Earnings Season - BrickTalk - The New Market

Episode Date: December 27, 2022

This week #BrickTalk is back! Join @RTRowe & @HDanhai as they discuss The New Market. We start Friday at 8:35pm, click the link to listen and join in on the conversation. ★ Support this podcast ★

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a licensed investment advisor before making any investment decision. Early season, bro. Welcome, everybody, to the early part of this. That early one where we get at least a couple minutes of conversation in before we go live on YouTube. We are live here. What's up, Danai? All gone. Yeah, bro.

Yeah. It's been a hell of a... We missed last week. It's been a hell of a gap. Indeed. All things in the meantime. Yeah. It's been a hell of a... We missed last week. It's been a hell of a gap. Indeed. All things in the meantime. Indeed. The match has been interesting. More from, you know,

in the China. Yes. I think people... Well, the Mayberry Bond. That's been colouring my last two weeks now. Oh, yeah. And that's a major part of what... I mean, a major part of what we want to talk about tonight, but definitely, I mean, a major part of the new market that's coming.

So, yeah, I think that's a massive thing, one way or another. What's been interesting to me is the way it reached a critical space, man. The way people are asking me about it. They're asking me, the new stocks IPO will come out. That's what they're treating it.

Some people. Good enough amount. Nobody will read it in the news or anything like that. But when they come, and I think, I hear, well, I wonder.

I wonder. How I've been seeing this is, you know, people, you know, last week, we were talking about people with very strong goals. I got 100% in six months or whatever. It's mostly people that kind of

goal asking me. So, yo, we're buying the thing there. And then I ask the plan, they say interest payments. Interest payment. Ah, okay. So, I don't know if it's a misunderstanding or they actually say, or they don't just actually say, yo, I think

the thing will fly. I think the price will fly. Like a stock's IPO. You know? I think I thing I will fly. I think the price I will fly. I can stock side you. I wonder if that is the answer to that. It does not feel like it is something to make money. Because there is no

way, right? Three months from now, you need 30% and you are not looking at the interest being, right? Probably not not I think I think I think maybe it's a matter of the marketing that has been happening I've been seeing it everywhere I'm surprised at the marketing behind it Yeah, when I say Team Mayberry, Team Mayberry really looked like they were going to pull out all the stops. Everywhere, people talking about it. And that, I think, is part of what, of course, is going to drive and has been driving regular retail.

So they're looking for, they're looking for, what do they call it? The IPO? IPO pop. No, man. What is Mayberry? Oh, Mayberry Investments. IPO. The IPO. IPO pop. No, man. What is Mayberry? Oh, Mayberry Investments. IPO. The IPO. Mayberry.

Bond IPO. Bond IPO. Yeah. So, definitely working. Definitely working in terms of getting people to know about it. And, of course, you know you've got people asking about IPOs because everybody kind of shy about what they really want to ask about it. But they really want it. I mean I feel about a 100% Yeah, I'm on our 200 200 200. Yeah. I can't jump out at three

But but I don't know I don't know if I don't know how much I Think it really is a huge part of the new the new markets I mean, yeah, I'm going to hold off until we're live on YouTube before I talk about that. But if you have anything else that's been happening that's interesting. Yeah, I mean, certainly. I think one,

I think people in love with dollar again. I mean, I didn't think it stopped, but thus, I'm hearing more dollar in the streets and the conversation there are news this week was it this week? I said scramble for the last two weeks

I don't know where we can but hey was it this week where they put out that they made them license or was it last week? I mean I don't actually care, right? To me, it was, I'll get the license. They might do what they need to do to get the license if they can't get it now, right?

And BOJ not going to screw them up. But in the end, they get the license. But the conversation got there. And I think, where did I hear? Oh, God. and I think where did I hear, oh god the thing that I asked was the thing that I didn't get in the news word VM, one of the managers from

VM, Brian Walker I think his name is sorry if I say the name wrong I still check it and say the actual proper name but he was the wording of it, his quote sounds very interesting.

Like, what I saw the conversation around was if they're gonna, I'm getting so optimistic, because he was saying, basically, he would not, I wouldn't be surprised when I'm finding the actual quote. He won't be surprised when the dollar comes to market

next year or goes to the main market next year. They find the actual quote. As in, move over to the main market. It doesn't sound like I wouldn't be surprised if, which is good enough.

That's all I saw. Something start going. I wouldn't be surprised if, which is good enough. Which is, that's how something can go on or something starts going on. I wouldn't be surprised when. Oh, like it's a foregone conclusion. Something like that. That's in a plan somewhere. If he said it, then I know it's a plan somewhere.

But I just want to actually find it somewhere. That's so interesting. I've been hearing a whole heap of those things. I think from the last time we spoke, it was more about what was it like? I think it was the RPL. RPL. Yeah, RPL hadn't closed.

The regents hadn't closed. I think there was something being said about them doing their... their what's that i get my platforms confused what's that on here that was where the guy was saying apo apo next year oh yeah man we said it's a fair man i had this conversation here we started that conversation here okay so it's it's it's a it's in that vein i think we're hearing a lot of. That and so many things I think is what has put me in the mind of just what we call it a future market. Because there's so many things I think that have been said that indicate what's happening over the next few months and the next few years. Yeah, over the next few years. Almost afraid to be excited

the way we're excited. Right, Jackson. I said, Brian. I said, do it. I agree, bro. I think we've spoken about this before on earnings season. I explained it as pre-excited

or excited. It's almost a care I live in the moment. It's the thing that's going to happen. We'll see. And because it's coming that much closer. I mean, by the time it reaches it's a thing of the moment

but I can't help living a bit like two months ahead, three months ahead I was thinking about that thing happening whatever yeah it is and has been a real

a real real just layout of things. And I find that, yeah, like you mentioned, going back to the same, going back to the same earnings season days. So we talk early earnings season podcast days and we talk about, we're excited about things happening and what it means for the overall market. I find that the market now is so, you know me and the recency bias already. I find that there's a recency bias around things now that oftentimes we miss when major things are happening. Yes. I mean, one is going all right. I mean, I just saw you in a conversation. I don't know. I think that's it.

I don't know. I was having about four conversations. The thing you tagged me. The thing you tagged me on. Oh. No, no, no. Actually, not that thing. Not that thing, actually.

Something else. Same thing. Around JP or the... Come on, someone. Someone. Oh, that's an earlier tag that's also something that's coming up

we're reaching somebody else a week swap everybody yep everybody as I've included there's just

there's just so much happening now that I think we're seeing the broadening of the market to the point where you're now having to pick and ignore certain things.

Yes. Yeah, you can't catch everything anymore. I don't know if maybe that's just my bias. No, I haven't seen it more. I definitely haven't seen it. And to the level where from a client perspective, I thought I would feel like, I think in my head, I often think I should be able to exhaust

everything in a certain way. But then now when I think about it, yeah. I mean, the goal is coming to the table, but at the end of the day, you think, right? No. Yeah. The picking and the funny part is knowing that these two things can be great at the same time. And you just actually have to pick one. Yeah, you can't have both.

Literally cannot have both. Try as you might and as much as you might want, you just literally cannot have both. I don't know if that's but again it might be your bias also but hold on one second let me try and go live I am hoping that this works we should be live

in a few seconds for those of you who like to watch the video on Twitter or on YouTube or the people who are watching us in the Grow a Grad group, big up and evening to everybody. So I believe we're live now. Welcome, everybody, to another Brick Talk.

Good evening. I'm Randy. That's Danai. If you're watching us on YouTube, like I said, or if you're listening on Twitter live, welcome to another Brick Talk. This week we're talking about what we call in the new market. I am hoping that everybody can hear and see me well and I start off with my disclaimer that we always have.

I'm not a licensed investment advisor. Danai Hall is a licensed investment advisor, but nothing that we say on the show should be taken as investment advice at any point in time. If you are making any investment moves, make it with your full knowledge and with the help of a licensed investment advisor who has helped you during an investment advisory session. Brick Talk is not an investment advisory session. Brick Talk is me, Randy, talking to Dana danaima brethren and him talking to me and anybody who wanting to join in on the conversation on twitter sending a speaking request and we'll hear from you

but brick talk is literally just us talking about the market so please don't buy or sell anything based on the things we say all right having said that welcome to this week's brick talk after a one week break and one of the last brick talks for the year and like i said we're talking about the new market and i was just talking about some of the things that have been some of the signs that have been shown about what is likely to happen and what is happening now and pointing at happening more and more in the future you're just hinting at you said summer than i I thought it was a JP thing, but you said summer.

Which is old. Okay, so I've seen the people on... So I've seen the people on YouTube tell me that they have no sound. Oh, damn. The JP thing, also interesting. I mean, from more than just that. The thing he tagged me on, the actual article, whatever.

The play out in the head end of that article is also interesting from things we've been watching for. And then I wonder if there's something tying in that further with the JP move. With them specifically. Well, I mean, let's bring the people up to speed.

What did we... I don't want to talk about it next. You don't want to talk about it? No, not from the JP side. I'll just type the company I don't want to say. Take the chat. Yeah, but,

um, no idea at all. But yeah, it's there. Yes, yes. I didn't know this was a,

this was a, um, a summer thing. Oh, no, no, it wasn't a summer thing. That's how it is,

the JP thing. The thing, the thing you were talking about summer The That was That was Summer The summer people

I don't know if it was the conversation or sorrow And I wasn't thinking the JP I wasn't thinking the JP tying to that At all In the time Alright so we don't want to keep the people in suspense Summer thing I think it's fine to talk about

Yeah man jam teeth Yeah so jam teeth Summertime my skin Yeah Jam teeth something I think is fine to talk about yeah man, Jamty yeah, so Jamty Jamty Jamty been very very clear that they're moving so they're ready man ready-ish, right?

how much time you hear that now? quite a while I hope the people on YouTube can now hear me I see that I am sending the actual audio to you. So I hope that you are able to hear me on YouTube. If you can't, send a notice, send a message telling me if you can or you can't, and I will try and fix it. But yeah, I get confused by the things that we're talking about. Summer.

Jamty. Okay, yeah. So summer. The jamty summer move. I'm saying next summer. That body number. I'm saying next summer. I'm saying we're not late.

I'm wrong. I'm saying next summer. I'm saying next summer. They said we're not late. I don't think so. Damn. Next summer. To bring everybody up to speed, what has been happening is Jante has been talking about doing their spin-off for a while.

The spin-off of their Caribbean Dreams entity. The Caribbean Dreams entity and subsidiary subsidiary subsidiary yeah funny story I think

you know at a brick talk or during a grow session someone kept asking me someone kept asking me if I if I know about the Jamtee I know about the Jamty. I know about the Jamty. If they have solved, I'm working from memory here, so apologies if I get it wrong.

But they're asking me if I have solved or if I am aware of Jamty solving their licensing issues. Oh, their licensing issues. Oh, their licensing issues? Which is what was preventing them. Solving their country.

That was me. Yeah, my speaker was on. Okay. Apologies for that. So, if Yeah, my speaker was on. Okay, apologies for that. Yeah, so if I'm aware of them having solved their licensing issues, which would allow them to do this now, but at Grow Up, people can ask questions anonymously. And so they were asking anonymously, really.

They were asking anonymously. And I had no clue what they were asking anonymously, really. They were asking anonymously. And I had no clue what they were talking about. I had it as a thing in mind to go and check whether or not the delays were due to a licensing issue. Bottom line is I saw the headline come out, and the headline says pretty much Jamty has solved their licensing issues and they're ready to list

ready to IPO I think is how they put it ready to spin off their I mean they've been doing the follow through a bit well but they give a timeline on the spin off and then they give a timeline on the IPO. And the timeline on the spin-off was? End of March next year, and then summer next year, the IPO.

They said they expect it to be listed by summer, so I guess they give themselves an extra quarter. Extra quarter. Yeah, man. And that's truly Rihanna-style bareface to say, yo, it's dropping summer again. One more time. You said it last year.

Yo, bro. I mean, the first time I heard about it, it felt like summer then. 2021 summer, it felt like. I mean, I never said that, but the timeline

is giving me 2021 summer. Then it does get walking, but... Yep. We'll post walking in the reach, welcome. Jesus. the timeline is given the 2021 summer then it does get walking back yep go post walk to the reach where I come Jesus

and and here we are now with them saying that and I guess that's that's what like a light start to the new market

so um it is I put that under the class of companies that are shifting their overall not just that are shifting their overall not just their view but their overall

layout. Footprint, everything that they are now this is a step. Yeah man, because I mean Jamty now would then become a true conglomerate if you will. I'm surprised that they haven't done more spin-offs but I don't know how

their investment... I think this is the start, right? I mean, the second, they did QWI. True, that is true. They did do QWI, which... This one does to you, you know? I mean, they've said it before, too. You can credit this one,

but this one does to you. I mean, that's... If number two doesn't happen yet, number three and four, push back with it, I guess. I guess, but... But there's no reason to do them separately, right? Just work on all at the same time.

I agreed. True. I mean, I can see reasons to do them separately. You make more money... Yes, I mean, I agree. Yes. But I don't know oh no what do you think i mean i thought you meant like work on all of the spin-offs at once so you know they have a couple of companies within the group that can be spun off and since janty is speaking

now as this thing oh that's exactly what i'm moving on the main market you know why not look to spin off some of the other entities that you can spin off but like i said like i can see i could see i can make the argument for doing it separately i agree definitely i mean i would do it separately probably i wouldn't i wouldn't do it once yeah but i honestly don't know how things going over jam t i i look at the share price these days and I wonder. I don't feel bad about selling. I remember when I felt bad about selling at the four. I was like, I'm flooding the market with shares.

Oh, yeah. My justification against that, I mean, I still held for far too long. And I got out a good amount, but I still had a good amount for too long. My justification is, I think how was it i had oh i mean i'm not the one floating the director said more than me bro yeah well that's true that's true that so for me it was like running because i mean yeah i mean it came to a point where all right cool may i hold the strain on you not do it so what's going on and you say so and there's a point where you need that soon anyway anything so happen and we say already time now you know i still know you're nothing from nobody i think it was october i went

into october you know you're not there it has to last years yep that goes long before that because remember yeah man no no no no no long before that but to the point where if you were waiting on the new timeline you did it right before october and said the brother there said and in october reach i'm still asking so wait imagine me here waiting on you and nothing happening yeah yeah but funny enough i think even with all that i think it it is part of the new positioning of the companies in market their companies are just getting bigger and acting more massive and moving regionally right yeah and that's in the the food space i can't even say the food space because i jammed people every space right and jam tea's footprint is bigger than food um in many ways also

you would find that in many ways also you might find that but depending on what you call him like i wouldn't call him a food company would you food jam tea yeah at this point and it's a thing i think of but at this point i mean there are even most of that yes they're most of that but they're the biggest end of the are they even more so than that? Yes, they're more so than that. But at the end of the day, they're moving out of that wicket. This whole move, Caribbean Dreams, at the end of the day, yes, they're going to be bigger in food. But a food company, no.

I think I would actually give them the Congo right now. I want them to do more. And coming from the perspective of Looking at the company And what can Heavily affect the revenues And heavily affect the profits QWI

QWI has outsized impact right Get it wrong with QWI and it don't matter how good the food is That's That's the thing I almost said said earlier but yeah like think of it now where you look you do something you do something like kudoba and the thought around it is yo this doesn't make me leave like whatever this is the thing that kudoba was a change of the face of their profits and revenue

it's making this much more but as shares you It's, yo, we're making this much more. But as shares, you know, you can't do that. We're making this much more. But when it don't work out... It hit them hard. Yeah. And it continues to hit them hard. Then they might pull out VM and start water it down.

Meaning... I don't know what the thought is it's from a direction point of view I mean they're looking at allocating more towards real estate than equities, the trading market

and you've seen them more than so since like two years, last three years or so I don't know, I find I always wonder about things like that. VMIL. VMIL specifically. Saying that they're moving more towards real estate. Is that what they said?

No, I'm asking if that's what they said. Okay. That's what you were thinking. You know me. same i think i think i said it here when i said the first time before i say it here i mean but that's for them they think yeah they gave me no not always necessarily going home about real estate i know it's so agreed it's some good people who don't know better about the real real estate like it's difficult like what's one real estate company on the market that has given strong consistent strong consistent cap gain cap gain increase cap gains to shareholders

Panjam has Panjam though has it I don't know that would say it's been it's a lot more than when I

it's a lot more than five years ago I guess but still Panjam is Panjam what they're about

to become definitely going to be much more than that and even then there's still more food and logistics. I'm thinking if KP Reit was as

impactful to JP as it was, and then along came not Hugastar, they did something the other day that is even bigger in the The Jews company in Spain.

Not the Jews company, man. Something is bigger than Kingston Wars for them now. I don't know if it's a shipping company. I think it's shipping. Whatever it is. know if it's a shipping car i don't think the shipping i think it's shipping is it whatever it is but if that whatever if that if it had that logistic impact on jp and a note on the pan jam i mean i guess pan jam still looking more in terms of the money from um from logistics and of course jp has heavy food um i don't see, I still don't see. What a play. Yeah, yeah.

That is also a wonderful sign of the new market that's coming. And I still just don't see the real estate being that great, I think. I still think Jamty is probably still the most excited real estate company on the market. Yes, that's a funny thing. That's funny. that's the funny thing that's funny that's actually funny because then imagine that imagine what's in the vm being meaning to the point where i mean you can't do that really right now the best you can do to scale back whatever computer guys impact is is its impact is is

invest better with QWI oh yes that's the answer to the truth yeah that's badly done

I know that's funny but me saying what I said I think it almost comes off worse than you saying that if you really

think about it what do you mean because I was saying scale but impact of QA, like I'm saying, that's the sound that, you know, that's not going to stop. Well, that's, you know what I mean?

If you're scaling, I mean, so yeah, to me, if you're having that conversation with yourself, you're losing already. If you're saying, well, I mean, if you scale by the investment side, because the stock side, you can't lose too much because you really think you can do it. So that shouldn't be there so if that's i stopped that

come up away again in a different way right yeah you know finance the nav is the nav the nav is It wasn't even QWI So Yeah I'll say For QWI The nav is the nav And it's It's much much lower

Than when it IPO'd And it is That's That's hurtful In a real As a QWI shareholder Yes it is Because

I believe No It's also It's also hurtful Yes I mean I thought I thought I thought I believe, no. It's also hurtful. I thought I thought I would see more from it, to be honest. I thought so too, but I think give it time and maybe they'll recover.

I mean, it's hard to kill a game. Yes, I mean, what's the game they're playing? I could talk like it's me. It's the same outlook I have. It's the same problem as Unitrust I don't know what these guys are going for

the best I can look at it is their MSCI index that's the name of it the benchmarking but I don't know why yeah what I'm saying is I don't know what their I in fact

I can't say anything more but I showed the bench man their house so their their idea is we want to beat this so whatever what's the return on that thing historically MSCI

I don't remember which one of them historically msci um i don't know which one of them that they're against is it the world index that they're that they they think we're going to open the project which ever one it is that they're against that i mean i was surprised to see that they're missing it um if it is the world index. I remember when the process came out, I remember somebody, I think it was even responding to you, they were very quiet. They were making you know that sometimes the index loses money. So it's a bad index to track. And I'm like, you're a first timer, right? To me, it wasn't the first time.

It's the same financing long-term. So when you say things like that, if you're really long-term, you're not saying things like that, right? If you're willing to hold something up for the next, hold out that investment portfolio for the next 10 years.

I mean, you just want to know the next 10 years, the reach where you want to reach, the in-between, nice, whatever, but as long as the reach rate is possible, right? Whenever you hear the long-termers talk against the things long-termers say, it's always funny.

Boy, well, the MSCI Emerging Markets Index year-to-date is at negative 18.64%. Year-to-date? Yeah. I was thinking of one year, negative at negative 18.64 percent you have indeed yeah one up there 1707. um annualized yield over the last three years 0.51 percent um analyze five year negative point zero four and analyze 10 year two point four four and um going from 1987 so that would be what that's the year maybe listed gk that'd be 35 36 years ago also what's the average 9.56% analyzed since 1987. I've got 10 years I get.

All the other numbers I've said except for the three years, negative. Alright, so I mean, the index... No, no. No, no, no. Why are you tracking it? I'm not tracking it. Why is it a benchmark? Why is it their benchmark?

Yeah. Well, I mean, the arguments we're making at the time for why that would be a good benchmark for them is, I mean, that's the emerging marketing. So it's looking at general markets around the world like the JSCs and not the NASdaq not the nyc but you know smaller markets from emerging markets and i guess you want to track yourself against the world i don't have an issue against i don't have an issue with that i still have an issue with them tracking against it

but at the end of the day yeah i don't make money from the the index i make money from the nav and well i should be i make some money from the nav and i would like to make money from the NAV. Well, I make some money from the NAV, and I would like to make money from the share price, but both of those things have been beating me for a long time. So I was a disgruntled shareholder, and I'm no longer a shareholder. But I still think that QWI represents a shift for what's happening and going to happen more and more in the future, meaning companies broadening their reach in terms of where they started from

to where they are now, so no longer just making the tea and owning the supermarket by price, right? No, they have a much bigger footprint. They're trying to go regional, and investing is also a huge part of what they do, and they seem to be transforming themselves to be like you know an investing group um same thing we i remember saying that to you about massey and i mentioned

it a couple of times yeah massey doing it i know we see jp kind of doing the same thing right this is a new shift jp shifting to me just looks very much like an investment company. That's all that they're in now with all the operational stuff moved over to one of their holdings. Yes. One of their holdings. Yes. And, of course, then what was JP? I suspect that they're doing, if you're going to go into investing, you want to get as much cash as you can in your pocket. So you see them doing lots of moves i saw that um i just remember the message to me

yeah lots of moves around those those those um around those lines and oh enough she came up enough moves around those lines because not just them. Wow. Like who else? Check your chat. I think what's happening is also I don't know if you've said that in the chat but GK is also very much looking like that. GK did that thing where they bought those unit trusts.

I think 2020... GK is listing all the companies. GK, in the investor briefing, said, yo, we want to list a lot more companies. This is a good thing. And they bought unit trusts now? Jesus. Yeah, well, I was thinking about that. It's the year of the unit trusts getting more popular. Not getting more popular, but actually I think it might be getting useless. I was thinking about that earlier today. I was thinking 2024 might be the year of the funds.

As it stands right now, I think Barita has the best fund. Is it? When I say Barita has the best fund, I'm not talking about listed funds. Not listed funds. I think Barita has the best. i'm not talking about equity not listed funds um i think barry has the best the best trust or whatever i think that that real estate fund that they have you know oh the real estate yeah monday yeah that's just funny yeah which which was i mean shout out to shout out

to jerry predicting some serious money in in the unit trust market because it was obvious with the buying of the land and then the revaluing of the land once it's in the unit trust, immediately sends the value of the units up. You know what? I look at that very, very interestingly. What's that? The unit trust is a gateway.

the union trust is a gateway they they can sell that I want to say to you the idea that liquidity of getting real estate I can't actually touch real estate but there's a pool of funds that is invested in real estate

and has way more liquidity than real estate in fact I get my money same day from it ah ah ah ah the house the house never loses and two there's a lot more plays around a whole thing that get very interesting i think they are going to get interesting but then it's that already i yeah, you know what I mean. You get me, yes. I fully agree. Way more. And then with listed companies getting into that game,

like GK, I'm interested to see if they have any new funds and how those new funds will look. I'll advise you to tell you. Actually, I said it here. One thing that, when a unit trusts, like the month before it reached it busts that would be good do unit trust and put 50 million

there that would be a very happy person very very happy person I wonder about can those things face like drawdowns like a run?

So, that's the thing I never want to say. I mean, I can say it. I never want to say it because I don't want to be a bad story.

But it's a good and a bad story that can happen from both of them. It's definitely going to be misconstrued. Let me say that.

It's definitely going to be misconstrued. Ah, yeah. Yeah. So, what I'll say though is that it's interesting to see companies spread their wings and looking at areas that they really just never looked at before but have almost been forced

to gk acting like i mean at this point unless something magical happens over the next um over the next what we have over the next 22 days i think gk probably in terms of active broker of the year they'd probably have the lead easily oh yeah they're acting like the investment bank yes oh didn't they win something like that is it the best the best listed company or the best investment bank in the best thing there our best investment bank which one did they win i don't know from who the jc awards something like that i'm not i'm actually not sure i haven't paid attention to the jc awards right i know gk yeah yeah but i mean i think i think i think people expect us to i think people think we would like

somebody asked somebody one of those things and thing they asked me about that if i was like i was a lime one of them investment lines up there how come out there and my head i was like well you can think around because of these things yeah i don't know you know me go Go there for what? I got my ass worked. Yeah. We got my rich client there, you know? Yeah. I see, speaking of rich,

well, he's not a client, but he's definitely in the wealth category. I see, I see at Guru Jami on Twitter.

Yeah, man. The real boss himself. The real boss himself. Very happy, very, very happy that somebody asked about the idea and said, I want the Porsche boss and good. So, I'm very, very, very happy very very happy that somebody call me I asked about the idea I said want to push passing good. So I'm very very very happy to see that he's good

And oh, yeah, I heard it in a very good summary reaction. That was Yeah, the way somebody who tell me the way then tell me It was in there was shocking to me yeah, yeah Well, you know what? I'll breach that. I've reached that topic since he breached that topic. He said, in times of stress,

unit trusts can become very illiquid. I've seen it before, which is a question. That was my point of the thing there. He does that again. That was my point

of a very illiquid asset. The real liquidity behind a unit trust unit trust is one the money that's the money that's there either not invested yet or does get redeemed right in real estate imagine i put imagine actually you're a two thousand percent growth the thing had uh which one yeah i think there's a couple thousand percent growth i think it was more than two but yeah the unit percent growth is 10x and then and that made me think can they face a run right because yeah if people yeah if 10 people put 2 million each in 20 million in are you giving me a thousand percent on 20 i'm not sure that that thing can manage the liquidity

of 20 people pulling no... They have to find a way. Yeah, but they can't. They can't. It's a real country. I mean, they can, but then it leaks into the... It leaks out of the Unitrust property.

Remember, they can't. Where are they going to find the money? They have to. So think about that. I mean, if I try to find the money, then it's going to be, what can the unit trust do? That in borrow again something? Or borrow from, say, and it's Barita.

Say Barita say, all right, cool. I'll lend the unit trust, or lend this unit trust the money thing there for this purpose. And the securing asset is a if they can do that, based on whatever the unit trust. But the securing asset is a house, or the things we have there. The land.

But then immediately then, the liquidity problem is more than just on the unit trust to find. It's the actual company that's running it now. And there more than just on the unit trust to put the fine is the actual company that running it now have a thing there and there are things around it in unit trust first force to some degree stuff like that but another day yeah in an equity market scenario it's bad and not so bad but real estate bro yeah yeah yeah you can't sell the land i guess the bank the point that I would bank on,

and this is me coming from an amateur's point of view here, the point that I'd bank on if I was running in that sort of situation is that, well, a commercial bank might have the money and be willing to lend me since it's backed by... Oh, yeah, that's what I mean. That's exactly what I mean. I figure the host would... Suppose they're not.

That's why you're a host. I mean suppose they're not that's why you're a host I mean they have the thing the thing I need to check I'm checking right now is I need to check in my head I need to check in my head right now is

that guarantee they often give it's the real guarantee is that guarantee they often give. It's the real guarantee. It's that in anything legal that they have to give the money now if I want it. I mean, the time to pay out

the money from the fund. What's the actual liquidity there that they have to... I mean, you hear me? So, I can't go more than two days. So,

imagine if that's the case, then, yo, if I can't tell you, we don't know of it yet and sure but the law said this i want to check that's what i need to check now and that's that's a pressure yeah for anybody one then or one to do the check on their own you'd have to check the unit trust documents the actual maybe the articles for the unit trust or the terms of the unit trust yeah um check fse stipulations then give your actual guidelines on what what unit trusts need to stay like to be qualified all right all right i mean and it's a good segue into what and i think i think for 2024 2023 sorry and beyond the funds so the listed equity funds now that's a that's a different game that's a new game for them or they should be real and true we only have what three active managed

equity wise we have three we have three three qwmje and um cpfd even equity, it's real estate. Yeah, but I mean, true, true. I'm thinking about a fund that is backed by the market, which allows greater liquidity. So you have your selects, but those are passive funds, right? Passive funds. So active management,

you're really just looking on QWI, CPFV, and MGE. And CPFV is in a different sort of band, like you said. So it's really QWI and MGE. And then that's, I mean, QWI, we spoke about that already. MGE is in a different class, which is a great segue into the whole bond business. Oh, yeah. And that's a new market that is going to be

it is at the right the right in the room so yeah um for anybody listening and by the way guys you can send a speaker request we'll talk whatever you want if you want to jump in on the conversation, you're more than welcome. So just hit the request button and we'll bring you in at the next pause. So it's up to you guys if you want to jump in.

Oh, and I see what Sir Barry's saying here again. He's saying that they can't face a run because the fine print allows them to suspend payouts so you're saying the same thing i was saying read the actual fine print read the documents around the unit trust the stuff that most people don't read before they get into it um in the fine print it allows them to suspend payouts which i suspected it would because they can't face a run because if it's a bad situation for you i don't know that me with a bank, with depositors money where I have to face even more fiduciary duty from two ends, my shareholders and the depositors money that I have.

I don't know that I can easily put that money, lend that money to you to cover a run on your unit trust, right? a run on your unit trust right and even if i get your asset let's say you can't so you can't pay it off and i get your asset i still then have to monetize that asset i'd have to find somebody else to sell it to or make some money off of it so but i still think there's value in a well-run fund me personally not too excited about the unit trusting still not putting my money there but i think they might get more exciting the listed funds know i think um i mean the mayberry bias i like i want to try and give like what seems like an unbiased view towards maybe and it's not that bad it's just that you've seen nobody's giving them competition yeah i mean would you be excited about anybody else being a bond

ipo i was thinking here just about mje but fine let's get into it the bond itself anybody that's doing a bond ipo i would not care um this bond that that neighbor is doing this the four chances these four bonds as well as well i was the private company some of the private things i said i've been mad busy over the last too long so i had to get started and i usually don't when i saw this i said to him say yo this to me is like i'm editing what i said in case somebody want to pause editing what i it's all the words say. This to me is exciting because it is like 2009 again. It is the start of a market that I

don't think people are realizing is going to be a massive market. I'm looking on it and I said two weeks ago that it is the most exciting thing on the market. On the market, yeah. For me this year and i still believe that

no and it's a year where i i i mean i i had a i feel this company i mean i got a nice piece of that and it's an exciting thing for me but this ipo this one ipo is the most exciting thing that i have seen on the stock market in a long, long time because of what it represents. Like, in the growth subscribers group, we were talking and I noticed something come up now that people asked and I think it's going to be asked more. I remember when Dollar was in the news this week. It was not for the BOJ

thing. It was for their bond. Dollar did that $1.8 billion bond and they put it on the private market. And I'm wondering why. Why? And then in the group, people are asking, I wonder why. So now I'm wondering, how long before they move it from the private market to the bond

market, the public bond market? Because this is what I'm seeing that is likely to happen with the Mayberry bond is the making of a new market that I am beyond excited about, Freda. I can't stop thinking about how much other

conversations this leads into. We were just talking the other day about well, one, I mean, we talked with Phil and Jerry about what, not any strong detail, but around pricing a bond. What a bond, what a bond is like with a market,

with an actual active trading market. Bro, look on the thing there. Let me name it again. The, the problem is that the banks went through.

Where they have a lot of bonds. Where they have a lot of money on the bonds, but there's no actual market so the market is a market to market situation and they have to take that you know what's crazy to me that is just the disdain

with which the local market was viewed in Alberta there's no reason to not list it on the bond market absolutely no reason to not list it on the bond market but so if you're stuck in a situation now where you find yourself stuck with bonds as a house or a bank

you kind of have yourself to blame but the out is always there, you can always list it on the market. Now I suspect that is going to start happening over the next few years. Oh yes. The media look at it and just think about it. Think of if we had an actual exciting bond market

i think we're going to and yeah man but then think of the issues we had with the bond market so far it's mckay is ammonia because no one cares about the same brother now by again or the same brother now i him not buy again this month. Or him not come in 100 mil again this time. Yeah. Another one catching. Yeah, 100 mil already tied up. In fact, a lot of our bond market,

and again, I'm speaking as an outsider here, so if anybody in the industry sees it and knows that boy, knows that I'm talking crap, feel free to tell me I'm talking crap. Feel free to tell me I'm talking crap, but we can debate it. But how I know the bond market work from the outside is that

what they're doing in the industry, they would time bonds for when other bonds are expiring. Oh, yeah, man. All right, done. Cool, money time. G-O-J, whatever, whatever, is about to expire in March or April. SoJ, whatever, whatever, is about to expand.

March or April. So we'll have a big thing that we're advertising. So it's just keep the money tied up, which is fine for a house. But the fact that you never once considered, yo, all these retail people out here, they don't care about the name of what they're, I mean, the APO, they should have taught us that, right? If people don't really care about the name of what they're buying they're buying because looking for again so if you have an actual market in bonds and

the bonds i tell the people in case anybody lost some of the benefits of this no i i guess maybe what i think maybe setting up here so the benefits of it is like you're not getting a 12 yield from a dividend no company is going to give you a 12% yield from a dividend. Literally all the dividend investor guys that never once planned on getting them live, would love to be able to do this dividend thing.

It starts here. To the 12% they want. Or 8, you never get that before. Or the price gone up, you never get that before? Oh, the price has gone up? You never get that before? I am... I am so excited about what I don't want.

I'm so excited. Like, I'm that excited. You're right. Things I've never seen before. This again is... Boy, you know the jamaican market isn't mature see it again getting mature here everybody but then think of the fact we keep hearing from people who in the position to do it for the same guys we need all the time and they're not the ones complaining well they're they're in team doing it now're they're they're they're they're they're they're they're they're they're they're they're they're they're they're they're they're they're they're they're they're they're they're they're they're

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they're they're they're they're they're they're they're they're

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they're they're they're they're they're they're they're they're

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they're they're they're they're they're they're they're they're

they're they're they're they're they're they're they're they're

they're they're they're they're they're they're they're they're they're they're I think that's what he has as his avatar. Oh, yeah? Yeah. The picture is the bad man. This legacy.

Yeah. Let me tell you another thing. For regular people listening here, I talk to regular people. One of the reasons why I'm always excited about it. I'll give you some background. Some of the things I say, I grow about it. I'll give you some background. I'll give you some of the things I say at Grow.

When I describe in the markets, at Grow I'm just very, I don't paint the words all fancy. I'm very, very clear. The JSC has four markets you can access easily. The main market, the junior market, the USD market, and the bond market. The bond market currently is the most boring market that they have. That's literally what I said, girl. I list them in order of boredom. The bond market is the most boring.

The USD market is the second most boring. The junior market is exciting, and the main market is a market everybody knows. The bond market is a... I'm about to not be able to say that anymore. I can literally see it. I'm about to not be able to say that anymore. I can literally see it. I'm about to not be able to say anymore that the bond market is the most boring market. Boring, yeah.

I said to somebody that I didn't know. Is that it again? Is that a safe space? No, no, no. I said that the bond market is about to become a safe space. Oh. Actually, the Mayberry bonds are about to become a safe space

because suddenly you have somewhere that you can park your money. So when I say, when I'm excited about it, I'm not, people might think I'm thinking from a big money perspective. I am. But I'm also thinking from a big money perspective. I am. But, but I'm also thinking from a small money perspective. The days when I was playing with a hundred grand. On the days when you do a play at a hundred grand,

you find a 20% play, and you make the 20% play, and now you have 120 grand. You come out tight. Where do you go? You have to leave it, sit down in JTrader, or leave it, even before JTrader days, leave it, sit down in your money line, or leave, have to leave it sit down in j trade or leave it even before j trade that is leave it sit on your money line or leave or just leave it at the broker because

you don't really have a safe space you might think oh i put in ncb because you know i put in cabs in in carriers or for the dividends or nobody like for me the closest i come to a safe space now is SVL because the dividend coming every quarter right but the truth is the price of jumping in and jumping out of like a SVL the dividend is not going to cover it you have to sit in there for a while it truly is a longer term thing bonds now though at the yield on the yield on even the lowest button at nine percent means that i'm comfortable trying to make a play somewhere and coming back and sitting in this bond until i find another play even if i only have a hundred grand and if you can't qualify for the bond if you have let's say you have five grand you can't qualify for the but you can't apply another ipo because you're below the minimum it's all start trade yeah you'll soon be able to get in like this is a market being actually made

and then the the pinnacle when i start thinking from a business perspective now like this is disruption who you think they're disrupting yes i'll make a guess make a guess oh okay sorry you're delayed on youtube i think so that's why yeah disrupting disrupting disrupting that's all you get the sound to work on disrupting from what angle because my immediate thought was the lame guys the fixed deposit is the way to go kind of deal yeah but go

go further further further further I'm not sure it's angry going but alright sure overall

in terms of looking at the year a lot of the lame guys get in there in two even the unit just get disrupted because they're getting better returns and that and that.

Exactly. Quarter and you get some cash flow from it. You care about that thing, right? But go further. And think simple. Think regular people. Somebody said, I'm about to say,

Terry J is mad. Yeah. Like, yo, the average return on a savings account, I think, up to, I want to say like August or September, was 0.42%.

Any money I have sitting in a savings account, why would I be sitting in a savings account? You know... It makes sense in a 12% bond if you believe in actually saving. But you know what this really is? We're actually making

an active investment class. This is the moment anybody knows about that difference. You're so weird there. It does start making... me maybe I don't know how optimistic I am I'm probably too optimistic

it's not for everybody but at the end of the day it's open to everybody it makes sense for everybody yes I don't think all of Jamaica do it now but what I'm looking at overall

is the fact that I mean, this is the market. They're making the market no matter what. This is actually, you know, investments just, meaning we know how underinvested people are in Jamaica.

So no, this is a proper easy entry I do sound like stocks we're trying a thing it's all night yo you get the money like oh see me get the partner draw money this is in fact it more real than a bank with my interest payment coming the bank a set and I'm sending a statement when they say make the money when you never really make it for your pay cut. Oh, I tell you. With no backdated service charge.

Yeah, man. So, go to the T-Fest Bank out there. This is, this, this, this, when you were saying

earlier in my head, I don't know how much people think this is actual, when you were saying it's a game changer but we're not, we're not being excited because this is,

this is actually real. It is a massive game changer. The complaint you often hear about, like evening class, not accessible to most people. People have their houses instead of doing this, they get the bond

together, put their money in it or whatever, and then put it in Unitrust and collect two ways. So now, okay, the unit trust is the way that bonds are accessible to regular people not not go so you know that's that's on you guys that's why why that situation exists is because that see maybe you're coming until you can actually get the bond direct and not very likely you ever see a unit trust with nine percent a bond a bond union trust with nine percent you know to get the payments actually then the unit was getting payments and then you get you're in you're investing in in the unit trust and getting less than whatever return this

this is yeah game changing game changing. Game changing. If this works at all, because again, I don't think they're going to be the only option at the end of the day. So, this is the only option we need.

I think there are going to be listings afterwards. I think there are going to be listings of the like afterwards. I'm just saying it's not going to be hard at all for somebody

to look. It shouldn't be hard at all after a while for somebody to look at this as a real option for them with no actual, you know,

not as, well, I'll have a hold up on doing this. It's, yo, if you want a bond or you want to invest, yo, if you want a bond or you

want to invest, you know, you want to go to equity thing fully, and trust me, I'm still hearing it. This is an option. You get the money which way. You know, user, you get that. True. This is democratization? Yeah, that's what I was saying.

And there's a lot more. True. This is democratization? Yeah, that's what I was saying. And there's a lot more. The democratization of investment space. Yeah. Yeah. I can't. I think about how many people I know

that boy, they're afraid of the stock thing. Oh, yes. So they leave their money in their savings account. You don't even know how millions sit on their savings account. The things I've seen, I mean, since I do what I do, I've seen people have big money and

they invest the big money in fixed deposit or something like that and then they take a little piece of it and then throw the goals on that little piece to go to the market with it. Hmm. If you check what they want from the market,

in fact, you'll see like, yo, the piece they have in the fixed deposit is like 10 times or more than the piece they're on the market with. But if you check what a fixed deposit money is supposed to make, what they want from the money on the market is the same amount as... So you get me? So this $10 million versus $1 million invested on the market, $10 million in fixed deposit, and you want double the $1 million, but you want 10% on the fixed deposit.

I mean, you can want it, but you're probably not going to get it. Yeah. I mean, you're getting it now, but at the end of the day, if you're looking at 100% on the market, if they were to come to the market and look for 50 with 2 mil, if they were to look for 102 mil,

it's about the same amount of work as 101 mil in the same time. 100% gain? I mean, yeah. I think anywhere from 2 to 5 million. It's pretty similar. So if you look at that then, if you even came with one more million, you'd have made double what you want with the same amount of work versus the timid sum. If you came with a full 11 million to make the one million you were trying to make,

that's much lighter work. That's what, 7 or so so seven eight percent yeah and you've been thinking you see you still think about the people who are thinking about this most people have no clue what is going on oh no no no no definitely that's the story i'm trying to tell everybody i just never want to say like that it's yo we don't really know what i want to say no now. But IPO, so I can go on. And that's why I said there's no way they're telling me

I want interest payment at XY. You know you want it double. That's why you want me to sit here. Yeah. And that's also a funny thing. A double. 5% is more than most dividend. So if this thing doubles, it's paying 5%.

Right? So yeah, the 10% charge, if the price of it doubles. There's things I deliberately don't want to say. Oh, you get what I'm saying, right? Yes, you definitely get what I'm saying. Yeah, man.

Everything I wrote, that is just... That's special, brother. Yeah. People, the realest thing that I say is that we are not... We're not overplaying how excited we are and how exciting this is.

It is... As I said, when I said it to him, it is like being at the start of the junior market. Imagine if you had some money in 2009 when, again, Mayberry, when Mayberry did Access and started things off. And then for a while, it was just Mayberry. It was just Mayberry really using up the junior market, listing companies on it.

Look at where the junior market is now and how it's considered. Imagine if you could go back, what's that, 13 or so years? To the start of the junior market. That's how I feel we are now at the start of the junior market. That's how I feel we are now, at the start of the bond market. It's amazing. I need to put on top of it. Mate, one's great again.

Yeah, mate, one's great again. Why not? Wow. Like, it is... Think how bonds are going to trade. Think how bonds trade. Go, I want to hear what you're saying. No, I don't want to say it.

You say it. Just... Oh, yeah. To me, that's it. Like, every investor should shift their strategy to consider

this because there are and it don't get what you're saying it don't get what you're saying them things they mean

yo go get the 10% brother get the 8 something the 9 yeah no they want they say Randy said we want to go for the interest payment then they think that that's me and they could that's a work that's a funny part

yeah you know i should point out that i feel like i don't want to say but i feel like i might regret not saying it well also i have this is not an ad as much as you're talking it's not an ad. As much as you're stuck, it's not an ad. We haven't been paid to talk about it. I know I saw some people talking about it. I figured it's some paid stuff. We're literally just talking about it because... Talking about it. It is the most interesting thing on the market all of 2021. It's the most interesting thing...

Who would have thought? Who would have thought? Not me. Not me. Exc excited about a bond about four months i would not think so but i am i am excited i am properly excited about what it means i'm properly properly excited and as i say any investor I'm not saying to buy or not buy I'd cut it's unimportant that'll be unimportant two years from conversation we're having yeah what I think two years will be important however will be your investment strategy whether you're a short-term investor or a long-term investor, your investment strategy should consider the impact of this.

Because this changes the game. This adds depth to the game. And I can't wait to see how many people are going to follow. How long do you think before dollar lists are banned on the bond market? Next year. You think so? I think I give them like maybe two quarters

after this one. Yeah. I can replay the public, the public, the news cycle, the public exposure. So because they're out there,

which is also a good thing. Another part of the change in markets is that we now have CEOs and company leaders out there which is also a good thing another part of the change in is that we now have ceos and company leaders out there i mean think of two years ago you can come up to i think even earlier this year when same sir buried out we see we see i'm sending messages in a chat like this who's sending messages know that people can interact with on twitter yeah i i couldn't i read about i don't want to say names because people get offended i don't mean any offense but like i grew up reading about matalan in the newspaper i can't ask matalan one thing about ray ray ray but 2022 you might be able

to ask a ceo or a chairman on twitter and you could get a response right Right? Like, it's a different market now. It's a market that probably, Sir Barry himself probably only dreamt about when he was starting out years ago. I know that

other people have spoken to in the industry that were there from long before. I don't think they could dream of where we are now. Oh, no. Certainly.

The conversation that I have today, it's always in fact, a big part of the conversation is probably the shock. We always tell you how far this thing's coming from or what this thing was or whatever or what the market was.

And often they still have that view of it and secondary they can't believe that people think of the market in the way they think of the market. Yeah. I think the name again, Article with Sir Barry. He said,

what's an article? No, he had an article or interview he had. And he was talking about where the young people in the market, he was asking about the performance of the market and what's been in recent times and so often young people know Jamaicans are believing in Jamaican market and are actively supporting it and pushing more into it and yo the more we have

about that then then the more we have the next things because everything there is a consequence that is but we have investment spaces we're on Friday night talking about investments. We had a podcast and it was doing really well compared to things outside of the investment space. We had... I mean, I still put this stuff on the podcast stream. Yes, we have a podcast. We have a podcast. Speak of everybody listening on the podcast stream right now.

Yeah, it's earning season, brick talk, call it what you want. It's Randy and i talking about stocks but if it even more i mean we have youtube shows dedicated to your let's talk to the ceo about this company has gone on this or this company has listed already and it's more than one of them you have pull it we have whatsapp communities bro we have whatsapp and telegram communities based around yo what's going on in investment market in jamaica i'm investing and i'm growing and growing and growing yeah so far where i come from and far away i go because no one got you where i know is just if you really think about it we

don't reach nowhere yet we have it just in a real bond market yeah yeah the start of it think about how many bonds are like you know how many bonds are already out there how many small companies have bonds already oh yeah think about that think about how much more companies just couldn't do it if there was no bonds. You can now be listing a debt. I mean... It's not even on the company. Exactly.

It's not even on the company sometimes. The host might just push through because I own the debt. Right? I own the debt. Right? I own the debt. So why not list it? That's the things I'm thinking about. No, no.

When I said what I just said, it licked me wickedly, what I just said. And then it just opened up more and more and more and more. Think how many small companies have bonds that 10 people own the bonds and four of them involved with the company and the other and two of the other six are houses and

the other four is pensions. Think how many small companies don't because getting a bond wasn't a thing. You know it. You go to the house, and it probably just top this up, because the bond will know your thing.

And in many other markets, you're just a high interest rate company. You're just a high interest rate bond. It's not that you can't get a bond. It's just that, yo, these are what happen, and these are the covenants. You know? We have that privately now,

but now we have it publicly. Yeah. And the house now becomes even more of a machine for that. I mean, we know Mayberry gives private debts. I think in many ways more often than not.

Why? At this point, I realize this is a long sponsored segment in Iran in truth like

big man thing like I don't know how much we all know it they do a lot of other things they do actually

do a lot of private debt I mean I think other places do too definitely but in ways that you don't see

like the smaller guys they get through more while, you see what I mean? And other places, we're not going to look at you more

than just, shut up. It's the bank treatment. Yeah. I quote another tweet from Chris Berry for the space. I'm going to share it

in the space. So, Berry, you know, if you want, you can come on and talk to the people. I'm sure they'd love

to hear you, but he says... I think he does. I think he does the 100 right now. Yeah, Barry, you know, if you want, you can come on and talk to the people. I'm sure they'd love to hear you, but... I think he does know what I'm doing right now. Yeah, I figure. I figure. The fixed income market is many times greater than the stock market. Yeah. Yeah, he said that. Think about

that. The stock market is what? 1.something trillion? 2 trillion? 2 trillion? The fixed income market is many times greater. And unlike think of when you bring a company to IPO, to market, the process you have to go through.

A lot of these bonds are already done. The companies have already done the work. And they already have to be putting out quarterlies for the bondholders. The 10 people that come in and ramp done the work. And they already have to be putting out quarterlies for the bondholders. The 10 people that are in the money. I mean, that's it. It's like you're into the bank system most times.

So you're doing a lot of things already. And then the end justifies the means, right? So I don't know if that's the right way of saying it. But at the end of the day, then we also have the issue of compliance generally for companies in Jamaica. If the reason we don't do things is because, what's the point?

In most cases, we don't know if we can get a ban. If we can get the loan, they've always been wanting. In fact, the ban known as different, it's a different stress, but yeah, got you, got you, got you. Pause the free ad, because I see

Sir Barry jump on. Sir Barry, how you doing? I'm good, man. Good night. Big boss. Good night, Mr. Barry. How are you? I'm good, man. And you, sir? Everything cool, man. Everything cool. We're doing great, man. This is a strange group, man. Everybody

it's Friday night, nobody at the bar talking to each other. Stop having that beer. How that work? We'll have the beers and they will come on stream. Okay, okay, okay. That one. And in fact, I think we

overdue an in-person brick talk, you know, so we're going to do one at a bar. We're going to find a bar in a couple of weeks and do one. But, Sir Barry, big up. One, very, very happy to hear you. Like, then I tell you, it was a shock in the ear that

you had that accent. But, glad that you're here and you're sounding and looking like your usual self on Twitter. So, I suspect things are good. And this Bonberry, we're talking about bonds we're also talking about unit trust i know you have some history but you know what the history of the market well from the history of the unit trust so if you can just summarize to the people what you're saying especially with that point about a run on unit trust yeah so so let's let's

not talk about it from our own right so? So typically, the union trust is great because what it does is you get a professional manager to select good assets. And let's use real estate as an example. I can't remember when I bought my first house. It was one of the most difficult things you actually achieve in your life is when you actually buy your first house. It was one of the most difficult things you actually achieve in your life is when you actually buy your first house. After you buy your first house, it gets easier. Be careful.

You end up with a lot of houses. Yeah, because once you do it, you learn the game on the banks, give your credit, and you pay it back. You know how to buy income earning properties and so forth and so on it's not a hard but the first one's very hard so you you just come back you just start work and you know you're from college or you're working your way up through the system you can't buy a

house that's just not reality in today's world um but you can buy a real estate unit trust and if it's well managed you will make money on your money so the the purpose of what i call a collective investment scheme so it allows retail investors to have access to investment assets that they would not normally um access but running those kind of things is expensive, right? So when you add up all the charges, most of them, the charges is, you know, 8%, 12% is what you actually end up paying out for your money. But you're still better off than putting in a bank and getting 1%, 0.4%. You know what the bank rates are

very low so you know i i don't think it's it's um constructive to cost the bank you know what what we have to think of is that there are different options of investment out there. And the fact that banks aren't outbidding each other and paying higher and higher rates means that's just where the market's pricing that product right now. So one of the things we always like to look at from our perspective is, can we provide something out there that's going to give the retail investor some more return? And meanwhile, we can reduce our costs. And actually, I will say, no, it wasn't really a great time to do it. We've been having this idea for a while. Because interest rates have been high than they've been in 10 years and um so the rates for us from our perspective are not great but there's it's always there's no great time not to start

right so we just decided to start anyway. So going back to the Unitrust argument, the problem you get in these type of collective investment schemes is that the asset class is... So real estate is an asset class. It will always do well over a long time if you have a good manager. But sometimes you have long periods where the asset class will go will will adopt a negative return cycle so like for example in a banking crisis in jamaica that was taking place in the late mid to late 90s which can't last for a

very long time you know we had a lot of money being pumped into the system. Real estate prices went through the roof. And then when that bubble burst with the FinSAC and banking crisis, real estate adopted a very negative return cycle for a very long time. So what you have if you have a unit trust in a situation like that So what you have if you have a unit trust in a situation like that is that if you think of your asset price falling every month for years, so everybody in the unit trust is losing and then people just keep coming for their money. can't borrow against that asset at that point to pay out the people because you will be borrowing that asset at a $1,000 asset.

You pay out the person, you're still holding that $1,000 asset. But in six months time, that $1,000 asset might be worth $800. Yeah, you still owe $1,000 against it plus the interest. And that's what happened to some very big insurance companies in Jamaica. they lost billions of dollars like that because they borrowed against the asset

they paid out the union trust holder and then the asset fell in price so now they were upside down on the loan they didn't have the cash you don't want to do that that's a nightmare so most likely what union trusts would do if they're in that scenario is they would suspend payments and try and sell the asset and then whatever cash they get i mean then they would disperse it to whoever wants money i mean that would be the smart thing to do i don't think people made the same mistakes twice. But I don't see real estate going into that kind of a negative cycle based on how we're running the country right now. Interest rates are going up temporarily, but I don't think it's going to be a long-term trend.

I think as inflation backs off, interest rates are going to come back down and real estate prices are going to keep going up. So that's not something I think people have to really worry about. I think you need to pick a unit trust with a good manager that's buying good assets. And you should be okay. All right. Now, the thing that we're excited about Because I can tell you

While that is good unit trust advice Me personally speaking only for myself I would put money in that bond that you guys are In one of the tranches of the bonds that you're putting out Versus any unit trust So what are you thinking around the bond Because Are you as excited

As Dan and I are about it Because I He's more excited than I am Are you as excited as Dan and I are about it? He's more excited than me. Yeah, well, for us, you know, for us, it's really a test because, you know, sometimes it brings something to the market and the market's not ready for it. So, you know, we're hoping the market's ready for it so you know we're hoping the market's ready for it you know so you know if the market accepts it i think other people will do it and it will be a whole new industry that's gonna really explode you know because there's lots of benefits to it i actually saw it in costa rica about 20 years ago right where you had guys and they were sitting at little computers and,

you know, the guy had his portfolio and he would have like 10 or 20 bonds in his portfolio. And there were publicly traded bonds. And, you know, if you want to go supermarket or buy a car, you sell a piece of one of them bonds or like a piece of five of them bonds and and him get X amount of money and him go on and buy him car. So it's an alternative to other types of fixed income investments. But the thing is, is that remember,

when you buy bonds, bond prices can appreciate and it can go down depending on interest rates. So you get additional liquidity in that you can buy and sell at any time but without with our fix with a CD it's fixed for a term so you there's no up and down it's fixed right so but this if you hold a bond till maturity then it becomes just like a CD so It's fixed for a time. If you hold a bond till maturity, then it becomes just like

a CD. It's fixed for the term. The liquidity, you get extra liquidity because you can trade it. If you're really interested in things like interest rates and stuff, you will be able to see

where the interest the markets are, interest rate markets is peaking and falling and people actually make a lot of money that way in the bigger markets with a lot of the bonds. So, you know, I think it can be

a really big thing, but, you know, who knows? Who knows? So, you touched on something that we deliberately didn't mention, which is what you said. All right. So I'm going to do it again from the layman perspective. You're buying a bond out there right now as maybe a more experienced investor who can get a bond. Let's say that the typical bond, you're buying it. So you're not buying it at issue.

You're buying it from somebody who had it before. You might get 2%, 3%, 4% on it if you're lucky these days with these interest rates. A bond that is being listed as giving, that's on the face of it is offering 12% per annum, which means that the people who are getting 3% are going to be willing to buy that bond at maybe double the initial cost because the yieldd math so what you also have to think about is that the duration of it and and how long you're going to hold it for because you know if you're going to hold it to maturity then it's an easier calculation in terms of how much premium you're going to pay and whether it's you can still make a lot of money on it um but if you're going to be trading it and you're paying a big premium you know then that's a whole different story so so for for example one of the reasons you're seeing you know you're hearing about

um some companies in the Caribbean region that has been having big market-to-market losses on bonds is because when the Fed push up the interest rates, the price on the bonds go down. Yep, exactly. Exactly. So you end up losing on a price but the good thing about this issue is like um right now interest rates are high how much higher can they really go

i mean i i don't want to bet on that but you know we haven't seen these levels of interest rates at the BOJ for 10 years yeah you know so since like when 20 I remember a long time yeah you know so you know interest rates are more likely to go a little bit more higher and moderate and then go down. So, you know, the risk of facing high interest rates now, I think, is lower than any time in the last three years. So that's not a big risk for this particular issue. But in general with bonds, you always have to think about that unless you're

holding to maturity and that's why we did several tranches right because um you know if you don't want to take interest rate risk you buy the tranche where you want to hold it and then you don't have to worry about whether it goes up or down and then when you buy like that now, it's actually like a bonus because you might be holding it and you're willing to hold it to maturity. But the market moves in your favor. You just sell it and take the profit. Which is the thing that I'm most excited about.

And I don't know if it's that you wouldn't or you can't say no, but the fact that you're putting them on the actual market that retail investors can access tells me that it's going to be something that, like there's an entire new retail strategy that I think is going to come up, which doesn't exist currently. So me too. Yeah, absolutely. 100%. You're making a new market again, Sir Barry. You're going to make a whole heap of people.

I'm trying. I'm trying. You know, one of the features about Jamaica for me, one of the features of the capital market that I tend to focus on, why I spend so much time on the JSC is because you know there's a lot of investing that's going on in Jamaica and I've never seen a good idea in Jamaica that went unfunded. So there's a lot of excess capital in the accredited investor class to fund deals.

But people who are trying to make their way up the ladder, they don't really get access to these type of deals. If you're not an accredited investor, you can't get into stuff like this. the ladder. They don't really get access to these type of deals, right? If you're not an accredited investor, you can't get into stuff like this. So the good thing about

the junior market and the JSC is that it creates a framework where you have rules that people have to follow that takes out some of the risk, but not all of the risk because once investing there is risk, and it allows more people to participate

and earn money in other legitimate ways where they didn't have access before. You know, it's not everybody can start their own company, or it's not everybody can do a whole real estate investment by themselves. But by having these type of vehicles where the retail market can participate, then, you know, you're bringing up everybody. It's more for the mass market. And if everybody does better and everybody has access to more products like this then we all do better yep so that's kind of my one of my big things you know that i try to um to to do over the

years you know yeah on the point of risk if we have more things available then we can navigate that better versus well i'm gonna reach us the shares thing and you know and you want to do the one thing where you couldn't do it before so you can be that guy now yeah and and it's a more stable it's it's a more stable income than the stocks you know it's you know you kind of know what you're gonna you know where you're getting yeah you know what you're getting on the frequency of payments and stuff like that whereas stocks yeah um you know i'm personally as an as an investor i can't tell you i'm not the bad guy right i i'm a sad guy you know same you know preaching to the choir but the fixed income market is much much much, much, much bigger than the equities market.

I mean, that's where the big money is. So, you know, all of our clients, they have a lot of fixed income. And we have a lot of accredited clients that have been trading in bonds for decades through Mayberry. for decades through Mayberry. But we also have many, many, many more clients who are not accredited and they don't have access to this type of thing. So we say, hey, let's see if they'll want to play in this game. And we can say that if it works, as you say, it's a test.

But I think this test, I might be running ahead of the game, but I think this test is almost going to work. But we can say that if it works, Mayberry does have loads of other clients that have bonds that they might be willing to also list. Well, I see other brokers doing it. I see clients. Well, we are already doing a lot of stuff on the private markets for clients and all the major brokers are. And a lot of clients prefer to be on a private market.

They don't want to hustle up dealing with too many people. You know, having a public security is different from our private security. I mean, I've had cases where, you know, a client will say, give us a list of names and say, these people cannot buy my security. Really? That is very demeaning.

Yeah, no, absolutely. One hundred percent. And I mean, I can't disclose that to anybody, even the person who is calling to buy and can't buy. And, you know, it's just, you know, those things have to remain confidential forever. But, you know, in a private market, you can do that. In a public market now is, you know, once you qualify, you qualify.

And a lot of clients don't want to really deal with that. But I think there's also benefits, you know, because you can tap into a much wider, bigger pool. And, you know, when you're in a private market, it's all about institutional investors, right? And accredited clients. It's a much smaller group. And

sometimes we're all in the market at the same time. So, you know, if you don't have your ducks lined up in a row, you won't get funded or it might take you a long time. But now, now things are changing. What I suspect, what I'm banking on is that there'll be enough business owners. What I'm banking on is that there are enough business owners,

and I'm thinking especially of smaller business owners, who are going to realize the benefit from this. And also other people who are bondholders who realize that, wait, I might get 20% cap gain and a 5% yielding bond, but to me, the percentage gain is a percentage gain. Whether or not it's from a payout or just from selling the debt for hire. And to get that catalyst, that's what the public brings.

Yeah, man, I want personally, I don't want to thank you yet. Let's see how it works out and then I will thank you. But I suspect that it will work extremely well. So looking forward to the next one. Yeah, yeah, the next few too. Because I also think it will be a route that other companies that might be avoiding the market might go, you know, might list their debt first. Bond is out there trading and then they say, you know what? Let's list, let's list by introduction it first bond is out there trading and they say you know what let's make sure let's miss my introduction because the debt is out there already yeah that's possible yeah well one thing you

remember doing it one one one thing you know people one of the things that remember about bonds is like you bonds is when companies raise bonds, they have to take all the money at one time. That's one of the benefits of doing a bank loan. Because when you do a bank loan, you can draw down the money as you need it. And you can pay back the money as you need it. So a bond is not for every type of transaction and every type of situation. It's just another product

that you put in a whole mix of the financing mix, if you follow what I'm saying. So I don't want people to think of it as a competition. It's not a competition. It's a complimentary product. I understand that. But you see, because I don't own any brokerage house

no i'm gonna say otherwise but you are correct you are correct different situation no because i'm telling you when we advise clients lots of times you say hey no you have to keep x amount of the debt with the bank because you're gonna go up and down that's variable variable credit that you need. You can't put that in a bond. Because you'll just be paying interest while the money is sitting down. It makes no sense. That's true.

But I'm sure a good broker would put that money to work. I'm thinking maybe smaller money here. Relatively smaller money here. But especially these days, I don't know anybody who would maybe want less of the money they have access to now yes you have a situation where you have a line of credit so you don't pull down your full line of credit immediately but yeah but you can't do that with a bond where you raise a bond you raise all the money that's true that's true you're paying interest on the whole outstanding amount that's true but like i i tend to run way in advance i like it like i'm thinking

of situations where somebody does it then list their bond and maybe it don't have the same effect and it falls below the yield but then suddenly the company realizes i can buy back my debt for for cents on the dollar so why not yeah that happens though yeah And that option does not exist with the typical loan and with many other products. No, it doesn't. Yeah, so the risk in my view is hedged both ways. If it's not liked and it falls below, I call it par or falls below value, then that's an opportunity to get the gain by buying your debt back cheaper. And if it is, love can go higher. And it's on the market so fall in price more you exactly yeah yeah yes i suspect as a result

lots of things won't fall and yeah i can't see somebody getting a bank account while these bonds are around personally i don't know about getting a bank account, but leaving money in there? No, hell no. Yeah, I can't. There won't be enough product for one. That's it. There won't be enough product for one. And two, the convenience, you know?

When you have a banking account, you can't draw money out of it every day, which people are accustomed to. So, you know know once things are new it doesn't have the kind of adoption rate you know you know the market develops and they get more out of it yeah absolutely and it works great for electronic markets because which are max pretty much electronic now so you know your settlements go to your account rT air so the whole things very convenient yeah

well I'd be remiss if I did not least since I've here asked you what are the hot questions everybody I'm sure wants to know about you have some IPOs planned for us next year? We're always working on IPOs. I mean, I don't really like to talk about anything I'm working on because... Anything could change. I've seen, you know, things that are supposed to take weeks, take years. You know, I mean, it's just like... take years and you know i mean it's just like it's you don't know you know there's so many factors that can affect whether something happens or doesn't happen you know you know there's one very famous one recently where there was supposed to be an IPO and then the whole company was sold

shortly thereafter you know so I I I when it when the prospectus drop it drop okay okay okay it's hard I didn't really expect a good answer from me and I understand why you can't really answer that directly either. But I'm happy about the one that I do know at the bond and I'm looking forward to more. And I'm very, very, very thankful. And if you have any questions for us. So I think also one of the things we have to think about is that, although I think the appetite for IPOs in Jamaica is still strong.

I think the people who are the brokerages that are actually doing the IPOs, we know the effect of higher interest rates on stocks. So this is not really a great time to be bringing things to the market because you don't want people to buy and then things fall. You want people to buy

and things go up. So... I think until the direction of the interest rates is known by all of us, I don't see the IPO market being that hot. I would say. If you just think about the whole mechanics of it. I mean, have you noticed a big fall off in purchases of stocks by institutional investors and all of that.

People are moving more to cash and fixed income securities as interest rates rise. I just don't see that changing, you know? That's true. So the good thing is that BOJ recently signaled that they're pausing to see how the market reacts. My feeling about inflation is a little bit different from the central bankers. What's your feeling about it? I think it's something that is created by things that were done a long time. I think it's something that is created by things that were done a long time.

And the things that they do have less impact on the actual inflation rate than how they message it. You know, I think the thing... So if you think about it, you know, when things are hard to get, you can demand a higher price. That's true. That's true. The only thing that changes that is when you bring out, you go to the market and you have dozens of pretty mangoes and you think everybody is going to buy your mango and you can't get a sale for your mango. And then that's when price starts to drop. How much demand do you have to kill off before that happens and then what is the state of the

economy when when when that happens yes right so is it that they're killing off the consumer or are they killing off the inflation is what i what I'm saying? So I think it's much easier for central bankers to cause inflation by printing a hell of a lot of money. And it's a very blunt tool when they try to kill off this inflation that

they created by printing, overprinting the money to now tighten the money supply and hike up interest rates. It's very crude and the results are very usually

very devastating to the normal and average guy. You know? You see a light bill. You know? You see no you know you see a light bill you know you see a transportation cost you know all of that massive printing and covid by all the central bankers all over the world meanwhile they stop people from working so there's nobody producing so good shot money big greatest inflation that we have seen in 30 years.

Yeah. All man-made. Yeah, well, what would you suggest? If you held the reins, what would you suggest? I don't hold the reins, you know, and I'm not in that party. I mean, they have

their playbook. That is their job. And they have to deal with that. You know, I feel like I have to play King's, sorry, Devil's Advocate. I ask you, I ask you, what about the fact that it is accepted strategy to raise interest rates in this way in order to do it? Like, it's almost like an antibiotic. Yes, it's harsh to the body, but it's the only tool they have. That's how they work. That's how the team, the Central Bank, the Central Bank plan.

That's what they do. Yes. That's what they do. You know? I mean, they have what they do. You know? I mean, they have to do something. You know? They have to do something.

And most of the things that central bankers talk about, even smart people can't understand. You need to read some of those reports. They are quite arcane and complex. You know? I've read some. I've read some. I'm not trying to make any enemies, but economists are an interesting breed. It's a different world.

But they're needed and they play a role. And, you know, we just have to... I think it's more important for people like us to understand what the direction is and what the likely actions will be so that we

can plan for it. We can't argue with them because we don't have PhD econ, so that's not going to happen. What we see is not material, but we need to understand what the likelihood of what's not going to happen. What we see is not material. But we need to understand what the likelihood of what they're going to do. So it's very good when I heard the BOJ say,

hey, they're going to pause and look at it. We see what the Fed does. And hopefully if there's no higher interest rates, then you know where the trend is going to be. Because the economy is already slowing in the U.S., Europe, the U.K., the energy prices. Everything's going off the rails real fast. But some things are still going well. Tourism is still blowing up.

Yeah, well, you know, tourism I'm not worried about. I think tourism is going to be strong. A lot of things that's happening globally favor the near shore. And remember, our market, over 90-odd percent of our market is U.S. So all that bad stuff that's happening in Europe and the United Kingdom and, you know, Russia is just pushing more people our side. It's a shorter trip. It's a cheaper trip. It's cheaper hotels. It's cheaper everything. So I think

any slowdown will be great for tourism in Jamaica. And you can see the hotels believe in that too. They're putting in a massive amount of infrastructure for expansion. I mean, next five to seven years, we could be up as much as 50% increase in rooms. I mean, what's happening is just simply amazing. Word. Word. Word. I can see, I'll press you again, I can see what to me looks like MJE making the moves around that you already have a strong tourism footprint and I think you guys have I could be wrong I think you've

increased your footprint in food so JBG I see some moves made um and the tourists when they come here they have to eat more tourists come to Jamaica than Jamaicans that live here so so I'll tell you a little thing about JBG that I learned many, many years ago. So we were involved in the IPO of JBG. We had to, you know, do a deep dive on that company. We've been working with them off and on since then. And, you know, we know the family

and we're good friends. And, you know, it's a great company. And two families that do most of the chicken in jamaica two great jamaican families but one of the things that really works well for those chicken companies is because there's a local production input into the protein when you have high inflation globally, sometimes chicken tend to go up less than the other sources of protein because it's coming from abroad 100% and so you get the full exchange rate, you get the full impact of the foreign inflation

and the exchange rate and all of that. Whereas because there's a labor component and a local component to the chicken um the prices don't tend to go up as fast so your volume sales tend to go up in times like these and jamaicans love chicken already so i mean a little bit you know it's not cheaper it's more, but we're talking about relative cheapness or relative costs. Consumers, entire times, don't want to get more bang for their buck.

It has been working out. And the multi-club JPG right now is pretty good. There we go. It's one of the cheaper stocks on the market. Indeed. Yeah, it's a PE that is almost as low as MIL's PE, which is the lowest in the market. So for me, I can buy all day long, you know.

in the market. So for me, it's like I'm playing all day long, you know. How long are you going to allow that

situation to last, Sir Barry? Boy, I mean, it's not about me, it's about the

market. I'm just one player. That is true for those who believe it, but you are a powerful player

in the market. I can hear that. Anytime you those who believe it, but you are a powerful player in the market. I have to hear that. Anytime you start thinking like that, anytime you start thinking that you move the market, is when the market... Move you. You know, I don't play that game. That is true.

That is true. But neither do I. I know better. I know there are levels in this market, but i am i am also aware that there's people below and there's people above and everybody together makes that market so when you say that you see it as a as a a buy i can't knock that and i and just thinking simply jamaicans not going to stop eating chicken anytime soon. Yeah, but the multiply is relatively low compared to

many other good stocks that you can buy. So, you know, I mean, that's how you beat the market, right? You try to find relative value. The population is growing. Also, they're expanding

into the North American and the global market, and they have been successful at it. You see all the acquisitions, you see the revenues, foreign revenues versus local revenues. Both the Canadian and Jamaica brothers are actually going through that cycle. going through that cycle. You know, I think the Jamaica Brawlers, their uplift and the effect on their financials is more extreme than on Grace Kennedy. Yep.

But it's the same type of story. And I love stocks like that because once you move that limitation of that 3 million people, you know, if they really execute well in those markets, you know, you can't, I mean, the first stock that I made a lot of money like that, a company called Jamaica Producers.

I bought my first house off of Jamaica Producers stock. The second company I made a lot of money like that was La Sales Democado. Every year they were increasing their rum sales globally and globally. You remember that it sold for a huge amount of money at the time. I remember when that stock was selling for $1.50 and eventually

it sold for some crazy money. People made a lot of money. I remember one particular client that came to my office three times to sell that stock. And I wrote down what

I thought my valuation was and a piece of paper and i said this is what the stock is worth don't sell it and anytime i see them man them does love me because i'm so boy i never believe when i've seen the number right now it looks so ridiculous it's a very good actually it actually happened for me from mary to morris yeah man it it actually made you know last year that was our great stuff start to do that international move successfully, you know, it can be big. Okay.

And there's a hint of GK in that. Yeah, well, GK, they set the target to the 50%. They hit that target. They don't want to go to 70%. I think they're executing against their plan. So, yeah, you know, I like it a lot. Yeah,

you like it a lot. Well, since you mentioned JP, Jamaica Producers, how do you feel about what's happening now? It's very exciting. It's a whole new chapter for them. I think it's a whole new chapter for them. You know, I think, you know, it's a tremendous, a tremendous merger.

I like it a lot. I think it's great. I mean, they just have to get all the different personalities to work together and that's a very strong powerful jamaican company yeah i think then i agree with you then i was that i kind of made that point when we last spoke two weeks ago that you know it was like he was wondering what it takes for that because as you know a company i mean it's great we talk about stock prices all the time but the actual company or the company does the people yes the people and that requires a lot leadership synergy it requires a lot so i'm excited about it also i like so you

know the other thing i like about that whole combination you know know, it's like, so if I were a director of Pan Jam, right? I think that Jamaica's real estate market in 20 years time, you're not going to believe what it's going to be like. Real estate. Real estate. Real estate. And I think Panjam is not doing enough real estate deals.

By hyping off all those other operational companies onto JP, they're great at running millions of different companies. They do that all day long. And the Panjam guys now can just focus more on real estate and do more big real estate projects. That could be a hell of a game changer for Panjam. That's interesting I mean listen fly to Damrep

fly to Columbia some of these places this is us at Owa south of Jamaica you fly to these places Damrep is at Owa away and you see what those cities look like that's what Kingston gonna be looking like in 20 years time a lot of development a lot of

real estate which brings us to cement or you feel about cement oh I'm very bullish on cement and the price the cement price I think it's not going to great but that doesn't change what I'm doing I'm selling, I'm coming out you know

of which one? I don't want to say anything about it of cement the field you're exiting cement the the Field, Sir Barry? The company, the company. Oh, no. The stock. The stock, okay, okay, okay.

But I don't think, me as a layman here, I don't think that if real estate is going to do as greatly as I think it's going to do, and I agree with you, and development, especially urban development is going to do what it's going to do, so that's a you. And development, especially urban development, is going to do what it's going to do.

So that's a lot of skyscrapers. Well, you're going to have hotels. I mean, our infrastructure in Jamaica that we have is way behind where it needs to be. We need a whole heap of road. We need, I mean, some of the

schools there. I mean, them old-time, like some little box box foolishness nah all the things have to leak down and be over yeah man I agree massive development infrastructure in the next 20 years if we really want to move our society

forward in a meaningful way it has to happen I agree with you I don't think the current quotas will allow that. So, I look forward to the cement field myself. I also don't own the Carob Cement Company, but

I'm open to re-entering the field. I'm open to buying cement. I'm open to getting back into the sector. Anyway, I don't know if you have any other questions. Any questions for us, Sir Beria? I want to get him back into the sector anyway anyway any questions for us

any outlook you want to share with us I don't want to keep you all night no I just wanted to no I don't have any questions for you guys I just wanted to find out if you wanted to discuss anything and you know I'm glad you gave our little offering a little coverage.

We appreciate that. No problem, man. The check, I'm sure, will be signed on Monday. Yeah, I don't mind giving it coverage because you heard us talking. It's not a pretending. We really are excited about it. I think of it like the start of the junior market in 2009.

That's how I see it. And I hope to look back 10 years from now and go, I was right. Yeah, I think it's going to change. It's going to bring real depth to the market, greater depth to the market. So looking out for that yeah man so thank you very much Sir Barry alright

nice talking to you guys best of luck, keep safe yeah man so what a time to be alive. So talk to me, which cement do you say you're buying now? I don't know. I don't know. I don't know.

I don't know. I don't know. What I do know is that, yeah, Diane always telling us. Funny enough, he says the same thing Barry said. We should go to Damrep and check it out. Check it out. I mean, I think we've spoken about that. Not necessarily

Damrep, just what Jamaica is. What Jamaica is, right? It's not stuck. I was making a specific Damrep part. I know, man. I know. This is the same 20 years from now, he said oh oh god okay yeah 20 years from now we only spoken about what what how much has changed in 20 years 20 years ago there's a lot like it's what Jamaica looked like. 2002 versus now is a massive difference. At least to my eyes.

And that's just Jamaica. The stock market, completely different. 2002, I would have been leaving high school, I think. I knew about the stock market then, but it was just something I just, it was just something that I liked as a little hobby, but I wasn't really doing nothing. It was a different, completely different market. 2042.

Can you imagine what our market is going to look like then? The bond market might be just normal. Not even booming. I think it's going to be normal in the next two years. Oh, get away. Yes, it might might be normal not even booming i think it's gonna be next week two years yeah oh get away yes yes i think nothing is going to happen for the next year other than the mayberry listing and maybe later on i suspect whatever dollar have them in the next agm people gonna ask them when are you listing the private that bond that debt on the market maybe they'll come with something else another bond i think others I think others, as usual, I say

openly that Mayberry do it and then the other brokers follow. So I think that will happen. The debt that's going to come from that, I can't joke. And then there's also the long promise sharting. JSC does have three more weeks to deliver that.

Or next year, who knows? I'm open to it even next year. Can you imagine shorting with a bond market? Oh my golly God. What a time. What a time to be alive. Other things though. Maybe more typical

things. Maybe more typical things. Maybe near future. We can wrap on some of those. Separately talk about listing their new subsidiaries. Yes, Brad. I mean... Yes, Brad. Yeah. The thing is true.

You think you're coming? You think you're not going to come now? Before in a year? I don't think it's coming before in a year. I feel like if it don't happen next week, it's not happening again. Yeah. After next week, Jamaica done. In terms of the market, yeah.

Yeah, to a large degree, yeah. I mean, yeah, I agree. I don't... But... I know, I know, man. I'm thinking, I'm thinking. But I don't think there was a long road to this.

If they miss, they miss. I mean, we said it before. Introduction seems to be the way they're going. I've been trying to not say that for the two long on the tie night. So I think introduction. They don't have a long road to this. The whole IPO process and the prospectus issues

and whatever. It's just a listing and we're going through a lot of people. So if the only way I'd see it and the only reason I'd say more is to keep it longer than so if you want the listing to stand out. I don't think they care. You think they care? No.

I think they'd be very fine if we get a green light and we stand on the 29th of December. Yeah, I mean, I think it's almost inevitable for them right like separatism let me let me manage what i say it's separate is a household name so anything they put forward is going to just by default get heavy support that's our interest, yeah. Yeah, yeah. Something like, yes, Brydon, all the pensions going to buy it. You don't need to buy it. Yeah, and... Just introduction.

You already get that out of the way. Yeah, but then you know what comes next, right? And then of course, Sephardi's life. Sephardi's likely to raise. But the point that they said it and made it clear that it was happening in that order, I think is important. Something that Sir Barry mentioned also, GK, maybe in that art, I think is important. Something that Sir Barry mentioned also,

GK, maybe in more detail. I don't want to give that detail. The people who did the research, shout out to the Grow subscribers. We're having a Grow session or a Chill session next weekend in person. Remind

me that I said this then and I'll finish it for you guys. But GK, I think, is also great. I agree with him that JBG, I don't know if I said it here. I don't know if I said it on this, but JBG is also, is possibly my dark horse for next year or two. And I think the smaller level of finance is going to matter a whole lot in 2023. Meaning, yeah, we know what NCB is capable of,

being the giant that they are, but you're going to have smaller players having outsized impact, right? I expect I hear BPM Financial saying that they are listing. It's a foregone conclusion. Wait, what?

BPM Financial financials saying that they are they are listing they say like it's a foregone conclusion what bpm financial in an article mentioned that they are listing so wait they must be sending an article and you know you have to fully read it to read up on it that's funny uh yeah okay all right gotcha that's even funnier now they didn't they didn't say they say it like you know they're doing a couple of other things first and they've said as a second such article i've seen quoting company principals saying that um and so i am i am i'm looking forward to that I think I still think on the smaller side of things in the finance space things will be great stuff I don't necessarily too want to talk about

you've seen it, I mean it's out there in some ways MFS spoke about doing your acquisition one of the acquisitions last week after the AGM, I think that's one very clear thing. And the principles behind MFS.

Also on an interview, he gave an idea of some of his plans and some of the things that he wanted to do and intends to do. I don't know if it will work, but to hear a small house doing it, you know how I feel about smaller players. The footprint is

small, so they're deadlier. They can do a lot of things. And maybe again, they're really going to have to cut a check for us. But maybe again, I think it's an example of what a smaller host can do when they're effective. Because you can make moves

that giants follow. We've seen that. And as it is now, I mean, look at MGE. There's no fund that is doing in the same way. I look at the unit trust returns for this year. And I also look on MGE's NAV, and I can tell the difference. If you want to see what I mean mean look at both of those things uh infrastructure i agree with him and that's not even infrastructure is just going to continue to be built out

i look forward to the first bpo listing that will be interesting what do you think people oh that will be interesting uh that would be interesting imagine be interesting uh that would be interesting imagine employee employee pool imagine that i never thought of that the employee pool must sell off you must and if you're not you must me it must it there's no way right like even if it's not but if if me now my friend when i set up ipo and i will come to me and then i If me now, if my friend knows that I pay you, and he will come to me, then I could do that thing. Yeah, man.

If you have a BPO and you need help, come to the market. We are willing to help you. Indeed. Yeah, we are willing to help you. We can wrap on this. What are your wish lists for listings next year, Danai? I hate that question. I don't do that.

I really don't. Wish list means which companies do this? I don't do that very often. Why not question i don't do that i really don't which means which companies do this i don't like it often it's always it's always i don't it's always close to home when i when i think of wanting a company i want this specific company to this always close to home so me can touch something i'm about to touch or something i've already bought in something like that in terms of don't get the prize i know outside of what it's been. In terms of... Don't give the private... I know. I wouldn't say that. Outside of that, it's not typically... I mean,

with Tasty, Mothers, Juicy. Juicy would be interesting to me. I think the franchise... Of the party franchises, I think Juicy, in the way they handle

their franchising, I think they do it neatest. And I think there's a lot... Just having that process in the way they do, them can go far with it. I would say mothers too I think tasty behind in certain ways there

I mean but that's good when you're behind right it's good when you're behind so this I'll share them yeah actually I need I almost need to say that why would I have patty companies this year I would love if one party company lists

because it would force the rest of them to list. Yes, I would love to see that. I hope next year they'll be listing our party company. And you can't do so much. Yeah. No, no. Listing something like, brother, brother, brother, brother.

And they should see it. Yeah. I would love, I see that. I see Peter Issa in the chat. I remember Sir Barry's tweet from a couple weeks ago. Inviting him to this. I hope, I hope, I love that. I would love if a pure construction company list.

What do you think? With all the, with all the, with all the development that is likely to happen over the next few years, I would love if that, if that, if a company in that class actually listed. Can we have the...

Same, actually, definitely. But, yeah, what we're saying... What are we saying? I'm saying that we have... I'm thinking about the vertical. I don't know if it's a true vertical. That's the thing. So we don't have the vertical.

We have pieces of the vertical, more often than not. Yeah. The full thing, I mean... Even first rock. Even first rock is a piece of the vertical. It isn't the, I'm going to build it for, first I'm going to build it for you type of thing.

The development side isn't listed, right? It's all internal, basically. Signos real estate is listed. It's a piece of the thing. It's a piece, it's still a piece of the, it's not the, I'm coming to you to build these things.

And they tend to keep the good part. I shouldn't say they keep the good part of themselves. They keep a lot of the attractive parts private. So yeah, my first thought was, we've already seen, it seems, I think they always find it easy to give us the next part and keep the thing there what would you think would take

I mean if you would make sense I think I think no no I don't mean that I mean from a construction I have the construction I'm listening but they find it very easy to not because i can do the next piece i do so i can step back to

some degree i take the management you take this side for the actual pure real may i come to the business development whatever that'll be very very interesting that would be good the development side right um somebody has to see the value in doing it that way but i think but what i think what has happened in the real estate sector so far again from the outside is that you look to the market to get the funds but then your actual where you pull cash from the market but then you want to handle the cash without you're not getting the right list of financing or push the money to the market and treat it in the way

alright so you know what I think they run a thing there they run a well I say it's easy because they get one even without listing the vertical they often get

so much money right they want the pensions that come together and make sure they're pushing in the in the funding of whatever construction the banks they're already so basically they get a lot of debt so they treat the things they list they treat us as debt you know in a way too and and they treat it as patient capital. But not necessarily deliberately. I mean, it is going to be that. But not necessarily deliberately. It does make sense. Alright, I pay an interest rate.

I pay an interest on that. But now I can just pay, I can cap the interest in reality. And my bill to you, my bill to you is My bill to you is whatever I bill you at. Exactly. There's no question about it.

Yeah. I don't know. Outside of real estate though, what else would I like to see listed? I would love if... Sometimes I like our early earnings season days. Talk. I'd love if some other car companies listed other than

Jetcon oh yeah but in this week I was thinking about it expanded there should be

there should be more competition in the on the listed in that space definitely yeah

I'd like I'd like if um I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want to I want like I'd like if I want the food but like you said patty but not just patty yeah

exactly that I want the restaurant space saying yo because then imagine just force it to formalize in certain ways

make it real you know brother but not just that what about the formalized ones already I'd love it I don't know that's I don't know if you got that man

I don't think they would but what's the other one I mean e-sale they are doing they are getting them things e-sale already have them people they are going retail touch Jamaica

they are not holding the airports anymore yeah they are going They're going retail, retail. They're going to touch Jamaica. They're not only in the airport anymore, can I tell you? Yeah, they said they're going on to Anis, and there's another brand. The next one in the same group. Yeah. Cinnabon. Cinnabon. Oh, God.

Diabetes up. I wish more health companies would list. Yo, that would be amazing if over the next 10 years we get opportunities to actually own certain sectors i hate to sound terrible about it but this is what investing is right is that the warren buffett thing you own what is it pepsi coca-cola on the soda company or seize candy and you also own some medical companies and you also own some insurance companies um i would love if that were to happen

i would love if if you could pick in that way you could actually you want him up in the trends easier exactly until you see the impact you can and things get better on the back of that because in truth what we have now often just leads to the bad side getting better and in the good side just being a foregoer. We have a thing with money in terms of I think generally you know the idea that

Jamaican people not have no money, right? Supposedly. And that is often supposedly. I keep meeting those guys with money so somehow um they but in a turn around and i think that comes out comes heavily into the business space where why you know so we now think how much barling say can i get a bank loan instead of you know an equity investment is not seen as an option for them to go, one, we're not going to ask the brother

for money. Two, the brother doesn't have the money. Three, I don't think of it as a I don't think of it sensibly. I mean, you can't get, you know you can do certain things and yeah, okay, cool, you're in the company, but you're not going to talk.

I mean, I have a guy managing it. If they do anything, they can't find a way to do it right and then two it really and true if i if i look at that then if we have people with our way out me it's just dusty okay this is an option of you getting money to do it with your company then we have more of that then immediately okay innovation xyz happening or stink things that think of how much follow fashion company we get in jamaica this thing being in america follow fashion company man so somebody does think it's funny from two sides follow fashion companies meaning they say i think that you know this one american oh god because this app is popular in America. And I said, well, it sounds so easy.

I think one time when we were building my money, there was a, there was a short of to this developer. Cause I really think. If, if, if DM me, I say, yo,

I'm about to build the same thing. So you just send me a data. So I said, go ahead. Bill it Yep Because it is very easy to say If I knew The thing about

Knowing how much Follow fashion companies is You know how much They actually do Doing anything sensitive True True In fact

I mentioned the app thing Because We have this idea Say yo We do the app thing because we have this idea, say, yo, we'll do the app so the business come next. The business is the back of the thing. So we'll do the app, we've done that. I've got all the work needed and the market will come to me. And the thing does make sense to everybody.

How often we see that one day? And of course, the Jamaicans, not sophisticated, but they don't understand it. Yeah, man. Yeah, no. Product market, it is. I know Jamaica, they're wicked and they're more dumb and they don't understand it yeah man yeah no product market is but then if we have this space where ah cool everybody doing the follow fashion but the guy

who do it sensitively get the money or I didn't get the money but the guy who do it sensitively is the right investment and he's going to live and because that person got the money, I mean the 9-0 get the money, 8-0 follow to the race but because at least

he got the money, then him can actually make this into something real. And a listed company as you are, it's a very difficult thing to kill. You're right. In fact, you said that, I mean, we have a burgeoning tech sector now, right?

We have Eddie Fokker listed. I don't know if one-on-one considers themselves to be tech, but they are listed. I don't know if one-on-one considers themselves to be tech, but they are listed. I don't know if JSC considers themselves to be tech, but they are also listed and they might start thinking of it. T-Tech seems to be going through a renewal. A change.

A change, yeah. I'm hoping that's what it is. They could get interesting for a change. Although, I mean, how much? They've had a long time. No, man. You mentioned T-Tech, and I remember, I think of the unlisted SaaS space.

Everybody want to do it. I mean, it's a buzzword in the tech space. I want a SaaS company, and you want whatever. Whatever. Say, start building whatever. But then, how much of them fall through how much of them don't actually go anywhere your listing can change that because often modeling is a resource situation i mean if you're listed it's so weird one day i should

somebody i should give them my money j a story because i know at least at this point and it's still a long journey but at this point of where it's still a long journey, but at this point of where we are, I realized some of the things that I just did differently because I know this. Because I know this, I never expected like you have a bootstrap

and if your idea, I don't buy into that foolishness that Jamaican people can't appreciate. It's usually Jamaican people saying that. We can appreciate something. If it's good, we will pay for it. If people are not paying for it, it's because it's not the right thing. Yeah, it's everything we fight for.

Yeah. Why you don't beg your rabbi, culture? Yeah, we give them the KFC service. Yeah, man. I don't understand. I sell chicken and I don't really go on KFC. It doesn't work. I haven't changed. I said the chicken I don't know where you go on a KFC. It doesn't work. I'm not going to change.

Why are you coming to my grandfather? I'm not going to change. But I say all that to say that I think there's a change coming along those lines. So like,

I remember the early days when Swaby was starting out and the trouble he went through to be able to secure funding, as opposed to now like where Serum just closed a bond to really help him cash flow-wise. Think of what

an Eddie Focal might invest in five years from now, two years from now, right? Think of what they may invest in. I'm talking about locally, and then what that might become. I create, if you remember, one of the things

that they promised was what's that payments thing that they did? Get paid. Get paid. I don't know if that's still around, but it was mentioned as something that was a big buzz, I think earlier in the year. I think even in the last

round of reporting on the news, it even came up somewhere. Not in the financials. News, reporting on news. Alright. Yes, I still await the things

in the financials. Get paid. I'd love if CVM were to come to market now. The World Cup buzz is nice, but World Cup done December 18th. in the financials. Get paid. I'd love if CVM were to come to market now. Yep. The World Cup buzz is nice, but World Cup done December 18th, you know,

and after Argentina wins, what is CVM going to do after that? What are they going to do after that point? I mean, a media business is not necessarily

a business. It's an easy business, yeah. And look at RGA right now argyra would just reabsorb um 1834 which was really an arm of gleaner the other arm of gleaner they didn't buy before right investments on business and building yeah yeah and and under 1830 is it under 1830 for the star what a name star apple no rjr we'd start but yeah it wouldn't matter no because they're all back in everything i want technically there could be those analytic analytic company could technically do something

right there's blue dot on the gk they could they could do something g i mean it's been the open secret that they're going to list at some point. You know, GK is listing criteria. So I suspect Blue Dot will meet it. And I think there's loads of other opportunities to come up. Yeah, I think what next year, I think it's the rise of the funds

and the debt and the broadening of the market. And I think you might actually start being able to play sectors on a shorter timeline. Yes. Uh-huh. That's what you mean. Yeah. And not just finance. And even within finance.

That's funny, you know. That's funny. Even within finance, I think you might start seeing more demarcation, right? You might find people doing a whole lot more. Anyway, I don't want to give away too much. I can shout out to the Grow Up subscribers. This month's Advanced Grow Up, I'm going to be talking more in depth about what i think for 2024 in a more serious and market strategy way if you want to come to that everymicle.com slash grwr i'm also only doing one grow this month the split grow um everymicle.com

slash grwr sign up for that if you're interested. You get a discount to a session with Danai, who is still the best investment advisor for the local equities market that I know. Bar none. I haven't met anybody better than him who's advising regular people yet. So you get a discount for that ad app. If you link Danai first, you also get a discount for Grow.

And if you do have a MyMoneyJA.com account, you want to get one quickly. Straight up. Yeah. The app and a whole lot more is coming very, very soon. Very, very, very, very soon. And yeah. I know you have anything else you want to drop in there?

No. But I don't think I've said it much this year. Keep investing. Trust me me more to come every time i turn my turn on and see more so yo trust me don't stop more will come get the goals get the money and yeah the market is there and it'll be there next year and look i look out a lot more next year and i'm sure a lot of people are thinking the same. Yeah, funny enough. Trust me. Wow. I think maybe next year we'll talk about it. Maybe in a couple of weeks we'll talk

about it and break it up but very hinted at it and I thought of saying before, I think how IPOs are going to be accepted by the market is going to shift also. I think there's a shift. I think the shift, I look back and see the start of the shift being

Regency. There's something about how the retail investing public is looking at IPOs now that's kind of shifting. I don't know if the interest rates have something to do with it in a roundabout way. Regency? Not one-on-one? Not

one-on-one. I think one-on-one was just compared immediately to dollar, and it would never carry the same sort of swing. Yes, but... Well, Regency's I mean, people think of Regency along the lines of Fesco,

and they love Fesco and yet I don't know that the I don't know if the public the retail specifically, the retail response to Regency was what I would expect it to be same I think I gave myself leeway for it,

but only on the basis of the thought at the market. I mean, we said that two weeks ago, to some degree, that the IPO game changing again, will change again. And I think we're likely to see... I think one, people are getting more real about this thing.

Yeah. And some people are getting frustrated. Oh, yeah, man. That's what I mean by more real. That's what I mean by more you. Yo, I can't think all I have into this thing and get comfortable. It goes so nice a little bit of money at the end of the day. Because my 100 grand I'm going to save up only got me five.

Yeah, six grand. I know somebody who put, I want to say, I want to see them put two and a half or three million into it. I can't tell you how much I work it out. But I hope they've already. No, but, you know, so I don't think they mind it. I think it is a learning experience. But I think the retail experience around IPOs is shifting. Oh, definitely. Maybe we'll talk about that another week.

Definitely. I agree. Yes, definitely. That is changing. I still see a lot of the same internal expectations, but it's not even my expectation from people I'm hearing from. It's like a hope. So it's... Then I think this can go on like that,

basically, is the feel I get it. And you know, asking those words, but... Yeah. That's what you mean. Oh, well. I second what Danae said, regardless of how it might sound, keep investing.

I think next year is going to be the year when a lot of smart people, shrewd people will make a lot of money in the market. I second what he said. So, keep investing. Trust me. Yes, sir. You can do it. And of course, more investment

advice, nihadvisor.com. Link up. We can help you. Whatever goals you have we'll see what we can do towards that as I said before keep investing

yeah man it only makes sense alright people make dollars yeah that's true just out of tradition I'm going to throw out a last chance

anybody wanted to talk this is your last chance. I'm kind of ready. It's fine. Yeah. I start getting used to it. I agree. I'm just giving it away. The early night, yeah. Yes,

if you want to talk, if you want to ask us about this, this is your chance. Send a speaking request and we'll talk about it. Otherwise, we're going to say thank you and good night. I don't have to talk about anything you want to ask us about this is your chance send a speaking request and we'll talk about it otherwise we're gonna say thank you and good night i don't have to wait about 30 seconds before everybody actually hears that because of the lag um so if you wanted to ask about anything this is your chance actually it is also a chance to ask us anything around the market uh one thing you might find something interesting i can tell you there's still plays that I find extremely, some things I've been doing, I find extremely interesting. Yeah. Oh, here's one, although I think people have forgotten about it. The hockey market, right? the stuff with

SpurTree and how they bought CanCo yeah 20 Aki companies in the island one of them being one of them being exactly

I'm thinking that one of them being GK. So it's a 20. One of them is GK, so we've got 19. And then there's exotic, kanko, spirit tree. That's three of them. And no, that's really just one of the three.

Those three have become one. Catholics will love that. Consolidation happening in that sector. And hopefully lots of other smaller IPOs, lots of other industry cows. Anyway, if you haven't sent your speaking request, you have a few seconds. Otherwise, I'll say thank you and good night.

And of course, thank you to Sir Barry for coming and actually giving some good insights into, not just his company's bond, but his outlook on the market and a little bit of BOJ shade. All right, I've seen no one and I'm going to take time for that. All right, big up, dad I thank you to everybody

and have a good night it's another brick talk what's up bro alright night Bye.