Earnings Season - Episode 19 - Mandatory(!) Money Talk w/ @5Solae

Episode Date: December 20, 2019

This week @HDanhai & @RTRowe sit with friend of the show Ryan Strachan (@5Solae) and chop it up over a few drinks. They cover a wide cross section of companies giving details, insights and as always...#GemsBroGems. Listen in and see if they dropped any for any stock you've you've been paying attention to. Enjoy! Links, Shoutouts & Contact details are below...👇🏾👇🏾👇🏾 Contact: [e-mail] Follow us on Twitter here: www.twitter.com/Earnings_Season Ryan's Vision 2030 Article - http://bit.ly/2sJo0zt Ryan Infrastructure tweet - http://bit.ly/2PEorUB 138SL - http://bit.ly/2PFzFbA Shout Outs @KalilahRey, @jastockex, @williamwisynco, @ZACHARYHARDING @ SSLVC, @JohnHJack, @DAVIDSTEPHENS, @SagicorJa's Chorvelle Johnson, @calltyrone_w, @BrandoAttacks. Production: https://twitter.com/MartinPagon Network: https://twitter.com/JamPodNetwork ★ Support this podcast ★

Hi guys welcome to this week's episode of earning season a wonderful earnings season I don't know what we call it in a year Christmas when we're sipping on some sorrel I'm here I'm at RTRO RandeROowe And I'm Danai, H. Danai And this is Ernie Yes, we have a celebrity in the building There we go Ernie Caesar with our celebrity Friend of the show

One and only, Five Soleil, Rand Strong Big up, good to be back Big up himself this week We big up every week Yeah, we big up every week Yeah, yeah, yeah Shout out to Five Soleil Mandatory

So, we have that big up And I'll start also with a big up to Kalila Mandatory So So We have that big up And I'll start Also with A big up to Kalila Who Kalila Have taken Kalila has a couple

Of properties out there In terms of intellectual property I like what she's doing And she gave me some feedback I love the feedback I got some media feedback First thing she told me is Sometimes people don't know

What you're talking about To give them an intro So that's the intro this week For you who don't know If this is your first episode ever Welcome Hope you like the show If you don't give me some feedback on twitter at earnings underscore season anyway got us out of the way what is this show about we're talking stocks

completely ryan is i mean i consider ryan an expert inside joke not that kind of that kind of expert but ryan ryan knows his stuff not a joke at this thing i i believe personally that then i i say it all the time i actually think he might be better than me at stocks because he does what i do and he hasn't been in that long for like two years and i am me who i like to think i'm pretty good i know stocks um yeah that's our intro and people who know ryan know that it's going to be a good episode so long so we're going to review when we talk about holy possible because i've heard from ryan in a while so cheers guys welcome thank you let's talk let's let's start earning season at money talk saran you're saying and i should start again boy everything at the start congrats oh yes ryan strong i've been busy man president of g2k thank you thank you thank you congrats sir

G2K. Thank you. Thank you. Congrats, sir. Pleasure. Thank you. Yeah, man. You know, people, I like to add little elements in to help people understand why things matter to me. Right. Born in the 80s, grew up in the 90s.

We always hear a whole heap of things about politics. Yo, they're not right for the young people. You know, young people not leave business. We've always heard that. 2019, somebody who I know is I consider a financial star, does not have to be in any other space other than the spaces he chooses to be in. He can spend time making money, and he chose to do this. So before everybody cuts me off and calls me a laborer,

just says a laborer podcast, I don't know what you're saying, but here's what I know. I'm proud that my brethren, who is a young person who could go into money, chose to take some of their time and dedicate to growing another country. So big up that big about and I hope more of us do that for any part yeah I hope I hope somebody does it for the other party also I mean then they are better country means more money for everybody right so I don't I can't see anything bad about that that's

right a little more money that's right yeah exactly economy so you know let's just let us go put our best in to to try and prove things everybody that's what i want to hear because i said all right um i like oran just said there about that and the fact that everybody wins right and one of my congratulatory messages messages to him was to say that uh congrats heavy is the head no yeah yeah yeah there's no there's no dropping it i tell people this right ryan is my virgin but if ryan ryan he's not in government she's getting something going on but ryan assuming if i get to government is ryan the person who need to make sure say our money run right and i mean i like that somebody who i know and trust i have senses in there so

that's what i'm happy about there you go thank you do my best yeah i hope so or else of a good team but i know i can rely on you for honesty and feedback so you're goddamn right that's everything private and public no problem absolutely no doubt outside of that I want to give a special big up to we always big up BAM Productions

we always big up you know the Jamaica Podcast Network special big up to Coach Pagan who has kindly donated some of his Christmas

cereal to us yes and some rum right and some rum some rum it will be a long chat tonight. It's going to be a good chat, guys.

Yeah. If you guys don't ever hear this, or if you're only hearing this in my car and I'm sitting beside you and I say, yo, this episode I couldn't put out, then you know. But if you're hearing these things went well, our band did a really good job editing. So thank you, Coach Pagan, and thank you, rum. And let's go. Let's get into it. So Ryan.

Yes, sir. What's up, sir sir it's been a while it's been too long it's been like two and a half months yeah but podcast years it's crazy right it's like i've just been listening you know i'm a fan of the show so i'm listening to all the various guests and what they have to say and just seeing things develop and coming here having a drink but no it's it's it's i've been up to a lot of work i i don't know what i was actually thinking about on the way up i think last time i was here as you know it was october and then i i had reason to be overseas trying to pursue a few deals and came back you know obviously became g2k

president so i took on another job two jobs you know you know me and then trying to close off the air because we had a good year you know we were ahead of our numbers my department anyway you can say that yeah or we have to edit that out he's not saying any numbers yeah i can say we're ahead of that big up gk capital big up we're ahead so we've had we've had a good run is trying to know plot and see how we can do it again for 2020 but separate and apart from that just trying to end the year strong can't even want to kill momentum you know and i still think there's so many opportunities that people want to be exposed to and funny story we did a nice trade yesterday so if anybody looks and sees extraordinary volumes

anyone's stock they know they know yeah it's me but you know wow i will say which stock you you want to say which company, sir? No. All right. The big deal is going through. All right. We are doing star with star. You see, you listen to the podcast. I like that you're a fan, sir.

I'm also a fan of the podcast. And if you know, yeah, but I really am a huge fan of the podcast. That's good. It's good to know. I'm not even joking. I'm literally, I listen to it as a fan. Yeah. Because yeah, it has to be, it has to be on top.

It has to be good. It has to be, I have to enjoy listening have to enjoy listening to it i don't make sense do it definitely definitely so i found like the episode with kalila helpful when you guys were talking about real estate yeah you know i think there's a lot of misconceptions out there and it was very enlightening granted i share the view but it's not many times you hear people articulate something like that in such a clear, concise way. That was one of my favorite episodes. Speak up, Kalila. That's her strength, where she brings up niche topics to the general public where they

understand it. Bring it to their level. Yeah, man. In fact, her tagline, she said, I make, I don't want to wrong I think she said I make investing simple I make investing easy I make investing easy really working everybody looks oh that's cool no it's great because you know what and what's actually happening and I think for many of us it's the first time we're seeing it we actually have an ecosystem developing so now you have you have companies going public a lot more than before

saying to some young guys who came to see me that 15 years ago you had one ipo supreme ventures yeah yeah then you probably had mayberry a year later and those are two big occasions yes because nothing there was nothing there was nothing it was like a desert there's nothing and before that I can't I mean you had you heard of IPOs there are some in the 90s I remember Jim and B's IPO that's about yeah oh four around that oh two is around 2001 2002 but it's not like no where you have one a month two a month yeah multiples know you have people speculating that yo this can drop because nobody know book up on the market when xyz is coming out there yeah so you have an ecosystem being created so now you have companies going public you have young people taking an interest in the

stock market so you have like a holy for young people stop trading clubs right so it's inevitable that investor interest is going to continue to grow and the opportunities will follow there's somewhere else that's going with that ecosystem point i remember a bit later but what has happened the environment mail pack no no it was surrounded it surrounded the whole people talking about it like khalil and earning season there you go so as a result of the listings and the interest you know have education being interest, you now have education being a thing. You now have podcasts being a thing because now people want to hear about this thing they're interested in.

So the market now has an audience, right? So you did the class the other day and the room's full. Yes, every month. You never even had people casually talking about the stock market 10 years ago is almost 10 almost 10 years ago when yeah 2020 07 07 2017 is wow more than 10 years 12 years 12 years ago when i was a courier and i used to talk to people beside me about something yo try to put something in the market. No, man, right, right, right. People aren't doing it. Yeah. I know people tell you what's annoying. Yeah. Literally the growth. Literally the growth. And it's regular people. That's how you know it's real growth. Yo, my, my, a guy was doing some work. I can't say my plumber

because I don't really have that many issues, but that gentleman was doing some work in my house plumbing and he's, his wife is, you know, my housekeeper. And he said, she said to me, she get this dividend check stub and she don't know what to do with it so i said well firstly that's your withholding tax certificate you you large a check because she's like i don't know what to do with this why are there sending checks to my house oh yeah yeah yeah a lot of people don't know yeah she's saying i'm not putting the money in the bank and she's like grace came he's paying me yeah i mean you're a shareholder it's your company exactly it's your company so when she sees like grace came he's paying me yeah i'm gonna get a shareholder it's your company exactly it's your company so when she sees that annual report cds and all that come in the mail

it's a big eye-opening thing and this is working class people this is not a rich man's game no we're talking about the average georgian regardless of age stage stage, there's no one to invest in. Yep. This is where we know ours, our country. Yeah. Worlds away from where we were 10 years ago. Yep. When you'd have an IPO and it was 50 people or 100 people. No, you're talking 1,000. In fact, even if 1,000 is small.

I bet at that time, there was actually a worry. Will this IPO be filled? Sure. No doubt. I'll drop it and if it actually a worry, will this IPO be filled? Sure. No doubt. I'll drop it and if it's good enough, it's gone. No, there's more cash than assets. So again, I mean, just coming up here, I was saying at some point, you know, you may even have an ETF for a neighborhood like real estate in a neighborhood. Yeah.

Like guys doing derivatives based on an asset class because there's so much cash that people need to place it yeah the new options and all that are will be inevitable it has to happen and that's at every level cause like that's a top level of money I like to bring it down to the ground there's people when who broke and take bus to go home specifically I want specific person take bus to go home to Spanish stone every every day and they put 50 grand their savings that they saved over the all of 2018 and part of 2019 into week time yeah cash out at a hundred grand yeah that is not light because the 50 grand took them a year to save yeah and the cash out in hold on a hundred grand when when the first time it broke a dollar yeah she sold and and and this person was still saving yeah no still yeah it's just part of her right so there's still a savings but they know the the original investment has grown

yeah well she put in mail pack i mean that's up 60 percent already they grow again too yeah that sounds like creating wealth regular regular woman regular regular woman tell me every day so she don't know not body stop marketing i say i know people who haven't done the trades you've done all year you've only done two but it's two fire trades you don't need a lot you just need to do well yeah man the change to regular people is amazing and i respect that mindset and you know why because so many times she's soon gonna have rich people's problems we'll get to that in a second but i respect the mindset where people are willing to build and you know start but the next level for me is when people actually realize that you

know they can become wealth like really wealthy doing this this is not just about trying to invest sufficiently to be able to pay down on the house this is investing sufficiently to be able to buy four houses cash if you so desire or to build an apartment complex you know out of an investment seed that perhaps wasn't that much come about 50 grand in JSC stock itself six years ago is 2.5 million no you're not more say that again people don't believe it 50 000 jamaican dollars yeah in 2013 yes sir is two and a half mil no if not more yes sir five thousand odd percent growth easy yep easy but then you see well people will say well you got a million so i can take it now and go pay it on a house but then it's kind of like well that what could that million so if

that was a million place then then it's 50 million now, you know? Yep. So what would somebody do with 50 million bucks? Yeah. Liquid, right?

I mean, imagine the calls you can make with 50 million in your hand. Imagine the things you can do. We touched on it last week when I said that I can't spend money heavily, but it's not really true.

What I can do is I can cash out certain things. Yeah. I just can't bring myself to do it, but I don't need to because I can borrow against it. Yeah. Yeah. I mean, mean it's like it's like one of my mentors said to me that you know you kind of get to the point where you don't you just you just spend your salary because you can't as as dan i love to say he's out earning his salary his investment yeah yeah

december you do that you did that this month yet or you don't get paid this month but november was great yeah you already beat you already beat december tell the people bossy with it but that's everything that's everything in where i see right yeah and the day that's the kind of liberation one can get from investing because think about it what's the alternative you put the cash on the mattress your house can burn down somebody can teeth it yep can drive around all kind of things can happen. I have money. Well, I shouldn't say where it is, but he got to it and it's getting a little crispy now, right? So I have to use it. The fact of the matter is, a lot of the things we think does not have risk has a lot of it.

It's just not the kind of risk where you see it up front. I prefer the risk up front. Yes, I like risk that is identifying itself as risk. And people usually call it risky. And then they escape the risk by going to something that is identifying itself as risk and people usually call it risky and then they escape the risk by going to something that is probably even more riskier, but you don't know, you don't hear it because nobody calls it risky. Correct, because it's not conventional. Exactly.

So people don't realize that buying into an IPO they don't like because they want to flip it is actually riskier than me buying into an IPO i'd want to hold for 10 years yeah yes yes yes yes yes tell them right because when i when i hold something if i'm willing to hold something from 10 years so if i'm 37 now and i'm looking i'm saying i'm prepared to hold this thing till i'm 47. to be told i could lock off my tv and not watch business use for five years ten years and that's going to go on business yep yep right you also know the accidental millionaires the people who go somebody tell me last week i don't want to call the name but somebody tell me right i'm going through them and father stock certificates i find like old loj

ryan is in ryan's house so he knows those stories you see a lot that are coming like somebody come probably inherited and they go through grandma's stuff and grandma owned how much in this company but it's not in a lot because they don't know they're like it's just 40 it's just 50,000 loj shares i say how many stocks have happened since then yes and those are surgical shares yeah somebody have somebody tell somebody text me and say it's just they'll say it's not a whole holy it's just 35,000 and see me oh mercy no clue no I said I said but it wasn't that those were in stock certificates she knew but she she knew she bought it and she said oh it's 35,000 she bought it

back when it was muster six or seven dollars mm-hmm happy no you know means is like I said to people that many times wealth is created when you actually forget about it but did this stock the thing with what I've worse just going now this dark group wealth creation thing is gonna be new for a lot of people it's gonna be new because a lot of times people you know that you know you'll hear people say work is it well is associated with output right meaning people expect to work for their money work but it's not right but many times you can earn money through working or through ownership oh no it's operations and ownership right so many times people are used for wealth

coming from operations and so they so people expect that they should own and operate and i'm trying to tell people that you can own and operate you can operate which is like what many of us do in our jobs yep or you can just own and not offer it and trust those guys yeah yeah the ceo of the company could have less shares than you and you report to him likely does it right check the JSC's website you report to him but then if you think about it in a in a vote you have much more say than that person yep yep no that to me is a grand leveler in all of this you know huge leveler you know what I mean huge huge huge leveler because suppose you bought your shares at a dollar and it gets to 20 and the ceo who makes gazillions more says he wants to buy 20. yes he used a much greater percentage of his earnings to probably 20 times if you bought

significantly at one yeah to try and catch you yeah yeah and you always have more talk and you probably you probably never need to buy anymore you said well you buying this is this old thing you know you should have been buying this year you know you know what i mean yep yep that kind of part yeah that is very exciting to me i feel like it's like a cord cracked and i when i see people say they're going to sell this i'm like yeah man i want to buy his house no i said okay fine but you need it no but it's a thing to do i'm like yeah but the thing to do never made you never made the people telling you what to do rich that yo said that again right the things that people are telling you the things that people are telling you to do because it seemed like work for them reading the work and they're not rich yeah

exactly anything otherwise from somebody not that's not the level where you want to be no what would you tell me i don't look up to this person but you're going to tell me what to do you don't want this person's life yeah facts big facts i don't want this person's life why am i going to follow their advice why what's the point of that i mean it's like they're in a book somewhere I guess It's crazy I just don't I mean I understand It but I think I think that's

A new frontier That a lot of people Have to be exposed And I'm sure People listening know But like yeah Ryan You're crazy Whatever whatever

They're going to be like Well I'm going to Sell my own And I'm going to Pay it on the house Or whatever Right But I was with

A guy yesterday Who Yesterday Two days ago Very wealthy person was a name everybody would know issue but this individual has been you know this buying up land our own around his business forever but then to my surprise I didn't even know this he lived in his neighborhood for more than 20 years Wow

and he was like that's a safe argument sake and he was able to buy like three acres in Cherry Garden like three years ago having lived in not Cherry Garden but you know comparable area having lived in one place

like 25, 30, 40 years despite the fact it's business he was just buying all the land around it forever yeah wow

so in other words but he's very wealthy but the point is that his focus was less on where he lived just was a nice area he just bought it in the 60s or 70s but he's buying all this for his business yeah and you're looking at somebody's top 100 list his name is there and he runs one of the biggest businesses owns one of the biggest businesses in this country yeah yeah I feel like I know But he's not moving house

He's not moving house every week True He's not moving house He's not upgrading Like stepping up this ladder Every couple years No he's like Well you know

I've made my purchase there I'm comfortable Let's go make some money Yeah It's just an asset Put it sitting on Yeah He's not trying to make money from his house

And that's kind of where I think The narrative gets a little distorted You know Oh in terms of what to do oh yeah a certain level exactly yes exactly that's a conversation that i've had and i have had but i don't know what to have it on a podcast and yeah it's a different kind of thing because i don't alienate some people and in some things i so a lot of it for me i'll confess is personal because i have more money now than i've had in my entire life same i made a point about this at a certain point you just start spending your salary and even at my level when i was penny pinching my salary hard because i have no money beyond what i get paid every month no i find the amount of mindset that i spend and not worry about so much more i'm making more no but to spend it isn't

an issue because I know I have money doing something somewhere else so if I spend coming on then it can come from my salary versus what I've been savings and so I scratch my head yeah you know people like you know I think people need to realize how risky and if you're the average Jamaican people need to realize how risky relying on their salary and savings is enough a lot of people don't really realize exactly so when I was young guy you so I used to like every so often have a US credit card bail off to use a love to shop right so I buy stuff all the time I

remember so I used to invest small amounts i remember i bought last girl like i remember years ago like 20 grand 40 grand is what i had right i became like 300 or whatever and i don't look at credit card debt and i paid it off because i thought my investments was really just good for that um you know what i'm saying okay yeah keep yourself out of debt and all that but then you realize and I don't know what happened. And then it must have been being around Donovan. And I was like, you actually can become wealthy doing this. Just take this thing serious. Well, that's somebody who can show you that, right?

You want us to beep that, by the way? Well, I'm not saying Donovan. Oh, there's Donovans all over. That's cool, cool. So, you know, again, being around him, I was I you can't you do this and do well right so then I say okay well so they know fine okay but if you're trying to if you make up whatever 100,000 or whatever it is a million mm-hmm a month I didn't say you should try and save 10% but let's think about the

average person who may make a million dollars someone's look at it maybe a high bar and but let's just think about it that person may say well they're not gonna really try to live in certain areas because yes it may be responsible monetarily you know my office corner office for for living a nice year or five he's paying a mortgage of 300 000 probably 700 grand left matter of fact not really get a million money getting let's say 700 grand no you probably got like six 650. tell us 650. i've heard so 650 roughly all right 300 grand it's 200 grand like a mortgage all right 200 grand mortgage yeah that's a nice house three bedrooms in the right yeah executive you probably have a you probably have

a you probably have a i don't know bmw or benz or something you're paying 120 140 all right so you're going about 340 350 so you're that age and then you never your holidays come with probably travel if you have a girlfriend a wife if you have a wife is worse if you have a girlfriend so toad to mrs strong no i've actually earned more since being married yeah i gather i gather that that's that's good for you but i don't find the wife here my husband good no my husband my husband great but no but then you have you have expenses so then let's say if you may your friends may be like yo we need to go out and have a drink you want to fraternize with your corporate partners remember you really can't afford to not have a job because you don't

have independence or earning exactly you you could you you know business don't go well you know you're gone so you're going you're going lunch and you're going you're going dinner you're going drinks you probably spend 100 000 a month entertainment if not 200 or 150 easily so then all of a sudden a million becomes like 100 grand but then holidays compete to travel right yeah first classic is not cheap of course and you can't put her back in the back of the plane so that is like okay well then you then all of a sudden You're in credit card And you're paying 40% per annum Yeah

And bearing this in mind If you live that kind of lifestyle As bringing to Jamaica If you live that kind of lifestyle Then you have a certain Image already Of course So you're going to go to Miami

And have a good time Nothing wrong with that by the way Or you're going to go to New York And enjoy it Or maybe you go to Europe Maybe you go to Europe You do it It's nice

You spend that meal The credit card Eas tell us no questions i'm straight up not seeing the instrument i don't show half anything on the instrument yeah that's me too i'm telling you but but this is the thing so many times people think they're doing really well and but they don't have anything so i'm telling you that's a common scenario i'm gonna pause to get everybody in some trouble now that is why you need to stop the goddamn latte drinking that's why that's why but that's what i think he meant that's why i mean he said what he said he was very i think a lot of people missed it because they they pick up this whole thing of the latte drinking and all of that but then they lost the point of keeping up with the jones is

being everywhere i mean and managing the expenses yes my everything so but so like I went to so I don't mean enough I'm a breakfast at CPG or if I'm really not there can't eat my food in my yard right if you have a breakfast way is easily two grand if you don't even morning you're talking 10 grand a week just like that so far to go on a month easily breakfast easy every day three meals a day yeah and you're buying lunch and all of that right maybe you don't buy lunch so maybe you have a big breakfast so you don't have a lunch but you have to have you know because remember you have to you have to fraternize the corporate exactly but then but then you may want to buy pay for them

because of course you know you don't want to you can't be so imagine you're doing all of that but then you don't have anything in the background working for you that's true so you're working for every dollar and you pray to god you get a christmas bonus chances are you cannot control because that's the discretion the company yeah the owner right the owner right the owner and ceo i don't get christmas bonus so you know how my whole thing is i've never had one that's and that's really by i remember when you got well well not Christmas bonus you're right not since I know Carreras no but even then I got a bonus bonus well I remember remember say I was on my team was oh you're a thing was that different yeah

but long story short all of those things pile up on person saying you make a million you say okay well I need to make two million mmm-hmm well even stratosphere two million a month you're probably talking 50 people in Jamaica or 100 on paycheck on paycheck yeah no lie I shouldn't say that I should say who are salaried yes I ask yes salaried and I are you're telling me it's not that it's not a lot of people getting a salary like that. Salary, two million, yeah, yeah, yeah. Right?

I mean, performance or whatever, different, but in terms of salary. So then you say, okay, so then you start saying, well, how on earth am I going to get from a million to two? Yeah, because the boss is not going to double your pay. That's not happening. You may get to 10% every so often, but if you don't have expenses straight, you have problems. Worse yet, you don't have any stock go back to the story remember i said go new york you know we went to europe some million good time and the card half a pay yeah yeah the car to banks love you banks just say yo how much more you want for your limit let me triple it have a a great time. They probably hate me because I don't carry local limits.

I don't carry local balances. Because 40-odd percent a year is just not practical. It's just not practical. And that's just me just being very honest. That's true. But then where I want to dovetail from that towards briefly again is the fact of the matter is you can have all assets in the world if you don't have cash you're not wealthy big fans big fans you don't have cash you're not well big facts i can tell you that if you don't have cash you're not wealthy and i think

one thing i can tell you it's a lot easier to get your cash out of a liquid investment like stocks than even a private business yep yep so you still have to go buy stock, meaning inventory for the business. The business have to run, cash flow. You can't- You have to run. The million pull from the cash flow of the business cannot be to go in the boss' pocket unless 10 million put on there. Absolutely.

Yeah, it can't just go- That's another thing there, you know. That's another bad business a lot of people run into. So one here, they say it's a farm and everything goes well on the farm that year. And I'm saying, well, I have 10 the farm right here and I'm said well I've paid me the man and I start with one and go spin it absolutely and then what happened next year know where the money will come from exactly exactly so how do you I saw I saw in the paper today an auction for somewhere nice name seeming nice place mm-ances are that person, I mean, he could have been a health issue.

He could have been overextending himself. Really could have been anything. Because there is this virtue, you know, that all you start making money, you must buy the nicest house possible. Jamaican lie that we were taught. But nobody's going to tell you, take $5 million if you need to borrow half and buy a stock that you really feel convicted about nobody's telling you to do that risky can go down no they could go down but then

you said to yourself i rather take on a risk for 30 years huh then that's five years 30 years where you must have that money coming in every month or else over that 30 years chances are parents, parents, somebody's going to get sick. Somebody's going to die. Kids may be born. They may get married. They may get divorced. Life happens.

Life happens. But you still have the bank coming to you being like, big man, I must have my thing doing. You signed this contract that said, you signed a contract that said that you would pay us every month. Every month. $150,000. 30 years. Yeah, for 30 years. this contract that's it you signed a contract i said that you would pay us every month every month 150 000 30 years yeah for 30 years so find a mortgage broker skinning them teeth no problem but then what does that mean for your personal finances what does that mean for your ability

to buy into ipos is that what can you make when you say it's a reader choice i'm sure they chose that one so people people so people tie up themselves and they even realize what they're doing yes yes because it seems good it seems great yeah last episode i was joking with daniel tell him say you can call it a family home and live with live with him girlfriend and he must live at home with him parents and it's gone just call it a family home i laugh and i said that's what that's what crofts, uh, I laugh at him and I say yo that's what crofts say. It sound like a croft. I'm joking because the answer is you ignore what people tell you because those people not helping you pay your mortgage. Yeah. And I can tell

you this, if you're rushing to get the mortgage and everything broke. Yup. You can't take out the people them daughter and care going out of their own house. You can't. That's right. That's right. One of the things again you know my main mentor said to me just wait seven years he just said to me just wait seven years invest your money don't sell nothing and go do nothing too reckless have seven years do you want um i like that i

didn't just invest seven years just invest in just invest seven years and he was like he said you're gonna get to a point where you you know you you your salary you don't need to you can just live out of it and do what you want with it and you're stuck with a friend so at that point borrow some again someone you have and buy some more and level up you know you keep your debt to service to get to equity ratio to a reasonable number and you build up but you know the thing is what i've come to realize people really don't want to be stock owners no they don't they like the hype

of saying I bought a stock they like the romanticized and talk about you know they may even come to a seminar and all that but in terms of putting their money in

they don't want they're not really doing oh come on real money no I have friends you know I have friends

who I talked about money you know and I guess because I don't show money they assume that you know i'm just talking i have a bridge and pull aside and and i said to him say well i talked you know him too so i talked to you about him after you ran i talked about off here but i'm not talking about him now but i have friends who have spoken to and then they have money and i say yo i do this you know you have five mil put three in this thing.

Don't spend all your money. I don't have to buy for everything. But trust me, I'm not telling you to do it idle. So they have the impression that we're sitting in front of the computer every single day. That's not how it goes. But put the three mil and because you don't know anything, split the three mil and put it in two long term. Put it in NCB and at the time, the actual advice I gave him was put it in NCB and I think I said separate

I could have been wrong at the time I may have said separate but this was some time ago and said no I can't do that I have a better deal and start a loans company

with a friend with some of the money oh man and buy a car to rent with another friend and that was working well because the friend

was doing the actual managing of it yeah so he said let me do one for myself something by a second car that him must manage two things that mash up two cars mash up a loans company mash up sorry i think he when he talked to him say yo he only had 1.2 left out there yeah yeah and he has a job and everything i'm savings thank god yeah and after that 1.2 includes the money that he got for selling the cars he had bought to get some money yeah because when i'm running the business now we use the formula in the bank here in the business and the bill for that thing is just 200 000 i can afford it yeah that happened four times for the year yeah yeah what happened is car crash and of course couldn't say it was a rental

car it was an insured as a rental and it hit another car nobody was hurt seriously but he had to replace that car yeah out of pocket and of course replace his car can't replace his car so when he talked to him saying that 1.2 left guy after him sell the scrap for parts and then he was asked by then that was recent meaning when he talked to me again recent 1.2 left i know him here about ipos all the time so i'm asking why he can't put it in and i guess maturity not always having to say what you have to say like i'm not i didn't say to him but jesus christ was realizing probably gonna hear this i'm so sorry he won't know who he know himself yeah but i'm not loading him up but

um like i felt bad i couldn't say to him i felt like i was like dog if you did put the 1.2 in ncb when i tell you three years ago it'd be like five in story six yeah it'd be three no my three years ago you know three years yeah man yeah 40 is something fine what five times you like six and six yes I'm gonna have six million in NCB stock when I see what I have five years worth of yeah yeah granted him still have something still have in job right but five mil gone and not to show fight these guys don't realize I they're actually people practicing what they preach until this is some top 10 shareholder

just come out and they're like, wait, these guys are actually like liquid? That's funny because guess who these two guys are on this podcast with?

They're going to have to flack for saying what they say. But we know what we're talking about. You put your money where your mouth is. It's just,

we wouldn't be really here talking if it wasn't really something we live by. There's no point in that. And what people think it's just we wouldn't be really here talking if it wasn't really something we live by yeah there's no point in that yeah and what people should understand although i haven't seen a couple of people i say what people should understand is that also that we could literally do exactly what we've done without talking yeah we do not need to see this or not because the people are doing it before us don't speak they don't say anything so no it's like at least we're trying to say to people listen this is what's possible this is what's out there

so now it's like at least we're trying to say to people listen this is what's possible this is what's out there yeah man we're done i don't know if earnings isn't this for the people i'll be honest it's also kind of for me because i like podcasts and i think that jamaica should have a financial podcast i did it but earning season really is for the people people who do a ryan though we were joking before starting recording that ryan is i would say maybe a group of five people in jamaica that does what he does. None of the other four talk. They talk amongst themselves, they're friends, but none of them speak publicly. Correct. They don't have social media. Alright, I don't have a whole heap of money, but I have a little change that I have made, and I made it in a way that I didn't know that it was, like you know it's possible,

but it's a different thing. It's like knowing that you can bake a cake, but then actually baking a cake and going, right, I can really bake a cake. And then you do it again, you do it again, you do it again, and you see it really work, right? And I don't have to say nothing. Because I could stay quiet and breath, you know? Yeah. Best believe, you know?

Yeah, I love a good breath. Yeah. But I feel like, yo, I did it, and there's somebody else out there who drop out of college because they never have the money, and they want to, and they might have 10 grand. Yeah. And they might hear this.

I talk for them. I mean, I was, you reached me in that same way. Yeah, that's true. Because I don't know Danai from, I know Danai because he knows about me

talking about stocks two years ago. And he has jumped on it. Yeah. And I'm doing well for myself with it. That's crazy. And I was quiet that whole time doing well for myself.

It was just for me, what happened with me was, I chat about it sometime, but I just, last year, when I saw NCB At 140 Prolong I said you know It was a Thanksgiving

Last year And I just said you know I didn't really expect it What happened over next year To happen But that's when I just Made that thread about You know

I was going to Rotary And I just said you know Let me I just They just weighed heavy on me To say to people Listen We really don't know

What we have here In Jamaica You have 30 year I mean CEOs who've been in A particular business For 30 years

You know Like a Patrick Hilton At the time NCB is 140 The PE is like 9 or 10 The profit's growing Like 40%

Every year Stagnant for a year the price and people are like just thinking about bank accounts i'm like guys just staring in the face a business like this normally if you're in the us you'll be talking ceo by like 25. right because the risk would be would be much yeah yeah you're getting the best bank at a pe below the man for heaven's sake no like no is the time you need to buy some i've always been saying ncb should be a high p e because yes everybody you know nobody speaks about ncb without expecting growth so why are we buying it lower than everybody else like what why is it the slow slow earn like well i can tell you this you

understand here it's going to be worth more in the future, so buy it higher. I can tell you this. The execs who know what's up, especially when you see... Oh, yeah, man. They're buying. They're buying.

In the last year and a half, they're buying. They have been buying. You see the top 10 of NCB. You see what the people on the board have been doing. You see the changes. Those guys know what's up.

So if you're thinking longer than two, three months, you need to be paying attention to that. Even I, who people expect to be all short-term, you see the changes those guys know what's up so if you're thinking longer than two three months you need to be paying attention to that even i who who people expect to be all short term very very and i do make my short plays i don't joke around people what nobody's ever asked me is why i say i keep i still have six thousand creamish years that's all you say ryan let me buy kind of ipm in countries with a hundred grand it was all I had at the time I put it in there And it fell Good lesson It fell You remember that

Creamy actually fell Below IPO for a long time I know stocks You know What is Ryan Come put my money in You know Ray, ray, ray, ray, ray

Ray, ray, boy, boy You know what I'm saying Ray, ray, ray, ray, ray I look back on that And I will never I won't say never But you know I will never

Sell those 6,000 Creamy shares Because it means Something to me because when what happens after they pass but IPO price I sold it back kept three thousand there and I will never sell those six thousand because it's a reminder to me yeah also those six years are worth about what six hundred percent more no not counting the so I don't know something like that but not counting that not counting the dividend and I would not recommend you sell them well you know I will never see that's all you say okay when I think

closer to you you showed me a dashboard I saw the creamy in there and I saw 300 odd per turn your out person I was like yeah man I never asked why wait wait let's tell the creamy yeah it's always there to remind me that there's multiple ways 329% as of today people would rather use a product

than own it where yes I don't know like that to me is a little strange yeah but I tell people

it's a good tip so if you're listening it's a good tip you use something all the time if it's listed buy it yeah man they have a thing

they have a everybody everybody will walk into the business And say The man that owns it is making enough money Money man that man They see a long line And they figure out that

Everybody in this line is paying this guy We give them an opportunity to own it Bank line too long And then in the bank line you text me And tell me that NCB is too expensive At $200 per share But you ask them if the bank line is text me and tell me that NCB is too expensive at $200 per share. But you ask them, you say the bank line is too long. What that tell you?

And you know you're waiting. You say, nah the bank line long, you're leaving. And that's one of the things that has to shift. It's shifting slowly. It is shifting. And Jamaica is giving the, which I expect, I know have to admit to myself that, yo, you need to expect this. It's resistance to change.

Yeah. Yeah. So people, think about it a year or two ago when ipo started getting more popular i saw a lot of comments on twitter things like um and it's pre-wigton things like yo ipo the new fish fry everybody there what a company i drum for i remember when fontana had their ipo and someone young lady who used to have a crush on say she tweeted that fontana pharmacy this ipo thing really watered down yeah oh yeah i remember and i actually said to her you know it's a billion dollar company their revenue is over a billion dollars i mean if you look at the u.s cvs is publicly trading the u.s is

cvs is publicly trading the u.s so and cvs is like a corner store. Huge corner store chain. It's just everywhere. I mean, Fontana has a little further up the chain, but it's natural for pharmacies to go public. It's a big deal for them to do it. They should. There's no issue. And then people don't get why I say,

yo, I want the only company I think maybe I will list would be my own. And maybe I'd like to have the option. Yeah. Yeah. Yeah. Having an option. Ryan mentioned that last time he was here, that one of the beauties of having a market is that it provides an exit for entrepreneurs. Or sometimes just a fund up opportunity.

Because if there's no market there, your only option is to find a financier who will give you. Usually the banks. But if the banks say no, or the bank just says you don't qualify, you're stuck. And more options more options less options less money because if you have no other way of getting this money then i'm going to start you yeah yep yep so so yes that's that's that's the paradigm shift that's happening i mean i know we've gone on this for a while but it's important discussion it is yeah i know people might be bored so but maybe like

what's the next they'll be like what's the next the next gem that's going to drop yeah well we can jump straight into it one buying cb that was it that was it hey what do you think well people i i again big up kalila for her feedback so i'm going to give i'm going to follow a little bit of following some format in here so let's talk some stocks let's talk some proper stocks now you have a company you want to start with first or you want to go with the uh i've been buying you know well we i'm gonna start at the top of the list let's do it and oh we're analyzing analyze some numbers yeah some quick some slow see what's up 138 student living how you feel love it love it why great company yeah yeah yeah you said that that weird you said you thought it was coach i don't know a lot this week yeah it has traded a

lot it has traded a lot it has traded a lot it's actually interesting thing then i'll give you a 130. change let me say something i like it in terms of and i'm going to tell you why so i had a reason i had a reason to analyze it about a year and a year ago at the time there was a whole ue issue yes sir clear it up for people there's they had some issues collecting issue with with with the concession agreement because it says that they should like guarantee you is guaranteeing them exactly and if they don't you we have to actually pay them up to the level that's what we learned you liked about yeah so we analyze it one two years ago a year ago we love that about big up man like alex so the mechanism the mechanism

alex the overlord on twitter there we go yeah man you were doing that and alex was giving some which i like he was questioning me long time alex won't talk to anyway go ahead of alex the mechanism i think was there should be public relative I think they were to pay a bill for them rather than give them cash in hand. If it's a utility bill or something. But the point is that the compensation should match at least 90%. Exactly, 90%.

The difference between where they are. The thing is, after a year to two years, the tower would be at 90% plus anyway. On its own. Because it would be in the whole inventory of rooms available. Because of the UE issue, though, or the issue with their counterpart that was still up in the air,

not saying anybody's at blame, just saying there was just a difference of opinion. You had them carrying a receivable, and there may have been revenue shortfalls, whatever. When I ran the numbers in terms of it operating optimally because after one thing after people misses short-term rental started to actually run down the ordinary monthly rental some you a because whereas they had rented for fifty thousand a month to a US student short-term rental is 80 to 90 dollars a night all right hold on so

you're saying sir if you're saying if I can understand correctly because a lot of people don't know that cuz people don't know what the company actually does for money they actually do short-term rentals when people aren't in the building so you can have a block never block for short term and Gary like the people coming for conferences church like a church group or other schools also from the region sports team you know you pay because remember there's no if you look at it and there's no days in that kind of low relatively you know mid to lower end occupation now here you have airbnb

fine but you don't if you go to if you go to pegasus you pay more than spanish courses that 110 120. if you hotel might be a little down, but still pretty nice. AC is higher than Pegasus? AC is up there. It should be. AC is up there. So that 80, that budget thing isn't there. So they meet that, and it's a secure environment,

and it's a nice accommodation. So that's why short-term rental actually offsets any gaps. Really and truly, they're doing the revenue that they should have been doing So that's why short-term rental actually offsets any gaps. Really and truly, they're doing the revenue that they should have been doing with three towers with two because of short-term rental that was not in the original projection. Long story short, based on my initial analysis a year ago, it was a $9 stock. I give it an yield of 12% at $4.60. So when is that? $3.50.

It's at $3.80 today, December 12th. People know and recorded this, but yeah yeah it was that is that three eight well that's public yeah so at 380 the dividend yield potentially at nine dollars even higher because remember the intention is to pay out 80 plus percent of net profits yep and that's like a cycle so the key is to try and get in early and currently we're looking on them i just dropped some numbers for the people who haven't looked at their year ended the 30th of september yeah revenue was 373 mil jamaican for the quarter for the quarter correct and the 12 months was 1.05 billion how long has it been around four years four years something like that so you go from zero to a billion four years. Four years? Something like that.

So you go from zero to a bill in four years? In four years with a guarantee that if you're occupancy falls below 90%. There is some question around the legality of that contract. Yeah, and that's, I'm not a lawyer, so you know that. But they all agreed and signed. So it sounds like they're moving towards a conclusion. Because nobody really wants a fight. Yeah, yeah.

True, true. Only the lawyers. There's no type of fights in business they got the lawyers lawyers win every time but yeah bigger people like steph yeah exactly big up stuff i like it though i think i think it's a hidden gem i just don't know if volumes become available regularly so for the heavier buyers true for the heavier buyers i have a small piece of myself and try to get a little more but i think where the opportunity presents itself people should look to it the only problem is those opportunities may not come up but they need to build a third tower because their projections includes a third tower and they may expand outside of jamaica yeah yeah because you ease across the region saying it's was a name and they and remember the whole thing for them was was it student night they wanted overseas students that a term student tourism but it's like they

wanted American students I know you're talking I think we're American students come and stay here for a semester exchange program that was a big part of their projection but short-term rental offset all that so i really like good business i like that net profit 12 months last year i mean the year that ended the 30th of september 2019 they made 11.8 million jamaican in profit versus the year before there was a 16.2 million loss and they paid out 50 million i think to settle a lawsuit yeah but they still was a quarter like though the quarter was even ahead that's the part of it because they had challenges i think so the quarter is like 70 million right 72.2 yeah so it would have been like 120 something on 370 something but the law the legal thing was so

really and truly when i look at that I haven't seen the full potential yet. There we go. So, I want to get it before that's clear. Exactly. Getting from early. I don't really want to wait until it's all clear because then, no, everybody run it down. Yeah, you need to be ahead of the curve

if you're serious about investing. Your people, if you're hearing this, you know. Well, you're hearing this. At this point, are you hearing this? You're one week away from Christmas and you get that early gift. Thank God. Big up. Yeah. Buy up yeah buy my drink yeah there we go you get people buying the drinks a lot no i get people offering to do it but they don't actually they don't through i don't know like i don't know if people see me out i know how

comes the higher whatever you know it never happens to me sometimes or sometimes i get people staring at me weird and i wonder if like oh do you know me whatever people if you know me you won't come say hi i'm always ready to say hi you didn't look like my vex yeah man i have a dog picture for my twitter yes and nobody don't know you and i swear yeah yeah yeah well bam i'm sure i have some promo with your face out there so we'll see what we'll see what happens there but 138 itself will like it that's how you feel uh so i like the i'm looking at the recent numbers and i like something about it i even asked in the group is this the turnaround which is me thinking they're turning around somebody right now because last year was a really big it was a rough year for them and then they're coming into

money this year so looking good to me they said that they um the concession agreement the concession agreement has been uh it's a good working relationship is the term that they use in the MD&A, which is nice. It says to me that nobody wants to fight. They want to sort it out and move forward because both of them need each other. Efficient operations, so you know they have to be very clean. Essentially all they do is build the towers and then manage the towers. Manage it, absolutely.

And refurbish, because they have a hand that refurbishes the older ones yeah so they're on top of that and they want to grow their short-term rental which ran yo you know this thing i mean i mean you know i know a little bit about them short-term rentals i feel like using those things to jump to other companies let's go i assume we do it but i want to hear you finish your point uh i remember we had spoken about the strata rentals because at the time when we when we were analyzing it they were talking about going into it and we had the construction agreement in front of us and we said it doesn't limit them from doing that yeah they were talking about in the periods when students aren't on the building yeah so during summer you clean the building and you rent it to regular people mm-hmm and so yeah it looks good to me that works they actually use the whole thing for short term rent yes that's fire that's 80

dollars a night you know yes which is students aren't playing i'm here to 50 grand a month yes yeah 80 us tonight by the way yes and he's told me in jamaica you how you have people who want that all right but i don't want to sound i don't just let me be imagine that let me be the voice of reason here or play i don't want to play devil's advocate the devil they don't need no friends um negatives yeah what do you think could go wrong for them the concession agreement is drawn yeah pay the money to liars instead of that's the biggest that's the biggest risk but it would seem as though maybe i would think the worst is behind them i think so so the issue with the concert agreement is it that ue has a problem I think it's more Interpretation But at the end of the day

I think UE just have My view Nothing behind it Other than my quote My personal view Is that Someone in UE Realized that

Hold on We are guaranteeing These guys 90 Which in simple terms Mean if Occupancy one year Is 80 We have a fine

At 10% And give them But realize though The risk is actually Lowered The longer it goes on Because UE has a shortfall In terms of rooms 80 we have a fine at 10 and give them but realize though you know the risk is actually lowered the longer it goes on because ua has a shortfall in terms of rooms already in it so more or less once those rooms are in the system the risk is to order like to the landlords outside of ua who are renting their places to students because remember if you can get a spot on campus you're going to

take it yes you are yeah of course versus going to some unknown territory we have to commute yep yeah which is why after two years the buildings are at 100 so u.s risk is technically lower mm-hmm you can manage security costs and and maybe pay there's lots of things crime they're not everything they manage everything we have we have all the time in recent times where some student is doing students students is commuting and they get in hell and then the things on you is campus sorry to cut but things on you his campus get used more because more people are on the campus there's more money for you there you go so re-enactment the only risk and remember it's still early stage the only risk is building completing renting so whereas the room start may be a thousand800 now, when the third one's done, there'll be 2,700

for argument's sake. There'll be the debt associated with the third one. But really and truly, when that gets to 100%, that's it. And that's not risky enough for me to say to myself, well, I can, I'd be worried about it after five years. After five years, I mean, the money is made. So nobody really, and worse, interest rates have come down since. And they have.

They would have been borrowing at 10, 11%. Yes, they can refinance. Now they're like six. And they have a variable rate. Yes. So that's beautiful for them. So they write the paper. I think they're like a percent or two above.

I think they're a percent or two above whatever. They have a rate that they're on. And then they go a percent or two above I think they're a percent or two above whatever they have a rate that they're on and then they go a percent or two above that I don't know the details but there's a very very common thing so that that benefits them also her mother agreement the the revenue go to you after certain concession agreement yeah I think it's 60 years they get the you it gets everything all the buildings are very much plans to be in business for 60 years of course well we're having these guys build this place for us free and then we're going to collect all the money from it in time for rooms that grows there's no there's no issue so then that's part of the whole concession thing because it's in their best interest that you will stay in business yeah or using u.s best interest these guys stay

definitely they're refurbishing your existing places building new places i can't see where they lose on that to be honest all right i'll talk quick we're looking on 11.8 million jamaican dollars in net profit for the whole of 2019 and in the last quarter of 2019 when I ended 30th of September the profit was 72 mil which is just telling me that the rest of this year wasn't that great so the year before it was a loss on both the quarter and the year which says that no these guys have a run rate September of 72 mil yeah I want to pilot by four there we go I was very 10 because point two yeah because what they do it's it's yeah well they be earning our own a year because some are doing the some other should get

some I like to consider term rental year is a real year to assess it because if we assume the problem is there's still going to be turbulence when they start to construct the new building but until that time i think yeah but even if they start to construct a new building you said there's turbulence not really nothing because they did this before and you have an idea what happens to them during a turbulent construction period because we have previous financials covering those people and they made good profit during that time they made money because they are cash flow positive now they pay all the bills straight up wow that's good that's strong

that's strong and they took on a billion debt and they've been servicing their debt and everything and i mean there was a major transaction i think last year when some shareholders hadn't reduced the exposure but these are founders right in the end we're back alright guys so we're back I don't know if you realize maybe Martin did a really really good edit so you didn't realize we're gone but we are human we took a break we're back now so it's been a while yeah yeah we have with us again in case you don't remember Ryan Five Soleil we're talking stocks we're going through as many companies as we can carbon sport now well so we're just giving his

view so you're telling us ryan that you like 138 you like it for the next few years right i do boom all right i asked on twitter a couple of people asking questions i can touch one of the questions now uh two people asked i'll do that one first what stocks are in his portfolio and why? No. Yeah, what are you holding? So my position has been, so my posture has shifted. Not so much in terms of my expectation. But as everybody knows, I have material holdings in one junior market company. So I'm trying to balance. Which company is that? The Lab.

So I'm trying to balance my exposure. Big up the Lab. Big up the Lab, of course. balance companies at the lab so I'm trying to balance my exposure between the bigger allow of course between junior and me and stable and mmm maybe less so why there's a lot more at stake no it's not like I was gone slinging four or five years ago so no you don't want me you don't want me irresponsible true right so what I have no is I have 138SL. I have AMG, which I've had for a while. I have Lascaux Manufacturing.

I have quite a bit of that. I have The Lab. I have MailPack, Scotia, and Sagicor. I sold my NCB at $215. But you have to remember, everything is relative. So for me, as my NCB at 215 but you have to remember everything's relative so for me as my NCB at 30 and 40 and I'm gonna buy back but just based on my expectations and based on where I saw things going and where I found myself at this particular time I took the opportunity to buy Scotia which is a

very stable holding and I bought Sagicor because i like the sagicor's growth is going to be led by commercial banking and investment banking and insurance yeah but insurance hasn't grown this last year so i'm not very i'm sorry when you said growth what time period are you talking it's the last year year over year i can't speak to your one-on-one okay yeah i can't speak to five-year trends or whatever okay but i do know the space has gotten a little congested with ncb and guardian and things so i don't i just not to say that i'm opposed because ncb guardian suffered from canopy well you know you make a good point because canopy i gather grace kennedy was with guardian ah that's two thousand people ah yeah that's amazing yeah yeah so again you know for you know again all being told i kind of just

shifted a little bit but i realized because i think investment banking as i've said it maybe said it internally i think investment banking can be a major driver for any business that does it well i certainly have seen it internally in terms of what we do and you can be in the middle of a deal nobody knows you're in the middle and you make money on both sides and you provide value to both sides but you your cut is significant we've seen it with maybach so i really like what sagicor is doing because even we like to select funds after people may overlook that yes vanilla whatever whatever but guess what happened they are monetizing four billion dollars that's just sitting on their bank accounts here they don't they don't get it they don't get it

don't get what they're doing in fact the entire we hold it built it up exactly so they are saying since they're saying listen you can buy into jamaica stock exchange you don't need to think about it just buy this they're the packaging it and giving you it's part of a larger market index funds and that's giving fees off the top and that's creating an ecosystem again contributing to what we spoke before so i'm very comfortable with sagico and the truth is with the bank i think the ceo is doing a great job but i also like the it's a personalized feel to it. You have the black card holders and whatever. The bank section of Sagicor.

That's Charville Johnson. Yeah, Charville. Big up Charville. I really like what they're doing with that. So that's what I hold right now. I think, you know, Sagicor relatively stable. I think offers growth. Scotiabank stable.

Growing their loan portfolio. Could there be something with the two? Time will tell. But strategy, right? Strategy, yeah. thing offers growth Scotia stable growing the loan portfolio could there be something with the two time will tell strategy strategy yeah so if you think there could be something that's a great strategy for the people is anything could be something to business by both of them or you know work I don't work that's in line at my personality though so I'm like always looking for opportunities you know and I think so when you know the lab is with digital and they do they do after business for digicel and i was actually thinking today i'm not seeing a digicel ads on tv

because they had this challenge but then i realized i haven't been home much to watch tv and there's i saw the christmas ad with ding dong or whatever i said well don't pick up um but i saw i saw the one with with with with ding dong there so at least stuff is happening i'm pretty sure that so i'm very comfortable because as the lab grows and i mean they've done a lot of new business with new clients they will disclose that in time i don't know with specific detail very comfortable with that and that again that's the kind of business that could double in a year it's a junior market company and its first few months of being listed and we know what happened to junior market companies i'm on record as saying that the only thing i expect them to do is move up

and i am obviously biased as a heavy holder people know that i hold it so hey i'm proud to hold it and i might i might hold it for a very long time who knows yeah that was a significant opportunity with scalability absolutely we basically when you buy into the lobby buy into the people because the creative industry buy into the people then what they can sell to based on the talents they have in-house and the way they struck the way they pull talent and where they can sell exactly where they can sell the way they sell it's always more you can sell definitely and you know something out of people overlook is literally every listed company could use the could be the client a client for the lab yeah i literally every company that comes to market could have the lab could be their service provider or contractor for them prospectors i would my first thought was this is a very pretty perspective the lab could be their service provider or contractor for them. Look at the lab's prospectus.

My first thought was this is a very pretty prospectus. Look at Mailpack. Look at Mailpack and the ads and everything. It looked a lot like a lab. It looked a lot like it came out of a lab. It looks like there's a continuum. I got an email today. I don't know what the email was about,

but again, it came from Mailpack. And I'm saying this looks really aggressive it coincided with the call that i got for my delivery from me about to pay my bill but the point is it's in your face it's in the space it's a lab yeah it's a good yeah i like i like a lot of i think all three of us like that yeah so that's what i hold i don't i don't i don't as i said i exited my ncb but i'm always looking at opportunities i think i don't want to be too concentrated in any one area but right now i'm kind of positioning myself for something big to happen really something could happen with lasco i really want to be there i'm not really trying to meander along not to say you

trade out everything forever forever but I'm really just there for what I think the new opportunities are and trying to balance my exposure let's go last the last M last M last M say no more well say maybe I know 15% net margins we sink or is 10.9 and we sinkers a giant that has English and I love us in cause actually we sinkers a stock I'm gonna be looking to accumulate this year and this my so my approach now is just steady accumulation but here we go again remember nobody investment is not one-size-fits-all so everybody is at a different stage and they're doing trying

to do different things so I'm just trying to like buy bits and pieces every month every so often tell the people why they're not that's what i think of myself well they're all you know what you know they have a tagline i think somewhere they call themselves the innovators and so when you read about like the lng plant that's going to save them a million us a year they're spending i think two points something on it they have some you know they've done some interesting recruitment in terms of you know in in spaces if i say anymore it's going to come across as insider trading it might be it's really just my knowledge i've gleaned from the markets it's not insider but i'm an analyst by nature so you pick up things that's it but that well you know yeah

well because of where you are people won't believe they won't believe it so I will never be specific but when I look at how they're recruiting and how they're trying to position themselves and you see the press releases that speak about like exports and trying to identify particular products to export you said you said to yourself you said might say something you said to yourself boy you know these guys are thinking you know the the like i said with with the sink or the the owners are very are still the young the mid 50s or young 50s and hungry they're doing acquisitions crazily which they just bought what they bought this year since you I buy where they park where the part JP mm-hmm well I like about them though that's the kind of

company you buy you close your eyes and you forget about oh yeah cannot go everywhere when you start to see that kind of innovation coming out of a local business they already supplying the styrofoam substitutes you said yourself boy this is really a company that's thinking and not allowing itself to be stagnant. Yeah, man. And that's the biggest thing for me. When I look at businesses, I'm trying to identify.

And again, that offsets with Alaska that may not necessarily have the robust revenue growth right now, but things change so quickly. Remember I said we're in a business that things change every three months. So you can't ever be too hard and fast because then something will turn on you and you're dead. So I tried to identify nimble companies. So more often than not, aside from the more relatively more stable companies,

I really tried to identify nimble businesses that are doing things. And I tried to buy into them materially to benefit from that because when i first started out i couldn't yes i wasn't buying in the volumes then with like the ncb at 30 supreme ventures at three they just never had the money they just never had it yeah fine so you invest to be able to get to the point where you can do something now the problem is local market it becomes harder to trade the more you accumulate we're just complaining about it but that's why you buy what you'd be prepared to hold forever yeah you have to prefer to hold a word and if worse come to worse yeah give us a hundred thousand dollars it don't matter yeah you can get in and out if it's 10 million it's a different story or

20 minutes it's hard as you approach a meal five million when you pass five million after like it takes it has to be through the man yeah it has to like it takes it has to be true demand has to be like good it has to be bona fide demand yeah yeah you have five minute ncb it goes tomorrow true or sachiko yeah true but five mil yes if you have five minutes signals it's a great company but you may not move as quickly yeah you have to exit over period you know it's our final buyer unless they put a blockbuster numbers so then you kind of have to be looking for businesses that have to create this outsized demand for outside shareholders you know i mean especially if they're smaller yeah yes yes yes yes which does

happen sometimes with the junior yeah sure sure thing sure thing so i you know that's that's kind of where it is but i do think for sure though that as i said what my guiding principle has been the whole thing i've been able but i'm very sure there will be more deals going forward was that last question i saw another one but no they're a bunch i was going to scatter them you know i don't want to adore yeah i don't want to they're going to be single before you know one time in school so do we single um i was looking at what they did not what they did affiliated company the wendy's yeah when they saw the wendy's so before i was looking at when i was mentioning around it before when i when

you go into our windows it's our we sink a touch point it's where a lot of we sink our drinks are sold you see the sodas that The sodas that they distribute Are there So they only sell Coke You see the Minute Maid or What's the other one?

Tropicana? The fresh Yeah man I think Tropicana They have the fresh drinks They have the Limeade And the Mango Peach They have True Juice

Actually sold in Wisinco Water And Cran Water Were sold in Wendy's. So when they were letting go to Wendy's, I was saying, boy, I wonder if this is going to change. And then I saw a news article on the 9 Circle K stores for J.A. And I was thinking, wait, something like that.

That's a good put. It's a Muffwood-owned company. One of their sons, I think. One of their sons, yeah, man. So I was looking at it and i was like yeah so i've never been there so i'll go on google search it up and i was looking at some of the pictures of in-store in jamaica and if you look at it it's very nice it's like but you see you see a lot of we think of products ah and if you when ryan was speaking about export

nine circle k plans to go into the broader caribbean right so to me that's also we think is pushing out in jamaica and then in that in the expert markets that the nine circle k goes to that's more we single but that's like but that's business right because in the end people real people don't realize that you can manufacture and distribute but you can do the whole integration the whole vertical integration manufacture distribute and sell people have heard us talk about the power of a vertical so you have the i mean exxon does it they drill refine refined ship package sell the stations yeah there's no it's no different because if you think about it all

you need to really do you know is have a great retail brand and the backing of a retail brand is just really an amalgamation of margins that you're losing sure to suppliers so if you are those suppliers then and that's the brilliance of it so the brilliance of it is You control the end user In the sense that You have this fancy brand Everybody wants to buy from you They want to have the dominoes experience For argument's sake That's the pizza

They're not marketing drinks Right? Nobody cares about the drinks Technically That's true But you buy the pizza You have to get drinks And the drinks that are there true but you buy the pizza you have to buy drinks yeah and the drinks that are there so they factor in the cost of the drinks with the pizza yeah so

they win twice yep yep that's controlling the vertical that is i mean that is the that is like a brilliant strategy you control retail i like that yo we've gone through so many companies that don't even realize i mean i like that you're technically you're seeing the model for like growing businesses locally and that's a heavy scale of course look how we got the worthy part distribution by getting worthy part privately nobody's gonna want to drink yeah yeah yeah we're not drinking worthy park right now but i wouldn't mind it so then you may ask yourself is there something for whisking alcohol in the future who knows because he has a footprint in the business yeah who knows yeah so you can't speculate alcohol in our own punch could it be an alcohol in a can blended with something could it

be something you have to remember this is the innovators these guys invented cran water of course which is now considered great because they lost oceans right yeah exactly out of out of crunch came something great yeah i know it's i know it's world beating in my view yeah um i'm gonna carry that idea two places one well ryan you're old enough to remember shandy yeah there's no real quite there's no real shandy-ish product on the market no the closest we probably have is like a smyrna it's not the same it's no real shandy-ish product on the market no the closest we probably have is like a smyrna it's not the same it's not it's not the same as a shandy a shandy's it's like you drink like yeah it's like a lemonade almost but there's a little beer in there there's a little alcohol in there but it tastes good it's a nice drink it's a chilling

drink yeah and and it was very good when we had a lot of young people who had a lot of disposable income yeah there was a little gap in jamaica where that didn't happen and now i think we're getting back there now yeah the people who are 23 you know with jobs can go out and have a drink again after work and can buy a couple of whatever there's so many ways in which i can go the second direction on character is this right you've been to haiti and i haven'm being yet either but I don't have a bottle or to brand probably not yeah probably not so that's that's kind of like where the opportunities rest but then even even locally mm-hmm I said to people all the time when they're saying that Jamaica is tapped out I said guys you probably don't drive around Jamaica because I can tell him i i go around a fair bit your short-term listeners

outside of kingston we probably sell so generally speaking we probably sell to six parishes seven because saint mary is untouched in my view saint thomas is untouched yeah totally it's right there totally most of portland is untouched hanover is untouched for the most part because it wasn't with lucy lucy is ripe for development you skip a holy trilani is empty a lot of trilani is untouched yeah yeah yeah well saint and i mean saint and still big there's still a lot of it that's untouched i was saying catherine's untouched a lot of westman's on touch ochi gets touched that's it sent sent and it's out of bush you know it's both yeah i had a little shop up in up near discovery bay there that yeah people come down to the town to shop but nobody goes to them the first person to go up to them to sell them anything gets

business of course yeah do you know there's like a community like in the hills of discovery Bay that's like incredible you're overlooking like the whole scene yeah I mean the streets people people even people even realize the extent to which we just lose no on opportunities but these areas remain undiscovered here's why because the rich guys own like the the the homes on the coast so they really want the disturbance mm-hmm you can rent a villa there for 30,000 US a week and it's nothing that that's where them and the money more money wants that privacy which is understandable right yeah and there's many other spots at across and the point I'm making though is that we have entire

economies on unexplored mmored, underdeveloped. My measure for that is the percentage of the population that's in Kingston. About one-third of Jamaica is in Kingston. Yeah, 700,000 people plus. So, if we have development happening across Jamaica where we have roadways being built and we have serviceable communities, like taking up businesses going there and there are people moving easily between, moving from Kingston to go there to work then to me that's indicator for business to move into that space. Definitely.

I like that. When you, I don't know if you guys been like Great George Street in Westfalen. Yep, I have. Which runs to the sea, does it not? Yeah, it does. Westmoreland yep I have which runs to the sea does it yeah yeah you will see most if not every major brand on that road mmm it's a long road mmm without Westmoreland and you said yourself either thought this would have been in like you know somewhere else Westmoreland every brand I can tell you

so bad I'm gonna be made in a row because remember if you talk nigga ill strip you're talking all these exclusive luxury hotels all sizes and demographics that cater to when all the business happens there I said yourself it's a dear self well this could be distributed even more widely yeah mm-hmm cuz you think about it kindannibal you know saint james border is trial you're talking some of the most expensive real estate in jamaica yes exclusive exclusive i mean i was in freeport the other day you know in somebody's penthouse and you're overlooking and i had to remind myself i wasn't in miami like it was crazy yeah yeah and that's

jamaica and jamaica don't start yet that's jamaica yeah it's jamaica town is rich beverly hills is rich that's that's not that's that's not well that's what you're not but you're buying they won't get them prices but you're buying into that area five six seven hundred thousand to just get on the ground floor just to start it's crazy seven hundred thousand us just start and then you have something to build and you cannot build crap you can make these are Jamaicans I won't make it touch this I carry back to the market I don't really yeah I don't really people 1834 investments what you think about him i don't know what to make of

them yeah and and i don't my personal views i don't think they know what to make of themselves yeah i don't know what i said to me i'm not hearing nothing from them and i've seen how they're making money i mean they're not really hungry to me yeah they came out of the rjr gleaner merger so they're the part of gleaner that didn't want to emerge with rjr essentially i just overlooked them i don't i don't even yeah very't even get I check them I look at the numbers but you know there's no excitement there yeah strong investments like they're gonna invest in something about those so it is yeah yeah rough access financial where you feel people are excited we've got a lot of shares 25% of the company's no one I think

microfinance is mature now I think it made sense for ncb because their roi their desirable roi is lower than mine ncb yeah because ncb would have taken up quite a bit of it i don't think a lot of people knowing that know that well if they look at it but if they look at top ten they said you know know it made sense but you know what's funny eleven years ago no lie nine years ago I said in you know one of that member I said to people wasn't Scotiabank access as a microfinance right because they need you know they need some new energy in the business they need the 15% 25% ROI from a subsidiary it's my access

make one Marcus enough oh why not mm-hmm never happened that day instead went with I think Scotia micro whatever the thing that I think they started it yeah that's eventually bought it that's bought it But I was always thinking like You know Because I've always been I've seen Remember I'm always thinking About the big pop

Right And I'm saying Mergers and acquisitions And the goodwill and all that Is where money is made Like why don't you Have the cash Buy them

Buy the exciting Young entrepreneur Finance company Yeah You know what I mean And that happens overseas Yeah All the time

All the time yeah in canada scotia bought there's that they bought a young i think it's called ally or it's not like there's people should show us out there but they bought a young exciting millennial band you're actually quite right i don't remember the name i know what you're talking about no no no no no no years ago they bought they bought something they made and i i'm recalling something yeah man yeah by the young guy you know what i mean except you know and get that excitement in the brand and all that because you don't hear i remember i remember three years ago four years ago when guys was just making some fresh money and they're like yo i started a microfinance company

and in my head oh how i would know that because I've been going to them and saying yo you know you're supposed to give me a 200,000 half a million us well let's open the account like why you not to come on the and about in this microfinance company we start in something like why because they're saying I can make 20% a year on it. But you have to take on all the risk. Yeah, but you're in construction. Why do that?

Why do you do microfinance? You know what I mean? So the industry is mature now. And you know what's funny? I've always viewed access as the market leader, which it is. I agree. But they're now at the stage of maturity now, where you know have the ownership being split up and yeah and that's just a function of the the curve the economic curve you know the investor

curve so really truly if I'm buying access now I feel like I'm buying a little late access to me was a buy eight years ago hmm yeah I think yeah I think I said I went to the growth phase so in terms of you look on a microfinance as a full industry essentially or and saying is that they are almost the NCB of the microphone absolutely yeah it's not easy for them to in fact I think both today they reached out and bought a microfinance company in Florida and I'm sure they'll and they've also heavily about lots of months yeah they bought lots of microfinance companies in Jamaica yeah well I think I think they they have space somewhere that now with the they can't buy micro credit bill

yes forcing a lot of people into either fix your books or go underground sure uh and that's exit swallowing them because i sell my own book to access now then put them onto their platform and more money made remember you know ncb now is typically is relatively speaking young and hungry you know yes in terms of that big in terms of the big boys game they don't need they don't need 15 percent roi yeah if they can get it they'll take it but they can get nine percent from access they're not getting that from cash in hand it's a guaranteed business model because i'm sure all their clients have paid them out yet yeah yep I mean you have that much cash you have to do something with it and it's for those who always need money to borrow so you say well just buy access it makes perfect sense it does make perfect sense the bank that that Scotia and Canada bought was Tangerine which was a young bank bright

bank you know hitting Millennials instead of trying to copy them they bought them yeah don't reinvent the wheel, buy the wheel. To me, that's exactly how I see it. So I'm like, I look at, so you want to get to the point, you want liquidity

to buy. So when I hear the lab's going to buy some company, I'm excited. When I hear, you may need to cut that, by the way.

Yeah. Yeah, actually, you may need to cut that. Yes. That wasn't in the prospectus? It was in the prospectus. Oh, no. We don't have to cut it. There were, because there's no specific that. Yes. That wasn't in the prospector? It was in the prospector. Oh, no.

We don't have to cut it. There were, because there's no specific size to it. Actually, I forgot it was in the prospector. It was in the prospector. So we'll go. When you hear Lab going by a company, I'm very excited. When you hear Panjam looking at these different kind of entities to buy and get very excited because I say, well, that's consistent with what's happening globally.

What worries me is when I hear companies not trying to buy anybody yeah yes that's what you need to start looking at anybody I'm like okay well what is going on yeah why aren't you looking at it because everybody's jumpy everybody's hungry right now and in Jamaica remember you have so many sectors in Jamaica that are still not formalized in okay fine pharmacists are being formalized somewhat because you have fontana now you have in this farmer fine there's no supermarket chain listed yet you know mega mart is in public yeah progress progressive grosses isn't appalling high-law is public through grace kennedy but you don't get direct exposure to it you know i mean there's there's really nobody else right finally have banking uh and you do have under um detail there is a retail chain there

yeah but it's not really a big yeah jam t technically they've sold two out of their three yeah they just have the one by price mark but you still don't have you don't have many sports brands probably do we have any? Why could I not list MVP For argument's sake You're right Nike's pobbling So why I mean

That's true You can't list a lot of things That's true You know what I mean Why is MVP Why is racers not going That's true And they would like money

So Why not That is major I tell people all the time that you should every that's I said to you but I want every company to list these guy I mean I did a presentation in 2017 and I think you know sometimes you do these presentations and people look at you like you're crazy and all and I actually felt that way when I was talking because I saying to people

listen three things are gonna happen for Jamaica to move to our vision 2030 and they're gonna happen by the stock exchange I mean to people listen three things are going to happen for jamaica to move towards vision 2030 and they're going to happen by the stock exchange i mean to remember all three i mean take my chances the first one was an influx of overseas investors actually i remember all three well the first one actually was more companies going public yes yes you look at america most of the big companies are probably at the time none were because. At the time, none were. Because remember, at the time, there was no single listed. That's true. There was no weak ton.

That's true. Actually, there was only Grace Kennedy, Jamaica Brothers, and a few others. But they had been listed 25 years plus. All the emerging publics at the time were public. Contrast that we know when you hear so many companies have gone public since. I then said, well, you would have an influx of overseas investors as a result because Campari from Italy bought Renevi, who had been bought by Trinidad before in the space of five years.

Redstripe was bought by a Dutch company in Heineken. And there were others. KM1S was bought by Liberty dutch company in heineken and there are others came and was bought by liberty which i think is english yes and several others the point is you have companies all over the world buying into jamaica market to the tune of 2 billion us yeah if not more from 2005 in that 12-year period i remember we would have gone to world financial crisis hyper devaluation hyperinflation blah blah so despite I used to that two million u.s. billion u.s. of deals mm-hmm last one was government divestment so that said what happened as a result no weak turn at that point I don't think came as track had happened at that point it was a little discussed but there was

no change to make our yet which still hasn't happened Maurice but none of those things that happen but again that would have fed into the other two because if you listen trans-american 10 billion you're gonna have some overseas participation more than the other most most because guys want a piece of Jamaica me say well I can't if I put a million in us and maybe may not be you know enough to move the needle back up with 10 mm-hmm and you also have people who maybe were already in it. I'm sure Bui, like, yo, I want to keep a stake.

I'm going to buy a piece. I'll take a piece. Yeah. I'll just collect dividends till the end of time. Yeah. I'm okay with that. And there's a knock-on effect of JSC pointing out what Bloomberg has been saying from 2015.

Best in the market. Of course. It's one thing. Every year, there's a best in the market, right? But what we're used to, well, I shouldn't say what we're used to our actions what we're used to what as an international traders in my opinion are used to you see Oh Togo had the best okay I'm not investing in that or next year is Japan or next year is the Hong Kong stock

exchange but we hear Jamaica and in next year Jamaica and a year after that Jimmy Connie came second or we came third there this year Jamaica again next year Jamaica at this point somebody's gonna start paying attention you offer meetings probably what after or last lasting last time you know and I remember I was on like 56 floors building chatting this lady when my connect there and she was saying usually I just come to Jamaica for vacation but no actually need to come and talk business with you guys she didn't think I think I'll yeah she's just like it was just in my mind a nice place to visit mm-hmm not becomes a whole lot more right keep Jamaica and she's like I can deploy five million

here seven and a half million years through the funds are managed as a minority exposure but the thing is today that's not until a lot of times these guys remember you have other guys who are putting that kind of money in not a lot but a few ten years ago that's no that amount is no 50 yes yeah so you may see a tree of like six billion dollars and you're like who's selling this yeah but it's a guy who's been sitting there's one just overseas conversing money and this has a nice time on a boat in France and just pays out his investors yeah guys it's a guy who's been sitting there's one just overseas conversing money and just has a nice time on a boat in france and just pays out his investors like thanks guys there's one specific problem man jamaica there's one specific article and i'll speak about it probably

because i remember seeing thing lena there's one specific article about one trader in new york and i'll never forget the line he said that he's speaking about speaking to his other friends in the investments investing space on Wall Street and he says why would I put two million into GE to collect three percent upside every year when there's a company in Jamaica called NCB that is paying a dividend of five percent to me yeah and he within his firm is considered a weird guy well then but this was when ncb would have been double digits and not 70 or 80 it'd have been maybe 60 or 50 and he took a big enough stick yeah and he's in a couple of top tens he's a couple of top tens too and he's not a

jamaican guy he's investing from there he just took the hit he decided the hit meaning the risk of going into a jamaican i am this is not something that we are used to but i'm in this country and he's no i don't know why i hope he's in personal money in the putting because people don't realize that if you win once at that point you're playing with the horse's money yes you're buying cv at 50. you never need to sell it and you you have it at 200. yeah you're living in here there's like a 90 cents per annum It's 360 You're talking 7% Look at Mr. Leach's dividend

Compared to his initial investment It's 50% you know Getting that every year For a whole long time His dividend yield is like 70% Because 360 And he paid like

$4 something for it Yeah Every year So people understand this Leach is getting back More than half of the money technically we don't know so let's let's not get any lawsuits we don't know the strong numbers but if you look at it on paper and you make some assumptions based on the dividend payout

he seems to be getting back more than half of the money that he paid for the bank years ago every single year and he paid it off over 10 years this is public knowledge yes so dividends has been so i mean listen the fact that matters jamaica stock market has minted a billionaire that's in forbes yes that's his most productive asset by far yes and i remember when i remember when things were bad and he went through tough times right he held on to the jewel he held ncb tough times n NCB that people turn around and cost. Yeah. Like I cost them.

My flow bill. I pay my bill and flow out to me some money overdue. So I go. But everything is love. I'm sure somebody from NCB is listening to this and they can reach out to you. I mean, it's cool now. Don't get me wrong. The point is, money has been made.

And continues to be made. Continues to be made. And it's not too late. In case you're thinking, boy, the ship passed. The ship has not passed. the ship has not sailed there's still a myriad of opportunities and the environment now is a lot more accommodative than it was back then when me and randy were investing and people were like yeah this thing you can lose money no my best friends are like taking loans to be like yeah we've made some money but we really need to like you know borrow a million or whatever and and top up our thing that's what this market has created a total shift yeah i thought yeah i think even just how dana and

i speak now and how we invest because certain things i mean i won't talk heavy money but you're right like you use the example of you bought it's a $50 mm-hmm you don't need to sell know if you are a person who have it there you can just borrow against it you can borrow against it so you would invest 100 grand in something you don't over money you put a million there borrow 100 grand against it against the same NCB shares and put in a IPO that you like I mean people forget they're like Scotia has paid out almost five dollars this year in dividends. Yeah, you see how many companies are even hitting with Scotia.

Talk about the Scotia round. No, I mean, listen, Scotia. They just announced a nice dividend again. My view is that Scotia is obviously deciding to be focused on core banking. They are trying to be the most efficient commercial bank in Jamaica yep yep so they are focused on the transmission of their loan processing their ABM so you you put your cash in you get a cash same time and the insurance business no because remember in a developing market there's room for one leader in one area you know mm-hmm so my my personal focus is on stock I mean yes I may sell bonds

as a byproduct but I'm just a stock guy mm-hmm you can't be all things to all people and that's one of things that my about Scotia's approach it seems CEO said recently they grew their loans 13% significant and managed their impairment and all of that so I'm very comfortable with that no one may say the PE relatively speaking is low relative to market but yet still one would say well the growth has not been that much correct what do you want to be buying when the growth is as much as a marketer when it's less you need to be ahead of me right that's kind of so when i when i bought berger and others bought burgers not even just using myself birds have been flat for five years yes they stagnated for a while

people forgot about it before red stripe was bought it was flat for five years are you gonna say that because something is flat for a long time and not going to look at it? My thinking is I want to see what's been flat because that means everybody's forgotten about it. You're not going to make money if everybody's trying to buy something. So that's Scotia. Scotia is so funny. Scotia declared a dividend recently. So it started this month, December.

55 cents right and their stock price currently as a most recording this is $55 and 97 cents 1% 1% dividend in one goal one and they pay a dividend every three months there yeah last quarter I think they paid $1 25 the one before that was like a dollar ninety four big deal a notice on his 55 something big might be coming again or maybe 55 is a new level let's see yeah maybe 55 is a new level yeah no problem at all so it's a nice dividend stock for people who care about and i think that and if anything exciting happens to them in the future they're so efficient that it is going to cause them to get a boost automatic transmission yeah perfect off the books they may hit something

else amg you mentioned that's one of the five that you have what books they may hit something else amg you mentioned that's one of the five that you have what you feel yeah i think amg is a core company that every every product needs a package and only 30 of packaging is provided locally currently yeah at this time so 70 upside is there obviously the biggest issue with local suppliers is reliability so they had some missteps in me one of the founders died who was like the head of operations so to speak and at the venture the toilet paper he died so that died with him unfortunately but they've bounced back and they seem to be getting a sale well I mean they're profitable again to my mind they're a hundred

million dollar profit company as of right now. They're $78 million this year. But, you know, I bought a few units of this whole for a long time. I forget about it. But I'm very – the only problem is it's a small company, so you don't have many shares available. Yeah. There was a trade the other day for, I think, 13% of the company.

One individual bought it, which anybody who really wants to know can find out. But you don't really have trades of the company. One individual bought it, which anybody who really wants to know can find out. But you don't really have trays of volume happening, which is typically significant of the junior market companies. But yeah, like MG in principle, I think they have buildings

all over Retirement Road. It would be better for them, in my view, to be consolidated in one space and then manage the cost in that way so again the opportunity but then they're going to have to make one press i think to get one large commercial complex and build from there but again where the market is now and this is something very important to stress is that you can't buy things now when it's staring in the face you have to be a head of the car extrapolate

because valuations have caught up no there's really no risk premium anymore yeah you have to be an investor no you have to be able to you have to be there we go you have to be able to look at a company and predict what that company is going to act like because absolutely there's very few undervalued lots of options right now it's very fair value so what you're buying is the belief that i am going to increase my fair value in future absolutely that's why the gains are getting harder to say absolutely i stopped talking now because i realized why am i gonna talk you can't talk too soon yeah yeah man it's all right so i thought well sagicor after i bought it i could never say it before because then

when i saw sagicor remember sagicor had gone from 60 out to 80 and fell back despite the fact they put out these good results so when i saw the results i was like well why would the stock fall on the back of these results i need to get it mine and I'm not you have to understand from my perspective I'm not bad such a current ten years mmm yeah that's not a touching stuff really I'd been up my thing was I held pan jam previously on a totally guys at 39 because I said well I get my exposure that way so I never bought German be car by NCB so I said well at the time NCB 26% of the B&B I have I have indirect exposure that way mm-hmm I said it wasn't very exciting no no I mean it's right down rep on all that which is decent no they are no no they're exciting but no we're saying no

we'll really see oh it's a what you're building a financial company which is very exciting yeah you're talking about yeah it's a very bold move you can go to it after finish this yeah to work credit where it's due but you know with sagicore as i always felt like you know the black card experience those little things stood out to me because if you talk about like a premium bank locally you'd be saying well where would you go if you want like i mean if you want to feel special you're gonna go i mean if gb gave me a nice experience back in the day but i no longer i can't personally personally i don't know but i can't really comment i don't do much with it so but you're right in terms of a premium banking like a premium like a special feeling you

know i i don't know but i always felt sad you could have had you know they had the branch amount of park and you know this may get me in trouble but don't matter but i always really felt like it was just different that they were working they were working yeah yeah because they weren't my smacking like that's it yeah yeah and you know you you know if you're at a certain stage you want to feel like a special i do not want to sit in i'm not going to stand up and climb no always that's it yeah yeah and you know you you know if you're at a certain stage you won't feel like a special i do not want to sit in i'm not going to stand a bank line no always that's not happening no way yeah that wasn't happening when i had five grand to my name and that happened no no way yeah i haven't been to a bank in asia one time i'm going to bank is if i have to go to drop off

something for you know my friend at another institution yeah literally literally yeah I don't see the point in it but AMG which is always started on yeah I think I tweeted some time ago that I think maybe they've gotten to their way that that that flipping point you know because they were going down for a long time they fix operations like you say I think they're looking up now we're looking at him last year having made revenue of 762 mil versus 718 the year before they lost the last three years but let me tell you two years but um one I see a patient with them but I bought and forgot about it I'm not looking to do

anything with him but they pulled off a profit this year and I paid a dividend yeah I paid a dividend at 59 mil this year versus 38 year from if you go comprehensive and I paid a dividend of I think they're paying out 10 million as dividends which is a little bit decent but I mean they never paid dividends last year yeah comprehensive income to 59 mil no versus they be fine unless here they're either but no yeah need to be bought or they will buy for their unique position so companies like that it makes sense to like have some and just forget about it yeah you can't throw it away if you can afford to that so that's a bigger money

place guys if you have a smaller money don't do it unless you yeah exactly that's not that's something like if you're trying to build yourself and yeah say oh I'm gonna buy energy it's like get ahead no Angie you're buying to forget so cut treat it like you're buying jewelry or something yeah that will be a pain or art yeah exactly you can sell in 10 years treat it like that yeah in gene in five to ten year Angie after maybe the third level of the plastic bands going I think will be a very strong company you want to expand what they offer yeah let me jump to something else uh or something exciting you're on top of you you touch on your sinker you have a company you want jmmb you mentioned i mean

i like the efforts i'm just you know based on my math they need to this 22 two point five percent growth stake in Sajikor financial company needs to provide half of their growth so of their EPS for it to be viable let's see what happens that's kind of why I'm looking for I'm kind of like simple certain ways I don't look at fandangles I'm aside raw numbers so let's see what that outcome is but the good thing is then they it answer lots of questions in terms of continuity succession planning whatever because no is part of a much larger network mm-hmm so they can so one way or the other and I don't think any there's any one dominant owner of a German be so that makes me a lot more comfortable regarding like the future not to say it

was ever in doubt but they've gone through a lot right but I mean it's a great Jamaican business we should all be proud of whether it's an investment I would take up or recommend others take up is another story but I like the Sajikor movies bold I like big I like it yeah I like bold moves mm-hmm it demonstrates entrepreneurship it demonstrates appreciation of the new normal I mean it's risk-taking I am extremely exciting and you know these guys you know Keith and I think Archibald campbell are now on the board on the board of such a great financial company again it's kind of reversed

and i thought what would have happened 20 years ago where non-jamaican companies were buying jamaican companies you know it's a reverse yeah yep it's a big so i don't know what this i don't know what the fsfc ownership looks like but i imagine jmnb is up there so it's very very good to see well i did claim they did say that it will be the largest single holder yeah the largest thing so they say that's even bigger that's actually a massive yeah that's that's massive the only single player but we wait to see one cool thing then and i were talking about when we were heading up here earlier was that we were saying that the the shares were buying up here earlier was that we were saying that the the shares you're buying the classes well no not even the class the class b shared the different classes i'm going to that too deeply but i will

say that what i don't one of the things that i mentioned i noticed was that sagicor was supposed to buy scotia insurance jamaica and they didn't and as a result of not doing it they revised their predictions downwards by i think it's like if it was 1.2 they got around to one yeah which does says that there's going to be uh you should ideally think of an impact on jm and b in the same way yeah which again comes back to what i said before in integrity if if and as and I'm not going off I'm not speaking authority but I'm not saying if German bees are 600 million dollar company no or 680 mm-hmm David they pay between 225 and 250 for

this steak which therefore means 680 minus 250 is 430 right so half the market cap is in this deal mm-hmm right half of the original market i need to see half of their original profit come from this yeah there we go and i'm very comfortable yeah i think in the apo document they mentioned they're expecting 20 in year one but let's see what happens it's a good thing to look prepared to wait i have no i have no issue with it at all the long term is great jmb will be here a long time or something interesting will take its place yeah i believe in them i like that you touch a point that most people don't talk about you know the ownership you said nobody really controls so people know about the duncan family but if you actually follow jmb up you know the dunkan family does hold and control it but not

too too too too heavily yeah i mean ncb at 27 percent at a time or 29 was the largest single holder largest single holder i don't know it's kind of hard to know how much don't go can't go don't go for my controls and really it doesn't matter and they they operate the company and they've done very well and I'm getting the words is getting it to where it is no I believe there's a matter of what is a future but as I said before they are no part of a much larger corporation all right which all goes well in my view because remember now they know tied up with Sajik or Jamaica proven surgical financial company parita our cornerstone whichever one whichever entities own through all these things

are in the mix which is which is great to see yeah like that no yeah you touch burrito who can talk about as the next one as you want to go as quickly as you want to go if you're a burrito not optimistic not too optimistic no you're not blown away by or is it two quarters of strong profit one corner okay I need to see I need to feel I need to see buried two listing companies I need to see I need to feel I need to see very to listing companies I need to see yeah listen company to see their names in more deals external to them for me to feel more comfortable as an analyst I can't set to you because I remember no I know last time we're here the price was far to something like

eight some noise 70 and flat about 70 that stayed at 72. no i need to see what are all these deals producing because i know the staff ah so i need to know what are these guys producing uh i get you because i have clients there you know your clients who are oh you have personal clients for okay i have guys in the mix i know what they're doing and with who okay so you're watching that way yeah of course i'm an artist you know like i'm looking in the between the creeks and i'm saying okay who's doing this okay who's doing that i find your your major shareholders are experts and white person fantastic people but who they're doing the deals with yeah because it's not about what you're doing internally is how is how you you bring in the external money what's your business what's your business doing at the core

the fundraising was it's an aggressive investment yeah sure but what i'm not see where the money is being put well the thing is so here's the thing though so you buy all these proven shares you pay off a dividend those are two actions i saw fine no problem your marketing has been fantastic but if i was like asking questions I would say what's the return on your marketing spend ah which it speaks the core this heavy had a thing or I need to see your retail so they don't advertise row Mayberry advertises maybe 15% of what they do I think so

correct well maybe is doing every I well yeah maybe five or every 15 IPOs 12 IPOs that did weak ton yeah yeah did we die yeah which is major you know I mean so I'm very encouraged by that with me because I believe investment banking business is a minimalist business mm- the overheads tight. You don't need to market. You just need two good people to get in the mix. That's what Chris Geary and the entire Netflix X10 do. I like that. I don't know about, you know what I mean? I'm not aware about the PR. About the PR? Yeah. Well, you know my thing. I'm not big on flash not that they're overly flashy but i i and i've said this um privately to people that uh it's just generally who i am i don't

mind like i rate both because both should be a lot lower than he is should be should be a lot lower than yeah but he's not gonna do it because he has built his brand on performance but he's been talking a lot recently but he's smart because he's been talking after he retired yeah you can't stop him again why did you eat me then these guys are chatting when they're still running yeah yeah which is silly if you think about it yeah that is true i'll say in this business that you know and i say it as somebody who's in the business and does my own my fair share of deals that people hear about people maybe like think I'm blowing hot air but they hear what the deal shortly the fact of matter is you don't need to spend a bag of money to the deals in

this business everybody wants to be quiet anyway mm-hmm all I guess is I want to know spent in the paper and that's it so I don't mean to trust all the PR we start with other companies that have since had their own issues so if I see in the papers too much I get worried yeah this guy like to throw shots boy if I see in the paper too much I broke his house I get worried yeah yeah yeah you shouldn't have to pay for that because if you think about it business news it's free advertising every night that's true and yeah and if you don't pay a gainer to sit at The make record Come on

Yeah They're not paying To say we did The mail pack IPO Yeah We're just doing it We're doing it We're not paying

To say We're doing The Trans-Jamaica IPO Everybody wants To hear about that Yeah Nobody's paying To listen to

Earnings season Who's listening No They want to hear That's right They should pay I believe in that I should cut You guys a check yeah but i'm just simply saying there is an audience for this kind of stuff yeah man quality quality finds its own level i spend 60 70 percent

of my day reading paid subscriptions you ever think about that how often we spend reading around the clock so i, as you will see in my email tomorrow, I said last week the US-China trade deal will be closed in three months. Yeah. I said that 10 o'clock this morning that the deal is

done. All because I saw what Donald, President Trump tweeted. Donald, Donald. Uncle T. He knows what's up. What Don tweeted. Donald, Donald. Uncle T. He knows what's up. What Don tweeted. Yeah. He simply said,

I want the deal too. And if you really follow everything, you'll be like, he's never said that. I can't recall him saying that before. He'll be like, China really wants a deal with us. Right, right, right.

And these guys are going to be the best. When he gets quiet and he goes simple, you know it's serious. And when he's like, I want it too. Yes. Yes. You know time himself i saw that i said it's done i'm a brazilian link man i said yeah you sure what's done yeah not not official yet but i think it's not man it's done man because five hours yeah that announcement came it's done it's done yeah it's not there's no point it's over america can't fight it factory and the factory need america exactly i've got arguments about this really i'm saying but

it doesn't make sense brother when there's a real trade or nobody's it's the exact same thing hype is a replacement for quality when you actually have quality you do not need the hype you don't need the noise you don't need to be known for it yeah yeah what it's just it's literally just like oh you will always be known because you don't have to push the name it's always there when you look at how if we said Trump Trump was doing it's making a lot of nice I'm talking about China and it's and I okay no I remember the point on to say about Trump bad thing to say but you remember that letter he wrote I think is a Ukraine yeahraine yeah i mean i don't know who he wrote that yeah but he wrote it right i know it came out publicly but i look on that and i know he was dead serious because he wasn't hyping he said you

don't want to be responsible for all these lives in ukraine that will be lost and i don't want to be responsible for ruining the ukraine economy and i will you think that man give a damn about the ukraine economy no which is why he's serious and i will and that's call me call me well a lot of people don't understand that you know as much as i love politics and i'm involved i don't you know you're in politics heard about it i. I think a lot of what was missed is, you know, people can sometimes get, the emotions can get in the mix and they miss the nuances.

And that's where the real gems are found. And that's where the business happens. Yes. Yeah, man. Which is why my tweet is there. You see it in my email. I said, this deal is done.

Mm-hmm. Well, you called it. I said this deal is done mm-hmm you will you call it four months ago I said we were asking what's happening it's not a real trade deal has to happen guys there's no argument any business person can tell you no yes there's intellectual property issues I don't know neither mm-hmm but when all is said and done a deal has to happen exactly where is it going to be made in america no and yeah things have to be made in china nobody cares imagine the cost the cost of labor and the cost of moving my factories to

america no no that's too much problems on me i think i come out of business for some a lot of companies and moreover here's something nobody talks about i always say that america needs its factory china yes and china the factory needs america yes here's a real talk america does not want china to realize that it does not need america there you go you do not want china to start serving the rest of the world and china is not china is not an open enough economy yet to facilitate that. And I think if that happened, it would be a problem. But they have started. Yeah, but they have a long way to go.

Even if you talk about real estate, like if you move, you're like... No, no, but not internally, no. External. Remember that? For within the African continent, China has set itself up as a viable alternative to the IMF. No, no doubt about that.

But I want to tell you, five years ago, China had less Apple stores than the city of New York. No, the state of Pennsylvania. No way. I'm telling you. It's a fact. It's a fact. They had less Apple stores than the state of Pennsylvania. I remember when Apple just started dropping iPhones there.

When the iPhone C was a whole. Yes. I remember when Apple just started dropping iPhones there where the iPhone C was a whole yes but you see these things get ignored because it's like I don't know if you want to say it's another world or whatever because I haven't been there but if it was ever fully liberalized it would just be a different environment because you go in Shanghai it's different

it's very expensive you go like Beijing you go like remote cities it's crazy it's very very cheap you go beijing like people want to take pictures of you because you're black it's a fact experience yeah people just come up to you and like this girl's black you're a black person yeah i don't know if i thought that's michael jordan or something you should have told him i'll take pictures no let's put a peace sign probably yeah i'm saying like this come to you i'm like i sent you a picture yeah Let's put up peace signs. Yeah, I'm just saying,

like, there's come to you, I'm like, I sent you a picture, yeah? Yeah. Well, that's true because I've heard the same thing. I'm telling you. People tell me that people come up to them

and touch them. No, they be like touching black girls' hair and everything. It's ridiculous. Never seen it before. Never in them entire life. It was like you,

if you ever want to feel like a star, go Beijing. This is where the bird's nest thing was. Big up legends, you saying in both but i'm telling you straight if i go china and i'm asking you saying i'm saying yes i've said it worse if they hear jamaican the microcosm of just how different it is there and i think

you won't have that experience in america no anywhere no no you know yeah you got there are places you can go in america and you're the first black guy in a long time but you don't want to stay there yeah they don't they don't hang around there yeah you don't want to be there until late i thought well people i won't talk about this too long but look up google what a sunset city is my little brother did trucking for like a while still does sometimes and I thought I was at long ago thing I'm saying no there's serious places he has been to where people like he's gone to friendly people and then I'm saying hey you're not staying tonight I'm going on and say you might not want to stay within the tone Sunset City yeah yeah it's a real thing and that's in 20 well 2019 2018

2019 so yeah so we talk we talk china let me bring it back to stocks in case we were some people uh c2w music dead that's not even that's not not no see to what no the change in name sorry ssl vc vc and now it's a question what do you think about them i like the changes big up to the big up to the new scene i think it's a good change but i i like the changes big up to the big up to the new ceo good change but i need to see what the businesses do i think i think the companies within the group are decent i don't know about bar central but they just signed a deal with grace kennedy yes i've always thought blue dot had potential so let's see what what happens there

muse one i had known nothing about them since our friend there left one I had known nothing about them since our friend there left mmm surgery big up dream and like they got big up the attack injury we got the farmer you know he knows what it is already I've got it touch with on Twitter so it's all over yeah he's trying to rise after the fall wow all right All right. How you feel about, how you feel about, about, um, well proven. Good company. I think, I think what's going to be interesting is what will they buy next? I, I've always felt that they were, I mean, we know know there's there was a lack of deal flow locally and they they they they said that much they had the private equity fund and it never really i don't know if it deliver what they expected

i think the german b deal was good for them but i think the question is still gonna be what comes next yeah definitely exit this access investment successfully we went by next yeah I know and I saw with the dream when I saw the dream I thought prove is no moving to a stage where there's the want by companies dividend flow to them and valuations and all that so when I saw when I saw the was a jamie yeah that was good for them again what's next what's next right like give me something outside of the finance space yeah because finance is cool but

then you're limited because you're lucky surfing on box your finance your Caribbean your high net worth finance frankly you're in cayman you're in saint lucia no problem what's next yeah tell me you're buying 10 percent of a single yeah something like that that excited yeah because you if you really want you probably could get it i mentioned last time i thought that my company is diversified so when i see proven doing something like that no that's great for them sure money moving somewhere where they can't get money that's not related to them or where they're competing on your thought they can't contribute anything past money i love that because if you think about private equity like really truly it should be if you buy 10 companies

two will be an absolute disaster fund managers know that two will blow up and make you massive returns the other six is middle of the road you may lose a little bit you make a little bit and you're there are there both but they're not all in one sector so as a private equity business that's done phenomenally well yeah show me something more I mean show me an agriculture show me a manufacturing show me a food show me a plus I'm not plastics well you know styrofoam alternative you know but I don't that's the only thing I've always felt because it bodies are the company that some asset management company or asset lending company at DB and G used to own best of my knowledge and I was like

decent one that's not exciting to see ya know the access here was exciting to me. Because of what it could represent. Because of what it started, right? The Northside Express deal was exciting to me. They listed them and they sold them. That kind of thing, I'm like, give me an emerging industry. Let's look at that and do something with it. But if you leave me in finance, I'm not really too moved by that. Yeah, they're excited. I agree with you.

Finance is boring. They're always the first thing. When you tell them to step out of finance, the first thing people ask is real estate. Oh, yeah. leaving if you leave him in finance i'm not really too much yeah i agree finance are boring they're always the first thing we tell them to step out of finance the first thing people is real estate oh yeah yeah i mean yes okay fine i mean i like how the deal was set up it's cool but try partying pensions build you know gk come in i like that but that's cool but there's something more than you know give me something more like you know what i mean like renewable energy or whatever these guys are smart so they don't need my advice i'm just saying to show me something else yeah i think they might be different i suspect that they might renewable energy touch that how you feel about mpc oh you look like you're gonna say something go ahead no i was just gonna say that you know i think jim Jimmy I understand they emerged in a different kind Jamaica so it's not like did you make a no true but then you remember

they they did very well and they raised 20 million u.s. in a Jamaica that was just emerging or just about to go into a JDX mm-hmm you know that little gray area yeah that they were hard working hard when things were looking yeah it was tricky and I was tricky I mean yes interest rates had fallen which amount of people overlooked but it still was a little bit of a hostile environment which you'll never get over an 18-year hostile environment in three that's true it takes time it might take 18 and actually we are now 07 or 12 years removed from 07 technical is almost six years away from the 18 years of you know of doll drums so we'll get in there we'll get in there no we're 13 years so we're five so more or less we're

that's over that's history like kids know they know nothing about that so that's history and it makes sense I bring it up more than so true that's just true people don't know people don't know it the way we know it we don't know it yeah yeah so I said to you that you know proven to me as a private equity company I would be very encouraged see I mean Chris is maybe 51 you know he has you know nine four fifty nine or nine or five fourteen years left right so then it's like okay what's the next level leadership look like for that pe company what do they want to do but you know pe companies

typically are bought by larger pe companies so it it's like, okay, what comes next? I would love to see, honestly, my view, their shareholders are some of the largest private sector players in Jamaica. I would love to see a proven buyer stake in one of these massive companies. And really set wheels in motion that'd be like that would be very exciting to me but outside of but outside of finance because they do yeah yeah come on i mean

because they own five percent they're like very well exposed in finance and pension funds and either something outside of fire okay uh touch yeah i'll touch it i'll touch pulse and you know what's coming next decent pulse pulse still happy still strong strong real estate company you touch that i mean that's what i was going to mention when you're talking about 130 yeah they will they'll benefit from the growth in asset prices in jamaica and they'll continue to and they use their asset yeah i'm patient man right down Kena so I'm very like I like the conference if you don't like I don't have pulse right now but I'm always keep my eyes on I buy pulse for others

because remember in my position is kind of different one I'm very comfortable with Paul I like them at $4 I still like them for the long term I use it I said they have two and a half billion a real estate in desirable areas I can't middle of New King's yeah and Sony I can't really see the downside me mean people may have their misgivings whatever reason but I'm very comfortable yeah I buy it looks like amg for me I just buy it and forget the speculative buy yeah I just buy it because that's it yeah that's like me funny enough i'll drop one of those you know what i buy already i fulfilled i promise big up man like tyrone wilson i bought i create yeah i bought some i create because i promised him i would and because it did below the 70s i i grab a

little bit at 69 cents or 68 cents yeah yeah yeah i believe in them i believe in the long term as long as i keep pushing and i believe in the long term as long as i keep pushing and i believe in tyrone tyrone knowing thing that you address a bit of patience i don't issue time yeah man the big of tyron for that i create uh paramount nobody really talks about paramount ptl i think paramount is i think they can do better i think they can do better as then i said i really think they're underachieving yeah that's that's the word yeah i got some cussing because somebody tell me say i don't like black companies which that yo i will not i don't usually tell people they manage to find a few things that will insult me that one

hit me hard don't ever tell me something like that you have no idea how into black power i am i didn't like the company because they had what three years of just descending profits their profits fell year after year after year it's and i heard nothing we are doing things to make we're being great we're being gay we're getting more pro we're doing this new business um the deal with whoever was on this blah blah blah yeah i don't see that like anything right yeah well that's not at the end because i know they ended up they bought them out yeah yeah I think I think I think paramount kind of went to a month it personally with having no insider knowledge of the company I think they kind of went to the

phase where you emerge right it's a 20 year old business one the few that you know has been around it's been around for a while and you go through the startup phase you emerge in your listing of this money and you blossom you become a billion dollar revenue company by right you become a billion dollar revenue company in Jamaica you reen on the words now because if you have a deep I find nine million okay the owner is good enough yeah the owners are good because it's tightly held also one I mean fine your life really don't change that much you good

yeah can drive a Lamborghini nobody care people care we got the Lambo yeah people care but I mean then they you're good you own 80% you know you're getting you you paid yourself a dividend 40 million 50 million no money you're doing nice so the thing is I think they kind of got to that point where okay well what's next remember they're also at the point where they could be relatively vulnerable currency price electricity prices could you know input prices could sway them one way or the other but I've always liked it I've always thought it was overpriced. And I've always waited for it to hit a discount. The one thing I didn't like about it is that connected parties, by my knowledge,

between the CEO, chairman, and family members own 95%. Yes, it's tightly held. It was never to me appealing. I was never very comfortable with it. Not to say it was negative for the company but i for sure as a shareholder i need to feel as though if i bring partners in with me for argument's sake that we can get a size that would afford us some measure of being noticeable you feel like you're an equal in the room not like yeah i just feel like i'm buying into a minority stake in a family company and i

wasn't i wasn't very comfortable with that but but I saw that's how they've done the business and they've been very successful so credit to them but I this is for me I'm just not into their QA sir John Jackson and company I look I look for pressure on John Jackson about it was not John Jackson alone and the people are running not I mean John my friend I think I think it won't keep the Q double eyes at a match on me because I buy individual stock mm-hmm but I said to you that QW eyes as you course like those companies are in one bundle because it allows for the investor who's just just starting to my stock and just forget about it mm-hmm yeah you know I think that's why I don't

like it either in terms of me buying videos I don't but yeah I don't I don't like to put my decision on my portfolio on somebody else yeah i do think there is money in it in terms of the qualifications those guys have yeah david stevens is not a lightweight yeah david seems like guys my friend he's a good guy top top top top all the time solid guy yeah seriously the more i research is the more i rate him but then the whole team is is heavy yeah david's actually johnson in line i think people don't know that really oh yeah johnson qwi yeah decent i mean as i said for the first but people come to me all the time and they're like yo i just start now what should i buy and i said why

i don't really take out the new clients but if you really just want to start by a such a course elector qw is calling me in good hands yeah you can't you hold those for a year two three years in my opinion yeah yeah however and i do hold both i will say that but i hold them in a specific way so there's a time when i will not hold them because i'm looking for a specific gain from them and at right nowWI is almost bagging bin prices $1.09 yeah yeah thereabouts yeah I keep buying it I bought some up 108 today $1.08 today that's a bad approach now with like the market where it is it's a good it's a good it's a dollar five now actually and unlike all other funds

except um sir Barry's fund in MJE they are diversified outside of finance and when the mdi when select m's come come up but until then they are diversified outside of finance they touch everything and they eat from it and they have a good dividend policy and they're going outside the country as they said in the process about u.s stock recently i think i don't actually is that probably good no they said it's something they said it publicly because yeah okay so because the trade he was struck today so so you can say today because by the time you guys are hearing this it's already public yeah and the fact is it just pure to it just I we just went back in the US market last week as I said in my email which is why my email so

helpful because you can get however people pressing for that you know I know what so you go I just add people randomly sometimes guys don't ask me this is five solely pressure he was asking me to ask her I am together you know we're actually Chinese Chinese with him she's in a rotor yeah some email private another all right that's nice that's cool guys you know so funny about an email like that this used to be my desk at me where I just and I got idea from Chris Williams he was everyone once like 2008 he was talking about experience to the client in his email willing news I went to people I was like mm-hmm we know me I like this a type type a personality where this tenetic things

an extreme and doing it i rate him so much have you missed a week no like since 2008 i've been reading it yeah i read his email the way i read gleaner like i may do a christmas break but i don't observer i don't miss a week i've seen your email i saw your email before um from europe maybe it is word you threw the link thing yeah yeah yeah that's fine i like that i did have a website a little bit and then yeah i have every single email it sends anytime you're missing something you want it yeah man every single one so sometimes you say something yeah and i search and go back to make sure because i don't delete yeah i have it i it's it's actually fascinating because it's a free email and it's been free for a

while yeah um it's part of my bigger picture i like that much well i can tell you this well i haven't said it publicly before i say no so i'm doing something like that not to the level of ryan so because ryan's one is like it's also safe there's more than enough space though oh yeah that's the thing that's that's the difference between i find people like us and everybody else like i do i want people to do what I'm doing. Because one, it works. And two, I don't want to know. I think I'm really good at things I do.

But I don't want to feel like I'm super special. I want to see somebody else do it. You need more people. I think you can add this. We were talking about this before. This discussion for the purpose of it. Because at the end of the day, nobody wants to watch a race at one horse there we go that's how we go entertaining yeah you need the legend to beat the beast you know i mean

ecosystem where you kind of have multiple players yeah man i don't want to be the only person who wants to be alone in anything it's crazy yeah you lost it you need i know some guys anything is crazy yeah you lost it you need i know some guys we already know some guys they're gonna want to hear that part you can't be you can't be so ah yes so my thing is yes yes yes i want competitors yes that's why viability viability but here's the other thing thing. Your competitors reach a market I can't reach. Because if I try to reach that market, I'm going to lose my core market. There we go. But I want the market to be served nonetheless.

You want the market to be served. Yeah. Because the more people buying online, chances are somebody may come across me. Yeah. And as long as I keep my quality high, every time somebody's pissed elsewhere, they're going to come across me yeah and as long as i keep my quality high every time somebody's pissed elsewhere they'll come to me they're gonna come to me and even if they don't you have more people buying online because remember the market penetration is only six percent yes that is a major thing that people don't think of in terms of a long-term buy 94 percent of people are not

investing or buying through this means that's true which therefore says to me that until we get to like 60 we have a long way to you that is true my center right now everybody should be trying to build this market because you know why if that happens you will have pressure on supermarkets that name become warehouses. Supermarkets may be cut in half. Yes. But then you have more delivery trucks on the road. There we go. Yes. And people are going to buy more. People spend more. Or they may be going to deposit all over

the place where people could pick up close to their home or whatever. It's just different means. There has to be a solution, but there will be a solution that involves online purchasing yeah so the point i'm making is that was very encouraging for me with a mail pack that's just listed same level amg remember amg's main competitors are imported from damrep so we are effectively funding rich damrep guys risk rich costa ricans because they just have a line and they call it the Jamaica line the real the rain every line with the

three colors on the box mm-hmm that's what's going on in these places so then can tell you every hit tune you know every new artist everything because they have a level view of Germanyamaica they have to know so that and these are the guys coming to the business hotels because they're like i need you guys are doing 25 of my revenues i have to protect my market yeah and i just 25 percent of my revenue because your revenue in jamaica is higher profit there's a better margin on the jamaican products usually than exported products for the most part. And in Central America, they work on thin. Yeah, so you've been a dance and some foreign guy trying to dance your girl.

You're like, big man, just back off. But then this is the guy who's doing all this business with a company in Jamaica, a big company. Tell us a story, Ryan. No, I don't dance. My wife, worse, don't go. But I'm just saying generally speaking that's it that's where we are knows the nation but but the average person is going to realize that this is like you see on the road like well i'm different looking utah come from yes girls wouldn't come from like who would ever yep yep this whole opportunities pass us every day we

didn't realize we don't even realize that's a hundred percent true you mean a hundred percent true and that's at every level you walk past opportunity and you don't know you're suffering and you never know yep yep yep somebody looking for something great and it's at all levels you know it's not just that they have a money level it's at all levels i talk to people all the time i've said it on a podcast before i love a nice small business or some a small business person doing something on them own really believe in it really passionate what i'm just one bill if the only thing you need is money i can help you find somebody who'll give you money but

if you're passionate about your business is good that will grow and i love helping people like that but i look like a simple you too absolutely i look like a simple looking nerdy you don't know nothing so it's the same thing happen it's the same thing happen all the time um you just you just get people missing opportunities without realizing missing opportunities and i'm not realizing that the time has changed until things switch around oh god there's a guy beagle underscore 19 who said what and this is to ryan what are the particular traits that a company should have before he decides to add them to his portfolio? If he is a value investor,

how does he determine whether or not the stock is underpriced? Okay, so this is for me. So I'm a value investor. How do I determine if a stock is underpriced or not? So I look at the stock relative to its peer group, firstly. Then I look, secondly, to the industry. And I look at the multiples in terms of price to earnings, fine. But I also look at price to book.

I also look at debt to equity, so to speak. And then if I'm seeing a light debt load and then I look at revenue growth, chances are you may find the best companies, many of them tend to be aligned more or less. And then I go off the intangible of, do I like the product? And how long has the business been around? Those are the things I look at. I look at the quality of the management team.

And lastly, I look at, look at the quality of the management team and lastly i look at is this company likely to be bought that's just where i find myself at this point in life when i get to you know i mean five billion i may be like oh well it doesn't matter but because at that point you live off your dividends really at that point you don't want to try and buy a whole yeah at that point you really don't care right but for now for me like that pop matters not the ipo pop which to me is really small i'm talking the 50 000 to 2.5 million pop that's kind of what i'm about because i'm not putting 50 grand or stop i mean 50 grand is not 50 grand it would be an a moderate night out if it comes to that like for clients or whatever you buy if you have dinner with 10 people your bill is 50 000 or 100 000. okay it's really not dinner with how many people 10 people 10 people

50 grand and that's like that's a light bill that's a light bill so the point i'm making is really unless you're on twitter unless you're on twitter then then you're gonna call the people but yeah people like who appreciate that kind of talking but then the others will say you're flexing or whatever if you really think about it yeah no people at a certain stage really looking themselves they buy 50 grand really and truly if you can if you can keep a certain amount in cash it's not a lot of money that's a fact worse know it $5,000 bills that's true than 70 you like I might stick you up and take 50 grand off a buy well take it no don't stick me up it's not but that could be two and a half million you if you have two and a half million dollars and in cash you could be arrested yes well5 million. If you have $2.5 million in cash, you could be arrested.

Yes. Well, if you spend more than a million, Jamaica. No, if you have a million cash in you, you can't be arrested. Yes. Not if you have it on you, but if you spend it. But yeah, I get what you're saying. You put yourself in that situation. Correct.

At the end of the day. So we kind of see the stages of this thing. So I'll be like yeah I mean that's all I'm framing all right well as you said I let me I mentioned here sir I need to give you a beat up because it's going to I need to beat you up that's how answer the question we go at the bell underscore hit list who say Dominic Bell who say yo one he loves the podcast a big up thank you for that that's my graduate

yeah my way what's up man I want to hear him say say yo tell Ryan say yo one he loves the episode Ryan but two

tell him the whole company on top say he not looking at 20 or 30% because to him the first time he did it and he made a 20 or 30% it was such a huge thing to it

that it it really pushed the love in him and then he listened to the podcast and hear Ryan on top yo man I invest in a 20 30% he was such a huge thing to it that it really pushed the love in him and then he listened to the podcast and he ran at all but I'm not investing a 20-30% he felt kind of put down so Dominic I deliver the audio box to him for you well me and Dominic spoke so here's the thing though like my thing is very simple so I said to people like it's great but 20 percent of 50 grand is 10 000. if you if you go cpj for breakfast for a week you probably spend 10 grand for a week every day for a week there's somebody listening laughing right now because i said to her that or like two weeks in 10 grand is one red

bones that's how i said yeah that that is 10 grand. But if you double 50, that's a lot different story. So I'm trying to tell the people to raise the bar because I'm saying that it's like you start a business. Nobody starts in a business leaving their stable job. Their wife or husband may be like, boy'm trusting you but I'm not sure but we'll go along with this 20 or 30 percent because remember in the end you still have to leave you still have kids to take care of you still have your mother to take care of your old man to take care of you still have all these variables at play you're doing it for twenty thousand percent true definitely your boot you're doing a Peter Thiel Facebook five hundred thousand that's a billion in ten years you're not trying

to make your five thousand a million if you're a founder gang of putting a start-up then it don't matter mm-hmm that's kind of context that's coming from because I don't do the best job of like filling in the blanks and I and I accept I come I'm kind of straightforward and I mean I yes I know that leaves room for misinterpretation or whatever but you can't also I can't I can't fill in I can't fill in every blank either because then I just spend my time explaining myself I'm not very big and explain because then I just spend my time explaining myself. And I'm not very big on explaining myself. But that makes my version like in real life.

So I'll say that because, you know, as a friend. So, but generally speaking, I mean, remember when I said, you know, remember why this is very good that you brought this up. No, I mean, when I said when I started, I would invest and use the money to pay my credit card bill in the U.S. Yeah, that's true. And it helped you at the time, bill in the U.S. Yeah, that's true. And it helped you at the time, no? Yeah, of course. Yeah, yeah, yeah. And I can't help it.

It had been a while back, and I was big on it. But, you know, and the day you come to realize that, you know, the young guys nowadays, there's levels to this thing. I'm not saying there's levels. I'm just saying there's stages. And you transition. But you can't be. It's like a guy come.

A Brazilian linked me this week and said, yo, I have 500,000 mail pack. What should I do? And he's like, like i'm like hold it for a long time he's like 500 000 units units i think he must be a ski partner or something i was like okay he's like should i sell it that's just like if it hits 250 i'm not bridging but you got 500 000 for 500. You're going to sell it for 250 and make, okay, it's 1.25 million. Then what? How does that 750 grand change your life? And I know who you are.

Your watch is more than 750 grand. Oh God, don't say watch on this podcast. So how does that change your life? Fuck off. What about? I've been going for a while yeah and i'm gonna switch the floor a lot to talk about so let's keep it going i'm gonna switch the floor i'm gonna go with one of these questions and then i'm going to yes i want you to tell me about the future and which

way around that night one of the questions long talk long episode if you guys don't like a long episode i'm so sorry we're gonna talk about a lot of companies a lot of the things no one else start off again you don't want these questions this guy at nearby bushes on twitter it's a cool name at nearby bushes asks ryan what can the country do to attract the elans and larry pages of the world give it more context given jamaica's current business landscape what sectors are being underserved and could do some more players there's two different questions and a third one would an app that allows you to see your utility bills in one place be a good idea that last one so I can build in so so build it that's a lot that's the answer to the last question which also what ties into

the first one all right so what would Jamaica do to attract the I mean the fact is, it's not so much what would Jamaica do to attract them, but what would Jamaica do to encourage them or develop them because Jamaica has so many personalities of this nature. But then it's a thing of, there are so many... So I used to make music,

I mean, 10 plus years ago. And all these guys are wearing jacket and ties and going to jobs know if they were in America they've been making music in the garage so the question is better asked how does one create an environment that encourages these guys to pursue their dreams they may have to work a job at night to be able to pay their bills to keep the lights in that same garage on mm-hmm but Jamaicans are gonna attract a Larry Page when Google is where it is you own six percent of Google by himself you're talking billions and billions of

billions of billions of money by the whole country yep but what you want is to be able to encourage that person when they have the mind of a hustler and not discourage that mentality because what we have now is out and hustlers but we don't have a lot of people doing it formally because the fact of the matter is let's call it what it is a lot of our tech entrepreneurs are more focused on being personalities than business people hmm you mean like they're one page you there are social pages but are they building businesses with models that can stand up to the scrutiny of international analysts i'm not so sure because the fact is there's more cash than assets locally seeking a home but yet still you don't have these these these opportunities

developing to the point where they attract bona fide money so again as i said i think jamaica would do well to like encourage this, to encourage the entrepreneur to develop. But as I've said constantly, we have the exit mechanism now via the junior market. What we do have developing is a venture capitalist type ecosystem. We see people jumping into it. Environment or that embryo or that incubator. But we're getting there. again the ecosystem yeah we see people jumping into environment or you know that that embryo or that incubator but we're getting there and the fact is you will never be perfect because if it was a perfect environment Google will never

be developed to the point where Google is you know I saw a tweet from Chris Berry where he mentioned they got Chris Berry there's tremendous opportunity for Jamaica to create high-paying digital infrastructure jobs for Jamaicans instead of importing these basic services. Definitely. And I think he's spot on because if you look at how Chris operates, not exposing my bias considering I started my career in Mayberry, but the fact is he has embraced technology as a way of making his business more efficient and I think that that's a testimony to the fact that the reality exists there are opportunities to be more efficient by

technology in fact one of the concepts I've come up with recently is that convenience is a commodity if you can sit at your desk and order food, you save yourself an hour on the road, an hour of gas, an hour of AC, an hour of sweating, an hour of settling down, going on the road and coming back, and an hour of the rogue taxi drivers that every Jamaican in the corporate area certainly faces. So convenience is a commodity because if you can go in your office and not have to leave unless you're a salesperson that is technology making your life easier well that inevitably create more efficiency in my business I sit down I can send a whatsapp to a person I suddenly I said to them send me an email and they confirm it by email as a trade done that could be a million dollars not to me but you know overall that's generated by virtue the trade without lifting a finger technically speaking I'm not physically going and doing something for a million dollars yeah I mean yes you do your work and your

research and whatever but you're running your business on my cell phone and then and the the key is gonna come a laptop mm-hmm that's kind of how technology is supposed to make our lives easier. I think we can still do a better job at it in Jamaica. A much better job. If you think about auditors doing a stock check, right? Something I have done. You've done it. I haven't done it, but if you are doing

it with a barcode versus checking a bar scanner rather versus then checking a physical paper list. If you think about the risk with paper, you can lose the paper, water can't wet it up, fire can't burn it up. But if it's scanned electronically, it goes to the clouds, it'll never be lost. So then your risk and consequently your insurance is a lot lower in that instance than if you're insuring paper and you're paying to store paper. So technology

changed the way you view everything. In paper so technology changed the way of you everything in fact technology changed the way of you car parks because you say well why not start the cars on top of each other rather than using valuable land space as company short supply because if you look at New York there's no bad a car parks in New York so don't drive you know taxi or a bus or subway or something because the land is too valuable so really and truly where we need to where we'll be moving towards is car parks in terms of flat car parks will be non-existent or obsolete in five years five years if not shorter you have to stack your cars on top of each other i mean in king Kingston? Yeah, Kingston. Oh, definitely.

What people saw with Price Mart? Yeah. Yeah, have like a 10-story car park, but you never have like parcels and parcels of land. But if you think about it, if you make, let's just say for argument's sake, you make $1,000 US per hour from a car park. a thousand dollars us per hour from a car park contrast that with a factory that's working an hour with 40 people on the floor so I thought no yeah for our for argument's sake yeah which one makes more business sense so you get productivity and five and four now offer you man bring it back to the politics

yeah why that's how you get there so we need a more efficient infrastructure and i think that's what the guys are pushing towards the guys leeching and nigel etc to get in there but the reality is that was not part of our reality before so i don't not fight for because it's part of a vision if you don't have a vision you will never get there though bro the goal is the free part of everything right Sure If your goal is too small It tells me that you're limiting The part that you don't have to pay for Sure

Yeah man Pick a big goal and go to it Go for it Yeah I'm not going to touch Heavy politics But I'll say straight If you do well While failing at that goal

That's it Yo okay I'll play devil's advocate In this case Slight politics Sorry No sorry Politics is the lifeblood

Of the people The JLP did say five and four big goal some people can say i'll pay the alka said that they failed in that regard look how the failure has been 1.2 percent growth 1.2 is so tiny unless you've been paying attention to growth over the years to know that we're not used to getting that like so we aim for the stars and we fell we don't even fall in the clothes we fall on the ground but we were below the ground before yeah yeah identify your shortcomings and you do whatever is required to like correct it yeah that to me is is is speaks to ambition right yeah yeah companies set budgets i mean yes you may exceed it but you're going to

increase it every year right yeah until you get to where you want to get to and I said big goals if you miss a full one here what Syria forbid it who can tell me a goal outside of I'm for a pothole free by 2000 is it worth it the whole of this hotel apart like that's the last that's the last slogan anybody can remember and it's not about pro JLP or whatever well I'm just simply saying we all need to set goals for ourselves as persons and a country and try and hold ourselves to it that's just that's just the reality so i'm just simply saying as a sign of a maturing democracy we have set goals for ourselves and you may hit you may miss it, but at least you know why you're missing.

So you fix that. I'm trying to close a deal now that's been five years in the making. And I can speak about this. That is, we'll increase water supply in the corporate area by 10 million gallons a day. It's taking six months. It hasn't closed yet. The deal was actually confirmed before financing partners came in three years ago we still have a closing what has

taken so long the whole thing to close off the money is there everything is there but it just goes to show which is why I made my tweet the other day that said the Jamaican economy will grow six percent a year if we had an efficient public sector so leeching knows what he's talking about because leeching has turned a last making jamaican institution into a billion 12 multi-billion dollar enterprises made him a billionaire these are points we can't overlook yeah i agree you look i like you touch infrastructure i know people want to ask immediately i think we might have asked you before transjamaica sure what you feel about it I know it's too early to say no I think I think you know what it's a step in the right direction and

it represents great opportunity for Jamaicans to own a part of the country mm-hmm I think if they lay out proper plans for the future in the prospectus that it would encourage growth investors also by the very least I think once it's profitable dividend investors will be encouraged mmm yes I think it's decent you know what about debt the net of it no I think I would imagine that they've had that covered but again you know one can only speculate of course well you touched something nice in that you spoke about just what would build the future so that's part something that i want to touch on too sure because people hearing this right now

people listening to this it is two weeks to the end of the year sure uh highlights for the year what have you liked so far i mean I've liked the number of new companies I've come to market the emerging industries that was very that's very encouraging I was I was encouraged by the number of new homeowners I would have seen as a result of the government removing some of the impediments impediments business activity he's just unnecessary mm-hmm tax break was amazing yeah I think you know like really much threshold and I mean those things relatively speaking to me I like low

hanging fruit because then the day homeownership is important and that's not at all to what I said before which is how a lot of people can have a one drop mine and say, boy, you're saying that a home will not make the best money. But a home is where you rest your head. A home is not. Your pillow is not what you expect to make. You're not going to use your pillow to pay your bills in 50 years.

That's right. You rest your head on your pillow. Strong point, you know. You know what I mean? Strong, strong point. A lot of people overlook that point and think that, oh, well, where they rest their head is where they're going to pay their bills from in X time. No, you make your pay bills elsewhere. Your pillow is where you rest your head.

Anyway, long story short, I'm very encouraged by some of the steps I've seen taken by this administration, which, you know, is not a solar effort. But at the end of the day, everybody benefits. At the end of the day, nobody really cares who was in the past. People care about who did it. So I'm very encouraged by the steps I've seen taken in the maturing of the Jamaican economy. When I start to see infrastructure, I feel like infrastructure leads the way in terms of developing economies if you can't get to an area comfortably you will never experience growth or economic activity in that area sufficiently to drive gdp numbers upwards when i see groundbreaking for saint thomas on the east

the south coast highway i'm very encouraged because one yes there's opportunities for investors but two it opens up other areas of the islands of commerce. And that to me says NCB, Scotiabank, Wisinco that distribute products in that side of the island will now have an easier mechanism to get their products there. So that all these steps taken, I'm very encouraged. And I think government needs to recognize its role in driving economic growth. And that, simply put, is infrastructure. Not in terms of owning a private business. So, by that token,

I like the Wissinko divestment. I did not buy Wissinko myself. Others, I mean, Wigton divestment. Others bought Wigton. I did not myself. But it's a step in the right direction. It signals the right thing. all in all I think there's a recognition by by the government and by the pause at me that the of their role in the whole

bigger picture because we can only go as far as the government goes and I think any business person with that knowledge yeah yeah I like that well I realized I skipped out one of the things that he asked but you kind of touched on it when he said given jamaica's current business landscape what sectors are being underserved and could do with some more players i think that's a very good question actually i mean finance is saturated i think over saturday you can never have enough manufacturing entities i think there's gonna be some I think real estate is consular is is is saturated too but I think the you know

that shading in the gray areas the the white you know I think that's kind of where you get an opportunities the logistics I think you have the business is yeah yeah yeah funny enough I touch a big one yeah I don't think believe it I don't think we have enough entertainment options we don't make a we don't we don't have enough entertainment venues we have a couple of bars well the artists so you can't we don't really have anything you can't really if you let's say you're on vacation you stay staying in Kingston have some money in your pocket sure Monday night what you doing when I have when I host like there's a

bridge in New York who I'm doing business with he's Eastern European I'm going close at the end he's like he's like you know he look on the pictures like yours not pretty girl in Jamaica welcome visit that's a big fact that's that's not on the nabber right but he's gonna be like your work when go I don't we don't have red bones has an option my red bones lock and they have the in the are but then where is there why can't there be we see that's a function of accessibility okay there's no reason why you can't have a spot in Clarendon there's no reason why you course four spots in clarendon there's no reason why you can't have five spots in port more ten in kingston like we're here full of people is that full city i

mean we've been here for hours right the listeners may not know and then we may be like yo why can't i have a drink and listen to music somewhere till exactly exactly just to chill there's nowhere yeah you know so we've been working for all this time fine you guys just coming from work but it's like we don't know where to go so all is up and we have disposable income but there's nowhere to go and it's our thursday night thursday's a new friday yep every friday night play everywhere is full fine but then economic development means place to get fuller earlier yeah and then you can't have the same everything no time yeah no i love jangas big up jangles i love jangles but it's a new spot but then it's just a bar

bar is a good bar but it's just about the end of the day if you have all these business hotels full every week you have to have somewhere but to carry the people because when i ain't at night yeah i go to sanos a week every year and i mean i mean as a jamaican the entertainment is not what i it could be for me as a jamaican so i go there to relax sure fire and maybe like it's fabulous and it is because they don't know but it's not the same as going on here in a third world who is just in between tours live for a night and that's a big deal when i went was in greece as in athens in june third world filled i mean a 20 000 seats or you know attendee venue audience venue same third row third row sick crowd yeah so i'm saying to myself well i've seen it i saw we why couldn't i go in here on the agent sasko at uh somewhere on a tuesday night my virgin's from new york we're doing it we're

close at the end he's like let's go have some fun we've made some money let's go enjoy it i like a peace nothing so we're losing out on us entertainment so my thing is as we talk more in entertainment culture those two areas are like malnourished yeah heavily and i think it's having a mother shall we entertainment culture sport those three things like we should be able to go and like watch a nice ball game or a 2020 cricket match in a comfortable setting and do something that night that's true that's true i think there's a whole deep to be done business-wise we're good but like the nightlife part was still trying to find our feet there's a lot of opportunity there for regular jamaicans definitely definitely let's go even deeper there's no real taxi service in mube oh yeah outside of kingston there's no real hardcore taxis the taxis down there shark people easily just because of that yeah yeah and

it's my baby what are you going to do i mean the thing is remember my baby is like two cities in one because you have rose hall essentially a free port etc yeah but then you have this one strip of road so then the game changer is when you have the bypass yeah that's gonna like people won't even recognize movie anymore because then no you're gonna have all of this stuff popping up around it it's just gonna shift the dynamics drastically so now you hear the government now speak about and this may have been plans in the past i never remember but talking about like bypassing major towns to allow for like thorough you know relatively easy or smooth passage yeah without creating any the problem within the tones and you know it's fun something that i noticed in america i never thought about that we have in jamaica that we do it in jamaica i don't in america so let's say there's a somewhere in kingston permacog yeah nice community i won't

use permacol i will use uh spain sure somewhere in spanish stone all right let's say you're talking about in in el tam yep el tam itself is just a dormitory community if you want to go to the bank you have to go into the town of spanish stone if you are if you want to something bigger to go into kingston yeah everywhere in florida you can go wherever there's a small town there are little you have to go into the town of Spanish Town. Or if you want to know something bigger, you have to go into Kingston. Everywhere in Florida you can go. Wherever there's a small town, there are little things that are around it. There's a couple of banks around it.

There's a couple of food places. There's some night food places. There's some bars around it. And they serve just that community. In Jamaica, we have a going-out-of-town culture and then everything is dormitory. Go back. Yeah, but we need to break out of that because there's true economic growth in that

and I don't necessarily want that to go in the town yeah it's a commodity because yeah I mean by right if you may have you know you may have a younger brother to just graduate University or two and I'm a look a small work for a few years and we work in the neighborhood bank yeah they should get to understand the infrastructure of a financial institution and probably after two years I'm saying bigger bank column CEO come in the neighborhood bank. Yeah, they should. Get to understand the infrastructure of a financial institution and probably after two years, I'm saying,

bigger bank call them, say, yo, come to Spanish Town. Yeah. You know what I mean? Port Moore, a larger thing where you have an incubator system that's developing talent

rather than them sitting on that home as a kickstone and, you know, gangsters that try to recruit them or say, you know, whatever. That's the reality, right?

I think so. I can add to it i think maybe the bpo sector can move more now into its second level i think so it's not just answering phones now it's creating whatever it's true actual business yeah and that has happened to some extent yeah but more to a greater extent yeah there's a lot more i think there's a lot more i don't know that space very well but from what I've seen I've seen some measure of development but I think there's a lot more particularly at the entry level space yeah and there's there's stuff is the same accounting almost ever in the world you know yeah so that's something that can be and the multinationals have done that shared services but you can start a B a BPO, a finance BPO, an accounting BPO.

I'm surprised nobody has done it yet. Me personally, I like when people concentrate on the local. You know, we have a friend that was thinking of starting that, though. Something in the finance space? Accounting BPO. Oh, wow. Because he's in the VC space, so you know what I'm talking about. And he wants to serve the local people.

Local people. Early stage companies, but they don't really. space so you know what i'm talking about yeah and he wants to serve the local people local people at early early stage um companies but yeah they don't really a big problem for those people is the books yeah so he would just do that for them so let's take off that load so i make sure the books are good so they don't have to worry about that since when they worry about that too much they can't concentrate on their business yeah yeah that's all the opportunities i am so conscious and local you know what keep pushing into it with cinco just start them exporting yeah i mean they're at one percent like they haven't really like touched anything really the fact that they would they were going

to go in hard into exporting and the local market could just eat everything yeah local mac was like guys you can't export really you can't. They literally don't have enough to sell. And they are growing their sales channels every year. Something similar, Carib Cement. When Carib Cement said they're going to pull back from their exports and go in and sell to... export market will be feeding their local market instead. To me that was an opportunity. we why not the ball yeah they don't have a capacity for it and granted the export business wasn't a large part of the revenue but still the both do it if you can but finding it in international space can be hard sometimes you see what happened with blue

paw yeah yeah how you feel about that unfortunate unfortunate yeah i mean you know blue power had been me and during the long for a while so I mean I should not have been overly surprised but disappointing in the car the car come thing yeah with them losing the tariff it doesn't really surprise me in light of all the steps they have taken recently which makes sense like manage their exposure but then the main CEO again has come out in a sense right like he's low on this exposure definitely he's out a lumber depot so what else he like that I come to the market yeah sometimes would you like to see oh you know what would you like to see happen

Rans touch on mergers and acquisitions i would love to see carramelist i would love to see carramelist but i don't know if you'll ever list i don't know they just read they just read i mean you may you may say i heard this here first but they just restructured the entire group so let's oh they did okay that's nice man yeah it was announced i did hear that yeah i've been actually my bit of a new thing i think that's a i think that's a telling sign it's it's i don't even want to load up anybody business but i have no insider knowledge so i'm speaking objectively but yeah i think that's like they have a good shot yeah i like that i really want them to come to market i like on jamaican companies yeah

very very good look and that's a real home they need to list yeah but but need to meaning there's no more like just in terms of the future you know yeah yeah yeah they want to hit they want to hit outside of jamaica i think that's a good thing i don't want to bore the people too long i've loved having this um anything you want to tell the people around it's the last time they're hearing you for a year they'll hear you next year because you know i'm going to bring it to come on at least once a quarter i mean it's just very simple like you know at the start of the whole thing was said you know to think about investments in a much bigger scale and just putting out some money and using it to buy next

week's groceries you know when you start a business or when you plant a tree you're not doing it to be able to fill the belly for a week. You're doing it. So I would hope with the possibility that the tree will provide fruit for you for a long time. Your investments and the potential to do that. It's just very important that the perspective is correct. And I leave you with that. I'm rarely the type to leave people with things specific because everybody's experience is different.

And I really try not to make this about me but I said to you you're applied to the tree and the same expectations one has a platinum tree is what they should approach the investing with so I would leave us with that all right I like that I like that and then I end the hotel run cuz when I see them again until next year we give simians yeah as far next year. I mean, you see me, you see me behind a microphone. Yeah, but as far as the people, as far as people concerned,

you don't exist unless you're audience. But yeah, big up for that. Yo, people, this podcast actually holds a lot to run because our most popular episodes for a long time actually were runs. I want to say it still is. People generally listen to it.

There's a popular episode and then they listen to the track one. So big david for that because david is on that episode but uh yeah ryan has and i'm going to say live so i can see right now ryan you're the ryan uh so since we've been doing this podcast the entire time i want to make sure i get the stats completely correct why is this thing showing me the wrong thing? Top-laid stats? No. Because you have, every episode you do, people love it more and more and more.

I hear somebody tell me, say, no disrespect to Kwame, obviously. Much, much respect to the whole JMNB team. And, of course, Kwame for being on the show that time. But they're like, yo, this is such a great episode, which it was. But you can't top this. you guys are out of your mind You guys are out of your mind Not that that episode wasn't bad But yeah

You have no idea what's coming next year But trust me It's really good It's really really good So yeah In terms of our top episodes People really like that Kwame one But that

The reason why they like it also Is because a lot of them know about it Because they listen to the episodes Of Five Soleil Which is right there Episode 9 and episode 5 right the third most popular money talk this one's gonna be big though yeah i hope so i hope people like that i hope people like it this one it's going to be long so it's for the hardcore yeah because it's funny enough we don't

really christmas gift completely yeah man completely so somebody said ryan couldn't top them Christmas gift Completely Yeah man Completely Somebody said Ryan couldn't top them Yeah Let me scroll down

Let me scroll down To our Oh come on man Ninth Most popular episode Them guys Looking attention man I mean

Bertrand I love saying that Come on Come on man Ah the counter attacking Like the episodes Get overshadowed Them guys

Can do formation next year. Yo, you know, you know, same Neville Marino comes coach your side. Really? Yeah, man. He fight it out the entire time, man. He made a new formation.

My friends, I'm going to work with him. I'm going to be a veteran, man. Big up, big up certain people. I do a lot of work with him, friend and company.

Big up himself. People that has been earning seeds, I hope enjoyed it well i mean we enjoyed it that i have not you want to tell the people uh make more gains in the years who done to make the games they can make for the rest of the year and look to next year for more gains yes sir always on the market there we go that's a good look there we go i'm kicking myself out and i need to be business like so i will throw my last ad in there. By the time you're hearing this, you can go to evermickel.com slash store. You will see two things in there.

Two gift certificates. You want to buy it for yourself for next year? You want to buy it for your loved ones or whoever? Gift certificates are in there for you to purchase. All it does,

it gives you access to any grower session, any grower beginner session that I hold in 2020. that's all so it's a gift for somebody the gift of financial literacy are trying to spread it to everybody so you can go in there you can buy there won't be any growing in december because i need to sleep but come back next year come back next year we're hitting the road hard we're really hitting the road hard i'm trying to push it to as many people as I can. So you want to buy yourself a Christmas gift? It's on the website, everymickel.com slash store.

Or if you don't want to buy it for yourself, you want to buy it for a loved one, you want to give your child a gift of it, you can buy the gift certificate on site. You're hearing this right now. It's right there. And what you'll get is access to any grow session for the next year. So you know you're going to be broke in January.

Everybody broke for the six months of January. Buy it in December when you get the money. And you're broke, you can come to class and learn how to make the money for next year trust me that way the next january there we go that's the point i'm not trying to rain about these guys um parade but we have a special event coming up where you'll see the three of us in person here it is man working on the details but it's not making guys know about it definitely there would cause something there with your boy you probably here it is man working on the details but i'm making guys know definitely you probably won't get many chances like that so that's true that's true because trust me guys as much as i talk on this i keep my talking to this couple of tweets sometime which we're talking less so we're doing more profit for next year give them another gift newsletter ryan has a

great newsletter it is private guys if you want to pressure somebody to go on it pressure ran but don't pressure me. I can't help you get on it. Having said that, however, I will be doing a newsletter next year. So look out for it. Guys, don't ask me when it is. You will know because you know I'm going to push it once it comes out there. You will know when it's launched.

Not as in-depth as his own. Not as in-depth as Ran's own in terms of all the places. Ran Touch is more than just jamaica but if you care about it jc if you care about your local money you're gonna hear from me you're going to get that newsletter from me there'll be good stuff there look out for it and of course the guy who does the bamcast the one from jp and jamaica podcast network who just load me up and say yo jpn to make sure that we're here if you have a podcast you want to do here the free ad i'm going to charge him you have a podcast you want to do

if you believe you have always had a podcast if you have a good following if you want to make some money from podcasting jp and the jamaica podcast network you can at martin tell him anything i don't want to shout out for you there we go Pagan, at Bamcast. It will be found in the description. There we go. It will be in the description. It's at Martin Pagan on Twitter or at the Bamcast. There'll be a link in the show notes. If you want to do a podcast, this is the guy to talk to.

He takes all the stuff out of your hand. Come with your content. Come with your people. He'll get it done for you. Thank you, guys. This has been Earnings Season. Always happy to have Ryan here, friend of the show. I'm at RTURO. And I'm at H&Id you won't get the people you talk again sir mr g2k mr g2k president

that's me all right i give them that one too let's do it all right guys thank you hope you for us next week, every week. Thank you. It's been an earning season. Boom.