Earnings Season - 31 - Sprint Past Corona (COVID 19 Series)

Starting point is 00:00:00 Hi guys, welcome to another episode of Earnings Season, the show, the financial show that's not very financial, right? Or it is pretty financial, but it's not very boring, hopefully. It's another week, we're going through our COVID series, so I'll tell you from the jump. I know a couple of people have asked me about the sound. The sound is not going to be the wonderful studio quality sound as it hasn't been for a little bit um but this time it's because we are not in a studio we are being socially distant still so we're continuing the socially distant series and the covid series and we're talking about things i can help you during this time so uh we are this week talking about just the market as usual and a couple of tools that work open market.

Starting point is 00:00:47 And we do have an interview, but before we jump into that, I want to just talk about where we are. Because today, well, you guys are hearing this on Wednesday, so yesterday is the first day that TransJamaica listed. I should start off properly by saying hi, I'm at RT Raw. You're Randy, not at RT Raw. I'm at RTRO You're Randy Not at RTRO Thank you That's the name

Starting point is 00:01:06 I'm Randy Who's at RTRO On Twitter And This is earnings season Which is At earnings underscore season Also

Starting point is 00:01:15 On Twitter Yep So you guys Remember what we were talking about This week And I started off With the big one That cannot be ignored

Starting point is 00:01:23 But at this point Everybody's supposed to know about this You're hearing this now On Wednesday Trans-Democracy Has been now listed week and i started off with the big one that cannot be ignored by this point everybody's supposed to know about this you're hearing this now on wednesday trans-america has been now listed for a day and a half the first day is done wow how it stay for you tonight well it's not surprised me no it surprised me i really thought the trade opening the dawn starts at least somebody push it up nope everything must Everything must be below IPO price if I remember correctly. From the show, right?

Starting point is 00:01:48 I remember, let me check it. Yeah, yeah, yeah. It's so funny. So we recorded another episode that people would not have heard as yet. And in that episode, we kind of gave predictions about what we think would happen.

Starting point is 00:02:00 And I had expected like maybe by day two things would be if you're day three but based on what the conversation i had with the night and her other guests at the time um the boy they made me rethink it and start thinking about just the actual mid during the day trades and so said so done yeah it started the day at 141 right end of the day at that night 118. wow one interesting thing he did not trade he didn't even trade the highest price today was below ipo price it's 139 so why wow don't nobody traded this somebody bought the type of price out mind you on the u.s on the u.s side because i often forget about the u.s about the u.s share

Starting point is 00:02:53 so the u.s share the opening price was one cent so the highest sold out today was one cent and it fell but it still fell so it closed today at around one cent but the close are looking at the candle and the close on the candle is 0.0097 cent us dollars so nine is wow 9.7 cents yeah no 0.97 cents as in down what's that in terms of percentages yeah cuz under Jamaican dollar side we're looking at we're looking at it having lost was a little over six a little over 16 percent on the Jamaican dollar side. And on the US side, a 3% loss. It's a 3% loss?

Starting point is 00:03:52 A 3% drop on the US side. So the US side is not bleeding as heavily as the Jamaican side. Yeah, but you know what usually happens on the US side. No real trading. So it's only 2 million shares traded on the US side. You know, on the Jamaican side, 43 million shares. So, big difference. Wow. And 43 million shares.

Starting point is 00:04:10 Yup. Wow. 47 million, sorry. So almost 50 million shares. And, you know, my expectations are so high it gets worse after that. But that is how it comes out and people start seeing as it fell, people will...

Starting point is 00:04:26 because the announcement I was listening to today was only on Twitter. So a good amount of people didn't see it. So people that are... people that will now see it from here, about it falling, then... I can't see where bad can happen from this, where it can fall further. Maybe. Is an avalanche when it's selling certain? Yes. Yeah.

Starting point is 00:04:50 Yeah. That's a real fear. The biggest IPO ever also means the most retail investors ever. And that also means a lot of people who are not necessarily familiar with the market. A lot of people coming in, this is the very first time that they've bought a stock and um they're going to hear about it tonight tuesday night on the news and they're going to hear that it closed down uh yeah or i guess from that from other episodes i must call her name no shanice the top striker yeah she did some romantic today so all the gate was trading at one cent you know below a one dollar on the jamaican obviously. So trading at one dollar and

Starting point is 00:05:26 you know around that smart. Trading really down. So she bought in and put in an order for around 130 something and somebody came in later in the day and bought a good amount for up to 139 so she got a 30% jump on that. Within the day. within the losing day yeah she does take the practice she walked the one door until the 1.30 something

Starting point is 00:05:48 and it was winter meeting she came back and it was sold wow wow wow

Starting point is 00:05:52 wow I really want to make sure that people get that episode although that episode kind of ended up a lot

Starting point is 00:05:56 longer than we wanted initially I didn't want to drop a long episode but wow when you hear it

Starting point is 00:06:04 guys maybe you'll be guys impressed as I am I hope you'll be even more but big up Shanice again top striker ah I remember seeing a tweet big up Chris from Yui who had a tweet where he was saying that at one o'clock he saw it at 26 million units and I checked and at one o'clock it was at 26 million units traded but checked and at 1 o'clock it was at 26 million units traded but I guess there were other trades that might have had to be manually entered yeah and his tweet actually says that at 12 30 yeah at 12 30 there were only 8 million a little over

Starting point is 00:06:38 8 million units that had been traded throughout the day so obviously they're big trades that always happen on day one agreements to move there's somebody with an interest in getting the shares though they expect the it's pretty sure it's a fall so they say all right let's wait until the stuff happens it's falling and so i get a good opportunity to buy my good my good volumes at this cheaper price Wow well either that or I always just have seen that it's pre-done arrangements you know is we're going to trade this on the first day as a block trade or whatever you know not really off market but but not no I don't think so because at the end of the day because of the thing is the fact that people got Shani Shishiris got sold like that you get me so it did happen on the market so it would actually go into the queue it wouldn't be a black transaction black production would be inter-party so you and

Starting point is 00:07:34 me and the market will touch it oh that's true sorry i shouldn't say block i sorry i use the term block from the old way of it meaning i said block mean that it's like an agreement between two people and the brokers arrange it however and if you are you and i are in the market if you and i have that arrangement to sell to each other and our brokers handle it and this is my assumption you can correct me it somebody else trading on the market is unlikely to get that volume get any of that trade so So it crosses the market officially. And unlike a block trade, it does affect the price. But it is not something that the regular public would have gotten a taste of. That happens.

Starting point is 00:08:18 So you're not going to have an agreement. Yeah, that does happen. In terms of it happening in this one, maybe not. Maybe not the case. It it can be to be honest but if I had to raise the price that like that and I saw the volumes are heavy on DJH so not really sure in my head I think I got somebody say let me snipe it that's what I think is just an agreement between two people why exactly would you say I mean what's the motivation why exactly think it's that is specifically and are you sure um because when I saw the tweet initially and i thought 26 million units wow that's a lot i know that jsc has reconciled we're seeing that it's actually what 40 odd million oh okay

Starting point is 00:09:14 we're saying that one okay i get what you're saying there yeah so but those yes yes i thought the jump from 8 million to 26 was huge it could could have just been, the jump from 8 to 26 could just be a big buyout. But it's jumping more. The fact that they see, so it's not, so 26 is on JTrader now? So you see? On JTrader, I'll tell you in a second because it has to refresh. I should say it's going to kick me out and then bring me back in. But 26 was what i saw after the day closed but now that you know they've done the reconciliation and it's a couple of hours have passed it's actually showing a lot more the thing is something like that wouldn't cause that because that discrepancy oh it's not showing on

Starting point is 00:09:55 this day trade at all so me and you putting into the queue to cross each other's shares yeah so to me i'm not sure what caused that. The agreement thing, that would just cause a regular, normal thing. You would see it like what you see normally. Because it's just me putting my shares on the market, and you're putting your shares on the market, and making them cross. That is true.

Starting point is 00:10:19 But we can talk about that another time. I do want to touch a deeper issue, because I know people want to hear what happened with Trans-Jamaica now because the truth is in Trans-Jamaica

Starting point is 00:10:29 you're feeling what pretty much everybody else has been feeling in almost every other stock if you've been sitting in every other stock for a while

Starting point is 00:10:37 right so you are now taking a quick taste of the market being down let's say that chances are you bought the

Starting point is 00:10:42 Jamaican stocks so you're down 83% of what you the Jamaican stocks. So you're down 83% of what you... You're not down 83%. You're down to 83% of what you were worth in that trade yesterday. And the question is, what do I do? Panic. Which is a fear.

Starting point is 00:10:59 People panic and they start selling like crazy. In fact, I think that there's more panic involved in this one because even before the market opened this morning people were trying to sell it below ipo price the pre-open had prices below ipo yeah the pre-open exactly that was crazy to me yeah that's people were really if you know from jump when this this opens, we're down. Yeah. So I think I wouldn't want the people to see, you know, whatever's going on right now. They'd say, boy, I actually need the cash.

Starting point is 00:11:34 Or I want the cash because I have some fear of what's going to happen to the market, you know. So I'm going to spend the whole cash right now. Or what's going to happen to my job? You know, you have to have uncertainty in the market right now. So people actually don't want the money. Yeah. It's funny, you said that yesterday. You were saying, you said yesterday that somebody might just take the loss because the cash in my hand versus when I actually want the cash it may be

Starting point is 00:11:55 way down below what I actually wanted that so the cash now and I lost will at least have the cash. Exactly. Somebody might have made a decision to take a 20 or 30 percent loss right now because it's better than a 60 or 70 percent loss later on right and as you keep saying the cash really is important um and on that note i want to bring in our guest for today which is a perfect point to bring him in on and he is um he is he is sir christopher bide i shouldn't call him sir because he's not a knight but he is christopher bide i was going to ask you know i couldn't i couldn't wait to jump in when you got to that second point you got that second part yeah catch me king so this christopher

Starting point is 00:12:36 bide who is founder and ceo of sprint financial services so thank you chris for being here um i want people to get thanks for having me man appreciate it no problem i really wanted people services. So, thank you, Chris, for being here. I want people to get... Thanks for having me, man. Appreciate it. No problem. I really wanted people to have a different idea of all the options open to them. And people, you'll hear why he's here and a lot of the things that he is allowing the market to see now.

Starting point is 00:12:58 And the market here isn't the stock market. It's literally just a financial market. I will even try to speak for him. Chris, can you just give a quick once over of what it is that you do? Yeah man, yeah man. So Sprint Financial Services, we're an MFI, microfinance institution. What we basically do is give loans, microloans, small business loans and such. We've been doing it now for about nine years. It's proven to be very, very profitable. And we've been able to help a lot of people along the way.

Starting point is 00:13:32 What I'm noticing throughout the years, though, the regular debt loans to the normal, you know, the mom and pops stores or perhaps even some of the employees, you know, those are good. And they are mainstay in MFIs. But I realize that there's a much bigger market out there which are a lot of the other mfis and frankly uh banks are not don't seem to be touching on or getting into um and that is basically factoring and invoice financing loans which people are just not doing i can't believe're not. At least these banks are not doing it. Because as we well know, just about every business in Jamaica

Starting point is 00:14:11 is waiting for their customers to pay them. I don't know any business out here who's not waiting on credit. Boy, they can't pay me till next week or three weeks or months from now. So a lot of the companies, the small companies, are starving for cash flow. And as you know, cash flow is the heart of your business, like blood to your veins. If you don't have cash flow, you're stagnant and you can't really grow your company. So what we have done, and we're not reinventing the wheel here, because factoring or what they call receivables financing is not a new concept at all. It's been done in Europe, in Asia

Starting point is 00:14:48 and so forth for quite a while. But for some reason and maybe one of you guys can tell me, it has not taken off here in Jamaica. So once we started to market it, probably like what, like on a year, year and a half now,

Starting point is 00:15:04 the flood of applicants that has come in for this particular service has just been, it's just been ridiculous. And for obvious reasons, because everybody is waiting to get paid from their customers. where we have been able to, even in these times, you know, the pandemic that we're in, we still have been able to service a lot of the clients because of the simple fact that it is not as though we're giving out a loan to someone who's working a 9-to-5 job who may get laid off and then, you know, can't pay their loan, but rather for small companies who need the cash flow no more than ever. And they're simply waiting to get paid from their customers who they've already

Starting point is 00:15:54 rendered the goods or services to. So as a result of that now, because of the niche that we have, we don't have to lend to anybody who is servicing any company. We're going to particular companies, especially now that are actually still doing well, like supermarkets, companies that are manufacturing like hand sanitizers, that kind of thing.

Starting point is 00:16:16 And we've been doing pretty well with it. Our loan application for factoring has spiked up probably like about 50%, and we are still getting our recovery from the folks who are paying in. Sorry, our customers that are paying the reassignment to us. So in terms of if you balance it out between stocks

Starting point is 00:16:39 and you're talking about something like a factoring, if someone's going to invest their money in stocks or in debt to a smaller company that's not a junior stock exchange or the stock exchange in Jamaica right now, you probably would fear better because it's a debt investment, so an obligation to pay. It's not an equity where you're going to lose everything if the stock market goes down.

Starting point is 00:17:05 And again, what we're investing in is very solid in terms of getting payment back. It's not necessarily going to fail. I get you. Like that. I get you. It can fail,

Starting point is 00:17:22 but the products and the companies that our customers, customers who they're servicing, their products are actually needed right now in the markets. I get you. So, yeah, it's pretty solid. And we're very, I mean, it's terrible what's happening, of course, but I think because we jumped on this particular service in the last year

Starting point is 00:17:41 and a half, we've been able to strive and we're actually increasing a little bit more in our profits, which I find amazing in terms of how we're doing with this particular pandemic. All right, wow. There's a whole idea to break down. Let me start off by maybe just simplifying.

Starting point is 00:17:58 Because we do have lay listeners who have no clue, although we have done an episode where we did touch on some factoring. Just so people get it. Essentially, Sprint Financial Services offers receivables, financing. It's a fancy way of saying it, but essentially

Starting point is 00:18:14 if you have a business already, and you have a going concern, I call it a going business. So let's say you use hand sanitizer. So if I'm selling hand sanitizers and I have a factory, and I make the hand sanitizer and I sell it to let's say Fontana right so Fontana buys it from you Fontana won't pay me no Fontana is going to pay me in one month from now but I need the money right now because I need to make some more cuz as

Starting point is 00:18:37 we know the time of corona so with that in mind I go boy Fontana need this money Fontana say you know it go we don't pay you for 30 days. So, I go to Sprint Financial Services. Sprint Financial Services goes, no problem. How much am I supposed to pay you? Right. Let's say a million dollars. And Sprint Financial Services gives me, they don't give me the full million.

Starting point is 00:18:59 They give me maybe 90% of the million. And so, I get 90% of the money up front. I get the cash in hand, so I don't have to wait a month. And I can go into another thing immediately. I can go into making another batch of hand sanitizer immediately. And on the other end, Sprint Financial Services then waits the 30 days to get paid from Fontana. And so it's safer because, one, you're working with actual established businesses already. Two, established products and receivables. safer because one you're working with actual established business already to establish

Starting point is 00:19:25 products and receivables and three your payment is more often than not coming from a a registered known business in this case i use fontana as an example so you you don't know that fontana is going to pay you they're going to pay but you're not going to pay immediately so in other words you stand in for the time. Go ahead, Chris. Sorry, I don't want to cut you. Go ahead. Yeah, man. The beauty of it also is that it's a small business person who might have a little small little factory.

Starting point is 00:19:53 So he does Kandaki or something like that. He is providing that Kandaki to a big company. So it can be the small person who's getting this facility to really grow their company. And I think a lot of times what we don't look at in business is these two words that are so, so important. It's called cash flow. And people overlook what that really means. Because what cash flow does, if you don't have cash flow, you're just not going to grow. So what the cash flow does for a company who would have to be waiting 30 days to get paid from their customer. They can now, of course, go ahead. Yeah, there's going to be a service charge on it.

Starting point is 00:20:29 Because, I mean, if we're paying 90%, there's that 10% that you're really paying on it. Exactly. In some cases. Dependent, right? But time is money. That 30 days, what are you losing in the value added of losing that cash that you should have had 30 days earlier what are you losing that 10 becomes a minute after a while you know because when you now can use that money and buy more raw material whatever the case is um buy more accurate and and then maybe pay

Starting point is 00:20:56 your staff at that time you're now creating more cash when you buy more time which then would lead to more profit so it's it's just it's a win-win for the for our customers and it's also it's also a win for the arm for the actual for our customers customers do reassignment right another on this big pressure to necessarily pay the customer I did up to it you have to wear about paying early right so we're just waiting the 30 to 45 days and we're fine with that in some cases you might have a factor come to us and within a week we get paid from the our customers customer so it all depends so it's really um it is really a very lucrative um

Starting point is 00:21:41 uh product for everybody involved the the trifecta, me, Sprint, our customer, and the customer's customer. Yeah. It works, though, completely. It just keeps the blood flowing, keeps the cash flowing. Everybody's happy. So, yeah, we're very happy with the product. Very, very happy with the product.

Starting point is 00:21:57 And as it compares, as you said, to stocks and investing in stocks, like I said before, a lot of people, when they hear the stock market I'm not saying you shouldn't invest in the stock market even though it's a risky venture in Las Vegas is cool but people are still gambling right so the fact of the matter is yeah the stock market sounds good it's it's sexy you know yeah I'm just in stocks I'm in the genus of the strength or so for so I'm great but a lot of people are passive investors they go in there and they put their money in and they don't really know like i hear you two guys talking a while ago that's that's basically alien to a lot of people you know it is what you just what the banter that you guys just have we know we know that's how we

Starting point is 00:22:39 have the show yeah we know it's almost to me i a little bit i'm not much into the stuff so what have you but the average person and the the um the massive of people who are not hearing about stocks and investment people want passive income now so what do they move to they move to the stock exchange they hear so much about it so they start investing they know nothing about what they're investing in nothing at all right they're not active investors. So it sounds good, but then they don't realize sometimes that there are other avenues out there, smaller micro businesses that actually are doing solid return and solid cash flow and solid profits, have good P&Ls, all of that. And they don't know about those companies where they can actually, though it might be

Starting point is 00:23:26 a debt investment and not equity, but they're going to make good money. Me personally, for our company, such as the factoring, if you think about it, we're doing 8-10% per month on a factor. It's 120% per annum. So I can

Starting point is 00:23:42 literally, I can give an investor 20% per annum it's no sweat off of our back to do that a lot of people don't know that there's these kind of rates that are debt not equity are out there as options for them at least where my company is concerned um and our investors are doing so well right now and and i'm just you know so that's that yeah that's a point that i wanted to touch on there because this is twofold but you're right in that one the market is filled with a lot of people who and even more know yeah because Transamerica being the biggest even more people are now in the market who don't

Starting point is 00:24:15 know and a lot of people got into it a lot of people got into Transamerica just because they didn't hear about Wigtown I gave the story in another episode about a friend of mine who put $6 million in, applied, and then called and asked if they hear about it and if they know what they think about it. And this is after applying. So the money's already in. No clue what it is. And then they're going to call and ask

Starting point is 00:24:46 and a lot of people get that and i'm not going to body fight because i'm here about week 10 a lot of people went to the week 10 and made near 100 over time no it's almost back to ipo level but it still made a lot of money for a lot of people even though i think it's at 50 something of people even though i think it's at 50 something 50 something cents i think maybe 14 percent in this time is still great the market gave us 30 last year so if you made half of that even now you're still great on it if you hold on but my point is to agree with you dear chris is that yes a lot of people are in and don't know what they're into and so we are big on it yeah that's how big can i ask you can i ask you guys a question randy and and the night yeah man what is your what would you recommend right now if somebody has us has some funds in the stock market are you telling them to to liquidate

Starting point is 00:25:38 um take your take your money out and just you know run with it for now and and and don't hold what is your recommendation or would you say it's just depending on each person's risk tolerance because based on what's happening now and not not to create panic and what have you but when you're looking to all these you know all i'm seeing is red arrows pointing down i looked on a junior stock exchange not long ago right probably 70 percent are just showing losses right the only companies i see that are doing well are the companies expect to do well right the um fontanas and so forth well not even them doing well in terms of share price not even them doing well right price oh yeah share price is down for the year yeah yeah well there you go but what would you recommend to the layman coming and saying, listen, man, I have a million dollars in the stock market.

Starting point is 00:26:26 What should I do? I might be losing my job in a month. What would you recommend? Although I see on your thing you say you don't give advice. That's the first thing. I was going to start with that. Yeah, I would advise. It's the wrong question to ask.

Starting point is 00:26:39 No, it's the right question to ask, but it's a good question to ask. So one, I would remind them, if they know me, they know already. I like that it's out there question to ask so um one i would remind them if they know me they know already i like that it's out there so people know already that not i'm not a financial advisor neither is danai and this show nothing on this show and neither is chris for that matter unless chris you are and we don't know no i'm not yeah so none of us are i'd like to think so those are financial advisors and nothing on this show is financial advice. Having said that, though, in this situation, it is definitely up to the person, their risk tolerance, as you mentioned earlier, their personal goals. Because don't be fooled.

Starting point is 00:27:19 This time is not being seen as a terrible time for everybody. time is not being seen as a terrible time for everybody uh we people people people like me are very very happy right now because this is a blessing that we never expected to get the market is also well the market has reset itself in terms of prices we are getting prices now that are similar to prices three years ago on companies that have proven three years of good ago on companies that have proven three years of good when you see a company like NCB the one of the most major companies in Jamaica definitely the biggest thing on the market a monster in the market and you can get it sir you can get it per share today at 158 84 when three months ago it was at 200 it's not one the whole gambling on your gambling

Starting point is 00:28:06 is going to then do good in the next three to six months i will step one and this will be a long episode if you do it all right so one all right we don't gamble we don't gamble one you know you know you know you know i'm sorry i interrupted you go ahead tonight two he wrote so he gave a timeline that's not answer everybody's timeline so he're three to six months who says i'm buying ncb now for three to six months time i could be for a year i could be for two years everybody's time is specific to them yeah the gambling thing going back to the gambling somebody what somebody's going in for the gambling is assuming that they don't have an understanding or they they have no idea of what's happening so you're going for a full risk you just throw just throwing bland into the night.

Starting point is 00:28:46 If somebody understands NCB and looks at what's happening with NCB or what's going to happen with NCB and they can pick up whatever indicator they use to figure that out and they say, boy, NCB is worth more than 100, whatever it's trading at now, then they buy an NCB,

Starting point is 00:29:00 they're going to get some of a return from that company that's more than $140 should be giving them if they if they can see that and get that right so say the dividend goes up because ncb gets more money and the profits go up then you bought a 140 stock that was trading at 200 at fairly priced at 200 because for 140 i ain't making more money whatever time period you're looking at then i don't give a person is better off right so the dividends go so they probably start paying more money in dividends

Starting point is 00:29:30 and more money versus a lower price it just works out better for you yeah it depends what you're looking at in the market yeah the reason i would say it's not gambling because it's because just like then i said we remove as much of the risk as we can. So we don't, like right now, and I'll use myself to avoid any trouble. I don't look on NCB and go, boy, I'm gambling that it might go up to 200. I'm saying NCB bought Guardian Group fully, not fully, 60, 62%. In doing that, Guardian Deng already owned NCB shares. So they have also now taken back

Starting point is 00:30:09 more shares that won't necessarily go to the market. So they've lowered the amount of shares available in the market. And that's a more long-term factor. Two, they're branching out heavily into insurance and they're going across the region and they're funding a lot of the bigger plays in Jamaica quietly and they're funding heavy infrastructure plays. Love or in Jamaica quietly and they're funding heavy infrastructure players.

Starting point is 00:30:26 Love or hate Trans-Jamaica and its price right now. Region wide. Yeah. The listing was actually carried out by the NCB cap market team and the JMNB team. NCB also profits from things like that. They used to be the biggest single owner in JMNB. They sold it to Proven and they have huge deadlines for a lot of these companies within the region they just funded something huge in terms of oil

Starting point is 00:30:53 my assumption is that's in terms of oil in Ghana and they also just finished I think about 220 million is something huge I think 2.2 billion trinidadian debt raised by the trinidadian government and again that was done by ncb a ncb company when i look on those things and i calculate the money coming from it and i look at what the actual financials are showing we see that in terms of just straight fundamentals ncb is heavily fundamentals ncb is heavily undervalued right now by the market right i mean it has a pe ratio of 13.97 times and that's at the 158 and somebody got it today for lower than that because it traded at its 52 week low today so it's not much of a better gamble to say that let us say within a year ncb is going to be huger and And then you can look for other signs, though. Within the market, you look at the economic

Starting point is 00:31:47 activity happening. As much as this thing is bad and the shelves are empty, I only see that when there's a hurricane coming. And it was Christmas three months ago. So that means that there's a lot of economic activity happening, and the biggest financial player with economic activity in Jamaica is NCB. We can go one more step where you can now look and say NCB, in addition to hitting consumers and handling business in the investment business side of business as they've been doing in international markets and with bonds and so on,

Starting point is 00:32:20 they also have people inside who know things that's coming. Just in terms of investing, the people inside the company will always know more than the people outside of the company. So the people within NCB have been quietly buying up shares over the last few weeks heavily. Now, if you're inside the company and you are buying it up heavily, that means know something where you feel that in the future you want to own these shares and you want to get them cheap it sounds like insider trading no it's it's i don't know it's it's inside you can't buy it no because it's not on the black hole period yeah it's done it's done the book board and the reason why we know about it yeah

Starting point is 00:33:00 the reason we know about it is because it is reported. So they report it on the Jamaica Stock Exchange. So it's a known thing. So that allows us to look at it and say, wow, these guys, as much as the share price is going down, these guys are running away. These guys are buying. So that's another thing. It's your confidence in the market.

Starting point is 00:33:22 But I do know that unless you are used to it, it can be a very fearful time as we are of course i'm sitting here one buffett said we simply attempt to be fearful when others are greedy and to be greedy only when others are fearful that's today's buffet thank you for bringing it up naturally today's buffet thank you sir thanks for your contribution to the podcast so that's what we talk about all the timeett and in terms of what he actually does and says Versus what people think And that is a major quote Right now when everybody is afraid

Starting point is 00:33:51 But Some of us are quietly Hoarding up things Because if you had told me Two months ago that I would be able to get NCB below $160 per share I wouldn't have believed you. But here we are.

Starting point is 00:34:07 Well, you know, that is no different than in 2008 with the subprime mortgage. You know, a lot of wealthy people started to buy up all these cheap homes and all across the country. And about three years, those homes went up in value like quadruple and made those people even more and more wealthy so it's the same concept and it's just that you're talking about you know a bank starts but it's a yeah it's a similar thing yeah you buy buy when everybody is fearful i i can't answer that for sure yeah and the beauty of this thing that's why you're happy yeah exactly because the beauty of

Starting point is 00:34:41 this thing is you know a company is linked. A company's share price is linked to the company, but a company is not its share price. NCB was an amazing company three months ago, and it's an amazing company today. If the share price reflected that three months ago, if the share price dropped now, the company is still a good company. Yeah. Yeah, so that's the sort of thing we buy on yeah no i feel like i feel like i need to go to buy some of them we'll speak to your license financial advisor about that

Starting point is 00:35:24 yes do that sir i think i just i think i just did you you did not sir you did not, sir. You did not. I got the FSC pressure. But you did raise initially a great point in that while we are gung-ho, and I say we here mean that I myself, while we are gung-ho, we do take on higher levels of risk. an investor who maybe isn't as aggressive as us there is room for different products and what you have done to sprint financial services is that you've offered one of those products to people so you you're not just offering loans to companies receivables loans factoring to companies but you're allowing the public to actually also invest in those loans and you give them a return i am yeah we are um it's called sprint wealth we've been doing it now uh i would say for about well we've had investors for the last eight years who have just but not where we went and told people on social media about it or anything like that it was more people who just knew and say hey you know um can we invest some money i said yeah sure and then when we got onto this particular product and we had so much demand, I'm talking,

Starting point is 00:36:31 we were getting demand weekly, weekly around there, probably like 6 million, 7 million per week. In fact, people applying for it, right? And that's since Corona or before? No, before Corona. Wow. And that's since Corona or before? No, before Corona. Wow.

Starting point is 00:36:52 Since Corona, honestly, I mean, Corona has really taken a foothold in the last two weeks, five days when I really, really got scared. Yeah. But yeah, the application has actually risen since then. And I say we're actually giving out the actual cash to them. But right. So based on the fact that we've had all of this demand, we said, listen, I don't have enough cash right now to lend out to all these $6 million a week of new clients every single week coming in at $6 million or relatively that amount to lend to them or to factor them. So I said to myself, let me talk to a few people, maybe go on social media,

Starting point is 00:37:25 people that I know and let them know about that they can invest in these particular products. Company, the service is Sprint Wealth. We put it out there and yeah, we've got tremendous feedback and have raised a decent amount of funds. And as a result result of that have been able to satisfy a couple of these new applicants so we're very excited about it it's it's it's just such a great thing to not just to make you know we're all here to make money who have to eat and feed our families but to see people actually making this passive income at a decent ROI is, to me, it makes me feel good to see that, right? And where it's not just at the stock exchange. I don't know, like I said, I don't have anything against that.

Starting point is 00:38:11 Clearly, that's awesome. But it's nice to give people this other option. And they're so happy. Some of my folks, they can actually get their interest every month after a certain period of time when the fund have been in. And it's just been a great thing so far and we're able to know we want to be able to just let more people know about it um we are very transparent in whatever it is uh an investor would want to know any questions that we have we want to answer yeah

Starting point is 00:38:40 of course you have to be right um and uh it's it's it's just been yeah it's been a great thing i said myself why didn't i do this three four or five years ago you know but do you start spring wealth before you had a heavy demand in the factoring no no no spring 12 literally started um not very long uh probably like hardly eight months in terms of an official sense this is Sprint Wealth and putting it out there you know at first you guys on Twitter

Starting point is 00:39:09 you know sorry not to cut you there but just for clarity there Sprint Wealth is an actual product you know but his company

Starting point is 00:39:16 Sprint Financial Services has been around for longer yes yeah nine years you guys were the party loans

Starting point is 00:39:24 and recreational loans yeah man we started that we were there we were the company that initially put that you guys are innovative very smart so guys so today's podcast we have that I've got a flag for that whole thing I don't know if I want to can I vote it but we had a lot of uh smart business always gets a good smart business good flat bro yeah i always said that i always said that i mean i'm i remember i remember one time we first came up with the product um it was in the paper and i wake up i wake up um in my bed and i'm looking up at the tv and i think tv your morning time was on and I see these people talking about um this party loan and all of a sudden I'm like half hour that's the worst thing I wasn't even fully awake and I look on the screen and I say I think it was Yendy Phillips

Starting point is 00:40:17 talking about Sprint Financial and Christopher Bard I'm like how when did this happen and then there was a back and all of a sudden I'm doing an ER interview. Entertainment report, I think it was called. I'm doing something on RJR. I'm having a paper come and interviewing me. I said, what is the big deal? Credit cards do similar things. I'm making it more particular. I'm saying,

Starting point is 00:40:38 okay, recreational. And there was this whole, yeah, so. But here's the first thing that's funny. Right right now there are a lot of mfis when they're offering recreational loans yes right so you can't beat the majority then they're limited exactly yeah i can't believe you got the party loan guy on this podcast. I never knew that until I started. Do your research, man. That's crazy.

Starting point is 00:41:08 That's crazy. I was saying at first, really, guys, on Twitter, Sprint Wealth, I was talking on Twitter, people were talking about it as a bad thing. It's a loan company. People were just wondering what's going on. How are these guys offering investments? So when I looked at it, in my head, it was clear what was happening it does make sense to me because as you were saying you need you need something to fill your the gap in your business so you went for the best well me and randy love

Starting point is 00:41:36 to talk about other people's money opium yeah it's the best money make money on their money and you give them a good return and everybody's. I've always said that nobody has money. Every stranger has your money. No money is your money because money has to flow and move for it to be money and make sense by definition of what it's there for. So if it's not, yeah, OPM is a good thing because that's what everybody has anyway is OPM when you look at it. But yeah, you have to be innovative.

Starting point is 00:42:04 We try to be innovative in our company um i don't think you can grow and expand in this market unless i just mark them in globally without being innovative you can't be just like what everybody else is doing right now we're a virtual company meaning that all my employees work from home so this is not new to us long before um long before the corona we had an office we actually do have an office now that's it's uh but we don't take customers in and that kind of thing it's just people know board meeting that kind of thing but all our employees employees are working from home it's it gives, they work harder, they work longer, always they're happier. And it cuts down also on just our expenses. Everything we do is electronic,

Starting point is 00:42:51 everything we do is in the cloud. When somebody signs a contract, they literally use their finger and sign on their smartphone screen. Yeah, we do our interviews sometimes via Skype or WhatsApp, which is even very rare. And I can't for the life of me see why is it that anybody's having a brick and mortar if you're in microfinance. It just doesn't. Today, I don't see why someone is going into a brick and mortar to shake somebody's hand to go and get a loan.

Starting point is 00:43:20 Yeah. I never, I just. You're left out the way three hours in the in the way to you know three to six hours oh yes yeah and to boot and to boot also it's a little bit embarrassing i'm going for a hundred thousand dollars on the button i'm going for a hundred thousand or fifty thousand dollars true i want it i want to stay on my thing and i think what is happening now and you know in every dark cloud is a silver lining this covid thing as bad as it is we're going to come out on the end of it a much stronger people not just jamaica but globally yeah right because yeah because at the at the end of the day what you're realizing everybody

Starting point is 00:43:54 say work come on work from home i can tell you you know if kobe happened 15 20 years ago there would be no option to work from home enough because the technology was not there yeah it was very it was rare it was rare because the technology was not there. Yeah, it was rare. The technology was not. If you're going to say go work from home and you were, I don't know, a secretary working at a place answering phones, you know, the big bulky phones

Starting point is 00:44:16 that you'd be using about 20 years ago. You guys don't know how old you guys are. Right. There's a good chance that you couldn't do that job from home the technology wasn't there you have a whatsapp you know you have social media Facebook Twitter you can you can communicate faster you can now send fact you can send a fax from your cell phone you know with these apps that you have yeah right there's a fax you don't have to physically have a fax from your cell phone you know with these apps that you have yeah right there's a fact you don't have to physically have a fax machine necessarily take a picture and it somehow

Starting point is 00:44:47 does this magical thing and it looks like a fax or whatever the case is so people are realizing when i said um every doctor has a silver lining is because now people are saying hey maybe i can work from home maybe companies are not going to realize that i said hold on maybe i don't have to have them come in. Let them stay. Even after COVID is not a problem anymore. Say, no, stay home. You know what I'm saying? Yep.

Starting point is 00:45:11 And then maybe you don't have to pay that rent. And people are going to get more out of your people if they are working from home, if it is practical to do so. And that's the only thing I think that might come out of this whole thing as a as a silver lining I believe because I've been doing it now for a while and I look back and say why did I why would I have an office this thing does not need an office money money is now 97% of all currency out there is digital mm-hmm it's all digital cash cash is only cash is what 3% but what, 3%? But what are 3%? What, the cash? Is that ahead of a 3%?

Starting point is 00:45:51 But I'm agreeing with you completely. It's good to hear a CEO speaking like this. Especially because you know how it goes. Speak sensitive. It's not just the technology 15 to 20 years. I mean, 15 years ago, we had iffy technology, but what we definitely never had was a culture boss one is there I will never forget I think it was

Starting point is 00:46:10 08 or 09 I had some report to send at work and I was sick but you know not too sick and the boss kind of doing that half ass with him saying if you're not dying you need to come in because it's half the deal and I'm like well I have a computer here at home let me just do it and you know i ended up having to drive to the office

Starting point is 00:46:28 to go actually did most of it from home went to the office load it on load it on with my flash drive at the time finished it to go back home just because they wanted to see you in the office i don't understand why it's a cultural thing that needs to break. The breaking of the culture is great. If you're not seeing the person, then I'm not working. That's the idea. Yeah, but see, that's another part. Nobody works on their own. That's another part of it

Starting point is 00:46:57 is the technology part. You can't just do this willy-nilly. You have to have the technology. You have to be able to watch your employees the software that we use now is one of the best loan softwares in the world and that's

Starting point is 00:47:14 not just because the company told me that they are it's because I see how they work there's a whole twitter feed beside it you know so I see when my employees jump online right I see when they come out. I see what they did when they did it, what comments they left. They have to leave comments. That's just standard operating procedure. And so I know when they went in and when they

Starting point is 00:47:35 came out. But the funny thing is when they were in office, they registered in on the feed at 9.05 and they're out at 5. No, they're registering at 7.05 and they're out at 5. No, they're registered at 7.30 and they're out at 6.30 or 7 o'clock. Because they're at home. And they're happy. They're more comfortable. Yeah. Listen, you get up and have to commute from sometimes.

Starting point is 00:48:00 And let's face it, a lot of our employees are living in, you know, faraway areas in neighborhoods that you have to take two buses or two taxis to come to work. When you take out that stress, right? Not only that, you're also reducing the carbon footprint, right? And you're reducing the spin that I have to take out of my paycheck. So I get into a safe room, so my paycheck goes longer. It's a win-win once you have a good process. You have to have the software. You have to have the software you have to have checks and balances you have to have sops you have to be you have to be strong with them and watch them

Starting point is 00:48:32 because they will slack off you know you're at home the bed is right behind you you can't slack off but you have to have yeah man they have they have to have um um the quarters that they have to make and once they do it once they do these, you'll find that the world is a happier place in 20 years, you know. I guarantee you, in 20, 15 years, about 50% of the workforce probably will not be going to a brick-and-mortar office. It wouldn't be warranted. It's just not warranted. That's true.

Starting point is 00:49:00 That's true. It doesn't make sense, but it's something that we have done. And one thing I went to culture just now, though though is because it touches back on the point that you mentioned with you having to be innovative in business in the region but also i'll say in jamaica and in jamaica we have a specific kind of response to innovation and it's not to praise it we don't praise innovation up front yeah man the very first thing when somebody sees something innovative in jamaica is not whoa we're very strong in terms of our resistance to change so i like then i touched on it i remember when i saw sprint wealth because we saw it online we saw it on twitter um and people

Starting point is 00:49:36 were asking yo what's this are these guys for real this don't make sense who are these people blah blah blah but now that i know it's the same party loans people. All of a sudden, I have credibility. You know what? My credibility aligns. No, no. Yeah,

Starting point is 00:49:53 in my personal books. It's funny, you know, when me and Randy and I are speaking about it privately, when we saw it online, I sent it around the same time where we're laughing and saying,

Starting point is 00:50:00 this just makes sense because that whole OPM thing is something me and Randy had discussed before and I said, it does make sense. Take lot of people money do whatever and just run it through somebody gets a good return you get a good return everybody happy so long as you're giving value long as you're giving value exactly that's it and you split the risk yeah you split the risk i want to cut it because we have been talking about exactly without actually saying

Starting point is 00:50:23 what is a sprint wealth and I'm looking at a flyer in front of me. We'll have a link to the flyer in the show notes, guys. So if you're interested in it and you should be interested in it, especially know where the market is dipping, you should be interested in it. It has three options on it. Investment option one is $100,000

Starting point is 00:50:40 and it lasts for three months and you get 1.5% per month. So that works out to 18% per annum which I guess assumes I leave it for every quarter all right investment option two is 300,000 and there's 20.4% per annum there if you leave it works out again 1.7% per month and the last one is 500,000 which is 24% per annum which is 12 months or 2% it's so funny to me the last one is 500 000 which is 24 per annum um which is 12 months or two percent it's so funny to me that last one is so funny because well trans-american people would have

Starting point is 00:51:13 lost 24 today that's all okay no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no no funny thing when i was looking at it but but still it is an option the market gave 30 percent last year exactly exactly that night the market for the entire year gave 30 percent with greater risk truth is with greater risk yeah so if what is equity exactly greater risk and you have to you have to know more like you the amount of work you have to do versus giving chris your money trust me the difference. If you know you can't guarantee yourself 24%, Chris is a good guy to approach.

Starting point is 00:51:49 Yeah, man. Yeah. And it doesn't stop at that. I mean, you can go up to $2 million. As much as you want to put in is possible. I mean, we've had some people who do $2 million. Someone did $5 the other day. So it depends.

Starting point is 00:52:03 But then those are longer term investments. Now you're looking to five years to hold for something that's going to get to that kind of number. But yeah, I mean, we're here. Well, you know what, let me not make it all be a nice hunky dory praising meeting, because I should say some of the backlash that has come online, and it's a good opportunity for you to address it. I remember when we had seen it the very first time, one of the questions was, are these guys saying Sprint Wealth Advisors, blah, blah, blah. But now I'm looking at it and realizing the company, the product's name is Sprint Wealth.

Starting point is 00:52:38 And you have advisors beside it. Now, how are they? Danai, maybe you can help guide us here there is no is there is there a prohibition on on calling people advisor to say wealth wealth advisor investment advisor all those things are just a name so if you're giving specific if you're giving certain types of advice on calling yourself that then that's where you have a problem if you're doing investments are not sorry that type of investment and that person advise you in a specific way then you're fine so what Chris is doing what Sprint is doing sorry yeah it's not it's not it's a very different yeah

Starting point is 00:53:16 yeah we're not advising you to say okay buy this stock here buy buy a particular stock at this time, put this amount of money in because we estimate that the bull market is going to be doing this and the futures are going to be there. We're not doing anything like that. We have a particular product that we say it's the fixed interest that you're going to get on your return on the investment. This is what we're putting it in. The advice stops there, you know.

Starting point is 00:53:45 The advice doesn't go any further than that. But, you know... I was telling you about the product. Outside? I'm sorry? I was telling you about the product, really. Just saying, that's the advice. We're giving you advice on the product. We're not giving you any other advice

Starting point is 00:53:58 other than the product and what it is that we do. Yeah. You could say a wealth agent if we want, but wealth advice because we're literally giving you advice. I don't know of any regulation that says we can't call ourselves

Starting point is 00:54:10 a wealth advisor. I don't know of anything like that. If there is, I checked it out, then I'll cease to say that. But I didn't see an issue with it and it's not untrue. Yeah.

Starting point is 00:54:21 The funny thing is that we touched on this in the last episode of People Have Heard That Night, that you and I care so much about the law that we are the ones who go and look it up. As far as I know, and if I'm not an investment advisor, I am worse, not

Starting point is 00:54:36 a lawyer. But, from the law that I read, what is actually in Jamaica, which is the thing that is the one thing I have wanted to say on that show. The thing that's actually against the law in Jamaica is which is the thing that is the one thing I wanted to say on that show. The thing that's actually against the law in Jamaica is to carry on an advisory

Starting point is 00:54:51 business. If you're not doing an advisory business, carrying on the business of investment advisory, then you are not being illegal, which is why so many insurance sales people get to call themselves that, which is why so many insurance salespeople get to call themselves that, which is why everybody who's trying to sell you

Starting point is 00:55:07 some product or the other calls themselves that. But this one is very upfront with what it is. One thing we should ask, though, Chris, are these percentages guaranteed? They are guaranteed. Well, let me not say that. I never would like to use the word guaranteed because, as you know, nothing is guaranteed.

Starting point is 00:55:25 I cannot say to you that guarantee in terms of, yes, this is the present that we will be giving you. But it is definitely, I would say, 99% that we've been doing it for eight years. We've never had an issue with not paying our investors their dividends, what they want. We've never had any issues whatsoever. I don't like the word guaranteed because there's no such thing. Nothing is guaranteed in life, whether it's a stock investment, whether you walk out the house tomorrow. But based on our history and our performance in the last nine years, we have always been in the black, always done well when it comes to our investors

Starting point is 00:56:05 and we've never had any issues whatsoever. But we can say as close to guaranteed as can be. Wait, hold on. When you say you've never had any issues, you've never had bad debt? No, in terms of our investors, we've never had any issues paying our investors getting their funds,

Starting point is 00:56:24 their interest. Wow. What I'm not saying is that the investors themselves, they're lending your company money and your company goes on for it and does the factoring with it and then pays them based on- That's what we do. Pay them their interest. We collect investment and we pay you interest on it. And you can take your principal interest back depending on the tier that you've chosen. In certain

Starting point is 00:56:45 cases, if you want to get interest payments every month, we can also do that, again, depending on the option that you've chosen. Yeah, so that's basically how it works. It's very simple and clear-cut, which is what I like about it. There's no ambiguity about it. It's very straightforward.

Starting point is 00:57:02 You're not advising people in the investing or buying or selling of securities, straightforward you're not you're not advising people in the investing or buying or selling of securities so you're fine and with this thing that what blew my mind now is to say that okay so if you actually take on the risk yourself so in terms of me the person coming to you and giving you a 200 000 my risk is almost covered because even if something goes wrong on your end you still cover back the money and the interest. Yeah, most definitely. Wow. Most definitely.

Starting point is 00:57:30 I mean, and to be honest, we, at least I can't remember. I don't remember when it is we've ever had an issue where we've had to struggle to pay an investor or anything like that. Because remember, our margins are very high in terms of what we're paying an investor interest is good for them but also but also what our product actually yields the margin that a product actually yields so I'm especially in the factoring product you know like I said we're paying 90 to 90 percent of your invoice as 10% 120 so we're paying our customers maybe 24 so we can do that you know you're trapping the um um the opex on top of that it still works out to prop to be profitable for us so we're fine with

Starting point is 00:58:14 it and please open this little bit yeah yeah i don't know because you're you're and that's operating exchange for anybody operating um that's expensive exchange sorry. JC, I'm not mine. Right. You keep it low because you keep a very clean... We run a tight ship. Exactly. Yeah, man. Listen, man, I don't...

Starting point is 00:58:34 I'm not self-praising, but what we have done in terms of being a lender that is, I believe, on the cutting edge of technology in how we simply run our business, how it is we service our customers. I mean, if you call my office, you'll get the best customer service. I'm not just saying that because we do our service

Starting point is 00:58:54 and we know this. Another thing I wanted to mention before I forget, as we talk about the receivables payment, it is not a loan. I don't think it's a loan. It's not a loan. It's't think it's a loan. It is not a loan. It is a service. It's a service.

Starting point is 00:59:08 We're paying somebody 90% to 92% of their receivables, and then we just get the full payment back from your customer. So it's not a loan. It's just a service. So on top of that, it doesn't come under any future regulation because it's not alone. By no definition, that's something that has come in place in terms of how it is titled, if you look even globally, with the other companies that do it. Yes.

Starting point is 00:59:38 There's something about it that I like. What's that? There's something about it that I i like the way it classifies itself yeah yeah it's it's it's pretty it's pretty straightforward so to see something like this being offered to people i mean to me it's great and i am phenomenal i'm like i'm actually happy to see something like this. Just a regular people. Yeah. And I think it's something also that,

Starting point is 01:00:09 um, other companies, I mean, not just an MFI, but if you're a company, let's put it this way. There's a, there is this whole,

Starting point is 01:00:18 um, thought process that we have that everything and all our money must point to institutions that are quote unquote, um, proven or approved by whether it's government or something like that. that we have that everything and all our money must go into institutions that are quote unquote um proven or approved by whether it's government or some bigger entity that it must go there in order for you to have full security and a lot of a lot of small business people now when they're going to banks and so forth to get a loan a business loan you can't get the business on the collateral for it they'll give you it. They'll give you a credit card. They'll give you a school loan. But God forbid

Starting point is 01:00:47 they're not giving you the money for to start your business or to add into your business. And as a result of that, you'll find that micro-business, SMEs, are having a hard time with just getting enough capital to get their business going. They have the drive. They have the intensity.

Starting point is 01:01:04 They have the support from family and friends, but they also don't have the most important thing, which is the capital. And banks, which you guys know the history of banks. Banks initially were made to fund the people. You know, at one point, they called it usury. So if you made interest or made money on money, then it was illegal in some countries.

Starting point is 01:01:23 And it still is in some countries. It still is, yeah. You can't do that. So a country like Jamaica now where you have all these SMEs who can't find capital and can't find the funding, they should have other options to go to. And if it is that they have

Starting point is 01:01:38 funds that they want to invest somewhere or if they want to be able to borrow a loan from somewhere, the smaller microfinance companies or even other companies that are not MFIs should be able to say okay hey if you invest the money with us we're gonna give you this return back I run a garbage truck company I do X amount every month if you give me $10 by the end of the month basically I can give you back this money. It's just cash flow within the people rather than having to have it run through institutions,

Starting point is 01:02:12 which I find institutions are good. You know, the stock exchange, they're great. But I think we should also take our quote-unquote put money into our own hands sometimes and just look at other options. Look at your other, the small businessman who have a hardware store, right? He has good customer service.

Starting point is 01:02:32 He has good product. But man, him can't really expand too far. He needs some capital. Well, why that guy can't go out and ask a neighbor to invest? And then he gives a dividend to them every three months or every month. Why would that be something that is not practiced? it's not in jamaica you are correct and it should be but i suspect it's a it's a it's um a side effect of our

Starting point is 01:02:55 i would say or lower financial literacy well there's that too no but it's actually the same thing to me no is's that, and how Jamaicans are, how people are, but I can speak to Jamaica closely, is that we fear anything we don't understand. And because our financial literacy is low, anything that has to do with money, we hear it in a bank, or put it in

Starting point is 01:03:17 a fixed deposit, or put it under your bed. By the way, Randy, I have a bone to pick with you. I realize it's a savings account you have. And when I started to have a savings account, I was taken aback because we

Starting point is 01:03:33 know a savings account and my mindset of us and we know what money is. Savings account is something that we should always have a checking account. Just for our mindset alone, Randy. Uh-huh. You should have a checking account. Think about it. should always have a checking account just for our mindset alone randy uh-huh you should check in because if you think about it if you have a savings account right in a bank what are you really saying to yourself psychologically are you really saving money no because well for me well for me it's just an account it's just an account but i'm always i'm

Starting point is 01:04:03 always a little bit um disappointed when I see folks having a savings account. Why have a savings account? Because at the end of the day, first of all, the bank doesn't really give you anything in the savings per year. It's like 0.001%, right? 0.06 of a percent. Boy, you're making it even worse now. Right. And on top of that, inflation on average is what?

Starting point is 01:04:22 4.5%. So you're losing 3.5% per annum relatively, just to have your money in a savings account. Right? That's great. On top of that, the bank is lending that out at fractional reserve lending, what, nine times the amount. So there's that too. And then, so I'm saying to myself, not that it makes a huge difference in terms of saving than checking in. makes a huge difference in terms of saving and checking in but from a mindset standpoint it says says to yourself that hold on there you know i'm not i need the system says that if i have a savings

Starting point is 01:04:52 account i'm really it's like i'm not keeping my my my finger on the pulse of money i want money really is what it should be you know what what I'm saying to you? From a psychological standpoint. But what if that psychology doesn't affect us? I have a savings account. I don't have a checking account. I don't keep any money in the account, really. I just invest all of it. So I make money on all my money. I don't keep money

Starting point is 01:05:18 in the savings account. But that's the same exact thing for me. It's just an account. So I don't think the psychology affects me, really'm not teasing i'm just teasing around the landfill now no but no but you know you touch a good point there you have to remember say you actually did yes you did um a checking account comes with higher fees a checking account come with higher fees in jamaica yeah so i don't keep any money in the account the money goes into the account and it goes into the market almost so I don't keep any money in that common the money goes into

Starting point is 01:05:45 that content it goes into the market almost immediately I don't really keep a lot of money free everything goes into the market or into an investment but but if I keep a cheap if I keep a checking account the bank charges me because we have a thing in Jamaica where anybody who or checking account is a business person and they must make money money for money so we charge a higher fee for no reason at all so I stand at home back I didn't realize that at home I think that shit they also charge if I have been a savings account there's also a fee for that if you go below the balance they charge you for that yes there are certain fees depending on how depending

Starting point is 01:06:23 on your bank so every bank have their own fees but for me i exactly like what you hear that account is just a place where the money touches and goes into the daily to wherever it needs to anyway i don't want to know how you're going to remind savings yeah cool no it's a good point it's a good point that's what the podcast is about that's actually bank accounts in general are a thing that we'd love to talk about to get the right set of people to talk about it and the truth is nobody really wants to come and talk about the 0.6 percent well you know we have a whole podcast tonight um randy on banking you know one day about banking what it is talking about money definition of money what money really if people don't know these things you know people think they know what money is, talking about money, definition of money, what money really is. People don't know these things.

Starting point is 01:07:06 People think they know what money is and they can't define what money actually is. If you ask somebody today, define what money is, they're putting it on the internet. They're going to say, oh, we just use it as trade and barter and exchange for goods and services. It's an actual real definition for actual money. It's a literal four-point definition. We should have had you on the podcast so I start off I do classes I haven't done in a while so I know a lot of people

Starting point is 01:07:30 are angry hearing me say that but I am check your email it's coming anyway I do classes and the very first thing I start off my classes with is that question what is the purpose of money because I believe it only has one purpose and people give you all kinds of answers but to me what's the purpose you see money has it can only be invested that's the

Starting point is 01:07:49 only thing you can do with it you can only invest it in things you can only invest it in a sandwich invest it in a taxi ride invest it in an asset exactly but it can only ever be spent that is the point of it it is a transfer it is a it is a representation of value so that and you only have that value when you're transferring it if you have the money save up alone and not doing anything with it it don't make no sense no i completely agree with that yeah people that think billionaires have a billion have billions of dollars sitting in a bank account but that wouldn't be any that's not no use to them what do they get from a billion dollars to do

Starting point is 01:08:30 something you know what I want to try to do every month is it get my account to almost zero right my mission is zero I want to lend out every single dollar because it has to flow. It has to flow. You're going to have an average balance of a decent amount, but at a point you say, I don't want the money. Why am I staring at this figure for? It's not doing anything. It has to go out on the road

Starting point is 01:08:56 and put on its muscle and work and bring home back the bacon. And that's what people don't normally see in money like that. You know, a lot of times people also look at money and they, you know, you have to realize now, you know, and you guys would know this already and your audience probably knows. I hear that very sophisticated.

Starting point is 01:09:16 But also you have to realize that money today isn't backed by anything, you know. There is no gold backing it. The gold standard left years ago and since Nixon. So there's no gold standard. There's back in your money but just fiat currency where the yeah confidence it's simple confidence and people yeah you are literally putting your life and your freedom and happiness in these big institutions hands in america it's a federal reserve the federal yeah federal reserve they said listen this is what your body is going to be today these big institutions hands. In America, it's the Federal Reserve. The Federal Reserve, they say, listen, this is what your value is going to be today.

Starting point is 01:09:48 And then you have to just go and eat that and take it. And so people don't know these basic things about money. They just know to spend it. But they say entrepreneurs must know money, but employees don't need to know what money is. They must get a paycheck. But an entrepreneur,

Starting point is 01:10:03 as we all are, we need to know what money is. We kind of must get a paycheck. But as an entrepreneur, as we all are, we need to know what money is, how it works, how it flows, what kind of value does it really have. Notice that the value has died off from the beginning. All of these currencies go to zero eventually. What do you do with this cash? Buy real estate, buy something solid, buy gold, buy something that's going to pay you back and people don't really they don't they're not thought about not their fault

Starting point is 01:10:29 yeah and that's why the financial literacy is is a needed thing and not the typical financial literacy either it is a realistic financial literacy because you said people don't know but we we innately know you know but we don't know that we don't know, but we innately know, you know, but we don't know that we don't know. For example, back to what we said about TransJamaica, that is a very clear example of confidence right there. It is not that there's anything wrong with TransJamaica. TransJamaica is a great company. But right now in the market, everybody is fearful. And I would rather a dollar in my pocket than a dollar in something else. And as a result of that, we see people not even trying to care what actual value is. I would rather a dollar in my pocket than a dollar in something else.

Starting point is 01:11:09 As a result of that, we see people not even trying to care what actual value is. I just want to get it out. That in itself is an example of actual confidence from the public right here. It's a group mentality too. Exactly. The people who can wait it out and who can pay attention to it and can ride it out are the people who win. Because I can tell you, whoever is buying TransJamaica for a dollar today and tomorrow

Starting point is 01:11:29 is going to be winning in three years. In five years, they're going to be winning. You have to scale out your risk though, Randy. You have to scale out to who it is that has these funds. The people who are very liquid, they can put money down and scale it and wait, wait until there's rich people.

Starting point is 01:11:47 But then the guy who, him don't have that, and have half a million dollars and he only makes $200,000 a month, he can't wait out. So when you, when you say what you said a while ago, you're really talking to people

Starting point is 01:11:58 who have cash flow and who quote unquote are rich. You're not talking to the average guy out there. The average guy out there can't afford to sit down and wait three years for this thing to do well. Well, I'm actually talking to that guy, our girl,

Starting point is 01:12:12 but I am saying to them that what you need to do is to have this conversation with yourself before you put the money in. So you need to be able to say to yourself, hey, if this thing goes south, am I able to sit down and wait three to six months? Am I willing to wait a year or two for it to recover?

Starting point is 01:12:30 Or can I not do it? That was the thinking behind, well, you wouldn't know, but Dana and I talk about it, the Cygnus story. Cygnus had an IPO, and I thought at the time that it was a little too rich for my blood. But it was good as a company, just a little too rich for my blood there. And so I didn't put my money at IPO. And after it sank later on is when I got in. And it ended up being a great experience for me later on to the point now where it's worth much, much, much, much more than it was at the time. Even after the sink, where it's worth much much much much more than it was okay you know after the scene is still worth more but I had to

Starting point is 01:13:08 have a conversation myself because at that time I couldn't put the money down and have it with a year yeah so I didn't touch it you get me and other people could touch it touch it and they went into the deep and if you are fine in the deep that's fine and if you're the worst time to be is in a bad situation that you haven't thought of ahead of time definitely definitely answer answer we try to push shows education you guys are doing a really great service your man really really really good. More and more podcasts like this. Thank you, Ado. I'll say the same to you because you're pushing a product that

Starting point is 01:13:50 a lot of people would be afraid to do now. Shockingly, people don't seem to be fearful. We put an ad out on Instagram. Just to be honest. We have, what, an average 50, 60 people

Starting point is 01:14:05 every every couple of hours asking question how do I invest all that is we've done pretty well to be honest with you the fear that you think is there I'm not saying this is not just like this beer but it's not as bad as I thought it was I thought it would take a while or whatever the case is but that's doesn't see but we have a name to you know it's not like we just popped up yesterday Sprint has been on for nine years so there's a certain party guys yeah there's credit this and that's maybe 25 percent of our portfolio the rest of it is wow it's regular um yeah well 22.5 percent so yeah wow that is that, but remember, it's not just party loans

Starting point is 01:14:45 and a party just, we call it recreational loans. Now, the party thing was because, was in the beginning. We give out loans also for costumes for carnival

Starting point is 01:14:53 that increases on a yearly basis. We give out loans if somebody wants to go to Miami for the weekend with them spouse and hang out.

Starting point is 01:15:02 We do that also. Like pop loans, you know because hey i want to go to florida for the weekend i don't really have the cash right now i'm not getting and uh we'll give it time to pay back in maybe three four five six months there's a market for that there is people don't know that i'm growing 22 percent yeah listen life short enough what we must do we have this money we work so hard for. If I don't have the cash on me right now, I'm not saying you should be irresponsible.

Starting point is 01:15:30 Everybody weighs their pros and their cons, what makes them happy. But if you want to borrow a half a million dollars or $300,000 because, hey, you know, I've been working all year. I don't have the cash right now, but I'm going to go insane if I don't have a little vacation. Or you want to go to Rock House for the weekend or for three days. Or you want to come to Rockhouse for the weekend or for three days.

Starting point is 01:15:45 Or you want to come borrow the money, and you can pay it back in three, four months, six months. You don't have this long five-year with a credit card that you pay minimum payment and you never finish your payment on the card. You know, why not do it? And people are always kind of saying, boy, you know, that's so irresponsible. When you have a credit card, you know, most people,

Starting point is 01:16:08 you know where banks make a lot of their money probably six not six maybe 40 percent of their total income is on credit cards you know not and not yeah and not yeah and not for you paying and not for you paying what you borrowed like what you spent last month on the credit card the minimum payments they want you to pay minimum payments so they can keep you in debt until you're old and great yep right rather than get a quick rather than get a quick loan pay it off in six months you're good to go you don't have that debt for how long but then it's so funny how the human being thinks you know we're gonna look and say boy big banks oh they're okay but the small guy giving a party loan or a recreational all of a sudden it's some it's it's it's immoral or responsible i don't get it but to be honest anybody that's just talking about that yeah they don't really understand what that is so if they're

Starting point is 01:16:58 talking why did i take a loan for a party then though you understand what did it many times it actually makes more sense than spending all your money one time because if i can spend borrow from you spend the money spend that money and then over time i pay it back and i can i have my other money that coming in so basically take out 10 to my pay to pay it back every month right the other money i have i can go and invest it can actually buy what i actually need so the loan many times make more sense than actually to spend the money at one time exactly exactly people already get that that's a financial history point yeah yeah man you can bring it to real you can bring it to real talk right yes i say in this situation consider this as using some girls before

Starting point is 01:17:41 thankfully the internet saved me from getting in trouble so let me say let me say that um there's one young lady out there and she she wants to go to carnival right and she saved up her hundred thousand um to buy her her frontline costume um she could instead in january so she have her money from last year in january she could instead invest that money in and again is not advice is just me being me and thinking about how I would do it that person could put their money into the stock market in to start that day like let's say they think something's going to be great in three months I said it they like pulse at a time cause pulse has given a lot of gains over the last week they put the their money in Pulse instead and go to Sprint and borrow and pay for the frontline costumes.

Starting point is 01:18:32 I have the $100,000 in hand now, but instead I put the $100,000 in stocks and I go to Sprint and I borrow $100,000 from them and I go and buy my costume. Now, the $100,000 from Sprint come with some interest on it. Maybe it come with, let's say, 10%. So, I'm really going to have. Now the $100,000 from spring come with some interest on it. Maybe come with less than 10%. So I'm really going to have to pay back $110,000. But what I'm banking on is that my stocks in those next three months. Is going to rise above that. Is going to give me more than that amount. Right?

Starting point is 01:18:58 And I'm going to be able to pay it. Or I can pay a little out of my paycheck also. So I'm cutting my cost here. And even if the stocks go down, I don't have to worry that I'm losing everything. You're only losing whatever the percentage difference is. Now, it is a matter, again, of understanding risk and splitting your risk. Is that riskier than just going and paying up front? Yes.

Starting point is 01:19:21 Should you talk to your financial advisor before that? Definitely. front yes should you talk to his financial advisor before that definitely but in my book at least is that better than taking a hundred grand and buying something straight up definitely you have a investment portion to what you're doing yeah exactly and I keep my cash to myself exactly exactly make sense but most people will not be thinking that way yeah that's right and in fact most people might get advised against that sort of thing but we have to change that sort of thinking because nobody has ever gotten rich without borrowing nobody has ever gotten wealthy without wealthy without using other people's money i should say

Starting point is 01:20:02 it's a good segue into debt. People think debt is a bad thing, but debt is dependent on is it bringing in money or are you putting out money? And a lot of people don't realize that we live in a debt economy. The whole society is built on debt, which is really sad to say.

Starting point is 01:20:21 It's very, very sad to say, but that's what it is. I mean, if you think if all debt was paid tomorrow from every country, the whole world would go into chaos. Yeah, it would go into chaos. It's built on debt. Unfortunately, banks own debt, right? But that's the big heap of whatever it is you want to call it that we've built

Starting point is 01:20:45 over the last hundred years or whatever. But yeah, it's all debt. It's a matter of how are you using this debt to your advantage, you know? That's correct. In fact, I never say it's a bad thing. It's a good thing because the major problem in Jamaica hasn't been

Starting point is 01:21:00 debt. It's been lack of access to debt. Yeah, credit is what really boosts an economy. Rayio say it all the time that credit is is the real lifeblood of any economy well I have this thing I say this is a dollar a dollar in your hand is a dollar but a dollar on credit is much more than a dollar a dollar in your hand is one dollar but a dollar on credit is a dollar in your hand plus it's the interest that you're going to have to pay back where you borrowed it from plus it's the insurance on top of that so now it's an insurance payment there plus it's whoever is tracking the actual

Starting point is 01:21:35 the actual payments that you need to do to pay back that dollar so a dollar on credit is much more powerful than just a single dollar by itself no No. Yeah, so we should not credit, but we should know that we need to manage it carefully and be sensible with it. That's true. I do hear your point on that, the debt for having the $1 and also having a debt of $1 because then I guess you can use the debt. But I think from a starting point, debt definitely is, in my opinion, is not good for any economy, any economy at all, because the simple fact you're living on a

Starting point is 01:22:14 mountain of debt. I mean, you guys have heard of deficit spending in the United States where you just print more cash. For example, perfect example, this coronavirus is happening. The U.S. now has to come up with $1 trillion or $2 trillion worth of cash to bail out small business, medium-sized business, and so forth. Where is that cash coming from? It's not borrowed cash, you know. It's cash that has been magically appeared out of nowhere. It's what you call deficit spending, except it's going to be used to bail out people. But like in any economics, as you guys know, if there's any too much of one thing, what happens? The value decreases.

Starting point is 01:22:52 So if you keep on pumping cash into the economy, right, and pumping and pumping, what are you doing? You're lowering the value of the cash. And eventually, you're going to put your dollar to a point where nobody wants your money anymore. So I don't necessarily think... I hear what you're saying, Rand, in terms of debt. And I think in certain nuances, yes, it can make sense. But when you're going to a point where your debt is occurring,

Starting point is 01:23:15 not through actual hardware and work and value, but just being pumped out there as cash, right? That is where, you know, building a quicksand economy. And that's why I said to you earlier in this conversation that every dollar goes to zero. That is not backed by gold. Because at the end of the day, you're just building it on pure debt. And eventually, look at the U.S. dollar, for example, right?

Starting point is 01:23:41 The U.S. dollar, I think, since 1940, something until now, has lost 99% of its buying power coming down it's just dropped remember still reserve currency in the world but that's even not really the point the mathematics is strong as corn no that's a huge point no no no it is it is for no it is for no and but that's just today but the the the what i'm saying the chicken is going to come to to roost sometimes. All this debt that America has exported to other countries, like in China and so forth, so on, right?

Starting point is 01:24:11 We give them US dollars cash, and they give us the hardware, which is the cars and the weave or whatever the case is. Eventually, the more money that we keep on pumping, that America keeps on pumping into the economy, deficit spending, corona, $1.2 trillion coming out of nowhere, what's going to happen to the US dollar? It's going to lose value. Do you know in Africa, in certain countries, it is almost illegal to use the US dollar?

Starting point is 01:24:42 It's illegal because of the simple fact that it really has no real value the only value it has that debt value but it's not going to last I'm not trying to create an in here but nothing no I'm going to survive and nothing of the thing is backed by nothing it's backed by nothing there's nothing back in the US dollar there's no gold it is backed by the full force of the federal system confidence of the federal government that's how you feel good about that um i do i do because what else am i going to be good about gold gold is only gold is only pricey gold is only good because we decided that we wanted it to be good enough. We also decided we wanted diamonds to be worth what they were. Completely what you're saying.

Starting point is 01:25:28 Check the price of gold. What is the utility of gold in those times? You can't check the price of gold because clearly the Pauls at B are going to try to reduce that on asset class. So basically you can't do as the price of gold went down. No man, what I mean is, but Chris, what was the utility of gold? What actual value did gold have in those times? Well, the reason why gold had value is because it did a lot of things, man.

Starting point is 01:25:52 Gold had a value because of the simple fact that it is something that you can't create out of nothing, right? You have to literally dig it out of the ground, or a star had to blow up and drop to Earth a million years ago. You have to find it. You can't produce it just because you wanted. You can't print it, right? And anything that is in short supply is going to have value. That's just the way it is. It's going to have value.

Starting point is 01:26:15 That's why gold was used. All right. And it's also a good means to conduct electricity, if you want to use that as it. But gold just had that value. No, that's what I said at that time. It's not like we're using gold. It's not like gold has utility.

Starting point is 01:26:33 Go ahead. So when did we start conducting electricity with gold? No, no, no. You're asking what it's used for. I just threw something out, but that is the neat fact. No, no, no. I said no. No, no, it's not used.

Starting point is 01:26:43 Yeah, man, but at the time when gold was used. No, no, it's not used in's not used. At the time when gold was used. No, it's not used in any mass way for electricity. I'm not saying that. But anything that is a precious metal that size. Let me ask you this. Would you rather have a thousand dollars in cash today or a piece of gold that

Starting point is 01:26:59 has the same value as a thousand dollars in cash? Which one would you rather? The piece of gold or all other thousand dollar in cash do I have the gold in front of me or do I have like yes it's sitting no both elements around my telecast because it's good to be paying off the calendar I can't trade the cash I can actually actually make money out of the cash versus no man no if i say in the goal is that thousand dollars are we going to know well it might be revalued man no man you see again you're valuing gold based on what the polls that be want to value it as but gold has beaten the dollar

Starting point is 01:27:36 in every every country by a mile in terms of its value i agree but guess what i'm doing i'm not i'm not i'm not keeping it all to keep it up i'm taking it off to trade it so i can actually do something with it and make some money out of the dollar. But you can trade the gold. You can trade the gold. We have to find somebody else to go on by. If I take the gold today for more than a thousand dollars. Yes.

Starting point is 01:28:01 If I take a thousand dollars worth of gold. If you take the gold, take the gold gold the gold will be worth more in a year if you put the gold if you put gold beside the dollar the the US dollar, in a graph, and say which one has lost more value in the last 50 years, you tell me which one has lost more value. I guarantee it's not 50. It's fine, you know, Chris. Gold has always maintained. What I'm saying, if I take $1,000 worth of gold and I have $1,000 cash,

Starting point is 01:28:38 if I take the $1,000 and I lend it out over and over and over and make some money with it, I can probably beat the return on the gold in a year, right? By actually using that thousand dollars um for first of all if you do that you're not taking that investment every time you're doing that so you're hoping that everything that you're investing is where it's going to be we have someone but i'm saying to you i'm saying to you you're asking what i'm fine with so you're asking what which one i would prefer the gold or the thing that so also you're holding the value if i'm holding the cash versus holding the goal then sure give me the goal because close does cash in my hand now over 50 years when i have to trade it out enough thousand dollars in 50 years if i have the goal now then i want to say some event comes i need to trade out the goal and i can sell the gold for more

Starting point is 01:29:21 than a thousand dollars i make money on it cool but what i'm actually doing the thousand dollars versus what i do in the goal right now and if i don't have to hold it then i'm taking the thousand you're talking today you're you're talking today in terms of you want to eat a piece of bread and patty you want the thousand dollar right now yes or actually but as an investor you should know if i'm an investor i have a thousand dollars and say I can be if I think I can be the return on the whole thing on X your time then others put the money whatever can be the return of gold right I don't I don't think you would be able to beat that return even though goal has fluctuated but goal has only fluctuated because of the confidence of the market and the confidence of the people who are trying to lower it as an asset class.

Starting point is 01:30:07 They don't want you to go back to the gold standard. They want you to use their dollar and their debt. But what you're doing, every time we are out there, we think we're making all this money. I mean, I don't want to be long-winded, but let's just define money just as a definition of money, right? Money, number one, has to be fungible as we know right that all in my pocket a dollar it has to be portable of a carrot right um it has to be fungible also and has to hold its value of a long period of time by those definitions we

Starting point is 01:30:40 don't have money in our pockets you know because the first three things do match what the last thing doesn't match which is holding a value of a long period of time and by long period i don't mean two weeks or a month and i'm talking about a good 24 to 50 years so we don't carry money in our pockets what we carry is currency the current value of what it is due today so when it is you are you are based in your freedom and your happiness and your wealth based on the value of fiat currency, which is what we are using today, right? Money given by, sorry,

Starting point is 01:31:12 value given by decree. If that is the case, then you want to say that you're living in debt, by debt, then you're not living in a safe economy. This economy is not a safe economy. We think that it is not at all safe because everything

Starting point is 01:31:28 that we have is based on debt and fiat currency. Currency that has no real value. That is only given value based on the people in these high positions who says, yeah, this is what you can buy today with it. That has no real value. And I think people need to realize that. And if they really look

Starting point is 01:31:44 into it, they'll see it. A different conversation. No, man, we're not pressed for time. But I like where you're going with this. And we need to have maybe an economic episode that we bring you back on. And bring out a couple of economists here. But I did not expect this twist at all. The gold standard is miserable on us all.

Starting point is 01:32:04 So, wait, hold on. on Chris tell me something you have actually a gold bar for yourself no no I know some people do it no I mean there's certain precious metals that that that um I actually share with my brother in the states and uh in a big money but yeah gold yeah in hard work in precious metals not in people you guys can invest in paper now that if you like i i don't think but a long term when when it really you know what hits the fan you're gonna want the dollar is not gonna do anything if the us dollar tanks tomorrow what happens to jamaica if everything tanks when china starts selling back all of the all of the u.s dollars and then america is now flooded with all this fiat currency and the value goes to zero what's gonna happen

Starting point is 01:32:55 we'll start using a renminbi you can't beat human confidence that get you you're right you're right but I won't we really do need to have another episode this one but I like that you're thinking I like that you're thinking differently I like that you think differently and I see where

Starting point is 01:33:12 it has contributed to the um the rise of this company that you have and the innovative thinking that you have that's what I like

Starting point is 01:33:20 I like ideas that aren't my own I can go back and forth with them I'm actually enjoying that so I mean I will wrap this one though because I can go back and forth with them. I'm actually enjoying that. So, I mean, I will wrap this one up because I don't want to have people too long.

Starting point is 01:33:29 So thank you very much, Chris. I'll say it again for them. And you can plug your products. Sprint Wealth is an amazing product. Guys, check the show notes. You'll see a link to it. If you call or you're on the loan, call them at them so you heard it at early.

Starting point is 01:33:43 632-4189. That's the office number. You yeah 6 3 2 4 1 8 9 and at the more direct line one of our wealth agents is 2 2 1 9 5 6 7 that's 2 2 1 9 5 6 7 and our sprint financial IG's sprint financial I guys I mean look at it so think about it, think about the returns on it and I personally see it as, I see it having a place in a well diversified portfolio actually. Yeah, if it can bring you the returns and it has track record, ask your financial advisor about it and consider

Starting point is 01:34:24 it. I mean I can tell you this, somebody who's getting the payout this month is going to be a lot happier than somebody who owns the wrong stock this month. Yep, indeed. Yeah. Yeah, yeah. Definitely, I welcome anyone to come in.

Starting point is 01:34:40 Again, ask us. We can discuss it with you. We're very transparent. And give us some thoughts. It can discuss it with you. We're very transparent. And give it some thought. It's an option for you. It's an option to get real steady flat rate ROI on your money. And we want to help you, man. We want everybody to have passive income.

Starting point is 01:34:55 We want everybody to be able to not just sit down and do your 9 to 5. You've got to go out there and make cash. The world is getting tough. It's getting hard. Making money is not easy, right? You're exchanging time for cash. Don't always do that. You want to get passive income coming into your bank account.

Starting point is 01:35:11 You want to sit down and just have that money while you're sleeping coming in. To do that sometimes needs to take a little bit, calculate the risk. I don't see that as a risk from what we're offering, but, you know, take a chance. Let me just plug one more thing. The email address is sprintfin, that's sprintfinwealth at gmail.com. So sprintfinwealth at gmail.com. That's the email address also.

Starting point is 01:35:33 Perfect. And it's in the show notes guys. So check the show notes right now and you will see it. Yeah. Yeah. Alrighty. Thank you so much, Chris.

Starting point is 01:35:40 But I don't want us to wrap just yet. There's one thing that we do for everybody. We call it the earning season gauntlet. It's a little wrap just yet. There's one thing that we do for everybody called the Earnings Season Gauntlet. It's a little thing where we just want to show that the market is for everybody, no matter what level of expertise or experience you have. So, with the knowledge that you have right now in the market

Starting point is 01:35:56 and understanding where we are with coronavirus and all these other things, looking at the market right now, and you have to pick something on the market, sir. Pick two stocks that you would hold for yeah man that you would hold for the next year a year oh that's something yeah yeah yeah a year is good next year yeah the next year yeah um you put me on the spot

Starting point is 01:36:26 next the next year yeah um you put me on the spot i would um i was looking at well you said they were down i'm looking at i'm more in the junior stock exchange now you're talking about anything anything anything anything because we're having main junior and so the transit the highway and of course the real the real question is the why go ahead the why well because clearly it is um not because everybody's jumping on the bandwagon but i don't see something like that is is transportation that is going from east to west. Whenever there's convenience given to humans, it's probably going to do well. And I would bet my money because it's going to be very convenient just to get back and forth between east and west on that highway. Yeah, it's not an educated response necessarily i i'm i'm very

Starting point is 01:37:27 organic and that's why i think it would do well over time granted there are probably going to be some pickups that is going to have but i think i think in the long term it's going to be a good investment over a year i i agree with you and do remember that it also is projected to have nice enough um dividends yes but i can understand where you might not pay attention to a dividend because i mean an okay dividend is one percent 1.5 percent is a great dividend but you're giving people at every moment yeah exactly exactly i really invest in my own company, to be honest with you. But, yeah, that's what I would think. I think Lasco also.

Starting point is 01:38:11 Anything? Which one? Lasco Financial Services. Okay. Okay. And why do you like them? Because, again, they're providing tangibles. They have a longstanding name, well, in Jamaica, and people always seem to be using their products.

Starting point is 01:38:29 I don't see it. I've never seen a case where their products have never always been utilized by the Jamaican people. So I think it will always be stable and do well, barring some of the raw materials that they use simply not being produced anymore. But I think they'll do well. Are you asking me this right off in a surprise?

Starting point is 01:38:55 I'm just jumping on what comes to mind. No, that's fine. That's fine. That's the point of it. Yeah, the point of it is to show people that even if you're not in the market, you can almost at any given time at least pick one or two things out of the market that you know something about.

Starting point is 01:39:11 And it's very easy to go and just do the extra research to find out more. Yeah. You can dig a little deeper. I like that. I'm your advisor. I'm pretty sure you know a whole lot more about this than I do. I do, but I'm still not an advisor, sir. Yeah. Yeah, but

Starting point is 01:39:26 I think what you're looking for is actually Lasko Manufacturing because they actually make things. But Lasko Distributors distribute whatever they do. But that's good because it's a buffer. It means that Lasko Distributors will almost always take a little bit more of whatever it is that

Starting point is 01:39:41 Lasko Manufacturing makes. So Lasko Manufacturing has almost a guaranteed customer, from my point of view. Yeah, that actually makes sense. Yeah, so it means that even if something goes wrong, you will see it affect Lasko distributors before it hits Lasko

Starting point is 01:39:58 Manufacturing. Yes, exactly. And so you can adjust based on that. Exactly. Thank you again, Christopher Barrett from Sprint Financial Services. And so you can adjust based on that. But thank you again. Yeah, man. So Christopher Barrett from Spring Financial Services. It's a pleasure, sir. And thank you for being here with us.

Starting point is 01:40:13 We're definitely going to have you come back and tell us more about this gold standard. Okay, definitely. All right, Randy, nice. A pleasure, man. You guys stay here and stay safe. No problem. Same to you, Chris. This has been Earnings Season. I'm Randy.

Starting point is 01:40:22 On Twitter, I'm at RTRO. Fuck, you remembered his name this time. And I'm Danai at H Danai on Twitter. And this has been Earning Season. Hope you guys enjoyed it. There we go. Look out for another one with hopefully less delay. Bye guys.

Starting point is 01:40:35 Hey guys, bless up. Whatever you do right now, don't you stop earning it.

Earnings Season - 31 - Sprint Past Corona (COVID 19 Series)

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