me looking at my account so I went by myself to the broker the listing broker bought the shares

got into the thing I am now seeing in my account but the price is off and I'm asking you how it going you going to tell me I don't know

that wasn't our it wasn't our IPO that's why the broker doesn't understand the process oh man like he doesn't understand the process yeah man like he doesn't know what's happening it's sad it's sad but what i'm doing these days is i'm making sure that when i talk i come prepared and i put out one point because i'm not gonna start to hold my problems yeah put out one point and the point stands because there's a proof and you either like

it dislike it you literally don't but i'm not i'm not putting up with it exactly literally i don't i don't i don't really see an issue. For QWI, I really cannot explain the price you paid. QWI was not done through us and possibly my system is not distinguishing between the different costs.

But possibly just use the listing price. Can you imagine asking about millions because this person is asking about a little bit of money. That's rubbish. And then for BIL,

the system will not adjust to the rights issue price. Also, please remember that our average price will also include fees. The system will not adjust to the rights issue price. Also, please remember that our average price will also include fees. The system will always try to average cost prices paid, especially when there is more than one purchase at different prices. Rubbish. Because I know this isn't a person talking

about rubbish. Oh, man. I'm not going to stop bawling until the standard is raised. You know why? Because when the standard is raised, everybody is going to say, oh, look how good we are. Yeah, I'm going to need you to say that as validation

that when we were here, it was bad. And I think the activist investor or the involved investor community is very necessary. I mean, people may say they're pricks or this or that, but they're in America, right?

Yeah. They're in hostels, they're in co-ops. That's right. They are involved. They have the Carl icons and all these other guys. That's right. They are involved. They have the Carl Icons and all these other guys. That's right.

They are involved and they are disrupting companies. And that is why you are public. Yeah. You're not public to act like you're private. Exactly. That's a big problem I have. You sell me a piece of this company, but it's not my company. That's crazy to me.

That's crazy. You don't have that luxury anymore. If you're public, you're public. You're public, yeah. That's crazy to me. That's crazy. You don't have that luxury anymore. If you're public, you're public. You're public, yeah. People are going to look in. People are going to ask difficult questions. People are going to scrutinize

and justify themselves. Definitely. So the call should be for all of us in the industry, because as I said, I'm in the industry, for all of us to improve and step our game up and to take the feedback on the chin and to not get in our feelings about it because i hear

stuff and then i'll be like is it the big boss who said it no there's an underling and not even worth the time let's move on shout out to one of the og minority shareholder activists. Same name, right? Because I know you've had to deal with him before. There used to be Mr. There used to be Mr. I don't want to get the name wrong. Chang?

Chen. Ralph Chen. Ralph Chen, who isn't with us anymore. But now the person who's still with us. All right, Stapler. Yes, Mr. Stapler. Shout out to Mr. Stapler. Yeah, love him or hate him.

He's there doing what more people need to do. Going to AGMs and asking questions. Yeah. On that note, let me big up Boogie who I saw, who went to our first AGM session, went to Jem and B's AGM. Shout out to Boogie. Troublemaker. Real troublemaker.

All the time. All the time. Real troublemaker. I rate you Boogie. I know you're typing this right now saying, at RTRO is saying, I'm a troublemaker. I'm sure you're adding something else to it to make it sound different big up boogie i'm happy for you though but boy you get trouble you get trouble yeah but it's so it go no doubt yeah without personality we'd all be boring there

you go yeah man so bigger but and i big up her challenge so she had she said she's doing an agm challenge so i said let me take it up i'm going to go to an agm and speak publicly about what's happening there and get people involved in the process. Because, you know, you've been to these AGMs, right? And you see, it's very old people. Absolutely. It's like young people don't care. Guys, if you care about companies, you care about investing, find the time and go to an

AGM. I know people say, yeah, what happened during the day, ray, ray, ray. Don't make that deter you. Plan ahead. And go. Plan ahead and go. I'm not telling anybody, if you can do it, you can do it. I don't want to sound too privileged.

I don't want to sound too privileged. I don't want to sound too privileged. But if you can plan ahead, plan ahead and go to an AGM and go to the one company. Those people who only have a small money in one company, look and see when the AGM is. They usually have to tell you

way in advance. So go book a day, tell your boss you have a meeting, you have an appointment or something on the road and go. And it's so,

it feels good because guess what I learned from working in a public company and working for other companies too one the half day you took probably wouldn't make that bigger difference but two when they those people have things to do and sometimes agms they make the time for it if it's important for you make the time for it do it absolutely if you can do it do it if you can't do it i understand but do it please look you might go there see your boss and. You might go there and see your boss, and if there may be a live stream,

like NCB, I think, has a live stream. So you can even have it in your headphones while you're doing your work. Take it seriously enough to go. Because many times you go to these AGMs and you hear the gems that may not be covered in the newspaper, that you have the edge,

that gives you an edge over the average investor. And that's not inside the trading. You just went to a public meeting for shareholders. You went to the right meeting to where information was given

and sometimes things are said way in advance. There you go. That blue power thing was blue power lumber split off was mentioned at the AGM

I think before. In fact, the person who writes it in the newspaper is usually at the AGM with you hearing it and they have to go home, type it up, write it up and if it's like a Wednesday, it probably won't come out until Friday In fact, the person who writes it in the newspaper is usually at the AGM with you hearing it. And they have to go home, type it up, write it up.

And if it's like a Wednesday, it probably won't come out until Friday or Sunday. So you have days ahead of everybody else. Thursday and Friday. Thursday and Friday to get in, yeah. To get in way ahead of everybody. So don't take this thing lightly. Please pay attention to the market.

And the market require active investors, activist investors, people like me who are annoying with them, don't take this thing lightly please pay attention to the market and the market require active investors activist investors people like me who are annoying with them don't like but yo you have to get it right do it anyway yeah do you have to get it you have to get it right and it also requires shareholders who care about the companies yeah man ask the annoying question absolutely which is and what you know and i love this kind of thing so when you had when you had the activity with neighbor access i love seeing that because you know what it said to me the mark is vibrant ah which which may be a neighbor and access when you're back in the day yes we had this story 10 years ago 2014 when you had the 2014 yeah proven well you can't anything before 2015 ran but yeah 2040 i remember it there was there was there's black newspaper coverage at age m they wouldn't let you in if you weren't actually which i don't know how legal that is i think they may have a right to do that i don't know

i think it's only shareholders that are invited yeah So only shareholders have a right. That's why they make you sign the register. But if I'm a member of the public and I'm considering buying into this you don't have a right to go in. You don't have a right to be there. That's my understanding but I know for sure that's why they have the list because I think

there has to be a set number of shareholders in attendance but I could be wrong. Don't quote me. But anyway, so seeing that and then what was the other major issue recently? You had SVL, Mabry again. You had several things that said to me the market's more vibrant. You have shareholders and investors who are involved. And I think that's a sign of a market that's alive versus others that are more or less dormant, that have nothing going on, that you probably have one trade

out a day for one company. Can you imagine that in Jamaica? Shout out to the Barbados. You have one trade per day. You have one exchange, I think it's Eastern Caribbean, that has maybe 10 securities listed. Could be a little more, fine, but 10.

And they don't trade that much much come on you might be buying bonds in those markets oh god you touch bonds so you feel about bonds right depends on the bond i mean i my stance has been for a while i mean going back five years no five years whenever venezuela started to have their major issues. With the PDSA. PDSA. So what I started to do was, I would, I said, listen,

if I'm buying a bond, I'm being cautious. So I'm buying Apple, I'm buying Visa, I'm getting 2%, 3%. But then I'm buying stock aggressively. So I'm trying to get an average return. But I'm not buying like,

let's say if it's overseas, I wouldn't be buying necessarily a lot of finance companies because I thought they had risk at the time but I've been buying like the Googles and the Facebook the companies you couldn't go around and I said you know what I'm trying to get 10% a year if I split the portfolio in half I get two on a bond for argument's sake which therefore means I need an average of eight on the stock side. But remember, it's 8 on 50%.

So it's 16% on 8 US dollar terms. So if you do that, you get 10% per annum or close to. Or a bit 9. So you probably need 20. You hear the expert talking?

So you need 20. You need 20, right? Yeah. So then at least that way I balance the risk because nothing's worse than you go buy all these bonds trying to make 6%.

But the risk is so high and then in default, like Barbados. Oh, well, hold on. That can be risk because nothing's worse than you go buy all these bonds bonds trying to make six percent but the risk is so high and in a default like barbados oh well well hold on that can't be because i was reading on you're wrong because i was reading online that bonds are low risk right right and this is why i said people need to have a discerning mind inquiring mind because you'll hear this popular narrative and i said to people all the time listen leman brothers was an investment grade double a rated institution yep but it disappeared it and i mean as i said in the papers you saw the papers it hit ncb capital markets and jm and reed they got licks because of it let's not talk about mortgage-backed securities with those bonds whoa whoa so it's justifiable as an investment but at the same time are we just going to take

it at surface are we going to try and examine the underlying factors so my thing on bonds is i do not believe at this particular juncture that any and any bond should be bought i would buy government to jamaica because i believe that one government can repay its debt and has been doing so. Right? So if I'm buying any bond, no, I'm buying a country. I'm not... If it's global. I mean, global meaning foreign, like outside Jamaica. If it's local, I take my chances

because, you know, some of the bigger companies can service their debt. You'll have more demand for them coming up. But just getting up now and saying I'm going to buy a bond portfolio... Just portfolio just for bonds no i'm not bonding myself all bonds are not equal no not at all not at all and people get misled and clients have lost money definitely significant when you don't have to when you're done when you don't ask i'll go on yeah i keep i keep i mentioned more than once on twitter that there's an investment host that considers bonds to be a high risk investment you need to have a high

risk appetite to go into even invest in bonds and that house is well informed about about investors have lost money just like oh i'm buying bonds because it's secure i'm buying low i'm buying a low risk investment all you lose money on bonds all the time yeah I give you a classic example in the Caribbean to broke to brokerage horses ago there was remember I remember the situation somebody had petrol train at 140 whoo right Trinidad was the equivalent of petrol driving Trinidad yeah 140 a rated security so you know bonds with him at 100 so i said to the individual new relatively new relationship you know i said hear me now get out yeah because you're up 40 it matures six years or so now fine how are they up 40 percent well because remember the

bond is issued at 100 which is power and it pays back at 100. But through the life of it, it can go up and down. So they got it at a good rate. Yeah, they had like 120 something or whatever. So even then there was downside risk on it. So maybe they weren't up 40% in that case, right? So I correct myself. It was 20% plus.

But they were getting 9% a year in interest. Yeah, that's not bad. Steady, right? Yes, that's good, that's good. On the US. When I saw that, no saw that now i said okay so right away if it redeemed at 100 you lose 20 because you bought the premium but what is oil looking like going forward and do you want to hinge your wagon or hedge your bet on stability in the oil business what year was this like 2012 this is before the price was high

isn't oil was over $100 a barrel yeah man so I said listen cut it was sold what Petrobras 2014 in my yard I I was a couple months into my year. I remember I was up late. I was watching Bloomberg in the morning right before I went to my bed. It was a habit I developed. It was 2 o'clock in my bed. One man said to me,

cut Petrobras. For people who don't know, Petrobras is the petroleum company in Brazil. They had this, this again investment grade rating top petrobras within six months of that fell from about 99 so let's just say 75. because that's when brazil's economy started to get into some challenges yes yes lula was out and yeah lula was the president then yeah but here's a joke no what you had were people it's not like stock investors who want to put in fragments unless

they do it you know me and they really i said listen you know we'll show the rationale you had people who would put in the equivalent of a house in a bond one bond oh yeah man so you can imagine if it's low risk that's why low risk safe someone sell a house in a bond one bar oh yeah man so you can imagine if because low risk someone sell a house and be like yo i need two months yeah man yeah man those are the the clients institutions love yeah man yeah because you're giving me you're giving me double digit millions and you're leaving it for 10 years and then time now interest rates were going down, I think, in light of the financial crisis. So,

bond prices were going to the roof. So, anyway, PetroTrain, as I said, 2012 was sold at 140 something, right? Or 2013. The other day, you know, PetroTrain was at 90, 90

something, like 96, 95. And if you remember correctly, there was a time that the Trinidad recession, government was in a, economy was in a recession. Yes. And there were challenges with repaying the debt and all of that. Yes. Now, can you imagine somebody holding that bond in light of that? There's another big investor, obviously can't name,

who sold millions of us dollars of that bond on my advice okay what this is millions of us dollars millions of us dollars and there's like four people well so what i'm getting at is that again that person was spared the headache of a liquidity challenge just because one silly person said you know what consider the wisdom of exposing yourself to this particular bond in light of the economic climate and let's just forget about theory for a second let's look at hard numbers i don't even know if that bond's been redeemed but it could have been but to my mind has and there's been severe challenges it may be refinanced maybe swapped uh yeah so that's it but for the people who don't know what's going on there i'll simplify it for you when you hear that stuff going on for um

when you hear that stuff going on for a for a stock for not for a stock for a bond that's when you should worry the equivalent of hearing whether or not he's literally the man i'm saying yo we might not pay it back no you hear that that doesn't happen it happens all the time but the common story right now an issue i say how do you lose money on this callable bonds so the callable bond is where the company that issues the bond can call back the money they can say hey i want money right now and they're so they get it at they they take by their money well they take by the bonds and give you back your money ah okay okay but the money they give you back it's at par so it's a hundred dollars it's at whatever it's at a hundred market rate at the time no man so the market rate can be

above par so par is generally oh wow yeah so you bought the bond at 130. Yeah. And they give you power value. They give you power value at 100. Yeah. So you just lost that 30 spread. One time. You can't say that

because it's the terms of the bond. And what happened with the callable bonds recently, a lot of interest rates are going down. So the issue was,

hey, I need some high interest rates. So I see some 7% and some 8%. I buy the callable bonds at 8% because the 8% interest rate, I say it's higher than everybody else and they're 5% and 4% right now.

And because of that, the prices were going up. So everyone with a high interest rate, the prices were going up. And a lot of them got called. Absolutely. Because, hey, I need to refinance because I'm not going to pay 8% a year I'm going to pay 5% a year

just call that back and reissue a lot of people lost money on that I'm going to tell you a next little thing to wrap this bond thing in case people I don't want to bore them too much on your part a next little thing about this bonds thing there is also the I call it the practical lie

that if you own a bond, you're ahead of shareholders in the event of a default. Now, it sounds good in theory. It sounds good in the textbooks. It is true in law. But the reality of business is that enough bondholders

get put out and leave, leave out in the dry. Because when the company wrapping, a company, very few companies die overnight. All a company very few companies die overnight all right that very few companies die overnight

companies die with signs just like people show signs of it they start weakening the guys who own those companies tend to also own a little bit of the debt

depending on the kind of company whatever you see when that company is sinking you think that man is going to make the barn hole like eating money

before his equity no man the expenses start to go up yeah that's been expensive yeah joke and so what sorry we're not talking about what they had the real thing that happens at the end though is that at the end of the day i man only care about my specific money coming into my pocket and so it doesn't matter if you call it a bond return or an equity payment or whatever i know i put a million dollars out and i need if this company is going down i need a million at least a million back and i will i will do whatever it takes to get me my money i don't care if i'm not in the bonds i don't care if i'm i'm i'm doing whatever it takes to get my money the guys who own the companies tend to do this. If you look at how a lot of these companies

have wrapped up over the years, you realize that bondholders, yes, are officially at the front of the line, but there's often an unofficial line that bleeds money out long before. And let me tell you something. Me personally, in a crash situation, I would personally,

and I don't get a lot of flame for this, I personally would rather own 60% of a company when it crashes than 60% of its debt unless the debt is convertible and it can take over the company with it blah blah blah otherwise yeah I'm going equity all the time

at the end of the day leaching has more say than the people who owe NCB money in my view yeah so anybody who owes a NCB bond NCB is not my view yeah so anybody who holds an NCB bond NCB is not going anywhere for any time

right but in the event that you were to fail I would rather be on leeching side which I am big up than to be on the

side of a bond holder because yeah it's the difference between being in the house and coming to the house every day and asking for the money I owe you

yeah man I'm going to pay you yeah man we have this thing working out but I'm still in the house yeah that's that's that's just a simple thing is it right in theory yes in reality follow what the money people and the money people don't necessarily kill off themselves over the bonds the smart money people the shrewd money people don't

yeah fair and i mean sometimes there's robust negotiations as far as you know they can be here in fact i mean there's a there's a classic story locally about that there was i think walkerswood had an issue 10 plus years ago they had that's when i think panjam and and a consortium sorry went in of which panjam was one and an establishment aligned to ray chang rest in peace and others went in and rescue operation i think walkers with me have had bonds outstanding whatever sharehold and i think either i don't know if the specifics of what happened the rescue effort was very successful walkers was obviously in on very strong financial footing no no yeah as a result of there being a head of particular hurdles, there were sizable payouts made.

So those who remained, yes, and stayed, of course, with the challenges. So the point I'm making is, it's not as though, as Randy said, a company is not necessarily just going to wind up itself overnight unless it's absolutely, absolutely critical. And you may have a situation where bondholders are not paid for a while because all the resources the company are being put towards

keeping the company afloat so you have to remember yes you may get your money back you may be a bit delayed to get your money back but if you borrowed to lend i hope you have other means to service your loan exactly so you might be left holding the left holding up or you have to sell something to service your loan because you can't exactly go into the factory seize a machine and sell it yeah so that so with uh with lending somebody money or a company money you are taking on a risk similar to that of a shareholder so because you are assuming that company is going to remain viable so i agree with you why not buy the stock name yeah man it is the difference between knowing the risk from a

book and knowing the risk from real life absolutely yeah when you know business you know yo if i buy i'm gonna use ncb again because i own that company. If you buy NCB's shares, you are taking on the risk of being an NCB owner. If you buy NCB's bond, you are taking on the risk of being an NCB owner without the benefit of actually being an NCB owner. Which is why I say the 20% to 30% thing doesn't make sense to me because I'm taking on ownership risk anyway. I'm not taking it on to just make $2

from $10. I'm taking it on to make $200 from $10. Because I'm not there every day. That's right. I want $200 from $10. I don't want $2 from $10. Because then when I have $12, what am I going to do? You're going to lend again.

I'm going to lend again. You know a lot of people do bonds to that. When the bonds wrap up, there to do? You're going to lend again. I'm going to lend again. Why am I doing that? And you know, a lot of people do the bonds to that. When the bonds wrap up, there's always something new to grab your money again. So they're not liquid.

Yeah. Because you can sell a piece of it, I'm sure, but it's not necessarily going to happen, right? All the time. Exactly.

That's exactly true. And then, the other thing is, if you're talking like the global bonds, you really are not supposed to sell them in blocks less than 100,000. Yes're talking like the global bonds, you really are not supposed to sell them in blocks less than 100,000. Yes, US.

In some cases, you can. But one is not expected to. And there are some specific bonds. And I think some of the country ones, you have to buy in blocks of 100,000 or 200,000. So you are essentially holding for a while. For a while. essentially holding for a while for a while and with with the hope that the owners don't choose all sorts of things that owners can choose like barbados that to my mind is not paying interest in this debt no yeah so i spoke to the barbados finance minister myself i asked her about it

and she said officially nothing i see yeah and that's not what you'd want to hear right but we know barbados has gone through their um challenges they're still going through their challenges and they seem to be headed towards what could be the end of it but look at it this way they are just signing with the imf now people are saying they were where we were in 2009 yep and that's the same feeling i got when i was there the other day it was yeah they're very much going into a a imf thing and you can tell the uncertainty from people like what does this mean and guess what they don't have they don't have a junior market right yeah they don't have they don't have us they don't have

they don't have 2.8 million people they don't yeah they don't they have an active stock market like us so we need to count our benefits while we have them. Use up our benefits while I have them. No question. And I think people, as I said, I know this is a very heavy stock-driven discussion,

but it's important. A lot of people don't realize how a stock market helps a country grow. Because if you have a company, if the only place you can go is a bank, suppose your business

has no collateral, so to speak to borrow how are you going to raise money to grow ah you can have a service business that has no assets on its books but does 30 million dollars a month in revenue it goes to the bank and all the bank is looking through its balance sheet all it sees is cash in the bank and share capital. Receivables, payables. There's no building. There's no loan. There's no factory stuff.

There's no products, no raw materials. They pay rent and whatever. But the people in the building generate all this money. Really, that company is going to have a much easier time getting cash through the stock market. To investors like myself who look on and be like, well, that's a great opportunity. I want in.

Versus the bank, because the bank is not built for that. You're 100% correct. So you can have, and I mean, I know the Barbados environment relatively well. I've been there a couple of times this year. You can have entities that are just stuck at this level and they can't get financing to go to the next level.

So you know what's actually happening? What's that? People from other countries are going there to try and buy. Who? So you're seeing VMIL did something there yes trinidad you had genak buying there yes and it's starting to become a thing the other people there i contractually can't say something but there are other people yeah who are who are active actively actively approaching that market and looking at it as an opportunistic market but I don't mind it because they're

Jamaicans. I mean at the end of the day this is the reality of things. So their version of the stock market is acquisitions. Outside acquisitions. Because you can't engage internal capital because it's not like investors are going to go give a bank a money to lend. So they either have to have private equity or a stock market yeah and as a company grows then you will hire more people and you know some people may come

back home whatever whatever whatever and yeah you're an employer yes so that's how critical stock market is which is why junior stock market again not to you know toot anybody's or ring anybody's bell rather you guys you guys are determined to turn this into a politics no i'm just saying it's it's not to do that but it's just to say very importantly that that development was very important yes yes because again it provided a means to which companies can attract capital yeah that's true 100 so it's all connected big up to everybody who was instrumental in that i'll give two big ups to one to don webby sorry at dg webby on um twitter yeah and um does he actually check his account all right good good guy good guy and i'll allow you to praise the man i had alisha yes great guy

still i am no no when i have the conversations i have i know really respect what he did because i tell you if he tried to do it today difficult everybody would tell us why he couldn't he went through it and you know what the reason why it keeps coming up it's not even politics the fact is people have made real money in this thing yes yes there are people listening to the people listening who've made real money through this mechanism so we need to stop thinking that oh well you know because of politics this is that and the other we can't speak about these things but the fact of the matter is there are people who've gone to the market with 10 20 100 thousand dollars and they're millionaires money yeah and money, yeah. Truth. And yes, people may say

it's privilege or whatever but the facts are the facts. And if you ask enough people, they will tell you. That is the truth. You'll be a big up man like Ozzy. Ozzy did a tweet today

saying that it's his first trade, his first sale, 90%. He made it off week time. You can't knock that. I don't know or care if you want to say all of this is fake real

very the man have some money in him pocket i never have before yeah yeah and guess what wicton is still around still around yeah and you know and you know i hear people speak about ipos negatively and listen and anything in life that's bad or good you can have bad with it you know so they will always be people who will abuse these things i don't deny it or do it wrongly and you know what the market is rational it will do what it has to do but guess what happened unlike other unlike schemes rather because the stock exchange not a scheme you get the information every three months you get business news updates every day yep you get business new papers i say every well wednesday friday sunday well you don't have owen james going on anymore but he's on twitter you have people talking about

every week yeah you know you have financed twitter j a shout out to them you have all these mechanisms around the place now to provide. And they were still going to be skeptical. There was no information about all into his friend. Not friend and company, but his friend and friend and friend and friend and friend. Yo. Big up the CEO. Sorry, I wasn't calling him CEO.

Big up Dre Burnett. Brando attacks on friend and company. No, his friend and friend and friend and friend and friend. People talking about these things. And it's almost like a tight web, but yet still, for a brokerage account, you just need to go into a broker and open an account and do your thing and you get the information.

That's right. In fact, he didn't even talk to me. One thing that was very interesting to me, when I was going to Twitter, I was talking to a friend of mine, and she said, let me tell you something. There's somebody I know who has become a millionaire or following your tweets, and I have never seen a person interact with you. And she went and she said, let me tell you something. There's somebody I know who has become a millionaire or following your tweets

and I have never seen a person interact with you. And she went and she searched and the person has never tweeted to me. I've never tweeted to them. I don't know the person, but they pay attention to my tweets. Imagine that. And that person is now a millionaire.

No, I am not a licensed insurance advisor or market anything. I'm not that, right alright but you can't deny that you can't deny the change. The facts are the facts man as I said information is there for all and some of these very people would love to invest and just nerve us. Yes. And I'm saying listen that's fine if you don't want to invest that's your thing nobody's knocking it but let us who do have a relatively peaceful life yeah man nobody's stealing from anybody exactly let's celebrate each other's success right

what's wrong with that nothing i mean show talk to to to lorenzo i mean said, decent. We're just different on that. And, you know, it's love the same way. So, no problem. Let me hit you with something I know people want. So, what do you think about QWI? Can I ask you about QWI? I'm going to ask you about QWI and I'm going to go to John Jackson. The controversial John Jackson.

All right, let's do it. Which I've heard that. QWI, what do you think about it? QWI, I think it was a great offering. I liked what it represented I think if you're going to get convenience as an investor

it comes at a cost and I think that picks the reality of things and as such I view the investment favorably but you remember I view the market

now as you come back I think we may have spoken on Twitter about this I am not as optimistic about the market growing at this breakneck pace for the rest of this year just because I think NCB could be wrong I don't know how to have any sad information just instincts I think when you see them read jigging the processes

mmm upgrading systems that could have a hangover effect i think this financial year will be better than last year it just ended but remember ncb is 33 percent of the market and you have other big companies 33 percent of market then it may not grow as fast by that token with qe having such a large position in some of these larger companies then one may not necessarily expect it to grow that fast in six months. But then what happened in seven months? Nine months. So, you know, one can either then buy to hold or wait and buy. But I'm the kind of person, if I like it, if I'm going to like it in seven months, I'll buy it.

No, unless it's overpriced. I get you. You know what I'm saying? So for me, when I see it fall, IPO is not surprising because IPO is not a balloon that you just inhale and it pops and, you know, you just get off. You know what I'm saying? So for me, when I see it fall at IPO, it's not surprising because IPO is not a balloon that you just inhale and it pops and you just get out. Someone needs to buy it at that price. That's right. You need two people for a trade to happen.

Of course. And it's 1.6 billion. How many people are going to pull in that 1.6 they're buying to flip? Yeah. I get you. You know what I'm saying? Yeah, I get you. I get you. I you i get you i get you i get you in

fact going back to the qwi and his holdings i mean he holds a significant i'm looking at the list right now in front of me fast rich general accident grace honeybone and rock jamaica broilers jamaica producers jsc it's a nice one anything about jsc i like jc remember i was at the briefing i spoke about it i thought the other day it fell to 18 and we're lucky enough to get some guys in yeah oh that's nice yeah quite a bit at 18. i think i was broke at the time i never got any but i think you know another thing you weren't broke at the time then i were we spoke about it yeah it was around i think it's something yeah and the sequence was also attractive at the time i never got any i never i actually

bought as i told you about scotia at 50 little bit 53. yeah hold on no it's i see it was actually he said nobody is on his side of scotia i mean you know i'm on your side it's cool yeah yeah but i i i see i see something up to and john jackson's on his side because he holds a hundred and ten thousand his average price is 56 dollars and 67 cents no no no apologies that's how much it closed that at the end of um march but i'm looking at his old qwi qwi came out with more with more than one they upgraded the the prospectus two or three times i've been looking at the early one but speaking about john jackson i know if i ask you the hard questions because the guys on twitter think that i'm going to say we aren't speaking about the

thing that happened so the context is that that observer or a newspaper article let me not call any company any company's name a newspaper article came out stating that he does not he has not filed any taxes for about four years and um as a result he is ineligible to sit on government boards and he sits on two government boards uh he sits on the jdic jamaica deposit insurance and one other i forgot no other one dbj yeah um you won't give your views you don't have to give mine because people might say i'm following you let me yeah let me let me go up front um again still don't know john jackson i mean i know of him i don't i don't know him personally never met the man um but i'm in two minds about this somebody messaged me today and gave me so i'll tell you the second thing that i said i'll tell you the first thing first

honestly i don't care same yeah i don't i don't care i don't care so it's not it's not it's not it's not matthew i looked and i said hold on i saw john jackson and say is he one of the listed company it wasn't care. So it's not, it's not, it's not Matthew. I looked and I said, hold on. I saw John Jackson and I said, is it one illicit company? It wasn't. Okay. Okay. Yeah, it's fine.

Secondly, the wording of the article is very clear. John Jackson's response was in it. He said that, you know, based on the earnings,

he wouldn't have to file. And as you know, if you trade stocks in Jamaica, we have no cap gain stocks, so he really doesn't have to file. Thirdly, and this is my personal view, I use an example.

If Jimmy's paint company needs a professional painter, and they hire me, I don't know how to paint, and they hire me. Who? Am I the one in charge? Or is it Jimmy's Paint Company? Is Jimmy's Paint Company's job to ensure that they hire a professional painter?

There you go. Yeah, if I don't hold the paint qualifications, I don't blame me for that. I blame Jimmy's paint company. That's simply how I see it. So it was unimportant to me. Because I don't see it affecting any of the companies that he is linked to.

It certainly don't affect QAA in my eyes. And my personal view is that him leaving those boards, because he did resign from those boards, which is the right thing, I think. It is my view, however, that Jamaica has lost i think yeah because that's that guy's not joke that guy's not a joke there's a reason was invited to the

boards in the first place yes yes i mean i as i said like you randy i have i really have no view on it i i'm pretty sure that he may come out one day and say listen everything is file and current and keep managing the qe investments you know so not an issue i didn't even read the article to that extent i didn't call him why it's not impacting my investment in any company so i just really don't business there we go you know other people you know somebody else can follow up that one but there's neither here nor there to me you have any strong views on it that it no not really there we go i hear other people making a nice vote but what's what's the real issue yeah well i guess i guess we're biased yeah i'm biased towards the money um yeah having having said that having said that however

uh qwi below ipo we said it only started but in my view i I had stated that, I mean, I didn't put a lot of pressure on John Jackson, but John Jackson isn't the only person behind it. He has some strong people behind it. It's just that people don't know them. Malcolm McDonald is a top attorney, top commercial attorney. And I mean, he can speak for himself,

but he's a very clever, savvy businessman. Cameron Burnett is a big-time investor. People just don't know the name of the holding company he uses, and I'll never say it, but it's there. It's been there or thereabouts. Those in the industry really don't know. Yeah. People pay attention to the ownership.

David Stevens, same thing. You may see him on some top 10 list if you know what you're looking for. Yeah. Also plays in the international market very well, same thing. You may see him on some top 10 list if you know what you're looking for. Also plays in the international market very well, I suspect. I believe so. David's a businessman. Then you have...

I'm missing somebody. John Mafur. I remember Jam T previously used to invest at a time when people were not buying stocks in volumes apart from the few names we had mentioned earlier. And they were making money. Yep. And they were making money.

In fact, if I'm not mistaken, I think Jamtee may have even bought some overseas shares. So these guys are very serious investors. You don't do that for five, ten years without knowing what you're doing exactly i'm being competent right so i hear people talk about jackson a lot that's fine a great great person a friend of mine etc somebody i respect highly but that team is a lot bigger than people may think and there are other persons who should have joined the board who could not have taken up invitation who were worth a salt also. So I say a lot to say this,

that they really exercise careful thought in selecting their team members. And I really think they're going to do well. Same. I can't see John Jackson suddenly not knowing how to invest after all this time. After all this time, you suddenly just don't know how to invest.

And guess what? He resigned from two boards. He might have more time. There you go. There you go. Much more time. Everybody reads IC Insider. Everybody.

There we go. IC Insider. And you hear everybody in the industry talking about it. People who are just passive investors, they're talking about it. Because this man knows what he's doing. And they follow him and they make money off of it. Sure. So, proof is in the pudding. That's exactly it. The they follow him and they make money off of it. Sure. So,

proof is in the pudding. That's exactly it. The proof is in the profit. That's exactly it to me. Yo, let's talk straight. The man make $100 million in one month off his portfolio.

Yeah. He caught up to, you've heard industry guys boast about where the mutual funds are this year, right? They're at 58%. They're tracking the market,

blah, blah, blah. I mean, shout out to them for doing that. Yes. First year ever. Congrats. Yes, big up. However, homeboy've been shout out to them for doing that. First year ever. Congrats.

However, homeboy did it in months. What? Months. You know, that's like you learn to run really fast and then you race against Usain Bolt.

That's a QE. Yeah, yeah. That's crazy. In months. And he's in the prospectus. You see the increase in value from one month to the next.

100 million. Just so. You know, he was buying burritos at like $ 4.50 how much now today today 74 or something no man we said burrito touch 90 something today yeah no i traded down you traded down today yeah trade though let me give you i'm interested in the numbers the next second number oh yeah next two sets of numbers yeah should be all right right

i think so i think the only thing for me is going to be well the investment gains and if in and i mean it's we'll know for sure if any of it is anyway tied to the share price because i think quarter of a quarter it may be flat from quarter start to quarter end no i know i was checking i checked out recently it started at 40 around 45. last quarter started yeah ended june so they're done well then so they're done well yeah and then but we have to remember this and if they bought in the shares that they would have had to participate they being the owners of the barista would have had to participate in the rights issue so this court so the rest of us happened they're going to price it they participated

it only makes sense right at the right city price and any difference there so the buying at 45 dollars and say the price is at 75 on the day then they book that gain immediately i see yeah that's cool so that's good so two quarters are seen now so the quarter just ended and the quarter we know yeah that's guaranteed yourself of seed now. So the quarter just ended and the quarter we're in now. Yeah, they will. Profit. That's guaranteeing yourself a little bit of money.

That sounds roughly to me like I want to say I want to say that sounds roughly like about 60 something percent profit if you can do that that way, right? It'd be interesting

to review this and see because if we actually nail it can refer back to it and be like, yo. Yeah, exactly. You know, we heard it first, right? Yeah, that yeah you know we heard it first right because there you go no i it's just it's surprising to me the talk i've heard about

barita and like the responses from people to it and some people have it's almost like they want me to not say anything or they want us to not say anything you raise a point earlier that's the worst part we're not saying a bad thing smart business it's smart business that somebody's doing no does everybody like it some people like it some people don't some people won't do it i i will tell you i don't currently hold any barita shares you're not right now but i'm considering going back i'm not a shareholder yeah but but i was a shareholder earlier and i did i did book a nice gain i did book a nice impressive gain from it and i'm happy that i did yeah i'm happy that i did definitely i don't have a problem with what they're doing it's a it's a it's an

exciting market and we want to see exciting markets we want to market activity that's the thing most of all that that i think pulls everybody market activity because it's more it'd be good to see what to do with the capital i think it would it could be very disruptive and it would be good for the industry what do you think they're coming with or you don't want to say no idea okay they have mentioned new branches new branches so they're expanding the they're expanding the the um the branch network kingston can't be that though i don't think that's the most exciting thing coming from this. Nah, yeah. You know my rule already. Companies lie

and that's in air quotes and CEOs lie but the numbers don't. So companies on the stock exchange can't actually lie. So what they do is they have to speak very, very carefully

and CEOs are the same way. They have the same fiduciary duty. They're locked in the same way. They can't lie to us but they can say something that sounds like what they want us to think they're saying. Not to say that they're lying but sometimes that's how you keep the secret before you go because remember even though they're illicit companies they do have

they do have competitors and right now the competition in the in the market is a lot like the competition back in the telephone sector back in the day right except it's a lot more players it's good for us consumers yeah yeah so i'm happy i'm happy to see what they're having there we talk about good companies let's talk straight into the thing people have been asking about trans jamaica the highway tomorrow is the big day yeah by the time you hear this without you've already found out about the listing details and you know and all of that yeah i think again i think it's consistent with all we've discussed. I think we're seeing now development. We're now seeing companies

raising capital through the stock exchange and the stock exchange being able to facilitate that. That's crazy. So now a man necessarily going to Maypen or whatever, paying his money, he may in part, he may feel like, well,

it's not our loss because I'm even getting a nice dividend in a quarter or something. So it shifts the mindset of someone from just user to owner. Yeah that's a good shift. The only thing I, but what I'm noticing the government is listing big assets and that's great but one needs to temper the growth expectation. In terms of Transamerica are you thinking over there I think big assets because you know they say elephants can't run right exactly like unless unless they're gonna buy another highway that you know seeking new business exactly for the people for the people looking for

just how to apply that thinking generally, you see it in like a Seprad, you see it in like a Wisinco. Yeah. Wisinco is, what they say, growing great guns, you know. It's going crazy. And you'd say,

boy, I don't think it's going crazy. You know, 28, 29% growth, but for a monster the size of Wisinco to grow 29 that's huge ncb to grow they have to it is big for them ncb has to be outside of jamaica they have to say boy i have to take on the world yeah and they don't need to do as much to grow as a physical infrastructure entity like a wigton or a trans-american do. So I think it has a fit in a portfolio. It's just a matter of,

and this is at a cursory glance, but if it's a dividend stock, it has a fit, but then it's a personal dividend. So I would never say to somebody, buy an IPO because it's going to pop. Unless it's valid at a dollar and they list it at 35 cents,

then sure, buy it. It's worth more than that. Exactly. Go crazy. But there was some talk earlier. I don't know if I want to say this for the future, but I know there was some talk that they're not necessarily profitable.

They're looking for profitability in about five years. Oh, I don't know. I don't know. I won't put you down on that. You know what? I tell everybody listening, I want them to read the prospectus.

There you go. Read the prospectus. Prospectus isn't out yet, so we don't know. When the prospectus drops, we drops we have an idea what to expect and everybody gets a start at the same starting line that's why the max is so good no matter how much money you have them can't invest before you unless they already own the company absolutely everybody have invested the same time so don't worry about it look at it i really want to urge people to use this process at their starting point you might have other thoughts about the company before at least but say himself company sells bad news wait as far as

you're concerned you see the man out there every day i know about to sell it yeah but you're in kingston and mobile is popping off but you just don't know you don't exactly show the numbers exactly so all your thoughts about the company before those temporary expectations prospectus will show you what really happened in the company yeah man I say that all the time I say to people I got a lot of people I don't generally talk

about the lab people know me for not talking about the lab I will talk about this doing that a lot of people don't know what a marketing company is or does

and they just think oh marketing no big deal right but you can take your thoughts about the company and just like you said and I put it aside

and go look at the prospectors because that lays out exactly what the company is and exactly how much money they make and how much money they've made over the years so you don't you don't need to go with your your guessing game or what you feel like there's no need to guess go straight to the numbers and you'll know exactly what it is that it does uh the numbers tell a lot so yeah the numbers tell everything and the prospectus there we go no you don't yeah i'll leave it at that uh let me jump to a nice topic that we never spoke about last time you heard we should have investing using loans yeah what you think about it what you think about it danai i'm gonna love it yeah all the time all day every

day yeah yeah yeah i hear it's very dangerous you know define dangerous you have to know your risk appetite you have to know risk of that what your investment is i know my risk and i haven't i've never lost on a loan investment to this day so i mean to me it's like i kind of wonder when i hear people mention danger. You have guys who, you know what's dangerous? Not having enough cash to meet a need if it should arise. Preach. That to me is dangerous. I say to people, if you can't, okay.

So I say sometimes you need to have critical illness insurance. Not because the agents can be annoying or they're not reliable or whatever. But the fact is, being in hospital, even if it's $2 million and it can help using $2 million, you don't have to go in your pocket to find, it helps. Life insurance is a personal choice because at the same time, you're dead anyway. Ah, yeah, that's true. That's true. That's true.

That's true. I would say it was on this matter. Three reasons apart there. Here we're going to go with the loan now. People may say it's tricky and you know, margin call and not going margin call. Let's just say it's a straight loan. Suppose you borrow the money at 12%. All right. So you walk in the bank. 12%.

I got a business. I borrow $200. $200. Let's just keep it 12 percent and your portfolio is 400 you borrow 200 12 percent that's $24,000 a year right two grand a month or you know whatever straight line this you know probably looking more okay put principal in it but long story short you if you can pay $2,000 a month out of your salary, there's no risk. Yeah.

That's true. Because you're servicing the loan. You're servicing your loan. That's right. Because if you put $200,000, it becomes a million. Ten. Oh, true.

How would that be? 500% growth. That's like if you had borrowed $200,000 in November and bought a burrito. Yes, I bought a burrito. Yeah, you would have had it. You would have made $1,000,000.

Yeah. And money that you never had before. Like, I never took any of my money and made some money on it. Yes. Suppose I want to pay off this one,

give him $200,000 and I have $800,000. Never had before. But then when you do that and you go through the risk, right? Somebody may look at you and bad mind you. Boy. But I don't know the risk. Exactly. I don But then when you do that, then you go through the risk. Right? Somebody may look at you and bad mind you.

Boy. But they don't know the risk. Exactly. They don't know what you're doing. Exactly. Exactly. But you go sign up loan form. But then you see somebody else

would much rather have the loan in hand right now and take it and go on vacation or something and come back more stressed out than when they left. Yeah. But then some of us would just say, you know what,

let's try and get some things in place first. But I cannot speak. You're right. The stability that owning a good portfolio brings is great. And the ability to borrow and do that is amazing, man. Trust me. it changes everything

like the way you perceive life in general everything changes where I'm right now because of my portfolio I'm good I could not buy my portfolio

I couldn't buy my portfolio two years ago I couldn't buy my portfolio a year ago two years ago I'd have to save 10 years to buy save I've never been very good at saving

so I'm telling the people who struggle with that I could not buy it and I respect anybody who can save and all that but I just couldn't buy it Two years ago. I'd have to save 10 years to buy. Save. I've never been very good at saving. Shout out to the people who struggle with that. I could not buy it. And I respect anybody who can save and all that, but I just couldn't buy it. And I do all right, but I couldn't buy it. Yeah, you're right. You're right.

You can't buy it. Think about it. I think all of us here have done a couple of, what they call triple baggers. We've done the 100, the 200, the 300 percent. They're the triple digit growth, right? right yeah there's no way i could do that because it's me scraping and getting something and then it grow 200 percent and i take it out and put in something else and it grow 300 percent again i couldn't catch it up and i tell people you know you get paid 12 times a year ah that's true

there's no there's no there's nothing you can do about that Pay 12 times a year. Think about that. So 12 times a year. There's nothing you can do about that. Literally, 12 times a year, you can use it to either live your life and maybe save whatever, or you can use the service alone and take that loan and do something grand with it. And guess what?

You may save and be diligent and all of that, and then you broke your foot. 300 grand. Or you have a child and your wife or your girlfriend have to have a C-section, $400,000. Boom. One thing.

Yeah. And you probably save $5,000 a month for 18 months to get to $400,000. Crazy. And then one fell swoop, boom.

Boom, that's it. That's so true. So for the young person, so when young people come to me and want to invest in me or whatever, I say, even if you don't invest in me, listen, just buy a stock. Don't even bother think about

fixed deposit or whatever. Make sure you have an emergency fund if you're not crazy like me. Well, at the time, so the emergency fund and then buy a stock. But like you, when I was trying to do something,

I put everything I had in Supreme Ventures at three, Burge at three, and CV at 30. Wow. Say that again, because people miss it. Well, let me tell you,

I will say it again. Everything I had in SVL at three, Burge at three, yes, and NCV at 30 something. And I kept doing it every month, and that was taught to me by Donovan Lewis. Yeah, that's called

dollar cost averaging where you put the same amount of money in a stock every single month regardless of the price and just go on with it. It is better than saving people.

And I did not want the price to go up because if it went up it means I couldn't get more. Yes. So when people talk about bull market and wanting,

you know, market to run, I said, no, make it far. You want to market it? You know what I mean? You see when I'm badmouthing my own stock, I say boy, you know what I'm saying, you can take a look at the market and see where the money is coming from.

When Randy was first speaking about Signos, we were already looking at Signos numbers from way back. And we were saying, if we timing how we put in the money in it because we don't want to run out the market. So we said, alright cool, buy it. See how far it's low? Buy it. And then we said, boy, hope it stays low, hope it stays low. See it start running. We were so stressed because we have so much money left and not all that in Signos yet. Yo, remember when you said we reached a point now, my lord, where I don't mind a little bit of bad news

for some companies. So I think the other day when everybody had talked about Scotia, it's a sell or sell. Perfect. Yes, it's a sell, man. Yes, man.

Perfect. I heard a broker say a sell. I said, lovely. Just make the price. You can have a get it now in 62. When I was here, it was like 53 or something some month ago

and they declared a special limitation everybody wondering what on earth is going on with something cooking i'm not saying it's not my only stop but the point is i love when people pessimistic on stocks i like yeah i i i and the same way because one it allowed them to especially if they tweet about start talking about it often it spreads the the words spread the word spread the information and then people like us who know better and look a little further ahead see it and people like us who look for opportunities there are always a lot of opportunities so the matter of fact let me touch another opportunity that you have that you we might talk about which is ipo so it's kind of related to the QE but it's related to almost

everything. The impact of market sentiment on IPOs. What do you think? Alright. So I think IPOs are the trickiest game, trickiest point of the game. Come out, everybody's idea of it and say the brokers putting out there we call it time the report saying yeah we should go down and because they sell returns ourselves below ip below ipo price that's where it should be yeah if everybody takes that up then price start drop yeah and then the panic setting like we have a qb other day yeah not even other day today too planning setting push it down and the market sentiment

becomes not necessarily about the company it's more about why they start losing money for me and so it becomes

a noise room yeah that's it yep and the noise don't make sense the noise avoid the noise

trade as the noise don't make sense because if you I asked somebody who told me the same thing yesterday she messaged me and said

she thinks she's going to jump out of QWI so i asked the same question i asked all the time i said what was your plan when you bought it initially good question uh it's the same thing i always ask what's your goal what's your plan when you bought initially she said 60 to 70 percent i said when saying two or three months i said okay so what you really looking for is a pop that's cool fair so that's it i find that's pretty you're gonna look for a pop all right but no you're not seeing it popping what's up so she's gonna sell i said all right cool one more i can say one more i can say sometimes the market sentiment goes in other direction so that's why that's why the pop comes for this one for qw specifically i know there was some noise made about um the

compensation method that they've chosen for themselves which is that they've pinned themselves to an index an overseas index I don't remember what the index is but they've pinned themselves to MSCI yeah yeah the total market emerging thing and the question is you know why are they doing that because you know the market now is really the Jamaican market is way ahead. That's like my boss coming to me and telling me, say, I'm going to pay me 10 grand for every car I can paint. And then I painted 10,000 cars.

I'm going, boy, man, no, no, no, no, no, no. You can't change it, no? Because guess what? There's going to be a time when I can't paint 10,000. Yeah, but you can't hurt a man just because he thinks, no, but maybe you you should you should have a understand the arguments for that but i also understand that my let me tell you something that i know from talking to international white people who don't know nothing about jamaica

the man them you hear about this emerging marketing and you hear that they link themselves to the emerging market fund okay cool i can understand that you hear them link themselves to a hybrid of the emerging market fund that's also mixed with no no no people outside of jamaica don't rate jamaica let's let's let's all be honest about that when it comes to life we know what we have here but the rest of the world don't know yet and when the rest of the world find out it might be too late for us so no no no no yeah exactly so you can't afford to have that happening right now so i understand the man and pin himself to you but going back to the point of sentiment i see we've seen an element of our

sentiment and I've seen it with QWI I saw it with Sajik or Select also

people are just expecting the pop it's a pop yeah and you know I think though those companies serve

a purpose in that they allow the average everyday person to just get a portfolio to get a portfolio and To get a portfolio.

And that's very, very, very important because it soaks up liquidity and it, again, provides access to the market. So my thinking is that I think these investments have their place. And many people benefit by virtue of participating in them so I think the sentiment now is one of openness

but I don't think that anybody is well I won't say that I don't think everybody is saying that the market is without risk and all that because I can tell you my understanding is that I don't think anybody is selling their house to buy stock.

Truth be told, I would do that. I would do it. But nobody, the average person, is not doing that. Yeah. In fact, the average person doesn't invest enough. If you check them, they may have that new iPhone 11, but they don't have a portfolio that's

$200,000. That's true. That to me is misplaced priorities you know what i mean yeah but here one of you have people who are saying i find that it's a fear that's one of the things i try to get rid of all the time it's a fear people go people are fearful of the market and so them go what my two hundred thousand so them tell me them have 50 yeah what was the 50? I had to tell a friend today, I say, yo, I can't give official advice, but here's what I can tell you. I'm not going to be frightened

by any amount of money. You're not going to tell me you have 10 million. I go, whoa, you're rich. You're not going to tell me you have 10 grand. I tell you, whoa, you're poor. What I need to know

is what you have because the market works in such a way where you have to, what you do is dependent on the amount of money you have. The play that you make

when you have 10 million is different from the play that you make when you have 10 grand. from the play that you make when you have 10 grand and so if you hide how much you have or split your money you're doing yourself no favors and i will tell you this there is no better investment right now than the jc that hasn't been for i am going to say personally hasn't been for maybe the last 15 20 years it's been a while i mean it's definitely been a while i think the u.s market had a good run particularly when you had the younger tech stocks like the facebooks apples all them those did very well no doubt about it and those presenting great opportunities but jc has beat s p in whatever dollar currency return last year this year year before that as once those companies got mature and that was just a tech era yes you had

some others who did fine but jamaica stock exchange has been a competitive market for years you are dividend companies are paying dividends of 10 percent off the bat not yeah not because price run up or whatever just off the bat yep yep carriers at one time was mid 15 whatever yeah yeah and scotia is about i think yeah yeah i described sbl last year how was i describing sbl back in the group days i think i described it as the new because it's just being set up to run very efficiently and send all that money back to shareholders the efficiency now yeah so i mean you know i said that many times people frown on the markets and i say i don't want to talk about what i do in the u.s markets a lot but it's

significant when i said that to say that despite that it's only important because i still said to some of these same people do not sleep on jama Jamaica in fact we've had people convert not I recommend it all the time where there are people with the risk tolerance to convert the u.s. or bought Jamaican stock and it was still a significant increase when they converted it back to us mm-hmm Wow Wow Wow Wow I have some questions of people questions. A lot of times I have an audience here whenever we record a podcast. This time we have the guys from the BAM cast. I should big up BAM Productions. Oh, that's the BAM.

Yeah. Yeah. So there's BAM and Bob of the podcast. And I think Bob have a question. Bob gets a chance to ask three of the sharpest people I know about stocks. About stocks. Bob, no pressure, but this is a really good question. This is an exceptional question. That's right.

Confidence first. Definitely. So, y'all spoke about the highway. Trans-Jamaica. I remember seeing I remember seeing in the news that one of the side parts that they spoke about was that the market cap in the JSC is now over $2 trillion.

Thanks to QWI. I saw it has doubled in the last year or two years, something like that. So that's a very positive sign. There are more companies coming out, as you guys said. There's more capital, more people investing. There's more talk about stocks. When will the shoe drop? When will the other shoe drop is the question.

I like that question. You can't have perpetual growth. So when do you see the slowdown and the fall coming? I like that question. I'm going to hit you before Ryan, who is a good guest, answers. And I'm going to tell you something, how we look at it this way, right? A lot of your questions, I think, are those type of questions, I think, come from a place of, I don't want to say poverty,

but we have been used to a long time of not making any money. Let me tell you something. You say you don't have no money, and you start making five grand a week, everything's bossy. You start making five grand a week? Everything's bossy. You start making 15 grand a week? Things up. But you know, the truth is, you're just making 15 grand a week. You're not really making money. There's money out there.

We have a thinking in Jamaica oftentimes, like we expect that things are up, and so they're going to fall down. My personal view is that we're not even up yet. We're not even at the level

that when the market stabilizes, where we're going to fall to is not where we are now. It's going to be higher than where we are now. Right now, well, Ryan, I know we'll tell you about some of the things

that drive what makes the market seem big, but the truth is the market not big yet. We just reached the end of the 10 year of the June stock exchange. Access is just about to go out as a main market company,

graduated the main market. The Lasko affiliated companies are about to go up. We haven't even seen, the country, Jamaica, has not yet seen 3% growth. You see, when we see 3% and 5% growth, growth is not a magical number, you know. Growth is literally the companies in Jamaica and the people in Jamaica making more money. Cumulative, yeah. Yeah.

We don't hit 3% in one year as yet. That year, I want to own stocks in Jamaican companies in a year and we hit 3% because if you think we are going good, no. Yeah, so when we hit 3%, I think slow down, then we can talk. Well, yeah, I know it feels weird because we haven't done this before. So it feel like, yo, we must follow. People say it's like when the bubble going pop a lot. That's what people say. But it's not a bubble.

The example I gave the night the first time I spoke was this. Imagine a child at six years old. Well, Bobby, you just have a child. So you know this. Your daughter at the age that she is now, right? She's going to grow very, very quickly. When she's at three, she's going to be here. When she's at five, she's going to be here.

When she's at seven, she's going to be here, right? Imagine when she reached 10, she's here. And you say, boy, I wonder when she's going to drop back down to the height she was when she was three. No, we're growing. There will come a point where we level off. And there might even come a point where sentiment, huge sentiment, can push us further ahead of our fundamentals, right? But we're not there yet.

Yeah, man, we're good right now, man. We're good and we're going good. And this is not blind optimism talking. This is me looking sensibly at this market and other markets and how other markets have gone through their growth phases have reacted people listening check out the singapore market and what they went through in their life singapore now is a strong market check out even the hong kong stock exchange the chinese stock exchange yeah check out the not the hong kong one

but the shanghai stock exchange and see how see how they're moving. We're not reaching that yet. If it's a bubble, the bubble hasn't formed yet. Yeah, man, we have ways to go. You'll know when a bubble is forming when obvious rubbish is being listed and raising big money and continuing on, and it is obvious rubbish. Now, there are people who listen and say,

no, but I won't call it a company name, but there are companies who have raised ahead of their intrinsic value. Those companies have been punished very, very quickly. There are companies now that haven't reached their IPO price yet. And you have other companies who are great companies, and I will say it like QWI, that today is below its IPO price. And that's a great company led by great people. So we're not reaching a bubble yet. Trust me.

When we're in a bubble, things that are like QWI, there'll be no question that they're so good. They'll be flying. So don't worry. Don't worry. If you're putting out some money, put on some money for your daughter in some of these companies. She will thank you later on. So yeah, we're not at a bubble yet, but I'll let my guest answer. Randy has really answered it comprehensively. I'll also say

though that we are nowhere near to optimal efficiency or optimal usage in our economy. So somebody brought up a number the other day. I'm yet to verify, but a respective person said that 11% of us have bank accounts, are banked. Yeah, 11%. Wow. That may not necessarily be...

It's difficult to open an account, as you say, right? 11%? Wow. That may not necessarily be... It's difficult to open an account, as you say, right? But if it's 11%, then the informal economy is so robust, right? Suppose more of that becomes formal. What will that look like in our economic growth numbers? I kind of try to tie the stock market to something in the economy. So the other day, whenever it was a month ago, I was hearing us talking about like devaluation

of priors but now we see the dollar go up and come down at one time it was just going up non-stop that's true so you start to see that we're we're becoming where we are we now have a relatively stable environment but people are still wondering it's a dollar 138 and be like yeah man it gone 150 now we're always don't want pressure on it that 134 but that's driven by stuff in the economy like do you have needs that come up like new fortresses building a plant i think for jamalco and they need 180 million us so that puts some demand in the us and that may have contributed to the run-up what i'm getting at is the stability we're seeing the market now is merely setting the field for growth and a bubble so to speak but as long as the economy is at one percent point seven percent

one point five percent even if the market does 15 percent a year that's still great but here's the other thing the market is still dominated by five large players. There we go. But there still could be another five that list, right? When that happens, that soaks up more cash. Those companies get cash to grow, right? By virtue that more people have money in those companies. More people are employed as those companies grow. So then you have further economic growth. Plus those people make more money.

Those investors make more money. Right off the bat and all of them won't stay. Some people go and take their money cash out and that money don't disappear. It's theirs. And something else people it doesn't come up in dialogue a lot but I've observed it. A lot of public companies now are led by Jamaicans that have returned home. Ah

yes yes yes. So they come home with greater expertise and are able to drive these companies further. So again those are the other things you start to see that will contribute to economic growth and may create a bubble, yes. But we're nowhere near that. Until we get around, let's say, 3%, 4% growth consistently, then we can probably start to say, well, we're getting somewhere in that. But 1% is not. 1% is not. You know what that is? You know what that is? one percent is not that you know that is you know that is it's 18 months that we were able to pay our bills yeah yeah that's exactly it yeah so what we're now

coming from is a famine to normalcy yeah that's you're right we're coming from famine baba we're coming from being malnourished to nourished yeah but we're not overweight yet yeah we're not overweight so skin and bones i'm fine we'll probably flesh out a little bit in some parts but the legs still margarine you know i mean the belly's still banging a little bit exactly yeah you know so we still need to you know infrastructure so we can get to other areas faster still need more areas of commerce if we had more equivalents at all parts in three other parishes you know like a st. Mary because st. Mary you start grazing with

like bananas but in Ivan blow that down 2004 and that was in at that st. Mary has not been the same since that's true that to move the production to damn a good amount of it comes from that Wisinco now owns 30% that's it they see the connections and how things start to develop a bit but you still have outside economies growing as a result

but we still need more things or more diversified areas of economic vibrancy yeah so until that happens I mean we still only sell into six parishes for the most part yeah yo yo country don't unlock it enough Graham's point about us not operating optimal optimal Kingston and nowhere else like most of our drug markets is in Kingston.

Imagine if all of Jamaica was serviced in Jamaica. About 50% of it is in Kingston. Think about this. We made a lot of money off JetCon. JetCon has one location. One public-facing location, really.

They don't have a presence in Trilani. They don't have a presence in Stilani. They don't have a presence in St. Thomas. St. Thomas is full of cars that JetCon sell, the type of cars that JetCon sell. JetCon operates as a listed company in an industry that there are so many car marks about.

Yeah, man. We don't do it yet. St. Thomas don't get a KFC yet. Think about that. You can't get the Obamac. Think about that. You say you can't get the other man the chicken bones. Yeah, right. Imagine if jobs, jobs,

economies start reaching outside of Kingston. Like in a major way. Because you have Mubey and all that, but a lot of things is, you know, tourist driven.

And, you know, you have other areas that grow to Mubey and all that. But one was, and Mubey, this has grown 6% a year last,

you know, however many years. But you still are not seeing it spread across And Mobile ADC has grown 6% a year, the last however many years. But you still are not seeing it spread across sufficiently. And you have a great George Street in Westmoreland that's fantastic. Every major business on that road. But then there's several others, right? And then it's employment employment but then increased employment

are these people earning more there we go and we saw listed companies moving outside of jamaica starting making acquisitions yeah in other caribbean countries in america so jamaica brothers you're asking jamaica brothers yeah jamaica brothers big in america and they're going to be bigger now yeah so those type of things happening we're not there yet yeah i like to wrap those things into a stock point right think about this it's like a secret thing i think when i was driving earlier right if the market cap of the jc now is two trillion every time a stock trades on the jc jc gets a cut of it from the cess yeah do the rest of the math yourself yeah so even that is a is a growth opportunity and as i said you we still need i mean before we sinko we'd be hard pressed to think of another major company that

listed in our consciousness i mean i think jamaica brothers listed in 1994. ah ncb was before that yeah scotia was before that that's true that's true that's true that's true yeah those major come separate on them guys down here way before we come to bond come see them things yeah yeah the point i'm making is how many other big companies have come up recently finally here some you know you hear arc taught they want to list but then tangle is not public yeah you already love new fortress to list though yeah if they can if they can list here so i mean those are all major entities that would you know that could provide an attractive option for investors so yeah man we don't start we don't even start scratch the surface yet

which is why you can't have a trans jamaica coming so soon on the heels of wicton yes yes yes. That would have never happened. That would have been like a next year thing. Yeah, the market would have dried up. But look at it now. John Jackson went against, I will say against, a lot of industry sentiment and still had no issues upsizing his offer, his company offer,

and collecting fully. And it was oversubscribed, right? I don't know if 10 years ago you could have pulled a billion dollars. No way. No way. You pull a billion dollars out of the market everything dead for the next couple of months until people kind of recover and whatever you couldn't do it no it's normal yeah that time we sink our first reach um a couple of them we said the same around the same time yes and the market just everything was the whole market was starting going down and a lot of people think that these companies just all of a sudden got up and decided they wanted to list. A lot of them wanted to list for a long time,

but the value just wasn't there. Because they were not going to list their companies on four and five times earnings. And I'm saying that because that's what a CEO of a large company has since listed has told me. They were looking at the market and they said, we just can't list now. We're not listing the business at five times earnings.

When it was 15, they said, all right, well, we'll take our list now. And they did go public. So now the stage is set and we just need the actors. And we're getting them one by one and they're coming in Flores now and all of that. And it's great to see. And if you have that, then you have more institutions that can put money in which is why access closed so quickly yes

what do you think about my idea about um sir marcus james maybe going and find himself a nice bond pulling the company back and paying the penalty and just delisting his company. I don't know if he would. I mean, well, you'd have to ask him. But for me, I don't see why he would do that.

I mean, he's been running a business. He's done very well. And I mean, He's also had a bit of a rough time though. Yeah, it's a profitable company.

He started it. So own it all. Nah, come on, don't need to do that. Probably, for a better point, where it's done so i don't mind

running it and growing it still but um yeah right and dealing with a big shareholder and uh and a bunch of small she's the biggest one no he is ah that is true is now his thing yeah yeah yeah that's true did he you know if he bought up any or we won't know we'll know when we'll know when he i i mean i would think that he would take the opportunity to go to 49.9 yeah i would expect that i'd expect that at least but it'd be good if you just took the extra step yeah i don't see that happening yeah you don't think so no no i mean if i if and even if there is a mandatory offer which is yet to surface you'll probably say oh i mean cap it at 79.99%. Wow. You're not realistic.

That's an option, but again, I don't... I'd do that. I could see him doing that. Yeah, I could see that, but I wouldn't. You can go that far without paying any penalty.

Yeah. You're not realistic. It's just like Dolphin Cove, right? Yeah. In fact, he can go full 80%. He can go 80%. He can go above 80%. Yeah, he can.

He can go 80 flat. Yeah. Well, I hope some interesting things happen there. Sure. Those are options. But I don't know if, I don't, why take on debt now?

I mean, maybe. Yeah. Who's to tell? Anything's possible. We'll do a quick wrap. I like, I have a few people like when you're having a real. Let me ask you a lot about MPC.

We spoke about that last time. I like MPC. Yeah. And now, what's them doing? They're doing a, I'm going to get some. Yeah. What I'm calling a second IPO. Yeah, I'm getting some they're doing i'm gonna get some yeah what i'm

calling a second ipo yeah essentially i'm buying some yeah yeah it's a nice it's a nice company it's a nice long term i like it i like diversification i like diversification it offers i don't own any wigton and i like the exposure outside of jamaica i like the fact that they are paying dividends yes it's attractive to me in light of what i've been hoping to get and their setup is one that is almost it almost pushes them to have to pay dividends because what we have listed here is just a piece of a bigger group correct i know that group is going to need money all the time and to get that money it has to push a dividend and then mp and new paradise park he is is the cheapest form

of electricity and jps gets no oh word it's cheaper than wind yeah yeah yeah you imagine that yeah you have that on good authority yeah that has facts okay okay the ceo said it i think it was the ceo it was in the paper so i read it i never heard heard it from anybody. I don't discuss anything I hear from anybody. I know, I know, I know. But I wanted to make it clear because I realized that what happens is that whenever we talk like this and I just ask, I know you wouldn't do that.

People assume that, oh, there's always some insider. Guys, let me tell you something. You can get very, very, very, very, very, very rich off the stock market without knowing any insider information. All you need is the newspaper articles, the ability to read, and the ability to think.

But most people don't even want to read the newspaper articles. But that's the truth, yeah? That's the problem. That's the truth, yeah. But yeah, so I like the Paradise Park project. As I said, Angela Rainford was my neighbor growing up. And when I heard her talk about the whole experience of building the business at the Diaspora Conference,

because she presented, you know, i also had the opportunity to present i i was very moved by it and i saw the economic viability and i don't mind holding some of it for a dividend play per se and then particularly if it's on the valley because remember you're still buying it without it realizing the full revenue from the project yes so what is there not to like about it so you see the growth right the project's done right and if there's debt in the business chances are they probably can get it at a lower rate now they can refi because the project's done it generates cash the risk is lower so that can reduce cost should it come to it and assuming they have debt i have the prospectus open on my computer there we go yeah i read it tomorrow so i like i'm very excited about i think it'll be

a good investment and we try to get some as i said for myself i'm definitely gonna i'm gonna get some yeah i really wanted to report it's going to come now i want to report it yeah i come now this quarter when i talk about like what they got from fire yeah ah yeah yeah that's how good that's how good yeah i'm excited about that report yeah yeah yeah yeah because that should be when like when's that coming that's like mid-november unless i bust it before yeah well they might drop it early in light of what's happening uh quick shot to see oh no new wig done. Why? Well,

my circumstance was different but I didn't take it up. I wasn't, I really wasn't interested. I don't really buy a lot of IPOs. I don't buy a lot of IPOs and I'm still growth driven.

Maybe not as much. Still I'm now but I already have some exposure in areas that I think have growth upside. So now I kind of want to balance it off. You know, I'm a lab shareholder so I kind of want to balance it off.

You know, I'm a lab shareholder, so I kind of want to balance some of that exposure off with some more stable place. Stable place. To give me a more balanced portfolio. I didn't know. Wicked on, great business, I'm sure. But, you know, an engineer said to me,

wind energy perhaps is not as efficient as solar. So for me, I just thought. The wind is, so solar, wind is as efficient as solar. So for me, I just thought... The wind is... So solar... Wind is more efficient than solar, but the costs over the long run are more in wind than solar. If you want to just think straight off,

the nerdy... The nerd... Wind involves a moving part. The solar doesn't. The solar, yeah. So the solar can only convert so much of the energy that actually hits from the planet.

Okay. Whereas with the wind, almost all of it goes because it captures the motion. But the wind, you hits from the panel okay yeah whereas the wind almost of it goes because it captures the motion but the way you say the wind costs on the back end is more than okay and the wind isn't available everywhere yeah the two best areas are the places where a weekton is now and it's a little spot out in portland that's very difficult to get to yeah so i did a little bit of wind research when i was writing okay my piece white uh net effect is still that you know know, there's still...

Oh, it's always better than a gallon of oil. So, yeah. So in that respect, then I was, I was just kind of... One, as I said, I was waiting on another opportunity at the time. So Wix understood not fit. I don't buy IPOs. And if I buy it, I'm going to want to hold it for a long time. And they have to replace that set of turbines, the first set in five years.

So I didn't really want to be exposed to any of that so i understand people bought in did well fine but i wasn't counted among them yeah i i can understand that i bought in i jumped out i bought back in and i might jump up both times at profit um that'd be nice uh how you feel about ncb you said it's flat i feel the same way i think it's flat i i managed my exposure i reduced it a bit for for the time being because i thought that you know one obviously i'm exposed to another company two i really wanted scotia and i was not really comfortable with the capital adequacy ratio of a national commercial bank but with that said it's buying at 30 and 40 so sell half at 215 i mean that's fine for you

yeah i am also believe it or not, I mean, not exiting completely, but exiting heavily. I think there are things that can grow while they fix the GHL group and put it together. And I can wait on them. And let's see what next year brings, right?

Maybe at that time, we decide to take a touch more and keep it going. Elite. Never been interested. Yeah? Not even even no don't think it might be good now what do you think don't i i think i was looking at numbers i think some of the new product is priced in at this point you think so yeah but it's not up yet but it's already

i think it's a quote-unquote high pe right now so i think it's already pricing in the new product and that's not done that's not on nine eight all right i'm going to do something controversial here controversial for people who who um allow the i think the emotions to drive them ahead of the actual numbers well if you fontana i think fontana is a great company i like what they're doing i like what they represent for jamaica and i think that people have liked it so much that all the gains that they're to get have already been priced in when When I say that, that means that the price already flagged on where the new store, which everybody's expecting. I think that the expectation for the new store has sent the price all the way up already. If you know, I'm a man who I believe in the P.E.

Fontana currently has a P.E. of 34 as of today. 34 against a price of $8.40. That's rich. I wouldn't buy it that high, I think. But the thing is, I think the question

is going to be to what extent will that new facility provide growth? It's going to bring revenues. It's going to bring a lot of revenues just a matter of

how much revenue. And how sustained. My context is I'm not worried about sustained. I use a P of around 20 for junior market that's me too and that P is

14 above so is it worth that 14 I don't think so I don't think so not to me either but I know that's almost blasphemy to say

funny story something just came out they have a dividend meeting today which they have put off and have not set

a new date for the new one they put it off and it not set a new date for the new one fresh consideration fresh yeah man fresh the wording of it is what yeah man the wording of it is is let me let me not get the wording wrong because i know people won't get this and some people might not be listening i'll read it i'll read it for the people yes has been postponed at a new date has not been scheduled right yes you know what that means we were considering a dividend and we are no longer considering it so i'm sure people were considering that in the in a lot of the things that did it yeah i think it has been

they should be paying 100 million a year in dividends which is probably their tax bill oh wow all right so yeah a little high rjr no no no yeah you figured out what caused them to fly it no that's interesting not interesting sentiment or rjr finally profitable for more than one water well i played devil's advocate they opened us a radio station i think came on another radio station an international station in Cayman I'm Gleaner starting this new viewpoints thing which I guess a new product I got a nice mug thank you for that you know I mean is that would that worth a buy yeah not to me Jam T I think no jump I have to look at it closer they close at $6.03 today and that gives them a PE of 14.6

14.6 interesting look to Qdebye that's what I think is where Jam T is getting the new profit how much Qdebye does Jam T currently own how much will they price it as associate?

Or will they? So, yeah. So if they're below 50, then they use a subsidiary. So if it's no longer a subsidiary, then they don't consolidate it fully. If it's an associate, then they can have a share of profit from associate line. And those profit per rater to their percentage and and when john jackson things like make a hundred million dollars in a quarter and you drop you put 20 percent of that straight to the profit line yeah jam t's a nice hole in my opinion

yeah that's how good that's interesting i have to look at that yeah that's interesting i have to look at that one i never thought about that their shares available like in one yeah man six trade all the time in the six six region really yeah like how much like good amount for you yeah i'll show you people hear the money people talk yeah all right that's very interesting you know who else has a P at 14

Panjam 14 are you sure Panjam at 104 they have an extraordinary game though from JMNB so you have to go to JMNB

you have to buy that out though the extraordinary game so we'll do consistently bring JMNB from JMNB JMNB will do the

Sajikor thing new Sajikor so if you can get some perspective on what the profit will be from that then you can look at it then i can say all right cool then we can see a buy from that otherwise then you have to remember doing that as my punch i'm at 39. yeah you know for me to go look back at it now yeah Yeah, I'm the same way. I sold at 100. I bought in early 80s.

I remember you and I spoke about that. I bought in early 80s and sold at 100. So I took my 20% and I'm good. I don't think I have much of JSC I like, but JSC have a PE currently of 40.77 at a price of 27. I think people are optimistic about the change to the NASDAQ and the Canadian Stock Exchange.

You know what? If you've been on the JC as long as we have, well, you're fresh to it, but I can tell you, I personally have seen the JC change its system either three or four times now. Yes, I can recall two changes before this one.

That would be a good change yeah they've been testing it that's big yeah yeah that's i've heard i hear you can't see the brokers doing the selling anymore the buying and but the thing is has legs the thing though that people don't bring up a lot is that or the question i should be asking is will the other caribbean stock exchanges be transferring to it because if you remember they're all in the stream that all use the same thing i've been told before which would have facilitated a regional exchange yes with them going to nasdaq now is bible is going to know that because if that's not the case probably the opportunity for a regional market is not as possible well you know what i think? I think the JC...

Yeah, just come to Jamaica and listen. JC need to maybe start to get aggressive. Buy a couple of them exchanges and just wheel them in. That's a good point. Yeah, that's a very interesting thing. Yeah, yeah, yeah. That's a kind of...

Until you're around to interesting people. All right, I'll wrap it around. Tell the people what you want them to take from this last cycle. We're not hearing you until you're done. You're traveling here. Yeah, I think what's important is just to view everything in perspective and to connect everything the stock market is not an abstract concept it's tied to

the economy it's tied to the factors within the economy it's tied to companies it's tied to things like interest rates tied to people the valuation is tied to the political the political landscape ability yes that is true that is true these factors all play a part in the stock market and as such if you have any of these things being in a stable place chances are the stock market will be a place that one can reasonably expect growth also buy your ipos with caution think about it it's not you you are discerning when when women are going to buy shoes men too you don't just pick up the first shoes you see yeah try it on you look at it you need to do two steps in it see if it fit right you need to do the same thing with stocks okay you're not going to pick up a

shoe well most of us not going to pick up our shoes we like just bring it back a week later so i may have to accept it right exactly there you go so just to be discerning as one develops yes there's some good ipos one can buy them but it's not everything necessarily that glitters is gold and guess what chances are there'll be another one that maybe should fit in you know to your liking so i also say invest meaningfully it may be a million to somebody maybe 50 000 somebody has 10 grand make sure it's meaningful because at the end of the day the habit is more important and the dollar figure i love that the same way you do with 20 000 5 000 the same way you do with 20 000 mm-hmm 5 000 the same way you're going to be 20 million that's true if you're comfortable putting away 20 000 and it's 75 percent away you have even comfortable

puts now at 20 million if you're 75 percent away that's true so remember that what you do it little you'll do it much yeah the the the attitude is more important than the amount i like that look the people to a last recommendation since you can legally do that yeah what do you like what do you like i still like i'm going to look at jamt but i'm still and i tell it any thoughts within a frame and i'll say to you you're building a building you have a foundation you don't put on the roof then the foundation so if you're building you want to have stable you want not stable you want to have strong companies in your portfolio i like ncb i think it's a strong company but everybody knows that yeah i like scotia no i think it's a strong company and stuff could happen with it so everybody knows that too i like lasco lasco been around 30 years yes and we've only got to experience 10 of them. They've only got to experience 10 of them. Lascaux has completed a 65,000 square foot warehouse

that will cut its cost base drastically. And that makes it recession proof. So that should make it even more, that should comfort the average investor even more. So I'd say if you have strong stocks already, I'm looking at Lascaux. Well, I have Lascaux. I've been looking at that. I was looking at jam t also because of their exposure to qe separate from

their core operation and i'm also waiting to see a certain stock drop but if it drops 30 percent i'd buy it and that stock is kingston walls wow well kingston has always been good but i think is kingston wars war well kingston wars has always been good but i think yeah yeah so then i rap and tell you tell me you're two i don't say kingston wars uh you know jamty already um i'm considering burrito because of the two profits the two quarters that are coming now yes um that's two That's it? That's your two big ones? I mean, I'm still talking about Pulse. PE of 9.6. Yeah, yeah, yeah. You know what?

I think the secret that the industry thinks that we don't know is that, one, a lot of the gains came from real estate revaluation. It's a core business. It's part of the core business. It's consistent with Jamaica economies. So what? It's a core business. It's part of the core business. Exactly. And look at this too.

It's consistent with Jamaican economies. So what's one, you know what I mean? Assets are right. There we go. It's going to happen. There we go.

If you're pushing real estate as an investment, which most investment houses are, most investment advisors are pushing real estate as an investment. Everybody won't get

rich alive. You want your real estate increased by 20% or whatever, this is Paul's doing that. Paul's real estate increased an investment everybody won't get rich you want your real estate increased by 20 percent or whatever this is doing that pulse post is real estate increased in value and they bought the game so i'm not seeing where this is i'm not seeing where this is a problem here it's core it's not a loss for them they have thousands of square feet of real estate on trafalgar road and in stony hill i don't i don't really understand why it's one of the areas where people can't get nothing right why would somebody be resistant to

viewing it favorably even if you're not buying it the assets of the company are worth more, how are you losing it? here's something interesting I'll add to that right, do you know that the results that I just dropped with the heavy profit increase along all the lines it only included 6 months of that hotel being open.

Yes. So not one year, six months. Oh my goodness. Yeah. If you think that people are going to start booking rooms in New Kingston right now,

I have a bridge to sell you. To dividend investors, Paul's, he's now looking to pay stronger dividends from the new business and from a thing level too, from a,

from a management level, they stopped paying the management fees yes yes and they specifically said these management fees will not be put towards stronger dividends yes i'm not seeing we're losing right now which is essentially the man tired of him don't want to take it through our expense line anymore you're taking it in a way where everybody everybody yeah man so just collect it and lodge it yeah man so i like pulse uh i actually like it and you know what i'm taking a hard bit on qwi just because it fell below ipo today yeah i'm taking a hard bit on it because of that yeah it already listed at a discount. It's below now. And the Quiet Storm. SCIJMD.

Cygnus. Do remember this. Do remember this. Pulse delayed on their results. Which means that their first quarter ends at the end of September. Which, as you know, that was last week. Cygnus. End of their first that was last week yeah uh cygnus end of their first quarter was last week they have 30 days to report 30 to 45 to report it's gonna be a very happy november for some

people gonna be a very nice christmas for some people q4 yeah it's q1 for cygnus yeah no know it's my q4 my q4 is gonna be really nice yeah yeah man but in q1 the q1 last year they booked us and the loss was only because of the exchange when they bought some us they bought some they bought some cash five million us at 135 or 136 like 5.4 million ah that's nice that's not 129 or something that's not recurring that's not recording. That's not recording. That's true. We buy 5 million US every year. And the dollar has been pretty stable now. So I like that.

I think the people have... They're not catching that spread. There we go. Looks wrong to me. I have no issue with that. There we go. The money is out there, people. I hope you enjoyed this episode.

Thank you, Ryan, as always, for coming through. Big up, Ryan. Yeah, man. Big up, Ryan, all the time. I'm not... You said... I don't want

anything messy let's see I mean I go away soon I'm in and out but maybe around let's see what

the earning season look like earning season Q4 earning season maybe we'll pick it up maybe I can do I can maybe bring somebody from

finance twitter here maybe bring back David or somebody no problem yeah we'll be in touch so it worked out big up big up thank you guys thank you ryan i've been at rt euro randy row and then i and this has been earning season with our good guests

that's right people ask me all the time what does your name mean five solas of the reformation the the Protestant Reformation in, what was it? 1500s. In the 1500s in the Reformation days in mid-Europe, yeah? 1517, yeah. That's right. 500 years, 502 years now, yeah. All right, that's right.

Remember that, people. He's a nice Christian. Never forget that. Man, don't leave God behind him. Thanks, guys. See you next week. All right.