Earnings Season - Episode 18 - R&D with R&D

Episode Date: December 12, 2019

This week @HDanhai & @RTRowe sit after a long break and chat about a whole lot of stocks (including $Mailpac.ja) and other market happenings (including JSE's new system). They give a beginner explanation for the JTrader trading platform, list the brokers on it, talk strategy, discuss the details in a bunch of company financials and give a nice update on how the podcast has been doing plus a whole lot more... Bonus: One of us gets to say "#BakeIt" 👨🏾‍🍳, and is very happy for the opportunity. Enjoy! Contact: [e-mail], [e-mail] Follow us on Twitter here: www.twitter.com/Earnings_Season Links and Shoutouts are below...👇🏾👇🏾👇🏾 BPOW Circular (Lumber Sale) - http://bit.ly/35D5U14 BPOW Results - http://bit.ly/2segxrX Rich GF Video - https://t.co/0VBfzxpAGH SCIJMD Prospectus - http://bit.ly/2YDDJfm Haughton Article - http://bit.ly/2EbhBzG Group Entry Requirement FREE Course - http://bit.ly/2YDELYM BPOW Diversification Tweet - http://bit.ly/2LNqm75 QWI Nav Website - http://bit.ly/38sK9T3 Chinese Wall Definition - http://bit.ly/2ElajJP FACEBOOK/NASDAQ Lawsuit - https://reut.rs/358WmKB Shout Outs @KalilahRey, @Michael_LeeChin, @ncbja, @jastockex ★ Support this podcast ★

uh you asked that what was i saying must touch things you must touch must touch i mean not too long but i just want to talk it's a long time since we talked we're recording sir yes hi guys welcome to earning season i'm randy at rt row and i'm danai at h danai as always been a long time since danai and i actually talked so you catch us mid convo as always and james and james and james yeah you're saying yeah man blue power so blue power remember they had a circular with the Lombard split and how they were going to go about it? Yeah, yeah, yeah.

So, who did upset me? Sean, Philip, boy, really did hurt me that day. We were having a long conversation in the group

about the split. I can't remember what exactly, but I know I was asking questions that seemed obvious, things that would seem obvious to me. Me and you had conversations about the things that seemed obvious. About the nature of, yo, we're getting rid of this element on our books.

We're giving it to shareholders or whatever. And we'll be compensated for it. Right? Pause. Just a quick pause. Martin, you have a lot of conversation from before. How long were you recording before? Seven minutes.

All right. It's cool. Yeah. I don't want to call it. I like those small things, those good, smaller conversations. I know it's good content. I don't know how to do it yet. No problem.

Sorry, you were saying? So you're looking... So we're looking at how they're going to go about the the shift of number of the how they're going to reorganize blue power yeah how they're going to compensate themselves so the the net assets will be traded so net assets to get paid back for it and whatever so i was asking in the group you know which day eggs because we day they were trying to speculate. Not proper speculation. Go through the facts on

exactly what is happening so we know the effect it will have on the numbers so when the numbers come, we won't be surprised. We can decide from now if the price of Zlooper is reflecting the value from this transaction. So we start looking and said,

all right, cool. I think I asked, what effect will this have on Blue Power's coming results? And I got to go around, I think this was when the prospectus was out too, but they weren't really understanding the way it would move off the books and

we would affect them based on the ownership based on the actual transaction we lose when this company this company is no longer held by us right so i was looking at we're trying to go through that and the coming numbers the numbers that came recently those that dropped those dropped october oh november yeah november numbers i'll look it up yeah the most recent numbers they did reflect exactly how it happened so they recognized that a sale the sale of lumber ah because you have to recognize the movement because yes they're selling the assets because they have agreed to be guess what yeah the next assets which means we can get something you pay about something you take the liabilities and assets and you give us

the value and recognize that i save so it's there in the numbers and so yeah and next bridging i was surprised he didn't pick it up because i know he really looks into it. It works with me. The thing is, we never had the conversation. So probably he never was looking out for it like that. Or probably just busy. I don't know. But yeah, he said to me, I never knew what to say. But I was still waiting on.

I said to Chadwick and Alex because Chadwick asked me about Lupo once. I mean, Khalilah was tweeting about it. Big up Khalilah Reynoldsilah big up to Khalilah he saw her tweets right before the IPO and he was just running through it and he picked it up

but he had seen that I alluded to it in a group so you know he just said to me one side me we're all three of us

we're talking he said to me one side and I said when the results come out I just said to them say yo I'm kind of waiting the guys in the group

to pick up that conversation and see see some follow up with research so I got I didn't really answer them when they said

do the mega randy do me we have a conversation I'm not going to bring it to the information I'm going to suggest most I'm going to do is ask questions to suggest

what exactly you should be looking for. And if you come to me with something, then yeah, we can talk about it. But I'm not going to spoon feed you and throw the answer in your face. And the coming results can answer a lot of questions. The results that we had as well can answer a lot of questions that they had around it.

And I think it's a question that most people have because I really haven't heard people speaking about it more than so the actual nature of the thing there of the transaction of the transaction yeah yeah so what did what did you see that it's breaking down because you know people listen to you yeah then i stopped just tell us other people still don't and they still don't know as i realized you know the market already that we're thinking until somebody write about the way we i should probably do that we share holdout of glupo at the time got lumber but they literally said all right so the whole company so before me and randy had speculated on it being exactly the way mje was done it's close but it's quite different because you see why but finisher is an outfilling

because i know i know why we had that expectation it happened before yeah we're following the tracks is very the news around it at the time is very much the same well you know my style already big up big up big up your employer yeah big up big up big up big up mayberry those guys at mayberry those guys at mayberry they really do know how to structure it well so that's why because we saw from a team that we're used to a set of actions that we've seen before that we know usually imply something or the details we got wrong which i don't mind i love that yeah i love getting around guys i want you to learn more exactly um and i see them structure it as a sale i like that and now well i interrupted you so finish your point oh yeah that we we shareholders actually got the whole company.

So if you own BluePo as a certain date, then you have the company. August 1. August 1. 2019. The company is yours. Yeah, exactly. It's no longer BluePo's. Actually, BluePo had no interest at that exact moment.

Exactly. Because it's their shareholders. So their majority shareholder would have a majority of the company to the same exact ownership I need to go do some more research because in that moment business works linear you know how did it how did it already do that we mean was that dividend how did I consider it was a dividend in specie. So the dividend in specie is that I am giving away this entire arm. Jesus Christ. And people asking why I respect them. People asking why I respect Mayberry. People asking why I respect Christian.

Oh my God, that's good. And that's why we never got the same type of notice that we got from Mayberry when it dividend in specie. Because Mayberry gave away 10%. 10%. They were giving away a piece. Exactly. A euro is like everything. Yes. A euro. Exactly. Which is why the main shareholder,

you know, had to get second actual cash compensation in the IPO, had to sell some. Sell some. Yeah. Because I don't own, I own a company.

I don't, and I'm not exiting in the way. So, I forgot to sell a piece. Yeah. Yeah. And I like that Groupo has taken a stake back in number. i don't and i'm not exiting in the way so i forgot to say the piece yeah yeah i don't know and i like that lupo has taken a stake back in number based on the prospectus this yeah they did say that they didn't take a piece they said they take a piece of card they said that they

intend or they may okay but we speak about intent and me already well say it again in our perspective then you're very like very very you're almost certain you do it yes but again the legal minds will remind us that may doesn't mean that you're certainly going to do it but it means i reserve the right to do it and they did reserve the right to say that they're going to take a very much think they did it what kind of steak you think i'm take um i want i can't remember the number exactly right now so i'm going to ask you to just run that and tell me the state guys we need to get we need to get that on your laptop start a get done a laptop phone say go fund me guys go for it i can set up something on the website and you guys contribute to the denial laptop for you we're here talking

about money and stocks and care by the way oh god man oh lord oh lord you need somebody privileged i'm going to actually set up the fund and I'll run it. It's near December now, so I can get it as a Christmas gift. I'll match whatever they donate. So if you guys donate $250, I'll put $250 on it too. US, I'm buying my $500 laptop

so him can look things up himself. So both of us can look things up. Yeah, I'll put that in near you. Yeah. How do you girlfriend like you asking for a platonic nobody don't tell her not what it is i don't know i don't know i can't i can't wait till she see it do you show her the rich girlfriend video huh yes yes she died bro she died yo i was going to i'd like to insert it but then i'm sure that's going

to hit a bunch of a bunch of no just wrong way just content rules and all of that i don't want to get in trouble for that but i'm gonna link it in the show notes so people can see that rich girlfriend he's it's a guy running a tune on the girlfriend he wants a rich girlfriend yeah yeah yeah yeah anthem anthem so here's me being silly this week um so i hear the tune, right? And it's late one night, I hear it. The usual chat group forward. Yo, I love this tune, blah, blah, blah, right? Me, you know, overthinking it as always.

I go, yo, I rate you. You want to forget some sort of fall? That's how I talk to my children. I say, yo, try to get them on some sort of links. Work out something. I'll add him on Twitter, right? Also, I responded to that tweet about five I've not deleted that many messages in a long time I mean I tweeted a response I like it I unlike it I think

I retweeted I untweeted I respond to it I respond I add to you I think you say you send it to them people I delete it I add her and I say your girlfriend i say yo sir people tell me i should have sent this to you i delete it i said yo twitter is so touchy i don't want you don't yeah it's so easily misinterpreted i never do it yeah but then i start going into the tune i don't know exactly so um i i listen to the tune though i go into into the words and like, yo, okay. I rate him a hero, I think he might have a future. Him flow, my rate flow, and like, you know, it's the usual Jamaican thing. So you get a good rhythm and everybody puts something on it.

But the way, him lyrical ability up, but the way him flow real, him have like, him have won a cartel flow with him, you get me? Him have won a cartel, he's so dumb. He's just cartel, he's literally just cartel and scotch earth. I said, the next day, I think he was like, it's just Scotch Earth. I play Scotch Earth and I play it

and I've never been let down by somebody and myself that much that quickly before. It's like, it's a regular thing. It keeps the man flow

so he can Yeah, I mean, big up to you still. Big up still. Big up to you. Good message, sir. Yeah, yeah, yeah.

Not the bag of girls part, the rich girl part. Yeah, yeah, the rich girl parts, the rich girl parts. Yeah, yeah. The rich girl parts is a good thing. And he's right. The rich girl don't want to pour money, though. No, I don't think poor girl want to pour money, though. Everybody want rich man these days. If you really think about it, nobody should want poor anybody

to be. No, no, let me not say that. Wow. Let me not say that. That was Danai speaking. You guys asked for Danai to speak more. Financially, as possible. Yeah, man. Say it again. You know your for Danai to speak more. You want to pay as financially as possible. Yeah, man. Say it again. You want to be rich, man. You don't want to poor, man.

I wouldn't encourage... Alright. No, keep going. Keep going. Keep going. Again, guys, that's Danai. I've never encouraged any of my friends to say, but I really did poor. Take him up, man.

Take him up. Wow, Danai. Wow. Wow. You don't believe in love? Oh, yeah. And I believe if you love somebody, you should get rich so you can love them better.

You'll pick up Danai, girlfriend. Yeah. She'll be under pressure. Get rich so you can love. That's true. But true but you know before all i think i think if i was poor actually i'm not very poor so you're talking bam bam bam but yeah big up the jamaica podcast network and the owner i don't think she's ever cared about how much

money I have she understands I want to get rich in life and reach a certain place and we can do a lot of things with that money so she likes that she likes to drive I really know her

she doesn't get up and care about that and that's good and it's good to be able to don't really get up and care about that and that's good and it's good to be able to not have to get up and care about that which is the real sin of poverty that it takes over

so much of your mind and your time you start making money and then that comes in some people don't care say you're poor and they don't care

that you're not you're they don't care when you're poor and then they start getting money and then the money start hitting them the poor and then they start get money and then the money start hitting the wrong way and i'm starting thinking about where i am and i need

to do this and then you start doing other things like nothing go put in a good place i guess so which is why i guess people fear the whole women who look for men and consider their compensation meaning how much money the guy make as part of the decision but I guess realistically realistically I have to do it especially these days imagine like think about

I always think about the costs of building a family like I can't I don't want I don't want to move out yet because you know

I don't think I'm in a place where I can fully afford that comfortably I want because you know i invest i invest hard i want if i move out then i have a lot of money coming in outside of the living expenses so i can invest that freely equally i can't i don't think i could in good faith get up and marry my girlfriend right no because you can't imagine we start living and everything and then that happens like I don't have the money

left over or anything there but we can put towards our future and make the money make the money plus you guys have lives to actually live

at the same time yeah so which which costs you want a house I'm sure unless you're not gonna live with your parents

or her parents which is out there still not Lindsay moving alright so Maria moving the appearance right Unless you're not going to leave it with your parents or her parents, which is out. Well, see, it's still not Lindsay moving. All right, so. Maria moving the appearance, right? Wow, I'm going to call a cruff by everybody for the next 10 years. No, you got a way around that to do that.

Stop listening to people. No, no, no, no, no. There's a better way around that. What's the better way around that? When the people are okay with it. So you act rich and then you just call it a family home. Wow, you're sounding mad cruffish, bro. No mad crawfish bro trust me i'm sure you've heard it not with the water family home it's a family home and you have heard it from crofts that's not true that's not true so funny i don't know

actually i heard from other crofts i just generally people don't know that some of them are gross so i'm getting away with yo don't make nobody good life advice don't make nobody run into no financial big decision ahead of your time where you are comfortable earning and spending so you put yourself in that place to be comfortable yeah man when you're there home working out your budget you realize you need to get rich you don't include me in that you need to get rich people don't listen all right so i'm fine everybody getting rich but i know some people like everybody can't rich, you want to talk about that? Maybe Finish your point, sorry

Not everybody really wants it It's a good net to be, it's a good safety net But there are other people that are I never thought But I found out there are other people that are comfortable Earning and spending At a certain level And for the rest of their life.

I always thought, yeah man, you say that now but you get rich. Things change. A lot of people are like them. They're very cool where they are. That is true

that there are a lot of people who are very comfortable with where they are. Those are people. I would tell you to get rich for a rainy day. You don't have to be rich, rich but but invest put the money somewhere so you can make something for yourself so if anything happened then you don't fall in your face so yeah that's one way to think about it for those people

and that's good because most people are looking just for that right safety net and a little bit of fun that's it yeah that you know the problem i think people like us is we know how much a safety net and a little bit of fun costs and we know how hard it is to get that amount of money a real safety net you know yeah no no you're not real just a straight up safety net i think all the time i know this is a wrong kind of mindset but i because i grew up poor i think from a position of what can go wrong instead of the things that can go right and that's a limiting thing that that's one of the sins of poverty that's one of the things that it hits you with i don't think of how great can this be i think of how bad can it get you know it's only a bad investor oh wow power you start looking at boy the downside of this so you start measuring start measuring the goodness of

an investment on the less bad or not necessary hey maybe this can go really right and things are in place for it to go really right oh yeah it's terrible yeah but then what we do is fear is a mind killer that's funny you said that when in reality you don't invest like that but you probably the end goal of your investment is

it's very much to that but then you see what happens when you get someone and you pass a point where you don't have to be worrying about that you're not going to be broke and at that point that kind of belief becomes limiting and it limits how far you can fly because you've been running while looking behind you the whole time imagine you have a hundred mil safety net an x hundred mil at risk and you're making a hundred mil this year i hear you can't invest that next hundred mil but boy is just going to keep being that safety net because year. You can't just invest that next 100 mil, but boy, you're still going to keep

building that safety net, because guess what? You can't lose it. Worse if your lifestyle appreciates it. If your lifestyle goes up, that's the killer. That's the secret to everything. Manage the expenses.

I've learned, I listened, I spoke about salary increases and everything, and I... HR call you? No, no, no, no, no. Big up HR. HR cool, bro. But where I was super budgeting while I was at my old job.

Oh, yeah. When you were starting out. Yeah, super budgeting. Yeah. New job. It was less so. But you start afford things much easier than you thought like much easier than the day before and i won't i'm very i don't i don't really i don't

spend a lot of things but i just i was looking for a while i thought i was in boy i mean his lifestyle appreciation thing really hit me and And I'm like, no. Like, it never really hit me that bad. Oh, because you were just being hard on yourself. Yeah. To me, I thought, boy. But no. I was investing more money than I was before.

And what I was spending wasn't significantly more either. But when they started doing it, it's like, boy. Yeah. Boy. significantly more either so but when you start doing it it's a boy or something like that yeah boy but because it's a good thing to be able to afford more so if you find what you like true but it's an even better thing to be able to control what you buy even though you can afford it yeah i can tell you that i can do that oh that's good that's a good skill to have that's a good skill things i haven't bought so things i haven't bought i put on twitter about the jeep thing about buying a jeep you're gonna load up the team of people start load yo i see a lot more jeeps these days oh yeah me too people have gotten

richer yeah actually but to me oh boy it's painful to me because every day i run low on my excuses to to to to stay in my little banger. God, I love that banger. I say I'm looking for a Jeep at a good price, but I'm not really finding a Jeep at a good price. Yo, go start up. Go start up. Get a nice Jimny. Lift it yourself.

I'm going to hit the man with the poor goals. Yeah. Blunt. I didn't want to start me With them big hit there dog No no no Wow Randy Sorry

Randy is cheap or not cheap? No man He more the Jeep You know Of course And that bike I more buy the Jeep Than I can

Because I can't do more Alright Good Jeep lifted Factory lifted I think there's no reason Factory lifted for Jeeps Those are cases No well If the factory lifted It's no reason for jeeps no well if the factory lifted it comes with certain factory tolerances that can be good that can be good or you can get or you

can get it's a jeep the remodel are fully like you're fine all right cool cool i go i go wide my usual wide but proper wide angle tires lifted heavily so all land rover defender height um but jeep jeep body nice look great ballpark price jamaican dollars too much yeah give me a number give me the year i don't it. Oh, so it's brand new? Yeah. Oh, nah, bro. We're talking... Is your money different from mine? It's a question.

Questions are cheap. I'll ask you a question. 2019, so looking at Rubicon, it was around... It's like a sports. Sahara, it's probably like 10. But Rubicon, you know, you know you're getting that proper, proper Jeep with everything on it. We're costing around 30. Mil? Yeah. I thought you were going to say like 30. Same thing. No way is it 30. getting that proper proper jeep with everything on it we're costing around 13 mil yeah i thought

you're gonna say like 30 cmt no way is it 30 no way is it 13 million jamaican from kig my brett in talking to kig to buy so i actually went on to kig the other day one one three jamaican no way no wonder there's more of them sport and one 13 mil he asked for rubicon and rubicon is obviously more expensive as well three mil more he said 13 13 13 mil for the for rubicon jamaican dollars yeah that's that's that's base model rubicon is oh as in no way yeah that's why there's more of them 10 other day for 10 minutes i was asked i was talking to them down there i was kig because i really was just yo i need to go look at some jeeps i want to go actually go look at them close up on you know and i went down there and the guy thought i was buying and yeah that money look when i say when i ask him it's only 10 10, 10 bucks, 10 bucks a clibbit. And then he asked me, like, he just told me not to respond really after the price.

And he's like, wait, this guy must be poor. He's like, we're waiting for a thought. He's like, usually when people come here to ask about a Wrangler, they're ready to buy a Wrangler. And I tell him, say, nah, now the money, they're still, but are you kind of looking at the used ones? Probably somebody in a good condition but my issue is so I want to find one good condition used

and not necessarily muddied but everybody try to charge an arm and a leg on the Jeep and they try to

charge head, foot, shoulder when they muddied yeah because to you the person whose Jeepp is you love it so much like you put the emotional price in you go by this part and you put on so but the funny thing is one of the things they warn you about when you when you're buying a jeep is two things they warn about is rust and mud and muds would you see that's what i say in factory muds because i want

i want any mud to come from the factory that way with the total factory tolerances everybody doesn't beef up on the new thing and yeah no try to charge more for it so that's my issue with buying one okay look out for it on board you know um i see a 2011 on j a car it's green one 4.5 bro all right so all right let's get into that so 2011 Rubicon again no it's not even Rubicon okay so standard alright 4.5

I wouldn't pay 4.5 for an 8 year old car 8 year old vehicle coming to 10 yeah I was trying to remember why I was going to ask you so for me to buy like that at 4 million dollars

right that means I have to be comfortable taking 4 million dollars and putting you already know I'm not doing that I'm not taking 4 million dollars and putting it in a one.

It must be a one. I can't do that. All right, so fine, I'm going to put it in. I'm going to take up $4 million and I'm going to buy select F with it or NCB or JMB. Jamaica producers. I started $4 million, Jamaica producers, right? And then I'm going gonna take a loan against the four million and buy the jeep cash so the cost of the loan is whatever the cost it is for me to

use it the collateral of four million dollars worth of jamaica producers shares now i believe and it's like a 10-year loan so you get let's say you have a good banker nine eight nine percent a better bank i'm sure get you much better than eight nine percent but you are say you have a good banker, nine, eight, 9%, a better banker, I'm sure will get you much better than eight, 9%, but you are nobody. You're a poor man like me that them don't know. But you have the 4 million collateral because it's Jamaica producers shares. Your cost for that vehicle every month

is a cost to service that loan, whatever that is, right? And then of course it's offset by any growth in the Jamaica producersica producers shares and so like if i did that right now end of 2019 but in a 2020 i think the jamaica producers shares would be maybe double easily they're i think they're heavily undervalued so now i have allowed the thing that i use as collateral to pay for the loan that bought the vehicle i can sell it at our side i think you'll be up 100 it means that i am during the year by the way jamaica producers and i'm going to pay a

dividend every quarter which is also going to yeah and they're very heavy cash collecting company and they are because they're because they're in distribution in europe jeez your web by the way that's. By the way, that's how, for the people listening, that's sort of, I would even call it higher level, but that's leverage.

That's smart leverage in my view. So the thing, that's why I used to get so annoyed when I see people saying on Twitter, things like, or not just on Twitter,

on any social media, just saying to crowds of people going like, you know, how don't leverage or how dangerous it is. I mean, I'll say it's dangerous,

but of course, so maybe I didn't jamaica producers maybe i picked something silly or maybe i just picked something okay and it just didn't really move maybe i picked cygnus cygnus is worth at least double what it's worth now but maybe just not moving much more yeah it's literally worth literally double its price currently this price is what 20 something dollars do they yeah maybe there's p have it at 10.7 times wow it's a loan company we bring more money we have i think it's already more money we have more money we lend more money we lend and the more money back those that's profit that's revenue which is why the market the market loves them because they interact with them uh the industry because they interact with them and their industry loves them because they're servicing a lot of people that have been crying

about being underserved by the banking sector and they deal with cash so they're a dividend paying company yep so heavy yeah dividend paying company and this from the guy who's don't know who said oh yes i don't care about dividends and once next thing i probably don't know what i've switched i thought no it's probably never said that thing thing the way never again that episode where i talk about pe sorry uh go for a high a low pe on a thing there on a cash on a cash rich a cash intake a high cash intake company speaks to a higher dividend because we're at a point where most of our profit is cash which means what i'm paying out this cash and i'm basically i'm buying the dividends at a lower price when the p is low

when you buy a lower p that's a consideration a nice dividend this whole model yeah basically how cheap am i buying the dividends the future dividends exactly this this company is probably always going to pay a three percent dividend what is a three percent dividend in two years based on my current yield, my personal dashboard. And your current yield is based on the profits you pay for because the dividends are paid from profits. So, hello PE. I was screwing around with the dashboard model,

my personal dashboard model. So I did a, not for myself, I use it for me all the time too. I test it with myself, but this is what I want people to see like the next version and I integrate that in there so the PEs

there's a couple of things but don't say it's the thing heavy so I'll have to say I was looking at it I realized I told you 10.7

a while ago 10.7 times for the PE and it literally just clicked to me that it really is like I say it in my mind you know the gut feeling that no I know

Cygnus is much lower value than it should be but it's $23 and you remember and it's worth that means it's worth roughly $40, $45 in my view from long time I never realized that the PE supported that

if you look at the thing in there look at the things they're doing now that's great they're bringing in more money and they're looking new business i see them said that what is that i'm looking for a new loan that they're raising more loan probably equity private thing there big up david david rose he messaged i didn't go to the agm but he knows i'm interested in a company you know every moment like he if he hears something about it he he updates me you know man David's will start from when I do well it's my father oh yeah so he must thought he was thing there he was at AJM I think he was watching AJM mm-hmm and he was telling me about the things they want to do and like in terms of the cash raise and signals has only raised

more money when they have a more money to lend that's to me that's good you mean you mean something to put the money into money yeah they don't they don't seem to raise blindly yeah we're not gonna sit on the cash yeah the whole point of the ip would upsize more upsize to around double whatever before it i know the valuation decreased by half yeah because they upsized heavily because yo guess what the pipeline is strong and they've proven it now

that the pipeline is strong because they've lent out all that money and we need more money they went to double the capital they went to double the capital in the company

with the next raises they want around yeah so imagine that we raise X money we made some money on it and the capital is at this and we have a pipeline that justifies getting double that Imagine that. We raised X money, we made some money on it, and the capital is at this.

And we have a pipeline that justifies getting double that. And the pipeline has consistently returned multiples of itself. Not multiples of itself, but a percentage of itself as cash. You know what the thing is? I think people just have, I was going to say they forget,

but I haven't heard anybody has really thought about it. What SCI is, what is Cygnus Credit Investment? It's an arm of a group, a private group that is doing heavy things and they just allow us

to participate. And of course, they benefit from it, but that's why they have to pay heavy dividends because they only exist to serve a bigger part of the group

that's not listed. And that part of the group, guess what it does? It structures deals and loans. Exactly. So you need a loan, I go to you, part of the group that's not listed and and that part of the group guess what it does it's structures deals and loans exactly you you need a loan i got to you sort out how best you can get a loan without mashing up your business because you are already afraid of the bank coming and taking too much of a percentage or you don't like the terms or the banks say you need xyz too risky yeah yeah so they're they're in that middle ground handling the risk that they're so they're actually doing

something needed for Jamaica but I think maybe they might be on the bigger side who knows maybe people now have to be paying more and more

attention to the small and medium SMEs and the way they do it people definitely have to pay more attention to them well you know

I think that's an economy without that there's nothing definitely even America acknowledges we are an economy

built on more and more money need to spend and to put money for spend yeah so yeah and super money to spend we have the economy running with fmes coming like entrepreneurship is one of the best ventures our country can support because it builds we need more so the thing there um gdp building yeah and what's the name signalsos really Helping them out So they structure a loan Right But they're not the bank

So where the money They don't have deposits To lend out So they make A special purpose vehicle Which is Signos Credit Investments What we own

We can buy our money And ask the market for money Yep And lend it out And give them returns Why not Or create Or literally

A special purpose vehicle That allows people to always view the outcome of our loans without getting full details on what it is right oh yeah and if you look at it it's a great setup too much respect to those guys for building that my team down there one thing that david mentioned is they indicated that their interest income will be growing based on the way their structured products will be maturing in the next two to three years. What does that mean to me? Okay, so we lend the money and we do some certain things and everything good. We have a payoff coin.

Remember their mezzanine. The money don't reach it. Remember their mezzanine, you know, so they usually have those payoff dates. Equity stakes in there. Yeah. And at this point, I either get a lump sum payment or we own something nice yeah yeah who knows something could kick off and have a lot of my payments agreements which is how you which is how they get dividends because you pass through dividends from their

their investment stakes yeah so we're lying in the loans and we're lying in the profit so maybe i put my money in cygnus for the three years to buy this jeep right but in the meantime you have to be able to service the loan every month right and so of course every three months four mil let's say you come in at four mil and you're seeing very quickly uh what's the dividend yield currently my sheet showed that also you know what we paid for for signals this year um the dividend price dividend yields really nice you know well my sheet splits personal dividend yield and then market dividend yield so yeah what you have for it uh on my personal yield i it's pulling from it's pulling from yeah i don't care this is why i care because i'm on the podcast so i don't know what you're talking about but um it's pulling from jsc so it's you know that mean it's not doing it oh sorry more refresh yeah

uh they paid a heavy dividend i think i spoke about that about our podcast on one on one of the earlier podcasts but um what do you got I don't want to ruin that podcast. What do you got? Hold on. The dividend they paid was the.0042 US dollar. 135, that. It dropped back to that?

Yeah, it's around there, 134. I thought the world was going to end at 141. Actually, stop paying attention to it. Nice. Yeah. So, you know me and complain about politicians let's keep the podcast my complaint is when people politicize things so when i hear the need from both sides to speak on it in a way that you know show why the country doing this country doing that come on guys we all know what the stranger it is let's talk about the truthfully yeah so and when other people that not read they

not support us our politics to take it up and make it run with it i mean i really yeah so yeah speaking of which you see that dr andre horton article oh yeah that was funny that was that was the one where he was decrying the um the the proposed i saw that picture i don't even know what that picture is about i'll come back to that the chimpanzee business but but um he was saying that a drop in the gct the two a two percentage point drop in the gct as a proposed two percent point point dropping the gct doesn't make sense and it don't it don't make sense he says something i'm summing it up here i put the show notes i put the article in the show notes but essentially saying two percent dropping gct to a person might mean anywhere depending on what i'm spending between like a hundred dollars and and um 98 no a million

dollars and no great point are you saving any great money you get me on your regular day-to-day money a hundred thousand whatever you're saving 20 dollars you're saving two dollars yeah but the country as a whole loses about 25 billion i think from it so you're saying is that worth losing to get um this supposed small personal gain that people won't really necessarily feel because to you and me or anyone really, well, not anyone, but anyone,

maybe just a little regular person on the road and bills less than $50 or the party costs $150 versus the party costs $155. You get me? It's annoying, but it don't really, really matter. But to the country that $5 matters.

And it's like, yeah, why, if it's not really bothering people why propose a drop when the cost to the contrabit dropping would be so wicked the weird thing was that it was dr phillips who had proposed it oh so he essentially had an entire article yeah he was speaking against something that his party leader had proposed. Yeah. That's crazy. And then, so I don't know if it's the Gleaner- That's not very Jamaican, you know. Exactly. Yeah, so I go, whoa.

And then the Gleaner, I don't know if the Gleaner tried to be Trump somewhere, they write it, but- Oh, right, that's his. I read it too, but then apparently they said that people, the government senators were asking why was he saying this when, you know, it was his party leader who had said it and his response was that, his bait his bait we drop bait to catch fishes or something like that you don't say it so you can respond to me that's where that's where that's where that's where to be but i read that too but yeah i read the fact that he

would say something that um against yeah you know that don't happen right yeah that don't happen but but then because it don't happen what you're hearing is a lot of the this doesn't happen and why was he saying this and are they um sabotaging and is that will be a political point that the masses use so the opposed the not actually that sucks imagine me saying opposing when they're not in for but um yeah so well i saw the opposition party no but i was on the opposing party meaning the jlp oh i can't i don't want to tell that so it's cause confusion so yeah so um like so pmp supporters would then would usually use that point on a political way to say oh but you see as a point of oh we're accountable because you know even though these even though bossy said this he was somebody within

it ah yeah and then what the jp would then say jp supporters would then also say oh yo you see you might have a full wishing so why am i saying yeah i own my system against you yeah the politics the politics don't make it yeah it make it it it's painful because in something like this it's something that affects everybody right like i don't even it it's painful because in something like this it's something that affects everybody right like I don't even like bringing the podcast on the podcast

but it's something that really does affect everybody because it's a proposed 2% drop that would affect people day to day but also might affect the country and his point was

actually strong more than affect people it might be some privilege on my part it is some privilege on my part but I'll pay the

$50 more for a tank of gas guess what if it means that some privilege on my part it is some privilege on my part but i'll pay the 50 more for a tank of gas guess what if it means that the whole country benefits more right and then i would be hard on the government to make sure that things are better how much more guess you get about fifty dollars bro yeah well you get well maybe thirty percent of a liter. Because gas is like $150 a liter. But now you're not getting 2% drop. 2% is not going to give you 30% drop. No, the 2%, yeah. It's a bad example.

Yeah, I'm just saying. That's why you meant $50 and say when you fill your tank. Yeah, that's what I meant. And that might be what it is. Meaning the 2% reduction might mean that instead of paying $5, 5550 to fill my tank or

fill my tank class it cost 6250 it might cost 62 yeah that's i don't even know if it affects gas but that's a random idea like to me i'm gonna complain about the gas at 62 i'm gonna complain about the gas same at 6250 but but that 50 might mean i'm gonna complain about two extra roads bad yeah oh we get so much um mention and the group we kind of had a conversation on taxes and we were i think we had this talking about that group you know the people pressing you to join it yeah man people asking they bother me yeah i get that one guys if you want to know sorry well you have to do the usual you want another group you want to you want to to know, sorry. But you have to do the usual. You want to know the group? You want to join the group? Tell them.

Then you have to do a course. And then you have to agree to the entry requirements of the group. You know what? You want me to put the course in the show notes? Oh, yeah, definitely. Do that. All right, guys. So if you're listening to this, I hope you're listening to a podcast app and not just on SoundCloud.

If you're listening to SoundCloud, that's cool also. But you really should to a podcast app and not just on SoundCloud. If you're listening on SoundCloud, that's cool also, but you really should get a podcast app. One, it's going to save you data, especially if you are on, I won't say any network names. It'll save you some data though. And two, it allows you to do a lot of cool stuff, pull out any pauses,

play it a little faster, remember where you were later on. You don't have to load it. Once you load it one time, that's it. You don't have to load it every single time, which is why I mentioned to save the data thing so i hope you're using a podcast app if you use a podcast app i mean if you're not you can sort the information section

of whatever your app is i don't know the app so if you dm me to tell you i can't really tell you and you're probably one of 34 people dming me to tell them i can't do it guys it really burns me so please yeah just take a long to reply or not at all there are reasons for that because he does have a life and he has a nine to five right um so if you whatever it is i'm giving this guide because i want you guys to check the show notes whatever your app is check the show notes check the information thing beside beside the um whatever the podcast app is here in all of them have it in that you'll see links you see explain us anytime we talk about things i actually see how many people click these links i know it's not that many click these links it mean that either one everybody understand what we're talking about

for a long time or two lots of people even know it exists so they never check it um or three sometimes i do paste them on twitter so people do see that anyway i'm saying all this to say in the show notes there i'm going to put the link to the group's, the group course, the group entry course. It's a free course, yes? It's a free course. It teaches you to read financial statements. There's some assessment of financial statements in there. Yeah.

So we can have an informed conversation or we have a good place to start when you join a group because one of the rules of the group, no spoon feeding. So this is the best place, earning season, to hear me speak about stocks. If the group, if you think I'm going to join a group and then hear me just tell you what to do, I don't tell anybody what to do.

I'm so sorry for what's going to happen to you. I'm going to ask you questions. And it's based on your competence. And the competence would be gained from that course. If you do the course, then I am fully thinking that you can... Anything I ask you, you should be able to answer. You can ask me things too. The thing is, no spoon feeding.

So you have information that can be gotten publicly and I don't know it and I ask him about it. Trust me, the best you can do is just ask me in a way that I know where to look or just give me some level of thought on boy, if I think about this this way, then I know where to go. Jesus Christ. I can see you're going to regret that you said this on a podcast. What is that? I can just see the future going to regret. I said this on a podcast was that I can just see the future going to regret I hope it I hope I'm wrong I hope it isn't wrong a lot of people asked

to join let me help you with some of the questions people going to ask you're going to get out to accountants saying that their accountants can they join you during the course oh yeah I tell them no um but it's the group it's also it's more than just whether or not you understand because the group... Entry requirement is an entry requirement because it's dedication. It does require participation also. The group requires participation. We kick you out if

they're lurking, watching for too long. And you're going to have people who want to join just to hear what you say. Just to attach to the conversation. We're not about that. If you're there too long and you're not really adding to the conversation... You have to contribute. You have to misunderstanding you get accounts you get you can read accounts but you don't really understand how it related to stock thing and you're asking questions and you think you sound stupid you're not stupid you just don't know yeah a lot of times

yeah i get a lot of accountants telling me thanks i don't want to call i get accountants recently and she was saying one of the reasons she's thankful she said she wouldn't join the conversation on twitter which i can understand yeah um but there are a lot of people she just remember that you're there are a lot of people who listen to you but don't necessarily say anything to you but they do get a lot of benefit from it and they're in it so she's she said i'm actually an accountant i get quite a few accountants actually who say yo i use this opportunity to learn that i should actually use what i know because i know it i know how to read the balance sheet i understand how to accompany but i just wouldn't buy stocks holy people even if they're

not in accounting jobs they know it have a degree in accounting but they've just never actually practically applied and listening to this has helped them to get the push so thank you that's you you helped me a lot when i hear it and i am you're very welcome i'm very thankful to do it for you so yeah don't don't but don't think that because you're an accountant you don't have to do any requirements for that group that i'm talking about the group is we all speak about stocks yeah we all speak up not even the talks alone like if you have a viable investment and viable meaning jesus it suits x goal you're going to get fx traders you're going to forex guys you're going to get the bitcoin guys oh yeah

we've had those guys before in the group by the way um yeah so please don't ask me about just make sure i have no interest in it yeah i have no interest in bitcoin or or forex personally you know you like if you have news on the fx market that can affect companies then sure let's talk about fx market i want to learn about that but i'm not going to i'm not trying to be a forex day trader so yeah yeah if you want to convince me on that one we've had that one we've had those ones before no but you know what and i'm gonna knock nobody because it's funny thing is how forex is i mean big up kwame from jmmb for that wonderful episode people really love that episode and i like that he taught he spoke a lot about forex on it um i almost wanted him i'm i'm sure a lot of people

who are in forex would have listened to that and they would have had other questions that they would have wanted him to speak about especially when he'm just dropping the truth about how much people actually make right it's always the same thing because i've seen some of the messages to hey no i'm in forex and i made xyz in this amount of time and i'm knocking it and kwame didn't either kwame i thought brought a great clear view people liked it and i like that people like the same view we have if you make money oh yeah you should be able to show it exactly i understand i understand it perfectly right now you can get a hold of people i'm sure who want us to have that kind of conversation i want to tell you that they work and maybe one come on and talk about it i'm

not opposed to people coming on and talking about it but that doesn't mean that i necessarily want a general regular yo this work for me for the past two months or two weeks or six months even yeah if you can if why i want somebody you don't have to be in it but you have to be so competent that i can hear because you can pick up very quickly when somebody truly knows what they're talking about and truly comfortable with it and that's why they're not comfortable they're not uncomfortable being challenged and that person i don't mean that's why i really enjoyed having like a call me and kind of understanding stuff if you have

a course you're perfectly above board and you want to run an ad for your course on this and you can prove

that it's above board because I don't put in a scamming stuff on a podcast you want to run an ad sure you can contact me at earnings at evermichael.com

that's E-A-R-N E-A-R-N-I-N-G-S I almost made all of my English teachers very very very ashamed just now almost sorry about that Miss Guerra, Miss Guerra was not an English teacher

she taught history anyway I forgot where we were another tangent oh lord we were talking about the jeep and I can't spend four million dollars one time buying a jeep But a great way to leverage funds to do something like that is to invest the money.

I tweeted once and I still stand by it. I don't want no mortgage. I mean, I think a car loan and buy a Jeep. Say that again? I think a car loan

and buy a Jeep is a good price. Why not? I'm not supposed to use in somebody else's money. No. Yeah. Other people money nice.

No. Perfectly. Of course. In the 95,000 feet. Leaching Satan. Leaching was right. Big up Michael Leeching he's been doing a great job again with our bank of course yeah good thank you for that mike um but big up him on his points that he speaks but one of the great points is use other people's money which of course yeah if you're borrowing a loan to do anything including investing something just ensure that the cost of the capital, the cost of the loan,

the cost of the money you're getting can be met or exceeded by the cost of whatever you're investing in, or you are able to pay it out of reserves. I personally cannot take up $4 million and buy myself a vehicle. I'd love to be able to, but I can't do it. But I can take up $4 million and put it in C cygnus s-c-i-j-m-d uh you remember you mentioned jp and the jamaica producers is fire there's the we can look back on it yeah man but you mentioned jp you mentioned leeching so leeching empire builder yeah so

leeching though the thing he the article that's an article about his agricultural agricultural venture that he's going to do with the farming basically democratizing farms so I am not a large landowner I want to be I want to farm

so basically this guy has a plot let me just go on it and farm the mother farm system right and you know

who's who's done that before JP yeah Jamaica producer that in St. Mary yeah yeah that's true that's true that's true that's true that's true you're right

two ways that's good business but it's not them alone but not them because i remember cb i think cb was doing a mother farm thing yeah and the co-op model i think has existed cb does a mother farm with chickens and i think they were doing it with things. Their mother farm with... They want... When... Cotton. When the Japanese were speaking to us and Jadef was looking into cotton, then that's... One of the options. CB was looking into doing it with them.

I'm not sure that it worked. They stuck with it. But I know they do a mother farm with chickens. But JP does a mother farm with the things they do. So they lease farm in space and they have people feed... come in plant and they supply jp for their product lines on jp land so you take you do your risk yourself so you want to come i'm not a heavy diversity for you but i love when my companies are heavy diversity for us because

i pull cash from here so here's a here, so here, so here, so. Say that one again. I like that, Jem. I'm not a heavy diversifier, but I love when my companies are heavy diversifiers. That's right. Because a company, a strong company, to me is a less risk when I'm buying it than the company.

So when the company itself goes into a venture, if it's spending money all in one place and things are wrong in that one place and then we get took but if we generally have people that's how companies generally start they have to they have to start in one place so they can diversify so i'm not knocking that at all when a company is diversified and doing well in all its areas and then one place is smashed down then the rest of the areas pick up the slack. So if they move, they move out of, so farming is just out of risk in farming.

Inherently. Yeah. So if they move the risk off to the farmers themselves that are paying for the land, the farmer is not a business owner. Because the farmer is making the spread on the profits from the thing they're selling. The farmer is not a business owner. The farmer is making the spread on the profits

from the thing they're selling. There's profits from what they're selling to JP or whoever they're on a mother farm with. So JP is making X money. They have X money from leases or whatever. Probably a profit share model. I don't know the exact details

of how they work out with the farmers. But they guarantee their supply from their own land. So instead of them going and farming, they basically set up some, give some farmers some business. Farmers make him life and live him life. If you know farmers, a lot of them do really well. A lot of them do really well. I grew up in an age where I was lied to.

I thought that farmers were poor. I remember as in my 20s, it clicked to me. That they cannot be poor. It was a lie that farmers were poor. I remember as in my 20s, it clicked to me. That they cannot be poor. It was a lie that we were sold. I know farmers... Not that they cannot be poor. I don't want to sound... You know, I'm going Kingston.

I'm going to sound dumb when it comes to farming because I'm no expert. But I know that people have a lot of land and access to farming and the people who make the food that I like to eat fresh. Those people should not be poor. I know farmers that are hiding that they're making a lot of money because of the communities that are coming to this yeah a lot of people are surprised when they find out the kind of money that the big brother of the big house would really make so yeah they didn't think that so they move the risk off for themselves as an insurance to them by making this guy do the farming

him owe me supply and money anything after that let him get him make a business and make him money

good so far I make money we make money with them and you know the best business is when everybody making money that's right

so why not so that's I really like that on JP's end. And they're more diversified. I mean, the KW thing, them abroad with them juicing abroad. So, it looks good to me.

Let me link that, Jim, to another, Jim. And an example. You mentioned that, why you like that in companies? Why you like the fact that your company, you prefer when your company is diversified versus you diversifying right and it's because as you say if something goes wrong they get a hit but you are protected from the hit because they can they can lean on one of the other arms great example that

is blue paw you realize now with the with the customs thing that came out, they would have known that, because this is not our secret, right? The people who are pressing like we're pressing know that there's been this fight in the international courts for a while. And they knew that a ruling, they have a general idea when a ruling would happen. So- It affects Blueport.

It does not affect Lomba anymore. So imagine you are sitting down as a as a um as a board member and you're saying okay how are we going to handle this company how are we going to handle this hit that's coming are you planning the entire company around it what am i going to do i'm going to i made i made a tweet about it that i found what they did to be impressive and like like i meant that like i actually responded a little later twitter apparently to some tweets or that hit me that i find are good and what i find after this like remind myself to yo go and respond to that tweet later because i think it's good and i still want to get some information out and show how i think of it and

yeah just the way i think it so these days i have to force myself to remember say okay yo remember to respond to this sorry remember to respond to that the tweet i made was um it wasn't from me so let me give the people their proper, proper, proper, proper credit. This young lady's name is Monique McIntosh and her at is MoniDoll with two I's. So M-O-N-I-I-D-D-O-L. Big up Miss McIntosh or Mrs. McIntosh. Monique McIntosh.

Her tweet to me, I had tweeted that bloopers dropping the final dot out, right? And it was really just a customs thing, which pretty much saying that one of the ingredients that they use is so is so uh one of the ingredients that they use is so is so international in its nature is that it I don't remember the details they basically don't meet a standard anymore exactly there's they're now seen to not meet a certain standard exactly and so that doesn't give them the protection of being able to say hey it's such a local or regional thing that you are able to say and this is other caricom countries really you're able to say that you're

you can give this product to other countries uh at cut rate. Cut rate, yeah. Yeah. I mean, I shouldn't say cut rate because that have different implications. Without, at a cut, at a... A decreased rate. Decreased tax. There's a tax that you don't get. So now you have to face the same rules as everybody else.

Why is that bad? Because Blue Power, Zika Blue Power and JSC, while there are so companies that are multi-billion US dollar companies. We're competing. We're on the same playing field as a giant. Yeah, so that giant can cut us out. We need that mandatory.

Yeah, man, that giant can put a marketing budget that's bigger than Blue Power's market cap. So they don't have the protection from the giant anymore. And in general, they're spending more. So they don't have the protection from the giant anymore. And in general, they're spending more. So they can't go up because they're paying more and that thing.

Exactly. So here's what I say. It's like the diversification matter how the protection happens. They know that that was happening, which has the potential to impact company operations. And shareholders in general too.

Exactly. In fact, to their credit, and of course, you know. So they give us the whole company, you know. So we did not lose on that, you know. Exactly. But I want to make it clear for the people so I'm looking at blue porn now and this is me I'm going to pretend that I'm Mr Tanner the chairman and he's looking at the company and he sees this possible hit coming no you don't so somebody asked why that was my tweet

and let me let me yeah finish explaining what the tweet was it was a notice from the customs which says that you're going to lose at 40 no tax advantage that you have you're gonna be on the same playing field as the big boys which is dangerous they immediately tell us that they being blue power tell us that approximately 20 of the company's sales go to carrickham countries and application of duty might make it uneconomical for those companies to buy from blue power because the big boys will be able to give you either the same quality or even baby better at cheaper because the big boys have no issue flooding the market until you have been selling to us at this regular exactly so the thing that was protecting them from the big boys was the cat what was it was the tax cut no they don't have it anymore because i suspect it's because the big boys have pressured them in court but no they don't have it anymore you have to fight on the same field as them the same playing

field as them and it's not working all right so you're losing your liquor protection so 20 percent of your your revenue your revenue comes from those guys what they didn't tell us is how much profit comes from those guys i'm sure they know internally what the margins are on it but um i'm sure if you dig, if you're conscientious, conscientious, you can dig and see if they're telling you in any of the previous reports. But the profit margins are on it. I'm sure they're seeing a real possible hit.

So what these guys do, they say, what is my company? It is lumber, soaps, and a little bit of everything else in the hardware business. We'll put that lumber and hardware business together. So it's lumber, soaps. Big hit coming. Lumber is doing really well. Lumber as itself is such a different business

from the manufacturing of soaps and the distribution of these things out there. It's such a different business model that we really have always treated it differently, even though we share some space. So here's what we're going to do. I'm a shareholder. I own a piece of a company that gives me money,

profits, and potential future profits in the form of dividends and capital gains from a lumber hardware slash soap manufacturing company. Soap, but it's known for its own manufacturing. When you ask people, well, you know what Blue Power? Blue Barmer soap is what them say, right? So imagine Blue Power start advertising the lumber. It just looks very weird.

It looks weird and people do it. And like, you'll have analysts say, well, you know, they're moving away from core. Core. Yeah. So what we do to make it clear, yeah. So, so, so even though it pretty much is core to operations, what we do then is make it very clear and easy for them and for the consumer.

But while we do that, we are keeping shareholder value. So since I was doing this along the lines of the tweets and I gave Monique her big up, let me read her tweet. So I tweeted out the notice and the 20% and she said, gonna have to change the, I think she means, I'm paraphrasing, they're gonna have to change a formula for the soap. But my thing is there's been a lot of talk

about palm oil for years. Why wait until a policy ruling to change? Fair question, big up Monique for that question. And the answer as I see it is this, that you don't spend money before you have to, right? If my mechanic tell me that, yo, your car, if I buy that $4 million, if my head licked me and I buy that $4 million car if my can if i buy that four million dollar if my head leaked man i buy that four million dollar car my mechanic say this car will run exactly like this for the next

three and a half years and it will catastrophically break down on you unless you change the engine if you're not really thinking strategically you're going to go and buy the engine same time because i know you're going to break down on me but why buy it right now when i know i need it why spend you don't spend a hell of his money yeah why am i going to spend money so money then yes versus the money now exactly so why would i spend the money when we're already in court fighting it and we want to see what's happening and i can stretch out my sales and whatever and guess what somebody probably works with hey our tax break runs out around the same time that we might get a ruling on this thing so we don't need to get a double whammy especially when one arm of the company the hardware

and lumber part is doing very well and growing still have a lot of potential to grow so why don't we do this as shareholders because remember the board is there to defend shareholder value value yeah they gave us a company well well i won't finish monique's point so monique said why wait until the policy will change time why would i spend money ahead of time when i might have to redo everything or maybe i'm gonna step money spent no money spent no versus money spent then money is always valued more in the future yep so if i have potential three million no three million no for after and i have a spend three years on the line i'm not spending that three million dollars now under three years

on the line thing this morning we go and make some money and then i will spend on that thing which is why i cannot buy a four million dollar jeep no matter what because i know that it's baked into me right however just going back to your point the time value of money they would have seen and it's just good sense i'm not gonna spend that money now when i can spend it later on and i can tell you how they do it no my tweet that i responded to that was that obviously we don't know because we don't know what's happening inside that company but my guess is that they validate evaluated their position so they know where they are and i know the time and i know what they do they reorganize the brace for impact which is what you're just saying which is that they say all right we're gonna break off

the lumber company make it its own thing and it's no longer affected by us and shareholders are no longer shareholders of blue power yes we'll get this speed this value of the thing that we are breaking off i will make it a little nicer for you can also give a little reserve on the ipo um and we're giving you the actual shares. So even though there's IPO, you also get X amount of shares in lumber that we just give you if you are a shareholder on August 1. So that's the dividend in specie that I mentioned earlier

when you were talking about how they do it. So they do that to reorganize. Why it took? Because that hit might come from the courts. Turns out the hit did come. Guess who the hit won't affect now? Lumber. Because lumber is its own company.

So they're protecting shareholder value and I automatically own shares in lumber towards the same percentage as I owned it in the lumber division earlier. There's great value there. Plus it's an IPO. It was priced nicely. So it's probably going to spike.

So I'm going to say appreciation. So I own Blue Power right A shock is coming To the Blue Power group That I own right Let me put A part of this company Away from the risk

Of the group Then Me as a shareholder As a shareholder Will own Exactly that little piece That Iholder will own exactly that little piece that I used to own and that little piece

will no longer be subject to the shock from the group exactly and I price it nice I guess very like it's appreciation

it's price to grow in that thing you just got exactly it's price to grow because Mayberry every time consistently

and they tell us all ahead of time in very clear language very own and and they tell us all ahead of time in very clear language yeah very very very home there and they never waste no time it's not a big IPO there's 70 million in terms of real what I call real public general public 70 mil that done in no time yeah what people people got like what the base of what 2,000 units there's allocation 2,000 units yes so the official official allocation is around 9 something percent. Yes. Above what they own. So, about what they applied for.

And yeah, 9% above that, or whatever you apply for. And never waste no time. Open and shut the same day. Remember guys, another gem. Treat the opening date like the closing date. Oh, you know what's interesting to me? Next thing too. What's that mje owns is the second largest shareholder in blue pool if i remember correctly with the switch they're the second they were the second largest shareholder in lombok because they own everybody only say and everybody got the same amount of shares and the same amount of ownership yeah so that's how we as shareholders were compensated is good mj mj you'll see appreciation on the lumber park that they owned that they didn't spend any extra money on getting because they already spent the money to get blue power way back in the day exactly so they never heard about the news and

said oh boy you know someone jump on the bike up to the second point in Blue Power. Blue Power is a good company. I held it from way back when. Made some appreciation on it. I'm second largest shareholder. I didn't spend any new money this year in being the second largest shareholder in Lumba. So to

me, you look at that, just one day there's going to be some more money in MGE because the appreciation of lumba when it is mje now will be happy with that and if you look at the thing there if you look at the composition of this i haven't calculated the composition of mje the weightings of the individual things are in mje or since ipo but if you look at the composition ipo time around 50 percent was svl around 30 percent was blue power that's f roc and cpj as their portfolio companies so they were heavily weighted in those four companies 30 percent of that well the portfolio companies didn't include svl yeah man so i'm saying yeah half it was so smart half

was svl 30 percent was those four and around 20 percent was the other stuff everything else 30 a part of the 30 percent which looks to me like a heavyweighting so for argument's sake the search percentage is the four around 70 7.5 percent of the thing there is a third of a company a third percent of everything that's a big amount exactly yeah that's one in three 7.5 percent of a billion dollar company yeah was held in blue port so that value is now'll get those exact share price. Shares priced at $1. And think they're at, what do you call it again? In Lombok. Oh yeah, because they just get it automatically.

Here's my question. Do they recognize the support for the company now? I don't know. They might not. Which means that their fair value, true profit and loss must take a big jump once they recognize the IPO and then any IPO results. Wait, wait, wait. Stop, stop. Why? They recognize, if they don't recognize it as a portfolio company, where do they recognize it? They recognize it as just one of the holdings in the 20%, right?

There'll be a thing there, so that'll be comprehensive income. Exactly. Oh, wait, no, they recognize it as O oci everything that's run to oci okay in that case i know so yeah so they get an answer about that based on my interpretation of the portfolio companies where the profit and loss company so yes the prospectus companies are the profit and loss companies are and and then the big dog is svl which doesn't come through the pnl anyway which i thought is a great deal because what comes with the pnl is the dividends from svl which they have been consistently getting caught and caught and that will not stop some bonus dividend every now and then it's so funny and there's some news around svl too

if you believe in svl's heavy guyana push and the fact that they're just, I saw your boss's boss speaking very candidly, saying that if SVL can, the way they've set up the model, Gary Parrott, he was speaking about the model in which SVL is set up, that the trustee as in Ann Dawn Youngsang, I think the CEO. So she finds it,

she goes in, she gets a group, she sees an opportunity. She makes a buy. We come in at the back end. I think the CEO CEO so she she finds it she goes in she gets a group she gets she sees an opportunity she makes she makes a buy we come in at the back end we fund in

we set up we bring them in they're now a new division of SVL and they're they're working so it's pretty much acquisition growth

very open very open growth by acquisition if you believe in that model Mayberry Jamaica Equities owns and eats from that every single quarter it's really the cash fish company and the type of business they're going into is cash generating yep those dividends though yep and they're consistent and a good chunk that hits

mj's book mj mj and dividends are full now push because we get a bag of money we can buy more stocks we got a lot of money that we never had before today exactly exactly so just watch mj i tell you mj mje the nav valuation so any valuation that is lower than regular than lower than we call it again any prices lower than nav yeah man so price lower than now because i spoke about the pe earlier so pe evaluation 10 we just got a p of 20. um so the pe is 10 so that's discounted dividend mje price lower than now that's a discounted dividend oh yeah yeah yeah yeah once you're buying below NAV you're getting a dividend discount yeah yeah yeah easily and what you're getting at now

currently you're getting it on SCI yeah you're getting it same way so you're getting it on SCI I will not mention QWI go on for it you see it start right yeah you see people start realize what's up

I think it was around the time of the last results, when that results came out the other day. People realizing that QWI is actually closer. All right, maybe they're not realizing, but the case can simply be made that QWI is closer to Cygnus in model than it is to Select F. Select F is passive. QWI is actively seeking investments.

It's just a different type. Not always a different because Cygnus does go for equity stake. Exactly. So I'm saying... The consistent returns are different. No, no. Just in terms of the model,

QWI is actively seeking alpha. They're actively seeking a higher return on their investment. Cygnus, not Cygnus. So is Cygnus. Cygnus is actively seeking out partners that they can help and earn. Select F is passive. If it go up, it go down. If it go down, there's nothing happening.

We have bought these stocks and unless the amount of stocks, the weighting change and we have to do some, not even the weighting because the the waiting change and we have to do some some not in the waiting because the waiting change based on the price price yeah so unless the only time they indicate the waiting right is the very first time and then or whenever there's an IPO or like they have to participate maybe in a in a rights issue or something like that yeah but once they have it it stays how it stays they're not actively seeking anything and they actively actively just paying over.

They hope 90% of the dividends that they receive, they just want to pass forward. Which says to me that, it's obvious. Yeah, yeah. So if, basically, it's like,

if it's tracking there, tracks this now, then, say my, this, this country dividend, if it's a lower price than now, but there is no active seeking of them

active fund versus a passage fund versus qwi which is actively seeking stuff right which is why i was trying to tease that thought to where i say i know it's unpopular i'm not trying to be popular unpopular i don't care but i personally can see the case made for a company like qwi to be tracked and it's crazy but to be tracked on PE because they're actively seeking profit. Moreover, unlike almost the majority of the companies on the exchange, they're actively seeking profit and

actively saying how much of it they're going to pay out of the quarter. You know those guys want to pay a great dividend. Argument against the PE? Not even against it. It's just Let me hear why that's terrible. Not even that. Nothing's terrible.

I think it's, as we always say, valuation is very personal. Oh, undoubtedly. So you value the company at this... Value is very personal. Versus...

Bam. Mm-hmm. Yeah. You're just using me as an example, Bam. Chill, chill, chill. Yeah, so... So I might value it a certain way

so you value it based on where the profits the way the profits are going to come so you say okay they'll be aggressively seeking profit you know PE for what we're looking at PE is

profit continue increasing no matter any company want profit to continue increasing well you know you know what let's use easy examples that people follow so I

and I'll use my real example my personal view of qwi i valid if my own personal if i could distill it into just regular words i value qwi on the heavy dividends that will be paid by them in future in the near future i believe and continuous dividends that will be paid by them because they're actively seeking to invest in stocks that will grow and allow them to and be liquid for them to exit they plan to always have a nice cash hoard and they plan to always be looking for quick not quick but relatively fast i think they said in the prospectus medium term near term um payoff so that they can pass it along and of course they want to pass along along because they themselves own, meaning the principals own stakes in it and they want to be paid also. So they're actively seeking, in other words, I can say it simply, think of Qdibla as a

guy who's actively seeking to invest in a way that will allow him to have a nice cash balance that he can pay out to himself very consistently. And of course, that means he's actively seeking profit. And I measure companies that actively seek profit against the profit that they actually get. And I care about that because companies that actually get heavy profit and are doing well have to pay out heavy dividends.

And this market cares about dividends because it's cash in your hand. So I'm seeing a company that currently has a, I know it's crazy, a PE of six that is actively seeking profit and is actively going to try to pay that profit out as a dividend. And it's at a PE of six, so the dividend I expect to be kind of heavy. And if that company is going to pay a heavier dividend i know the market will rush to it and if i think at a longer and if i think at a longer time frame so i'm thinking let's say i think in three four five years i want to know that i got qw at a dollar how much it is right now it's at one dollar and11. When it's NAV, I think latest NAV release has it at $1.20 something cents.

So NAV values are company. Oh, sorry. Sorry, one sec, because I know I can't get these numbers wrong. 12 point. I assume it's at $1.24. I have it at $1.25. Let me use $1.24. Let me be conservative.

NAV of $1.24 an actual value of 111, then you're looking at an 11 to 12, 11.7% discount to the actual value. And then imagine them paying, sorry to cut you off, imagine them paying a dividend on their IPO price percentage. So they'll say, yo, we're paying a two percent two percent internally they wouldn't necessarily say this publicly but we want our first dividend to be

two percent of the ipo price you are now looking on an increase if you are you buy if you got that 111 unless they said they consider the ipo price to be 125 and they want to pay a two percent dividend at that price then you if you get it at 111 11 cents your your dividend is actually two dollar two point two five percent you're getting you're getting that extra point two five that everybody else who got that IPO. That means a lot. No. Imagine it five years from now where your average price is a dollar. Ten. A lot of thirty. Imagine your average price is a dollar eleven. But you are getting

a dividend on a three dollar stock. You're getting a two percent dividend on a three dollar stock. Imagine that. A two percent dividend on a three dollar stock. So assuming it's three dollars in two years. So you're getting getting that's a what i said three dollar stock yeah two percent dividend so i're working it out same time so you're getting a six cent dividend but to you your actual price is your average personal price

is at dollar eleven so that six cents dividend is actually a 5% dividend for you. Right? That's bond paper money. That's a sort of regular. That's the true value of holding a good company over a long term. If you're looking for dividends and you realize,

hey, that's a good company. I could get strong dividends from it in the future based on where it's going. Dividend discount model, sort of. Yeah. Seems so. Not even. That's the concept of it exactly well yeah so thing there so the valuation difference between a pe and a nav so a pe it future rates the profits and the nav is past is the current if we can do it not even unless you're sitting

right there every day when they're trading and then you know the price movement everything you always always get past

information on this that's just generally or generally we like we seek future information and current information

what we get fed to us is past information. And we call it current. So we say the results had just dropped yesterday, but it's a result as of September 30th, right?

Yeah, we pretend it's current, but it's not because the lag is built in. So, or current, so you look at the thing that I'm talking about

is based on current information. It's based on current value of the company. What I want, what I've never seen and I really, I've thought about it before, you bring it back,

I haven't thought about it in a while, is look at the asset valuation of a company. I don't even know what I'm talking about.

First, I look at this, everybody does this. BB versus Price. Oh, Pricebook. Pricebook. Yeah, which is NAV versus Price. I don't even know what am I talking about of course I look at this everybody does this BB versus oh price a book price a book yeah which is NAV versus price

yeah so look at the book value of a company per share which is the NAV and then net asset value if you look at when you're comparing

that when you compare the NAV and the price of a stock then what you're actually calculating is the PE valuation versus the NAV valuation. Explain.

Today, the assets are worth this, so we get a NAV from that. Yeah. If a company is valued based on its PE, then its price directly reflects that valuation. So you're checking with a P of 20, then today's price at a 20 PE is the way the market values it

if it's valued on a PE basis, right? Fine, cool. Well, it directly reflects, more technically, it directly reflects. So what is the nav of thing there? If you look at it, so if your future rating is, so look at what is the nav of thing there if you look at it so at what so if your future rating is so look at

what is the nav of thing there what is the P of select of what company QWI and the what's the nav

of QWI the last nav I think we hear from QWI you can check it out by the way you know QWI have

their nav up now QWI investments dot com slash net dash asset dash value. Link is in the show notes. So it's loading. Loading.

Loading. Let me use the time to put the link in the show notes. There's one episode where I haven't done the show notes even though I promised to do it and it bothers me all the time qwi nav so they they promised us that they would release their nav weekly not daily like select f or the coming select m which could just close by the way yeah people forgot about it between the lumbar and the middle and you know i didn't hear a lot of boats around it but uh expect some other before you feel true and i think what happened is

that you buzz a lot of the buzz is generated by the flippers and the ipo flippers then they really understand it and they're running from it because them think of select m saying select f which is your flip no make sense yes yes so you might try to get a mail pack flip which which then run up in a wall called jsc which i'm not even ready to touch that yet. The QWI NAV as at November 29th was $1.28 per share. And the current prices? And the current price as of the last trading day is, that would be, you guys used to pretend that you're in school challenge because that would be

OG nerd stuff their price is $1.11 why did I forget that when I said it five minutes ago so if you think about it then

a PE of 20 would value the price higher than a NAV of 20 a NAV of a NAV of whatever. A NAV of whatever day it is. Yeah, obviously. If the NAV today is 125 and the PE today is six. Six.

Then PE at 20 would fire value higher than the thing there. So I think it's a thing to approach. So the way the NAV works is that any profit we make at any given time comes into the NAV. Yeah, because it's retained earnings and that's part of our asset base. profit we make at any given time comes into the nav yeah because it's retained earnings and that's part of our asset asset base go up that's right the pe is up i don't want to use that word i don't want to use that word is i look i know expectation on future profits I look I know Expectation on future profits

Because Oh cool So I fully believe That the profits of this company Are worth 20 And not

So A NAV A NAV basis is Not even profits So The NAV will look at Today the money you make We buy it at this

When you lose Then we buy it at that Lessor price Versus PE You're looking and saying Alright so In the future for the

experience to have that much that much profits being made in the company so i'm going to buy it forward so you're buying you're buying the future profits ring of all the time when you buy the pe at a higher 20 then you're buying a expectation of future profits exactly so what's one what's the pe of thing there of select f i don't know of thing there of qw at 125 which is enough say that again what's the pe at a 125 price which is enough so if you're buying that now then you're buying you'll be always buying the same pe so you're saying if it's at 125 what's the pe oh okay one sec let me let me do my little excel stuff boom boom Let me do my little Excel stuff. Boom.

Boom. Wait, I'm doing the wrong thing. Hold up. I'm working from the new file. Maybe I'll edit this out, or maybe I'll make you guys know that I'm human. Hold on one second, because there's something specific I want to work probably pull it from jsc because i have something that pulls that work that does the eps and i want to do it properly

i don't mess up the file that's it for today so qw i at 125 what i said 125 or 124. 125. say 125 or 124? 125. What I told you is inefficient. Ah, let me not go into the math. No, no, no, tell me what you did. The divide, divide the PE by the current price and multiply the proposed price by that? Uh, not even. I just, what percentage of the... The rise between the current NAV? What percentage of the NAV is the... So, if I buy it at the nav, say 125, then what percentage of 125 is 111, which is the current price, and then let's multiply that

by the thing there. Multiply that by the PE. So, the PE will be 6.75, something. 6.75? Yeah, around there. If it went up. So, it would still be pretty low.

Yeah, absolutely. It would still be pretty low. 6.75 times. So, you can see where that's a more conservative approach. you're buying that lower thing there versus a buyer pe at a consistently buy it at a pe on a normal normal yes normal pe 15 to 20 around there so then i'll be buying it forward that's probably a triple price triple the price today because what you're asking to say that's what you're really looking is that forward value in

the future i think we said that a couple episodes ago i expect this amount of profit yeah buy into it so if you're buying the higher pe then you're fully expecting that qw i do will do better in the future xxx exactly which is why i speak about looking at it from a pe point because he's going to constantly see mr qw is going to constantly be seeking future profits but i think the issue there is where most of most people are conservative in the in the fact that they look at it and say can he make those profits yeah and and well you know you're going jamaica because all on you make it and you make it again and you make it again so the thing is you keep asking can you keep making it so all right so qw is now and to add to that point remember to we just don't respect all kinds

of profit the same so we do not respect which is weird we do not respect unrealized games and we we don't want to buy into unrealized games if you think about it until we suddenly do so the thing is the nav NAV will always be, all right, so he made the money, cool. Him though made the money, channel.

Versus PE, your money won't make the money man, do it. Go forward with it. You know what I mean? Explain. If you buy it at a PE of 20, then you fully expect that he's going to make 20 PE money.

You buy it above the current price. If you're buying it at the PE, at the 20 PE, then you're always going to be the you're going to make 20 pe money you buy it above the current price if you're buying it at the pe at the 20 pe you're always going to be buying it above the nav price oh well yeah yeah yeah so well i mean mathematically there are ways in which you could always it could the nav could be way ahead and no because the assets is always no no no no no no no no the two things aren't the two things aren't yet you're talking about specifically qwi right now right now okay god god god god god in the future this year and you're buying a p of 20 way so so p i don't want to bring that thing i it can be confusing. Well, too late. A lot of people are like, we're already confused.

I'm sorry. Or maybe they're not. So when QDBi, suppose QDBi makes 25 cents EPS, right? Okay. Wow. That's a lot. That's a lot. So 25 cents EPS on a number of 125.

Yeah, that would blow them off. I just made a fifth of her money, right? Yep. If I do the PE at 20 on that type of profit, right, then that's at today's price, that's way above today's price, right? If Trudeau is at $5

and makes 25 cents EPS, it's very different from a $1.11, $0.25 EPS. So if you buy a thing there, so that's at that point, if you're buying on NAV at $5, then the NAV would be above the PE. And again, this is specific to a company like you know now valuation will be above the pdp evaluation yeah so at that point then if you're buying on now then the pe well is smarter but that might happen if it stayed on where they report heavy if they report heavy if they report heavy um earnings no you know and the price don't move that could happen because just like you said

the retained earnings touched back into the asset no 125 pe at 125 when i make a 25 percent thing there a 25 percent eps 25 cent eps so 125 the thing there's a p that's an eps of 20 or so right oh no that's five eps of five no you said 25.25 so if it's a five okay sorry yeah okay yeah at five dollars if you buy for that specific earn yeah so at five dollars they make things there if they make us the eps is 20. so they make the same money but but your but your cap gains and that would have been $500 or $500. 500%. Well, $400 or $300 based on when you bought it.

So in the future when they're at $5, right? Yeah. The NAV is at $5 and the price is at $5, right? And they make the same money they did when they made way back, right? Mm-hmm. You make more money if you buy on a NAV basis than a PE basis. You make more money if you buy on a NAV basis than a PE basis you make more money if you buy on a NAV basis than a PE basis so we make 25 EPS right the value asset is now 525

but that requires at some point in the future the market is going to start recognizing more of the PE or a dividend is paid out on a pe basis versus uh i don't think about it at all i was thinking thing there if you look at it so so we keep buying on now right we're below nav now but yeah five dollars right but so we're buying on now right we're at five dollars and we make 25 cents eps right We're at $5 and we make $0.25 EPS, right? Then we would sing there. The price of the stock will go up by the $0.25 because we're buying a NAV.

Assuming that the price and the NAV stay constant, correct? So it's $5 and it goes to $5.25, right? Okay. One day we make $5.25, right? Okay. And that's the only money they made for the year. Cool? Go from $5 to $5.25.

So 5 percent profit increase five percent cap gains cap gains versus so buying a pe of 20 and they made 25 percent eps but buying a pd of 20 is the same thing as buying at five with that eps of 25 cents you definitely lose most of the crowd now but i want you to just keep me so yeah so so i want to think there say the crowd no but i want you to just keep me so yeah so so i want to think there say that one day he decides i don't know if i'm going to buy on pe but the pe is 20. okay and they made 525 so the pe would actually fall p no the people actually go no man you said they had five dollars and they make eps so the end of the year last day for the end of the year the end of the year, last year for the end of the year, the end of the year they had $5 and then one of the next, the new year they had $5 and they have to recognize

the retained earnings which was $0.25 and the value of the stock rise by that $0.25 also because the market in this magical world is linked that's a PE of 20? No, 21

Oh sorry, afterwards, you're saying add it back in That's a PE of 20? No, 21. Oh, sorry. Afterwards. Oh, you're saying add it back in. It's valuable. It's valuable. The company will value less. No, but you said five at first.

You said five and then you made a 20%. That was a mistake. That's what you're going to get baked on Twitter. Bake it. It go from five. It go from five to 525. Yeah. Cool. We made 25 cents.

Which brings your PE toE. to 21. And now, if we're trying to buy a P.E. of 20, then NAV will give you more money. Ah. So, it's the basis. But at the end of the day, the truth is nobody really knows what the market is valuing it on until we see what the market is valuing it on. So, what I'm saying is, in the future, if the price is X and the NAV is X and we're trying to then

the NAV basis will give you more money than the more returns than the PE basis today when it's smaller then the NAV valuation will be less than

the PE valuation at a PE of 20 oh at a okay nice caveat at a PE of 20 but we see it doesn't

and it's I can't say it's not but it doesn't trade on PE it's considered a NAV stock which is funny which is funny if why I like that

is that if a NAV stock if a PE stock is traded on NAV but the NAV the company acts like a PE company

and pays a dividend like a PE company then that's just me building a case for a heavy dividend and you know how this market reacts to heavy dividends yeah so one good dividend and this thing will fly well yeah exactly easier but yeah the thing is you have to work out whether or not that dividend will call me up to work out whether or not the profits will come in a certain

way and with a company like thing that qd, we always have an update on where the profits are. Yes, well, every week. We need to have less than NAV is higher start the quarter lower than it is any day, then you made money.

NAV higher than today, NAV higher then than today, then you lost money. Which is interesting because I think they have a lower Nav now than they did at the start of the quarter. Yeah, I think they lost some money recently. But they made some good money before. If you look at that, where I find this a bit hypocritical of people. You make a portfolio for yourself, right? Start of the year, it's at one per share, right?

Your NAV is one. You make a company and put a portfolio in it. Your NAV is one. Company goes up to two. Then it falls back to 1.75. Then it goes up to 1.75. Then it goes up to three at the end of the year. A bit specifically for this case,

because if you look at it, then you say, if you look at your, anybody looking at a personal portfolio, the way all the industry and everybody tries to sell to you, don't watch the fluctuations, you know, man, you're trading a thing. It's also always got up over time. Over the long term, yeah.

We're not going to be forgiving QBI for doing that. In terms of what? So, QBI is the NAV when we bought it.

Was 130 something, I think. When was the actual IPO date? when was the actual ipo date when was that when was when was the the prospect yeah well they in the in the let me tell you they have a notification that they have so it's best if i just read it they said the nav is lower when at the 31st of september they showed that they had a nav of 1.36 cents per share and they had an expectation saying the nav is lower than the 1.52 per share as at july 31st 2019

and the nav per share of 1.38 projected for september 30th so in the prospectus, they did project a... Yeah. And it was a target. And the target was $1.38. And instead, the NAV was $1.36. So they missed it by...

$0.02 per share. But it's important to know what the percentage is because i saw much then it's just like about 1.5 they're about two roughly percent so let me see by two percent with intolerance i could say basically we're not going to forgive qw the iphone we'll forgive ourselves for saying oh yeah it dropped but it's above what we bought that but we won't forgive qw for doing that i'm not saying you should forgive them they're actively traded but we won't forgive qdb for doing that i'm not saying you should forgive them they're actively traded that will make some money sure yeah i just find that a bit funny not saying you're wrong for doing it the market can't be wrong so you are right or you or i could hold a view or sometimes

you and i hold opposing views but the man whatever the market actually did when you come to the point yeah the market can never be wrong consolidation ofolidation of all the views. Yes, exactly. That's why people say, yo, the market isn't pricing this correctly. No, brother. No, the market is pricing it, yeah. So the thing is, so when people say them thing there,

they miss a lot of what they preach. So generally, I hear a lot of industry would say, yo, market isn't pricing it correctly based on what I think the PE should be. The PE is 40, and I fully think the price of the company deserves a 20 PE, so it should be lower than it is today. Then guess who was wrong? Whoever is not matching the market. Everybody else is willing to buy. They were willing to buy the company at a 40 PE.

So it's at a 40 PE. Exactly. I just thought it would be a 20 PE. And my personal valuation, because valuations are personal, is less than what the company's value by everybody else buying it. So I'm not strong in that case. So we're always okay with lower PEs. The rule of thumb when it comes to PE,

lower is better. Lower is better. And higher is worse in air quotes. Higher is indicative of the market. I shouldn't say worse. Higher is indicative of the market being willing to pay greater money right now for future profits for expected future profits the first time i said that i was questioned heavily and it's so funny because it's like that concept cannot be incorrect

a high pe in general means that the market is currently pricing literally bought it for more profits but at a higher at a higher rate they're like yo i know you think kingston war is expensive now but i think they're gonna make so much money that I'm willing to buy it at 60 times past earnings because I think that the future profits will be worth it, right? kw they are looking like i think they corrected a little bit they're at 55 dollars per share now with a pe of 33 they haven't been down this low in a while and the good folk at mayberry are expecting them to be dropping to a p of 30.8 and expecting some so they're expecting a nice profit increase at the 55 price still rich as hell as hell, right? God, not many PEs higher than that. I think the JSC is unknown that has a PE higher than currently at

36.6 times what else is near that in terms of crazy valuations. Barita currently has a 33.96 times at a price of 70.60. But it's funny, Barita has proven very quickly to the market that it can

make heavy profit right with a new got a new team there however on the flip side i my again my personal views that the market is now being very conservative and with how they view how they view the profit that barita is making which is funny i think they forgot for a minute that we're not supposed to really respect unrealized games but bar it is showing them that yo money is money and we and money cause makes more money and if i'm making unrealized profits there are entities out there that respect that that will lend me tell me so when we just spoke about barita before he brought to the podcast about how long the money will be that money from that will be coming we both said maybe by any year that money will slow down because i'm going to

take you more money and x and x will happen and when the last results came i was tweeting about it and i saw ryan mirroring our thoughts i don't and we never had a conversation with him i don't think we had that conversation I hadn't you're a big up man like Five Soleil the new what is his correct title

I'm big up the boss G2K what yeah yeah I just showed him I showed him no when we get to our next episode

Ryan link up but congrats on your new role sir yeah nothing but pressure coming your way high expectations and you're very deserving sir yeah yeah nothing but pressure coming your way high expectations yeah yeah yeah yeah ryan ryan is a good example of put your nose to the wheel yeah yeah man so he was saying

where the all right so i think the unreal has gained things slow down for them now you think so i want to touch this but i don't want to touch it yet. It's up on some toes. Me and my brethren, well, I consider my brethren, have a bet. So unless he moves the goalposts again, what will clear the bet up is the next set of audited financials from there. Yeah. I'll leave it at that. It's an off-year talk. But I want you to keep making a point because you're right

in terms of the expected slowdown I think at the time we had said it they were going to have a nice heavy quarter then well at the time there was just one rights issue so the next rights issue just came but I think it closed

before the end of the last quarter and i think they got the shares before the end of the last quarter so this quarter where will the gain come from if it is how we say it is with the owning barita a barita b remember that ah yes with the fact that they do they do so i think at the core of that thing i don't know why people thought it was a bad thing for whatever reason i don't understand people thought it was a bad thing we've always spoken about it's a good thing like you've heard the podcast guys is funded by by by brokerocketed dreams so there's nothing to lose in just telling the truth of what we think we think it's a great idea and they're doing it we're just interested in it as fans as on and off shareholders in my last week

thing there um kwame mentioned the chinese wall or a week before last week before oh god so many weeks ago big up kwame again kwame mentioned the chinese wall the chinese wall between the trading arm and internal yes so barita unit trust fund management is completely separate from the internal operations of barita in that way okay investment decision from the fund managers of barita unit trust yeah for them to buy into Barita it would not be influenced by Barita themselves saying

boy we'll buy that and it will be from a point of view of alright here one a lot of things are going on with the stock

it looks good for the year so it's fine they have to be able to prove it on an empirical basis they have to be able to justify their decision

on an empirical basis and I'm sure that that exists trust me i work in industry i work in compliance and risk so you know regulators you have to justify it properly and say oh hey these are the metrics this is the upside from a separate like i'm standing outside looking in it look good that's what they have to buy it so there is a chinese there generally for something like that to happen they have to have a chinese a chinese yeah because of the closeness of the closest yeah yeah so let me put chinese wall definition in the show notes oh god let me tell you it's an accountability measure so we're not doing anything wrong here

it's a good business like they bought barita in a time where they acquisition and everything going around it money going to come in and i'm sure they had good reason to think that listen guys we believe that it's going to go so let's hold it yeah so i think i think that one of the slight points of contentions are what i believe the core of the point of contention is this is a very simple question i distill it down to this do you think that burrita burrita's pnl profit and loss statement is directly affected by the performance of burrita's share price is either yes or no so i'm banking on yes and if the answer is no then it's no i'm happy to see it yeah i'm actually excited to find out i don't know how this could have become anything other than

well if we get to know then we've found a new way to learn something you're wrong on something is the greatest way to learn the right thing yes i'm really excited so that's all it's coming down to so i'm looking forward to those those um results yeah because it'll tell a lot audited results should give the notes and explain what is what although we know that you can still obfuscate things in there all right listen the auditor dean not necessary to say i don't thing is i'm not i don't they would say i don't think the audited financials will review the value we'll review the holdings um because it's held or not they have that line about all right this is a confusion line on my part a line about in they have the preference shares and then they have a line about investment in preference shares in the cash flow statement for the people going

to that boring stuff that was interesting to me yeah i don't think we spoke about that but i was talking about them owning them themselves the unit trust owning marita shares i don't think that that one i don't that's not going to be an audit no what's not going to be in the audited oh that we own marita shares if they do own marita shares that's not going to be an audit because we will see. Say because. I don't think so, because think there. It's held by... So when I was looking at Barita way back,

I think the last audited, I was looking at... I was trying to find out what is the equity... Because it's gain on equity. Where that come from? So I was looking at investments and I realized that all I saw there really was them owning the unit trust. That's equity. So they own part of the unit trust thing.

So the unit was funding management and the unit trust itself, the company has bought into the unit trust. So they can realize equity gain from that. So I don't think they own any shares outright. We already discussed that. The unit trust, we already discussed that. The unit trust owns, but there was no breakdown of what the unit trust owns. But looking on Barita's top 10, you can see that the unit trust

is one of the biggest owners. And one of the biggest owners would mean that they were the biggest owner around the $9 price and they're still the biggest owners at the $70 side. So I'm saying- We're not waiting on the audited, are we? I'm waiting on the audited

because I like an empirical. I trust our local auditors. Oh, I see. Yes. And if the auditor says it and it's not Randy who said it and there's no Randy Bass if an auditor said it.

All right. So let me just drop what I know. The top 10 isn't generated from the company that's looking at whatever. The company has to have a sign-off on Registrar. They have to have somebody. I believe they're Registrar at JCSD, but I could be incorrect.

Yeah. But at the end of the day, they cannot present anything. They cannot present a top 10 shit list to the JSC or for the shareholders without the Registrar saying, these are the top 10 as at this date. I get you. So it can be wrong also. It's public information. It cannot be wrong. Exactly. The registrar knows at any given time

we have this amount of shares. Yes. So JC site JC site. Yeah. One update I have to comment them on that they do very quickly is change in share capital. So when new shares are there,

very often, I don't think I've yet to go on the site when new shares dropping and the new shares aren't represented on the stocks page. Okay, yeah. All right. So you touch on JC

and i guess we can't mention without mentioning because they are the elephant in the room i'm gonna touch a bil point you have something else you want to say on bil what was i saying even i was i was not saying anything there so you see because i i know the point is because we've spoken separately i was not sure that the profit the gain on equity gain on gain on equity will come this this quarter because i haven't seen much a strong movement in their profit in in their share price share price for over the last two quarters what was what i thought was good for them was the thing there was the

rights issues so when the unit trust buys into the rights issue then at a high so the price is 75 today and we buy the rights issue at 45 then that's a 30 gain on every single stock with every single stock which in a unit trust means that the value of the units would rise right which if i own shares in the unit trust then and if i'm recognizing the unit trust the unit trust holdings at value so you can answer those questions simply by checking but in an audited report you have to tell how you are choosing to recognize your

holdings which is why I'm patiently waiting I'm a very patient man no you think you think but the last one they haven't dropped anything the nine months was June the nine months was June the nine months was as at June

September no not when it came out meaning their nine months results their nine months ended June 30th 2019

that's their nine months September then would be their full year that came out also correct before it was audited and that's why i'm waiting on the

audited report yeah i'm taking my simple time so i was speaking about this quarter this last this quarter this they're going to new first their q1 is what you were speaking about yeah i'm not really seeing where a super gain i have a check it i don't think it's there and they're at the so if we're moving the stock price up based on the gain in equity, and if that ball stops rolling. I might get in technical trouble for saying this, meaning it's a technicality, I'm not an accountant.

But if I'm going to go through the risk of dumbing it down, essentially we're saying that in the quarters where that share price jumped heavily, their profit also jumped heavily. And the reason, a huge part of the reason as stated in the financials was gain on investments. But we don't know the details of that per se, right? So we're speculating on that

or the information that we can see to make a decision on it. So you're saying that two quarters, that two big gains, but also during that time period, they also had rights issues that helped them, price movements. Rights issues, price movements.

So you're saying that if between the end of Q4 or their financial year, end of their financial year and the end of Q1, if we don't see a very big difference in share price between then, and then we don't see a very big difference in share price between then and then we don't see a very huge difference in share price um a huge difference in profit for q1 then you could speculate and say that it's linked to it of course i'm sure you can get it through the audited numbers we'll see the last line i'll touch on is that in there while i was talking about the june results was that there's this nice line in there speaking

about them having an investment in preference shares that's all oh yeah in the cash flow the 10 million 700 million 700 million 700 million investment in preference shares but they also have preference shares that they issued I believe during that time what's interesting I haven't made much thought on it look at their

authorized share capital it moves no no no it's unlimited don't they have unlimited power I believe no they don't have

unlimited no I think they have the power to change it without asking they got that power yeah they made they made the change to the articles

they changed it to a really high number yeah it was so the number they got that poor yeah they made they made the thing there if you look at the articles they changed it to a really high number yeah it was so the the number they have knows is less than less than a billion shares they have out and i think they the during the the last agm then you are agm or agm where they asked for an increase in the authorized share capital right right? Okay, explain that to the people. Authorized share capital is the amount of shares we're allowed to have out. If I have 10 billion authorized share capital, then I can't have more than 10 billion shares without asking the shareholders to authorize us to get more shares.

I can't have anything less. I can't have equal, but I can't have more shares than that number. Cool? I think their asked for their, their authorized share capital is 13.5 billion. Off the top of my head. That's so funny. And they have less than a billion shares.

I'm checking JC's website, but it's currently saying that the shares outstanding is zero units. What? You know, on the usual page for VIL, shares outstanding says zero units so i guess jc going through it i just i just picked him up though yeah five minutes ago i'm kind of embarrassed i guess we can go straight into that so the jc has been boy i don't know people said i don't

care people say i give a hard time yo i've been trying to let it go but burn me quite affect me right so we're talking to you after the mail pack listen we're talking to you after the first week of mail pack trading in air quotes because you never really trade yeah other people that wanted to trade could not trade yeah that has been a drag right and mail pack itself i hear people talking about like them call jc about it and answer jc give them is yo maybe you don't trade mail pack today oh yeah what yeah I know the brokers have been responsive there have been trades going through and I know the brokers so yeah some people have traded calling then you can get trades yeah because trades have crossed the floor yeah trades have crossed the floor so let's not speak it sound

like it was really hard for me who uses JTrader the JSE's platform so the way I have an issue with that it's not an outside platform it's JSE's platform I shouldn't have an issue trading on the JSE with JSE's platform so that was really that was really annoying to me and it's the most efficient way to trade the way I see it unless I'm an actual trader at a brokerage host behind the trading looking at the actual thing look at actual system and working with it if you're an outside person yeah then j trader is the best way for you to trade because that's no question people wondering what is that what is j trader i mean you can read it on the blog you can read on jc's website

please don't dm me asking it's cool to check every michael.com there's a broker article i will put that in the show notes also not that i don't want you to dm me it's just that like after it's me personally right there's no team it's me so i have time to get to it and it's kind of hard to tell everybody something to be very clear on what jsc's j trader is j trader is a platform a trading platform from the jamaica stock exchange you can go and you can trade you can input trade yourself yeah but hold on let me answer it because I'm answering it based on the questions people ask me a lot, a lot of beginners.

So JTrader is a platform from the JSC. It allows you to trade stocks on the Jamaica Stock Exchange. We consider it, on this as a personal opinion, to be the best trading platform because it is direct. You can see things like what everybody else is trying to buy a stock for,

how many orders are in, the exact orders, the amount for those orders, plus buy and sell. You can see it like what everybody else is trying to buy a stock for how many orders are in the exact orders the amount for those orders plus buy and sell you can see for every stock while the market is open during trading hours j trader shows you live data it is the best platform people always ask so better than xyz from any broker um yeah unless that broker tells you that of j trader this is the best trading platform for active trading now everybody does not need to do active trading let me say that also it's not for everybody if you're one of those people who are buying for an ipo flip if you do not have j trader i've said this before i'll say it again if you don't have j trader you're joking you're wasting your time you need to be direct in

the market you have to be very quick and j trader is the fastest it's immediate you see the order you put in the buyer or the cell it goes immediately by the time you go back to the the the order screen to check it you'll even see it gone it is the fastest it is the best if you're going to trade for yourself you need to have j trader if you're serious about the market or if you're flipping right the second question people always ask me then is so i need a broker for that you need a broker to trade on the j Stock Exchange no matter what. Even if you're using JTrader, behind the scenes, your broker is involved in the orders

or they're updated. You have to get permission, but these things run through your broker. You can only get JTrader from a broker that uses the JTrader platform. Not every broker uses it. So JMNB have it? No, JMNB does not have JTrader platform.

The only brokers that use a j trader platform i think there are six of them is gk capital mvl stock brokers ncb cap markets proven wealth sagico investments and victoria mutual wealth and barita bail use them so if you're a customer of one of those, you have access to it. If you don't have access to it, call your broker, tell them you want JTrader access and have them set it up for you. Trust me.

I don't know if I said Sajiko Investments, but if I didn't, they're also one of them that's on it. I should pause. I'm going to pause. I'll big up NCB because I did that thing with them. They helped me to do.

I gave it to them. It was along the Black Friday lines, but I had a free session and I loved it. Got to give people some good info. It was gr like it's not really grower last four to six hours grow is in-depth people asking questions i keep it small this was very big this was i think i could have it wrong this i think about 200 people came out to it very nice you could come and open a brokerage account same time with ncb cap market which i respect so respect ncb for having that allowing people to get it for free thank you for that i was really happy to be able to contribute to that also

thank you very much guys i hope more brokers will do stuff like this cap market stepped up to do it jmb has been very open with us very nice just thank them for that also um other brokers you're open to reach out to me if you want it's earnings at every michael.com um the partner in whatever way we can if you can help the people we have a nice i think of a nice listener base and we have a nice push and people enjoy being educated and getting the exposure so i was happy for cat market to do something like that and people came and i got the account set up on some one spot and some of you haven't i think by the time you're hearing this i've been told by ncb that you can expect um you can expect to see your accounts opened by i think wednesday

november 11th yeah yeah wednesday november 11th yeah and so if you came chance how you got an email sent if you didn't get an email guys again i did it in partnership with ncb but i don't work for ncb so i can't help you the dms you you should DM CapMarkets you should DM NCB and they have a nice enough presence on Twitter CapMarkets doesn't I find

they don't have it NCB the bank is on it but people tell me they get responses from it because the customer care team covers it

not an easy job big up those people because they're working hard and they have to deal with people like us so big up for that but yeah guys if you don't have JTrader

I hope that helps you understand what JTrader is a trading platform we think is the best if one of your broke if your broker isn't one of the brokers i mentioned before that's the only place you can get it or you if you really like your broker pressure them into giving j trader access it's up to them they can do it right um how to pressure them i guess ask them ask leave send an email say it publicly that's i'm sorry to break the flow to do that, but I feel in need to do it because I'm trying to cut them out of DMs

because I get a lot. And I don't want to be mean to anybody. I don't want to not help anybody. But people come to me and, you know what I'm thinking? You're just a one person. You're just a one man. I want a man. I want you to help me.

And I want to help them. But everybody thinks they're the only person. Rough, you owe me a 30 DM. I get like maybe five to 10 a day and I want his people looking for help I want to help them but I can't you know even I get overwhelmed I honestly get over my but that's not a topic for another time anyway we're talking about JCJ scene right so mail pack listed one dollar had anybody could trade had anybody was trading hiding the trades are going through yes yeah jc of course this is compounded

by the fact that mailpack listed the day after or shortly after jc did a system update to move on to their back-end system to move on to the nasdaq system so i don't i like i almost wonder jc episode big up jc if you're listening somebody there big them up in case you are interested in doing anything or coming on the podcast to expound for the people they'd like to understand it would love to have you but trust me people frustrated and jc's with the problems that they're having and jc's method is they talk when things are good best stock exchange in the world big up that but we know that's because of the company's performance not jc's performance i think you could do a lot more for what so your your customer gets well i'll get in from you facilitating yes good trading so so let me cut you just

on it but just to complete the circle the problem is that no this week they had a problem and the man just got silent yeah so the thing is i've been talking on twitter and you know it was weird to me i've never had a good response from him on twitter like i've always had them when things are going wrong when i want something to start out and i've never got no i've never actually gotten a response i think probably once if yeah we actually call them you get good customer care yeah

when I call them the IT department is on top of it I think one of them yeah one of them or maybe more than one of them follows me on Twitter

and he has tweeted me before he's been saying some things I could tell that he was at JC but I don't want him to be under pressure I don't like loading people up like that if him don't want I don't want him

under no pressure where's him at work and him just trying to help I can tell he's in personal account but I could also tell that him work at jc um those guys are actually good when you call him in fact i called him a couple weeks ago and the usual thing happened when i call a house or anything around it i say my name and then got them typing them what and i say it again and then go oh you can tell that they know him but they won't say it that's fine i like when they call i'm with you on that when you call they actually have great customer care when you go in there the people actually are are great but

the twitter account oh we're working on this or whatever and they talk they do speak but i always find to be too late or so that they said they're going to work they've heard our issues what we've had on j trade or any issues with the updated platform. And they're going to work on it. In the moment, when I'm having issues, I can't get anybody on it. And two, I actually want to know what they think the issues are.

So when I have an expectation of what is being worked on. So we can work on issues. So what issues exactly? Do you know all the issues that have been communicated has finally been a bad experience the mailback has been a bad experience i haven't really tried to trade it because i look see the issue like i look at the queue and i fully don't understand what's going on and i see trade go through but the trade is still in the queue and i was just sorry never mind i know so put in and then order is not going to go through but the trade is still in the queue and i was just sorry never mind i know so put in

and then all that is not going to go through people are missing boy then put in an audit cancel same time yeah people frustrated pending from how long what the point of me putting on a trade hope and pray but i call in my broker yeah yeah i i'm weird here and then a lot of people don't know they could do that so guys while JSC Provides a JTrader system And you get to use it The option is always still there To contact your broker directly Email

If you have the email indemnity Call in and order Remember episode of Billions Huh? Remember episode of Billions When they lied When they told her so Oh and they had to

And they had to Fall back But the internet was down And they had to start calling Yeah yeah yeah It's a serious body of money here Yeah You know what

That's funny because somebody was saying to me, I didn't think they had a bad thing. I hope my response to them wasn't rough but like it bothered me.

They were saying that, yo, you know, they just have a system update. You have to bury them. You have to understand. Absolutely not. No. We cost Digicel.

We cost Lime. We cost NCB. We cost everybody. We cost Burger King. We cost Tasty's. We cost Juicy. We cost Mother's. We cost everything. But if I cost JSC We'll cost Burger King. We'll cost Tasty's. We'll cost Juicy. We'll cost Mother's. We'll cost everything.

But if I cost JSC, I'm doing something bad. No, I don't have to understand if you're... The thing is, they've been testing for a while. They put a notice saying they've been testing.

You don't know why they're going to do this. This is JSC's fourth system, maybe. And I'm not knocking them. I'm fine with them having an issue. Just... Talk to me. Talk to me.

That's the worst thing to have people have an issue you don't i know that person because sometimes i'm guilty of that it's my money and it's my money i'm not even going to touch from the shareholder aspect okay so i imagine the shareholder's thinking all right so we make our money on trades new listings are a place where we make a lot of money because that's a trade. I don't want the interest in mail pot to be killed from not being able to trade during the IPO time. Because of issues.

Exactly. Because it means that the natural fervor of the market, that natural market anticipation that would drive a stock to a certain price or allow people to go to a certain level jc almost killed that in my view with their with with the with the the issues right and i don't want to hear oh no just understand because mailpack will never ipo again this is their ipo this is the big deal they'll never have this moment again and somebody might have been looking for some great gains or wanted to jump out on day two or day one.

And they couldn't because the system don't work, right? I mean, it's still nice. I mean, after the first three days of trading, they're looking on what? The price is way ahead. I think they're over 100% gains. You remember the prices? Who, the mail pack?

Mail pack, yeah. Wait, what? Yeah, way over 100%. No, what are we talking about? The first day or? Who, the mail pack? Mail pack, yeah. Wait, what? Yeah, way over 100%. No, what are we talking about? The first day or? Well, three days. As of right now. Yeah, they're currently at $2.31.

Seth, you're at 131% profit, but yeah, I don't really feel happy about that. Because I haven't been able to participate in those profits. Exactly. It's just, he's like, he told me, yo, there's a really good party going on next door. Oh, wow. You're not invited. You're invited now, making the door lock. The door man, he's just staying away man.

You know it's a new door. He's not here. Yeah it's a new door sometimes you have to understand. We're gonna sort out the hinges and the lock in time you know. Yeah but by the time I reach the party it might be done or lame. So don't worry about that man, go and try. Yeah just yeah come on you don't have to be like yes i do you're not my friend you're a company i own so maybe milta traded $1.30 $1.32 on the first day if you bought that at those prices yeah and now it's at $2.31 it makes some nice gain and guess what i could i was not able to be the guy that got those

gains what you mean from 231 132 to 231 75 percent increase um i i was not allowed to compete for those shares and that's i think i complained about that regular too um every time the circuit breaker thing with the circuit breaker is 15 so j trader i don't know about no yeah preach on it that danica people want to hear about the circuit breaker circuit breaker is about the j trader um limitation of no but talk speak on it yeah man sure yeah but i can't buy a stock i couldn't buy a stock on j on j trade gems bro more than 15 percent of the reference price and reference price is often the opening price of the stock sure right but if i become a broker i'm allowed to ask for any price yes and you as a just a general member

of the public i don't believe can be restricted in what you can offer for your asset to be sold so yeah so the issue so all right so while so if everybody that's calling the broker would wake up in the morning i call the broker from before email them long time put in that one that 30 increase by i wake up on j trader and i cannot compete for those shares because i can i cannot pass more than 15 with the price I have put in. Every IPO, I think almost every IPO, I had them on Twitter complaining about it. I even called them more than once, and I spoke to people in the IT side where we carry help

to the marketing department. They understand the rule. Talk to them, and I've had agreement from them. Do you find people there who understood the circuit breaker rule? Again, this is not specific to the circuit breaker. It's specific to JTrader. Can I buy more than 15% of the reference? Yeah, it was limiting our access.

But it's investigating that just like you, that you start finding out that there are people there who have a lot of knowledge. And then there are people there who may not. I think it's mostly the same person. And the person agreed with us. Yeah. Get back to us and I don't know.

But I get that that's internal bureaucracy. But I don't work there. And the person agreed with us. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. Yeah. But I get that. That's internal bureaucracy. But I don't work there. Yeah. It's not my job to be satisfied with your problems. So I don't, I don't understand why I can't. Exactly.

So I shouldn't be calling and you're going to put me to the guy that understands the circuit breaker, but the guy doesn't understand the circuit breaker. Exactly. But when I report an issue with j with j trader 15 percent i can't buy more than but everybody else can buy more than 15 i look at the queue and i say boy them stock with the 30 percent 70 percent by putting orders and you know j trader work if you put in the order to buy that let's say someone next side for 30 percent more put in a 70 percent order to catch it then you catch it at 30 percent less

a 30 percent more you get the shares whatever right you got the price you got it for the best price that was there because you were able to compete for those shares exactly i can only go 15 percent exactly yeah yeah which was one of the weaknesses but to be a credit and let's give them some praise that update seems like it's in the right direction yeah it has a lot more type of orders they have the limit yeah the game changed they have been listening with that yeah i think they knew and i think they had to have it to go on to nasdaq nasdaq is not a boy thing yeah so they're tooling up to get there and i'm happy to see that. Really, really happy to see that. I wonder, were they testing JTrader properly? Because during the switch,

we're on the platform, we've been testing it. Was JTrader on the platform? Was JTrader being in any stress tests on the platform? Because why no is an issue the day we launched. Let's go even further.

Earlier, I spoke about how impressed I was with Blue Power's leadership with timing their fix and their reorganization. On Twitter, we've seen people vexed with NCB saying, really? System upgrade? Did you have to plan it for the end of the month? You're telling me that JSC, the company that's IPO-ing something they know people are excited about, MailPack, couldn't also know that maybe we don't schedule a system update around the same time if you know

you're going to the system update push the system update for the date or if you know you're going to the ipo push the ipo or those do us test in a closed i have no doubt that i did some testing and you know how it go i hope i would like to think that i did but you know on JTrader's side because the issues people the trader's side is fine the traders can pay that's a different system so were they testing JTrader's integration

with that system I don't know and you know no matter how much you test it from a software point of view you never really know until a go live day right

so that's more stress test at least exactly or just maybe you don't do it the same time you're doing MailPack maybe you don't stress MailPack is a great stress test you know because most people i don't get a part of the stress test

exactly and nobody ever really wants to be so i can understand them saying listen there's always going to be a day when we do it and there's always going to be problems on that day that you have an issue with i'm fine with that but maybe you don't have it cross paths with that ipo day that's all that's all i'm thinking right and in the silence in the face of all of this I can't be tweeting you and nothing my issue my money can't move

I can't do this and things have been changed and they don't tell the whole market it's like they don't remember their own rules somebody said to me yo

wouldn't I pointed out that they had those new five things that they said that will not be allowed which is the types of trades

and you'll be able to trade it's a big deal for people especially if you don't have a lot of money you're not able to trade less than 100 units there used to be a minimum restriction that you have to trade at least a minimum of 100 shares i don't know if it's on their website yet but they put it on j trader but that's something that affects the entire market you can't tell me say isn't that obvious from the j trader thing most of the people in the market don't have j trader so what's going on yeah it's like? Yeah, it's like you put up a sign that we're going to change the national flag, but you only put up the signs about it in Portland.

Yeah. Yeah, you can't do that. You have to make everybody know. And the communication with when an IPO is listing. Oh, God. It's on Twitter only. You know what people don't use Twitter? On the day.

Yes. Oh, yeah. You know what people don't use Twitter? And secondly, it's on the day of the listing. On the day before. No, it would have been greater if it was the day before. They don't. Oh, yeah. They don't use with us on the day yes oh yeah you know what you below you sweet and secondly it's on the day of the listing day before no it would have been great if it was the day before they don't they don't it's on the day i saw the tweet on the day while the ceremony was well or a little before the ceremony so like eight o'clock nine o'clock what what that you didn't know internally say what's going on yesterday now and if you feel so you can't tell this if it's social media being handled externally make them sign an nd and have them understand what is what if you feel so you can't tell this if it's social media being handled externally make them sign an end there have them understand what is what if you don't trust them bring it

internal but it can't be that your users suffer for you and it's a big deal people shouldn't tell me it's not a big deal i'm gonna just draw people mind back or people who don't know i'll draw them back to 2015 when facebook had their ipo well i don't know if they had when facebook ipo don't know you should know these things bro you should you should you should be on top of the market like that blah blah blah blah looking at u.s market more than more than so yeah not even so much so facebook ipo in 2012 here's what happened in 2015 they settled the lawsuit because if people remember clearly um on the day of on the day of i believe the facebook ipo remember it was a big deal because facebook share price fell what came out later on could

have this wrong i'm sorry if i do but what came out later on was that there was a whole heap of system issues affecting it so some juries are going through, orders were stuck, blah, blah, blah. Let me read you a quote and see if this sounds very familiar. Facebook's first day of trading on May 18, 2012 was rife with technology problems that resulted in a delayed opening and thousands of orders being stuck in NASDAQ system for hours. That sounds very familiar though.

Market-making firms lost an estimated 500 million as a result. And in 2013, here's the important part. NASDAQ voluntarily repaid about 41.6 million to them because NASDAQ realized that their technology problems caused a lot of the market's general bubbling. I don't want to say bubble. NASDAQ, I believe in this case,

is almost admitting that they know that their technology issues cause a lot of the natural enthusiasm of the market to be stunted because the people are enthusiastic, but they can't get into the party. The cake look nice, but we can't get in because you don't know where the key for these doors are. And so they had to do it,

but they got sued same way. People sued them and I love that. Well, hear me quote an article again. i'll put the article in the show notes in our first for the u.s stock exchange nasdaq on thursday agreed to pay 26.5 million to settle a class action lawsuit involving its bungling of the facebook 16 billion ipo that's what the plaintiff's lawyers said no they said that the nasdaq violated federal and state laws by not disclosing technology weaknesses in its ipo systems and failing to properly design and test them for the facebook offering i don't want to hear no excuse best in the world have to act like the best in the world yeah nobody goes you think glenn mills you go oh you're saying

you know you know you know you really your farm when you when you run when you start in your starting farm is poor but you're the best in the world and you're trying so it's all right no the man pushed for greatness and that's why we have you guys are legend and the coach as a legend i'm not easing up on a on face on. I'm not easing up on Facebook. I'm not easing up on JSC. Yeah. No excuses

and silence cannot be the answer. I know how bad it is because I'm guilty of the same thing. I naturally am like that. Like if I have something to fix for you,

right, I don't. I'm not one of them people going to party with you and dosing up water. I'd rather avoid you. And that's annoying for people like,

yo, maybe you don't even have an issue. Maybe you're like, yo Randy, just call me and tell me. Which reminds me of a deadline that just passed. just passed for you to deal with it basically it sucks for me to deal with i understand people on the other side and it might be unfair but life is unfair i can get away with it and my friends are people doing this it

would cost me jc you have that option i'm going to cost them also and silence is such a lame thing now tell us you have things wrong i see since the ball has been happening they put up something on there um again on j trader so it's only people and i guess because it affected heavily people on j trader it makes sense there so imagine they're finally saying now that tour valid users this week or new updates have resulted in a few issues and for this we sincerely apologize thank you guys thank you for saying that we're currently working assiduously to resolve these issues by close of business Friday, December 6th.

This notice went up December 6th, by the way. So, I know it was before and said on the day while the market was being bungled on the mail pack in my view, yeah. You should see improved performances

by Monday, December 9th, 2019. I hope so too. Please continue to report any issues noted to supportots at jamstockx.com so that we can resolve them as quickly as possible. I found that same email to be thing there. Again, we sincerely apologize for any inconvenience caused.

Just the fact them said this make a world of difference to me. And this was called the Thursday. I don't know. But the silence don't cut it at all, JC. Yeah, man. And then their Twitter account is annoying because their Twitter account,

their Twitter account says pretty much the same thing. Them go quiet in time, something is going wrong, but them always ready to shout out about the good times. Like them Twitter account never say nothing.

And then I saw that they actually, was it a tweet they put up? I see it's deleted. No. I think they put up a tweet saying that they're sorry also yeah because i had actually retweeted it but it looked like it might be gone it looked like them deleted so i guess them them serious bodies do apologize thing what you mean the snjc must stand for CISLA anyway they need to fix the communication apologizing is not a bad thing and acknowledging issues is not a bad thing

and if the great NCB can do it JC can do it if during the issue you're acknowledging the issue it makes a world of difference my expectations changed so much versus everybody that was trying to trade and couldn't trade so please

please and thank you anyway we've been talking for forever i see bam bam shouting to us say yo look like we're going towards two and a half hours so oh damn i mean i mean i enjoyed the talk i've been missing i've been getting burnt out from people really just pressing me the hard way and trying to handle everybody so it's always good to have a good conversation with that and i'm happy to share with people so i hope people didn't find it boring i hope they enjoyed it the gems bro get him the voice than i uh yeah and i hope you enjoyed this one should be up soon before the year end i should do some good business for myself and mention

that i do have a monthly investment workshop where i help that beginners investment workshop where i go into real depth i keep the classes small to allow people the chance to ask any question they want you get individual attention you get really a holy power me really trying to ensure that you get the value for it i've been so burnt out i don't know if i have any in december i might do some secret things for the advanced grow people the people who have been to grow in the past but yeah i've been going for a while yo can you believe it doc it's december and we started this thing in what july august it's been a while yo i was looking at the numbers you remember i said to you that yeah i think we can go to the point where you

know maybe every episode we have like a dedicated hundred people listening to it jeez you're wept you really really really love the support yeah i hate calling it support you know yeah me too because i like i want to feel like i'm the support like i'm giving you something and you're here for a reason more than because running around even listen to them so no guys we really hope we deliver empathy I know I am we know we are we just want to continue delivering more empathy and thanks for

being along with us for the ride yeah really happy happy happy to do it I tease people well like to close that point that I

I said about me saying to you at the start say yeah you know that is something I think should exist I just want to see it

you know I just want it to happen so if we get like a dedicated hundred people I'm happy with that you know that is something i think should exist i just want to see it you know i just want it to happen so if we get like a dedicated 100 people i'm happy with that you know uh i i am overwhelmed by just just the support i never know people like it like this i'm i'm happy that people like it but i mean 100 people i used to say 100 people is to us today yeah more than 100 people almost 200 people is to us today it's when i hear people that uh people tell Almost 200 people is to us today. It's when I hear people that are, people tell me about people listening to me.

So I got a thing there. I got, I was IP, actually, haven't been able to reach out, but I mean, just big up this person.

So this is my big up to you. I wasn't able to come downstairs and meet you during the Lumba IP where somebody that came to the office. So I may be, he asked to see me.

No, man, a brother. Okay. He came to the office. Right back into the platonic. Yeah. He came to the office so i may be able to see me no brother okay he came to the right back into the platonic sugar yeah he came to the office and he wanted to meet me he says i listen to the podcast and his name is kamoi jackson i believe and gave him a little message oh i listen to your podcast weekly but he couldn't come upstairs because a lot of balls during the ip you're not very busy yeah man so big up come away jackson thanks for the listen yeah shout out to him and all the other listeners i mean all the listeners so yeah man like just the random somebody you like you meet somebody randomly just listen to the podcast my bridging

germain one so jeremy was i used to call him one of the best the best advisor in the business like germain fully know a good salesperson he was valid every single time. I don't want an advisor but when I had Jermaine, like I never... good bridging isn't it? Working with him at Mayberry and working with him at VM. I think he's back at VM now but he... his brother is listening to the podcast and his brother never knows me and Jermaine and Bridget. So he came to Mayberry the and then and he's like wait he probably mentioned that night to you man

so yeah man Bridget so I came down here I met his brother everything was cool man it was nice to talk about market and about things but yeah man

best up everybody Bridget and Alex best friend Alex he's sitting there he told me same girlfriend the girl's at her office listen to the podcast

what did I say so then every now and then they mention something to him pick up pick up Ashley and Bigo I don't know names but pick up

pick up everybody that listen to the podcast really appreciate it and shout out to the people that have been telling me yo I don't get to show it all but I am really happy when people just explain to me

that yo one we open it up for them we make it clear to people say yo it's not a scary world that them can't understand and I really like when people just

explain to me and show me say yo I never know i started and i make her money yo that difference that's making people alive i really really like that so if it's one in our lives yeah so yeah and to share that difference our people kalila big up kalila again big up khalid i was thinking you remember when she was talking about how she was talking about how she learned it and she see that she just have to share it and it's the same exact thing she and i are having the same exact conversation say yo i see it and i'm like why aren't more people doing it i want more people to do it so let me start sharing it i'm really happy for that i'm really happy that people are learning from it but yeah i'm just really really happy guys and i think the long-term effect of

more people now getting into it will be great i am proud of that i i'm happy that i've i've been able to come up with something that have helped so many people in such a small amount of time too yeah when you look on the listens and the listeners like i said 100 each episode was like in my mind what we do when we get to like a really good goal you know like wow we a hundred people dedicated to listen to us every week is is pretty good and i think that'd be great we'd have some people talking it would blow my mind i tell you an example without giving any perfect numbers i just using even just the light sound cloud numbers which isn't all the numbers

i wanted to post a picture closer to like eight nine or ten thousand listens and everyone is like eight thousand something I want to show at nine but by the time I go back and check it past nine I started going to ten past ten I think now we're closer to like 21 SoundCloud telling me 21,000 21.2 thousand listens yeah and we are on episode what's this episode 17 16. you see that would even know it's episode 18 actually episode 17 was episode 16 was was that nice one with kwame and this is episode 18 which i don't know how to call it i might call it r d with r d because i'm corny like that and when i type in it i realize that rnd for research and development and rnd i should open a firm bro open a firm called rnd rnd with rnd

rnd yeah that's fine that's fine who knows look out for it but yeah i'm really thankful for everybody that listens i'm happy i can help people and i hope i can help and hold it more people definitely yeah man i always think about the impact of where i am in the moment and i think in this moment i'm proud to be able to say that if i did tomorrow god forbid if i did tomorrow i have done with you because thank you for doing it with me so 18 episodes of content that i think can stand at their own and help people yeah man really really happy for that i'm surprised it hasn't spawned any um i won't say copycats because unlike regular business people i don't find that to be a problem i want people to start podcasts

yeah man i'd love if there's another stock podcast i'm surprised that the forex guys haven't tried to do one yet or maybe they have if you want a podcast all right so podcasts are hard so you know where to go jamaica podcast network link Bam. And you're fine. Trust me, he has everything here. For your podcast from Genesis to ending. You push it out. Everything is fine. You're in good hands. And everything in between.

Yeah. Shout out to that. Shout out to the Jamaica Podcast Network and Bam for setting that up. For the people interested. I'm surprised there aren't more. I want people to the podcast. I want the content. I don't want any people who feel like.

I know there's actual interest. I know there's a lot of people that don't know where to start. Yeah. And so I think. And guess what? Bam helps you. Start with Bam. Start and end with Bam. Heal everything for you.

You don't need to focus on your content. You're making me sound like an ad. Well, if we're doing ads, I should do this one. I had started it and I stopped because I'm thankful for the people, but also the people that I'm able to directly help at the Grow events. I said I burned out, so I don't think I'll do anything for December. But what I am doing, I guess, hear it here first because I haven't even said it to my mailing list people, that I'm doing a gift certificate.

So it's not for Christmas. It's for, not for the Christmas period. It's for anything. You buy it during the Christmas period if you want. You can keep it for yourself or it can be a gift.

There's no class during December, but I'm aiming to do classes monthly, every month in 2020. So if you know, you know we're going to be broke for the six months of January, come January 2020. Hope we're learning some money in that six months. But if you know you know we're going to be broke for the six months of January come January 2020

hope we're learning some money in that six months but if you have some money in December you get a Christmas bonus or whatever

you can go to everymicle.com slash store and you'll see the gift certificates you can buy it and it can be used at any point next year

yeah so whenever you're on the mailing list because if you buy it you get on the mailing list once you buy it you're automatically on the mailing list you will if you buy it, you get on the mailing list. Once you buy it, you're automatically on the mailing list. You will be told when the classes are, and if you want, you just get your code.

If you want to use it in January, use it in January to sort out the year properly. If you say, you're taking my money serious this year. Because it's January 2, it's on 2. There we go. If somebody wants to give somebody a certificate for their class 2020 you won't learn anything here's a gift yo boyfriend girlfriend partner gifts you want you want to do a um a class next year we can both get our money right buy the gift certificate now

whenever you have the time next year you can do it if you can do it when you're broken january is a good time if you want to wait till February, March, April, whatever. Once the class is coming out, you'll be able to do it. Pay for it and you'll be on. So that's an ad for me for myself, please. So thank you for that. I'm happy for everybody. No, that's for me, guys.

Big up to Danai nonetheless. If you guys do that, maybe I can pay my co-host. So he's been thankful. I'm thankful for having a good co-host for the year so far. I've been thankful. Thanksgiving episode. R&D, R&D. Yeah, I'm not going to say

thank you, Bam, for facilitating something like this. I don't mean it's our last episode for the year, guys. You're going to get a whole heap more. We're going to keep this.

We're trying to keep it weekly. We're trying to keep the content good and we hope you've been liking the content. For the people who have said, yo, let's do an episode, I don't joke with that stuff. So if I've said it,

I mean it. If I haven't contacted you, it's because of my own schedule and my own hang-ups with time if it's coming it is coming look out for that email look out for that dm look out for that phone call thank you people have been on it so far already definitely and there'll be more coming thank you again to the people who have been listening so thank you very very much i hope we've made a difference in your life and if not feel free to give us that. Feel free to sign up for my mailing list on evermichael.com. Feel free to let us know how you feel on Twitter.

Follow us. Follow the account for this podcast on Twitter. I've not told people yet. At earnings underscore season. So Twitter updates are from the earnings season Twitter page? Yes. Are faster than updates you get from me on your end. There we go.

So we usually are quoting that tweet. Exactly. Usually. So follow that if you want to get from me and Randy. There we go. So we usually are quoting that tweet. Exactly. Usually. So follow that if you want to get the latest on it. Follow Danai over there. Get the podcast app and you'll get it. Podcast app is the best thing. Trust me, guys.

I use Google Podcasts and I know Apple people use Apple Podcasts because Apple Podcasts is actually the biggest listener store. People who have Apple devices are the biggest listeners to our podcast. So thank you again, guys. Hope it's been good. Hope you enjoyed this episode i'm randy at rt you're on twitter this has been earning season thank you guys big up make some money yeah there we go